, 1875-03-07

We publish this morning an interesting
sketch OF the progressive prosperity Of the
Peoples Gaslight and Coke Company (Vest
Side), showing the wonderful SUCCESS of that
Company. It obtained its original charter in
1855, but did not practically begin business
until 1860 OF 1861. Its original "plant ~
was the purchase from the South Side Com
pany of the mains and service-pipes laid west
Of the river, and the exclusive right of sery-
! ing gas to the West Division of the city.
How much was paid for this "plant" we do
in all. The area Of the West Division at that
| time supplied with gas was not very large.
The population was very scattered, and the
| consumption Of gas quite small. The Com
pany, however, established its works for the
manufacture of gas, and after paying its ex-
penses expended its surplus earnings in lay
! ing new pipes and enlarging its service. In
the fifteen years that have elapsed since then,
| the West Division has increased in popu1a-
! ton to lag, 718 in 1870, being 10000 greater
than the population Of the whole city in 1860
The population Of the West Division is now,
in 1875, probably 225 ,000.
We are happily informed by official state
ments made by the Company Of the wonder
ful prosperity that has followed its enter
prise The original "plant has grown into
giant proportions, furnishing the amplest
evidence Of the financial skill and untirine
ability Of the executive management of the
Company.
On the list of December, 1874, the Railway
Share Trust Company Qimited) of London
put upon the London market first mortgage
loan Of the Peoples Gaslight and Coke
Company Of Chicago. The loan is for $780,
600, G per cent sterling gold-bo1ds, having
twenty years to run They were offered to
subscribers at 90,-bearing interest from
Nov. /, 1874. The bonds were all taken BY
the LIST Of February, 1875, realizing about
$2,150, GOO in currency.
The Company putting this loan on tile
English market had, Of course, to furnish
evidence of the character Of the enterprise,
and this evidence consisted of the following:
l. The certificate Of Mr.. A1ERKD UPWARD,
Gas Engineer Of London, who had personally
visited Chicago and examined the works and
property Of the Peoples Gus Company.
2. The certificate Of Messrs. PRICE, WA1ER- |
ROUSE & Co., public accountants, who,
through an expert, had examined the books
and accounts Of the. Company in Chicago,
with view Of a6certaining the revenue Of the
Company.
3. Tie certificate Of legal title Of mortgages
and charter, by Nonros, RosE Nonros t.
BREWER, solicitors, Of London, who by one of |
their firm personally Investigated the charter
and its amendments. |
These certificates show that the Company
has works making s22, 900 cubic feet of gas
per day, and capable Of supplying 100000
cubic feet Of gas per day, without further
outlay and that within five years the rate
Of consumption will be double the present
amount. The accountant certiies that the
books of the Company show net income or
clear profit for 1874 Of $+2o, 900, gold
All this must be very satisfactory to the
public, many Of whom have possibly been
under the impression that this Company has
had great difficulty in making *.both ends
meet"
We learn from the prospectus Of the loon
hat the Directors of the Company are Coz
SEIrus Z. GARRISON, Of New York WILLIAM
B. GARRISON, Of New York L. II. BILLINGS.
!. D. WARD, and C. n Ho1nEs, of Chicago.
from the same prospectus welearn, also, that
he capital stock of the Company is So ,ooo,-
100, Of which 81 900, ,0oo has beenp paid in fuH
nd that 80 per cent Of the remaining 81 ,ooo,-
700 hes also been paid up, making an actual
'aid-up capital of $500, 600.
The question will naturally occur to the
eader, what Company which has increased
IS cash Or paid-up capital from $4,000 to
j, ,2oo, 900, and with net revenue or profit
lready Of @42o, 900 year, and increasing at
be nate Of $4,000 year, wants with loan
+ So, ,7oo, 900 in gold If the 1oen were let ,
t 80, the net proceeds would be l,sso,ooo
I gold, equal in currency to $2,078, 500 ]