Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-04-02
Must Find Market for
Energy to Be Pro-
duced at New Gulf
Island Plant-Earn-
ings of Company
Greatest in History

Urging stockholders OF the Cen
tral Maine Power Company to exert
thelr influence wherever possible for
| the repeal or modification of the law
1orb1dd1ng the taking of electric
power out of Maine. Walter S. WV
man, president of the big utilities
company. declared in a letter ent
OUT thursday that a market for the
loo'oouUOO kilowatt hours per year
more, which the company will have
70 sell with the completion of the
sigantic Gulf Island project on the
AnoroscoSgtn by January 1927. NAV
be found just across the horder IN
new Hampshire-Dover, Portsmouth
and other towns.
The statement of the c. M. p. Co.
president says that the power com
pahies now serving that section are
generating electricity from steam or
eouiu sell TO other consumers who
"a od noW making steam power, about
TTv ~, kllowatt hours per year,
icy would purchase that amount
OF energy if they could do SO adj
vantageously. A pole line from +ba
central Maine Power Co. deve,on-
ments to the New Hampshire horder
would reach that market. ana &C.
Corolng to the statement of Mr.
Wyman. without impairing the Anil.
ity or the Central Maine Power Com
pahy TO fully and completely serve
us territory within this state.
by reason of the good water ron.
ditions and other favorahIe ciro,',..
stances, the earnings of the Centr.,
Maine Power COMPANY have hae a.,
better for the past quarter ana -.
the past II months than ever he
fore, and according to Mr.. Wvman,s
statement, there is every prosnect
Tor a continuation of that prosner-
ity. prosper
Some interesting facts concerning
me production of the c. M. IN Co.
pants are contained in the state
il'enr , which are in part as follows:
ne L. months ended March n
1876, have been one of the most
remarkable years so far as the now
OF water in our Maine rivers is con,
cefned that this company has ever
| experienced. During that - montbs
me central Maine Power Co. svs-
,ein generated a total of lie, 800 0OO
hll! Mo hours. OF that amount
'o,3oo'oo0 ktlowatt hours were GEN
eid.ed IN Its own plants by water
po"er' In other words, less than
percent OF the energy that we pro-
Iueeo IN the largest years output
tlat we ever had was made from,
steam. 1ii"ue from
we are rather apt to look on +he
water power DEVELOPMENT work +bat
central Maine has been doing ~
one OF the incidents of life goins as
around us and forget its irportanoa
II the l'6,U0,000 XVIII which mero
generated by our water powers bad
peen made with steam. even n.i+t
SOU modern plants, It would bay.
o0 0nnunureed something like 17J,OOO 70
-oV'VoV tons of the best grade of soft
Loai 20 do the trick. We shou1d
noo t mad to pay out about ST, 800
w Tor this coal delivered in Cen
lral MAINE. Practically all this mon
~ would nave gone directly outside
,le state. AS 1t is. the cost of this
water power that has been used is
mace up very largely of taxes paid
10 dlitefent cities and towns and or
preferred stock dividends nearly all
pald TO citizens of Maine who have
invested their money in that secur-
,jty.
Inc Following statement shows the
earnings of the company for the u
'~'' "oi 90, IJ-o
Gross income s4923 oao11
Depreciation
accrual and
actual main
tenance ex-
penditures IS 6,472S5
other operat-
ing expenses. 2,14s,192.03 c,7S4,e6493
Balance .............s2,13 S.6271S
Interest on funded and
unfunded debt and
guaranteed dividends
on stock Of subsidiary
companies ............ 1,oso,35o.22
Bolancs .............s1,o7 ,27s 90
Dividends on preferred
stock ................ T2a,21577
RaIapca 1910 O