The following was therefore adopted: On the petition of the Electric Light and Power Company of Abington and Rockland, pursuant to the provisions of section 24 of chapter 109 of the Revised Laws, for the approval of an issue of additional capital stock of the par value of $47,200 for the objects named in said petition, after public notice and hearing, it being deemed by the Board that said amount of stock is reasonably necessary for the purpose for which such issue is authorized, it is - Ordered, That the Board hereby approves of the issue by the Electric Light and Power Company of Abington and Rockland, in conformity with all the requirements of law relating thereto, at the price of $140 a share, as determined by its directors, of 472 shares of new capital stock of the par value of $100 each, the proceeds thereof to be applied to the payment and cancellation of an equal amount of the obligations of the company represented by its promissory notes outstanding on Feb. 28, 1914, and to no other purpose. And if any shares shall remain unsubscribed for by the stockholders entitled to take them under the provisions of law relating thereto, it is further Ordered and determined by the Board that all such shares shall be offered for sale at some suitable place in the city of Boston, and that notice of the time and place of such sale shall be published in the "Brockton Times," a newspaper published in the city of Brockton, and in the "Boston Daily Advertiser" and the "Boston Evening Transcript," newspapers published in the city of Boston. (July 21, 1914.) PETITION OF THE LUDLOW ELECTRIC LIGHT COMPANY. This was an application by the Ludlow Electric Light Company for the approval of an issue of original capital stock of the par value of $21,000 for the purchase of the electric light and power system of the Ludlow Manufacturing Company. This company was organized on March 21, 1914, with an authorized capital of $21,000, for the purpose of "manufacturing, buying, selling, dealing in, supplying and distributing electricity for light, heat and power, and for acquiring by purchase or otherwise and for erecting, maintaining and operating works, poles, wires and other apparatus for the manufacture, supply and distribution of electricity for light, heat and power.' Prior to its incorporation a contract had been made in its behalf for the purchase from the Ludlow Manufacturing Company of the latter company's electric light and power system in the town of Ludlow for the sum of $21,000. Upon an appli cation by the two companies, under the provisions of chapter 529 of the Acts of 1908, the determinations by this Board requisite for such purchase have been made in an order adopted simultaneously herewith. From the evidence submitted at the hearing it appeared that the property to be so purchased will fairly represent the amount of capital stock for which approval is sought. The following was therefore adopted: On the petition of the Ludlow Electric Light Company, pursuant to the provisions of section 24 of chapter 109 of the Revised Laws, for the approval of an issue of new capital stock of the par value of $21,000 for the objects named in said petition, after public notice and hearing, it being deemed by the Board that said amount of stock is reasonably necessary for the purpose for which such issue is authorized, it is Ordered, That the Board hereby approves of the issue by the Ludlow Electric Light Company, in conformity with all the requirements of law relating thereto, of 210 shares of new capital stock of the par value of $100 each, the proceeds thereof to be applied to the purchase, free and clear of all encumbrances, of the rights, privileges and property of the Ludlow Manufacturing Company, comprising its public electric light and power system in the town of Ludlow and more particularly enumerated and described in a certain agreement in writing, dated March 4, 1914, between said company, the Ludlow Manufacturing Associates and Philip Cabot, a copy of which is filed in the office of said Board in the record of said petition, and to no other purpose. (July 24, 1914.) PETITION OF THE NORWOOD GAS COMPANY. This was an application by the Norwood Gas Company for the approval of an issue of additional capital stock of the par value of $141,200 for the purpose of raising money to be applied to the payment of liabilities incurred or to be incurred for extensions, additions and improvements to its plant and property. On June 30, 1914, the company had outstanding promissory notes to the amount of $25,000. Between Dec. 31, 1912, and June 30, 1913, it had expended for additions to plant in excess of the proceeds of stock approved therefor about $5,000. The control of the company has recently changed hands, and the present management plans a considerable extension of its distribution system, not only in Norwood, but also in Walpole, in which its charter allows it to operate. At the time of the hearing the company also intended to extend into Canton, but this The following was therefore adopted: On the petition of the Electric Light and Power Company of Abington and Rockland, pursuant to the provisions of section 24 of chapter 109 of the Revised Laws, for the approval of an issue of additional capital stock of the par value of $47,200 for the objects named in said petition, after public notice and hearing, it being deemed by the Board that said amount of stock is reasonably necessary for the purpose for which such issue is authorized, it is - Ordered, That the Board hereby approves of the issue by the Electric Light and Power Company of Abington and Rockland, in conformity with all the requirements of law relating thereto, at the price of $140 a share, as determined by its directors, of 472 shares of new capital stock of the par value of $100 each, the proceeds thereof to be applied to the payment and cancellation of an equal amount of the obligations of the company represented by its promissory notes outstanding on Feb. 28, 1914, and to no other purpose. And if any shares shall remain unsubscribed for by the stockholders entitled to take them under the provisions of law relating thereto, it is further Ordered and determined by the Board that all such shares shall be offered for sale at some suitable place in the city of Boston, and that notice of the time and place of such sale