In the Matter of the Application of the Boquet Electric Power Company for consent to increase its capital stock from $10,000 consisting of $5,000 preferred and $5,000 common, to $20,000 to consist of $10,000 preferred and $10,000 common stock. The Boquet Electric Power Company, incorporated May 25, 1905, petitioned July 10, 1906, for leave to increase its capital stock from $10,000 equally divided between preferred and common, to $20,000 also equally divided. The company operates in the towns of Willsboro and Essex, Essex county, and desired to increase the height of its present dam and further extend its construction work with the proceeds of the new stock authorized at a meeting of the stockholders April 23. The company estimated assets of $13,500 and proposed to pay off outstanding indebtedness of $3,500 and expend upwards of $4,500 in the purchase of hydraulic apparatus, improvements to dam and extension of lines, including a line to Whallonsburg. A hearing was had July 24th at the Capitol, Robert B. Dudley, appearing for the petitioner, there being no opposition. The following was adopted: Ordered, That the Commission of Gas and Electricity hereby consents that the capital stock of Boquet Electric Power Company be increased from ten thousand dollars ($10,000) consisting of 500 shares of common stock of the par value of ten dollars ($10) each, and 500 shares of preferred stock of the par value of ten dollars ($10) each, to twenty thousand dollars ($20,000) to consist of 1,000 shares of common stock of the par value of ten dollars ($10) each and 1,000 shares of preferred stock of the par value of ten dollars ($10) each; and it is further Ordered, That said increase of stock of ten thouand dollars ($10,000) or the proceeds thereof, be applied to the following purposes, and to no other, to wit: Three thousand four hundred thirty-eight dollars ($3,438) to the payment of the outstanding indebtedness of the corporation, six thousand five hundred sixtytwo dollars ($6,562) to improvements and additions to hydraulic structures, generating station and distributing system of said. petitioner. In the Matter of the Application of Middleville Electric Light Company for consent to increase its capital stock from $4,000 to $12,000. The Middleville Electric Light Company, incorporated 1904 with a capital stock of $4,000, applied for consent to increase to $12,000. Middleville has 750 inhabitants. At present the connected load of the company is 30 horsepower, and insufficient to meet the demand for additional light and possibly power. Nineteen enclosed are street lights are supplied and 650 incandescents for commercial lighting. The company anticipated that 100 horsepower would be needed, and that $9,000 would be required to reconstruct its plant, acquire more land and water power, install new 130-horsepower water wheels and improved generators and equipment. A contract had been entered into with the owner of land for the acquisition of water rights at a cost of $3,000. The other improvements amounted to $6,000. A valuation of $6,000 was placed on the present plant. A hearing was had at the Capitol, October 10th, D. E. Ford president of the company, appearing for the petitioner and no one in opposition. The following was adopted: Ordered, That the Commission of Gas and Electricity hereby consents that the capital stock of Middleville Electric Light Company be increased from four thousand dollars ($4,000), consisting of forty (40) shares of common stock of the par value of one hundred dollars ($100) each, to twelve thousand dollars ($12,000), to consist of one hundred and twenty (120) shares of common stock of the par value of one hundred dollars ($100) each; and it is further Ordered, That said increase of stock of eight thousand dollars ($8,000), or the proceeds thereof, be applied to the following purposes and to no other, to wit: To the purchase of certain lands and water rights, improvements to the water power and the construction and equipment of a new plant. In the Matter of the Application of Kings County Electric Light and Power Company for consent to increase its capital stock from $8,200,000 to $10,000,000. On a former application for consent to increase capital stock from $5,000,000 to $10,000,000 the same was approved to the extent of $3,200,000, total $8,200,000 (First Report of Commission, pp. 44-47, inclusive), covering the amount required to liquidate the debt of the Edison Electric Illuminating Company of Brooklyn, the operating company, to the petitioner to the extent of $300,000, and debts to general creditors, with an amount deemed to be sufficient to provide for improvements and betterments constructed and contracted for during the year 1905. Application was renewed July 26, 1906, for consent to increase from $8,200,000 to $10,000,000, the board of directors of the Edison Company having approved estimates for construction and equipment expenditures amounting to $2,617,338 for the year 1906, of which amount $500,000 had already been expended. A hearing was had at the New York city office of the Commission September 10, 1906, Edward W. Hatch, of Parker, Hatch & Sheehan, appearing for the petitioner, and no one in opposition. It was shown that the proceeds of the former increase of $3,200,000, had been used in liquidating the floating indebtedness of the Edison Company and in construction, pursuant to the estimates, amounting to $1,544,877.19, approved by the directors for the year 1905, with the exception of about $250,000 not yet spent, and the balance of such increase toward new construction authorized in 1906. Including the amount required for the estimates of 1905 and 1906 not already provided for, together with other items, $2,650,791.71 was shown to be required by the Kings County Company. Of work now in process and obligations incurred proposed to be provided for by the increase of $1,800,000, the largest item was in connection with the gradual enlargement of the Gold street plant of the Kings County Company from an original capacity of 6,000 kilowatts to an ultimate capacity of 70,000 kilowatts, made necessary by the growth of business and future needs. The following was adopted: Ordered, That the Commission of Gas and Electricity hereby consents, pursuant to section 12 of chapter 737 of the Laws of 1905, that the capital stock of Kings County Electric Light & Power Company be increased from eight million two hundred thousand dollars ($8,200,000), consisting of eighty-two thousand (82,000) shares of the par value of one hundred dollars ($100) each, to ten million dollars ($10,000,000), to consist of one hundred thousand (100,000) shares of the par value of one hundred dollars ($100), each; and it is further Ordered, That said increase of stock of one million eight hundred thousand dollars ($1,800,000), or the proceeds thereof, be applied to the following purposes, and to no other, to-wit: To the discharge of the indebtedness of the petitioner incurred on account of improvements, extensions and betterments authorized and completed for the years 1905 and 1906, and the balance thereof to further improvements, extensions and betterments authorized by the directors for the year 1906. In the Matter of the Application of Paul Smith's Electric Light & Power & Railroad Co., see Bond Cases, post, p. 45. In the Matter of the Application of Sodus Gas & Electric Company for consent to increase its capital stock. The Sodus Gas & Electric Light Company made application June 16, 1906, for consent to increase its capital stock from $15,000 to $20,000 by the issue of $5,000 non-cumulative, nonvoting stock, to be used to supply means for extensions of its distributing system, transforming station apparatus and the installation of a street lighting system. A hearing was had at the Capitol on the 6th day of July, 1906, George L. Colgate appearing for the petitioner and no one in opposition. The Commission requested the petitioner to amend its application as to the voting power of the stock, but the request not having been complied with, the following was adopted: Ordered, That the application of the petitioner for consent to increase its capital stock from fifteen thousand dollars ($15,000), consisting of one hundred and fifty (150) shares of common stock of the par value of one hundred dollars ($100) each, to twenty thousand dollars ($20,000), to consist of one hundred and fifty (150) shares of common stock of the par value of one hundred dollars ($100) each, and of fifty (50) shares of non-cumulative, non-voting, six per cent. (6%) preferred stock of the par value of one hundred dollars ($100) each, be and the same is hereby denied. NAME OF CORPORATION. The Genesee County Electric Light, Power & Gas Co. The Wallkill Valley Electric Light & Power Co. The Southern Dutchess Gas & Electric Co. Ogdensburg Gas Co. Ogdensburg Power & Light Co. Brooklyn Borough Gas Co.. The Southern Dutchess Gas & Electric Co. Paul Smith's Electric Light & Power & Railroad Co. |