USA > Massachusetts > Middlesex County > Reading > Town of Reading Massachusetts annual report 1919 > Part 8
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C. H. Tenney & Co., who operate the Eastern Massachusetts Electric Company, are not now in a position to make us a definite proposition, on account of lack of generating capacity. It is prob- able, however, that they will make provision for increased capacity in the near future.
Up to the present time, no definite reply has been received from The Edison Electric Illuminating Company, but they have written that they would take the matter up with us as soon as possible.
I have also secured a report from the C. B. Roberts Engineering Company of Boston in connection with the possible use of oil burners under our present boilers. Mr. Roberts was for several years in the employ of Stone & Webster, and was recommended as having had valuable experience in connection with the installation and oper- ating of oil-burning apparatus.
147
From this report it would not appear that any material saving would be made at the present time, owing to the present high price of fuel oil, and the relatively small saving in labor, although if we con- tinue to generate our current it might be advisable to consider this subject further at some future time.
The following abstracts from this report may be of interest:
COST OF COAL BURNING OPERATION
Based on annual output of 2,000,000 K. W. H.
3,124 gross tons of coal @ $8.20 $25,617
144 gross tons of coal @ 4.00 576
Boiler room labor:
4 firemen @ $30 per week, 1 coal passer @ $24 per week 7,488
Total yearly cost, exclusive of overhead and mainte- nance of equipment $33,681
COST OF OIL BURNING OPERATION
Based on annual output of 2,000,000 K. W. H.
Boiler room labor:
4 Firemen @ $30.00 per week $ 6,240
Total yearly cost, exclusive of maintenance of equip- ment and fuel 6,240
SUMMARY OF ECONOMICS
Price of oil per barrel equivalent to given price of coal:
Total cost of coal operation, yearly $33,681
Total cost of oil operation, less cost of fuel, yearly 6,240
Equivalent of fuel $27,441
Cost per barrel on 13,595 barrels
2.018
Saving, yearly, for each ten-cent reduction in price of oil per barrel
$ 1,360
Saving, yearly, for oil at various prices :
Oil at: $2.00 $ 1.90 $ 1.80 $ 1.70 $ 1.60 $ 1.50
Saving: $ 245 $1,605 $2,965 $4,325 $5,685 $7,045
Cost of fuel per K. W. H. generated, based on annual output of 2,000,000 K. W. H .:
Oil at: $2.00 $1.90 $1.80 $1.70 $1.60 $1.50
Cost per K. W. H. 1.360c 1.292c 1.224c 1.155c 1.088c 1.020c
148
SUMMARY OF COST OF INSTALLATION
This summary includes items necessary to change your boiler plant from coal to oil-burning operation, providing a storage tank holding two-months' supply and service tank for two-days' supply. Work is assumed as being carried out under normal conditions of soil and plant, and with air temperatures above freezing:
Storage tank, concrete, partially buried, 100,000 gallons $ 8,300
Service tank, concrete, subsurface, 5,000 1,700
ยท Piping, including concrete trench with iron cover
1,390
Burners, pumps and foundations, pump houses and boiler changes
4,050
Contingencies
1,000
Preliminary operation
100
Engineering
1,650
Total
.$18,190
MAINTENANCE
4 boiler settings and burners $ 1,000
2 pump sets
125
Tanks
75
Pipe lines
25
Total
$ 1,225
DEPRECIATION
Burner equipment
$ 50
Pump sets
200
Tanks
400
Pipe lines
140
Totals
$ 790
In view of the fact that we have just expended a considerable amount of money at the plant for additional capacity, and that with the expenditure of a relatively small additional amount, we can secure still more capacity and lower operating costs; also in view of the fact that we have entered into an agreement with the Reading Rubber Mfg. Co. to supply them with 500 K. W. of additional power whenever we are in a position to carry their load, I make the follow- ing recommendations :
That a new return tubular boiler suitable for 150 lbs. pressure be installed in place of the old No. 1 boiler which has been removed.
149
That No. 3 boiler be cut out of service, but left so that it can be used in an emergency. This will enable us to increase our steam pressure to 150 lbs. and secure more boiler capacity. The estimated expense will be $4,700.00, which includes changes in piping. That the feed water for the boilers be treated before entering the boilers, thereby doing away with all scale and sludge, insuring longer life for the boilers, greater steaming capacity and more efficient opera- tion with fewer repairs. The estimated cost of a suitable system will be $3.000.
