It is further ordered, That within twenty days from the receipt of this order the petitioner shall pay to the Treasurer of State, through the secretary of this Commission, the sum of $45.64, expenses incurred by the Commission in the investigation of this cause, as required by Section 74 of the Public Service Commission Act. February 1, 1924. In re PETITION OF THE DECATUR COUNTY INDEPENDENT TELE- No. 7481. Decided February 9, 1924. Issue of Bonds Authorized. ORDER. On January 28, 1924, the Decatur County Independent Telephone Company filed with the Commission its petition, and on February 9, 1924, filed its amended petition, alleging that it is a corporation organized and doing business under the laws of the State of Indiana; that its principal place of business is in Decatur County, Indiana; that it is engaged in the management and operation of a telephone plant in said county and that as such public utility, it is subject to the provisions of the laws of the State; that said company has a paid up capital stock of $30,000 and has no bond or mortgage indebtedness; that it has expended in the total construction of said plant some $210,000; that said plant at this time is of the value of $150,000, and that said value is not represented by any stocks or bonds; and petitioner, therefore, asks the Commission's authority to issue and sell its bonds in the sum of $30,000, in the denomination of $500 each, bearing 7 per cent. interest per annum, dated April 15, 1924, with interest payable semi-annually on each fifteenth day of October and fifteenth day of April thereafter, two of said bonds to be paid on April 15 and October 15 of each year, beginning with [Ind. C. L. 148] April 15, 1925, any or all redeemable at any interest paying period upon payment of one per cent. premium. The evidence shows that said company has a paid up capital stock of $30,000; that it has no bond or mortgage indebtedness; that a reasonable value for petitioner's property is not less than $150,000; that petitioner is now in need of money to carry out its plan of improvement of the property which it now owns. The Commission is loath, in ordinary cases, to authorize a bond issue bearing 7 per cent., but the peculiar circumstances surrounding this case appear to make it imperative that such rate of interest be allowed. The Commission, being sufficiently advised, finds that the petition of the Decatur County Independent Telephone Company for authority to issue bonds, should be approved, and it will be so ordered. It is, therefore, ordered by the Public Service Commission of Indiana, That the Decatur County Independent Telephone Company of Greensburg, Indiana, be, and it is hereby, authorized to issue and sell at par its bonds in the sum of $30,000, in the denomination of $500 each, bearing 7 per cent. interest per annum, dated April 15, 1924, with interest payable semi-annually on each fifteenth day of October and fifteenth day of April thereafter, two of said bonds to be payable on April 15 and October 15 of each year, beginning with April 15, 1925, any or all to be redeemable at any interest paying period upon payment of one per cent. premium. It is further ordered, That before issuing or selling any of such securities, petitioner shall pay to the Treasurer of the State of Indiana, through the secretary of this Commission, the sum of $45.00, the statutory fee for such issuance. February 9, 1924. In re PETITION OF THE INDIANA BELL TELEPHONE COMPANY FOR AUTHORITY TO DISCONTINUE EXCHANGE AT CORYDON. No. 7482. Decided February 15, 1924. Discontinuance of Exchange Authorized. ORDER. On January 28, 1924, the Indiana Bell Telephone Company filed with the Commission its petition, alleging that it is a corporation organized under the laws of the State of Indiana, and as such is engaged in furnishing telephone service in over 70 cities and towns within the State of Indiana, including the town of Corydon, Indiana; that at said Corydon, Indiana, exchange petitioner has 21 subscribers' stations, 20 of which are duplicated by stations of the Eureka Telephone Company; that the Eureka Telephone Company, an independent company, operates a telephone exchange at Corydon and in the vicinity thereof in competition with petitioner; that there is now no physical connection between the lines of the Eureka Telephone Company and the Indiana Bell Telephone Company, so that the subscribers of said Eureka Telephone Company do not have access to the long distance lines of the Bell System; that a contract has been entered into between petitioner, Indiana Bell Telephone Company, and the Eureka Telephone Company, whereby the long distance lines of the Indiana Bell Telephone Company will be connected with the switchboard