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were $50,000. The ordinary notes of the company payable on that date were $141,400, of which about $40,000 was represented by cash on hand, borrowed in anticipation of payments to be made for the additions referred to. On Oct. 19, 1909, the Board approved the issue of 1,033 shares of new capital stock, the proceeds of which were to be applied to the payment of an equal amount of the obligations of the company incurred subsequent to Aug. 24, 1909, for additions to plant. Since the approval of stock for that purpose the company had determined upon further additions, which would probably cost upwards of $103,000. They consisted principally of additions to the gas plant, the steam and water-power plants, and to the electric distribution plant for the supply of power and street lights.

The following was therefore adopted:

On the petition of the Athol Gas and Electric Company, 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 $153,200, 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 Athol Gas and Electric Company, in conformity with all the requirements of law relating thereto, at the price of $100 per share, as determined by the directors, of 1,532 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 other, to wit: the proceeds of 500 shares to the payment and cancellation of an equal amount at par of the bonds of the company now outstanding, and the proceeds of 1,032 shares to the payment and cancellation of an equal amount of obligations of the company incurred or to be incurred for account of additions to plant made subsequent to the twenty-fourth day of August, A.D. 1909, in excesss of those for which a new issue of capital stock was approved by this Board on Oct. 19, 1909.

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," a newspaper published in the city of Boston, in

the "Springfield Daily Republican," a newspaper published in the city of Springfield, and in the "Fitchburg Daily News," a newspaper published in the city of Fitchburg. (January 19.)

PETITION OF THE QUINCY ELECTRIC LIGHT AND POWER COM

PANY.

This was an application of the Quincy Electric Light and Power Company for the approval of an issue of 500 additional shares of capital stock, of the par value of $50,000, the proceeds to be applied to the payment of a part of the company's floating debt.

The promissory notes of the company outstanding on Dec. 31, 1909, were $79,000. In 1901 the company began the construction and equipment of a power station upon a new location, and the expenditure of a substantial amount upon its system of distribution. New securities were approved and issued from time to time on account of the cost of this work; and the existence of the above debt was due in part to the excess of such cost above the proceeds of the securities issued, and in part to the fact that before this work was undertaken the company had already contracted a considerable debt. The changes referred to compelled the abandonment of a portion of the company's old plant, and the expenditure of a considerable sum for reconstruction or replacement. In view of all the facts, the Board was of the opinion that a portion of the debt, but only to the amount named in the company's petition, might properly be represented in new capital. The following was therefore adopted:

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On the petition of the Quincy Electric 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 500 shares of additional capital stock, of the par value of $50,000, 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 Quincy Electric Light and Power Company, in conformity with all the requirements of law relating thereto, at the price of $110 per share, as determined by the directors, of 500 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 promissory notes

of the company outstanding on the thirty-first day of December, 1909, 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 "Boston Daily Advertiser" and the "Boston Evening Transcript," newspapers published in the city of Boston, and in the "Quincy Ledger," a newspaper published in the city of Quincy. (February 17.)

PETITION OF THE GREAT BARRINGTON ELECTRIC LIGHT COM

PANY.

This was an application by the Great Barrington Electric Light Company for the approval of an issue of new capital stock, of the par value of $80,000, the proceeds to be applied to the payment of floating debt and the cost of future additions to plant.

The capital stock of the company outstanding at the date of the decision was $50,000. On May 15, 1903, this Board approved an issue of mortgage bonds to the amount of $15,000, to renew a like amount of bonds of the same class. The bonds so approved had never been issued, and the vote authorizing the same had been rescinded and annulled by the stockholders; but the mortgage bonds then outstanding were converted into promissory notes, and to the amount of $10,000 were included in the notes of the company outstanding. Fifteen thousand dollars of other expenditures for new construction were also included in the notes payable. The company, in the exercise of an option in the lease of the water power and real estate upon which its generating plant is located, proposed to purchase the same for the sum of $50,000. The following was therefore adopted:

On the petition of the Great Barrington Electric Light Company, 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 $80,000, 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 Great

Barrington Electric Light Company, in conformity with all the requirements of law relating thereto, at the price of $100 per share, as determined by its directors, of 750 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 other, to wit: the proceeds of 250 shares to the payment and cancellation of an equal amount of the obligations of the company represented by its promissory notes outstanding on Jan. 1, 1910, and the proceeds of 500 shares in payment of the cost, free and clear of all encumbrances, of the water power and real estate now held under lease by the company, with all the rights, privileges and appurtenances thereto belonging.

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 town of Great Barrington, and that notice of the time and place of such sale shall be published in the "Boston Daily Advertiser," a newspapeer published in the city of Boston, and in the "Pittsfield Evening Journal" and the "Berkshire Evening Eagle," newspapers published in the city of Pittsfield. (March 17.)

IN RE BONDS OF THE GREAT BARRINGTON ELECTRIC LIGHT COMPANY.

After the adoption of the foregoing orders the following preamble and vote were passed:

Whereas, this Board, on May 15, 1903, did approve of an issue by the Great Barrington Electric Light Company of first mortgage bonds to an amount not exceeding $15,000, payable in not exceeding ten years from the date thereof, and bearing interest at a rate not exceeding 5 per cent per annum;

And whereas, said bonds have not hitherto been issued, and the said Great Barrington Electric Light Company at a meeting of its stockholders has voted to rescind and annul the vote authorizing the issue thereof;

And whereas, this Board has this day approved an issue of new capital stock, the proceeds whereof are to be applied in part to the payment and cancellation of that portion of the indebtedness now unpaid to which the proceeds of said bonds were to be applied, it is

Voted, That the aforesaid approval of this Board of an issue of said bonds be and is hereby cancelled and annulled. (March 17.)

PETITION OF THE SPRINGFIELD GAS LIGHT COMPANY.

This was an application by the Springfield Gas Light Company for the approval of an issue of 1,625 shares of new capital stock, of the par value of $162,500, the proceeds thereof to be applied in part to the payment of floating debt and in part to the cost of future additions to plant.

On Nov. 30, 1909, the company had outstanding promissory notes to the amount of $325,000, of which $260,000 appeared to represent the cost of additions to plant since May 31, 1907, for which no securities had been approved. Since November 30 the company had begun the construction of a new office building, to cost about $60,000; and further additions to plant during the year 1910 were estimated to cost about $100,000. The following was therefore adopted:

On the petition of the Springfield Gas Light Company, pursuant to the provisions of section 34 of chapter 109 of the Revised Laws, for the approval of an issue of 1,625 shares of additional capital stock, of the par value of $162,500, 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 Springfield Gas Light Company, in conformity with all the requirements of law relating thereto, at the price of $200 per share, as determined by the directors, of 1,625 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 other, to wit: the proceeds of 1,300 shares to the payment and cancellation of an equal amount of the obligations of the company represented by its promissory notes outstanding on Nov. 30, 1909, and the proceeds of 325 shares to payment of the cost of additions to plant subsequent to said thirtieth day of November.

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 Springfield, and that notice of the time and place of such sale shall be published in the "Boston Daily Advertiser," a newspaper published in the city of Boston, and in the "Springfield Daily Republican" and the "Springfield Daily Union," newspapers published in the city of Springfield. (April 4.)

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