Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1910-12-07
STATE OF VERMONT.
PUBLIC SERVICE COMMISSION


WHEREAS, the rassumpsic Telephone
Company mar filed a petition win TINS
CCmmIssion, in the words Ano figures fol-
lowing:
"Now comes the Passumpsic Telephone
Company and alleges that IL Is q corpora
tion duly organized under the generHI cor
poration laws of ne state OF Vermont, aud
that 1t Is engaged In the transaction Of
telephone aDo Telegraph business in the
counties OF o leans, Caledonia and Essex,
in said state lhaC TIE capital STOCK of SAID
corporation lie $50 375, DIVIDED into 6Ol5
snHres of the psr Value OF $500 eacn; LDaI
your petitioner mas, subject 40 the prOVI-
tslons of Sc cLlon Is OF Chapter 1l6 of the
Acts and Resolves of the General Assembly
of the State of Vermont for the year 1908,
entered into contract for the purchase OF
the plant and property owned by the Yer
mont Peoples Telephone company, cor
poration ouiy organized under the laws of
the State of Vermont, with the exception
of cRsh on hand and bills recel Sable of
said company; and that said Vermont
Peoples Telephone Company has voted to
sell It's plant ana property to your petition
er as aforesaid.
And your petitioner further alleges that
IL 10 mt cesaaTy for 1t 10 Increase tts capital |
stock for The purpose of raising funoS to
purchase SAID plant and property of said
Vermont Peoples Telephone Company,
and that at a spscIaI meeting of the stock
holders OF the Passumpsic Ieiepnone Com
paDy called for the purpose and held at st.
Johnsbury, Vermont, On the 10 b day of
November, 1910, at which every share of
stock issued by your petitioner was repre- ,
sented In person or by ocCXy, the following
votes were passed by Il unanimous vote OF
all the outstanding stock or the corpora
ton:
VOTED: That the stock OF this corpo-
ration he Increased from Sl50,375, now d.
videC into COLO shares OF lne par value OF
MOI ~ n TO So zA to-
S415 shares of the par value of $25 90 EACH
'VO TED: That said stock be divided into
preie led stock and common stock as fol-
lows: 2400 Of laid shares of the par value OF
so 90 each, edual to 500 600 shsll be cumu
IatlVe preferred stOch aud shHli oe eDtl-
tieu to cumulative otyIdeuds at the rate OF
per cent per anGum before any dividends
hall be declared OH the common stock
and any ret earnings after the pay ment OF
said cumulative dividends on the preferred
stock and non Gu mulItiVe dividends OF 6
per cent per annum Oh the common STOCK
shall be appncAo4e 10 furtuer dIVtoeDds
upon the preferred 8nd common stock
equally, 81 the dir ctors may lrom time To
time determine. Upon liquidation or dis
so ulion of the CO. pora iON 8 assets snail
be sLplied: First, 10 tue payment ui the
preftrr STOCK up to lie par vain Second,
10 tie payment OF the ctmm IN SUCK up 90
its par value; Third, any remaining asee,s
shall bs distributed amoug all tue
stockh JIders OF the corporation in propoF-
tiOn to their respective holdings; that 6015
OF said shares of the par Va.uo OF $50, 375
shall be com mon STOCK, an I ebail be- euti-
tied to such dividends, not exceeding 6 per
cent per annum, out OF the net earnings
and after payment OF cumulative div .deDds
az the rate of per C TIT per annum on the
preier'ed eek, as the directors may from
time to time detsrmiue, auy neG earniai S
star he payment OF saul cumu alive owl
derds On the preferred stock and nou-cu-
mulativa divlGeU0e OF per cent on the
comm, n stock TO be- eppncs e to further
divide nGE upon preferred and common
stock equally. as the dire ctors may from
time to time determine
and NOur Petitioner tuvth 3r represents
that at said m citing ~ said stockholders
the 10 lONlug vote was unanimously adopt
ed:
'VOIED: That the directors OF this cor
pOtaJlon De and they are hereby author
lied and empowered purchase the plant
and property Of the Vs' mont Peoples Tel
ephoue Company, a operation duly or.
gRnized arrn ding to iRW, exec t cash on
hand and bills receivt BILE, for the sum of
$4,000, plus such additions as shall have
Keen made to the plant and property of
the company since June z, 1910; and said
directors hereby authorized ard en-
powered to issue 200 SHARES OF the pre-
ferred stock above Rutl o IZed, of a par val
plant and property, or at par for cash, the
proceeds of the sale OF saiu stock to be aD
piled in payment for the purchase Of said
property
WHEREFORE your petitioner prays
that 1t may be permitted by your Honor
able Commission to issue, in accordance
with the foregoing vote, 24OO shares of 6
per cent cumulative preferred stock, of the
par value Of $25 90 each-a total of $50, 600
such stock to be issued by your petitioner
at par, cit her for cash or directly in pay
gnent of the property, rights and fran
chises to be purchased by it from the Yer
mont Peoples Telephone Company es
aforesaid and that said stock may be is
sued in part for cash aud ia part for the
payment of said property, the proceeds of
the sale OF said took to be applied by your
petitioner for the purposes sbove named.
PA5sUMP5ICT ELEPHONEC COMPANY
BY Jasper N. Keller,
President A"
WHEREFORE, it is ordered that said
petition be referred for hearing and decis-
ion to 81 sess' on OF this commission to be
held at the Orleans County Court house in
the village of Newport, in the town OF
Newport, in the County OF Orleans, and
state Of Vermont, on the 18th dav OF De-
cember, 1910, at O'Clock In the forenoon
and 1t is further ordered that notice there
OF be given by pub icatioh OF a copy Of this
order in the following wspspers pub
lsned within the County OF Orleans: III
the Orleans County Monitor, published al
Barton, in its issue bearing date Decembe
7, 1910, in the North Troy Palladium pub.
lished at North Troy, in it's issue hearing
date December 8, 1910, and in the Express
and Standard, pubiished at Newport, in it
issue bearing date December 8, 1910; anC
all persons interested may appear and SHOW
cause, il any they have, why the prayer o
said petition should not be granted.
Dated at Newport this sixth day of De
cember 1910.
By order Of tina Public Service Commits
sion
Attest RUFUS w. SPEAR
hereby certify that the foregoing is
true copy Of the original thereof on file il
the office Of the Public Service Commits
sion for the State of Vermont.
Attest: RUFUS W. SPEAR, Clerk