1. CENTRAL MASSACHUSETTS POWER COMPANY.

In 1912 a voluntary association was organized with the above title, and acquired the hydro-electric plant theretofore owned by the Central Massachusetts Electric Company situated on the Quaboag River in Palmer. In 1914 the association acquired the steam plant of the same company. Its hydraulic plant has with its present installation an estimated capacity of 900 kilowatts. Its steam plant has a capacity of 2,250 kilowatts. It sells electricity at its power station to the electric company and the Springfield Street Railway Company, and owns no transmission or distribution lines. It had outstanding on Oct. 15, 1914, 2,985 preferred shares of the expressed value of $100 each, entitled to preferential cumulative dividends at the rate of 6 per cent. per annum, and 3,000 common shares of no expressed value.

2. FRANKLIN COUNTY POWER COMPANY.

In 1914 a voluntary association was organized with the above title, and acquired a developed water power on the Millers River between the towns of Erving and Wendell. The present owners have installed an electric equipment with a capacity of 300 kilowatts. The association owns no transmission lines, and the electricity generated is delivered and sold at its station to the mill there located and to the Athol Gas and Electric Company. The association has outstanding 900 preferred shares of the expressed value of $100 each, entitled to preferential cumulative dividends at the rate of 6 per cent. per annum, and 900 common shares of no expressed value.

3. HOLYOKE WATER POWER COMPANY.

This company is a corporation duly established by the laws of the Commonwealth with a capital stock of $1,200,000. Its original charter may be found in chapter 6 of the Acts of 1859, and other special laws have been subsequently enacted affecting it. It owns an important hydraulic development on the Connecticut River at Holyoke. Most of the hydraulic power is sold in Holyoke to local manufacturers, but the company has

also at Holyoke an hydro-electric station with an installation of 1,500 kilowatts in water, and 1,500 kilowatts in steam, units. The electricity generated is transmitted by lines owned by the company and sold to power customers, of whom some are located in Holyoke and others in South Hadley.

4. MILLERS RIVER POWER COMPANY.

This company was organized under the business corporation law on Feb. 6, 1913, with an authorized capital of $1,000,000, for the following purposes:

1. To sell, buy, lease or otherwise deal in power of all kinds however the same may be generated, or in whatever form such power may be; and to engage in the business of purchasing, holding and leasing water rights and water power; and to construct, purchase, hold, own, lease, maintain and operate dams, reservoirs, power houses, canals and other structures and appurtenances necessary, useful or convenient for the development of power, including acquiring and holding any and all real estate or interests in real estate necessary or proper for the conduct of said business, not, however, including the right to take or condemn land or to exercise franchises in public ways or by any county, city or town.

2. To acquire, hold, own, assign, transfer, sell, mortgage or pledge or otherwise deal in the capital stock, bonds, notes or other obligations of any other corporation or corporations, association or associations, existing under the laws of the Commonwealth of Massachusetts or any other State, territory or county so far as is permitted by the laws of the Commonwealth of Massachusetts; and to guarantee the stock, notes, bonds or other obligations or contracts of such corporation or corporations, association or associations, or to do any act or thing designed to protect, preserve, improve or enhance the value of any such stock, notes, bonds or other obligations or contracts.

It owns certain undeveloped water privileges on Millers River, and has issued and has now outstanding capital stock to the amount of $500,000, but it is not an operating company.

5. MONUMENT MILLS.

This company is a corporation chartered by chapter 217 of the Acts of 1850 for the purpose of manufacturing cotton and woolen goods in Great Barrington. In 1893 it added to the business for the transaction of which it was incorporated "making, buying, selling and transmitting electricity for light,

heat and power." It has a capital stock outstanding of $500,000, and owns two power plants on the Housatonic River, one at Glendale and the other at Housatonic. The electric equipment at these plants consists of water units of 500 kilowatts capacity at each plant and a steam unit at one plant of 500 kilowatts capacity. The electricity generated is used in the company's mills and other buildings, and the surplus current is sold to the Great Barrington Electric Light Company and the Stockbridge Lighting Company. The company owns no transmission lines, and all of the purchasers bring their respective lines to its power plants for the electricity supplied to them. The manufacture and sale of electricity is a minor portion of the business of the company.