of the Eureka Telephone Company at Corydon, thereby furnishing long distance service to all the subscribers of said Eureka Telephone Company; that after said physical connection is made there will be no necessity for the continued operation by petitioner of this telephone exchange at Corydon, as all subscribers will be adequately served with both local and long distance service by said Eureka Telephone Company; wherefore, petitioner prays that the Commission enter an order authorizing it [Ind C. L. 148] to discontinue and remove its telephone exchange at Corydon, Indiana. After due notice, the petition was heard in the rooms of the Commission on February 14, 1924. Evidence was introduced proving the allegations of the petition. The Commission is of the opinion that said petition of the Indiana Bell Telephone Company should be granted, and it will be so ordered. It is, therefore, ordered by the Public Service Commission of Indiana, That the Indiana Bell Telephone Company be, and it is hereby, authorized to discontinue and remove its telephone exchange at Corydon, Indiana. February 15, 1924. In re PETITION OF THE PEOPLES COOPERATIVE TELEPHONE No. 7490. Decided February 26, 1924. Issue of Stock Authorized to be Distributed as Stock Dividend. ORDER. On February 2, 1924, the Peoples Cooperative Telephone Company of Colfax, Indiana, filed with the Commission a petition which is as follows: "The undersigned applicant respectively represents unto your Honorable Body that it is a corporation, organized and existing and doing business under and by virtue of the laws of the State of Indiana. That said applicant, the Peoples Cooperative Telephone Company, has been operating and doing business for more than twenty years; that the capital stock of said corporation, as fixed by the original articles of incorporation, is $600, and that since its organization, said company has accumulated permanent fixed assets of the value of $2,700 and has on hand $3,300 in cash, earned and accumulated since its organization; that it is the desire of all the stockholders of said company to enlarge and extend the business of the corporation, and to that end it is deemed advisable and desirable to change the number and denomination of the shares of said capital stock, and that the capital stock of said applicant be increased, and that said increased stock be distributed among the stockholders, pro rata as a stock dividend; that said company use the said sum of $3,300 in extending and enlarging the business. "Said petitioner proposes with the $3,300 cash to purchase telephones, lines, and equipment to add to fixed assets of said petitioner and to extend and enlarge said company's property by building and rebuilding extensions of lines, cables, wires, including messenger wires, cross-arms and a payment for labor to the amount of $3,300. Said petitioner proposes to begin work on the improvement above-mentioned as soon as practicable and to continue such improvements until they shall have been completed; that said improvements will probably be completed within six months. "(a) Said petitioner therefore proposes to increase the capital stock of said company from $600 to $6,000 of capital common stock, and that the same be divided into 600 shares of the par value of $10.00 each. "(b) The purpose for which the fixed assets and cash represented by said stock is proposed to be used is to extend and enlarge the business of said company as above set out. "(c) The fixed assets of said corporation consists of telephone lines and equipment and tools and fixtures used in connection with operating and conducting its telephone business, and the same is of the estimated value of $2,700. "(d) The said sum of $3,300 cash may be retained and used in extending and enlarging said business by issuing said additional shares of common stock as a stock dividend. "Wherefore, said petitioner prays that it may be authorized and empowered to issue as a stock dividend, additional common stock to the amount of $5,400 to its existing stockholders, pro rata, and for all other proper relief." After due notice, the matter was heard in the rooms of the Commission on February 19, 1924. The evidence shows that the allegations of the petition are true. The Commission finds that petitioner has fixed assets to the amount of $2,700; that petitioner has $3,300 in cash; that the total value of said plant, including its physical assets and cash, is $6,000; that the amount of the capital stock of said company now in existence is $600; that petitioner should be allowed to increase its capital stock from $600 to $6,000, and that the same should be divided into 600 shares of the par value of $10.00 each; and that additional [Ind. |