Evening journal., 1917-10-10
ses.22g.95 sli.69e.si

s6s.229.95 sli,696si
For the fiscal year ending September
4, 1917, our surplus earnings after pay
ing operating expenses, bond interest,
preferred stock dividends, amounted TO
! Si4, ,606.Ss4
with the increased cost OF labor,
coal oil and other incidental items,
our expenditures for the next fiscal
year ending September 1, 1918, will
greatly exceed our possible receipts
on our present charges and our opera
tions. will. therefore necessarily show
a large deficit. This deficit as you
know, must be provided for and we
have felt that the service charge that
we have instituted is the fairest to
all concerned.
Wilmington has grown rapidly and
demands are made on us daily re-
Questing new services and main ex-
tensions in various parts Of the city.
Our policy covering this work has
always been a very liberal one and
we have In the past made no charge
for services or mains unless an ex-
cesssive amount has been required. II
the credit OF this company is impair
ed by the lack of sufficient earnings
TO meet the bond and preferred stock
dividends as required by our mortgage
as we'll as a sufficient surplus TO care
for extraordinary expenses we will
be compelled TO stop at once the run
ming OF free services, mains and
meter installations.
Our mortgage further states that
securities can be Issued only for~S5
per cent. of the total cost OF any new
construction, improvements or mains,
services an1 meter installations,
showing thatV15 per cent OF the cost
OF this work must come out OF our
surplus earnings, so that II we have
no surplus upon which TO draw from
we would Immediately be forced to
dispense with any improvements or
extensions that might be needed and
only install main extensions. services
and meter installations when paid for
by the consumer.
This company has also always main
tained a very liberal policy with ref
ernce TO the maintenance OF our con-
sumers' equipment, in that we have al
ways endeavored TO render prompt and
efficient service OF all work necessary
for the comfort OF our customers, all
D OF which we would have to dispense
r with if we cannot get this additional
d revenue.
n No commodity OF any consequence
n mas been voluntarily reduced I'm price
as mas gas per thousand cubic feet dur
by nS he last 90 years as shown by the
TO Following statement.
M feet. p'' oupiO
nut July ], is6s-s3OO per NJ cubic feet
TO July, io'2-S270 per NJ cubic feet
r. January, tSi6-s250 per NJ cuh,c Zee,
a January, iS19-S2.0O per NJ cuhic Zoe,
~ April tsSi-Sts0 per NJ cuhic foo,
NJ January, tSS2-Si50 per NJ cuhic 60,
- January, iSS7-si IS per NJ cuhic 60
- - October, issS-si.25 per NJ cubic feo
ice feet. " 01D
m M January, is97-siOO per NJ cubic %.
ale January, t9i0-9sc per NJ cubic 10,
ti- January. i9ii-95o per NJ cubic fe
vas I'm addition to the increased cost
ltl' raw materials, il has required betwe
= $4,000 and $4,000 working capital I
nat the purchasing OF additional stock
me various materials which we use as
i've safeguard due TO the difficulty in {
tanning materials and delay in tram
n caused by these unusual war con
in tions. The outlay Of this addition
ch capital enabled us to postpone ask
ter our consumers for additional reveT
by until this time, after a period Of o.
three years Of the most abnormal c.
ditions this country has ever seen.
AS this company has not been {
OF the fortunate ones that have m'
ell any excess war profits but have /
to pay excessive prices created by
a war conditions, we believe that az
IN reviewing the facts as stated and
er figures submitted. we have conclusi