Question. Was there any nonoperating income during that year 1931? Answer. $298.92, making a total gross income of $162,873.62. Question. What was the interest on the funded debt of Malone Light & Power Co. during the year 1931? Answer. $54,972.50. Question. Was any other interest paid by Malone Light & Power Co. in that year? Answer. The other interest was in the sum of $41,499.20. Question. I seen an item "interest charged to construction "; to what did that amount in the year 1931? Answer. That was a credit, or reduction of the interest deductions in the sum of $4,898.66. Question. You say that is a credit to the deductions from gross income; by that do you mean it is in effect an addition to net income? Answer. Yes, sir. Question. What amount was set up by Malone Light & Power Co. during the year 1931, as amortization of debt discount and expense? Answer. $3,770.76. Question. So that the total deductions from gross income for the year 1931 were how much? Answer. $95,343.80. Question. That left a net corporate income for the year 1931 of what amount? Answer. $67,529.82. Question. What deductions were made from net corporate income during the year 1931? Answer. Federal income tax, $4,523.05. Question. How much were dividends paid on preferred stock during the year 1931? Answer. $20,778. Question. So that the net amount available for dividends on common stock and surplus for the year 1931 was how much? Answer. $42.228.77. Question. What dividends were paid on common stock by Malone Light & Power Co. in the year 1931? Answer. $15,370.50. Question. How much was credited to surplus? Answer. The amount retained in surplus was $26,858.27. (There was a discussion off the record.) By Mr. WALSH: Question. I notice from your table no. 23, at page 89 of your report, Commission's Exhibit 5622, that in the years 1928, 1929, and 1930 the dividends paid on common stock exceeded the income available for dividends on common stock so that there was a deduction in the surplus account of the company in those years, was there not? Answer. That is correct. Question. In the year 1928, by what amount did the dividends paid on common stock exceed the income available for those dividends? Answer. $9,115.23. 102777-34-PT 62-17 Question. What percentage of the gross revenue received from operations for the period from 1924 through 1931 was derived from operations of the electric department? Answer. Of the gross operating revenue, 86.33 percent was derived from electric operations. Question. And what percentage was derived from gas operations! Answer. 13.67 percent. Question. The total operating revenue, then, was 97.86 percent of the total income received by Malone Light & Power Co. for those 8 years? Answer. Yes, sir. Question. Nonoperating revenue was how much? Answer. 2.14 percent. That is a net amount of nonoperating rev enue. Question. What percentage of total revenue was paid for operating expenses, uncollectible bills, taxes, and retirement expense? Answer. 53.16 percent. Question. So that the balance available for fixed charges and Federal income tax was 46.84 percent of the total revenue, was it not? Answer. That is correct. Question. Of the total fixed charges, how much was interest on funded debt? Answer. 75.89 percent of the fixed charges. Question. Interest on unfunded debt was what percent? Answer. 22.05 percent. Question. And the interest charged to construction was a credit of what percent? Answer. 2.94 percent. Question. And the amortization of debt discount and expense was what? Answer. 5 percent. Question. These items, together, aggregated the sum which was 19.50 percent of the total revenue, did they not? Answer. That is correct. Question. So that the balance of the net corporate income before Federal income tax was what percent of the total revenue? Answer 27.34 percent. Question. What percent of the total revenue did the Federal income tax represent? Answer. 2.17 percent. Question. What was the percentage of the dividends on the preferred stock? Answer. 5.57 percent. Question. So that the balance available for dividends on the common stock was what percent of the total revenue? Answer. 19.60 percent. Question. And what was the percentage of dividends on the common stock? Answer. 15.89 percent. Question. What percentage of total revenue, then, was retained in surplus? Answer. 3.71 percent. Question. Of the total income available for common stock in the year 1924, what percentage was paid as dividends on the common stock? Answer. The percentage of the earnings paid to the stockholders was 31.50 percent. Question. And what percentage of the earnings on the common stock was retained in surplus? Answer. 68.50 percent. Question. What percentage of the earnings was paid to the stockholders in 1925? Answer. 29.93 percent. Question. And what percentage was retained in surplus? Answer. 70.07 percent. Question. What percentage of the earnings on common stock was paid to stockholders in 1927? Answer. 96.39 percent. Question. And what percentage retained in surplus? Answer. 3.61 percent. Question. What percentage of earnings on common stock was paid to stockholders in 1928? Answer. 110.14 percent. Question. And surplus suffered a diminution of what percent? Answer. 10.14 percent. Question. What percentage of the earnings on common stock was paid to stockholders in 1929? Answer. 