Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1914-03-19

the plant of the Vermont Peoples COM
pany. The Citizens exchange had or
stations at st. Johnsbury in 1911 before
the sale of its plant to the Passumnsio
company, and the Passumpsic conponv
had 1.044 stations in st. .Jobnsburv AZ
that time. On June 80. 1913. tho Pas
sumpsc company had 1896 stations in
st. Johnsbury, a decrease of nearly con
stations in St Johnsbury as a result Of tbo
consolidation of tho companies and od.
vance In rates. A considerable nortio, If
the property purchased by the passt,,r,,-
sic company us above set forth was n
duplication of Passumpsic plant and after
the purchase was removed by the Pas.
sumpsic company and part sold for Junk
or scrapped, and the remainder placed in
the Passumpsc companys stock supplv.
The capatal stock of the Vermont Poo
pies company at the time of the sale was
$47S40. and dividend OF $14O.50 "A share
was paid as a result OF the sale. The
capital stock of the Citizens company at
the time of the sale was 100000. the on
tire cost of the plant was $i5,G15.4O and
the company had n surplus of SS.31479
During the year 1911, and after the
purchase of the Vermont Pooplcs COM
s11,675.S3 in building additional plant
and in 1912, after the purchase of Inc
Citizens company, $50,055.07, for a like
purpose
The total indebtedness of the paeeump-
sic company to the New England com
pany has increased until it amounted to
$108,G47.1S on June 80, 1913.
The commission are Of the opinion tltat
the Passumpsic company was organized
by the New England company originally
for the purpose of supprcssing CONNIE
tition in Orleans, Caledonia and Essen
counties.
We are further of the opinion that the
transactions above set forth were ey-
travagant and III advised and resulted i'm
placing financial burdens upon the Pas
sumpsic company which are excessive
and in order to meet the same rates are
required which are in excess of what
would have been required il these trans
actions had not taken place
The majority of the presau. conmiss.o on
cannot but feel that the authorization Of
the stock issues for the purposes Tor
which they We're used should never have
been permitted but as the State has
sanctioned these issies and the States
sanction has been acted upon, the ma
Jority cannot see its way clear to do any
| thing that will change or avoid the for
mer action of the State.
! At the present hearing, the company
presented an inventor,, and ,.,1,,. 81 ,.,
inventoried property Of the company with
+ the unit costs determined upon by the
commission is shown in table two. The
earnings and etn.nsoe of th, t,..,.,,,,,,,
sic comnarv onnrarf,,. i,, ...t1o ff,., ,,.l,.,,
annjied IN tbo oo,,r,-...,,,,s i...,,,,.,.,.
value of the paesu,,,,si,. ,,l..,,t and ,,;,,,.
assets show that tbs cor,i..r,. 60. Cog cfa
A. short Of earning & NOR cont ,,,or ..,.1
nlont volua and otbe. ....ts m. ,.t..
other justification for a.. ..-,...,.t .......
of tba poeeur,si, co,,,,.,,.. ,,t,..h r..
commission can find o.iJ.. f~o,,, rt. r...-
ner starnn of annrovoI he fine s+,t... ,,...,,,.
the transactions abova doecri..J is rr.t
the Passin,nsic cornranv ,,f,.es . ,,,,.-.
extended service to ito e,,L.,,i',ars t..t.
do other Vermont Gamma MICS utiJa, si,,,.-
lar conditions
A suhscriber o+ 81 robnst,,r,, c,r coll
2e54 stations como of th.r, II ,,,n.e
away: n subscriber at Parto,. 1>.2 .t,-
tions some of tbap, On miles a,,a,,. o.
subscriber at Orleans oo1c stotione e,,,o
of them 1G miles away. "a s,,hscriber ~
I,yndonvil1e 21S5 citations Some of thsp,
S miles away and a subscriber at West
Burke 2o'4 stations some Of them IL
mics away lor a $"o.oo rate Tor one
party BUSINESS service
IN the nc" Ehslitho company. sun
/ SC'ioer ~ l'utltiu can Ga" o''J 1870
st"tiohs AT 9'''Vo rate SUBSCRIBER III
/ be'oWs rams can can pul 10 ana az
bennington ~ slullohS Tor 9'''V' rate
ne COMMISSION pcheEe tH'I IL u'e imam
'"s "ooVe ueScIlpe" H'" Hol ''"e" pace
"'ui'i-p"ItS res'"e"ce rue ~ inc AS
"i9'' ooinp'"E VI H'o'' u'i" 'l''''
"0"'' "'' nave pee" H'eeSS'l' UT VIII
'"moe"'
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| The Franklin County Telephone conf
pany is a corporation created by special
charter from the state of Vermont in