ML101190329
| ML101190329 | |
| Person / Time | |
|---|---|
| Site: | Indian Point  |
| Issue date: | 02/28/1967 |
| From: | Consolidated Edison Co of New York |
| To: | |
| Shared Package | |
| ML101190330 | List: |
| References | |
| NUDOCS 8111110666 | |
| Download: ML101190329 (37) | |
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1966Annual report Consolidated Edison Company of New York, Inc.
4 Irving Place, New York, N.Y. 10003 Contents Page Letter to Stockholders........................ 3 Highlights of the Year.....................
4 Review of Operations......................5 The Revenue Dollar......................
6 System Development...................... 9 Financial Review.............. 12 Growth in Our Service Area................ 16 Promoting Our Services....................
18 Other Activities
........................ 20 Financial Statements......................
23 Statistics............................... 30 Trustees and Senior Officers.......... Inside Back Annual Meeting:
The Annual Meeting of Stockholders will be held on Monday, May 15, 1967 at 2:30 P.M. in the Company's auditorium on the 19th floor at 4 Irving Place, New York, N.Y. Proxies for this meeting will be requested from stockholders when notice of meeting, proxy statement, and form of proxy are mailed on or about April 7th.
Common Stock:
Listed on the New York, Midwest, Pacific Coast, and the Amsterdam, Holland, Stock Exchanges; unlisted trading on the Boston, Detroit, and Philadelphia-Balti more-Washington Stock Exchanges.
(The Cover) W.J. Cahill, Jr., left, mechanical plant engineer, and J. A. Prestele, plant superintendent at Indian Point, check construction progress of the Company's second nuclear gen erating unit. The 873,000-kilowatt unit, which is scheduled for completion at Indian Point in Westchester County in early 1969, is expected to produce electric power substantially cheaper than the Company's newer coal-burning plants. The first nuclear unit at Indian Point was constructed by your Company in 1962.
Charles E. Eble, right, Chairman of the Board of Trustees, and John V. Cleary; President, look at plans for new facilities planned to meet the expapding energy requirements of Con Edison's customers.
To the stockholders In 1966 your Company recorded new highs in many of the indices that measure growth. Operating revenues increased
$29 million, or 3.5 per cent over 1965, and the volume of electricity, gas and steam sold established new records. The average use of electricity per residential customer contin ued its strong upward trend with a 1966 increase of 7.1 per cent over the previous year.
While these increases reflect favorably on the growth of the Company and its service area, net income applicable to common stock declined in 1966, as more fully explained on page 13, to $86.1 million, down $4 million. Earnings per common share, for.1966 were $2.31 compared with
$2.42 per share earned the previous year.
This decline in earnings is of utmost concern to the man agement, and a number of steps have been and are being taken to improve the situation. While several factors have contributed to this decline, the most significant is the large increase in operating taxes other than Federal income tax which in 1966 increased $18.6 million over the previous year.
In addition, the Company has been faced with rising costs in a number of areas, including higher labor and material costs, increased charges for depreciation, and increases in interest costs. Also, delay in the construction of the Cornwall project has made it necessary to incur major and costly maintenance expenditures for some of the older generating units scheduled for retirement, but which now must be kept operating for a few more years.
In order to obtain immediate relief, the Company ap plied to the New York Public Service Commission last July for an increase in electric rates. At the same time, the Com pany filed for an increase in steam rates and a reduction in gas rates. The net effect of these changes is an estimated increase in annual revenues of some $29.8 million. The Commission permitted these new rates to go into effect on November 25th, and scheduled hearings on the electric rates which began in mid December and are still underway.
The new electric rates are not expected to bring the rate of return on electric operations to the 6.2 to 6.3 per cent found by the Public Service Commission to be appropriate, but they do provide a degree of immediate necessary relief, and will help to improve earnings in 1967.
For the future, earnings are also expected to reflect the economies available from the more efficient facilities now being constructed, and the results of current sales activities.
During the year construction began on a 500,000-kilo watt coal-fired generating unit at Arthur Kill, Staten Island, scheduled for 1968 operation, and an 873,000
- kilowatt nuclear unit at Indian Point scheduled for 1969 completion. The new Indian Point unit more than justifies the Company's early commitment to nuclear power. Deliv ered power cost from this unit is expected to be consid erably below those -of the most economic conventional power plant on the Company's system.
Rehearings on the Cornwall pumped storage hydroelec tric plant before the Federal Power Commission are near ing conclusion and the Company is making every effort to see this project through to completion. Its unmatched advantages in economy of peaking and reserve power and in system reliability, along with the important contribu tions it can make to reduce air pollution should be realized.
The Company's sales promotional efforts should also provide substantial future benefits. Special attention is being given to those applications most likely to contribute to an improved load factor and to the promotion of high use appliances. In this connection, electric heating is re ceiving increased attention with good results. At the end of -the year there were 2,500 residential electric heating customers, representing a 117 per cent increase over 1965.
Continued gains in this new market are expected.
Important advances in air pollution control have been made during the past year. The Company has long had the most extensive air pollution control program of any utility in the country, and it continues to exercise leadership in this important field. Recently arrangements were.made to obtain 1 per cent 'sulfur oil in quantities sufficient to meet all-of our oil requirements beginning in the fall of 1967.
This is less than half the sulfur content of fuels now per mitted by the present law, which calls for step reductions in sulfur content to a 1 per cent level in 197 1.
As we continue to expand our highly reliable and com plex energy systems, we are mindful of the loyalty of the Company's 24,000 employes, who provide the skills, and the investors, who provide the means, by which we expand to meet the growing energy demands of our service area.
The year 1966 was the 82nd of the operation of this Company, and dividends have been paid consecutively throughout this period. It also marks the 144th year of the existence of the Company and its predecessors.
This Annual Report is submitted, By the order of the Board of Trustees, CHAIRMANPRSDN February 28, 1967
At the end of the year
[
ghfo[ht off the]
V (S new office buildings with approximately 25 million square feet of space were under construction in the Company's sprvice area.
Electric Revenues Up 4.1 per cent as sales volume increases 5.5 per cent.
Gas Revenues Increase 0.9 per cent on 2.7 per cent increase in sales volume.
Steam Revenues Rise 2.1 per cent on 3.6 per cent sales volume increase.
Company Earns
$2.31 on each of 37,257,292 common shares outstanding compared with
$2.42 earned on the same number of shares in 1965.
,JL (see page 13)
Operating Taxes other than Federal income tax total $178.7 million, up $18.6 million over 1965.
New Rates placed in effect to yield about 3.5 per cent, more in annual revenues.
Sale of 500,000 Shares of 53/4 % Series E Cumulative Preferred Stock arranged Company-Sells
$75-million-t5.9O1%
bon.dsor a net anfvual interest I cost of 5.959 per cent.
.Record Peak Load of 6,154,000 kilowatts-is 7.8 percent htherthan 1965 peak.
Construction Started on 873,000-kilowatt nuclear unit at Indian Point and 500,000-kilowatt coal-fired unit at Arthur Kill.
Construction Expenditures for the yeartotal $198 million; estimate for 1967 put at $265 million.
Steam Peaks Set Record The summer demand for steam peaked at 6,457,000 pounds per hour between 1 and 2 P.M. on August 23rd, exceeding the record 1965 summer peak by more than 12 per cent. The winter steam peak of 10,325,000 pounds, reached on January 28, 1966 between 9 and 10 A.M., was up 2.3 per cent over 1965.
The summer steam peak continues to increase rapidly and is now more than three times what it was ten years ago.
The continued rapid growth in the summer steam peak reflects the increasing use of steam for air conditioning in large Manhattan office and apartment buildings.
Research and Development Research and development are essential parts of the Com pany's continuing efforts to hold down costs and improve efficiency and reliability of utility service.
Con Edison has contributed to significant breakthroughs in technology applicable to modem utility system design, construction and operation. Included in the fields in which the Company has pioneered are nuclear power, air pollu tion control, electronic data processing, and electric gen eration, transmission and distribution.
Recognition of Con Edison's leadership in the develop ment, installation and operation of the nation's first under ground, extra-high-voltage electric transmission system led last year to the Company receiving the Edison Award, the highest honor bestowed by the electric industry.
Con Edison has given particular attention to research Nand development designed to improve air pollution control performance. A new type electrostatic precipitator, which is discussed on page 11, is a current result of research and development in this important area.
Also under study are methods of reducing the sulfur content in coal and oil, the removal of sulfur oxides from stack gases, and dispersion of stack discharges under dif ferent meteorological conditions.
The feasibility of high-voltage, direct-current transmis sion and higher-voltage, underground transmission sys tems, also.is being investigate d 'in reearc h studies und Ier taken in cooperation with the Edison Electric Institute and manufacturers. The Company is also participating in other vital research work with manufacturers, industry associa tions, universities, and other utilities, contributing toward advances in engineering and business techniques.
Nuclear Research Continues During the year Con Edison continued its participation in a cooperative nuclear research program with the six other principal investor-owned New York State utilities through the Empire State Atomic Development Associates (ESADA), which the Company helped form in 1960.
Through 1966, nearly $17.1 million has been appro priated by the member companies for ESADA's nuclear research programs. The present program places primary emphasis on further development of the water-cooled re actor, the type already built, under construction or planned by four member utilities of ESADA. Long-range, breeder reactor studies and high-temperature-reactor work also will be a part of the program.
Electronic Data Processing Enters a New Phase Con Edison has been active in the electronic data process ing field for more -than ten years, pioneering with large scale applications of such equipment to a broad range of utility business practices. Another major advance was undertaken in 1966 with the expansion of the Company's computer center. New equipment installed in the-center will provide increased productivity, a much greater capac ity for programming, and advanced communications..
