Federal Register - November 1, 1938
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Source: Federal Register
2602
FEDERAL REGISTER, Tuesday, November 1, 1938
F ile No. 32-112
In
the
M atter
U n io n E lectric C o m
o f M is s o u r i
of
pany
NOTICE OF AND ORDER FOR HEARING
An application pursuant to section 6
b of the Public Utility Holding Com pany Act of 1935, having been duly filed with this Commission by the abovenamed party;
I t is ordered, That a hearing on such matter be held on November 16, 1938, at 10 oclock in the forenoon of that day, at the Securities and Exchange Building, 1778 Pennsylvania Avenue NW., Wash ington, D. C. On such day, the hearingroom clerk in room 1102 will advise as to the room where such hearing will be held. At such hearing if in respect of any declaration, cause shall be shown why such declaration shall become ef fective.
It isi further ordered, That Richard Townsend or any other officer or officers of the Commission designated by it for that purpose shall preside at the hearings in such matter. The officer so designated to preside at any such hearing is hereby authorized to exercise all powers granted to the Commission under section 18 c
of said Act and to a trial examiner under the Commissions Rules of Practice to continue or postpone said hearing from time to time.
Notice of such hearing is hereby given to such declarant or applicant and to any other person whose participation in such proceeding may be in the public interest or for the protection of investors or con sumers. It is requested that any person desiring to be heard or to be admitted as a party to such proceeding shall file a notice to that effect with the Commission on or before November 11, 1938.
The matter concerned herewith is in regard to the application of the above named company which is a subsidiary of The North American Company, a regis tered holding company, pursuant to Sec tion 6 b of the Public Utility Holding Company Act of 1935, requesting that 1
the issue of promissory notes in the prin cipal amount of $13,000,000 due nine months or less from date of issue, 2
the issue and sale of 130,000 shares of preferred stock without par value en titled to cumulative dividends of $5 per annum and 3 the issue and sale of in terim receipts for such stock be exempted from the provisions of Section 6 a of said Act. There is also a request for alternative consideration of the applica tion as a declaration under Section 7.
According to statements contained in the application the applicant proposes to offer such $5 preferred stock to the pub lic through underwriters for the purpose of financing its business and out of the proceeds proposes to redeem the present preferred stock consisting of 90,000 shares with $100 par value entitled to dividends of 7% per annum, and 40,000 shares with $100 par value entitled to dividends at 6%
per annum. The applicant further states that to accomplish this it is necessary, first, to issue the above notes to certain banks for the purpose of borrowing suffi cient funds for such redemption and, sec ond, to issue to subscribers to the pro posed new preferred stock interim re ceipts for the purpose of evidencing their rights to certificates of the new preferred stock when issued.
It further appears, according to state ments contained in the application, that the issue and sale of the new preferred stock and of the interim receipts there for are subject to the approval of the Missouri Public Service Commission, but that the issue of the notes is not so subject.
By the Commission.
seal F r a n c is P. B rassor , Secretary.
F . R. D oc. 38-3279; F iled, O ctober 31,1938;
12:51 p . m .
