New Ulm review., 1921-05-11
HEAT RECEIPTS
WERE $9,465.lO.
LAST YEARS INCOME $1,7OO
LESS THAN PREVIOUS
TWELVE MONTHS.
INVEST DEPRECIATION FUND
IN BONDS OF THE NEW
MUNICIPAL PLANT.

AS result of the lively
mild winter of 1920-1921, the re-
ceipts of the New Ulm Heating Co.
were curtailed nearly $1,70O ST.
699.90, to be exact-and still they
totaled $9,465.10. The figures for
the previous twelve month period
were $11,165. A detailed report Of
the past years business, prepared as
a result of an investiga alton of the
company's affairs by joint COM
mittee of the city council and the
board of directors of the Heating
Co., was read by Secreatry Fred W.
Johnson of the latter concern at the.
council meeting last Tuesday even
ing, as we'll as at the annual meet
ing Of the Heating Co. stockholders,
Monday afternoon of this week.
The joint committee is composed
of Councillors DR.. Emil Mueller and
Karl H. Aufderheide, and President.
Alfred J. Vogel and Secretary John
son of the Heating Co.
The receipts by individual months
were as follows: May, 1920, $275;
June to October, 1920, inclusive,
$70S.70; November, 1920, $1,421.20;
December, 1920, $1,774.6O; January,
1921, $1,696.35; February, 1921,
$1,549.40; March,> 1921, $1,381.O5;
April, 1921, $65SSO.
Pay Off $5,s21.56.
The receipts were disbursed as
follows: Capital stock tax, $4,000;
attorneys fees, $2O.5O; sic per cent
interest to be paid the New Ulm
Heating Co. on the net investment
of $24,367.9S, $1,462.08; depreciations
fund, five per cent of total cost of.
plant, $2,034.96; to be paid the New
Ulm Heating Co. and applied in re-
duction of purchase price of plant,
$5,921.56.
Net Investment, SIS, S,446.42.
The original investment of the
New Ulm Heating Co. in the local
central heating system was $26, 400.
TO this amount must be added the
sum of $16,951 for extensions and
$286 for other expenses, making a
total investment of $43,637. This
amount has, however, been reduced
every year by the payment to the
Heating Co. of sum equal to five
per cent of the total cost of the
plant, so that on May 1, 1920,
the remaining net investment ag-.
gregated $24,36798. Deducting from
this amount the sum of $5,921.56,
representing the annual five per cent
reduction of the original cost, leaves
$18,446.42 still to be paid the Heat
ing Co. before the plant automatica-
ly becomes the property Of the city,
This will be an accomplished fact
in three years, provided the business
of the concern maintains it's present
dimensions. Z -ssT.+ rx,.,s
The report OF the Joint committee
was. approved and accepted by
the city council and by the stock
holders Of the Heating Co.
al, Invest in City Bonds.
The plan of investing the depre-
citation fund of the Heating Co.. in.
bonds of the new municipal electric
light and waterworks plant was dis
cussed at the last council meeting,
as well as at the stockholders annual
gathering, and in the latter meeting
"a resolution was passed to the effect
that the board of directors shall
carry out this plan. Action com
plying with the provisionsaof this
resolution was taken at a meeting
of the board, yesterday morning.
Amounts to $8,487.3O.
The depreciation fund amounted
to $8,4S7.30 on May 4, 1921. This
includes the annual appropriations
an accrued interest Since May "a,
1917.
Directors, Officers Reelected.
At the annual stockholders meet
ing all members of the board Of
directors were reelected, sas follows:
Alfred J. Vogel, Fred W. johnson,
H. w. Engelbert, Ferdinand Crone
and Henry N. Somsen. AT the
directors meeting, yesterday morn
ing, it was voted to re-elect' all Of |
the old officers. They are: President,
Alfred J. Vogel; vice president, H. W.
Engelbert; secretary treasurer, Fred
w. Johnson.