103.90 percent. Question. What percentage was paid as dividends in 1930? Answer. 106.60 percent. Question. And what percentage was paid in 1931? Answer. 36.40 percent. Question. On page 94 of your report, you show the income from electric operations from each class of service and the quantity of kilowatt-hours sold in each class of service? Answer. Yes, sir; in total for the years 1926 to 1931, inclusive. Question. During that period from 1926 to 1931, how many kilowatt-hours were sold in residential and farm service? Answer. 7,910,765. Question. This was what percent of the total kilowatt-hours sold? Answer. 8.50. Question. What revenue was derived from the sale of that electric energy in residential and farm service? Answer. $711,983.38. Question. Which was what percent of the total revenue received? Question. What was the average revenue per kilowatt-hour? Question. How many kilowatt-hours were sold in commercial service during the years 1926 to 1931, inclusive? Answer. 17,380,692. Question. Which was what percent of the total kilowatt-hours sold? Answer. 18.69 percent. Question. What revenue was received from commercial service? Answer. $605,337.14. Question. Which was what percent of the total revenue received? Answer. 32.81 percent. Question. And what was the average revenue per kilowatt-hour? Answer. 3.48 cents. Question. What were the total kilowatt-hours sold in industrial or general service? Answer. 60,789,778. Question. Which was what percent of the total number of kilowatt-hours sold? Answer. 65.35 percent. Question. And how much revenue was derived therefrom? Answer. $345,188.36. Question. Which was what percent of the total revenue received? Answer. 18.71. Question. And what was the average revenue per kilowatt-hour? Answer. 0.57 cent. Question. What number of kilowatt-hours were sold for municipal lighting and miscellaneous service? Answer. 3,057,956. Question. Which was what percent of the total number of kilowatt-hours sold? Answer. 3.29 percent. Question. How much revenue was received from this class of service? Answer. $154,056. Question. Which was what percent of the total revenue received? Answer. 8.35 percent. Question. And what was the average revenue per kilowatt-hour? Answer. 5.04 cents. Question. What was the total number of kilowatt-hours sold to distributing companies? Answer. 3,882,060. Question. What percent of the total kilowatt-hours sold was this class of service? Answer. 4.17. Question. And the revenue received there from was what? Answer. $28,513.60. Question. Which was what percent of the total revenue? Answer. 1.54. Question. What was the average revenue per kilowatt-hour? Question. What was the total number of kilowatt-hours sold to all classes of service for the period 1924 to 1931, inclusive? Answer. $1,845,078.48. Question. So that the average revenue per kilowatt-hour was how much? Answer. 1.98 cents. Question. The detail of the figures from which you made up your statement on page 94 will be found in table 27 at page 96 of your report, Commission's exhibit 5622, will it not, Mr. Prichard? Answer. Yes, sir. Question. Which consumer was the largest purchaser of electric energy from the Malone Light & Power Co.? Answer. The consumer purchasing the largest amount of industrial power was the Malone Paper Co. Question. In the year 1926, what was the total number of kilowatthours purchased from the Malone Light & Power Co. by the Malone Paper Co.? Answer. 10,145,700. Question. And the revenue per kilowatt-hour was how much? Question. What percentage was this number of kilowatt-hours to the total number of kilowatt-hours sold by Malone Light & Power Co. during the year 1926? Answer. 67.06 percent. Question. And the revenue received from the Malone Paper Co. for that electric energy was what percent of the total revenue received by Malone Light & Power Co. in the year 1926? Answer. 16.93 percent. Question. In the year 1931, what was the number of kilowatt-hours purchased by Malone Paper Co.? Answer. 7,716,300. Question. And the average revenue per kilowatt-hour was what? Answer. 0.51 cent. Question. What percentage of the total power sold by Malone Light & Power Co. in 1931 was the amount of power sold to the Malone Paper Co.? Answer. 44.60 percent. Question. And the revenue from the sale of this power was what percent of the total revenue from sales by the Malone Light & Power Co.? Answer. 11.14 percent. Question. On page 99 of your report is a table showing the kilowatt-hours sold and the amount received from the sale by Malone Light & Power Co. to other electric utility companies, is there not? Answer. Yes. Question. What are the names of these electric utility companies? Answer. The electric utility companies purchasing power during the years 1926 to 1931 were the Bombay Electric Co., the Eastern Canada Power Co., and the St. Lawrence County Utilities, Inc. Question. Were any of these companies at the time power was sold, or subsequently, affiliated with Malone Light & Power Co.? Answer. The Bombay Electric Co. was subsequently acquired. The Eastern Canada Power Co. was not affiliated, and the St. Lawrence County Utilities, Inc., was an affiliated company in the year 1931, when power was sold to that company. Question. For the period from 1926 to 1931, inclusive, what was the total number of M cubic feet of gas sold by Malone Light & Power Co.? Answer. 107,457 M cubic feet. |