BROAD RIVER POWER COMPANY

Transcription

1 OF BROAD RIVER POWER COMPANY \ FOR YeaR ENDED DECEMBER 3l, 1928

2 ANNUAL REPORT BROAD RIVER POWER COMPANY FOR YEAR ENDED DECEMBER 31, 1928

3 BROAD RIVER POWER COMPANY - - DII~ECTORS-L>ec~:nlber 3 I, 1928 W ILLIAM S. 13a~~~~~~i~ ERSEST 1V. NIVER JOIIS I?. CAMPBELL CLIFTOX N. l\ti~sos LUCIEN H. TYXC llr~~~,~a\~i F. ISGOLD \~'ILLI&1M I?uclISB \~hi OFFICERS-December 3 I, I ps OPERATING MANAGERS II'. S. I~ARST~U- & CoMrL2r\;Y, Isc. GENERAL OFFICES A RCADE I~uILDISG, Columbia, S. C. 50 PIXE STREET, New York. N. \-. TRANSFER AGENT Tmz SEABOXIID NAi~~~~;\L Bx?~TK, New York, N. I-. -- REGISTRAR T HE CFI,WZ K,\TIo?;~\L L',Lzr\~I<, New York, N. Y.

4 Turbine room of Parr Shoals Hydro Station. Substation at North supplies increasing in d u s t r i a 1 demands for power. Office Building of Broad River Power Company, Columbia, S. C.

5 ANNUAL REPORT OF BROAD RIVER POWER COMPANY FOR YEAR ENDED DECEMBER 31, 1928 TO THE STOCh HOLDERS: The continued industrial development of the South was a factor in the steady growth and expansion of the Broad River Power Company during I 928. Throughout every department higher standards of efficiency were developed and dependable service to customers was maintained. The value of property was increased during the year by the expenditure of approximately $720,000 for additions and betterments. Net income for I928 was $634,622, an increase of $130,533 over The total number of customers served by the company during 1928 was 18,7 18, an increase of 1,202 over To meet the constantly increasing demands for service in the territory, the company during 1928 started the installation of a new unit of 30,000 k.w. capacity at the Parr Shoals steam station. Two 1,500 horsepower boilers and another unit to the coal pulverizing plant are included in the new equipment. The company replaced 40 cycle generators in the Canal hydrostation at Columbia with 2,000 K.V.A. 60 cycle 4,600 volt generators. A concrete apron was placed over the rock crib dam to the Columbia locks to increase operating efficiency. A transmission line was built from Lyles substation to the water power development of Lexington Water Power Company, an associate company of Broad River Power Company, on the Saluda River, ten miles from Columbia, to furnish power during

6 construction. This project involves the building of the largest earthen clam in the Vnitecl States, 208 feet high, nearly a mile and a half long and a quarter of a mile thick at its base. It will create a lake 41 miles long, 14 miles wide at its widest point and will contain 750 billion gallons of water. Other important transmission lines were built from Parr Shoals to Rlair and to the Anderson Quarries, a distance of 18 miles and from I_3ate.slm- g to Leesville, to furnish power to industries in these sections. A distribution loop line system was completed around Coluinbia for increased service deniands to industries. More than 15 miles of clistrilmtion lines were built throughout the territorv. The conqm~y acquired additional land at the Lyles substation for future developinent of facilities. An addition \vas lmilt to the substation at Pu-r Shoals and new substations were built at Seaboard Park ant1 Muller Avenue, Colunil~ia. The operatin g department of the company occupied new offices on Main street during the year. The merchandising department was dispensed with so that undivided attention could be given to power business and new services. A housewiring campaign conducted during the year added many new electric customers. At the gas plant electric driven compressers and neu- blowers \vere installed for increasing service. More than ele\-en miles of new gas mains were laid in extending service at Coluinbia and Eau Claire. The accounts for the year were audited, as usual, b\- Haskins & Sells, Certified Puldic Accountants. To the united and conscientious efforts of the organization were due in a large measure the fine accoinplishnients of the year. For the Board of Directors, LV. S. BARSTOL\., Pvcsident.

7 Capacity of Parr Shoals Steam Station is being increased to 72,500 K. W. by installation of another 30,000 K. W. unit. Turbine room, Parr Shoals Steam Station.

8 GENERAL BALANCE SH BROAD RIVER P ASSETS PROPERTY $19,921, SECURITIES OWNED ,285.OO SINKING AND OTHER FUNDS ,081, CT.RRENT AND WORKING ASSETS: Cash and Call Loans... $ 341, Notes and Loans Receivable , Accounts Receivable , Coal and Other Materials and Supplies at Cost , Miscellaneous... 25, , Total $23,306,520.46

9 ER COMPANY T, DECEMBER 31, 1928 LIABILITIES CAPITAL STOCK : Cumulative Preferred 7$/c, Par $100 per share $3,810, Common, Par $100 per share ,329, $ 8,139, FUNDED DEBT : First and Refunding Mortgage, 5% Gold Bonds, Series A, due September 1, $6,580, Ten Year 6 1/2 ;lo Secured Sinking Fund, Gold Bonds, due November 1, ,326, First Mortgage 5% Sinking Fund Gold Bonds, of Columbia Railway, Gas & Electric Company, due July 1, ,807, First Mortgage 5% Sinking Fund Gold Bonds, of The Parr Shoals Power Company, due April 1, ,000, Ten Year 7% Sinking Fund Gold Notes of Columbia Gas Light Company, due May 1, ,700.oo 13,006, ~- - CURRENT LIABILITIES : Accounts Payable $ 238, Consumers Deposits , Advances by Consumers for Extensions. 18, , ACCRUED LIABILITIES : Taxes $ 154, Interest on Funded Debt , Miscellaneous , , RESERVES : Depreciation and Contingencies $ 716, Miscellaneous , , SURPLUS , Total $23,306,

10 BROAD RIVER POWER COMPANY INCOME AND PROFIT AND LOSS ACCOUNTS FOR YEAR ENDED DECEMBER 31, 1928 INCOME ACCOUNT OPERATING REVENUES $2,142, OPERATING EXPENSES AND TAXES : Operating Expenses and Maintenance.. $741, Depreciation ,ooo.oo Taxes , OPERATING INCOME...., OTHER INCOME TOTAL INCOME DEDUCTIONS FROM INCOME : Interest on Funded Debt $686, Other Interest , Amortization of Discount and Expense. 73, NET INCOME (Transferred to Profit and Loss Account). 1,119, $1,023, , $1,399, , $ 634, PROFIT AND LOSS ACCOUNT SURPLUS, JANUARY 1, NET INCOME (Transferred from Income Account)... Total.... DEDUCTIONS : Preferred Stock Dividends... $266, Common Stock Dividends ,470.OO Miscellaneous... 26, SURPLUS, DECEMBER 31, $ 635, , $1,269, %