Plentywood herald. [volume] (Plentywood, Mont.) 1908-current, 1928-04-13

The announcement is made in New
York that John ID. Ryan n his as
sOciates have agreed to sell the Mon
tana Power company to the American
Power and Light company, a unit of
the Electric Bond and Share company,
at a price described as above $50 ,00O,-
600. MIR. Ryan says stockholders have
the privilege of exchanging their Mon
lana Power shares for two shares of
stock in the new organization or re-
ceiying S166 for each share of Montana
Power held.
The American Power and Light COM
pany has made an offer to the sharehold-
ers of the Montana Power company and
in explanation of that offer issues the
following statement:
Subject to necessary corporate action
of its stockholders, the American Power.
and Light company has agreed with
John d. Ryan and other Montana owe
stockholders to make an offer to all Mon
tana Power company's stockholders to
exchange two shares Of a new issue OF 50
preferred stock, series A, of American
Power and Light company for each share
of common stock of Montana Power
company. This series A stock will be en-
titled to cumulative dividends, payable
quarterly at the rate Of $3.50 per share
for the remainder of the year 1923, So
for 1929, $3.50 for 1880, 81 for 1881 and
thereafter at the rate of SIS per share per
annum
This series A stock will be pari passu
with the present outstanding So pre-
ferred stock, except as to difference in
dividend rates and call prices, the Sc
stock being callable at lis and the series
A stock at ITO.
"a banking syndicate composed of
Bonbright 81 Co., Inc, White, Weld q
Co. and National City company has
made a firm offer to purchase at 1913
per share plus accrued dividends from
April l. 1928, such of the shares of the
SIS preferred stock, series A Of American
Power and Light company as the holders
of common stock of Montana Power COM
pany shall become entitled to receive,
and as they shall. subject to certain
conditions, elect to sell on or before May
2. 1923. This will give the holders OF
Montana Power company common stock
an opportunity to realize, If they wish
to do so, the equivalent of $166 a share
for their Montana Power common stock.
"A letter will be sent to the American
Power and Light company STOCKHOLDERS
, explaining the plan for the exchange OF
stock and a meeting of the stockholders
will be held on or about April "a, 1923,
W Lint 4lC 1lCRtOooA W. 49," '
The offer of the American Power and
Light company and the offer OF the
banking syndicate will be mailed to the
Montana Power company stockholders at
an early date.
Joins Big System
s'The system of the Montana Power
company logically fits into other Ameri-
can Power and Light company systems.
1t is in%terconnected with the system OF
the Washington Water lower company
which operates in the states of Washing
ton and Idaho and which recently be-
came a part of the American Power and
Light company group.
The system of the Washington Water
Power company is also interconnected
with the system of the Pacific Power and
Light company, another subsidiary OF the
American Power and Light company. The
operation Of these three systems as one
unified system, under common control
with resulting economies and enlarged
opportunities for the extension n inn
provement of service, will be beneficial
to the territory served"
Ryan's Statement
Referring to the offer of the American
Power and Light company to exchange
it's stock for stock of the Montana Power
company, John D.. Ryan, president of The
Montana company since its organization
in 1912, has issued the following state
ment to Montana Power company share
holders:
1.-THE offer of the American Power ano
Light ompany to exchange its special
So preferred stock for common stock Of
the Montana Power company on tht
basis stated is the result of negotiations