Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1915-11-12
Commission Has Given Author
ity Already for Purchase of
Waldoboro Water and Electric
Light & Power Co. for S11, 165
PLAN FOR BUYING STOCK
AND NAMES OF HOLDERS

Several petitions filed with the Pub
lie Utilities Commission by the Central
Maine Power Company contemplate
large purchases by this big corporation
The Commission has already approved
of one purchase. that of the Waldo
boru Water and Electric Light & Power
Co, corporation organized under the
laws of Maine and authorized to gener-
ate and distribute electricity for public
use in Waldoboro, Washington, Friend
ship. and jefferson. A petition which
asks approval of the plan for the pur-
chase Of the Faith and Brunswick Light
& Power Co. will be given public hear
ing at the city building in Bath on Nov.
IS.
The Central Maine Power Co. in its
retition to the Commission for author
ity to purchase the capital stock OF the
Bath and Brunswick Light Powe-
Co. gives the total authorized capital
stock OF the purchasing company as
S35O000O divided into S2,o0O,0OO III
common stock and 100000 in prefer
red stock The petition states that the
full amount Of common stock is issued
srG outstanding and that preferred
stock has been issued to the amount of
ss66.500 The total bonded debt is Civ
en- as s3,o76,000.
The Central Maine Power Co.. pro-
poses to give to holders of the capital
stock OF the Bath and Brunswick Light
& Power Go. in exchange for their hold
ings an equal value in IS per cent cash
and 20 per cent preferred central
Maine Power Co. stock yielding per
cent or 80 per cent of each. at the OPP
ton of the seller. An agreement en-
tered into by the Central Maine Power
Co and stockholders in the Bath and
Brunswick Light & Power Co. is ap-
tended 10 the petition and the agree
mcnt names the following sharehold-
e-s of the Bath and Brunswick COM
many and states the number of shares
in which they are interested: Charles
sumner Cook, sci shares: Arthur ;.
Boaworth. 400: George T. West. 400:
Ernest J. Eddy. $40; Joseph w. Sy-
n,onds. Sc; Charles l.. Hutchinson 90:
Constant Southworth, $50; Samuel {.
Marley. $50: William D. Sewall, 1872.
Tie petitioner states that it has de-
veloped about 10000 horse power OF
hydro-electric power and about 5000
EOISt pthSl VI steam pONSA t~A'N VA
trolls very large undeveloped water
powers on the kennebec river and trib-
utary streams The petition states that
the companys officers believe that by
increasing its market and sale of cleo
tricity it can ultimately greatly reduce
the price Of electricity to the consul
mer. protitably to itself
The papers on file explain that the
Bath and Brunswick company Is do
ing a general light and power business
in Bath, Brunswick and Topsham and
has a fine modern hydro-electrlc sta
ton in in Brunswick. On account of
the restricted business it is able to Go
it cannot make a rate substantially
lower than it is making now. The pc
titioner believes a physical connection
between the Bath and Brunswick prop
critics and the petitioners properties
would result in savings in the opera
tons of the Bath and Brunswick prop
critics and in the use of water that now
goes to waste over the Brunswick
dam, and that by the gradual reduc-
ton Of prices the whole business will
be increased by the addition Of con-
sumers in the towns served. 1t is all
summarized in the declaration that
the proposed plan will result in gener-
al good to the two companies concern
ed in the transaction and to the people
each company now serves.
The Waldoboro Water & Electric
Light & Power Co. came into existence
in 1901 and was organized under a
special act of the Legislature. 1t has a
water power and machinery necessary
for its present business and over three
miles Of poles and wire. The Central
Maine Power Co. proposes to take it's
current from its present lines and the
real value Of the water power to it is
the price for which it can be sold for
other purposes. The commission au-
thorizes the purchase Of the entire out
standing capital stock Of the Waldo
boro company for the sum of s11 .165.
plus so much as the cash in the treas
urer Of the Waldoboro company shall
amount to when the transfer is made
James L. Burns is the seller of the
property and he Is to receive the pre-
ferred stock ct the buying companv IN
the aggregate value Of $1,000 in mart
payment.
The Public Utilities Commission
Tuesday authorized the Contra, Maine
Power Co. to issue it's 6 Der cent cu-
mulative preferred capital stock in the
total sum Of $122,5Oo and to sell ,be