conformity with all the requirements of law relating thereto, of one hundred (100) shares of additional capital stock of the par value of one hundred dollars ($100) each, amounting to ten thousand dollars ($10,000); and it is further

Ordered, That the proceeds of said fifty twenty-year 5 per cent. bonds, of the denomination of one thousand dollars ($1,000) each, and additional capital stock to the amount of ten thousand dollars ($10,000), shall be applied to the following purposes, to wit: Thirteen thousand dollars ($13,000) thereof to be reserved by the trustees for the purpose of retiring bonds to that amount issued by the Fishkill and Matteawan Equitable Gas Company, which bonds are an underlying obligation issued by the last named company as former owner of the property and franchises of the Fishkill and Matteawan Gas Company, and the balance of said bonds of the aggregate amount of thirty-seven thousand dollars ($37,000), and said additional stock to the amount of ten thousand dollars ($10,000), to the purchase of the property and franchises of the Fishkill and Matteawan Gas Company under and pursuant to the terms of said contract dated the 18th day of October, 1906, between the petitioner and Clarence E. Thompson and Harry D. Thompson, as committee of bondholders of the first mortgage bonds of the Fishkill and Matteawan Gas Company.

In the Matter of the Application of Ogdensburg Gas Company for consent to issue First mortgage bonds to the amount of $50,000.

Ogdensburg Gas Company, with a capital stock of $100,000, applied September 5, 1906, for consent to issue thirty-year five per cent. bonds to the amount of $50,000, to be dated June 30, 1906, the proceeds to be used in retiring outstanding bonds to the amount of $20,000 and accrued interest, and in liquidating a debt of $27,000, incurred for extensions and betterments, the surplus, if any, to be used in further improvements.

Real estate, plant and equipment were valued at $85,000, exclusive of the franchises. In valuing the mains 10 per cent. depreciation was figured, old mains having been largely replaced. It was claimed that the necessary extensions would increase the return to the company over added interest charges. The net annual receipts amounted to about $6,000.

A hearing was had at the Capitol, October 10, Thomas Spratt appearing for the petitioner, no one in opposition. The following was adopted:

Ordered, That the Commission of Gas and Electricity hereby approves of and consents to the issue by Ogdensburg Gas Company, in conformity with all the requirements of law relating thereto, of fifty (50) five per cent. thirty-year bonds of the denomination of one thousand dollars ($1,000), secured by a mortgage upon the property, rights and franchises of the company in the sum of $50,000; and it is further

Ordered, That the proceeds of said fifty (50) five per cent. thirty-year bonds of the denomination of one thousand dollars ($1,000) each shall be applied as follows, to wit: Twenty-one thousand five hundred dollars ($21,500) to be used in taking up and retiring the outstanding mortgage bonds to the amount of twenty thousand dollars ($20,000) and interest now upon the property of the petitioner, and the balance thereof to pay and discharge the indebtedness of the petitioner to the Fidelity Trust Company of Philadelphia, Pa.

In the Matter of the Application of Ogdensburg Power and Light Company, for consent to issue first mortgage bonds to the amount of $100,000.

Application was made September 15, 1906, by Ogdensburg Power and Light Company, with a capital stock of $50,000, for consent to issue thirty-year five per cent. bonds to the amount of $100,000. The match factory property, so-called, owned by the company, already encumbered, was excepted from the property proposed to be mortgaged. Current from Hannawa Falls is being introduced and a larger demand for power was anticipated, An obligation of $100,000 had been incurred for money advanced to improve the plant and distributing system, and it was proposed to issue bonds therefor in lieu of the current obligations, and to reduce the indebtedness on the match factory property. The net income of the property was more than sufficient to pay interest on the proposed bonds. A valuation of $127,000 was placed on the plant and distributing system including franchises. A hearing was had at the Capitol, October 10, Thomas Spratt

appearing for the petitioner, no one in opposition. The following was adopted:

Ordered, That the Commission of Gas and Electricity hereby approves of and consents to the issue by Ogdensburg Power and Light Company, in conformity with all the requirements of law relating thereto, of seventy-five first mortgage five per cent. thirty-year bonds of the denomination of one thousand dollars ($1,000) each, secured by a mortgage executed by the petitioner in the sum of one hundred thousand dollars ($100,000) upon all of the property and franchises of said company, except the property known as the Continental Match Factory property; and it is further

Ordered, That the proceeds of said seventy-five first mortgage five per cent. thirty-year bonds of the denomination of one thou sand dollars ($1,000) each, shall be applied as follows, viz: To pay and discharge the indebtedness of the company to the Fidelity Trust Company of Philadelphia, Pa.; and it is further

Ordered, That said application for consent to a further issue of bonds than as above consented to is hereby denied.

