New-York tribune., 1909-02-11
PEOPLES GAS REPORT.
Gross Earnings S1S,7S8,970 at So
Cents Thousand Feet.

The report of the Peoples Gas Company, Of Chi
cago for the year ended December 81, 1893
shows earnings applicable to dvid7nds OK & oo.os4
after deducting ss76S51 for depreciation and seS4
800 bond interest. This is increase of SZ36-
s13 over 1897 and is equivalent TO s36 per cent
earned on the outstanding S32s691oO capital stock
comparing with 7.64 per cent earned IN 1907 Gross
earnings OF $s go were larger than in any year
in the oompanys history. showing a gain of S5s2-
6Oe 1907 Net earnings were SO,616S45, against
S5.T72741 in the year before.
The company has begun the erection OF new
Office building, in preparation for which x SOLD
in the year 100000 Of its refunding per cent sod
bonds In the year the plant was Substantially
increased. the total mileage of mains now being
upward of 1855. and the gain in the year be-
ing almost hfty-ive miles, TO considerable extent
consisting of large trunk lines and other plans.
part of comprehensive scheme to regulate the dis
tribution and pressure of gas question subse-
quently taken up and considered by the City Coup-
Gil The increase in the number of meters IN
was 2236l, in gas stoves 2A16s. and in number
of arc lights 14a0S- There a loss of 1-5os In
public street laups-
At the annual meeting of the stockholders OF the
company. held in Chicago yesterday, proposition
was submitted By the directors 20 sell the S,O8Oeo
of capital stock in the treasury 70 stockhold-
ers at par If the proposition is accepted part Of
the proceeds from the sale OF the stock will be
used TO complete the company's new building
which is to cost about S,50O.00o- Two million
dollars of this amount has been already obtained
through a sale of bonds.
The stockholders yesterday reelected the retiring
board of directors.
Robert A. Carter. vice-president OF the Consoli-
dated Gas Company, when shown the statement OF
the Peoples Gas Company, said:
THE Chicago company gets Sc cents thousand
feet 1or its gas, as against so cents now charged
in New York City This difference OF five cents a
thousand feet would be equal to about per cent
additional profit investment in gas proper
ties.
The amount of capital required for gas MANI
featuring and distributing plants is relatively
greater in New York City than in Chicago. For
example in New York City the value of real estate
is higher and the character OF the soil is diff
ferent. A large proportion of gas mains and
service pipes is laid in solid rock. which adds ma
terialy the Of installation There is rock
underlying the streets OF Chicago.
The maintenance of the distributing system
which includes relocating ell repairing mains
and service pipes. forms important item in the
cost of distributing gas II is much greater in New
York than in Chicago. because OF the rocky charac
ter of the soil, the expensive asphalt pavement
found IN practically every avenue and street and
the existence of greater multiplicity Of sub-sur-
face structures in the streets. Few the streets
in Chicago paved with asphalt. Last year we
paid $127 600 for repaving street openings
For the foregoing reasons the results of its
operations shown by the Chicago company are not
at all surprising to and that no
thoughtful person will in any justification
for So-cent rate for gas in New York City any
indication that such will yield a fair return
on the value of the property employed in the manu-
facture and distribution Of gas in this city