Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1910-05-04
PUBLIC SERVICE
CORPORATION HAD
PROSPEROUS YEAR
Each Shareholder to Receive
Statement of Interesting
Facts and Figures.

10 the shareholders of the Public
Service Corr Jration of New jersey
Thomas n. McCarter, its president. IT,
DAY issued a statement full of interest
ing facts and historical details of the
company. Thirty-eight pages of printed
matter, entitled the First Annual Re-
port, comprise the statement, which
will be mailed to each shareholder.
The corporation was Incorporated in
1903, has a paid-up capital stock ssued
for cash at par amounting to S24, 999, SOB,
while the authorized capital is $25, OOO,-
600. Perpetual interest-bearing cert.f-
Gates were authorized amounting to
$40, 2oO.0 900 at par for the acquisition OF
the stocks of certain corporations
which stock is held as security for the
certificates. OF these there has been
issued $751; $50, 255. In September. 1909
the corporation authorized an issue O.
$50, 600, 900 at par of it's general mort
gage bonds, secured by "A mortgage
upon all its property of every character.
Touching the matter of municipal
ownership. the report says:
THE fetish of municipal ownership
has made but little progress in New
Jersey. The only place which has de-
termined to try it is the city of Or
ange, where it has been decided to in
stall a plant for public lighting. The
price quoted by the corporation to the
city of Orange was $50 per lamp, which
l am satisfied will be shown to be as
low, IL not lower, han the city, over
a period of years, can generate its own
light for, if proper methods of ac-
counting are adopted"
The corporation employs 10000 per-
sons, maintains a total trackage of 694.
SS6 miles. of which 415.416 miles is first
main track. The total number of cars
available is 1891 closed and SOC open
ones, while the growth of the city OF
Newark and its environs is indicated
by the fact that since 1903 $40 closed
and 100 open cars have been added
to the rolling stock. Pay-as-you-entei
cars have been adopted to the number
of $50 since 1907. when that style OF
car was first introduced.
On the vast holdings of the corpora
ton the insurance carried amounts tC
$40, 273, 900, and the n premium
thereon is 1922, 900. or an average rate
of go cents per 500. The total losses
occurring since July, 1903, aggregated
$15S, 500. of which all but 1922, 500 was
covered by insurance.
The Offices will be ~commodiously
quartered in the new building of the
Prudential Insurance Company, the en-
tire building and two floors of its ex.
tension facing Academy street being
leased by the corporation for twenty
years.
Regarding rates for Newark the re-
port says:
Contracts have been made with tho
city of Newark, having 2.55l lights, foi
so per light per year; with Jerse,
City. having lib lights. for $40 pei
light per year; with Paterson, having
S54 lights. at s77.5O per light per year.
similarly, the base rates charged by
the various properties now operated by
the gas company. in 1903 ranged from
a maximum of $50 to a minimum o.
81. This has been likewise reduced
and made uniform. SO that the entire
TERRITORY served by the gas company
as of January 1, 1910, has the benefit OF
81 gas. This has not only proved a fail
rate for the more %populous sections
served by the gas company. but has
given to suburban sections a rate which
otherwise they never could have ex-
pected to obtain"