The new feed water heater which we have ordered will enable us to secure more heat in the water before it enters the boilers and should reduce operating expenses somewhat. This expense I estimate as $1,700.00, which includes the meters for measuring the feed water, also necessary changes in piping.
I recommend that the present jet condenser connected to the 500 K. W. turbine be replaced with an engine-driven surface con- denser of sufficient capacity to secure one inch additional vacuum. This will result in a saving of from 6 to 10 per cent in fuel when this turbine is used, and will also prevent interruptions to service due to defects in the present equipment. The estimated cost of the surface condenser installed, including necessary changes in the cooling sys- tem, is $10,600.00 Assuming that the annual output from this tur- bine is 1,000,000 K. W. H., the saving in fuel would be from 111 to 185 tons per year, which at $11.00 per gross ton, would be very good interest on the investment, also a saving in labor.
In order to finance the improvements which I have proposed, I recommend an issue of bonds amounting to $20,000.00-to be paid at the rate of $1,000 each year for 20 years.
My estimate has been made with the expectation that an allow- ance of four per cent for depreciation will be permitted. If, how- ever, the depreciation allowance is to remain at three per cent, and all improvements are made at the plant as recommended, it will be necessary to raise an additional $4,000 for outside construction, in addition to the amount available in the Depreciation and Construc- tion Funds.
I recommend that permission be obtained from the Board of Public Utilities to increase the annual allowance for depreciation from three to four per cent, and I believe that when the volume of business and operating conditions warrant, this should be increased to five per cent, in order that we may properly take care of replace- ments and improvements and protect our asset account. I under- stand that the plants in Chicopee, Concord and Mansfield have already made some increase in their depreciation allowances.
My estimate for 1920 is as follows:
150
EXPENSES
For operation, maintenance & repairs
$
100,986.00
For interest on bonds and notes .... For depreciation
7,415.38
(4% on $387,678.13)
15,507.13
For bond payments
12,000.00
For note payments
6,300.00
Total expenses
$ 142,208.51
INCOME
From sales to private consumers . . From sundry items
$
126,146.01
1,400.00
From tax levy (at average cost per K. W. H. as defined by Statute) :
For street lights
$ 13,275.00
For municipal buildings
1,387.50
Total to be appropriated
$ 14,662.50
Total income
$ 142,208.51
The above amount to be appropriated from the tax levy covers the electricity for light, heat and power used by the following De- partments : Street Department, School Department, Fire Department, Town Home, Library, Municipal Building, Town Clock and Reading Sign.
It does not include the electricity used by the Water Department, as that is paid for by the Department from its earnings and does not directly affect the tax levy.
The cuts of some of the newer apparatus at the power station have been included in this report for the benefit of those citizens who have not visited the plant since the improvements were completed.
Our records show the following sales by the Appliance Depart- ment:
Twenty ranges, 39 washing machines, 51 vacuum cleaners, 31 toasters, 13 grills, 190 flatirons, 27 fans, 23 heating pads, 2 mangles, 32 motors, 27 desk and table lamps, 24 radiators, 10 bell-ringing transformers, 12 sewing machines, 7 percolators, 24 vibrators, 2 dish- washers, etc.
