New-York tribune., 1921-04-22
Northern States
Power Earnings
Increase i'm 1920
New Business Rather Than
Higher Rates Basis for I'm.
provement; Electric De.
partment Growth Feature

The Northern States Power Company
serves a large territory in the south
ern half of the State of Minnesota. and
mas power plants at Minot and Fargo.
N. D.; at Sioux Falls, S. D.; at Ot-.
tumwa, Iowa, and near Galena. H. II
mas both hydro electric and steam
power plants and does an electric. gas.
steam, street railway and telephone
business.
In 1920 total earnings amounted to
Sll l,I9s,T79 against $9,875,034 in 1919.
net earnings in 1920 were $4,466 .93S
and IN 1919 S4.1lT31S, fixed charges
IN 1920 were $2,148,470 and in 1919
Sl,aa0,o56 Thus in both wears in n.
terest charges were earned more than
twice over. Preferred dividends called
for Sl,341 ,374 in 1920 and Sl,176,998 in
1919. This left a balance which was
carried to surplus of $977,094 in 1920
and $94l,259 in 1919.
More than so per cent Of the increase
IN earnings was due TO new business
and less than 20 per cent to increases
in rates made effective during the lat
tyr part of 1920.
In other words, If the company 8
business is as good in 1921 its gross
earnings will be considerably larger
creased rates will be effective for the
entire twelve months.
The Northern States Power Company
shows gross and net earnings by de-
pariments. The electric department
earned 81 per cent of the total
gross of 1920, compared with ten
year average Of 1915 per cent The
gas department earned $50 per cent
gross in 1920 and ten-year average
Of 5.78 per cent. The steam depart
ment earned $40 per cent In 1920 and
S.92 per cent in the ten-year average.
and the street railway earned 1876 per
cent in 1920 and 1.73 per cent in the
ten-year average
The telephone department. earned
only a fraction of / per cent.
The net earnings from the electric
department in 1920 were 98.11 per cent
Of the company's total net earnings.
The fve-year average was 34.60 per
cent. The only other department that
had net earnings of more than a frac-
ton of / per cent of the total net was
the gas department, which contributed
LBS per cent. The ten-year average
of this department was 3.37 per cent.
The steadiness OF the growth of net
earnings OF the electric department is
notable. In 1911 the net from this de-
pdrLmcnC was 81 ava ,JaI. In every
single year since 1911 the net from the
electrical department has shown a sub
stantial gain over the previous year
In 1920 it was $4,396,2S9.
The Northern States Power Company
serves in all 291 communities and all
but one of these is served with cleo
triclty. The total number Of consum-
ers of all classes connected in 1920
was 150,797; this is an increase of 49,
19a over the previous year. The cleo
trio output OF the company IN 1920 was
429, 1893 kilowatt hours. In 1919 it
was 1856 493 ,939 kilowatt hours. Th$
boiler horsepower Of all of the COM
pany's steam plants was 36,576 and the
normal hydro electric horsepower of
all the company's plants were 0159
The normal steam horsepower installed
was 1922 ,440 and transformer horse
power is 367,53l. The motor generator
horsepower was 21,9l0
The balance sheet as OF December
81, 1920, shows total investment in
plants, franchises, etc, Of S67, 500, ,683
and current assets of S5,235,021, which
includes $602,700 cash The company
has outstanding $20,440,0 7 per cent