With the new equipment, the Company has extended an information retrieval system for answering telephone in quiries to nearly all customer accounts. An installation in the Company's headquarters permits Company employes there to retrieve account information directly from the computer center for. discussion with customers. Similar equipment is now being installed in the Company's district customer relations and sales offices.
Another computer communications development per mits field forces to order construction materials by tele phone. Computer-prepared requisitions are then trans mitted by wire from the computer center to the Astoria central stores warehouse for dispatching to work locations.
State-Wide Power Pool Formed A New York Power Pool, consisting of Con Edison and, the six other principal investor-owned utilities in the state, was formed July 21st. The new power pool, which repre sents a significant development in the evolution of power sup -ply for New York State, will provide for increased co ordination in the development and operation of the elec tric facilities serving 98 per cent of the consumers in New York State.
Electric utilities in New York State have had power pooling agreements for many years. However, the new agreement replaced the smaller power-pooling and inter change contracts. The new power pool is expected to re sult in lower capital and operating costs, while improving
reliability of each company system.
Under the New York Power Pool Contract, participating
- electric utilities in New York State will construct larger and more economical generating stations. Surplus power from the stations will be sold or exchanged with other, utilities in the pool through an interconnected system. To reach the power-pool objectives, standing committees for manage ment, operation and planning have been formed.
Northeast Power Coordinating Council On January 19, 1966, the Northeast Power Coordinating Council was formed by 22 utility systems, including Con Edison, that operate in the area affected by the power interruption on November 9, 1965.
The council was formed to achieve closer coordination of the long standing cooperative procedures in effect among the utility systems. Utilities in the area have for many years coordinated their engineering, design and operating procedures through working committees. Work ing through standing committees, the council now pro vides a permanent organization for greater administrative direction and continuity of these activities.
The utility companies of the council were among those sponsoring a special study by Stone and Webster Engi neering Corporation to investigate the existing Northeast interconnection, including additions and changes sched uled for completion before December 1968.
This study, submitted by Stone and Web ster in Novem ber 1966, analyzed system protection practices; simulated events that might cause serious system outages; recom mended load shedding, system separation, and other pro cedures to reduce the possibility of a widespread outage; and presented design guide lines concerning the location and size of generating facilities and transmission reliability.
These recommendations are now being evaluated by the Northeast Power Coordinating Council.
Indian Point No.1I Refueled In April, installation of a new reactor core for refueling the Indian Point No. I nuclear generating unit was com pleted and the unit returned to service. The core modifica tions resulted in a 5 per cent increase over the unit's origi nal capability of 275,000 kilowatts.
Experience gained during the three-year operation of the original fuel. core for the Indian Point No. 1 unit, along with other technical advances, enabled the Company to develop with the Westinghouse Electric Corporation, a new, highly efficient core that has resulted in nearly a two-thirds reduction in fuel costs for this unit. The gener-ating costs of Indian Point No. 1 are now equivalent to those of the most modern conventional generating units on our system.
In addition, the new core has demonstrated a degree of reliability that exceeded the Company's expectations. Al though the Indian Point No. 1 unit represents only 4 per cent of system capacity, it produced 8 per cent of the energy generated by the Company during the last two months of the year, and has been available for service more than 90 per cent of the time.
Electronic Computer for Control of Electric System in Operation A new electronic computer to help direct the system's elec tric power supply went into operation at the Company's Energy Control Center in Manhattan during the year.
This $1.3 million, digitally-directed, analog computer will further increase the reliability of -Con Edison electric service. It continuously monitors the loads on transmission lines and generatinhg equipment, enabling control of the system to meet constantly changing electricity, demand in the most economical manner possible, consistent with reliable service.
In seconds, it is possible for the digital computer to make complex calculations involving many Variables af fecting the load and power supply, in or der to determine and control the optimum combination of generating sources to meet existing conditions.
This computer equipment also provides for monitoring the feeder cables within our system, to give indications when these feeders are approaching normal capacity and warnings when they are approaching emergency capacity.
Statistical information, including the amount of power generated, the amount of power received from. outside sources or dispatched to neighboring companies, and the amount of power distributed to customers is logged auto matically every hour.
Additional Natural Gas Temporarily Authorized As noted in last year's report, the Company has been seeking additional natural gas supplies to be used mainly for fuel in its electric generating stations.
Subsequently, the Federal Power Commission tempo rarily authorized Transcontinental Gas Pipe Line Corpora tion to sell the Company an additional 20 billion cubic feet of natural gas on an annual basis over a 12-month period starting April 1, 1966. Hearings before the Commission on Transco's application to make the temporary allocation permanent have been completed and a decision is pending.
Review of operations In 1966 Company operating revenues reached a record level of $870 million, an increase of $29 million, or 3.5 per cent over 1965.
Electric Sales A total of 26.7 billion kilowatthours of electricity was sold in 1966, an increase of 5.5 per cent over 1965. Revenues from electric sales gained 4.1 per cent overall. Sales to resi dential customers, who account for 22.7 per cent of total sales, were up 7.5 per cent. Sales to commercial and indus trial customers, who account for 54.1 per cent of the total, were up 4.8 per cent.
The average annual residential use of electricity rose to 2,439 kilowatthours in 1966 from 2,277 kilowatthours in 1965, an increase of 7.1 per cent. In Westchester County, where most customers live in individual homes, average residential use reached 3,935 kilowatthours in 1966, a gain of 7.6 per cent. Average residential use on Staten Island reached 3,308 kilowatthours, up 10.1 per cent. The aver age annual residential use of electricity has shown an up ward trend each month for over four years.
Gas Sales Gas sales in 1966 increased 2.7 per cent. and revenues from gas sales were up 0.9 per cent. Although the rate reduction in effect since November 25, 1966 will affect future revenues from gas sales, the promotional effect of the lower rates should encourage the growth of gas mar kets which, in turn, should contribute to continued gains in the volume of sales and revenues. Sales of gas for resi dential heating were up 4.9 per cent.
Steam Sales During 1966 thc Company sold 27.6 billion pounds of steam, up 3.6 per cent over the previous year. Revenues from steam sales totalled $39.2 million for the year, repre senting an increase of 2.1 per cent over 1965.
New Electric Peaks Reached Demand on the Company's electric system peaked for the year at 6,154,000 kilowatts on July 13th between 3 and 4 P.M., setting a new record nearly 8 per cent higher than the 1965 peak. The winter peak also set a new record, reaching 5,120,000 kilowatts between 5 and 6 P.M. on December 20th. This was 261,000 kilowatts, or 5.4 per cent, over the 1965 winter peak.
A 24-hour electric sendout record of 115 million kilo watthours also was reached on July 13th. This was 14 mil lion kilowatthours, or 14 per cent, above the 1965 high.
Operating Revenues SteaIm Gas SElectric 400 q
10 11)57 1958 195 1910 1' 96 1
64 965 1966 Average Annual Use per Residential Customer 2500 157 195K y,
1960 191 1962 1963 1 94 9{;
I}t Electric Energy Sales 30 t57 1)5X 1,
19t(
I d 19 1963 196t4 115 9 1, Alillu*,B o I),Jth r I
During the year 1,320 new, all-electric installations were made, more than double the 590 installations made in 1965.
,1, TJUl)0 (D
9Jr D@&
-q WE RECEIVED FROM SALES TO OUR CUSTOMERS:
ELECTRIC..................
RESIDENTIAL............................
27 COMMERCIAL-INDUSTRIAL...............
44 RAILROADS AND RAILWAYS................
4 PUBLIC AUTHORITIES......................
7 OTHER UTILITIES........................
1 GAS........................................
STEAM....................
OTHER-Prip lc ety Rentals......................
OUR COSTS WERE OPERATING TAXES, Other Than Federal Income...
FEDERAL INCOME TAX........................
OPERATING PAYROLLS ANO PENSIONS.......
PURCHASED FUEL..........................
'SUPPLIES, SERVICES & OTHER CHARGES DEPRECIATION ENERGY PURCHASED FOR RESALE...........
INTEREST................................
NET INCOME......
PREFERRED DIVIDENDS............
3 COMMON DIVIDENDS......................
8 RETAINED IN THE BUSINESS............
2
$1.00 INCOME 83¢ 12
$1.00 OUTGO
'System development Construction expenditures in 1966 were $198 million, dis tributed as follows:
Electric transn-ission and distribUtion.......
$117 E lectric prodUction........................
60 Gas.....................................
1I Steami...................................4 General........................
6 Total...........................
$198 Expenditures for new facilities in 1967 are budgeted to increase to $265 million. For the five-year period, 1967 7 1, construction costs are forecast at $ 1.34 billion.
Cornwall Pumped Storage Hydroelectric Project As noted in previous reports, the Company applied to the Federal Power Commission in January 1963 for a license to build a 2,000,000-kilowatt pumped storage hydroelec tric plant at Cornwall on the Hudson River. Following ex tensive hearings, the Commission granted the Company a license to build the project on March 9, 1965.
On December 29, 1965, the United States Court of Ap peals for the Second Circuit set aside thc order and re turned the case to the Commission for re-examination of questions in which the court held that the record of the hearings was insufficient. Prehearing conferences were held by the Commission on March 22nd and 23rd of 1966.
New hearings on the project were started before the Federal Power Commission on November 14, 1966, and as of date of this report are still in progress. Nationally recog nized authorities in fields ranging from scenic beauty, rec reation, and fish life to geology, dike construction, and electric power generation have joined with Con Edison en gineers and with representatives of civic, business, labor and other groups to support the project at the hearings.
