JAS. H. OLIPHANT & CO. 
This meant dividend restoration at 5% rate in 1922, stepped up 
to 6% in 1923, 7% in 1924, and 8% in 1925 since continued. Thus 
profit and loss surplus increased to $21,073,000 December 31, 1926 
from $10,718,000 December 31. 1920. 
Peoples (tas Light & Coke Co. serves the City of Chicago (under 
Insull management) with gas under perpetual charter and with- 
out competition. In 1926 of 36,687 million cubic feet of gas sold 
(a record) 1214% was for industrial purposes, a development 
which has contributed substantially to the company’s rehabilitation. 
In 1925 more gas-fired central heating plants were installed in 
households (supplanting coal furnace) than the sum total in years 
thereto, and in 1926 house heating gas sales increased 70% over 
1925. Steady increase in refrigeration and in incineration of 
household wastes by gas is reported. The gas industry has united 
in promotional, educational effort. 
Through its own plants, those of the Chicago By-Products Coke 
Co. (built in 1921 and operated wholly for Peoples Gas on a sliding 
scale price contract), and gas purchased from other sources, Peo- 
ples Gas is equipped to furnish about twice the 1926 output. Con- 
tract with the By-Products Coke Co. runs to 1946 by which date 
Peoples Gas engages to purchase or merge the physical assets of 
the former. 
Capitalization of Peoples (tas consists of $46,177,000 funded debt 
(after maturity March 1 this year of $5,750,000 secured 6s), $25,- 
196,000 guaranteed bonds (interest on $19,196,000 of which have 
not become a charge against Peoples Gas), and $46,274,000 (ex- 
clusive of $311,200 subseribed but unpaid) $100-par capital stock. 
In 1925 $3,850,000 and in 1926 $4,235,000 capital stock was sold 
at par. As result, working capital as of December 31 last at 
$6,929,000 was the best in years. 
Peoples Gas stock seems soundly returned to investment character 
(refund suit now on appeal before Illinois Supreme Court might 
cost company $2,500,000) and its 8% dividend has protection of 
good management, improved capital structure and treasury posi- 
tion, and restored earning power. 
Pullman Co. 
Now in the sixtieth year of its corporate existence, the Pullman 
Co., serving about 80% of American railroad mileage with Pull- 
man cars and representing the second largest car manufacturer 
in the country, has no bonds, no floating debt, and $135.000,000 
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