The Barre daily times. (Barre, Vt.) 1897-1959, 1916-02-15
$500, 900 BOND ISSUE
is PETITIONED FOR
Montpelier & Barre Light g. Power Co
Asks Vermont Public Service Com
mission for Right and Later TO
Acquire Waterbury Light
& Power Co.

Testimony tending TO show the value
of the Waterbury Light & Power com
pany, the official name OF the Moody \
Almon concern which has plants in More
town and steam plant in Montpelier
was introduced at a hearing before the
public service commission yesterday art
ernoon in the Senate chamber at the
State House, on the petition of the Mont
pelier & Barre Light a Power company
a Tenney company subsidiary, to issue
100000 worth of 30year convertible D
per cent bonds. The company asks per
mission to issue the bonds as prelim-
mary step toward acquiring the Water
bury property, which the Montpelier
company has operated for some time un'
der lease with an option to buy. The
option expires March /, 1916.
Attorney r. l.. Dana OF Boston stated
briefly the desire OF the Tenney concern
and told the commission, consisting OF
Chairman Bacon and Commissioners
Warner and Dutton, all of whom were
present. that at a meeting of the direc-
tors held within the past 10 days il had
DeeH ueclueu 10 Hdht tht h'itPti'NA
& Barre company Vermont operating
company. This step was decided upon
because of the change in corporation
statutes made by the last Legislature.
The concern is at present operating un-
der the Massachusetts, law. He described
the petition of the company to issue
100000 worth of bonds.
President A. b. Tenney of Boston was
the first witness and he gave his opinion, |
based upon visits TO the property and re-
ports made by the engineers, that the |
Moody & Almon holdings are more valu- |
able than the price to be paid 100000. |
He said this opinion was based on the
physical value and the earning capacity /
The witness said that the company did /
not expect to use the power outside the I
state He expected that there would be |
1 market for all the power in Vermont,
although the market is not equal to the
lblity to supply at the present time.
In response to a question asked by i
Attorney General H. G. BarbH who rep
esented the state. the witness said that
he Tenney company acquired by pur-
hase the Vermont Power company Con-
olidated Lighting company, Cory, Deav-
tt. Frost company and Molly Falls Elec-
ric company in 1912 but he could not
the figures paid for the con-
erns.
He said that the Tenney company had
'een operating the Waterbury eompany's /
,lants on lease for 100000 a year, the
concern paying all overhead ,
Expense. 1t was estimated that about
5000 was paid in taxes, interest and
ther overhead expense. Mr.. Tenney I
aid the gross income for the Waterbury j:
ompany under the Tenney management
ras S3I 900 for the year.
Engineer f. G. Sargent OF Boston tes
flied about the physical value of the =
Waterbury company and the cost to re-
roduce. He said the structural value
as between S250000 and 100000. not
lowing anything for the water rights. a
time was expended in the f
of the cost to reproduce the
ants and transmission lines of the Wa Il
,rbury concern, the petitioning com n
any's engineer placing the cost of ex i,
waiting at So a cubic yard and the cost r,
concrete foundation at SIS square r,
lrd, taking up separate dams He said Lei
obtained the figures from bids sub o,
tilted by contractors and actual work r,
me for the company, NJ
There were several other witnesses, all
the testimony being intended to show Il
at the Waterbury company's plants II
e worth the proposed price to be paid re
the Montpelier g. Barre Light & Pow II
company. If the commission grants a
e request to issue the bonds another GO
tition will be made to acquire the con W
rn. q
The attorneys representing the petit
ming company at the hearing were r,
. B. c. Stiekney of Ludlow, R. /. Dana of
Boston and Fred r. Gleason of Mont 90
lier. The hearing lasted all Of the es
ternoon. "a