Word: refundings
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Dates: during 1950-1959
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...points. In a 5-3 decision, the U.S. Supreme Court reversed the year-old "Memphis case'' ruling of a lower court, thus allowing gas companies to return to their longtime practice of raising rates while waiting for the Federal Power Commission to approve them-subject to refund if the request is turned down. The Memphis case, which was won by the city of Memphis against the United Gas Pipeline Co., was opposed by the FPC as well as the gas industry. It required companies to get customer approval to collect higher rates while the FPC was investigating...
...companies are able to go ahead with their expansion, which has made gas the fastest-growing fuel. They are also relieved of the possibility that they might have to refund $225 million in already collected rate hikes, even though the FPC might later approve them...
...increase in next year's Coop patronage refund is most unlikely, according to John G. Morrill, general manager...
Morrill yesterday expressed the opinion that "there won't and shouldn't be an increase" in the refund payable next October. He pointed out that the Society is still paying for the expansion completed in 1957, and noted that net profit totaled only $5,000 after the payment of $372,000 in patronage refunds this month...
...three regional boards will stick. For example, in Boeing's case, a regional board ruled that the company had not made excessive profits on its defense work. Shortly after, the statutory board in Washington reviewed the case, decided that Boeing owed the Government a refund on $10 million in excessive profits, or approximately 20% of its pre-tax earnings in 1952. To make things worse, it takes up to 3½ years before profits are audited and a decision reached. Thus no company can confidently pay out funds for either dividends or new research-the money might be called...