THE MUNICIPAL LEAGUE OF PHILADELPHIA 345
dend of the Equitable Co., we have a total of $1,145,058 profits accruing from the operation of the city gas-works for a year. The market price of the stock of the United Gas Improvement Co. is also an evidence of the immense value of the lease. On May 3, 1897, the United Gas Improvement Co. 's stock sold at 70^; on October i, 1897, at 82^ ; on May i, 1899, at 161 and 163^ ; on September 9, 1899, at 168^4 ; or an increase of $97.87 per share in two years and four months. As there were 300,000 shares of stock outstanding in 1899, this represented a total increase of $29,361,000 in the value of the stock.
It is an interesting fact to note that the leaders of the opposi- tion to the recent proposed extension of the gas lease were mainly young men who had been actively identified with the Municipal League, and who had received their training in public work while identified with it; so that, while the league itself no longer took a part as such in the fight, the spirit which animated it during its career found reincarnation in the men whom it had developed and trained.
The league also took an active part in the solution of the water problem, beginning with the prosecution of the bribery incident to the introduction and attempted passage of the Schuyl- kill Valley Water Co. ordinance, and continuing through to the formation of the joint committee which had so large a share in the solution of the difficulties standing in the way of positive action on the subject.
As was pointed out in the report for the year 1897-98, no sooner had the gas-lease scandal been fastened upon the city by the betrayal of the people's interests, than the stock-jobbers, pro- moters, and lobbyists began to originate various schemes to secure control of the water-works. The necessity for an abundant supply of pure, wholesome water has long been a pressing one in our community; but, owing either to the inefficiency and to the incapacity of our municipal government, or its criminal neglect and indifference, no satisfactory and permanent solution had been agreed upon up to that time. The filtration committee, com- posed of representatives of various public bodies, and on which the league was represented by its president and vice-president, had