In the Matter of the Application of the Brooklyn Borough Gas Company for consent to issue additional general mortgage bonds to the amount of $135,000.

A previous application (see first report to the legislature, pp. 49-51) for consent to issue $1,000,000 bonds had been granted to the extent of $615,000, $500,000 for retiring first mortgage bonds and the balance for retiring floating indebtedness incurred for extension of mains, improvement of plant, purchase of real estate contracted for, and the erection of a new generator and holder. The order therein provided for further application to the Commission before issuing any portion of the $385,000 balance of bonds. All but twenty-nine of the bonds previously allowed to the par value of $29,000 having been issued and the application of the funds realized being shown, application was made for consent to issue $135,000 of the balance authorized, to be devoted to foundation and connections for new holder, construction of 20-inch and other size mains, installation of new meters and services and in reducing the floating indebtedness. The mains. and services were shown to be in efficient condition, requirements

being in the direction of extensions to keep pace with the growth of the territory. It had been the policy of the company to devote earnings over and above interest on the bonds to improvements. Half of the net earnings of the present year were to be so devoted. The number of services had increased from 1,200 to over 3,000 in the past five or six years, and sixty miles of mains were operated, seven or eight miles being added annually.

A hearing was had at the New York city office of the Commission September 10, 1906, Henry S. Cattell, of Oudin & Oakley, appearing for the petitioner, no one in opposition. The following was adopted:

Ordered, That the Commission of Gas and Electricity hereby approves of and consents to the issue by Brooklyn Borough Gas Company, in conformity with all the requirements of law relating thereto, of 135 additional general mortgage 5 per cent. forty-year gold bonds of the denomination of $1,000 each (total $135,000), numbered consecutively from 616 to 750 inclusive, interest payable on the first days of June and December of each year, secured by a mortgage executed by the petitioner, in the sum of one million dollars ($1,000,000) to the Title Guarantee and Trust Company bearing date June 1, 1905, upon the property and franchises of said company; and it is further

Ordered, That said additional 135 general mortgage 5 per cent. forty-year gold bonds of the denomination of $1,000 each (total $135,000), or the proceeds thereof, shall be applied within the limits of the franchise of said Brooklyn Borough Gas Company as follows, to-wit: Thirty-two thousand dollars ($32,000) toward the construction of a new holder and foundation, fifteen thousand dollars ($15,000) for the construction of four thousand (4,000) feet of twenty (20) inch mains to distribute the gas from the new holder to the center of distribution, ten thousand dollars ($10,000) for installation of new services, seven thousand dollars ($7,000) for installation of new meters, twenty thousand dollars ($20,000) for construction of ten (10), eight (8), four (4) and three (3) inch new mains, and the balance of the proceeds of the bonds and any unused balance, which may arise upon any of the foregoing items, to reduce the floating indebtedness heretofore incurred by the petitioner in laying new mains, installing new meters and new services as set out in the petition; and it is further

Ordered, That the petitioner furnish to the Commission a detailed monthly statement of the expenditures for the purposes

aforesaid and of the proceeds of twenty-nine bonds, being a part of the issue heretofore approved of and now remaining unsold.

In the Matter of the Application of the Southern Dutchess Gas and Electric Co., see ante, p. 39.

In the Matter of the Application of The Paul Smith's Electric Light and Power and Railroad Company for consent to increase its capital stock from $100,000 to $500,000, and for consent to issue bonds of $500,000; and

In the Matter of the Application of Saranac Lake Light, Heat and Power Company for consent to transfer its plant, etc., to The Paul Smith's Electric Light and Power and Railroad Company.

On a previous application the Commission granted the Paul Smith's Electric Light and Power Company a certificate of authority to transact business and consented to the issue of $75,000 out of $100,000 stock authorized (see post).

The company having complied with section twenty-one of the Railroad Law by filing an amended certificate of incorporation, had acquired the right to construct an electric railroad. The amount allowed under the previous order for hydraulic develop ment and for the erection of a transmission line from Franklin Falls to Saranac Lake had been expended.

Application was made for consent to issue bonds to the amount. of $500,000 and to increase its authorized capital stock from $100,000 to $500,000, with authority to issue the remaining $25,000 capital stock mentioned in the certificate of incorporation. An electric railroad from Lake Clear station to Paul Smith's had been constructed and development of the water powers at Franklin Falls and Union Falls on Saranac River was in progress, $75,000 having been expended in water power developneut. An agreement to purchase the plant and franchises of Saranac Lake Light, Heat and Power Company for $300,000 and the assumption of bonded indebtedness to the amount of $50,000 had been entered into, and the latter company asked at the same time for approval of the sale.

The Saranac Lake Company was capitalized at $100,000 and bonds were outstanding to the amount of $50,000. Consent of