Ellsworth American

Ellsworth. Bangor and Lincoln Electric Companies to Consolidate.

A decision was rendered by the Public Utilities Commission yesterday authorizing the consolidation of the Bangor Railroad & Electric Co., Bar Harbor & Union River Power Co., the Bangor Power Co., and the Lincoln Light & Power Co., into the Bangor Hydro-Electric Co.

Upon the actual assumption of the Bangor Hydro-Electric Co., of the duties of a public utility by reason of its consolidation with its constituent companies, it is authorized as follows:

To issue 2,000 shares of common stock and 25,000 shares of preferred stock at a par value of $100 for the purpose of exchanging stocks and negotiating mortgage sales of the common and preferred stock of the Bangor Railway & Electric Co., this going toward making an exchange of stock in entirety, all available shares of the company from time to time.

To execute and deliver to the National City bank of New York its indemnity or mortgage for 1924, wherein the Bangor Hydro-Electric Co., is the mortgagee, to be substantially in, the bond filed with the commission as an exhibit.

To issue and deliver bonds in the amount of $300,000, known as share of 5½ per cent. bonds to 1954, upon the delivery to it by bonds of the Bangor Railway & Electric Company, of the following bonds and stock.

Bonds of the Bar Harbor & Union River Power Co., $149,000; bonds of the Bangor Power Co., $31,000, and 1,175 shares of the Lincoln Light & Power Co.

The bonds of the Bangor Hydro-Electric Co., in the aggregate amount of $300,000, cannot be sold at less than 96 per cent. of par value and accrued interest.

"Bonds authorized may be exchanged in equal amounts for any of the bonds of the constituent companies," says the decision of the commission.

The commission certified the consolidation as regarded to be in good faith.