The Cornwall project is a key element in the Company's plans to reduce air pollution and improve further the relia bility and economy of the power supply for 9 million peo ple. Great care has been taken in the design of the project.
Present plans call for the plant to be built entirely under ground by tunnelling. An extensive recreation plan has been developed that will provide visitor facilities, scenic overlooks and transformation of a blighted waterfront at Cornwall into a mile-long river edge park. Engineering.
land acquisition, and construction costs incurred to the end of 1966 amounted to $14 million.
The benefits the Cornwall project will bring to millions should be realized, and the Company is making every effort to see the project through to completion.
New Unit at Arthur Kill Station Construction of a new 500,000-kilowatt, coal-fired, gen erating unit, announccd in January 1966 for the Coin-Construction Expenditures Wli / D,1-Capability at time of Peak and Peak Load U
Investment in Utility Plant-Gross I' -_
I 1N9 I,,
.I I
1 463 164 1Y 196) ffilh 5
A 500,000-kilowatt unit, left, under construction at the Arthur Kill station,,
is schbduled for operation in 1968.
A new electronic computer, oapper right, installed at the Energy Control Center, helps dires-t the system's power supply.
The world's largest electrostatic precipitator, lower right, is being constructed at the Company's Ravenswood station.
pany's Arthur Kill station on Staten Island, is proceeding on schedule, with foundation work, intake and discharge tunnels, and much of the steel work being completed. The unit is scheduled for operation in 1968.
A feature of the new unit will be an electrostatic precipi tator designed to remove more than 99 per cent of all solids from the stack gases.
New Nuclear Unit for Indian Point Con Edison, as noted in last year's annual report, applied to the Atomic Energy Commission in December 1965 for a permit to construct an 873,000-kilowatt nuclear unit at its Indian Point station. Following a series of technical meetings with the Atomic Energy Commission and the Advisory Committee on Reactor Safeguards, hearings on the application were held in September and a provisional construction permit was granted on October 14, 1966.
Preliminary work on the unit was started in the spring of 1966, and upon receipt of the permit a full construction schedule was undertaken. Foundations for the reactor and generating equipment have been poured and steel work is now under way.
Indian Point's No. 2 unit will have a pressurized water reactor, fueled by slightly enriched uranium oxide. It is being constructed by Westinghouse Electric Corporation on a turnkey basis and will cost $108 million. When com pleted in 1969, total nuclear capacity at Indian Point will be more than 1,100,000 kilowatts.
The new unit is expected to produce power for about one-half cent a kilowatthour, including fixed charges and cost of related transmission facilities. This is substantially less than the cost of producing power by the Company's most efficient coal-burning unit.
World's Largest Electrostatic Precipitator at Ravenswood Con Edison is constructing the world's largest electrostatic precipitator for its 1-million-kilowatt generating unit at the Ravenswood station in Queens..
This unique "hot" precipitator, designed to operate at 700 degrees Fahrenheit, will be taller than a 16-story building. It will be the first precipitator ever constructed that can operate in conjunction with an oil-fired boiler. It will permit the generating unit to operate with low-sulfur content coal without loss in efficiency and will promote cleanliness of air-heater equipment with either coal or oil as fuel.
Scheduled for completion in the spring of 1967 at a cost of $10 million, the precipitator will remove more than 99 per cent of all solids from stack gases.
Auxiliary Generation Twelve gas-turbine generators totalling 185,000 kilowatts of capacity are being installed at the Indian Point, Astoria, Ravenswood, Waterside, 59th Street, 74th Street, Kent Avenue, and Hudson Avenue stations to provide reserve capacity as well as quick starting capability for the Com pany's main generating units. In addition, 25 diesel-driven generators have been installed to provide emergency power for safe shutdown, emergency lighting, and supply of essen tial auxiliaries.
Modernization at 59th and 74th Street Stations Two new steam boilers and a 35,000-kilowatt turbine gen erator are being installed for service in 1967 at the Com pany's 59th Street station. Construction of a 500-foot stack that will replace four 240-foot stacks also is under way at the station. The expansion at 59th Street will make it pos sible to retire a small steam plant with a 125-foot stack at 66th Street and West End Avenue. In addition, construc tion is under way on a new 500-foot stack to replace three 270-foot stacks at the 74th Street station. The new high stacks at both stations are part of the Company's continu ing air pollution control program.
Transmission and Distribution Expenditures during 1966 for electric construction amount ed to $177 million, the largest portion of which, $117 mil lion, went for transmission and distribution facilities.
We are extending our 345,000-volt underground trans mission system some 18 miles, interconnecting the Farra gut substation in Brooklyn with the new Goethals substa tion in Staten Island. The first of two 345,000-volt feeders is scheduled for completion in the summer of 1967. Also, the present 138,000-volt tie from Staten Island to Public Service Electric and Gas Company in New Jersey will be increased to 230,000 volts and the interconnection capac ity will be increased from 300,000 to 500,000 kilowatts.
In addition to the completion of a number of unit sub stations throughout the territory and the reinforcement and modification of the equipment in many of the larger ones, three major distribution substations-East 29th Street and' West 1 10th Street, in Manhattan, and Bensonhurst, in Brooklyn-were completed.
Gas and Steam Systems Expenditures during 1966 for gas construction, principally to expand the distribution system, to take care of load growth and new customers was $11 million.
Improvement and extension of the steam distribution facilities in Manhattan cost $4 million.
ERDnan' irs ww The major expansion in 1966 of Con Edison's Computer Center signals a new phase in the automation of accounting practices. Computers in the new center are linked by wire to customer relations and general accounting offices!
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Operating revenues for the year were $870 million, up $29 million, or 3.5 per cent, over 1965. Only about $1 million of the increase in revenues is attributable to the new rates placed in effect on November 25, 1966.
Net income applicable to common stock decreased $4 million to $86.1 million. This is equivalent to $2.31 per share on common stock outstanding at the year end and compares with $2.42 per share for 1965. The decline in earnings resulted principally from insufficient increases in revenues to offset significant increases in operating taxes.
operation and maintenance costs, depreciation. interest.
and preferred dividends.
The earnings for the year 1966 reflect the Company's election to include in construction costs begyinning, with the year 1966 the portion of payroll taxes and pension costs related to construction. This change. which increased both construction costs and net income for the year 1966 by
$6,260,000 ( 1 6 a share), was made because of the stead ily mounting payroll taxes and pension costs, which in creased in 1966 by $3,700,000. and because of the con tinuing high level of construction expenditures. However, the net charge to operations for 1966 for payroll taxes and pensions was $4,330,000 (11l, a share) less than 1965.
Taxes Increase Taxes other than Federal income charged to operations in 1966 amounted to $178.7 million, up $18.6 million from 1965, and reflect higher property taxes resulting from higher property tax rates and additional company property placed in service.
Federal income taxes charged to operations in 1966 were $14.1 million, a decrease of $3.6 million.
Wage and Pension Payments, Salaries, wages and pension payments were $224.6 million in 1966. The active employe payroll was $200.7 million.
The Company shares with employes the cost of a compre hensive medical plan, and liberal group insurance cov erage. Federal social security, and Federal and New York State unemployment taxes are also paid by the Company.
Income Deductions Rise Total income deductions increased $4.5 million over the previous year. Interest on long-term debt was up $5.0 mil lion. bank loan and other interest was down $1.6 million.
and the credit for interest charged to construction was down $ 1. 1 million.
$125 Million of New Securities Sold During the year the Company sold new securities, aggre-Earnings and Dividends per Common Share 957 1958 16 960 1 6 1 962 166;,
196 1965 196 g'ating $125 million for financing its expansion and con struction program. The first sale was on July 19, 1966, at which time the Company sold through a group of 82 under writers 500,000 shares ($50 million) of 5 / % Series E Cumulative Preferred Stock ($100 par). Delivery of 391,800 shares was made in August and November of 1966, and pursuant to delayed delivered contracts, 108,200 shares were delivered on February 1, 1967.
On December 14th the Company made arrangements through Morgan Stanley & Co. and The First Boston Cor poration, as representatives of a group of underwriters, for the sale of a $75,000,000 issue of first and refunding mort gage bonds, 5.90 % Series DD. due December 15,1996. Net annual interest cost to the Company was 5.959 per cent.
Delivery of $46,785.000 of the bonds was made to the underwriters on December 28, 1966 and reoffered to the public at par. Pursuant to delayed delivery contracts.
$28,215,000 of the bonds are to be delivered on April 13, 1967 and June 15. 1967.
Proceeds from both sales are for use in connection with the Company's continuing construction program.
Bank Credit Agreement Renewed For the 21st successive year the Company arranged a credit agreement with local banks for short-term bank loans. The current agreement runs from September 29, 1966 to September 28, 1967 and allows borrowing of up to
$ 100 million, with interest at the prime commercial rate.
This procedure allows the Company flexibility in financing its construction program, as these loans are repaid through the issuance from time to time of. permanent securities of a type to be determined by prevailing money costs and other considerations.
New Electric, Gas and Steam Rates Made Effective November 25 On July 28, 1966, the Company filed new schedules cover ing electric, gas and steam rates with the New York Public Service Commission. The new schedules became effective on November 25th.
The new rates will result in increases in annual revenues of $32.4 million from electric sales and $1.5 million from steam sales and in a decrease of $4.1 million in revenues from sales of gas. The net overall effect of the proposed Detailed Tax Comparisons (000 Omitted)
Taxes, other than Federal Income Local Property taxes real estate and special franchise...
Public utilities excise..
