OCR Text |
Show services at $18,700,383. Against tills were expenditures of $3,015,-257 $3,015,-257 paid in salaries and wages, $2,080,209 paid for fuel and power pow-er purchased, and $1,847,611 spent for other supplies and expenses. ex-penses. These, with appropriations to reserve and for interest, brought the total spent to $12,880,033. The year's tuxes amounted to $3,-312,293 $3,-312,293 leaving $2,368,057 available avail-able for preferred dividends or retained as assets. I Mr. Gad.sby detailed events of the past year, including hearings before various commissions which he estimated accounted Company Dividend I 're vent Power (jov. Regulations Utah Power & Liht Company earned the equivalent of $9.40 ,)er share on its outstanding preferred pre-ferred stock during 1943 but because be-cause of bookkeeping entries ordered by regulatory bodies fotnid it illegal to pay any dividends divi-dends after July 1, according to the concern'.- animal n port to for V4.i)(i(i inanhouis of .officers and employes time. He explained' refinancing proceedings whereby $44,000,000 of bonds were retired and, $42,000,000 of new bonds issued is-sued at a substantial savings in interest. "Electric service is unrationcd and its quality' unimpaired," the rnmrf. slutes. '.'The increases in' .stockholders just oil' the press. Thc.su book entries, the report shows, left an earned surplus deficit de-ficit of $32,5-11,830.64 as of December De-cember 31. 1943 for the company : and Us subsidiaries, the W.estcrn Colorado Tower Company and the Utah Light & Traction Com-I Com-I pany, and so long as it exists it 1 will be illegal to declare divi dends. However, the Securities and Exchange Commission has ordered ord-ered the company to restate its present capital structure consisting con-sisting of common and preferred M.ick into one class of stock, Kimely common stock. :. restatement of capital will re- move' the book deficit by charging charg-ing it against a capital surplus lo be created by Writing down he stated value of the company's com-pany's stocks. "This will be done as soon as clue protection of the stockholders' interests will per- total operating revenues have come from war-inspired activities. activi-ties. Higher operating costs have accompanied the increased revenues, rev-enues, and the earnings which remain are largely drained back into the federal treasury through the federal taxing system." The report pointed out that completion -of 50,000 - kilowatt steam-electric generating plants at . the Geneva Steel works . by the Utah Copper company further furth-er strengthen the power resources re-sources of the area. The Tower company and Its mit, the report continues, as "Your directors are anxious to clear away these, accounting troubles, fully realizing that the preferred stockholders should receive re-ceive earned dividends at the earliest date" consistent with the safety of their investment in the I Company." The report, signed by George M. Gadsby, president and general manager, listed the income from the combined companies for subsidiaries employed 1951 persons per-sons as of last December and I 537 had been with the organization organi-zation 20 years or more. The report lists the names and branch of service of 305 employes now with the armed forces. At the close of 1943 the three companies served 140,372 customers cus-tomers with electric service, an increase of 5,551 over 1942. Its miles of electric lines, all voltages, volt-ages, increased 111 miles to 7,688. 1 During 1943 the systems' generating gen-erating station output, including purchased power, was 1,482,8'?4,-000 1,482,8'?4,-000 kilowatt hours of energy, an increase of 163,625,000 over 1942. |