INVESTIGATION OF PUBLIC UTILITY CORPORATIONS FRIDAY, JANUARY 20, 1928 UNITED STATES SENATE, COMMITTEE ON INTERSTATE COMMERCE, Pursuant to the adjournment of January 18, 1928 (there being no hearing held on January 19, 1928), the committee met in room 212, Senate Office Building, at 10 o'clock a. m., Senator James E. Watson (chairman) presiding. Present: Senators Watson (chairman), Couzens, Fess, Pine, Metcalf, Dill, Wheeler, Hawes, and Black. Present also: Senator Walsh of Montana. The CHAIRMAN. It appears as if we will not be able to have many present at the hearing this morning. Senator Goff is ill and has been for some time. Senator Gooding is not able to attend these meetings. He notified me yesterday that he could not come. Some of the Senators are attending the flood-control hearings and a number of the Senators are also interested in the Boulder Dam hearings that are now going on. All of these hearings are very interesting and exciting and it is almost impossible to get the Senators to come here under these conditions. However there are many out-of-town gentlemen here who are being held over, and my judgment is that we can make the record complete. A great many Senators read the record anyhow. I think we might go on with the hearing. We do not want any delay. The work of this committee is badly congested and I think we might just as well proceed. Senator Lenroot, have you somebody that you want to have testify this morning? If so, we will hear them. Mr. LENROOT. Mr. Chairman, before proceeding with the presentation of facts, I desire to read into the record an editorial upon the subject before you from the New York World of this morning. It is not long. It is as follows: SENATOR WALSH'S UTILITY INVESTIGATION The Interstate Commerce Committee is now holding public hearings in order to decide whether it will report favorably on the resolution to authorize Senator Walsh, of Montana, to conduct a broad investigation of light and power companies. There is much opposition to this investigation, at least in the form proposed, on the part of the companies themselves, on the part of spokesmen for the State utility commissioners, and on the part of investment bankers representing larger holders of securities. On the other hand, there has been no very impressive demand for the investigation from those who ordinarily appear in Washington to demand an investigation of this kind. Neither the consumers of electrical power nor the small investors in utility stocks appear to have any considerable grievance which they feel Congress should investigate and correct. 93 |