pany and the city of Cleveland, Ohio, asking, respectively, upon the part of said company, that the Commission set aside and declare for naught the order, made and entered herein as of date December 7, 1918, insofar as it omits certain additions to the valuation of said company's Cleveland property which were agreed to by said company and the city of Cleveland and formally presented to the Commission at a hearing of this matter held upon the fifteenth day of January, 1918, and, as to said pleading of the city of Cleveland, that said order be set aside and declared for naught insofar as the valuation therein adopted includes any allowance for cost of attaching business, and that a rehearing of said matter be thereupon had: Upon consideration whereof, and being fully advised in the premises, and it appearing from the records of this proceeding that upon said day aforesaid, to-wit: January 15, 1918, the parties to this proceeding did appear before this Commission and report their agreement to the following changes in, and modifications of, the tentative valuation, theretofore certified, of the property of The Ohio State Telephone Company (Cleveland Division), and said changes being supported by the evidence then and there produced, and said changes being as follows, to-wit: Present [Ohio New Value Reproduction Value and it appearing that said sums were inadvertently omitted from the valuation adopted in said order of December 7, 1918, It is ordered, That said order of December 7, 1918, be, and hereby it is, modified and amended to substitute the C. L. 89] foregoing sums for the respective items as therein now appearing. And it appearing further that the Supreme Court of Ohio, by its recent decisions, does not allow any sum for cost of attaching business in such valuations, the allowance of $108,052.53 for such item in said valuation hereby is eliminated, and said order of December 7, 1918, is so amended as to comply with this finding. It is, therefore, ordered, That the final valuation of the several classes and kinds of property of The Ohio State Telephone Company (Cleveland Division), and the property of said company as a whole, used and useful for the convenience of the public in the furnishing of telephonic service in said division, as of April 1, 1914, and as hereinbefore modified and amended, be, and hereby it is, fixed and determined by this Commission to be as follows, to-wit: C. L. 89] And it appearing that these modifications of said valuation, as fixed by said order of December 7, 1918, dispose of the objections of the city of Cleveland in its said application for a rehearing, It is, therefore, further ordered, That the application of the said city of Cleveland, Ohio, for a rehearing herein be, and hereby it is, denied. Dated at Columbus, Ohio, this fourth day of March, 1919, In re APPLICATION OF THE DAMASCUS TELEPHONE COMPANY No. 1620. Decided March 5, 1919. Issue of Stock by Domestic Corporation for Acquisition of Property OPINION AND ORDER. This day (the Commission having heretofore deemed a hearing thereupon to be unnecessary), this matter came on for final consideration upon the application of The Damascus Telephone Company, a corporation organized and existing under the laws of Ohio, asking the consent and authority of this Commission to issue common capital stock of the total par value of $20,000, $15,000, par value, thereof to be issued, as fully paid and non-assessable, in full payment of the consideration for the property and assets of The North Benton-Deerfield Telephone Company - the purchase of which by applicant was duly consented to and authorized by order this day made and entered in proceeding No. 1619-and the proceeds arising from the sale of $5,000, par value, of such stock to be used to provide additions, extensions and improvements to applicant's facilities: Upon consideration whereof, and being fully advised in the premises, the Commission finds: 1. That the value of the property and assets of said The North BentonDeerfield Telephone Company is not less than the sum of $15,000; 2. That the applicant now has in contemplation actual net additions to its facilities, the cost of which will be not less than the sum of $5,000, and 3. That the issue of applicant's said capital stock is reasonably required and the money to be procured from the sale of $5,000, par value thereof, is necessary for the acquisition of property, to be actually used and useful for the convenience of the public in the furnishing of telephonie service, and the construction, completion, extension and improvement of applicant's facilities; and is satisfied that consent and authority for the issue and disposition of said capital stock should be granted. It is, therefore, ordered, That said The Damascus Telephone Company be, and hereby it is, authorized to issue its common capital stock of the total par value of $20,000, and that $5,000, par value thereof, be sold for the highest price obtainable but for not less than the par value of said stock. It is further ordered, That said capital stock and the proceeds arising from the sale of a portion thereof be devoted to and used for the following purposes, and no others, to-wit: 1. $15,000, par value, of said capital stock to be issued, as fully paid and non-assessable in discharge of the full consideration for the property and assets of The North Benton-Deerfield Telephone Company, the purchase of which, by applicant, was duly consented to and authorized by order this day made and entered in proceeding No. 1619, which order hereby is made a part of this order by reference. 2. The proceeds arising from the sale of $5,000, par value of said capital stock, to be applied toward the payment of the cost of installing and providing the additions, extensions and improvements to applicant's facilities enumerated in a detailed estimate filed herein on the twentyeighth day of February, 1919, which estimate hereby is made a party of this order by reference. It is further ordered, That the applicant make verified report to this Commission, semi-annually within fifteen days after the close of each calendar semi-annual period, of the issue and disposition of said capital stock and the expenditure of the proceeds of so much thereof as may be sold, pursuant to the terms and conditions of this order. [Ohio |