The bill would make it mandatory upon the court, in dissolution or reorganization proceedings under this bill or in bankruptcy proceedings under 77B, as to either holding companies or operating companies, to appoint the Commission as trustee or receiver. While in such proceedings a court would normally retain control over its appointee, and would require of the appointee a bond for protection of the interested parties, under this bill the court would retain no control over the commission nor could it require a bond. Furthermore, under the terms of the bill, an interested party would have no effective protection or redress against arbitrary or injurious administration through appeal to the courts. The bill's provision for court review does not permit the court to hear evidence, and where evidence has been taken by the Commission it makes the Commission's findings as to facts conclusive... It is submitted that the electric power and light industry could not survive as a field of private enterprise if the larger part of its operating units are to be forced through such a liquidation and reorganization process. However competent the personnel of the Federal Commission administering it might be, however fair the Commission might aim to be as to the interests of present investors and present consumers, consistent with its basic mandate to reorganize the industry along lines of Federal planned economy, the inevitable result would be paralysis of the industry. The inescapable sacrifice of present investors, the demoralization of existing operating organizations and systems, the impairment of service, and the inability to meet increasing requirements of present consumers or the demands of reviving business, would leave the industry in a condition so crippled that recovery would be improbable within any time limits which the public interest could tolerate. APRIL 1935. TABLE 1.-Sales, employment, pay roll, and man-hours in the electrical manufacturing industry 1 [Source: U. S. Census, Bureau of Labor index of employment and pay roll, and data from the statistical department of the National Electrical Manufacturers' Association] 1 These data represent the electrical manufacturing industry as covered by the U. S. Census of Manu factures under the heading "Electrical Machinery, Apparatus, and Supplies" with the addition of radio products for all years. Average employment of wage earners only, representing approximately 70 to 75 percent of the total number of employees. Submitted by Mr. Kerr, as of Mar. 21, 1935. TABLE 2.-Sales, employment, pay roll, and man-hours in the electric power equipment industry Source: U. S. census and data from the statistical department of the National Electrical Manufacturers Association. 1 These data represent the electrical manufacturing industry as covered by the U. S. Census of Manufac tures under the heading "Electrical machinery, apparatus, and supplies" with the addition of radio products for all years. * See table 4-B for statistics. Include municipal and Government stations. CHART 1-B. TOTAL SALES OF THE ELECTRICAL MANUFACTURING INDUSTRY AND SALES OF ELECTRIC POWER EQUIPMENT INDUSTRY CHART 2. MANHOURS OF EMPLOYMENT A-1. In the manufacture of electric-power equipment. A-2. In the manufacture of electric-power equipment including the industries supplying materials and services. B. In all industries resulting from purchase of capital goods by public utilities.1 C. In the electrical manufacturing industry.2 1 Includes municipal and Government central stations. These data represent the electrical-manufacturing industry as covered by the the U. S. Census of Manufactures under the heading "Electrical machinery, apparatus and supplies" with the addition of radio products for all years. |