Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1914-03-18
TELEPHONE ORDER ISSUED
CONTINUED FROM PAGE ONE.

ons Telephone & Telegraph Com
my owned competing plants in
Essex and Caledonia Counties, and
D. l.. Mcguire operated an independ-
ent plant in Hardwick, Albany,
Graftsbury and vicinity. There pre-
Vlously had been competition between
hese plants and the New England |
plant which was exchanged for Pas
sumpsic Company stock as aforesaid, |
md alter the exchange this cOmpeti- |
ton continued with rates about equal |
% those shown in table one above.
In November, 1910, the Passump- |
Company, apparently for the pur
pose OF suppressing competition, /
i0ted at a stockholders meeting to
Increase it's capital stock from COLE
shares to S,415 shares Of a par value
{ S25 each, the additional 2,4O0
hares to be preferred stock and en-
led to cumulative dividends at the
rate of per cent. in priority to the
: shares of common stock and
t was further voted that the Pas
umpsic directors be authorized and
empowered to issue said 2,40O shares
of preferred stock in payment for the
plant and property of the Vermont
Peoples Company or at par for cash,
to apply the proceeds of the
sale of said stock in payment for said
property. The Passumpsic Company
s unable to exchange all of said
preferred stock with the Vermont
Peoples Company for it's plant and
result the New England Com
pany purchased 1890 shares of said
ferred stock, paying therefor the
sum of $4,000. The Vermont peo-
pies Company, on November 26
30, voted to accept the sum Of
eco for it's plant and to receive
IS payment said $4,000 in cash and
200 shares Of the preferred stock
# the Passumpsic Company with an
greement on the part Of the New
LAND Company that it would at
any time within six months after the
5piration Of five years from January
LIST, 1911, upon demand, purchase
rom the then holder of any of said
lares Of preferred stock issued by
| q Passumpsic Company to the Yer
| ''ont Peoples Company for cash, at
| par, plus all unpaid dividends which
| might have accumulated thereon at
| he rate of per cent. per annum,
together with the interest upon any
| unpaid or accumulated dividends
! from the date when said unpaid
'idCHoS USCdll1S pay dU1S W I1lS udt6
| of said purchase, and further provid-
| g that if the Passumpsic Company,
| any one year during said period of
| five years, should fail to pay quar-
| terly dividend at the rate of per
| cent. per annum upon said preferred
stock and should continue in default
| the payment of such dividend for
a period of one year, said agreement
| of purchase upon the part of said
lew England Company should be-
come Immediately operative and con-
! tinued operative for a period of six
! months from the date when the same
| eek effect.
A petition seeking the authoriza-
! n Of said stock issue for the pur-
aose of carrying out the said pur-
chase was filed December 6, 1910,
with the then constituted Public
Service Commission, and on Deem
Der Is, 1910, said Commission au-
h0rized the issue and the transac-
ion was thereafter consummated.
The Passumpsic Company voted on
May 2, 1911, (the outstanding capital
stock then being $21O,335 as afore-
said), to increase its capital stock to
$500, 100000, divided into 10000
shares of common stock and 5000
shares of cumulative preferred stock,
all Of a par value Of $25, and further
voted that the directors be authori-
zed and empowered to issue said pre-
| .eTred or common stock, at par for
| cash, or for the purchase of prop
ertv The board of directors on the
18th day of March, 1911, had en-
tered into a contract for the purchase
Of the plant aud property owned by
he Essex Telephone Company for the
sum Of SIS, 500, and on May 9TH,
1911, the Passumpsic Company petit
toned the then Public Service Com
>o'ssion to permit the company to is
sue 900 shares of preferred stock
and 20 shares of common stock both
of a combined par value of S15,-
| 10000 for the purchase of the prop
Nrty, rights, and franchises of the
| Essex Company.
Permission was granted by the
commission by it's certificate dated
May 26, 1911, to issue said stock
for the purpose aforesaid, the Pas
sumpsic Company took over the
Essex Campony's plant and paid the
Essex Company 1900 in cash there
for, which last named sum was
raised by the sale Of $500 Of said
preferred stock issued by the New
England company.
On November Is, 1911, the officers
the Passumpsic Company filed a
certificate, under oath, with the Pub
=, Service Commission stating that
company had sold said 500 shares
Of preferred stock at par and had APP
piled the proceeds from the sale Of
said stock in payment for the prop
erty of the Essex Company and also
had delivered 20 shares Of common
stock of a par value Of $500 to the
Essex Company as further payment
for said property.
On May 8, 1912, the Passumpsic
Company petitioned the Public Ser
vice Commission for leave to frrtec
ssue 1850 shares of it's preferred
= ock at par for the purpose Of rails
g funds to carry out contract for
he purchase of the plant and prop
erty of the Citizens Telephone &