The Barre daily times. (Barre, Vt.) 1897-1959, 1916-02-26
Before Authorizing Central
Vermont Power Co. to
Issue $4,000 Stock
OFFERED TO GRANT
RIGHT FOR $4,000
Public Service Commission
Hearing Testimony
80 Petition

/
TIL >srmont public service commis-
sior .ssh Chairman r. C. Bacon, w. r.
W Sar and w. A. Dutton and Clerk
Clawson present, held hearing in
4 supreme court chamber at the State
I, ouse in Montpelier this morning on the
petition of the Central Vermont Power
company, Erwin M. Harvey of Montpe-
lier, president, to obtain permission to
issue stock not to exceed $4,000, for
cash, to be used for the purpose Of OBJ
tanning land and water rights in the
counties of Orange, Caledonia and Or
leans. The latter part of the petition
was an amendment added by Mr.. Harvey
after the hearing opened, the amend
ment being allowed by the commission.
Mr.. Harvey, as director of the Cen
tral Vermont Power company, testified
and recited history of the company
since it filed articles of association with
the secretary of state April l, 1915. The
commission commented on the oversight
of the company in failing to file with the
commission copy of the articles of as
sociation but agreed to leave the matter
with the petitioner to attend to at the
earliest possible time.
The corporation was formed with Z. H.
Deavitt, T. H. Cave. ir., and Il. r. Par
sons as directors with the first named as
president. Resolutions were passed look
ing to the purchase of the Cooley prop
erty in Washington county on the Wi
nooski river and the issue of stock was
This resolution was re-
scnded at subsequent meeting and
since that time the Cooley property has
been acquired by the Tenney company.
In January, 1916, the annual meeting
Of the company was held and the control
passed into the hands of the Harvey
family. The directors elected were f.
NJ. Harvey, his wife, Mrs. Clara Harvey,
md his father, Roney NJ. Harvey The
witness testified that he was elected
and treasurer and further stat
ID that no capital stock has been issued,
10 debts incurred and no business done.
He had been advised that it is neces-
airy to obtain permission of the public
eryice commission to issue capital stock
nd for that reason was making the petit
ion.
Sherman Moulton OF Burlington. rep
esenting the state, asked the witness
hat was to be done with the $4,000
btained from the sale of stock and Mr..
[arvey replied that it was the purpose
the company to see, in humble way,
it could encourage development of land
.o- Ia
anized to deal in the sale of electric
over. The necessary working out
ould be to issue more stock, the wit
ess testified in answer to a query by
ttorney Moulton.
The commission informed the petition
that it had been the practice to ascer-
in what the money obtained from the
lie of stock was to be used for and the
airman suggested that if Mr.. Harvey
as not prepared TO state any specific
operty the purchase of which the COM
ny had in mind a certificate authoriz-
G the issue of a smaller amount might
issued at this time, enough to qualify
e directors.
The commission and Mr.. Harvey then
gagged in considera discussion over
We to name specific things which were
in order to obtain certi-
ate.
The commission suggested that the au-
Drization of the issuance of $4,000 be
de, the money to be used for prelim-
iry surveys, investigations. etc. point
out that the commission cannot au-
,rize the issuance of stock unless il
J knowledge that a fair value viii be.
tanned for money expended.
'lr. Harvey then asked for certificate
owing the company to issue $4,000
rth of stock, the money to be used for
anization, etc, and $1,000 additional
issued for investment purposes.
Although not taking any active part in
hearing the Teneny company was
1 represented with the following Off
Is present: President A. r. Tenney,
nager II. D. Sands. Manager II. y.
rabee, Attorneys w. B. Sticlney,
ID +. Gleason, r. H. Dana. Engineer
gent, William Cory, c. f. Cookson
c. F. Millar