Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-10-23
L NO. 65l

The Central Maine Power Comn,rr
a public utility organized undar
laws of the State OF Maine ana maze sae
the jurisdiction Of the Public i,,i.u,eer
Commission Of said State, filed n.ies
said Commission an application for au
thority to issue Seven Per Cent p.u -
ferred Capital Stock. or such othsr
curities to such an amount and VII
such restrictions as this Commiss;ta
may determine and deem proper saw
ing the same at par for the follow.
purposes. to wit:
For the acquisition Of property =.
be used for the purpose of carry,ro
tion. completion and improvement, :.
its facilities, for the improvement ~
maintenance of its service for ths AZ
charge and lawful refunding of il Wy
legations and to- reimburse its trea,rsr
for moneys used for the acquisition :.
property, the construction. compl.,ia.
extension, and improvement OF n, "a
cilities. and which moneys actu,l,.
were expended from incomes and ~.
other moneys in the treasury Of ,hn
corporation not secured by or ob,a,,aS
from the issue of stocks. bonds. now
the Company Except notes and o,h.s
evidences Of Indebtedness payabIs :,
periods of not more than twelve ~,
months after date). 70
The petitioner represents that |, h,,
made capital expenditures. pronerI,
chargeable to construction during n.
period from January |. 1922 10 Az
gust 81. 1922. both dates inclusive y,
approximately three hundred eigh,y.
two thous sand dollars tS3Se. 000):
That IT contemplates construction !,
the near future which Will necess,ts,.
the expenditure of more than six hu.
dred thousand dollars Css0O 0O6,.
10
the issue of securities. for the purpos,
of providing working capital. N ~,
increased its business approxirs,.E
seven hundred thousand dollars Cs-se
00O per year: that II carries on hsw
constantly for the necessary cordrs.
of it's business materials and supphs,
to the approximate amount of five hun.
dred thousand dollars $500 DOOR. nv,
its accounts receivable are at nresss,
approximately five hundred thoussr.
dollars $500. 000). and that this is M
average amount OF accounts recei,ab.
which il is compelled TO carry:
That because of the condition Of III,
money market at the time Of the issO.
of three million. eight hundred eleyss
thousand five hundred dollars (s3sii.
5000 of it's First and General Nor.
gage, it was compelled TO sell N,
aforesaid bonds az a discount and IA,
amount OF such discount was necess.
rily provided from earnings and fnr
borrowings. the latter being for b.
RODS of not more than twelve d.,
months: that the use Of these fund,
representing the amount Of bond a.
count. has resulted in extraordinar
demand being made upon the workip,
capital
Therefore. the petitioner reQuesa
this commission to authorize the issv.
of securities for the purpose OF Dr.
viding working capital in order TO o..
able 1t to properly continue its bus.
ness and to perform its duty as a pul.
lie utility to such an amount as N.
Commission may deem proper undo
the circumstances.
The petitioner further rcpresenJ
that under the sinking fund requirh
ments of its indenture of mortgae
made and entered into by and betwea
it and the state street Trust Compsll
Trustee, on the 2Sth day OF Marc IS
1910. it has deposited with the truse
the sum of forty-siX thousand. seru
hundred forty-two dollars and fory
four cents (Si6,742.41; that under IT,
provisions of said indenture Of NOR
gage this fund is used by the trust
in buying and canceling bonds isseg 81
under and secured by said indenture n
mortgage. e
Therefore. the petitioner further II
quests the Commission To authOrgk
the issue of securities TO a face yalg r.
to the principal amount of bonds .
purcha sed and Cancelled by the 81
with the funds aforesaid. III
The petitioner further represrl
that in a prior application 10 u
Commission for the issue Of It's Fin a
and General Mortgage Gold Bons
Series h o. due 1912, which mstx
is entitled ~ No. 5s3." it was o.
thorized to issue. on account of capil
expenditures properly chargeable
construction. said bonds TO an amor
of four hundred fifty-eight thousa-N
nine hundred and nine dollars and 9
teen cents Cs+Js,909.15): that subs
quently thereto. it made application
the trustee under it's First and Gene,
Mortgage in accordance with the tern
thereof: that the said trustee sfig
careful examination as provided III
said mortgage. refused to allow yor&
petitioner to issue more than fOs
hundred forty-fivef thousand dollaH 8
$445,OOO of bonds on said accouri
That in its application TO the Con
mission. asking for authority to isss a
three hundred thousand dollar s
100000 of it's Seven Per Cent Pr e
fcried Capital Stock. which matter
entitled II. No. CPS" the Commissle
permitted 1t to issue its Seven Per Cg
Preferred Capital Stock TO an am0ur
equal to the difference between y
dHiouHt VI CHpltdl expenditures pIoF' III
~ chargeable to construction, VIII rs
had been proven in said matter ~ ME7
5S3." to be the amount OF six hundrt
forty-nine thousand. five hundrt
thirty-two dollars ts649,532) and o
said four hundred fifty-cight thousant a
nine hundred and nine dollars arE'
fifteen cents (s45S, 909.l5), which g..
ference amounted to one hundred nine
ty thousand, six hundred twenty TIM Y.
dollars and twcnty-four cents tslN
623.21;
That because OF tho fact az aboy 81
stated, that the trustee under the saA 81
First and General Mortgage alloveN
only tho issue Of bonds Of Series
80 due 1882. Ia the amount Of iouL
ts445. 5000, the petitioner now desire
to issue its Seven Per Cent PreterrecN
Capital Stock to the amount Of th'x
difference between four hundred forV1k
five thousand dollars Hii5, 00o. perl
mitted by the said trustee, and TN
thousand, nine hundred and nine DOR
lars and fifteen cents (S45S.s lJD. al-F
thorized by this Commission as ayail-
able for such bonds. and as being par
OF capital expenditures properly chars
cable to construction proven In sal'k
matter ~ No. Js3."
The petitioner further requests tha,E
ne decree in the matter entitled
No. 5S3" be modified SO that II may IN
authorized to issue Hereunder on,
four hundred and forty-fiye thousanaE
dollars l$445.000) in principal amour,
of it's First and General Mortgage
Gold Bonds. Series u So. due 1872, on
account of capital expenditures propef,
~ chargeable to construction ana
that the amount of said bonds author i
ICED BY said decree for refunding pu'' \
poses fcfnain unchanged.
On the foregoing application, II -
ORDERED
that a public hearing be held NJ we
OFFICES of the Public Utilities tommls