notes of the Millbury company, and $2,000 of its mortgage

notes.

None of the five companies had ever paid any dividends, and the Grafton, Uxbridge and Millbury companies had large debts. In the applications for the approval of additional stock by the Uxbridge and Northbridge company, in anticipation of the proposed consolidation and incidental to it, the companies proposed to make substantial reductions in their debts, which the Board in its approvals under said application had required to be done; and in the event of consolidation the aggregate amounts of the capital stock and debt respectively of the consolidating companies would be diminished and not increased thereby. Notwithstanding such reduction in the aggregate of the individual liabilities of the companies in question, the Board had found, in passing upon the stock issues above referred to, that the fair structural value of the plants would be less than the outstanding stock and debt, and had prescribed the conditions and requirements by which this impairment should be made good. It may reasonably be expected that one large company will have greater physical and financial ability than the five relatively feeble companies; and that by their consolidation, with relief from the burdens incident to their large volume of debt, substantial advantages will accrue to the municipalities served.

For these reasons the Board adopted the following:

In the matter of the application of the Grafton Electric Company, supported by the petitions of the Uxbridge and Northbridge Electric Company, Douglas Electric Company and Upton Electric Company, for the determinations relative to the consolidation of the three companies last named with the company first named, and the application of the Grafton company, supported by the petition of the Millbury Electric Company, for the determinations relative to the purchase by and sale to the former company of the franchise and property of the latter, required by the provisions of chapter 529 of the Acts of 1908:

The Board of Gas and Electric Light Commissioners, after due notice and a public hearing and upon due consideration thereof, hereby determines that the facilities for furnishing light, heat and power will not, by reason of said consolidation and purchase and sale respectively, be diminished; and that said consolidation and said

purchase and sale, and the respective terms thereof, as set forth in said application and in the duly certified votes of the corporations, are consistent with the public interest. (October 29.)

Capital Stock and Bonds.

Twenty-nine applications for approval of issues of stock or bonds have been decided during the year. The amount of securities asked for at par was $3,803,400, and the amount approved at par was $2,969,600. In 20 cases the full amount asked for was approved.

The following table shows the securities approved by the Board for the several companies applying therefor, giving both the par value of the stock so approved and the issue price thereof, determined as required by law; and in the following pages will be found the several orders and votes of the Board relating thereto.

Issue of sufficient shares to produce $120,000 when sold at auction or by tender under Acts of 1909, c. 477, § 2, but shares not yet sold.

Par value, $25.

Issued in exchange for capital stock of Marblehead Gas and Electric Company. (See under "Consolidations" for decision.)

PETITION OF THE DEDHAM AND HYDE PARK GAS AND ELECTRIC LIGHT COMPANY.

This was an application by the Dedham and Hyde Park Gas and Electric Light Company for the approval of an issue of 435 shares of new capital stock, of the par value of $21,750, the proceeds thereof to be applied to the cost of additions to plant, represented in part by its outstanding promissory notes.

The company's notes payable on Oct. 30, 1909, amounted to $5,000, of which about $3,100 represented the cost of additions to plant. Other plant extensions determined upon by the company, and in part completed, were estimated to cost upwards of $23,000. The following was therefore adopted:

On the petition of the Dedham and Hyde Park Gas and Electric Light Company, pursuant to the provisions of section 24 of chapter 109 of the Revised Laws, for the approval of an issue of 435 shares of additional capital stock, of the par value of $21,750, 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 Dedham and Hyde Park Gas and Electric Light Company, in conformity with all the requirements of law relating thereto, at the price of $60 per share, as determined by the directors, of 435 shares of new capital stock, of the par value of $50 each; the proceeds thereof to be applied to the following purposes and to no other, to wit: the proceeds of 50 shares to the payment and cancellation of an equal amount of the promissory notes of the company outstanding on Oct. 30, 1909, and the proceeds of 385 shares in payment of the cost of additions to plant made subsequent to said thirtieth day of October.

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 Daily Herald" and the "Boston Evening Transcript," newspapers published in the city of Boston. (January 8.)

PETITION OF THE PLYMOUTH COUNTY GAS LIGHT AND POWER COMPANY.

This was an application by the Plymouth County Gas Light and Power Company for the approval of an issue of new capital stock of the par value of $600,000, and of bonds to the amount of $400,000, the proceeds of the same to be used for the construction of a gas works and a gas-distribution plant in certain towns in Plymouth and Norfolk counties. After the hearing the company reduced the amount asked for to $850,000.

From the representations made it appeared to be the purpose of the company to construct a plant for the manufacture and storage of illuminating water gas at the water front in the town of Braintree, and to convey the gas, by means of a high-pressure system of distribution, through the towns of Abington, Braintree, Cohasset, Hingham, Hull, Holbrook, Randolph, Rockland, Weymouth and Whitman. The required preliminary authority had been received from the selectmen of the towns of Braintree, Abington, Weymouth, Whitman and Rockland, and applications were pending in Hingham, Hull and Randolph. The necessary land had already been purchased in the interest of the company, and plans and specifications for the gas works, with a manufacturing and storage capacity of 1,000,000 feet per day, were submitted at the hearing, together with a statement of the length and size of mains to be laid in the streets of the several towns which the company proposed to supply.

Of the total amount desired, it appeared that the sum of $297,568 was estimated to be requisite for the construction of the works in Braintree; $466,090 for the construction of about 100 miles of mains, varying in size from 16-inch to 2-inch, with services, governors and meters incidental to such construction; $86,350 for office construction and the working capital necessary for the inauguration of the enterprise, and incidental to the company's purpose to engage in the sale of appliances and fixtures to be used by its customers.

As the Board understood the company's plans, it intended to enter immediately upon the construction of its gas works, to begin laying its mains as soon as weather conditions might rea

sonably permit, and to complete all the work described in the towns named with all reasonable promptness and dispatch. It was accordingly probable that the requirements of the company would be fully met by the immediate approval of an amount requisite for the construction of the gas-works property, with such a continuance of the case for the approval, from time to time, according as the work progressed, of such amounts as might be found reasonably necessary for the completion of the undertaking.

The following was therefore adopted:

On the petition of the Plymouth County Gas Light and Power 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 $600,000, and of bonds to the amount of $400,000, for the objects named in said petition, after public notice and hearing, it being deemed by the Board that the amount of stock and bonds 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 Plymouth County Gas Light and Power Company, in conformity with all the requirements of law relating thereto, of 1,760 shares of new capital stock, of the par value of $100 each, and of the issue, at not less than par and accrued interest, of bonds to the amount of $124,000, payable in not exceeding twenty years from the date thereof, and bearing interest at a rate not exceeding 5 per cent per annum; the proceeds thereof to be applied to the cost of constructing a gas works in the town of Braintree, substantially as described in the proceedings before the Board upon the company's said petition, and to no other purpose.

Ordered, That the consideration of said petition be continued for such further approval as may appear reasonably necessary for the completion of the entire work proposed. (January 17.)

PETITION OF THE ATHOL GAS AND ELECTRIC COMPANY. This was an application by the Athol Gas and Electric Company for the approval of an issue of additional capital stock, of the par value of $170,000, to enable the company to pay its outstanding bonds and the cost of additions to its plant. This request was subsequently modified, so that the amount desired by the company was $153,200.

The bonds of the company outstanding on Nov. 30, 1909,