POWER: Yardstick Explained

Among the charges brought by TVA's ousted Chairman Arthur Ernest Morgan against his enthusiastic young colleague, Director David Eli Lilienthal, was the accusation that Powerman Lilienthal wanted to charge the bulk of TVA's expenses up to navigation and flood control instead of to power development, thus reducing TVA's yardstick for private power rates to pure "subterfuge." Until last week neither utility men nor the public knew just what equations TVA did use in working out its rates. Last week, as the joint House-Senate investigating committee and its counsel, Francis Biddle, squared away...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!