The following data, both financial and physical, has been taken from the office records and may be of interest to some:
-
i
151
TABLE SHOWING DATA FROM RECORDS OF THE PLANT
Kilowatt hours manufactured
2,056,834
Kilowatt hours delivered to Reading street lights 172,948
Kilowatt hours sold
1,358,028
Kilowatt hours used at station
189,067
Kilowatt hours unaccounted for
336,791
Coal used, tons
3,250
Average cost of coal per ton
$8.42
Poles added
143
Feet of wire added
97,540
Motors connected
24
New services installed
223
Street lamps installed
36
CONNECTED LOAD DECEMBER 31, 1919
Number of customers
2,332
Horsepower in motors
807.15
Number of street lights
1,339
READING
Number of customers Dec. 31, 1919
1,640
Number of 40 c. p. street lights
7
Number of 60 c. p. street lights
468
Number of 100 c. p. street lights
12
Number of 250 c. p. street lights
48
Number of 400 c. p. street lights
1
Number of 600 c. p. street lights
24
Horsepower in motors
769.5
Earnings for the year
$71,181.21
NORTH READING EXTENSION
Number of customers Dec. 31, 1919
183
Number of 40 c. p. street lights
242
Horsepower in motors
108.66
Earnings for the year
$ 8,757.45
LYNNFIELD EXTENSION
Number of customers Dec. 31, 1919
148
Number of 40 c. p. street lights
122
Horsepower in motors
29.70
Earnings for the year
$ 5,559.63
152
WILMINGTON EXTENSION
Number of customers Dec. 31, 1919
362
Number of 40 c. p. street lights
415
Horsepower in motors
48.08
Earnings for the year
$15,345.81
EARNINGS FROM LIGHT AND POWER FOR FIVE YEARS
1915
1916
1917
1918
1919
Light:
$44,109.37 $51,200.77 $56,695.22 $60,283.85 $ 71,771.78
Power: $7,493.95
10,699.24
10,898:42
17,812.24
29,072.32
$51,603.32 $61,900.01 $67,593.64 $78,096.09 $100,844.10
TABLE A
Year
Income from
Sale of
Electricity
Income from
Other Sources
Appropriations
from Tax Levy
for
Maintenance
Appropriations
from Tax Levy
Construction
Manufacturing
Distribution
Expense
Miscellaneous
Expense
Interest
Depreciation
Bond and
Total Cost of
Plant
Dec. 31, 1919
1910
$ 25.668.87 $ 604.88
$10,000.00
$ 270.00
$13,228.57
$ 3,271.76 $ 4,429.32 $2,535.75 $ 3,556.00 $ 1,000.00 $135,992.62
1911
31,317.40
410.77
5,800.00
1.000.00
13,066.25
6,353.77
5,753.84
2,767.00
4,079.78
-1,500.00
144.714.06
1912
37.171.93
599.07
5,000.00
5,500.00
17,546.87
5,605.41
5,605.18
3,018.21
4,143.80
7,200.00
173,091.96
1913
44,664.70
671.87
6,000.00
5,076.19
20,054.99
10.705.42
10,214.88
3,515.40
4,788.80
6,800.00
202,548.81
1914
49,799.75
791.14
4,500.00
4,132.07
19,014.03
7,784.82
8.697.05
1.453.33
6,051.08
9,000.00
233.509.58
1915
51,603.32
640.25
10,500.00
none
18,292.78
10,329.83
7,730.32
4,640.42
6,972.28
9,500.00
254,349.09
1916
61,900.01
911.69
5,000.00
none
22,261.19
13,986.22
8,316.39
4,704.99
7,597.47
10.800.00
269,898.27
1917
67,593.64
2,422.92
8,750.00
none
30,460.16
14,557.81
11,577.08
5,070.43
8,096.95
11,300.00
285,428.29
1918
78,096.09
1,537.86
11,000.00
none
41,006.13
13,572.51
11,311.54
6,882.24
8,529.85
11,800.00
318,871.08
1919
100,844.10
1,100.11
14,450.00
none
45,006.98
13.864.14
13,874.46
7,416.21
10,419.76
14,800.00
389,564.73
153
Note Payment
for
Expense
POWER STATION, SHOWING COOLING POND FOR 500 K. W. TURBINE
TABLE B
Year
K. W. H. Generated
K. W. H. Sold
K. W. H.
Delivered to
Reading St. Lights
K. W. H. Used at
Station Stock Room
andApplianceRoom
K. W. H.
Unaccounted For
Tons of Coal Used
(2240 Lbs.)
