stapleton, N. Y. City, February, 1st, 1909.

TO THE STOCKHOLDERS

of the New Y^okk and Richmond Ga.s Co.:

Your Directors beg to submit herewith the following
report, and the annexed financial statement for the year
ending December 31st, 1908.

During the year the Public Service Commission
established a uniform system of accounts for all the Gas
Companies in New York City, and the accounts of your
Company are kept in accordance therewith.

While general business depression has prevailed
throughout the year, gas sales increased 7.1 per cent.,
and improved operating conditions caused the expenses
of operation to be reduced with resultant increase in
Net Profits after providing for Fixed Charges, of 43.87
per cent.

The iiolicy of efficient and satisfactory service to the
public has been continued and your property has been
maintained to the uniformly high standard of previous
years and its capacity and efficiency greatly increased.

The regular dividends of 1 S» February and 154 August
were declared and paid; $14,304.37 was written off of
assets, leaving, at the year end, surplus reserves of
$98,310.94.

The bond account was increased $149,000.00 which
were sold to re-imburse the Company on account, for
the cost of additions and extensions to the Plant and
System.