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Old 11-12-12, 05:48 PM
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Andrew R Stewart 
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Bikes: Stewart S&S coupled sport tourer, Stewart Sunday light, Stewart Commuting, Stewart Touring, Co Motion Tandem, Stewart 3-Spd, Stewart Track, Fuji Finest, Raleigh Pro, Trek Cycle Cross, Mongoose tomac ATB, GT Bravado ATB, JCP Folder

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You are basicly correct in that the metal the chain is made of has not stretched. But each link has a bushing/bearing at each end and these do wear. Even a tiny amount of wear in each bushing vwill add up after almost 100 units. Additionally the cog and chain ring will wear a bit allowing the chain to settle into the teeth a little bit more. If you keep your chain clean and lubed then this wear will be initially faster then seem to slow down. This is just one of the reasons that a bike should be returned to the LBS for a tune up after a few hunderd miles. Andy.
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