Citizens Water Supply Co. of Newtown v. Maltbie

Petitioner, incorporated in 1893, now supplies water to residents of the town of North Hempstead, Nassau County, N. Y. The Manhasset Company, organized in 1900 to supply water in the same town, was merged with petitioner in 1906, through the purchase by petitioner of all the capital stock. The Public Service Commission, on its own motion, has examined petitioner’s books and directed that two credit items in the capital account be transferred to surplus. One is $4,000 paid to an attorney about 1925 for reorganizing the company following the condemnation by New York City of the portion of its…