Average Cost of
Coal Per Ton
Number of
Customers
Number of Street
Lights
No. of Commercial
Lights in 40 W
Horse Power in
Motors
1910
698,597
300,861
227,100
16,269
154,367 1,561
$3.877
738
269
16,000
116 1-2
1911
771,011
367,317
244,055
15,403
144,236
1,614
3.742
888
382
19,867
215
1912
919,282
481,801
242,033
13,307
182,141
2,007
4.19
1,078
698
24,700
242 1-4
1913 1,045,592
599,893
255,744
15,283
174,672
2,393
4.414
1,263
903
27,191
272
1914
986,476
578,709
187,590
15,283
204,894
2,229
4.107
1,390
993
29,937
313 7-10
1915
980,688
548,607
156,505
10,403
265,173
2,052
4.008
1,599
1,181
33,731
381
1916 1,231,677
751,735
170,810
13,916 . 295,216
2,448
4.407
1,805
1,225
36,700
441
1917 1,291,216
812,507
168,535
12,464
297,710
2,756
6.759
1,964
1,295
39,280
492
1918 1,318,546
976,121
125,820
10,573
206,032
2,990
8.82
2,083
1,303
41,660
672
1919 2,056,834
1,358,028
172,948
189,067
336,791
3,250
8.42
2,333
1,339
44,118
886
155
.
Units
COOLING POND, 600 K. W. TURBINE-INSTALLED 1918
1
157
TABLE C Manufacturing Costs per K. W. H. Based on Total K. W. H. Delivered at Switchboard
Repairs and other
Total
Year
Fuel
Labor
station !expenses
costs
1910
.0086
.0075
.0026
.0187
1911
.0078
.0069
.0021
.0168
1912
.0091
.0071
.0027
.0189
1913
.0101
.0070
.0020
.0191
1914
.0092
.0082
.0017
.0191
1915
.0085
.0087
.0013
.0185
1916
.0087
.0071
.0022
.0180
1917
.0144
.0075
.0015
.0234
1918
.0200
.0085
.0025
.0310
1919
.0133
.0066
.0019
.0218
TABLE D Average Cost per K. W. H. as Defined by Chapter 77, Acts of 1918
1910 1911 1912 1913 1914 1915'1916 1917 1918 1919
Operating
Costs :
.0396.0412.0397.0483 .0362 .0586 .0467 .0577 .0538 .0509
Fixed
Costs:
.0191.0185.0198 .0176 .0254 .0299 .0261 .0249 .0274 .0213
Total
Costs :
.0587.0597.0595.0659.0616.0885.0728 .0826 .0812 .0722
Note: If the Town had appropriated for street lights during the past ten years, the average cost as at present defined by Statute, the cost to the taxpayers would have been $51,092.70 more than they actually paid.
In closing, I wish to express my appreciation of the loyal co- operation which has been shown by the employes, and which has contributed in no small measure to the success of the past year's business.
I am also indebted to Mr. C. W. Whiting for many valuable sug- gestions. I wish to thank the members of the Board for their cor- dial support and assistance.
Respectfully submitted,
ARTHUR G. SIAS, Manager.
FRANK E. CRAFTS GEORGE L. FLINT
WILLIAM G. LONG
Municipal Light Board.
A T B-2-600-3600-2300 CURTIS STEAM TURBINE - INSTALLED 1918
159
LIST OF UNPAID BILLS
Adbro Mfg. Company
$ 31.90
Ajax Rubber Company
118.42
Ames Ag. Imp. Company
2.78
Andren, Karl Company ..
58.00*
Bancroft, Wendell, & Co.
45.75
Bird, J. A. & W. H.
31.51
Boston Lumber Company
219.40
Breck, Jos., & Co. .
10.42
Buckminster, G. H., Co.
799.88
Cameron, J. J.
19.25
Chapin, E. H.
618.02
Clapp and Leach
36.68
Clark, A. F., Co.
57.50
Columbia Lamp Division
1,275.56
Cummings Express Co.
14.80
Davis, Geo. W., Co.
27.75
Eagle Oil & Supply Co.
31.59
Elec. Mach & Instrument Co.
14.20
Emerson & Company
5.00
Fairbanks Company
15.72
Fife, T. C. .
4.25
Foster, McDonald Co.
101.55
Francis Bros.
31.99
General Electric Co.
315.18
Greene, Jos. E., Co.
18.62
Ham, E. W., Elec. Co.
821.00
Hardy, F. S., & Co.
559.69
Hodge Boiler Works
40.40
Hodson Brothers
22.37
Hoover Suction Sweeper Co.
510.51
Jeanes, C. L., Company
82.20
Jenkins Brothers
.75
Johns-Manville, H. W., Co.
