The large amount -of building activity during the latter part of 1933 continued at a steady pace during. 1034, including the construction of ofice buildings and apartment houses, as well as the cofsiruction of residences and small shops, As of December 31, 1024, the Company was supplying electric ower and light service to a total of 80.214 customers, as compared with oral of 73,642-customers at Dec~ ember 31, 1993, an_ incre per cent." Total output in 1934 was 800,852,000 kilowatt-hours, an increase of approximately 62 per cent. over the. previous year.
The Company continued its efforts to secure additional business in all classes of service. In the residential service, numerous cooking, refuge tion and other electrical energy con suming devices were connected to the Company's Lines. The total number of major appliances in service as. of December 31, 1994, and the net. increase compared with the previous year is Cookers 2,900, increased 171: Refrigeration units 3481, Increased In the small power service a considerable number of small. motors was connected, which In many. instances displaced older hand methods of manufacture.
The connected load of the Company as of December 31, 1984, amounted to 317,605 Kklowatts, an me crease of approximately per cent during the year.
Western Extra-Seltlement District Prior to January 4, 1935, your Company was precluded from main taining and extending its service to take care of the increasing electrical demands for supply in the territory south of Soochow Creek and west of the international Settlement, described os Western Extra-Seitiement Read Distrit. For this import ant reason a new Company design ated Western District Power Com-any of" Shanghai, Federal Inc. USA, was formed' on January 4, 1035, to serve that territory and was granted a franchise by the City, Government of Greater Shanghai under authority of the National Government of China terminable after thirty years and upon the payment of the then fair value, The new company will on the conclusion of certain agreements take over the property of Shanghai Power Company located within the Western Exira-Seltlement Road District and will purchase its power from Shi hai Power Company under bulk supply contract.
Tt is with sincere regret that we record the loss lo the Company of our associate Mr. V. Meyer. Mr. Meyer was strong friend and advisor, ever willing and helpful in the guidance of the Company from Pub! the date of the Company's inception until hie recent Wines. dustrial advances expanded, from '$17,483,000,000 to $17,824,000,000, fen tnerease of over $11,000,060,000 since the end of October.
Commodity Prices: Thursday Jan Feb. 7, Chicags wheat Winntpee wheat Sotton Rubber sie Sugar Business:
Times Index Steer operations (oe of capacity) ins ata)
tion (Row: hre).*1288,000 *1203.000 Sarlosairgs (carloads) 53,600 383,700 Automobile output
Dally average ott pro-(cars) e400 13,00)
notion <(Bbis.) 2842,000 2,448,000 'S000 omitted Stock Outlook: The action of the rail average perhaps deserves special comment. There appear to be two dominant market influences at the present time: Business prospects and the possibility of further inflation. Improvement in business would help doth industrials and rails while in. ation might assist most industrial stocks but would definitely work against railroad issues. The rails therefore are pestaps the best market index as to the prevailing view of business prospects. 'This average is now at Its lowest for' nearly' two yeaxg. In March of 1993 the average rose from a low of 2345 toa high of 29.19. After dipping to 23.06 In April the average began the sustained advance which did not ter minate until the postedepreesion igh of $653 was reached in July. The subsequent reaction was cheek.
at 3396 In October. Three times ince then the rail" average has broken through this resistance level, In August 1934 It touched 3348, in September $3.19 and during the ast week it has been low as 31.79 This behaviour presumably reflects 9 general Pellet "that prospects for further improvement in business in the near future are not promising ana Hoc sftnath To the next vera months aside from teehnial affes tay "be largely "centried tg "those issues which would be helped by In-
Text read from the printed page and cleaned; old type leaves the occasional error.