That's strange. I have seen on a building exactly what you are describing here. They did use a service head and it is definitely one strange looking service. I may have time tomorrow to stop by and take a picture of it so it can be posted here.
iwire--exactly. If you put a typical weatherhead on a pipe running downwards, the head can fill up with water. And freeze in winter.
The code says when you 'use' a weatherhead the conductors have to come through separately bushed openings. If I don't use one then I don't need separatly bushed openings. Right?
By the way this is a two story building, with separate commercial tenants on the first floor and offices on the second floor. So the updated service for the second floor needed the weatherhead down lower for ComED connection. That's why it runs up.
There is a device called a "power-head". It keeps the bugs out of the conduit, and has the separate bushed openings like a weatherhead but leaves the conductors headed in the same direction as the conduit.
There is a Sealing bushing by OZ Gedny which fits the bill for separating conductors and attaches to the end of the conduit. Type FR IS A COUMPOUND BUSHING UNDER THECATEGORY OF SEALING BUSHINGS FOR STEEL RIDGID CONDUIT. AND TYPE KR IS CLOSE TO THE SAME ANIMAL. i REMEMBER uSING ONE IN A VAULT NOW THAT I FOUND IT IN THE OZ BOOK. Ive yet to see something called a power head but still am interested for downward vertical runs of service conduit terminations if there are any other solutions.