21.96
Library Bureau
28.65
Lynnfield, Town of
295.75
Lumsden, Van Stone Co.
13.34
Maxwell, J. M.
68.58
Miley Soap Company
37.10
Nat. Carbon Company
6.84
N. E. Iron Works
20.22
N. E. Tel. & Tel. Co.
75.06
1900 Sales Company
177.13
North Reading, Town of
140.00
Ordway, O. O.
8.15
Perkins and Bancroft
43.23
17 PANEL 3-PHASE SLATE SWITCHBOARD - INSTALLED 1918 - (FRONT VIEW)
AHH HH HHTH
161
Pettingell-Andrews Co.
764.57
Premier Service Co.
6.00
Reading Garage
207.27
Ridlon, Frank
76.06
Roberts, C. B., & Co.
85.00
P. J. Seaman
12.80
Simplex Elec. Heating Co.
104.23
Simplex Wire & Cable Co.
4.48*
Society for Electrical Development
16.66
South Fork Coal Sales Co.
624.35
Sperry, F. D.
12.50
Standard Oil Compay
180.81
S. R. Stembridge
33.81
Strait and Richards
21.00
Stuart-Howland Company
1,706.28
Sweetser, P. N.
298.22
Twombly, W. E. & J. F.
161.93
United Electric Supply
6.25
Wagner Electric Company
327.81
Waterproof Paint Co.
87.50
Westinghouse Elec. & Mfg. Co.
162.34
Wetmore-Savage Company
1,669.83
Willis W. H.
4.43
Woburn Machine Company
14.92
Wood, W. A., Company
10.00
Garfield & Proctor
1,596.25
Town of Reading (Fuel loan temporary)
6,500.00
$21,448.59
* Credit balance due us.
17 PANEL 3-PHASE SLATE SWITCHBOARD - INSTALLED 1918 (REAR VIEW)
1
163
REPORT OF AUDITOR YEAR 1919
January 26, 1920.
TO THE MUNICIPAL LIGHT BOARD, READING, MASS.
Reading, Massachusetts.
GENTLEMEN: As requested, I have made an examination of the books of account and records of the Lighting Department for the year ending December 31, 1919, and submit herewith a comparative statement of Assets and Liabilities, January 1, 1919 and 1920; com- parative statement of Income and Expense for the years 1919 and 1918, together with Profit and Loss, and Surplus changes covering the same period, which I herewith certify as being correct and are represented on the books of the Department.
.
APPROPRIATIONS
The appropriations made by the Town, both for construction and operating, appear to have been properly recorded.
CASH
The disbursement of cash is made by the Town Treasurer on orders received from the Lighting Board. All collections made are deposited under the head of the various funds to the credit of the Treasury Department. These accounts have been carefully checked, as well as all disbursements, and each cash balance has been verified by bank records. On the attached statement, the cash appears under the head of various funds for the reason that the same is not directly disbursible by the Lighting Board.
ACCOUNTS RECEIVABLE
The individual accounts have been carefully examined and the total is as represented on the statement submitted. There are quite a number of accounts which appear to have delayed payment more than ninety days. This appears more prominent in the so-called Jobbing accounts, and I suggest that no credit be extended beyond a period of ninety days unless for some special large equipment, which could be worked out on some monthly payment plan.
164
SUPPLIES
An inventory of the various supplies was furnished by your Board. This was carefully examined as to mathematical calculations, as well as to the present value, and I believe the same correctly repre- sented. While I was unable to make a check on the various supplies at hand, the various supplies were looked over, and in some instances checks made to the extent of satisfying myself that the record fur- nished was reasonably true.
VOUCHERS
I found all invoices properly approved, together with cancelled checks, numerically filed in envelopes for that purpose, covering the entire period. These were carefully examined as to distribution and calculations and found correct. (There were missing about twenty checks representing payments the latter part of December, which had not been returned by the bank as of January 1st. A list was made, and verification will be made at a later date.)
BONDS
There has been issued during the year $32,000 bonds which, I understand, completes the authorization granted by the Town. $10,000 has been paid, so that the net increase in the bonds out- standing is $22,000.