Sales and compensat ing use and other...
Total..........
State Public utilities gross income..
1966 1965 1957
$127,761 $113,952 $ 60,96.4 17,930 14,955 5,118 7,266 8,092 152,957 136,999 6,281 72,363 16,567 16,041 10,394 Franchise............
5,660 5,435 Unemployment insurance...........
1,043 1,418 Sales and compensat ing use and other.
2,097 947 Total............
25,367 23,841 Federal So Un Oti 3,321 613 228 14,556 cial security.........
6,324 4,212 2,344 employment...
298 299 230 ier................
162 261 412 Total.............
6,784 4,772 2,986 Total taxes, other than Federal income..........
185,108 165,612 89,905 Charged to:
Operating taxes....
Operations principally produc tion expenses..
Other accounts principally construction..
Federal Income Tax Charged to:
C C
178,712 160,102 87,743 2,701 2,961 2,162 3,695 2,549 185,108 165,612 89,905
)perations..........
14,100 17,700 39,365
)ther accounts...
340 1,850 14,440 19,550 39,365 Total taxes....... $199,548 $185,162 $129,270 revisions, based on electric and steam sales for the 12 months ended June 30, 1966, and gas sales for the calendar year, 1965, will be an increase in revenues of some $29.8 million annually. It should be noted that the increase in 1966 operating taxes of $18.6 million (see page 13) is ap proximately 60 per cent of this revenue increase.
The Commission, in permitting the rate changes, or dered that a hearing be held concerning the propriety of the new electric rates and that during the pendency of the hear ing the Company keep account of moneys received as a re Sources of Funds for Utility Plant Expenditures (000 Omitted) 1966 1965 Utility plant expenditures....
$197,764
$235,493 Funds provided by operations:
Net income............
Less Dividends Preferred and common..
Depreciation............
Amortization of gas conversion costs......
Funds provided by financing:
Sales of preferred stock...
Sales of bonds...........
Less-Preferred stock and bonds to be issued in 1967 Increase or (decrease) in short term loans..
Decrease in funds resulting from other assets and liabilities-net.........
Total..............
$110,307
$111,777 91,427 18,880 88,987 22,790 88,259 83,561 261 107,400 1,346 107,697 50,000 75,000 75,000 100,000 (39,035) 5,000 (47,000)
(601)
$197,764 (204)
$235,493 Transfer Agents-Office of the Company, 4 Irving Place. New York, N.Y. 10003; Continental Illinois National Bank and Trust Company of Chicago, 231 South LaSalle Street, Chicago. Illinois 60604; Bank of Amnerica National Trust and Savings Association, 300 Montgomery Street. San Francisco, California 94120.
Registrars-First National City Bank, 55 Wall Street,'New. York, N.Y. 10015; The First National Bank of Chicago, 38 South
Dearborn Street,
Chicago, Ili nois 60603; Crocker-Citizens National Bank, I Montgomery Street, San Fran cisco, California 94104.
suit of collection of such increased electric rates in order to provide for adjustments, if any, upon completion of the hearing. Hearings commenced on December 15, 1966 and are being continued.
Part of Common Dividends Nontaxable A portion of common stock dividends paid during the year represents a return of capital for Federal income tax pur poses and therefore is not includable as taxable income.
Subject to audit by the U. S. Treasury Department it is esti mated that 93 per cent of the total amount of dividends re ceived by common shareholders in 1966 represents a re turn of capital which reduces the tax basis of the shares on which dividends were paid..
The U.S. Treasury Department under date of November 28, 1966 notified the Company that the percentage of div idends received by common shareholders for years prior to 1965 which represented a return of capital were: Sep tember 1963, 67.71%; December 1963, 78.21%; Year 1964, 79.76%; Year 1965, 63.33%. These percentages are subject to adjustment upon the final determination of the Company's income tax liability for these years.
Dividends paid on the Company's preferred stocks, how ever, are fully taxable as dividends.
Five-Year Comparison (000 Omitted)
Operating revenues..................
Operating income...................
Net income before provision for dividends on preferred stock.........
Provision for dividends on preferred stock Net income for common stock...........
Number of shares of common stock outstanding at December 3 1t........
Earnings per common sharet...........
Dividends per common sharet..........
Capitalization ratios at December 31:
Long term debttt..................
Preferred stock...................
Common stock and surplus..........
Three-Year Contracts With Unions New collective bargaining contracts with the Unions repre senting the Company's employes were signed in January 1966. The contracts run from December 1, 1965 to No vember 30, 1968. There are no provisions for reopening during the three-year period. The contracts provide for general wage increases in each of the three years on a pro gressive basis. In addition, improvements in fringe benefits such as medical coverage, retirement, vacations and insur ance rounded out this settlement.
Antitrust Suits" In antitrust actions instituted in 1962 against 19 manufac turers of electrical equipment, the Company reached agree ments covering price adjustments of approximately $12 million plus certain litigation expenses.
On December 29, 1966 an action was started against the manufacturers of brass mill products named in the criminal indictment previously filed by the United States Govern ment. The Company claims damages in the amount of about $200,000 arising out of its purchase of brass mill products, such as condenser tubes and copper pipe. Under the antitrust laws, the Company is entitled to triple the amount of any damages awarded.
1966 1965 1964 1963 1962
$869,692
$840,240
$789,291
$748,955. $725,153 174,634 171,600 153,457 145,316 134,434 110,307 111,777 100,957 94,017 90,636 24,176 21,633 18,463 20,759 19,720 86,131 90,144 82,494 73,258 70,916 37,257 37,257 37,257 34,978 32,188
$2.31
$2.42
$2.21 1.80 53%
15 32 1.80 53%
14 33
$2.09
$2.20 1.65 1.6125 53%
12 35 53%
14 33 1.50 54%
15 31 tRestated to reflect two-for-one stock split effective February 5, 1965.
ttlncludes in 1965 the $100 million mortgage bonds issued in January 1966.
Growth in our service area
.Metropolitan New York offers its residents morp. than any, other area of the World.
It offers cultural opportunities, recreation, good working conditions, modern homes and apartments, ald unparalleled educational facilities.
A. New Bronx Terminal Market at Hunts Point provides modern facilities for produoe wholesalers. B. Ice skating at Prospect Park in Brooklyn. C. A new Madison Square G, rden and 29-story office building rise over Pennsylvania Railroad Station. D. Residents enjoy all-electric living in these new Gold Medallion condo minium garden homes and town houses near White Plains, Westchester. E. Dansk Designs national office and warehouse at Village Industrial Park, Mount Kisco, Westchester. F. Alcoa at UN Plaza in Manhattan provides office space topped by residential towers. G. Jumping competition at the National Horse Show in Madison S uare Garden. H. Metropolitan Opera's new home at lncoln Center. 1. Midway Homes is a new 45-home, all-electric development in Queens. J. All-State Welding Alloys Corp. plant at Cross Westchester Industrial Park, North Elmsford, Westchester. K. Sailing in New York harbor. L. Television Communications Center at St. Joseph's Seminary serves 225,000 students throughout ten counties in the Archdiocese of New York.
More new office space was added in New York City during the past 20 years than the aggregate of all other U.S. cities.
This trend is continuing.
Throughout our service area, 28 new office buildings, providing over 12.5 million square feet of space, were under construction at the end of the year, and 40 more buildings with another 25 million square feet were in the planning stage. Also under construction, or planned at the end of the year, were 827 apartment buildings providing more than 130,000 new dwelling units.
Not included in these indications of growth is the Port of New York Authority's World Trade Center for which land is being cleared in downtown Manhattan. This-project will provide another 10 million square feet of space.
To make the most of limited space, imaginative engi neering and construction concepts are being pioneered in New York City to open up new vistas for urban develop ment and growth by the use of air rights over railroads, water, highways, and by landfill projects.
/
One example of air rights construction is the new 13 story Madison Square Garden sports and entertainment center and its companion 29-story office building being built directly over the Pennsylvania Railroad Station.
A large landfill project now underway in New York City will create more than 23 acres of new space along the lower Manhattan Hudson River shore line with m ails exca vated from the site of the new World Trade Center. In ad dition, a landfill operation of up to 98 acres in lower Man hattan is under consideration by governmental agencies.
Plans also have been announced for a midtown Manhat tan offshore development along the East River to include the new United Nations school and a 1,500-dwelling unit housing project' to be known as "Waterside," which will combine construction above the river on pile-supported platforms and on newly created landfill areas.
Other developments include the 63-acre Cross West chester Industrial Park in North Elmsford and Brooklyn's 96-acre Flatlands Industrial Park, which ultimately is ex pected to provide approximately two million square feet of
-manufacturing and warehousing space and employment for about 7,000 people.
The Company supports activities of business and gov ernment groups promoting economic growth in New York City and Westchester County. In addition, the Company sponsors a national advertising program to emphasize the
- :i positive economic, social and cultural factors that have
-j
.- enabled so many diverse types of enterprises to prosper and grow here. The advertisements also identify Con Edi son's area development group as a source to which busi 1L J&
i nessmen can refer for help and information.
Promoting our services Outdoor lighting enhances nighttime appearance of Reader's Digest building, upper left, in Westchester County.
This all-electric branch office of Franklin National Bank, lower left, is located in downtownManhattan.
Electric induction heaters furnish the precise temperature for the casting of copper rods, upper right, by Nassau Smelting & Refining Company on Staten Island.
A cooking school, lower right, is conducted by the Company and El Tiempo, Spanish language newspaper.
The Company has developed a comprehensive marketing program to increase sales of electricity, gas and steam in the most profitable growth areas, and to provide economi cal and satisfactory service to all our customers.