6. NEW ENGLAND POWER GROUP.

The Connecticut River Power Company of New Hampshire is a Vermont and New Hampshire corporation owning and operating an hydro-electric development on the Connecticut River at Vernon, Vt., a few miles north of the Massachusetts line. This plant has an installed capacity of 20,000 kilowatts. Its capital stock outstanding is $2,000,000 and bonds, $2,000,000. It owns transmission lines in New Hampshire and Vermont delivering current at Brattleboro and Bellows Falls, and to the lines of the Connecticut River Transmission Company at the Massachusetts line.

The New England Power Company is a corporation organized in 1911 under the Massachusetts business corporation law, and has outstanding a capital stock of $5,000,000 and bonds of $3,500,000. It owns four hydro-electric developments on the Deerfield River, three of which are located near Shelburne Falls, with an installed capacity of 6,000 kilowatts, and which have been in operation for two years, and the fourth in the town of Florida, 2 miles above Hoosac Tunnel, just placed in operation, with an installed capacity of 15,000 kilowatts. It owns no transmission lines and delivers electricity at its several power stations to the Connecticut River Transmission Company. A Vermont corporation, the Deerfield River Power Company, owns a large storage reservoir at the headwaters of the Deerfield River in Vermont, and other undeveloped water and

storage privileges in Vermont between the source of the river and the Massachusetts line. The storage reservoir already built and another contemplated are designed to equalize the flow of the river throughout the year.

The Connecticut River Transmission Company was organized in 1908 under the general laws of Massachusetts, and its corporate purposes have been fully stated in previous reports. Its outstanding capital stock is $1,195,000. Its high-tension lines have been constructed from the power plants of the New England Power Company, and from convenient points on the Massachusetts line to receive the electricity generated at Vernon, to substations at Adams, Clinton, Fitchburg, Gardner, Millbury, Ware and Worcester, and to the Rhode Island and Connecticut lines to be there transformed and sold. At Clinton its lines reach the power station of the Wachusett Reservoir, and take over the electricity there generated. At certain of the points named connection is made with steam plants with which arrangements exist for supplementing its water-generated electricity in periods of low water. Its lines furnish the means whereby the electricity generated at Vernon and on the Deerfield River, as above described, is marketed in part to private-power consumers and in part to other electric companies and to municipal plants.

All of the companies described, as well as the Bellows Falls Canal Company, owning an hydraulic plant at Bellows Falls, by a system of holding companies described in previous reports, have a common control, and have been developed and are operated as integral parts of one system.

7. TURNERS FALLS GROUP.

The Turners Falls Company is a corporation originally chartered in 1792 and given its present name by chapter 275 of the Acts of 1866, and has been the subject of other special laws. Its capital stock outstanding is $2,500,000. It owns an important hydraulic development on the Connecticut River at Turners Falls, and sells by long-term leases permanent and surplus water power to mills located along its canal. In addition it has owned and operated for some years an hydroelectric plant with an installed capacity of 5,000 kilowatts, and

has sold electricity at its power station to the Greenfield Electric Light Company and Amherst Power Company. It owns no transmission lines. During the past two years it has had under construction an enlargement and extension of its canal and forebay, with a consequent increase of head, and another power house with an installed capacity when completed of 36,000 kilowatts.

The Turners Falls Power and Electric Company (formerly Amherst Power Company) is a corporation organized in 1907 under the general laws of the Commonwealth for purposes which have been fully set forth in previous reports. It has outstanding capital stock of $450,000 and mortgage notes of $250,000. It has a high tension transmission line from the power station of the Turners Falls Company through Montague, Leverett, Amherst, Granby, Chicopee, West Springfield and Agawam to Springfield, with a branch line from Amherst to the steam station of the Easthampton Gas Company at Mt. Tom station on the Boston & Maine Railroad. It is selling the electricity purchased of the Turners Falls Company to the Amherst Gas Company, Easthampton Gas Company, Greenfield Electric Light and Power Company and Agawam Electric Company, as well as to certain large power users along its lines. In turn it purchases electricity from the Greenfield and Easthampton companies and also from the United Electric Light Company of Springfield and the Connecticut River Transmission Company to supplement its water-generated electricity in periods of low water.

The two companies which have been described, while not having strictly a common ownership, have at any rate such a community of interest with the Greenfield, Amherst, Easthampton and Agawam companies that for some years past their respective developments have been along lines such as to make them integral parts of one system.

8. WARREN POWER COMPANY.

This is a corporation organized under the general laws of this Commonwealth in 1912, with an authorized capital of $100,000. Its purposes have been set forth in a previous report. It owns a water power on the Quaboag River in Warren, Palmer and Brimfield, which is but partially developed by a