shall be published in the "Brockton Times," a newspaper published in the city of Brockton, and in the "Boston Daily Advertiser" and the "Boston Evening Transcript," newspapers published in the city of Boston. (July 21, 1914.) PETITION OF THE LUDLOW ELECTRIC LIGHT COMPANY. This was an application by the Ludlow Electric Light Company for the approval of an issue of original capital stock of the par value of $21,000 for the purchase of the electric light and power system of the Ludlow Manufacturing Company. This company was organized on March 21, 1914, with an authorized capital of $21,000, for the purpose of "manufacturing, buying, selling, dealing in, supplying and distributing electricity for light, heat and power, and for acquiring by purchase or otherwise and for erecting, maintaining and operating works, poles, wires and other apparatus for the manufacture, supply and distribution of electricity for light, heat and power. Prior to its incorporation a contract had been made in its behalf for the purchase from the Ludlow Manufacturing Company of the latter company's electric light and power system in the town of Ludlow for the sum of $21,000. Upon an appli cation by the two companies, under the provisions of chapter 529 of the Acts of 1908, the determinations by this Board requisite for such purchase have been made in an order adopted simultaneously herewith. From the evidence submitted at the hearing it appeared that the property to be so purchased will fairly represent the amount of capital stock for which approval is sought. The following was therefore adopted: On the petition of the Ludlow Electric Light Company, pursuant to the provisions of section 24 of chapter 109 of the Revised Laws, for the approval of an issue of new capital stock of the par value of $21,000 for the objects named in said petition, after public notice and hearing, it being deemed by the Board that said amount of stock is reasonably necessary for the purpose for which such issue is authorized, it is Ordered, That the Board hereby approves of the issue by the Ludlow Electric Light Company, in conformity with all the requirements of law relating thereto, of 210 shares of new capital stock of the par value of $100 each, the proceeds thereof to be applied to the purchase, free and clear of all encumbrances, of the rights, privileges and property of the Ludlow Manufacturing Company, comprising its public electric light and power system in the town of Ludlow and more particularly enumerated and described in a certain agreement in writing, dated March 4, 1914, between said company, the Ludlow Manufacturing Associates and Philip Cabot, a copy of which is filed in the office of said Board in the record of said petition, and to no other purpose. (July 24, 1914.) PETITION OF THE NORWOOD GAS COMPANY. This was an application by the Norwood Gas Company for the approval of an issue of additional capital stock of the par value of $141,200 for the purpose of raising money to be applied to the payment of liabilities incurred or to be incurred for extensions, additions and improvements to its plant and property. On June 30, 1914, the company had outstanding promissory notes to the amount of $25,000. Between Dec. 31, 1912, and June 30, 1913, it had expended for additions to plant in excess of the proceeds of stock approved therefor about $5,000. The control of the company has recently changed hands, and the present management plans a considerable extension of its distribution system, not only in Norwood, but also in Walpole, in which its charter allows it to operate. At the time of the hearing the company also intended to extend into Canton, but this project has since been abandoned. The proposed extensions in Norwood and Walpole were estimated to cost $31,316 and $55,739, respectively, and to require additional generating apparatus estimated to cost $5,225. Since June 30, 1913, the company's net expenditures upon this work have been about $16,000, practically all of which was in Norwood. The estimates for these extensions were admittedly liberal with respect, not only to the extent of the proposed additions, but also to their cost. While a company of this size should not be required to make so large an expenditure in advance of any provision therefor, it will be no hardship if a substantial part only of the probable cost is provided for now and the rest is left until the extensions are completed and the actual cost is known. The following was therefore adopted: On the petition of the Norwood Gas Company, pursuant to the provisions of section 24 of chapter 109 of the Revised Laws (now section 39 of chapter 742 of the Acts of the year 1914), for the approval of an issue of additional capital stock of the par value of $141,200 for the objects named in said petition, after public notice and hearing, it being deemed by the Board that the amount of stock hereinafter named is reasonably necessary for the purpose for which such issue is authorized, it is Ordered, That the Board hereby approves of the issue by the Norwood Gas Company, in conformity with all the requirements of law relating thereto, at the price of $100 a share, as determined by its directors, of 600 shares of new capital stock of the par value of $100 each, the proceeds thereof to be applied to the following purposes and to no others, to wit: the proceeds of 210 shares to the payment and cancellation of an equal amount of the obligations of the company represented by its promissory notes outstanding on June 30, 1914; the proceeds of 140 shares to the cost of additions to its generating plant and the extension of its distribution system in Norwood made subsequent to June 30, 1914, and the proceeds of 250 shares to the payment of obligations incurred subsequent to June 30, 1914, in the extension of its distribution system into the town of Walpole. And if any shares shall remain unsubscribed for by the stockholders entitled to take them under the provisions of law relating thereto, it is further Ordered and determined by the Board that all such shares shall be offered for sale at some suitable place in the city of Boston, and that notice of the time and place of such sale shall be published in the "Boston Daily Advertiser," the "Boston Evening Transcript" and the Boston Post," newspapers published in the city of Boston. (Aug. 12, 1914.) |