Since our electric load peaks during the summer, and gas and steam loads peak during the winter, the Company's marketing strategy is tailored to improve sales on an over all basis and to increase off-peak energy loads.
Electric Heating In the case of electric business, which accounts for 83 per cent of revenues, the major marketing emphasis has cen tered on building up electric heating sales to make use of generating capacity available during the winter months. In the residential market, both new and existing private homes and apartment buildings offer substantial opportu nity for electric heat growth. The installation of electric heating nearly always results in a total-electric home, where the use of electricity, on the average, is seven to ten times greater than in a home heated by other fuels.
Public awareness of the many advantages of electric heat was developed further during 1966 by our advertising pro grams involving television, radio, newspapers, billboards, direct mail, and other effective media. Architects and build ers in our territory also recognized more fully the desira bility of offering total-electric homes to the buying public.
As a result of these promotional devices and the efforts of our field sales forces, during 1966 new all-electric installa tions in homes and apartments totalled 1,320 dwelling units, more than double the 590 installations made in 1965.
There were also 150 schools, churches and commercial establishments that installed nearly 4,000 kilowatts of elec tric heating equipment for their entire space heating re quirements. Additionally, there were many hundreds of major installations of electric heating equipment to supply supplementary heating.
The number of residential customers now enjoying elec tric heat has risen sharply from 240 in 1963 to 2,500 at the end of 1966, an increase of more than tenfold. At the be ginning of 1967, there were planned and under construc tion 1,650 additional total-electric private dwelling units, plus 23 schools, churches, commercial and industrial struc tures with 2,600 kilowatts of heating load.
Gas Load Growth On the gas side of the Company's business, marketing promotions centered on the conversion of space and water heating in homes and apartments to gas from oil and coal, and on greater use of gas in manufacturing and processing applications by industrial and commercial customers.
New gas load connected during 1966 will provide more than $4 million annual revenue. Of this, nearly $3 million will be derived from 10,000 space and water heating instal lations, and over $1 million from 1,360 industrial and commercial installations.
The reduction of our gas rates in November 1966, and the establishment of a new promotional rate for large in dustrial and commercial customers will contribute further to the growth of our gas business during 1967.
New opportunity for gas sales growth was also created by the exercise of our franchise and extension of our gas distribution system into the Town of Somers, in northern Westchester, where large tracts of land are open for devel opment. In the new 300,000-square-foot Baldwin Place Shopping Center, where some 11 additional structures are planned, gas is now being used for heating in 23 stores, a post office, and a theater.
New Steam Business During 1966 the Company continued its aggressive pro gram to promote the sale of steam for heating and air con ditioning of commercial and apartment buildings in Man hattan. The estimated additional annual revenue from these sales will be in excess of $2 million. Sales of Company, steam for air conditioning serve both to fill partially the valley of the summer steam load curve and to minimize summer peak electrical loads created by electric air condi tioners. Ten years ago the summer peak steam load was only about 30 per cent of the winter peak. At the end of 1966, however, almost half a million tons of air condition ing equipment was being operated by steam absorption or turbine driven equipment supplied from our steam dis tribution system and summer usage in 1966 amounted to more than 60 per cent of the winter peak. During the year steam service was provided to 67 new customers. Out standing at the year's end were contracts for service to 96 more customers, totalling more than $3 million in annual revenue, to be connected in the future.
Clean Air As referred to elsewhere in this report, the new air pollu-;
tion control law passed by the New York City Council in May 1966 has established new standards for the operation of fuel burning equipment. This will not only affect the Company's operations, but is expected to have a substan tial impact on many of our customers. As a result, it is anticipated our electricity, gas and steam sales stand to benefit substantially in the years to come as the-require ments of the new law make the use of Company services more desirable.
Other activities Company Receives Edison Award In June Con Edison received the Edison Award, the elec tric utility industry's highest honor, for making "an out standing contribution, by bold and imaginative engineer ing, to the advancement of underground, extra-high-voltage electric power transmission."~
Presentation of the award was made at the Edison Elec tric Institute's 34th annual convention in San Francisco.
The Company was cited by the committee of judges for its success in "designing, building and operating, in the na tion's most populous metropolitan area, the first integrated, multi-terminal, underground 345,000-volt power trans mission system, involving the solution of many unique problems in engineering design, construction and mainte nance."
Cleaner Air Program Huge quantities of fossil fuels... 5 million tons of coal, a billion gallons of oil, and some 65 billion cubic feet of nat ural gas....were used in 1966 to provide for the expanding electric and steam needs of the Company's customers.
As the major single fuel user in the New York area, Con Edison has long recognized its, responsibility to help keep the air clean. The Company was installing "dust collectors" in its electric generating stations some 50 years ago, and since 1936 the Company has spent more than $120 million on air pollution control, taking advantage of every practi cable technological development.
During the past decade, the Company has been purchas ing electrostatic precipitators of at least 99 per cent effi ciency for installation on all new coal-burning electric generating units. When the new electrostatic precipitator being installed on Unit No. 3 at Ravenswood begins op eration in March, Con Edison will have more dust collec tion equipment on its system of 99 per cent or better effi ciency than the rest of the nation combined.
To minimize the effect of sulfur oxides, the Company for many years has purchased coal and oil with sulfur con tents well below the level specified in city codes. In addi tion, it has used for power generation all the natural gas available for this purpose, and has sought and is seeking additional supplies.
In recent years, legislative emphasis has been placed on reducing further the amount of sulfur dioxide emissions from fuel burning operations. In May 1966, the New York City Council passed a new air pollution control law estab lishing even lower sulfur-content limits for fuels than had been called for in its 1964 law. The new law calls for step decreases in the sulfur content of coal and oil to a 1 per cent level by 197 1. The present limit is 2.2 per cent.
The Company's fuel oil, delivered by tankers from as far as Africa and South America, top photo, will have 1 per cent or less sulfur content by October 1, 1967.
A new Company exhibit, "A Nuclear Adventure," center,'
located at New York City's Hall of Science, is attracting approximately 13,000 visitors a month.
Sulfur dioxide levels in New York's air are continuously monitored, bottom, by Company engineers.
In working with its suppliers to obtain even lower sulfur content fuels, a major breakthrough was achieved in Janu ary 1967 with respect to the availability of low-sulfur oil.
As a result, by October 1, 1967 the Company will be re ceiving enough oil with 1 per cent sulfur content or less to meet all of its fuel oil requirements for producing electric ity and steam in New York City. This will be nearly four years ahead of the schedule required by the present air pol lution control law. In addition, about 70 per cent of the Company's coal requirements will be met beginning April 1, 1967, with coal having a sulfur content of 1 per
~ ~
cent or less.
With the objective of further minimizing that portion of the air pollution problem in which the Company through necessity is involved, a Memorandum of Understanding was entered into with the office of Mayor John V Lindsay of the City of New York on May 18, 1966.
In keeping with this Memorandum, the Company sub mhitted to the Mayor mn November a detailed ten-year plan designed both to meet the city's growing energy needs and to reduce stack emissions by decreasing significantly the amounts of coal and oil burned'in the city to produce elec tricity and steam.
A56 per cent growth in electric generation and a 26 per cent increase in steam requirements are forecast during the next ten years. Nevertheless, under this plan, the Company would reduce the amount of coal and oil burned in New York City for its electric and steam supply systems from' 77 per cent of its total fuel consumption in 1966 to 33 per cent by 1976. This should make an important contribution to New York City's cleaner air program.
The Cornwall pumped storage hydroelectric project is the key element in this plan. Completion of the Cornwall project, together with other planned construction, will make it possible to retire, by 1972, some 1.5 million kilo watts of older coal and oil-fired electric generating equip ment, including three entire stations and certain units at others. Plans for the orderly replacement of these older, less efficient, generating units have been upset by the delay" of the Cornwall plant. By 1972 the Company plans to have more than 4 million kilowatts, about 40 per cent of the Company's projected electric generating capacity, located outside the city.
Nuclear power, in conjunction with the Cornwall pumped storage plant, offers the best long-term answer for efficient generation of electricity close to metropolitan area load centers without. the air pollution control problems as sociated with the burning of coal and oil. The Com.pany has maintained this position for several years and contin ues to focus its efforts in this direction.
Hall of Science Exhibit A new Company exhibit at the Hall of Science of the City of New York in Flushing Meadow Park, formerly part of the World's Fair site, is currently attracting approximately 13,000 visitors a month, mostly school children.
The exhibit, "A Nuclear Adventure," utilizes slide pro jectors, sound motion pictures, music, and other sound ef fects to take the visitor on a "journey" covering the past, present and future of electric power in New York City. It focuses on the Company's modemn nuclear methods of gen erating electricity, including an animated model of a nu clear power station, to meet customer demands.
New Trustee Elected Richard K. Paynter, Jr., chairman of the board and chief executive officer of New York Life Insurance Company, was elected to the Board of Trustees at the annual meeting on May 16th. He replaced Devereux C. Josephs, who had served on our Board since 1947. LeRoy A. Petersen, who became a trustee in 1953, relinquished his place on the Board along with Mr. Josephs under the terms of the retire ment program for trustees.
Chairman Eble and President Cleary Take Office Our previous annual report noted the election of Charles E. Eb *le to chairman and chief executive officer, succeeding Harland C. Forbes; and John V Cleary to president. Both appointments became effective March 1, 1966. Mr. Forbes continues as a trustee of the Company.
Mowton L. Waring was elected an executive vice presi dent to direct overall system planning and related engi neering phases of the Company's operations.
