The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-04-21
THIRD SET OF
FIGURES FILED
BY LIGHT CO.
New Utility Report Adds to
Confusion in Fight
Over Rates.
REVENUE DROP SHOWN
Commission GiVen Revised
Picture of Company'S
Business.
BY Daniel NJ. KIDNEY

DANIEL W.
Belated filing OF the 1881 re-
port of the Indianapolis Power and
Light Company today gave new
set of figures differing from either
those used by Commissioner Harry
K. Cuthbertson in the city rate case
or by the company in its stock
promotion prospectus.
The annual report, which was due
March Is. but was filed late on
Wednesday, shows a total revenue
for 1881 of s10102, 93345. which in
cludes both operating and nom
operating revenues. This is a drop
nj 1854. 523.84 from the total reve-
MUGS for 1890 as filed with the COM
mission.
The stock prospectus of the COM
pany gave the gross revenue up to
Sept. 30. 1881. as S10,330,576 which
would mean that but nine months
N the year were set out at a greater
figure than the grand total as of
Dec. 81, 1881.
Figures in Conflict
Then there are other figures
found by Cuthbertson. He claimed,
when he dismissed a city and Cit
liens petition for rate reduction,
that the twelve-month gross for
1891 was S9,957 1883.
Because of the difference in the
companys and CuthbertSon's 6g-
ures, the case was reopened and
compromise reached, cutting the
first fifty-kilowatt consumption
one fourth of cent k, W. h., the
new rate being 81 cents
The city electric bill was cut
$4,000 and rural and suburban
consumers were put on a parity
with city consumers, except for the
monthly minimum charge, which is
30 cents in the city and 81 in the
country.
Today's figures provide new
picture Of the company, differing
somewhat from either that painted
in its prospectus for stock promo
ton or by Cuthbertson.
Plant Value Boosted
The figures show that, with bust
ness falling off, the plant value was
increased on the company books to
a new high of ST. Asst, 72447, a boost
OF $14,060,63170 over the valuation
at the beginning of 1881.
This is accounted for by the new
Harding street plant. The report
sets out that plant and property
on Dec. 81, 1890, we're valued at
$57397 ,092.77 During 1881, addi-
tions of $685., 64628 were made and
s13,194 ,985.42 added for work in
progress"
Since the close of the year, the
Harding street plant has been put
into operation and would be pre-
sented as an asset in any rate
making valuation based on used and
useful properties
Blame Might Hit Commission
One of the arguments of those
seeking reductions was that the new
plant was not needed and was
built largely for the sale of securi-
ties and to add to the property for
rate-making purposes, thus keeping
the high rates, with threat of rails
ing them highen
Should such contentious prove
sound, the blame would lie directly
on the public service commission,
which authorized the expansion
and securities sale and never has
made a fair valuation of company
properties upon which rates should
be based.
on Aug. 8. 1890, the commission
authorized the company to sell ST.
100000 worth Of preferred stock at
not less than 90 per cent par value
and authorized further issuance of
100000 shares of no par value
common stock
Increased dividend payments,
With decreasing revenues. have
shrunk the company surplus to
1857 006.12 at the beginning of this
year the report shows.
Surplus Goes Down
The company began 1880 with
surplus of S957,27301 and 1881 with
1924, 895.27.
This shrinkage might have been
absorbed somewhat by buying coal
at a lower price from some COM
pany other than the one owned by
the same holding company. For
the report shows that the contract
to buy coal from United Galleries,
Inc, resulted in paying an average
of S2.6337 a ton for more than
379.72 tons delivered. The coal is
ordinary Indiana mine run and
screenings.
Electric revenues for the company
for 1881 are set out at S9,117 ,088.41
and heading revenues at $784.853.7 70,
making a total revenue from op-
Grating of S9,90l 1920. This is a
drop of 1857 980O2 from 1880.
Incorporating revenues, rent and
the like, increased from Sl87,535.O7
in 1880 to 5000, IS in 1881.
Net of S9S7,556
After deductlng s1.o95. 552.s6 for
taxes and S2,o24, 22e.5S for depreci-
alton reserve, the gross revenue for
1881 amounted to s2,555, 288.l0.
Interest on funded and floating
debt, reserve and miscellaneous
took from this amount Sl,6lZ73l.81.
leaving a net of $9S7556.29. Pre-
ferred dividend payments amounted
10 $4,000 and 10 cents a share was
paid on 10000 shares of no par
value common stock, amounting to
s525, 900, the report stated.
In 1880, 90-cent dividend was
paid on 100000 shares of common
stock
Total dividend payments were
81 ,305, 900 in 1881, putting the COM
pany in the red $367,443.71 and cut
ting down the surplus. In 1880 the
deficit was listed at $162,373.47.
AnHsnhnrs porIoxr l.