, 1872-11-26
Regular Meeting Of the Board
Of Aldermen.
Proposition from the Peoples
Gas Company.
They Offer to Furnish Gas at a Profit
Of 10 Per Cent on the Cap
ital Invested.
Or to Sell the Works to the City
at q Fair Price.

at a Fair Price.
A regular meeting Of the Council WAS held
Yesterday evening. Aid. Daggy in the chair,
Present, Aldermen Knickerbocker, Otis, Dixon,
Coey, McGenniss, Thompson, McAyoy, Daggy,
Stone, schnnitz, Tracey, Hickey, Cu1lerton,
Bailey. Clowry, Bateham, Powell, Holden, Bond,
VeEdier, Witbeck, Heath, Gardner, Sherwood,
Gill, Cleveland, Buehler, McGrath, Schmidt,
Stout, Lengacher, McCafrey, Clarke, Ogden,
Busse, Woodman.
AID. Holden presented the following:
OFFICE OF THE PEOPLES GAS L1GHr AND COKE Col
CHICAGO, Nov. 25, 187l.
TO the Mayor and Common Council Of tho City Of CHI
have read in the daily p.pers the reports Of several
meetings Of the Common Council ut which efforts have
been made to mature ordinance comforting fran
bates draw the conclusion that the end sought
is securing to the people Of the city supply OF good
gas At much cheaper rate than it is now furnished
for by existing companies cordially concur IN the
Judgment that this end is desirable. Gas is indispen-
sibe to business in large cites, and enjoyed in
residences it Is Farey given up except upon necessity
pany, desire to submit for your consideration and
for such action upon examination you may here
after take concerning them, the following PROPOSE
tons:
l. That we will furnish gas to the city at reduced
price, said price to afford net profit to this company
not exceeding 10 per cent per the capital
valuation Of the property Of the company
. That part Of tho foregoing, the city shall have
the power by contract egslaon ut any time IN the
future to fix, er and reduce the price to be paid for
gas furnished by said company; the said price thus
fixed to afford the said company profit at the rate Of 10
per cent per annurn, and no more.
3. That this arrangement shnl include contract
the part Of this company to the effect that If after
experience, investigation, and thorough understand
ing of the whole business the city should desire to be-
come the exclusive owner Of tho property and fran
chfse Of this company it shall have the privilege Of
purchase Of the same, upon due notice, at valuation
to be ascertaned BY competent and disnterested
chosen for that purpose
4. This Company expressly stipulates that, in max
does DO 60 to tbs or TO- Ig npa esps
alter the existing contracts between the Peoples
Gas Light and Coke Company and the eaid City OF Chi
form by said CITY, or new contracts founded thereon
and hereafter atnred to the mutual satisfaction OF
the parties, shall be agreed upon.
It is not possible, in communication in this form,
to enter into details Of proposition of this magnitude.
These details can best be presented and understood
parties. Notifications and stpulations for the pro-
lection Of both parties may be desirable; and
for the present. while the proposition is made In good
faith, and with strong desire that it may be accept
ed it offers an opportunity for the City Government
to Investigate and obtain full knowledge of Ill that
pertains to the gas business and viii enable it to act
understandngly in its general and special legislation
upon the subject.
You will perceive that this proposition does not con-
this Company upon the basis Of capital stock The
valuation contemplated is that Of honest appraisal
by persons knowing the value OF the property ap-
praised.
The City Of Chicago even now large consumer Of
gas, and when the 8o0 miles Of present streets shall DO
lighted and other hundreds Of miles of streets will be
demanding humps, the amount consumed will be very
great. Some years ago, when this Company
weak and positively borne down by It's contracts tho
enabled US to live through the difficulty. In grateful
return for this timely aid, make this offer to place
the capital engaged in the manufacture and supply Of
gas that it be held and managed in such manner
supply the largest amount Of good gas at the least
possible cost to the public Asking for only fair re-
sapp Of o P5s sss on such Gsf e e ss' s s hs
great multitude who peril life and property by
the use Of oils hardly less indam uab1e than gnn-
powder, have the luxury Of illuminating gas at
price thst Will enable all to use it.
The offer is 1n1de not only in the interest OF prop
ertyowners but IN the interest OF It tue whole people
vide that consumers shall enjoy the full extent Of the
reduction in price.
an conscious, as citizen, that the municipality
have the authority Of ordering when and where
the distributing and service pipes should be
proposition includes surrender to the city Of that
controlling power. It is hardly necessary to add that
acceptance Of either proposition mat Of necessity
include the whole supply Of gus to the City of Chicago
nor will this Company make this offer to any other
poration, to any individuals; it is made to tho
Government Of the city in the interest Of the whole
under the arrangement proposed the amount Of gas
consumed will be great1y increased and as profits
grow with increased consumption, the price Of gas
Be rapidly reduced until ultimately the people Of Chi
cago viii enjoy the luxury of IN abundant
Of bo bad in any othsr e9
In tho country. Without the Investment Of any cap
t either for works or extensions it will have gus at
the cost Of production, with 10 per cent interest for
the profit Of those who advance the money.
Respectfully submit this matter. and ask TINT the
Mayor and legal officers of the city with such others
IS you may designate, be authorized to confer with
this company, examine the subject in detail generally
consider tho offer propose notifications, enlarge
contract the agreemtn and in the Light Of full H.
formation, act rs the best interest Of the city may
dictate A. n D11LHSGs
President Peoples Gas Light and Coke Company.
It was temporarily laid over.
PETITIONS.
Petitions we're presented and referred for lamp
posts on Forquer street, from Halsted to Canal;
for water pipe On Cosher street, between Stewart
avenue and Sanger street,.
Orders.
The Board of Public Works WAS ordered to |
submit an ordinance for paving Cass street from
Alnzle to Chicago avenue; to lay gas pipes on |
Halsted, from The River to Archer avenue: to
report ordinances for sidewalks on the east side
Of Ullmann street, from Thirty-tirst to Thirty
Twenty-ffth to Twenty-sixth; on The west |
side of Wentworth avenue, from Thirty |
third to Thirty-fifth street; for filling and |
curbing Mitchell street from Stewart to Centre /
avenue; for erecting three lamp posts on State |
street, between Twelfth and Harnon corrt tn |
prepare an ordinance for paving Peoria from
Fulton to Milwaukee avenue.
The Board Of Fire and Police was ordered to
put up fire alarm telegraph box at the corner
Of Western avenue and Fulton street.
On motion OF Ald' Holden, all committees, |
having papers not reported on, we're requested
TO hand them to the Clerk to be by him referred |
TO the appropriate committees Of the new Coun-
Gil
BONDS
Aid. Otis offered the following, which was
adopted:
WHEREAS, There we're destroyed by fire, on the 8th
Ind 9Th Of October, 1871, as appears from the City
report for the fiscal year ending Ap1 j.
[5T2, the following bonds of the City of Chicago
namely 234 Water Loan bonds 500 eac6 $2a4 10
Water Loan bonds Of $500 each 43 Sewerage bonds
i 900 each, 81, 600 and 275 River Improvement
9nn0S. Sl.uuU each, E!15uQU: total.