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Johnson, Melvin J. / History and my memories of Wind Lake Telephone Company
(1996)

Reflections of Melvin Johnson,   pp. 58-80 ff. PDF (11.0 MB)


Page 75


ever since.
You have to change in procedure according to the Public Service
Commission. They are our boss, there's no question about that.
The opinion of the Public Service Commission, at the time of the
Wind Lake Telephone Company was that the Rochester and Wind Lake
Telephone Company should be merged together to eliminate the
duplication of costs, telephone service in the Village of Waterford
and should be joined together and made into one company. At that
request the original stock at $5/share of the Wind Lake Company was
picked up at the present value of $25/share.     The shares of the
Wind Lake Telephone Company together with the approximate total
value of the company came to a figure of $20,400. The purchasing
of the BR & K Telephone Company in Rochester for $30,000 made a
total value of the two companies merged together of $50,400. This
was turned over to the reorganization of the telephone company
under the name of the Southeast Telephone Company by a figure of
$50,400.   Hulbert Thompson was the one that purchased both the
stock in the Wind Lake Telephone together with all the assets of
the  Wind  Lake   Telephone  Company.    On  April  14,   1946  the
reorganization took place with the two companies merged together
for $50,400.
The next step was to have our attorney get busy and draw up the
articles of organization and the bylaws of the company.    We were
directed to a man by the name of Mr. Cooper that lived in
Wauwatosa.
I remember the day that Hulbert and I went to his home. We picked
him up, I forget the address, but I can just see what his home
looked like in Wauwatosa. We picked him up and went to Madison, I
presume at the request of the Public Service Commission.
We went to Madison and worked with the Commission. Mr. Cooper was
very instrumental in drawing up the articles of organization and
bylaws. He did a wonderful job on it.
He asked if we had any suggestions.   We had gone through a series
here of a dangerous takeover and we wanted to get some protection
and we did with a limitation of 5% of the authorized stock not the
capitalized stock. Mr. Cooper did a wonderful job.
We got the articles of incorporation and bylaws set up. We started
to make plans to go ahead with our building. Then we had to look
for money. The Waterford Bank was a subscriber bank to the First
Wisconsin National Bank of Milwaukee.    So we worked through the
Waterford Bank and also the First Wisconsin National Bank of
Milwaukee.  We looked at what interest and what type of money was
available.   They would give us any amount up to $500,000 for 1%
over prime rate, anything over that would be 2%. Well we checked
again with another bank in Milwaukee, M&I, and we found out that
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