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A*V':e To the "• V * v *•?• *** •*• .> "++-,• ^ . ,, *r•' • • *x,; „,. C.,*?5£ - v" 1 J*fc *'--; '£' tLkr'ikf •XVU&inuJU&'i <?:3"- Jit is now almost exactly thirty-six years since the writer took charge fltithe affairs ol the Aurora Gas Light tompany.whichhas sia|*il I j r o w n i n t o t h e W e s t e r n U n i t e d C o r p o r a t i o n . , . * . I . v . . . . \ ^ s Thirtv-six vears ago the entire receipts from the sales of utility products amounted to only $11,000 and the total investment was only t *, $ 1 7 9 . 0 0 ( 1 . • . . , < . . . . . . For the Will TeiW'-^Mij^lni^/W'it^al receipts from utffityproauMWill amount to almosf 35,500000, practically five hundred times what they were thjrtv-five years ago. The investment now totals almost exactly $35,000,000, almost two fcpndred times what it was thirty-six years ago. Our margins are very much closer now, and two dollars invested at the nresent time will do on the average almost exactly the same amount of work that five dollars did in 1889, thus saving a large interest charge to our k •i i • Customers. j|t is id'p for me to tell you that th~ building of thi|^mp^i» suchi proportionscould not tie"'accomplishett wilh6ut<»ork ^ ilio^* -4** has been on mv rhind aM of the time. 1 " 0 - At th*s moment, all conditions surrounding our property are perhaps in better shape than at any time in our history. We are selli«ijpr pw, electric current, traction, ste ^m h**at and water for less monev than any comoanv in the State of Illinois outside of the Tit*- ^ur rates have aver ^ged lower than any company in the State of Illinois outside of Chicago for all these utilities for the - intire neriod since I have been at fhe head of our comnany. In addition to our low price and h^h character of service, we have another claim to distinction. More than eighty per cent of all of v iimr bonds, debentures, preferred and rommon stocks are owned wi'hin the territory where we are engaged *n business and by peo^e v *# re customers of our comoanv. We bep-anl-his practice in 189?, and have continued it up to the present time. We now have more - than five thousand security holde-s living in the territory where we are entered in business. We have almost exactly one hund^i - thousand meters of all kinds. M ny of our customers have <*as. electric and steam heat meters, and a great many of them rid** Street cars. It is safe to say that at least seven per cent of all the families who patronize our companies are interested financially Jn ^ -- cnccessi. % ' ^ \ f extending this customer ownership, we haye frequently been met with the objection that this was a one man company. Th$|if an vthinpr happened to the President, the structure might go to pieces, or at any rate, suffer a material loss as a consequence. ^ Manv of our stockholders and several of our directors have paid me the indirect compliment to suggest th&t our company insure its President s life for one million dollars, payable to th^ company. I have personally objected to this, and all the more in the Inst year or so, for this reason: Our investment has increased considerably by the taking over of the Traction and the Elorin Electric*Iin4itin<r An *nsurance>of One million doll ^rs would mean only about three cents on everv dollar of investment, and I felt that if mv removal re^Mv were a menace, this would not b£ an adequate guarantee, and so we have been busily engaged since early spring of 1924 in pr$* for some permanent form of succession, without changing the stock control. r" It soon became evident that this could only be accomplished in one way, and that, through the'^liiaj^em^ thfc%anv corporations organized for such purpose. At my suggestion, your directors authorized me to enter into negotiations with Stone ^nd ^ebster, Inc., of Boston. We jelected this corporation, not because it was the only one excelling in any of the qualities needed, hut because we felt, af^ carefulnkiy#ligation that no firm stood higher in any one of the points necessary for a successful management of onr properties. J They manage .eighty utility companies throughout the United States, and their enormous experience is equaled in every way by the v financial stability and responsibility of the corporation; by the high personal character of all the stockholders and directors: hv thif splendid record of their achievements in such lines in the past. They have a very large number of expert engineers in their employ, any one of whom can be cal'ed in at a moment's notice. We feel that they offer not only a Guarantee that the public will be exceedingly well served, but at the lowest possible cost compatibly withJV^d service, and at the sam? time that our employment of them is practically an insurance that every one of the thirtv-five million dollars now invested in our company will be honestly and abl v looked after, in the inevitable eveiit of the passing on of any on* °n of us. - v . ' r "4 jlav^ engaged to pay them lh e same percentage of the gross receipts which is now being paid them by every other one of the eighty ^•n,IC ^e?,,ce comnames wbich they manage. This will scarcely exceed the sum necessary to insure the President's life for One mi ion dollars, and I personally f ~el, and am sure this feeling is shared by the other members of the Board of Directors, that this wifl pro* !(ip insurance for all of the assets of the company. - bv the terms of our contract, thei r work will be done solely under the direction 6f yoi^ Board of Directoi^ By 0fle of its terms. th§N3 enn^act r?in b^ annulled at any t 'me unon thirtv davs notice by the Board of Directors of our Company. Stone and Webster. Inc.. have ni ouor t n snare of stock to my knowledge. I do not believe thev intend to do so. The oresent D'rectors will continue to deci^rt^ genera policy of the company. With op^^c^tioh ^ey ^11 liv^ within the territory served by one or another of our companies^^ma^ t o r i f v o f t h e m h a v e s e r v e d s i n c e 1 ° 9 0 . ^-- J _ The nresent officers will continue to exercise the functions of their respective offices. ' I personally expect to be re-elected President, H ^.^,ve an we" at n®xt annwal meeting. I also think that all of our present directors, who are then living and in he-li-H,' V"k r,'et'- ^'e simnlv availing ou-^-lves of an opnortu^itv to secure the highest class of management which I thin" will " ,n better service to our cus ->mers. and ultimately at a lowe- orice. and at the same time ?»llo\v a larger return to th* com ^V'; "iiarpnt-ee interest on its bond- *nd dividends on it- jifeferred stocks and a snrer distribution on its common stock. In "\r •vr>r<.lf. it is (U - bsKef of yo^ • Board of r)i«-<?^»7r thfst * is ver best thing which we could possibly do for the interest o|q;? .. Yours very truly. v.. rec? to r*th ever\r one concerned. m e WEStERN XJNTTED *-#.. -iT :i ft'*-; sr -Hf.4 . • • " : '*#•< I:. " '• X^C COPLEY. FreBidet*' \ < 'V At"" 1 'V.' ^ . •fc. i* '• fa - ^ *• <4. • . •