NOTES
There has been issued during the year $3,000 of notes; and $4,800 has been paid, which makes a net reduction in the notes out- standing of $1,800.
ACCOUNTS PAYABLE
These were carefully examined and totaled, representing the amount designated in the statement. They appear to be of recent date, and might be considered as reasonable to carry as a current liability. .
I found the books and records in neat condition, and was ex- tended every courtesy by those in charge of the various departments.
Respectfully submitted,
CHARLES E. STANWOOD,
Professional Auditor.
165
BALANCE SHEET DECEMBER 31 ASSETS
1919
1918
Increase or Decrease
Land
$ 2,575.80
$ 1,545.50
$ 1,030.30
Buildings
20,401.01
15,462.85
4,938.16
Steam Plant
75,855.26
73,493.71
2,361.55
Electric Plant
42,162.36
27,273.38
14,888.98
Street lines and wires
116,480.83
109,740.97
6,739.86
Street lamps
12,775.82
12,666.29
109.53
Transformers
18,460.55
17,325.37
1,135.18
Meters
20,603.34
19,032.70
1,570.64
Office and store equip. and supplies
1,425.25
1,390.26
34.99
Station tools & appliances
1,031.66
1,041.65
9.99
Distribution tools & appl.
707.60
667.70
39.90
Auto account and supplies
1,181.62
1,576.09
394.47
$313,661.10
$281,216.47
$ 32,444.63
Cash:
Construction Fund
738.82
738.82
Depreciation Fund
438.80
245.70
193.10
Operating Fund
212.95
2,669.07
2,456.12
Deposit Fund
822.47
2,281.16
1,458.69
Reconstruction Fund
14,978.77
14,978.77
Interest Fund
4.08
4.08
Accounts Receivable :
Electric
14,614.20
13,428.56
1,185.64
Miscellaneous
8,720.23
6,115.23
2,605.00
Supplies :
Fuel
5,447.53
3,960.61
1,486.92
Oils, waste and station
390.55
545.34
154.79
Line and distribution .
8,245.30
6,817.95
1,427.35
Lamps-Commercial
1,382.12
1,137.05
245.07
Jobbing stock
5,361.00
4,424.77
936.23
Prepaid insurance
607.45
730.45
123.00
$ 46,985.50
$ 57,334.66
$ 10,349.16
Engineering
(Work in process)
4,150.00
4,150.00
Total Assets
$360,646.60
$342,701.13
$ 17,945.47
.
.
Black figures throughout tables indicate decrease
166
LIABILITIES
1919
1918
Increase or Decrease
Appropriations for const.
$ 30,678.26
$ 42,678.26
$ 12,000.00
Loans Repayment Acct. .
134,600.00
119,800.00
14,800.00
Bonds outstanding
129,000.00
107,000.00
22,000.00
Notes outstanding
38,300.00
40,100.00
1,800.00
Town Treasurer-Loan
.
6,500.00
11,000.00
4,500.00
Guarantee Deposits
822.47
2,281.16
1,458.69
Accounts Payable-Const. .
8,282.49
8,282.49
Accounts Payable-Operat.
14,948.59
16,893.50
1,944.91
Accrued Interest-Not due
1,935.55
1,550.47
385.08
Total Liabilities
$356,784.87
$349,585.88
$ 7,198.99
Surplus
3,861.73
6,884.75
10,746.48
$360,646.60
$342,701.13
$ 17,945.47
INCOME AND EXPENSES
INCOME
1919
1918
Increase or Decrease
Commercial lighting
$ 59,893.54
$ 48,995.81
$ 10,897.73
Commercial power
22,566.67
11,071.13
11,495.54
Municipal lighting
1,218.68
849.04
369.64
Municipal power
2,077.11
939.32
1,137.79
Cooking and heating
4,197.60
5,546.58
1,348.98
Street Lighting:
North Reading
3,242.09
3,249.35
7.26
Wilmington
5,774.93
5,642.63
132.30
Lynnfield
1,642.54
1,647.12
4.58
Reading
14,450.00
11,000.00
3,450.00
Lowell Elec. Light Corp.
