When Government goes into business, private competitors are generally able to attack its bookkeeping methods on the ground that it pays no taxes, no interest on its investment, sets aside nothing for depreciation or amortization. Operators of privately-owned utilities which must meet these costs argue that there can be no fair comparison between their service rates and those charged by plants publicly subsidized. Last week private operators shook their heads in wonder, worry and skepticism when the Tennessee Valley Authority, President Roosevelt's greatest experiment in public ownership and operation, moved to meet in advance and silence this line of...
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