The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1889-08-18
NATURAL-GAS OPERATIONS.
The Mayor Reserves His Decision in the Trust
Suit-Board Ripple Stock Sold.

Mayor Denny will decide the Trust case,
now pending in his court, next Tuesday.
He is ready now he says. to do it. but w.
T. Fishback, attorney for the company, has
asked him to wait for some authorities
which he desires to quote. The whole case
hinges.n said the Mayor yesterday, to a
Journal reporter, ION the construction to
be put on the word 'willful.' The ordinance
saysvery distinctly that any willful v~iolator
of its provisions hall be subject to penalty,
and Mr.. Fishback says that when corpora
tion is financially embarrassed and is there
by compelled to violate its contract, that
violation is not a willful one"
will that point hold good in lawf"
Il hardly care to answer that question:.
for it would involve the whole case at
hand. will say. however, that it would
be a very dangerous rule to follow in gen.
eral. TIL ere are some features that enter
into the case which | fail to exactly under
stand. For example. the company claims
notice on Hoyt avenue. it had but $4,000
in its treasury. and that the extensions
would cost $40 0 / find that at that very
time it was investing about $25, OOO IN sink
ing new wells north of here, and about
100000 in making the proper connections
to it's main lines. What l fail to see is how
the company could get Sl25.000 for new
wells, and connecting lines, and could not
secure So, 600 for local extensions"
While attorney Fishback was thus ask
ing a suspension of judgment, as it were.
TOT a day or two, a natural-9as deal OF some
Importance was being cOnsummated rela-
tive to the property held by the syndicate
that succeeded the old Broad Ripple CON-
pany. 1t has been regarded only a matter
OF time when the syndicate would transfer
It's holding to whOmSOever would buy. The
gentlemen forming it had no inclination
whatever to operate the plant; their only
purpose in purchasing it was to protect the
claim they held against the old company.
Wescott's mortgage was. moreover, a bur-
den, and the interest on that would necessi-
tate a larger investment than they contem-
plated, if they were called upon to pay it
for any great length of time. On the first of
next month an interest payment of $500 is
due, and its nearness urged the syndicate
to take some definite action as to going on
or letting go. Friday the directors of the
syndicate, or rather. Ripple company, met
with all stock represented, when it was de-
cided to sell. The Consumers Trust and
Indianapolis Natural-gas companies were
advised of the Ripple's readiness to receive
| bids.
Yesterday morning the directors met
again, and two large envelopes were placed
before them. Mr.. Gallup. whose bank came
into the syndicate on account of its judg-
ment claim against the old Broad Ripple,
presided. The first envelope opened con-
tanned a bid of Edward Hawkins, ex-United
States marshal, secretary of the Indiana
School-book Company. and a director
in the Ripple. He acquired the latter
some stock of Mr.. McElwaine. who also
was a director of the syndicate Of the cred
itors. Nh. Hawkins proposed to buy this
stock of the syndicate at par, paying there
for S54,OO in Consumers Trust certificates.
we'll as one or two other companies repre-
scented in the Ripple syndicate, already
held large amounts of the certificates. no
ooJet'ion was maze 10 I'M 1naS form form OF pay
was opened and revealed to the directors
that the Indianapolis Natural Gas Com
pany had no desire to bid.
The deal was soon closed and Edward
Hawkins. presumably representing the
Consumers Trust. became the owner of
the Broad Ripple stock held by the direct
Ors with a thirty days option on all that of
the smaller stockholders. During the aft
thewsOn. Mr.. Boyce and others interested
were put In possession of their share of the
certificates. 1t is understood that under this
deal the purchaser assumes all liabilities of
the old and new Ripple companies. One
item of Indebtedness is the 81 200 Judgment
due Hanway. another the S125, 600 Wescott
mortgage, and the third the interest due
thereon Sept. /. All told. for $4,000 Trust
certificates Mr.. Hawkins has purchased for
his principal the stock of the Ripple COM
pany and S132.50O Indebtedness. With the
$4,000 the total obligation created by this
deal is S1S6,500.
At 10 O'clock last night a reporter called
at the Bates House to interview Mr.. BOyce.
That gentleman had retired for the night,
leaving orders at the Office that lie was not
to be disturbed, as he intended to leave at
an early hour. Theclerk at the desk vOuch-
safed the further Information that Mr..
BOyce told him that he had finished his
business here and would return home for a
permanent stay. Mr.. Boyce has therefore
new complication should arise in cOnnec-
tion with the Broad Ripple plant. is not
likely to return to Indianapolis at an early
day. The other Eastern gentlemen left on
early evening trains.