fgf six THE PILOT, Southern Pines, North Carolina Friday, September 12, 1941. :! •• :t It I Carolina Power & Light Company si W« rcoestly mailed to oar ■toekholderi onr Annual B«p<^ for 1040. BeUeving that certain of the infor mation contained in that report is of general int«r. Mt, we submit thii brief summary. REPORTS TO YOU When the original Carolina Power & Light Company was organized in 1908 it supplied electric service to 1,100 customers in four small towns and operated a street railway system in one of those towns. In April, 1926< the old Carolina Company was consolidated with four affiliated companies to form the present Carolina Power & Light Company. By the end of that year the new company was serving 58,541 customers. During the next fourteen years, or at the end of 1940, the number of customers receiving electric service from the company had grown to more than 119,000. From a total generating capacity of about 4,750 horsepower of the old company in 1908, the present con^ pany's ability to serve, through its own generating facilities and power purchase contracts, had increased by the end of 1940 to 425,000 horsepower. The transmission system of the company is interconnected at fourteen points with systems of adjacent power companies, including the Tennessee Valley Authority. All these interconnections are available for emergency service. The company's policies are based on the belief that continued success depends upon the recognition of its responsibilities to customers, employees, and security holders. Consequently, it has endeavored to pro vide first-class service at low cost, to become a good citizen in each community it serves, to promote the welfare of its employees, and to pay a fair return to those who have invested in the company's properties. OVER 119,000 CUSTOMERS IN URBAN AND RURAL AREAS At the end of 1940 the Carolina Power & Light Company was serving 11S ’io electric customers, or more than twice the number served after the organic u of the new company in 1926. These customers are located in 288 different l .n. munities and in adjacent rural areas. They represent all classes of useis. do mestic. Commercial, Industrial, Farm, Government, and Municipal. In addii on to the expansion mentioned above, to serve thlj increase in customers necessi tated an increase in miles of line from 2,869 in 1926, to 9,636 miles in 1C40. , $8,500,000 CONSTRUCTION PROGRAM GETS UNDER WAY In anticipation of future increased demands occasioned by the natural growth of the territory and the National Defense Program, a building program wa* launched in 1940 which included two generating units of 40,000 horeepower each to be added to the Cape Fear steam electric generating station, four new 110,000-volt transmission lines in North Carolina «nd two such lines in South’ Carolina. The generating units are scheduled to be ready for service in 1942-* one in April and the other in August. Some of the trftnsmission lines hnv? beefl completed already—others are under construction. PRICE OF ELECTRICITY AGAIN REDUCED IN DECEMBER, 1940 To^md the end of 1940 a rata reduction became efTective which was esti- na.cd to save ok cnstomeM *284,000 a jear based on the me dnrlni the twelvl mon.hs previous. The company hr made since April, 1926, rate redi'-'tlDr.a ®l®‘^tric custome.> ...,-ings at the rate of more than $4,000,000 $2,300,491 PAID TO EMPLOYEES DURING 1940 At the close of 1940 the opaposj had $ total o| 1,488 jregnlar empJoylttylii •hared with the & lieen sense of rtopooslWU^ tO (tQt VOSt