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C. L. 147]
stall a new switchboard on or before April 15, 1924, and to cause its cable and distribution system to be thoroughly overhauled; that the farm line companies, which are parties to this proceeding, shall be required to go over their lines, for the purpose of placing them in first-class operating condition; that the Sheyenne Telephone Exchange Company, and all the rural lines involved in this proceeding, shall notify this Commission when they have complied with these provisions.
An appropriate order will be entered.
ORDER. At a regular meeting of the Board of Railroad Commissioners, held at Bismarck, North Dakota, February 15, 1924, all members present, the above matter being at issue, and full hearing having been had thereon pursuant to lawful notice, a report containing findings of fact and conclusions having been prepared and approved by the Commission, which findings are hereby referred to and made a part hereof and full consideration having been given to all matters and things involved,
It is ordered, 1. That effective March 1, 1924, and thereafter, the service switching rates of the Sheyenne Telephone Exchange Company shall be the sum of $4.80 per annum, per subscriber.
2. That on or before April 15, 1924, the said Sheyenne Telephone Exchange Company shall install a new switchboard at its exchange in Sheyenne, and shall cause its cable and distribution system to be placed in first-class operating condition.
3. All the rural telephone companies involved in this proceeding shall likewise cause their lines to be placed in first-class operating condition and all parties shall report to the Commission when they have complied with this provision.
The rates provided for in this order shall remain in effect until changed by further order of this Commission.
Done at Bismarck, North Dakota, this fifteenth day of February, 1924.
The Public Utilities Commission.
In re APPLICATION OF THE UNITED TELEPHONE COMPANY
FOR PERMISSION TO ISSUE AND SELL ADDITIONAL CAPITAL
Decided February 28, 1924.
Issue of Stock Authorized.
ORDER. This day, it appearing to the Commission from the verified allegations in said application and the sworn statements and exhibits filed in connection therewith, and other documentary evidence submitted, that the taking of oral testimony herein is unnecessary, this matter came on for consideration upon the application of The United Telephone Company (a corporation duly organized and existing under and by virtue of the laws of the State of Ohio), asking the consent and authority of this Commission:
(a) For the issue and sale, at par, of $46,100, par value, of its common capital stock, the proceeds arising from the sale thereof to be used to reimburse its treasury for and on account of uncapitalized capital expenditures therefrom to and including the thirty-first day of December, 1923, of the alleged sum of $44,921.90, and to pay, in part, for certain additions, extensions and improvements to its facilities, now in course of provision, and
(b) For the approval, by the Commission, of the issue and disposition heretofore and since the creation of this Commission, of common capital stock of the par value of $3,900, which, through oversight, was issued and disposed of without the consent and authority of this Commission.
The Commission, being fully advised in the premises, finds from the pleadings and exhibits filed herein and its independent inquiry and investigation thereupon:
That, within the five years next preceding the date of the filing of the application herein and to and including December 31, 1923, the
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applicant actually expended from its treasury the sum of $48,821.90, none of which was obtained or procured by the issue of stock, bonds, notes or other evidences of indebtedness, for the construction of net additions, extensions and improvements to its facilities not heretofore capitalized (save and except as the applicant has sought to capitalize $3,900 thereof by the unauthorized issue of its common capital stock of the par value of $3,900), or authorized to be capitalized by this Commission;
That since said December 31, 1923, and to and including this date, the applicant, among other sums, has actually expended from its treasury for the partial payment of the cost of additions, extensions and improvements to its facilities now under construction, the further sum of $1,178.10, not procured by the issue of stock, bonds, notes or other evidences of indebtedness;
That the said $3,900, par value, of applicant's common capital stock, heretofore issued without the consent and authority of this Commission should be properly reorganized, and
That the issue of applicant's common capital stock of the par value of $50,000 is reasonably required and the money to be procured thereby, necessary for the reimbursement of its treasury for and on account of said uncapitalized, capital expenditures therefrom and the reorganization of said unlawfully issued capital stock,
and is satisfied that consent and authority therefor should be granted.
It is, therefore, ordered, That said The United Telephone Company be, and hereby it is, authorized to issue its common capital stock of the par value of $50,000, and that $46,100, par value, thereof be sold for the highest price obtainable, but not less than the par value thereof.
It is further ordered, That $3,900, par value, of said capital stock be exchanged, at par, for said capital stock which was issued and disposed of without the consent and authority of this Commission, which said shares of capital stock so retired shall forthwith be cancelled and destroyed.
It is further ordered, That the proceeds arising from the sale of the balance of said capital stock shall be used to reimburse the applicant's treasury for and on account of said uncapitalized, capital expenditures therefrom,
, aforesaid, and expended for no other purpose whatsoever.
[Ohiu It is further ordered, That the applicant make verified report to this Commission of the issue and disposition of said common capital stock herein authorized; the expenditure of the proceeds of that part thereof to be sold, and the cancellation and destruction of the capital stock which is to be redeemed, pursuant to the terms and conditions of this order.
Dated at Columbus, Ohio, this twenty-eighth day of February, 1924.
Corporation Commission. In re APPLICATION OF THE MANITOU TELEPHONE COMPANY
FOR EXEMPTION FROM JOURNAL ENTRY IN CAUSE No. 3556* IN THE MATTER OF CHARGES FOR SWITCHING RURAL LINES.
Cause No. 5583_Order No. 2339.
Decided January 29, 1924. Exemption from General Order Fixing Switching Rates Throughout the
ORDER. On January 1, 1924, the Manitou Telephone Company by its owner S. E. Harper, filed its application for exemption from the provisions establishing the rate of $4.00 per annum of the Commission's journal entry in Cause No. 3556* which prescribes rates, rules, and regulations pertaining to rural switching service.
The Commission had authorized the company to defer compliance with the above journal entry until facts could be submitted in support of its contention that the compliance with said journal entry would cause it to operate said switching lines at a loss.
Due notice having been given as provided by law, this matter came on for hearing and was heard on January 24, 1924, in Manitou. Witnesses for the company for the switched lines, and for the town, appeared and were heard and an investigation of the plant of the above company was made by the Commission's engineer and the case closed.
Evidence established the fact that the service as rendered by the company was satisfactory and on a par with other exchanges of similar size. The plant under the ownership and supervision of the complainant is in rea
* See Commission Leaflet No. 125, p. 1362.