GAS AND ELECTRIC LIGHT PETITION OF SALISBURY WATER SUPPLY COMPANY. Application for Approval of Issue of $25,000 Additional Capital Stock and of $25,000 Bonds for Payment of Outstanding Notes and Other Corporate Indebtedness Already Incurred or to Be Incurred. Order Dated Feb. 10, 1916. The company received its charter on March 31, 1915, and on May 24, 1915, the board approved of the issue of common stock of the par value of $35,000, preferred stock of the par value of $35,000 and bonds to the amount of $70,000, secured by a first mortgage of its franchise and property. The proceeds of the common stock were to be applied to the acquisition of the property of the Artesian Water Company; and those of the preferred stock and bonds to "the acquisition of the land, buildings, machinery, mains, sewers and other equipment and appliances more particularly set forth and enumerated in a certain agreement dated April 10, 1915, between Charles N. Taylor and said company, a copy whereof is filed with said board." Since that approval, the securities authorized have been issued, the property of the Artesian Water Company has been transferred and the other property in question has been acquired. The hydrants required by a contract with the town of Salisbury were installed by July 1, 1915. On Nov. 20, 1915, the company had outstanding promissory notes to the amount of $40,000. These represented amounts claimed to have been expended for commissions on the sale of the securities previously approved, legal and other expenses incidental to the organization of the corporation, the acquisition of its property and a profit to the contractor. The additional $10,000 asked for is to cover certain expenses already incurred but not represented in the notes, interest during construction and the expense of disposing of the additional securities for which approval is sought. Of the outstanding notes, $20,000 were borrowed just prior to the filing of the application, and the proceeds were devoted to the payment of certain legal services performed in connection with the organization of the corporation and the acquisition of its property and the balance turned over to the contractor. It appeared that the agreement with Charles N. Taylor, to which allusion was made in the former decision, was cancelled. Mr. Taylor was one of the incorporators and is a contractor and engineer for water works construction. His arrangement with the other incorporators, in lieu of the contract, was that he should be paid the fair value of installing the proposed system. Upon a consideration of the cost of the requisite land and rights of way and the labor and materials furnished in performing the work and of the character and scope of the services rendered in designing and supervising the work, the board is convinced that the bonds and preferred stock already authorized therefor represent fully its fair value. In addition, however, the company has expended certain amounts aggregating somewhat more than $700 for incidental expenses in connection with its incorporation and the acquisition and mortgaging of its property, and $15,500 in commissions on the sale of its securities, including $5000 of the common stock. While the plant was completed last fall, the company will not realize any substantial earnings from its new property until the coming summer season, and, meantime, it will have paid interest and preferred dividends on the capital already raised for nearly a year. To the extent and upon the conditions hereinafter expressed, these items may be represented in capital stock. The following is therefore adopted: 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 Salisbury Water Supply Company, in conformity with all the requirements of law relating thereto, at the price of $100 a share, as determined by its directors, 100 shares of common and 100 shares of preferred stock of the par value of $100 each; the proceeds of said stock 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 Nov. 20, 1915, and to no other purpose; and that to provide for the extinguishment of commissions on the sale of securities the company shall lay aside in equal yearly instalments out of its earnings, before dividends are paid on its common stock, such amounts as shall be sufficient to call and retire, on or before 10 years from the date hereof, its first mortgage bonds to the amount of $10,000 at par. And if any shares shall remain unsubscribed for by the stock holders 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 newspapers published in the city of Boston, and in . the city of Newburyport. By order of the board, ALONZO R. WEED, Chairman. PETITION OF SPRINGFIELD GAS LIGHT COMPANY. Application Under the Provisions of Sec. 61 of Chap. 742, Acts of 1914, for Authority to Carry on Business for Which It Was Incorporated in Town of East Longmeadow. Order Dated Feb. 10, 1916. This company was incorporated by chap. 15 of the acts of the year 1847, for the purpose of "manufacturing and disposing of gas in Springfield." Subsequently it was authorized to extend its mains into West Springfield, Longmeadow, Agawam and Ludlow. It has in recent years acquired the property of the Chicopee and South Hadley gas companies. It is now supplying gas in all of the cities. and towns named. East Longmeadow is contiguous to Springfield and Longmeadow, and at present has no gas service. It appeared at the hearing that the inhabitants of East Longmeadow desired such service and had requested the Springfield Gas Light Company to extend its mains into the town for this purpose. It further appeared that the selectmen of the town are ready to grant the necessary street permits as soon as the company is authorized to make such extension. The following is therefore adopted: On the petition of the Springfield Gas Light Company. for authority to carry on the business for which it was incorporated in the town of East Longmeadow. VOTED, That the board of gas and electric light commissioners, after notice and a public hearing and upon due consideration thereof, hereby authorizes said Springfield Gas Light Company to carry on the business for which it was incorporated in the town of East Longmeadow, with all the rights, powers and privileges, and subject to all the duties and liabilities, set forth in all general laws now or hereafter in force applicable to said corporation. By order of the board, ALONZO R. WEED, Chairman. Counsel W. H. McClintock, for company. PUBLIC SERVICE COMMISSION. No. 1245 Dated Feb. 8, 1916. Petition of Springfield Street Railway Company for Certificate Preliminary to Operation of a Section of Its Railway in Springfield. In accordance with a vote of the commission adopted Nov. 5, 1915, examination having been made of a section of the Springfield street railway in Springfield, it is ORDERED, That the commission hereby certify that all laws. have been complied with preliminary to the operation of a section of the Springfield street railway in Springfield, consisting of relocated and reconstructed double track extending in Sumner avenue from a point near its intersection with Oakland street to a connection with the original track near the intersection of Oakland street and Lenox street, a total distance of 1250 feet, and that the railway appears to be in safe condition for operation. ANDREW A. HIGHLANDS, Secretary. Certification is granted the same company for section of double track in Main street from a point near Church street to a connection with the original track, about 537 feet. No. 1243-Dated Feb. 10, 1916. Petition of Bay State Street Railway Company for Certificate Preliminary to Operation of a Section of Its Railway in Avon. In accordance with a vote of the commission adopted Nov. 5, 1915, examination having been made of a section of the Bay State street railway in Avon, it is ORDERED, That the commission hereby certify that all laws have been complied with preliminary to the operation of a section of the Bay State street railway in Avon, consisting of relocated and reconstructed track and second track, extending in Main street near Randolph town line, a total distance of 207 feet measured as single track, and that the railway appears to be in a safe condition for operation. ANDREW A. HIGHLANDS, Secretary. Certification is granted the same company for sections of track |