The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-01-04
LETTERS FROM THE PEOPLE.
Let In the Light.


To the Editor OF the Indianapolis Journal,
The gas trust has thus far been great sue
cess because the people have believed in it, and
it has been the means of making cheap gas q
possibility to the citizens at the hands of the
trust or of some other company. To insure the
continuance Of this success the people must con-
tinue TO have confidence. This continuance of
confidence is only possible in proportion as the
trust acts openly and abovebosrd in all its
business transactions. 1t is in the nature
of public trust. and it's business methods
and doings must be such as to stand
the test of the clear sunlight of publicity. 1t
has between four and five thousand stock
holders, and tie subscriber for one share has
right to know or the doings of the company as
truly the stakeholder who owns hundred
five hundred shares. Hence, all the stockholders
have right to know how the 500. 200 they have
already contributed has been spent. or is being
expended before they pay in $4,000 more.
They have q right'to know, If it has not been
spent. IN what bank or banks it is deposited. and
what security they have for it. Is the treasurer
responsible if the bank should break If not.
who is responsiblea Is the $50 GOO called for
to-day wanted for immediate usef If not, will
it be needed for some months to comea
If it is needed Immediately. what is it needed
for2 IF not needed Immediately it is pertinent
to ask why it is not just as safe in the pockets
in the business of the stockholders as it is in
the pocket or business of the treasurer To
such INQUIRIES il is not sufficient answer to say
that the money is needed 20 purchase or procure
gas; that is conceded, but the answer is far too
general. The stockholders are entitled to bill
of particulars. The trust has been in operation
long enough for the directory to approximate
the gross amount of money that will be
needed to bring gas into the city, and
to distribute it to each of the four or five thou
sand subscribers, each of whom subscribed with
the idea and expectation, and in fact. the prom
Use. that he should have the gas furnished him
within very short time. win the $500 900
fully paid in furnish all the subscribers with gas2
If is win not. how much more will it take9 It is
possibly as hard or harder for the subscribers
for two shares to pay his $50 it will be for the
subscriber for 200 shares to pay his So. 900, and
by the terms of subscription they are equally
entitled to gas. Clearly the subscribers have q
distinctly before they should be called upon
to pay another dollar. This is business.
and the directors as business men, which
they are and good ones at that, know IL to be true
and fair So the $50, 900 how called for
is paid, it is presumable from this call that the
directory will call for another $50. 900. and
until the whole $500, 900 is collected. What then
will it be, gas or bankruptcy think it will be
conceded now that we know more about the
business than We did three months ago. that
So OF, OO0 however prudentiy and economically
expended, will fall far short of bringing gas to
the city. and supplying the trust subscribers,
scattered as they are all over the city and
then, is the, balance OF the money
to come froma Will the directory rely on bor-
rowing money on their plant, or how else? Ii
has been stated that some of the directors will
city, and that tax be placed upon the dupli-
cate to take them up We promised 8 per
cent. on our investment. Will it be fair to tax
all the property holders in the city to pay as
per cent on our money! At all events, think
we are entitled to showing of what has been
done, and what it is proposed to do I do not
question the sincerity, good faith or public spirit
of the active promoters of the trust but I con-
fess that became subscriber from impulse,
and desire to hurry up the introduction of
gas. and not from a delib business investi-
CATION and judgment. The fact is, subscribed
first and have since been investigating, and I
fear that I have lost my money, and want
to know whore what have paid has gone before
send more after it. The publication of full
and clear detailed statement of the doings of the
directory will do no harm, and may do q great
deal of good. One of two things it will do: it
will either increase the confidence of the people
in the trust, and stimulate payments, or it will
destroy it and the subscribers from ad-
ditional loss; and it is clearly the duty of the
directory to make the showing, no matter what
the effect may be. SUBSCRIBER