†The physical assets of Walla Walla Valley Railway Company are included in the item "Plants" and in this balance sheet accounts between Pacific Power & Light Co. and Walla Walla Valley Railway Company have been eliminated. This account is being written off monthly during the life of the bonds. § Since December 31, 1911, the Mortgage securing $473,000 Northwestern Gas & Electric Co. bonds has been released and bonds of the Pacific Power & Light Co. have been issued in lieu thereof, and underlying bonds of the Walla Walla Valley Traction Co. (secured by a mortgage upon the properties of the Walla Walla Valley Railway Company) to the amount of $25,000 and $6,000 in cash have been exchanged for bonds of the Pacific Power & Light Co. The principal office of the Pacific Power & Light Company is located at Augusta, Maine. Its principal office on the Pacific Coast is at Portland, Oregon, and its agency in the Borough of Manhattan is United States Mortgage & Trust Company, which company also acts as Transfer Agent for the bonds. The Company's fiscal year ends on December 31. The annual meeting is held on the third Tuesday in February in each year at the Company's office, 242 Water Street, Augusta, Maine. The Directors of the Pacific Power & Light Company are as follows: J. C. Ainsworth, Geo. F. Nevins, Edward Cookingham, F. L. Dame, Fred S. Fogg, S. S. Gordon, William Jones, John A. Laing, C. Hunt Lewis, H. C. Lucas, S. Z. Mitchell, Miles C. Moore, Josiah Richards, F. G. Sykes, Guy W. Talbot. The Officers are as follows: S. Z. Mitchell, Chairman of the Board; Guy W. Talbot, President; F. G. Sykes, F. L. Dame, E. W. Hill, Edward Cookingham, A. S. Grenier, J. E. Davidson, Vice-Presidents; E. P. Summerson, Treasurer and Assistant Secretary; George F. Nevins, Secretary and Assistant Treasurer; M. H. Arning, Assistant Treasurer and Assistant Secretary. The Pacific Power & Light Company agrees to publish in pamphlet form at least once in each year and submit to the Stockholders at the annual meeting of the Company, a detailed statement of its physical and financial condition and income account covering previous fiscal year and a balance sheet showing assets and liabilities at the end of the year, and income account and balance sheet of all subsidiary companies; to maintain an agency in the Borough of Manhattan, City of New York, for the transfer and negotiation of its bonds; to notify the Stock Exchange in the event of the issuance of any rights or subscriptions to, or allotments of its listed securities, and to afford the holders thereof a reasonable period within which to exercise the privileges to which they may be entitled with respect to any such rights, subscriptions or allotments; and that all rights, subscriptions or allotments with respect to its listed securities shall be transferable, payable and deliverable in the Borough of Manhattan, City of New York. PACIFIC POWER & LIGHT COMPANY, This Committee recommends that the above-described $5,295,000 First and Refunding Mortgage Twenty-year Five per Cent. Bonds, International Series, due 1930, Nos. 1 to 5,295 inclusive, for $1,000 each, be admitted to the list. WM. W. HEATON, Chairman. GEORGE W. ELY, Secretary. Adopted by the Governing Committee, May 8, 1912. REGULATIONS GOVERNING THE TRANSFER OF STOCKS AND BONDS1 In order to comply with the law and to safeguard the interests of the Company and its security holders, the following regulations in respect of the transfer of stocks and bonds are prescribed: I.-REGISTRATION 1. In transferring stock or bonds to the name of an Individual or Firm, the full name should be given as it is usually signed, without prefix, suffix or title. 2. When a transfer is made to the name of a Woman, the prefix Miss or Mrs. should be omitted, and the security registered in her individual name. Thus, Jane Doe is preferable to Mrs. John Doe. 3. The titles of Corporations or Associations should be stated in full, including a prefix The when applicable. 4. The name of a Trustee or Trustees should be followed by a brief description of the trust. 5. The name of an Executor or Administrator should be followed by a brief description of the will or estate. 6. Transfers to the Estate of John Doe are objectionable. Richard Roe, Executor (or Administrator) of the Estate of John Doe, is preferable. 7. Usually, Executors, Administrators or Trustees should not transfer to themselves as individuals. If necessarily done, the reason and justification therefor should be shown. 8. In all cases the addresses of transferees should be stated with particularity. 