L. 148] view, some consideration should be given to the general economic situation. The territory in which Canton is located depends exclusively upon agriculture, and it is generally admitted that agriculture economically is in a very depressed condition. Transportation rates on numerous agricultural products, such as grain, hay and livestock, have within the recent past been materially reduced, solely in recognition of the serious economic situation confronting those engaged in agriculture. This agricultural depression affects not only those directly engaged in tilling the soil but vitally influences the earnings, both gross and net, of those engaged in all lines of activity which depend upon agriculture as indicated by the deplorably increased number of commercial farming and banking failures, not only in this State but quite generally in all of the agricultural states in the great Mississippi Valley. Other telephone companies, both large and small, operating in this State have recognized, and are recognizing, this condition to the extent, at least, of not attempting to secure any increase in rates at this time.

From all of the evidence, we are of the opinion, and find, that the rates applied for, as shown previously in this report, should be approved, with the exception of the rates for business individual line and rural party line service. In our opinion, a net rate of $3.75 per month for business individual line will be a reasonable and equitable rate. As previously indicated, the net rate in effect for rural party line service is $1.40 per month, or $4.20 per quarter, per telephone, and while we are loathe to grant any increase in rural party line rates under present conditions, we do upon this record authorize a net rate of $1.50 per month, or $4.50 per quarter, per telephone, for rural party line service.

Let an order be entered accordingly.

Done in regular session, in the city of Pierre, the capital, this twenty-ninth day of March, 1924.

ORDER.

On this date, the Board having completed its investigation, made and filed its report containing its findings of fact and conclusions thereon, a copy whereof is hereto annexed, hereby referred to and made a part hereof, and sufficient cause for this order appearing;

It is, therefore, ordered, That the Northwestern Bell Telephone Company be, and hereby is, authorized to establish and put into effect on and after April 1, 1924, a net rate not exceeding $3.75 per month, per telephone, for business individual line service and a net rate of not to exceed $1.50 per month, or $4.50 per quarter, per telephone, for rural party line service, at its Canton exchange, and that in other respects the rates, rules and classifications applied for, as shown in the report herein, are granted. ***March 29, 1924.

[S. I

TENNESSEE.

Railroad and Public Utilities Commission.

In re APPLICATION OF THE PEOPLES TELEPHONE AND TELEGRAPH COMPANY FOR APPROVAL OF THE ISSUANCE AND SALE OF SECOND MORTGAGE BONDS.

Docket No. 841.

Decided March 18, 1924.

Issue and Sale of Bonds Approved.

ORDER.

This cause came on to be heard before the Commission upon the application of the Peoples Telephone and Telegraph Company, for the approval of the issuance and sale of $300,000, 6 per cent. second mortgage bonds, filed February 29, 1924, and the Commission is of the opinion, and finds, after a very careful consideration of the application and the exhibits attached thereto, that the issuance and sale of said bonds is in accordance with law and for a proper purpose, and therefore should be approved.

It is, therefore, ordered, That the issuance and sale of said bonds to be used for the purpose and in accordance with the terms of the resolution of the stockholders embodied in the application, to be sold at a price of not less than 90 cents on the dollar be, and the same is hereby, approved.

It is further ordered, That the Commission retain jurisdiction in this case and make such investigations and further orders as may be necessary to carry out the provisions of this order.

March 18, 1924.

VERMONT.

Public Service Commission,

In re PETITION OF THE NEW ENGLAND TELEPHONE AND TELEGRAPH COMPANY FOR AUTHORITY TO ISSUE CAPITAL STOCK.

No. 1033.

Decided February 27, 1924.

Commission Held to Have no Jurisdiction Over Issue of Stock by Foreign Corporations Doing Business Within the State — Petition Dismissed.

ORDER.

This is a petition of the New England Telephone and Telegraph Company, a New York corporation licensed to do business in Vermont, for permission to issue its capital stock to the amount of $1,712,000, par value.

The petition sets forth in detail the purposes for which the petitioner considers it necessary to issue said stock and the same is referred to and made a part hereof.

The petitioner being a corporation organized under the authority and according to the laws of the State of New York, the issuance of stock by that corporation is under the control and subject to the jurisdiction of the state which created the corporation and the State of Vermont has no power to control such issue either with its approval or denial. The petition herein is, therefore, dismissed for want of jurisdiction.

Dated at Montpelier, this twenty-seventh day of February, 1924.

WASHINGTON.

Department of Public Works.

DEPARTMENT OF PUBLIC WORKS OF WASHINGTON v. CoWICHEE TELEPHONE COMPANY.

No. 5420.

Decided February 29, 1924.

Value Determined Flat Rates Sufficiently High to Cover Free Service Between Exchanges Disapproved - Toll Charges Established.

VALUATION ORDER.

GENERAL STATEMENT.

This matter came on for hearing at Yakima, Washington, on the fifteenth of January, 1924, pursuant to notice duly given. All parties were present and represented by counsel. Witnesses were sworn and examined, documentary evidence introduced, and the matter submitted for determination. From a consideration of all the evidence, the Department enters the following findings of fact and order:

FINDINGS OF FACT.
I.

That the Cowichee Telephone Company is a corporation and public service company, owning and operating a telephone system for hire in Yakima County, Washington.

II.

That the property of respondent used for the public convenience on November 15, 1922, is briefly described as follows:

The central office equipment, consisting of one 60-line magneto switchboard and associated apparatus, is housed in rented quarters.