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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Feb. 2, 1950)
IX MEDFORD (OREGON! MAIL TRIBUNE Thursday. February 3. 1950 f s r Washington Report By Bob Dickey wuchtnfffnn Fph. 2 There has been a virtual battle of giants raging here in wasningiun iui the past couple of weeks over the ultimate disposition of the common stock of a Northwest Dower comDany. The stage for the affray was 4 ...wAn tta eonnritifis nnrl ex- Bet Wlicil : , change commission ordered tne American rower ana isni turn pany broken up pursuant to the holding company ati "" American Power and Light is a private power holding com- ...i.;i KnntmiG a number of power companies all over the nation. Included among its sub sidiaries is Paciiic Power and Light. Since American holds all the common stock of racuic, in me nt HtchHnHini; American the Pacific common stock has been put on the block and this is thO root 01 me present iu". American Head Finagles Instead of offering the Pacific common stock to competitive bid ders as is normally required by i j...nA t. A1W. the head law, huw" - ' : , of American, began some private finagling on me siae. He entered into negotiations with two different groups of fi nanciers. One was headed up by B. J. van ingen ana cuiuijohj and the spokesman for the other group was A. C. Allen and com-nnnv. While both of these groups represented Wall sireei duiikius i. 4- (ka tvn nf Hpnls theV were offering for the purchase of the Pacitic siuck was tically different. The Allen group ultimately of fered to pay American 15 mil lion dollars cash for the Pacific stock. And they also promised to out the stock on the Seattle and Portland stock exchanges, thus preserving the Pacific Pow er and Light company. Credit Wanted In contrast, the Van Ingen group, while they promised to pay more in the end, wanted to buy on credit. Furthermore, in stead of preserving Pacific Power and Light, they were going to sell the company's ProP.er.;y piecemeal throughout the North west for the best price they could get. , American Power's head, How ard Aller, who is well known as a slick operator, had a chance to make a sizeably larger amount of money from the Van Ingen offer, so on January 4 of this year he entered into a contract with them. , , . But as an example of how close he was playing it, he dldn t even tell Paul B. McKee, Pa cific Power's president, that the Pacific stock was contracted to be sold. He also refused to tell the Allen group that the deal was closed. Instead, he pretended that he was still interested in their offer and continued to ne gotiate with them. Protest From West When word of these machina tions leaked out to the North west, a volcano of protest erupt ed. And at the securities and exchange commission's recent hearing on the merits of Amer ican's sale of the Pacific stock to the Van Ingen group, the wash was thoroughly aired. Representatives of the Pacific company, of the Slate of Ore gon, of the State of Washington, and numerous other groups were permitted to tell their story. J. L. Kennedy, chief account ant for the Oregon utilities com mission, appeared in protest to the sale for the state, nyd num erous other Oregon organizations filed thc'ir disapproval. Some of these were: the Port land city council; The Dalles, through its mayor, Fred Hauser; and the chambers of commerce of Redmond, The Dalles, Free water and Pendleton. Tempers Flare The hearings started out In low gear but before long tem pers were flaring. It soon be came apparent that the public interest was only a collateral issue. The real scrap was be tween two private power com panies. It was the head of the parent company, American Power and Light, pitted against the directors of Ihe subsidiary. Pacific Power and Light. Pacific was making a last ditch stand in its fight for survival, while the head of American was trying to pull off a sub rosa deal to make a clean up. During the process of the hear ings there were some startling disclosures. John Laing of Port land, an attorney for Pacific Power, was permitted to ques tion representatives of the Van Ingen group in regard to the de tails of their contract with Aller of American. Laing succeeded In goading out a confession that the Van Ingen group was going to peddle the Pacific properties chiefly to public power groups in the Northwest through a contact man named Guy Meyers of Seattle. $400,000 for Promoter It was admitted that Meyers was eoine to "soak" the various local utility groups all he could! get for the properties. It also was nroueni out mai ivieyers could make up to $400,000 on the transaction. What this amounted to wa that the parent private powei company, American, was not only playing looisie wnn puunt power it was going to sacrifice its private power subsidiary com pany, Pacific, at the altar oi public power. Then at the same time, it was going to work over the public power groups Dy sell ing the Pacific property to the Van Ingen group, who in turn, was letting the promoter, Mey ers, peddle the property to the public power groups at outland ish prices. j Meanwhile, all this time the j Allen group was standing by : with its 15 million dollar cash offer, hoping to get a good buy for Itself. The Pacific Power people were agreeable to the Allen bid be cause they were going to be per mitted to continue in existence under the terms of the deal. They were only protesting the sale lo the Van Ingen group because they would be destroyed under its terms. j SEC Vetoes Both Deals The fracas isn't settled yet. The securities and exchange rnmmissinn turned thumbs down on both the Van Ingen and Allen deals. Any new deals cooked up will have to have SEC approval before a sale of Pacific Power to anybody can be consumated. RESCUERS RESCUED Nashville. Ind. (U.R) Stale highway department employes Virgil Woods and Lee Lister were busy during a Hood helping motorists and keeping check on the flood waters. They were driv ing along a flooded section of the road when their truck slid off into a ditch. They crawled ; onto the top of their truck and waited until rescuers came to rescue the rescuers. ! FOREVER CONTRARY Newton. Mass. (U.R) Amber, a cat owned by little Patricia Humphrey, Is lncnmy wun mice, bites people and hates cat nip. MEDFORD PHARMACY 127 E. 6th Just Off Central 9 A.M. 10 30 P.M. 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