J. Eliot McCormack was elected a senior vice president with overall responsibility for production and distribution operations of the electric, gas and steam services.
W Donham. Crawford was elected administrative vice president with responsibility for purchasing and related ac tivities, and the direction of atomic power development and air pollution control.
The Board also elected the following assistant vice presi dents: Robert M. Coover, customer accounting and data processing; Thomas A. Griffin, Jr., sales; Joseph T Hydok, industrial relations; Joseph F Murphy, construction and shops; William J. Murphy, engineering; and John P. Neu bauer, system operations.
It is with deep regret we report that Earl L. Griffith, senior vice president, died on June 5th. He joined the Com pany in 1923 after graduating from Stevens Institute of Technology, was appointed vice president in 1950 and be came senior vice president in 1957.
E mployes There were 24,203 employes on the active payroll at the end of the year, 340 more than a year ago.
The Company continues to recruit college graduates in various specialized fields as part of its program to develop personnel for future managerial responsibility.
Development of employe capabilities also is encouraged by a matching grant tuition aid program which the Com pany established some years ago to encourage employes to further their education. During the year, 740 employes were assisted in such studies, accomplished on their own time and mostly leading toward college degrees.
On-the-job training is given to employes who demon strate growth potential or special aptitudes. In certain op erating departments, where substantial numbers of experi enced and skilled personnel are scheduled to retire over the next few years, concentrated training programs are admin istered in classroom atmosphere on Company time for selected employes.
A new employe information series, known as "Edison Mainstream," was prepared in 1966 and the first of two three-hour programs was given in January 1967. The series is designed to provide employes with a better understand ing of the community, familiarize employes with Company operations, and create an awareness of the importa nce of each employe to the Company.
Employe Mutual Aid Society is 75 Years Old One of the pioneer mutual aid societies in the United States was organized 75 years ago when employes of one of our predecessor companies joined together to form an organi zation to promote social and fraternal relations between its members and to establish a burial fund.
Today's Mutual Aid Society is a highly efficient organi zation providing comprehensive medical and health serv ices to nearly 24,000 members. The society also contrib utes to the social life of Con Edison employes. Currently 13 clubs are affiliated with it, offering a wide variety of activities of interest to men and women of all ages, includ ing bowling, bridge, chess, photography, and skiing.
Last year also marked the 20th anniversary of the Con Edison Mutual Aid Society Blood Bank, the oldest indus trial blood bank in the United States. Since its beginning in 1946, the blood bank has helped 5,692 Mutual Aid mem bers and 4,437 of their dependents. In all, 57,352 pints of blood have been donated by 12,329 individuals, and 2,357 employes have contributed a gallon or more of their blood. Since 1948 the bank has been affiliated with the American Red Cross on a pint-for-pint withdrawal and deposit basis.
To the Board of Trustees and Stockholders of Consolidated Edison Company of New York, lnc.
Sthe yinbalanc tderelateds n
ad earned surplus cnt fairly the ana position of Coil gied Edi son Company of New York, Eic. at Deeember 3 1 1966 and the results of its opera tions for the year, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year, except forthe account ing ge, which we approve, described in No
'o the financial sta ents. Our eaiition orf these statmets was made in
~accr'ce with genlle y accepted t
auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
1February17, 1967
>4<
Consolidated Edison Company of New York, Inc.
Income statement Operating revenues Electric.....................................
Gas........................................
Steam......................................
Other......................................
Operating revenue deductions (Note B)
Operations...................................
Maintenance.................................
Depreciation (Note A)...........................
Taxes, other than Federal income...................
Federal income tax (Note C)......................
Operating income........................
Income deductions Interest on long term debt........................
Other interest and miscellaneous deductions, net.........
Amount equivalent to increase in Federal. income tax resulting from amortization under necessity certificates............
Interest charged to construction....................
$72 1,695,147 105,271,174 39,244,974 3,480,252 869,691,547 330,259,428 83,726,227 88,259,374 178,712,303 14,100,000 695,057,332 174,634,215 67,678,436 2,573,942 (900,000)
(5,024,772) 64,327,606 Net income...............................
$1,0,0
$693,591,000 104,291,577 38,424,671 3,933,026 840,240,274 328,411,568 78,866,385 83,560,592 160,102,186 17,700,000 668,640,731 171,599,543 62,704,768 4,113,409 (900,000)
(6,096,129) 59,822,048
$111,777,495 1966 1965
Consolidated Edison Company of New York, Inc.
SEarned surplus statemnent Balance, January 1.............................
Net income for the year..........................
Deduct Dividends on capital stoc k:
Cumulative preferred, $5 per share..............
Cumulative preferred, Series A, 53/ %...........
Cumulative preferred, Series B, 51/ %...........
Cumulative preferred, Series C, 4.65 %...........
Cumulative preferred, Series D, 4.6 5 %...........
Cumulative preferred, Series E, 534 %...........
Common, $1.80 per share....................
Balance, December 31...........................
$321,662,209 110,306,609 431,968,818 9,576,595 3,450,000 3,937,500 2,790,001 3,4.87,5 02 1,122,114 67,063,126 91,426,838
$340,541,980
$298,871,936 111,777,495 410,649,431 3,450,000 3,937,500 2,790,001 2,170,000 67,063,126 88,987,222
$321,662,209 1966 1965
Consolidated Edison Company of New York, Inc.
Balance sheet Dec. 31, 1966 Dec. 31, 1965 Utility plant, at original cost Electric..................................
Gas.....................................
Steam....................................
General..................................
Total utility plant......................
Less-Reserve for depreciation..................
Investments, special deposits and other physical property, at cost or less..............
Current assets Cash....................................
Accounts receivable, less allowance for uncollectible accounts......................
Subscriptions to capital stock and long term debt (See page 29)..................
Materials and supplies, including construction materials, at average cost....................
Prepayments and other current assets.............
Deferred charges Net unrecovered costs relating to gas plant retirements being amortized through 1967 (Note A)..........
Nuclear research and development costs, being amortized through 1977...............
Unamortized debt discount and expense..........
Other deferred charges........................
Capital stock expense........................
$3,576,138,048 236,153,477 112,501,856 117,953,216 4,042,746,597 774,962,061 3,267,784,536 5,275,205 24,993,697 92,985,453 39,035,000 60,042,675 6,472,893 223,529,718 3,281,892 7,719,038 4,599,717 5,111,292 20,711,939 10,759,399
$3,528,060,797
$3,425,451,709 227,250,546 109,020,577 113,871,211 3,875,594,043 706,056,472 3,169,537,-571 6,297,226 23,601,613 85,754,560 62,583,444 6,489,631 178,429,248 6,643,536 8,437,088 3,250,500 4,382,214 22,713,338
- 10,029,117
$3,387,006,500 ASSETS
LIABILITIES
~Dec.
31, 1966 De.3,16 Capitalization Long term debt (See page 29)..................
Notes payable to banks.......................
Capital stock and surplus:
Capital stock (See page 29)
Preferred stock.........................
Common stock.........................
Earned surplus...........................
Total capitalization...................
Credit equivalent to reduction in Federal income tax resulting from amortization under necessity* certificates........................
Current liabilities Notes payable to banks.......................
Accounts payable...........................
Accrued taxes..............................
Accrued interest, wages and other current liabilities...
Customers deposits..........................
Dividends payable...........................
Deferred credits Unamortized debt premium....................
Other deferred credits........................
Reserve for injuries and damages...............
$1,785,972,500 494,999,927 750,469,455 340,541,980 1,586,011,362 3,371,983,862 16,403,627 15,000,000 37,951,392 17,354,746 23,492,696 29,750,214 6,373,611 129,922,659 3,899,274 2,814,514 6,713,788 3,036,861
$3,528,060,797
$1,610,972,500 100,000,000 444,999,927 750,469,455 321,662,209 1,517,131',591 3,228,104,091 17,303,627 10,000,000 38,418,801 27,377,139 19,987,028 28,454,849 5,810,399 130,048,216 4,122,038 4,452,116 8,574,154 2,976,412
$3,387,006,500 LIABILMES Dec. 31, 1965
Notes to financial statements Note A-Depreciat ion:
Provisions for depreciation of utility plant are made in accordance, with annual rates for depreciation consistent with the average service lives and net salvage approved by the New York Public Service Commission.
For the years 1966 and 1965, such provisions were equivalent to approximately 2.3 per cent of related depreci able utility plant. Depreciation charges for each of the years 1966 and 1965 include a provision of $3, 100,000 for amortization of net unrecovered costs of extraordinary retirements of certain gas plant facilities, principally manufacturing.
The reserve for depreciation also was credited with approximately $6,140,000 for 1966 and $5,800,000 for 1965 representing Federal income tax adjustments for prior years resulting principally from adjustments of tax depreciation.
Note B -Construction costs:
In view of the increases in payroll taxes and pension costs and with the continuing high level of construc tion expenditures, the Company has elected to include in construction costs beginning with the year 1966 the portion of payroll taxes and pension costs related to construction, which heretofore were included in operating revenue deductions. This change in accounting increased both construction costs and net income for the year ended December 31, 1966 by $6,260,000.
Note C -Federal income tax:
Federal income taxes charged to operations for 1966 and 1965 exclude additional taxes of $340,000 and
$1,850,000, respectively, applied to other than income accounts, relating to interest on prior years tax settle ments, dispositions of plant and gas refunds.
Depreciation deductions for Federal income tax purposes were estimated at $153,900,000 for 1966 and
$142,700,000 for 1965 and include deductions for rapid depreciation and other deductions for depreciation as permitted under the Internal Revenue Code.