148.40
104.87
43.53
Town of Wakefield-Power
82.54
50.24
32.30
-Power
$115,294.10
$ 89,096.09
$ 26,198.01
167
EXPENSES
Fuel
$ 27,372.51
$ 26,371.62
$ 1,000.89
Oils and waste
248.16
169.00
79.16
Water
129.15
56.20
72.95
Labor at station
13,681.45
11,238.68
2,442.77
Repairs buildings
37.42
711.24
673.82
Repairs Steam Plant
2,097.94
1,544.54
553.40
Repairs Electric Plant ..
539.84
109.84
430.00
Station tools and expense
900.51
805.01
95.50
Manufacturing Exp.
45,006.98
41,006.13
4,000.85
Care of meters & com. Its.
1,844.70
1,086.50
758.20
Care of street lights
1,884.93
1,912.33
27.40
Incand. lamps-com.
265.28
930.68
665.40
Repairs street lines
4,621.14
5,918.16
1,297.02
Repairs transform. & met.
205.87
402.88
197.01
Distribution tools & exp.
208.36
139.08
69.28
Auto and garage expense
4,833.86
3,182.88
1,650.98
Distribution Expense
13,864.14
13,572.51
291.63
General salaries
6,979.58
5,447.00
1,532.58
Board salaries
225.00
225.00
Board expense
389.55
10.00
379.55
Rent of stock room .
150.00
340.00
190.00
Gen. off. exp. & clerk hire
3,178.26
3,082.96
95.30
Overhead Expense . .
10,922.39
9,104.96
1,817.43
Taxes
447.90
364.00
83.90
Insurance
2,504.17
1,842.58
661.59
General Expense . .
2,952.07
2,206.58
745.49
Total Expenses
72,745.58
65,890.18
6,855.40
Balance to Profit & Loss .
42,548.52
23,205.91
19,342.61
$115,294.10
$ 89,096.09
$ 26,198.01
168
PROFIT AND LOSS ACCOUNT CREDIT
1919
1918
Increase or Decrease
Balance from operation .
$ 42,548.52
$ 23,205.91
$ 19,342.61
Rental of pole line ....
401.55
422.78
21.23
Int. rec'd-Bank balances
255.85
1,115.86
860.01
Gain from Jobbing . ...
134.38
134.38
Premiums & Accd. Inter't -Bonds
379.25
379.25
Small adjustments
4.08
4.08
$ 43,723.63
$ 24,744.55
$ 18,979.08
DEBIT
Bonds paid
$ 10,000.00
$ 10,000.00
Notes paid
4,800.00
4,800.00
Interest paid and accrued
7,416.21
6,882.24
533.97
Loss from Jobbing
209.24
209.24
Depreciation allowed
10,419.76
8,529.85
1,889.91
Bad debts charged off . .
266.18
266.18
Bond expense (printing)
75.00
75.00
Balance to surplus
10,746.48
5,676.78
16,423.26
$ 43,723.63
$ 24,744.55
$ 18,978.08
SURPLUS ACCOUNT
Surplus Jan. 1, '19 & '18 $ 6,884.75
$ 57,192.03 $ 64,076.78
Add-Gain for 12 months
10,746.48
5,676.78
16,423.26
Deduct :
Debit adjustment of Loan Repayment Account
58,400.00
58,400.00
Surplus Jan. 1, '20 & '19 $ 3,861.73 $ 6,884.75
$ 10,746.48
.
BONDS AND NOTES
No. of
Issue
Date issued
Amount of original
Payments on principal
Rate of Int.
Interest payable
For what Amt. outstanding issued Dec. 31, 1919
BONDS
1st
10- 1-94
$50,000
$1,000 yearly
4%
Apr. Oct.
Establishing plant
10 years
2,000 yearly
20 years
$ 10,000
2nd
10- 1-07
26,000
1,000 yearly 26 years
4 1/2 %
Apr.
Additions
14,000
3rd
7-15-11
20,000
2,000 yearly
4%
Jan.
15
Wilmington
10 years
July
15
Lines
4,000
4th
10-15-13
23,500
1,500 yearly
4 1/4 %
Apr.
15
Station
Oct. 15
Oct.
15
5th
9-15-14
8,000
500 yearly Sept. 15
4 1/2 %
Mar.
15
Reading
5,500
6th
10- 1-17
55,000
3,000 yearly
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