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The Potomac Edison C ompany filed on October 18 with the Virginia State Corporation Commission a request for higher rates that would increase the utility's annual revenues from Virginia customers about $b 2 million.
'Potomac Edison’s financial condition is critical." according to PE Executive Vice President and General Manager J. M. McCardell. "and higher electric rates are absolutely imperative in all the jurisdictions in which we serve if the company is to continue as a viable operating concern."
Potomac Edison now has rate increase requests pending in Maryland and West Virginia and fiefore the Federal Energy Regulatory Commission, which regulates electrical rates for PE's wholesale customers.
"At the present time we are legally forbidden to issue new bonds or preferred stock because of our inability to meet the financial coverage requirements," McCardell continued, "and we have nearly reached the legal limit on short-term borrowing. Our financial plight has been recognized by Moody’s Investment Service, which recently downgraded the rating of all outstanding PE bonds for the first time in our history from A to Baa.”
McCardell said the company's unability to obtain financing is critical. Potomac Edison has scheduled vital construction obligations for the immediate future, he stated, and forecasts call for
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