Investment tax credits on property additions which qualify for credit under provisions of the Internal Revenue Code amounted to $4,800,000 tor 1966 and $9,500,000 for 1965 (including $2,200,000 representing remaining amount available for carryback).
Tax reductions resulting from rapid tax depreciation deductions and investment tax credits are accounted for as current reductions in Federal income tax provisions. This method of accounting is in accordance with the general policy adopted by the New York Public Service Commission for accounting and rate-making purposes.
Note fl-Pension plans:
The pension plan for retirement for age, established in 1953, provides in substance that the Company will make current payments for employes retired for age and also payments of not less than $4,000,000 nor more than $6,000,000 annually into trust funds until the plan is fully funded. Accordingly, the Company paid
$17,797,358 and $16,159,117 into the plan in 1966 and 1965 respectively, representing $11,797,358 (1966) and $10,159,117 (1965) for benefits paid to employes retired and the addition of $6,000,000 in each year to the pension plan trust. The last actuarial valuation indicated that continuation of this present funding program of current payments for employes retired for age together with the additional $6,000,000 annually and all invest ment income accumulations will fully fund past service credits over a period of about 35 years from inception of the plan. At December 31, 1966 the pension plan trust net assets, consisting principally of investments stated at cost, amounted to $98,585,503 ($88,472,126 at December 31, 1965) and the aggregate market value of the investments was in excess of cost.
The employes security plan is an unfunded plan under which the Company makes payments to employes retired for disability or reasons other than age and in certain cases to widows of former employes. The amounts paid totaled $5,815,121 and $5,487,023 for the years 1966 and 1965, respectively.
The Company reserves the right to amend or terminate the pension plan for retirement for age and the employes security plan as provided therein.
Long term debt Consolidated Edison Company of New York, Inc.
(including merged former subsidiary companies):
First and Refunding Mortgage Bonds:
234% Series A, due March 1, 1982......................................................
25/h% Series B, due April 1, 1977.......................................................
24% Series C, due June 1, 1972........................................................
3% Series D, due November 1, 1972......................................................
3% Series E, due January 1, 1979.......................................................
3% Series F, due February 1, 1981......................................................
3V/4%
Series G, due May 1, 1981........................................................
33h% Series H, due March 1, 1982......................................................
3;6% Series I, due February 1, 1983.....................................................
33/8% Series J, due January 1, 1984......................................................
34% Series K, due December 1, 1985...................................................
35/8% Series L, due May 1, 1986.............
44% Series M, due October 1, 1986.............................
5% Series N, due October 1, 1987.......................................................
4% Series 0, due June 1, 1988..........................................................
434% Series R, due June 1, 1990........................................................
5% Series S, due December 1, 1990......................................................
434% Series T, due June 1, 1991........................................................
45A% Series U, due November 1, 1991...................................................
4Yo% Series V, due June 1, 1992........................................................
43/s% Series W, due October 1, 1992.....................................................
4N4% Series X, due December 1, 1992 (not listed)..........................................
4.40% Series Y, due June 1, 1993 (not listed)..............................................
45/8% Series AA, due December 1, 1993..................................................
4.60% Series BB, due October 15, 1994 (not listed).........................................
5% Series CC, due January 1, 1996 (not listed)............................................
5.90% Series DD, due December 15, 1996 (not listed) (a).......................
Th e Edison Electric Illuminating Company of New York, First Consolidated Mortgage Gold Bonds, 5%, due July 1, 1995 (non-callable).....................................................
Kings County Electric Light and Power Company, Purchase Money, 6%, 99 Years Gold Bonds, due October 1, 1997 (non-callable)...........................................................
Staten Island Edison Corporation, First Mortgage Bonds, 2V8% Series, due May 1, 1979 (not listed)...
Westchester Lighting Company, General Mortgage Bonds:
3'h% Series, due July 1, 1967 (b)........................................................
3% Series, due May 1, 1979.............................................................
The Yonkers Electric Light and Power Company, 2%4% Debentures due July 1, 1976..............
Total..............................................................................
Dec. 31, 1966 Dec. 31, 1965
$ 100,000,000 100,000,000 60,000,000 30,000,000 50,000,000 60,000,000 40,000,000 50,000,000 40,000,000 35,000,000 70,000,000 30,000,000 40,000,000 60,000,000 50,000,000 50,000,000 75,000,000 50,000,000 60,000,000 100,000,000 75,000,000 60,000,000 75,000,000 75,000,000 125,000,000 100,000,000 75,000,000 1,735,000,000 1,437,000 1,454,500 2,750,000 24,331,000 12,000,000 9,000,000
$1,785,972,500
$ 100,000,000 100,000,000 60,000,000 30,000,000 50,000,000 60,000,000 40,000,000 50,000,000 40,000,000 35,000,000 70,000,0(0 30,000,000 40,000,000 60,000,000 50,000,000 50,000,000 75,000,000 50,000,000 60,000,000 100,000,000 75,000,000 60,000,000 75,000,000 75,000,000 125,000,000 1,560,000,000 1,437,000 1,454,500 2,750,000 24,331,000 12,000,000 9,00)0,000
$1,610,972,500 (a) In December 1966 the Company sold $75,000,000 of First and Refunding Mortgage Bonds, 5.90% Series DD, due December 15, 1996. Of this amount $46,785,000 principal amount of bonds were issued and delivered in 1966. The remaining amount will be issued and delivered.
in April and June, 1967.
(b) It is anticipated that the Company will refinance $24,331,000 principal amount of Westchester Lighting Company, General Mortgage Bonds, 3V2% Series, due July 1, 1967.
The above issues are listed on the New York Stock Exchange unless otherwise indicated.
Capital stock Shares Authorized Preferred Stock Outstanding:
Dec. 31, 1966
$5 Cumulative Preferred Stock without par value (a) 1,915,319 Cumulative Preferred Stock ($100 par value) (a) (b).
3,600,000 534% Series A2........................ ***
54 % Series B2......................
4.65% Series C'...........................
4.65% Series D2.
534% Series E2 (c)........................
Total................................
Preferred Stock Subscribed Cumulative Preferred Stock ($100 par value) 534% Series E2 (c)........................
Cumulative Preference Stock ($100 par value)...
2,250,000 Total Preferred Stock...................
Common Stock ($10 par value)3................... 43,543,662 Shares Dec. 31, 1966 Dec. 31, 1965 1,915,319 1,915,319 600,000 750,000 600,000 750,000 391,800 108,200 None 600,000 750,000 600,000 750,000 None None None 37,257,292 37,257,292 De.3,Capital Stock Dc311966 Dec. 31, 1965
$174,999,927
$174,999,927 60,000,000 75,000,000 60,000,000 75,000,000 39,180,000 484,179,927 10,820,000
$494,999,927
$750,469,455 60,000,000 75,000,000 60,000,000 75,000,000 444,999,927
$444,999,927
$750,469,455 (a) In case of involuntary liquidation, the holders of Cumulative Preferred Stock are entitled to receive $100 a share.
(b) An increase in authorized shares of Cumulative Preferred Stock from 2,950,000 to 3,600,000 was voted by stockholders on May 16, 1966; an amendment to the Certificate of Incorporation was filed on June 22, 1966.
(c) In July 1966 the Company sold 500,000 shares of Cumulative Preferred Stock, 534% Series E. Of these shares, 391,800 were issued and delivered in 1966. The remaining 108,200 shares were issued. and delivered on February 1, 1967.
'Listed on the New York Stock Exchange.
tNot listed.
3Listed on the New York, Midwest, Pacific Coast and the Amsterdam, Hol land, Stock Exchanges; unlisted trading on the Boston, Detroit and Philadelphia-Baltimore-Washington Stock Exchanges.
0
Statistics SALES AND REVENUES-1966 Electric Residential.....................................
Commercial-industrial............................
Railroads and railways............................
Public authorities...............................
Other electric utilities.............................
T otal........................................
Residential--Sales directly to residential customers and to reli gious institutions.
Commercial-industrial--Sales directly to all types of general customers, also to customers who include residential or com mercial tenant-use in the rent and to customers who resell energy to commercial and industrial tenants.
Gas Residential.....................................
Residential heating...............................
G eneral........................................
Public authorities................................
T otal........................................
Residential-Sales directly to residential customers and to reli gious institutions except those customers using gas for space heating.
Residential heating-Sales for heating residences and religious institutions, including gas consumed for other purposes by these customers, and for heating multiple dwellings.
Steam G eneral........................................
Annual power...................................
Apartment house.................................
Public authorities................................
Total........................................
General--Sales to all customers with low load-factor use.
Annual power-Sales for power, or power and heat use.
% Increase or (Decrease)
Kilowatthours from 1965 6,044,367,972 14,411,867,106 2,529,954,465 2,449,818,112 1,221,586,451 26,657,594,106 7.5 4.8 (3.7) 6.0 28.5 5.5 1,567,744 19,907,834 5,014,807 1,111,010 27,601,395 (2.9) 5.0 (4.0) 32.4 3.6
% Increase or (Decrease)
Revenues from 1965
$230,384,622 386,609,104 36,606,277 57,585,500 10,509,644
$721,695,147 4.8 3.1 (3.1) 6.2 52.0 4.1 Railroads and railways-Sales to the four electrified railroads running into New York, the New.York City Transit Authority, the Staten Island Rapid Transit and Port Authority Trans Hudson Corporation.
Public authorities-Sales to municipal and other governmental authorities, including public street and highway lighting.
Other electric utilities-Principally delivery over tie lines inter connecting with other New York State utilities.