9. Persons or associations having securities transferred to themselves from time to time are requested to state the name uniformly, in order to avoid the opening of unnecessary accounts and the confusion and inconvenience consequent thereon. If John Doe be a registered holder, the name should not be given as Jno. Doe or J. Doe at the time of subsequent transfers; and the name Richard Roe & Co. should not afterwards be stated as Richard Roe & Company or R. Roe & Co. 10. A considerable number of stockholders have more than one account, some with different addresses. It is desirable that the entire holdings of a stockholder be combined into one account. To this end, 1 Circular issued by the Kansas City Southern Railway Company, Office of the Secretary and Transfer Agent, No. 25 Broad Street, New York, July 1, 1913. such certificates as necessary should be submitted for re-transter, for which no charge will be made. 11. It is recommended that as far as readily practicable, transfers offered by persons unknown to the Transfer Agent should be transmitted through a broker having representation on the New York Stock Exchange, who will guarantee the signatures to assignments. In this way, the difficulties of identification, the resulting delay, or the expense of a Notarial certificate, will be avoided. II. ASSIGNMENT 1. The assignment on the reverse side of a certificate or bond must be signed, witnessed and dated. The name of the person constituted as attorney to make the transfer upon the books of the Company, should be omitted. 2. Signatures to such assignments must be technically correct; that is, they must correspond in every particular with the name in which the security is issued, without abbreviation, enlargement or change. (a) The assignment of a certificate or bond registered in (b) Titles, if any, must be prefixed or suffixed to signatures (c) Brothers or Bros. must be written as it appears in the 3. When a security has been issued in a name incorrectly stated or wrongly spelled, the assignment must be executed both in the name as registered and in the correct name. 4. The assignment of a security registered in the name of John Doe and Richard Roe must be executed by both. 5. The assignment of a security registered in the name of a woman subsequently changed by marriage must be executed Jane Doe, now Jane Roe. Evidence of the marriage and of the holder's identity may be required. 6. A detached assignment must contain provision for the appointment irrevocable of a person (the name being left blank) as attorney to make the necessary transfer upon the books of the Company, and a full description of the security; that is, name of the Company, Issue, Certificate or Bond Number, and the face amount. (a) A separate assignment should accompany each certifi cate or bond. 7. Any alteration in the wording of an assignment or appointment of an attorney should, whenever practicable, be attested by the signature of every person joining in the execution of the assignment as the assignor or as one of the assignors; and must in any event be attested by that of a person or persons thereunto authorized. III. ASSIGNMENTS BY CORPORATIONS OR ASSOCIATIONS 1. When a transfer is to be made from the name of a Corporation or Association, the certificate or bond must (subject to paragraph 2 below) be accompanied by a copy of a resolution of the board of directors or trustees, authorizing its transfer and naming the officer delegated to execute the assignment. (a) This copy must be certified by the secretary of the cor- (b) If such resolution is of continuing effect, the secretary of the corporation must certify that the resolution is 2. If a transfer is to be made on the authority of a by-law, the security must be accompanied by a copy of the by-law, certified by the secretary of the corporation as being in effect at the time of such intended transfer. 3. The corporate seal (if the corporation or association have one) must be impressed upon the assignment, whether on the security itself or detached, and likewise upon all attestations. (a) If a corporation or association have no seal, attestations IV. ASSIGNMENTS BY TRUSTEES 1. When a certificate or bond is to be transferred from the name of a Trustee or Trustees, a certified copy of the instrument creating the trust must be submitted. 2. Evidence is required of the appointment of the trustee or trustees (if other than as stated in the creating instrument); of his or their acceptance of the trust, and retention of it at the time of the intended transfer. 3. Assignments by trustees require the signature of all living trustees. The signature of one alone is not sufficient to justify a transfer of stock or bonds. See Section V., paragraph 4. |