The coastland times with which is combined the pilot and herald of Belhaven and Swan Quarter. [volume] (Manteo, N.C.) 1959-1973, 1962-02-23
IVEPCC 1862 BUDGET
FOR CONSTRUCTION
SET AT $82.50o. 600
Dividend Increase Noted: Sum
mary Of Building Programs
Told at Board Meeting

h
Virginia Electric and Power Com
pany recently approved a 1862 con-
lstruction budget of $50, 500, 900. The
Board also declared quarterly div
idend Of S5 cents per share on
lVepco common stock. This is an in
crease of 2Mc per share over the
quarterly dividend that has been
paid since March 1861.
Vepco President, A. H. Mcdowell,
Jr., pointed out this years budget
is $4,400,000 more than the $751;
100000 spent last year.
The budget includes $35, 500 900
for generating facilities and $40,-
100000 for electric transmission
and distribution facilities. Gas and
other property additions amount to
$6,2O0,0O0.
Construction work on the first of
two 100000 XIV units at Verco's
Mt. Storm Station in the coal fields
of Grant County, w. Va. has been
allocated $6,800,O00. The first unit
is scheduled for completion in 1866.
The total cost of the project in
GLIDING transmission lines win be
approximately 100000, 900.
An estimated $19,SOO,OOO will be
spent during the year ON construc-
ton of the company's 100000 kilo-
watt hydroelectric project now be-
ing built on the Roanoke River in
North Carolina. The total cost of
this project is $46.500, 900.
Mcdowell said $50, 400, 900 win be
necessary to complete the fourth
unit at Postum Point Station, near
Quantico. The Portsmouth stations
fourth unit, he said, viii require
almost s., 000, 900 for completion
These two units, each with a capa-
city of 200, 900 kilowatts, are sche-
duled for completion this spring.
They will bring the combined name
plate capacity of these two stations
to over 1000, 900 kilowatts.
Vepco started construction last
year on the $50 300 900 fifth unit
at Chesterfield Power Station. Pro-
posed expenditures in 1862 on this
$4,000 XIV unit will be over So 600,-
600. The addition will bring Ches-
terfield's nameplate capacity to
100000 kilowatts.
Construction will continue on the
atomic powered generating station
being built at Parr, S. C. by Vepco
and three neighboring utilities in
North and South Carolina. This ex-
detrimental station, first in the
Southeast, is scheduled to begin
operations this summer with gen.
Grating capacity of 1900 kilowatts.
Vepco's eleven operating dis
tficts have been allocated the 70.
lowing electric construction expen-
ditures: Ric h m ond, $11, 800, 600;
Charlottesville, $3,500,000; Coving-
ton-C Clifton Forge, $1,000, 900; South
Boston-S outh Hill, $4,000, 900;
Petersburg, $1,7OO,OO0; Norfolk.
$780, 900: H ampton Newport
News, $4,000, 900; Roanoke Rapids,
N. c., $23,0OO,O00; williamson
Elizabeth City, N. c., $500 900;
Acknowledgements, $4,000 900;
and Fredericksburg, $5,700,00O. In
addition $4,000, 900 has been allocat-
ed to the new Mt. Storm Station in
Grant County, West Virginia.
Construction ALLEGATIONS in con-
nection with the company's gas
operations are approximately 81
100000. The Norfolk area system
will receive $1,7OO,00O of this
amount and the Newport News
Hampton area system will receive
81 100000.
Mcdowell cited the construction
expenditures of 1904, 900, 900 dur
ing the last five years as an in
dication Of Vepco's growth.
In other matters, the Board de-
clared quarterly dividends on the!
four series of preferred stock: 81 Is
per share on the So dividend pre-
ferred; $1.01 per share on the $4.04
dividend preferred; $1.05 per share
on the $42 dividend preferred. and
81 O3 ner share on the $4.12 divid-
end r-cferred stock.
Dividends on both common and
.~cfc---ed stocks are PAYABLE onl
March 20, 1862, to stockholders of
record at the close of business on
February %, 1862.