The Birmingham age-herald., 1924-04-20
1923 IS GREATEST
 YEAR IN HISTORY
 FOR POWER BODY
Alabafna Power Company Annual Report Made
 Public Saturday
OPERATING INCOME
 JUMPS 30 PER CENT
Balance Sheet Shows As- sets And Liabilities At
 $77,472,OS3

Nineteen twenty-three was the great est year in history for the Alabama Power company according to the an nual report of directors to stockhold' CTS made public yesterday by Presi- dent Thomas W. Martin.
 Operating earnings increased 30 per cent over 1922. while the output showed gain of 20 per cent in en- ergy and 16 per cent in demand.
 Outstanding among industrial devel- opments of the Power company, as in- corporated in the report, was the ac- quisition of electric, gas and street railway utilities of Montgomery and Tuscaloosa, installation of generator unit at Mitchell dam, and the purchase of machinery and equipment the gov ernment had installed in the Gorgas steam plant.
 In part the report reads:
 Demand for electric energy through out the territory served by your com pany continued it's remarkable growth, and to meet these demands your com pany completed the initial installation of three generating units at the Mitch ell power plant on the Coosa river and began construction of three additional power plants on the TallapoOsa river, the largest being at Cherokee Bluffs.
 Your company proposes to impound the flood waters at Cherokee Bluffs to be released in times of low water flow at it's power plants on other streams. Down stream from Cherokee Bluffs your company acquired, in the purchase of the Montgomery properties, q site at Upper Tallassee. Further down stream your company also acquired the right at Tallassee Mills to develop power for public use over and above that now available and used by the mills: addi- tional power being possible of develop ment at both sides by the use of stored water at Cherokee Bluffs
 Bending the compilation of the storage development upstream your company is proceeding to install power equipment at each place, amounting to 10000 horsepower, which %will be in- creased upon the completion ot the Cherokee Bluffs and otkAr pr0f9sed de2 'vef1pnents upstream.
 FfnanciaK
 Unprecedented expansion and growth of your company during the year under review made necessary an expenditure of $15,921 ,529 for the pur- chase and construction of additional properties. To secure funds necessary for this expediture your company of fered for sale it's bonds and preferred stock. A majority of the shares of preferred stock are held by more than 1000 stockholders within the state. It is estimated that there are now held more than $1200O,000 of your com pany's securities by residents of Ala bama."
 Earnings
 Gross revenues of your cOmpaily for the year were $7.S63,2 ,294 as com pared with $5,T45,321 for the year 1922. This increase of $2,117,973, or 37 per cent, was due to an increased volume of business from existing prop critics of your company. together with the increase from new properties con structed or acquired in 1923. Gro6s electric revenues increased from $5,- OT1 sCSV NU Pu,CCOsOOOt uh llCEcdsC OL 20 per cent. of which $928, ,393 occurred in wholesale and $617, ,453 in retail op- erations. Operating expenses increased from $2,904, 1899 in 1922 to $4,278, ,222 in 1923, being on increase of A per cent. The net operating earnings of your company were $3,5S5,071 for the year. being 30 per cent more than 1922.
 Operations
 Field served by your company is greater than ever before, and many additional towns, cities and industries of the state continue to make applica- tion for its electric service. Your com pany now ranks 18th or 18th in the United States among the central sta- tion companies in the total output of energy and the maximum demand The output of energy for the year 1922 was 607, ,133, PAP kiloYatt hours as compared with 763. .280 ,96S kilowatt hours for the year just ended. Percentage of in
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