ELECTRIC POWER DISTRIBUTION 35i 



than would be advisable to utilize independently, but which 

 can be used very economically to help out the entire group. 

 I call to mind one case with several plants on the same stream 

 where the storage of the upper one can be conveniently used by 

 all those below, the time of flow between consecutive stations 

 being sufficient to equalize the output very neatly. More- 

 over, when several plants are united in a network, the need 

 for duplicate lines is diminished, since most points of the 

 network are fed from at least two directions. 



Carrying out this principle it is quite feasible to group 

 and utilize several powers, individually of modest size, so as 

 to put electrical power into many places where it would be 

 profitable to use it; into every conveniently situated village 

 in a county for the upbuilding of local industries. That 

 which is already done profitably over an area of many thou- 

 sand square miles can certainly be made highly successful over 

 a few hundred square miles. This work with small powers 

 is relatively very easy, for the distance of transmission are 

 generally very moderate, so that no problem of extreme high 

 voltage is involved; the developments of the hydraulic side 

 are usualfy easy, since the volume of water to be controlled is 

 small, and simple methods can be used throughout. It is 

 now common practice to run several transmission plants in 

 multiple, so that nothing is to be feared on the operative side 

 of the work. The sole difficulty is the financial one, rising 

 from the small amount of securities involved and a certain 

 disinclination to consider country affairs seriously. The 

 work is emphatically one most profitably to be undertaken by 

 local interests, interested directly in earning power rather 

 than promotion. 



As power propositions are generally financed, the funded 

 debt is expected to cover the whole expenditure, including 

 profits to those who handle the bonds, the entire stock issued 

 being aqua pura. Under these conditions the absence of large 

 stock dividends is not evidence of poor business. On the cash 

 actually put in, a well planned power plant, even on a small 

 scale, will generally pay a handsome rate of interest after 

 setting aside a liberal reserve for maintaining the value of the 

 property. 



