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THE PILOT, Southern Pines, North Carolina
Friday, September 12, 1941.
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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<w«
paring the year ov tOlU pay xoU anowited |o ^,800,40^ ]Si ^
et the new cmpMj In 19f6, OaroUsa Towft A {dght OoMHBV’i pij^ v
hMt amounted to ft of mors tbaa |38,000,000. ZmtittaoJt N m KnploiM
¥* eMs«Qs, liafitittite f/ ibji ih mu ib i
A DOLLAR’S WORTH OF
ELECTRICITY IN t©25 AND NOW
THREE DOLLAR'S WORTH OF
ELECTRICITY IN 1925 AND NOW
86KWK
Incftiic in lh<
buyinj powtt
of ific Rtil
dcnlialEtcctric
Cuilomcr*!
dollar ilnct
1925 rcfUcIi
tKt lubittftlUl
rttc rcductioAi
m«dc by tk<
(Ompiny
28 KWH
25 KWH
4
9B% OF APPLIANCE SALES
MADE BY ELECTRICAL DEALERS
' The company’s wtahliahed program il aotive co-operatioo with appliance
c 'rs m the matter of electrical equipment sales was oontinned in 1940. Sales
| 0 ctric appliances by the compwy and dealers during the year amoonted to
B ximately $7,377,000. Ifinety-flTe per cent of snoh sales were made bv
‘^der.iers. ^
CO-OPERATIVE MEASURES
FOR NATIONAL DEFENSE
' The present natio^ emergency has brought aboot many new demands fo«
.the company s elecjrlc s^e, some of which will continue during this period
company’s policy of antloipa^ demands in ad<
^nw it has l^n aUe to supply thesQ increased needs. &erons industriei
In the production of da.
operating on a 24 hour per day baais. The principal
^ ***• *« furnishing
aafount of power to sem shipyards, arm?
In addltio^ a titri defense industry, not located w^liliin th#
Spompany s territory, is receiving full co-operation In its power reonirementa,
The Company ie always ready with its facilities and its manpower to
co-operate with its customers and governmental authorities in meeting regular
demands for electric servioe and solving new power problems as they arise.
PREFERRED STOCK DIVIDENDS BENEFIT TERRITORY SERVED
In 1940 the company paid regular quarterly dividends to its 8,600 holders of preferred stock.
Since about 6,600, or more than three-fourths of the total number of the comoany's preferred stock
holders reside in North Carolina and South Carolina, such dividend payments represented a dDcidsd
stimulus to business generally in the territory served.
0. J. COMY ■
H SeereUry and Treuarer
North Cwolbu
». LEI ELUS
President, Asheville Coca-
Cola Company
Asheville, Korth CaroUns
' JAMES L. McNAlR
Indastrialist
Lanrinburs, North Carolina
“^heetoti
I* V. 8DTTON
President and General
Manager
Baleigh, North Carolina
C. 8. WALTERS
V!re-P:e»ldent
Manas, r Western Division
AsbeviKe, North Carolina
W. H. WEATHERSPOON
V.ce-Presld2r.t and
General Couns"!
Raleigh, North Carolina
ALEXANDER WEBB
President, The N. C. Home
insurance Company
Raleigh, North Carolina
i; V. fiimroN
President and General Manager
W. H. WEATHERSPOON
Vice-President and General Connsel
C. S. WALTERS
Vice-President
8. P. VECKEB
Vice-President
C. J. CURRT
Sscrcury and Treasurer
R. B. CARPENTER
Assistant SecrcUry and Assistant Treasurer
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CAROLINA POWER & LIGHT COMPANY