The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1915-04-30

Without hesitation or reservation,
G. M. Dahl of New York, vice presi-
dent of the Electric Bond & Share
company and president of the Nation
al Securities corporation, told the
Idaho Public Utilitis Commission on
Monday of the plans that have been
laid and the steps taken toward the
formation of power merger to in
clude the five companies now operat-
ing in southern Idaho.
Merger Organized.
He said the merger would be or
Ranized with a capitalization of fifteen
million dollars. The Idaho-Oregon
Light & Power company, the Idaho
Railway, Light & Power company and
its subsidiary, the Idaho Power &
Light company, have already been
practically acquired by the National
Securities corporation, which is the
holding company, to hold the securi-
ties.
The object of the hearing was to
obtain information regarding the mer-
ger and determine whether it would
be in violation of the state antitrust
law. The governor directed the attor-
ney general to make an investigation.
He in turn authorized the utilities
commission to conduct an examina-
ton, with Captain Davis as counsel
The, hearing lasted but a few hours.
Purpose of Merger.
Mr.. Dahl was the only witness. He
Is one of a committee of five bond
holders of the various utilities in
volved, who undertook the amalgama-
ton of the companies in an effort to
put them on a paying basis. In order
to better carry on the work, he said,
they organized the National Securities
corporation under the laws of Vir-
.ginia.
Basis of Exchange.
He explained that the Idaho-Oregon
and Idaho Railway, Light & Power
company bondholders turned in their
thousand dollar bonds and would re-
ceive securities of the National Securi-
ties company in exchange, as follows
Debenture bonds, four hundred dol
lars; income bonds, four hundred dol
lars; common stock, three hundred
dollars.
Such negotiations, he said, resulted
in the holding company acquiring the
Idaho-Oregon, the Idaho Railway
Light & Power company and its sub
sidiary. the Idaho Power & Light
company are TO DC SOlu DIT receiver
sale some time in June. Mr.. Dab
said the holding company has acquir.
ed nine million dollars of railway
company's bonds and will be in a pc,
sition to bid it in at the sale, since the
bonds will be accepted in lieu of cash
He made it apparent that the railway
company and its subsidiary are now il
the holding company's basket to al
infRnfc and DurOOseS
May Acquire Others.
The Great Shoshone & Twin Fall:
Water Power company is now in thC
hands of a receiver. Mr.. Dahl sale
negotiations are now pending between
the bondholders of that company anc
the holding company whereby he an
ticipates that property will be &C
quired, though he did not think thu
holding company would bid directly
at the receivers sale.
The stock of the Southern Idaho
Water Power company, formerly
known as Senator Brady's company
is now held by the American Water
works & Electric company. Mr.. Dab
said negotiations similar to those be
ing carried on with the Great Sho
shone bondholders have been opened
by the holding company and the stool
and bondholders of the Southern Ida
no company,
He said the securities of all TIL
companies would be accepted by tn
holding company at the same term
-------------s-s-.---s ----.=--z----=-=