and profitable. While it would, of course, be unfair to require the customers for electricity to assume permanently any part of the burden of the gas plant, yet the city, as the owner of both plants, may under the existing conditions venture upon this proposed reduction in the gas price with less hazard to its municipal lighting investment as a whole. But the new price must be regarded as experimental, and should be increased if a reasonable experience demonstrates that gas will be thereby sold at a loss.

In view of the foregoing considerations, the Board

Voted, To consent to a net price of not less than 90 cents a thousand cubic feet for gas to be delivered and sold by the city of Holyoke as requested in the application of the manager of the gas and electric department of said city, dated Aug. 26, 1914, and filed with the Board on Aug. 28, 1914. (Dec. 3, 1914.)

PETITION OF FRANKLIN ELECTRIC LIGHT COMPANY AND THE MONTAGUE ELECTRIC LIGHT AND POWER COMPANY.

This was a joint application by the Franklin Electric Light Company and the Montague Electric Light and Power Company for the determinations by this Board, required by section 165 of chapter 742 of the Acts of 1914, relative to the purchase by the former of the property of the latter company.

After notice a public hearing thereon was duly held as required by law. Accompanying the application are certified transcripts from the records of both corporations, from which it appears that the terms of the proposed purchase and sale have been approved at meetings called for the purpose by votes of more than two-thirds in interest of the stockholders of each of the contracting companies, and that said votes were passed within four months prior to the filing of this application.

The Montague Electric Light and Power Company was organized in 1902 under the general laws for the purpose of "generating, distributing and selling electricity for public and private lighting and for power in Montague and adjoining towns." Its business has been confined to the village of Montague. It is locally owned and has always generated its own electricity. The Franklin company was organized under

the general laws in 1886 for "the establishment and operation of an electric light plant for generating and distributing electricity for public and private purposes." Until recently it confined its business to Turners Falls, the principal village of Montague, but it is now supplying electricity also in the villages of Millers Falls and Lake Pleasant. It is controlled by the same interests which control the Turners Falls Company and the Amherst Power Company, and buys all of the electricity which it distributes from the former company at its power station in Turners Falls. The lines of both companies are within the same municipality.

By the votes passed by the two companies, as referred to, the Montague company is to sell and convey all of its property used in furnishing electricity in the town of Montague to the Franklin company, and the latter company is to pay therefor the sum of $3,000. On June 30, 1914, the Montague company had a plant with a book value of $3,396 and other assets of $1,094, against which there were outstanding capital stock of $2,000 and indebtedness of $502.29. By the payment of the purchase price by the Franklin company out of its earnings, as it is now proposed, the aggregate amount of the capital stock and the aggregate amount of the debt of the consolidated companies will not be increased by reason of such consolidation.

The Montague company has apparently been operated, not so much with the expectation of profit, as for the accommodation of the inhabitants in the village of Montague. The street lights which it has furnished have been paid for by private subscription and at a modest price. By reason of its small business, it has been unable to furnish twenty-four hour service, and it has never made any extension of its lines beyond the limits of the village. An immediate result of the proposed purchase and sale will be the sale of electricity to private customers at a considerably lower price and a probable extension of the lines.

The Legislature at its last session passed an act creating the Montague Lighting District, "for the purpose of providing electric light to light the public streets of said district." The district includes the village of Montague and some adjoining

territory. This act was accepted by the inhabitants of the district by a small majority, and since its establishment its prudential committee has been negotiating with the Franklin company for lighting the streets of the village, providing the purchase of the property of the Montague company is consummated. A representative of those inhabitants of the district who voted against its establishment appeared to oppose the proposed purchase and sale, but their protest seemed to rest upon their objection to raising money by taxation to light the streets of the village a convenience which, by reason of the location of their residences, would be of no immediate benefit to them rather than upon any preference as to the company which should perform this service. This question, however, has been settled by the Legislature and the district, and does not appear to be involved in the decision of this case. In fact, it was expressly stated in behalf of the Franklin company at the hearing that its purchase of the property of the Montague company is not dependent upon the making of a street lighting contract with the district.

In the matter of the joint application of the Franklin Electric Light Company and the Montague Electric Light and Power Company for the determinations relative to the purchase by and sale to the former of the property of the latter company, required by the provisions of section 165 of chapter 742 of the Acts of 1914,

Voted, That the Board of Gas and Electric Light Commissioners, after notice and a public hearing, and upon due consideration thereof, hereby determines that the facilities for furnishing and distributing light, heat and power will not, by reason of said purchase and sale, be diminished, and that the said purchase and sale and the terms thereof, as set forth in said application and in the certified votes, copies of which are thereto annexed, are consistent with the public interest. (Dec. 7, 1914.)

GAS COMPANIES.

The following table shows the corporate names and capital stock of the gas companies in active operation, and the names of the persons and corporations other than gas companies making and selling gas, on the thirtieth day of June last, with the localities supplied and the population of each according to the census of 1910. Unless otherwise noted the par value of each share of capital stock reported is $100.