% Increase or (Decrease),
Cubic Feet from 1965 7,615,177,800 24,287,535,400 20,079,550,700 1,318,309,300 53,300,573,200 (0.5) 4.9 1.2 5.5 2.7
% Increase or (Decrease)
Revenues from 1965
$ 29,535,595 36,596,626 37,188,057 1,950,896
$105,271,174 (0.7) 2.9 0.2 4.5 0.9 General-Sales to all general-use customers for use in their operations including heating.
Public authorities-Sales to municipal and other governmental authorities.
% Increase or (Decrease)
Revenues from 1965 3,687,559 (2.2) 26,702,616 3.1 7,380,839 (2.8) 1,473,960 26.3
$ 39,244,974 2.1 Apartment house-Sales to apartment houses and hotels.
Public authorities-Sales to the City of New York.
C'
% Increase Thousands or (Decrease) of Pounds from 1965
Operating Revenues Electric 1966........
$721,695,147 1965.........
693,591,000 1964........
645,044,847 1963........
605,188,849 1962........
583,667,363 1961........
561,922,704 1960........
526,505,748 1959........
489,968,753 1958........
454,537,559 1957........
441,849,718 Sales Electric Kilowatthours 1966...
26,657,594,106.
1965...
25,258,254,915 1964...
23,847,676,404 1963..22,185,557,993 1962...
20,833,860,879 1961...
20,204,2689412 1960.18,899,690,544 1959.17,653,913,344 1958.15,961,464,897 1957...
15,395,350,690 Gas
$ 105,271,174 104,291,577 103, 550,074 104,981,908 103,618,248 100,312,810 95,267,523
-92,556,050 89,530,000 81,521,654 Gas Cubic Feet 53,300,573,200 51,894,458,000 50,281,888,200 49,234,821,000 47,810,171,200 46,049,037,300 43,140,040,000 42,285,632,200 40,775,963,800 38,000,101,500 Steam
$39,244,974 38,424,671 36,9349445 35,259,303 34,177,953 33,464,037 30,740,328 299545,718 30,164,721 26,356,641 Steam Thousands of Pounds 27,601,395 26,642,271 25,709,663 23,963,739 22,140,657 21,689,834 19,712,184 18,775,282 18,333,839 16,773,249 Other
$3,480,252 3,933,026 3,761,849 3,524,565
.3,689,756 3,377,908 3,299,227 2,837,745 2,867,189 2,940,949 Total
$869,691,547 840,240,274 789,291,215 748,954,625 725,153,320 699,077,459 655,812,826 614,908,266 577,099,469 552,668,962 Meters Electric Gas Steam Number at December 31 3,055,141 1,319,132 4,485 3,042,138 1,320,427 4,455 3,025,282 1,322,937 4,431 2,994,773 1,322,574 4,334 2,949,389 1,321,169 4,190 2,922,732 1,325,140 4,086 2,904,624 1,333,007 4,100 2,886,299 1,343,634 4,148 2,872,695 1,353,448 4,114 2,861,341 1,361,935 4,123 Population served, 1966--8,900,000.
Service area-660 square miles.
Operating 1966........
$155,212,738 1965........
149,651,520 1964........
147,025,189 1963........
143,301,719 1962........
141,410,164 1961.......
137,620,638 1960........
136,725,188 1959........
129,826,611 1958........
121,666,945 1957........
117,948,934 Payroll Construction (and other accounts)
$45,454,622 50,597,950 46,884,802 45,735,988 44,561,264 43,320,769 42,014,611 35,254,254 34,342,702 29,159,339 Total
$200,667,360 200,249,470 193,909,991 189,037,707 185,971,428 180,941,407 178,739,799 165,080,865 156,009,647 147,108,273 Payroll figures include overtime and premium payments but exclude pension payments.
Employes Average Pay of Number at Weekly Em ployes December 31
$149.64 146.95 139.72 134.92 133.81 131.15 126.60 116.35 110.45 103.34 24,203 23,863 24,417 24,621 24,962 24,545 24,866 25,792 25,153 25,342 4
Employes
Statistics Taxes Local 1966............
$152,956,780
$2 1965............
136,998,774 2
1964...........
128,393,498 2
1963...........
116,019,841 2'
1962...........
106,799,254 2'
1961...........
102,498,101 2
1960............
98,076,636 1
1959............
86,841,002 1
1958............
77,043,110 1
1957............
72,362,794 1
Electric System Generating Capacity Syst December 31 Kilowatts Date 1966..............
7,567,000 July 13 1965..............
7,595,000 June 23 1964..............
6,607,000 July 1 1963.............. 6,663,000 July 29 1962..............
5,885,000 June 19 1961...............
5,301,000 Sept. 13 1960.............. 4,883,000 Aug. 30 1959..............
4,894,000 Sept. 9 1958.............
4,076,000 Dec. 11 1957..............
3,717,000 June 26
- One hour net maximum load distributed locally.
Stockholder Statistics Number of Stockholders December 31 Preferred Common Stock Stock Total 1966.....
25,389 225,572 250,961 1965.....
24,313 199,635 223,948 1964.....
24,115 178,458 202,573 1963....
61,642**
173,435 235,077 1962.... 67,993**
170,032 238,025 1961....
24,991 169,497 194,488 1960.... 25,014 166,023 191,037 1959.... 23,935 161,594 185,529 1958.... 23,350 156,474 179,824 1957.... 23,848 148,146 171,994
- Including Capital Stock Subscribed.
- Including Preference Stock called Sept. 11, 1964.
State 5,366,702 3,841,324 1,505,268 0,798,204 0,172,902 0,336,804 7,658,275 6,377,769 5,176,509 4,556,217 em Peak*
Kilowatts 6,154,000 5,710,000 5,505,000 5,105,000 4,852,000 4,744,000 4,352,000 4,245,000 3,517,000 3,460,000 Federal (including income tax)
$21,224,367 24,322,098 22,222,073 25,470,563 33,324,952 41,537,147 43,436,559 46,211,619 45,264,063 42,350,657 Heat Rate Btu per Kwhr 11,560 11,751 11,505 11,372 12,149 12,378 12,461 12,746 12,846 12,993 Shares December 31 Preferred 5,115,319*
4,615,319 3,865,319 4,178,349**
4,209,833**
3,265,319 2,515,319*
1,915,319 1,915,319 1,915,319 Commont 37,257,292 37,257,292 37,257,292 34,977,952 32,188,088 32,178,038 31,035,446 30,182,726 29,802,246 27,433,376 Total
$199,547,849 185,162,196 172,120,839 162,288,608 160,297,108 164,372,052 159,171,470 149,430,390 137,483,682 129,269,668 Residential Kwhr per Revenue Customer per Kwhr 2,439 3.80 2,277 3.9 2,161 "3.8 2,050 3.9 1,939 4.0 1,937 4.0 1,780 4.1 1,787 4.0 1,676 4.0 1,621 4.0 Common Stock Record Earningst Dividendst per Share per Share
$2.31
$1.80 2.42
-1.80 2.21 1.65 2.09 1.6125 2.20 1.50 1.89 1.50 1.94 1.50 1.96 1.40 1.87 1.35 1.72 1.20 tRestated to reflect two-for-one stock split effective Feb. 5, 1965.
Trrustees Henry C. Alexander (1964) Chairman of the Executive Committee, Morgan Guaranty Trust Company of New York John V. Cleary (1965) President Fredrick M. Eaton (1962) Partner, Shearman & Sterling Charles E. Eble (1957) Chairman of the Board Gilbert W. Fitzhugh (1963) Chairman of the Board, Metropolitan Life Insurance Company Thomas C. Fogarty (1964) Chairman of the Board, Continental Can Company, Inc.
Harland C. Forbes (1948) Former Chairman of the Board Grayson L. Kirk (1961) President, Columbia University Milton C. Mumford (1964) Chairman of the Board, Lever Brothers Company J. Wilson Newman (1962) Chairman of the Board, Dun & Bradstreet, Inc.
Richard K. Paynter, Jr. (1966) Chairman of the Board, New York Life Insurance Company Richard S. Perkins (1965) Chairman of the Executive Committee, First National City Bank Edmund E Wagner (1955) Chairman of the Board, The Seamen's Bank for Savings Lawrence A. Wien (1963) Senior Member, Wien, Lane, Klein & Malkin James DeCamp Wise (1952) Director, Bigelow-Sanford, Inc.
o Senior Officers Charles E. Eble (1916) Chairman of the Board John V. Cleary (1925) President Otto W. Manz, Jr. (1925) Executive Vice President Mowton L. Waring (1933) Executive Vice President J. Eliot McCormack (1926) Senior Vice President W Donham Crawford (1963) Administrative Vice President Vice Presidents:
Arthur N. Anderson (1933)
Gerald R. Hadden (1931)
John W. Balet (1933)
Winthrop E. Mange (1922)
William C. Beattie (1927)
C. Wesley Meytrott (1933)
Charles B. Delalield (1946)
Ralph E Norris (1919)
Thomas C. Duncan (1927)
Emanuel Toder (1938)
Bernard E. Gallagher (1930)
Max M. Ulrich (1958)
Edward T. Roche (1916) Secretary John D. Gray (1939) Treasurer Dates after trustees' names indicate year first elected; after officers' names, the year first employed.
R,--A-EX IBITT V
T" V,
16 TR A
N*."~r j
LIN (ILINE FuEONOoLSTORAGE UNDERCONSTUCERA AKEAC DOCKTT50-86CAR SCALEN NO NO A
NOVD96
BULK RATE 4 IRVING PLACE, NEWYORK, N.Y. 10003 U.S. POSTAGE PAID NEWYORK,N.Y.
PER MIT 9337 0
-