The Indianapolis journal., 1889-06-25
HIGHER PRICES PREDICTED.
1t Is Claimed that Natural-Gas Companies Can
not Continue Under the Ordinance Rates.

This morning Judge Howe will doubtless
order the sale of the entire plant of the
Broad Ripple Natural-gas Company, the
date therefor to be probably the 25th of
July. This action of the court is based
upon an opinion which was formed from
report of Receiver Yandes. This report,
which, while not exactly kept secret from
the public, has been so skill
fully passed around among the forty
lawyers interested in the case that its facts
have only leaked out one at time. Not
until yesterday were all the statements
contained in it secured, and it is barely
possible that some of them may be of
interest to the public, not only for
their reference to the Broad Ripple
company, but because of their possible
significance concerning the future of other
corporations of similar kind. The values
given In the report are fixed by an ap-
praisement, made in May last. by order of
the court, by John G.. Pendergast and w.
b. Wheeler. According to the result of
this appraisement, the real estate of the
Broad Ripple company is valued at 81 900,
the machinery at S1,n9.75. the main
pipe line at S213. 624, and the bearing
wells at $4,000. The leases were not ap-
l,.tb
taken, of which J. NJ. WescoIt holds lib.
The secured Indebtedness of the company is
$4,000 in mortgage bonds due in
per cent cent interest. These were issued
the report, are now supposed to be owned
jointly by him and the Hoosier Drill Com
$50, Goo. 10 "''"'
The running expenses of the company
Ian 4 IN
Sl2, 1OS.99., and from Jan. 1, 1889,
taxes, S5,454.4O. Tho income of the
company from Jan. 1, 1888, to Jan. 1, 1889.
IS. 1889. from gas yields, S15,749.S6 The re-
ceipts for gas from June 1855, to June 1; 1883,
were S39. .6Ss.5S. The probable running ex
penses from June 1. 1889, to Oct. 1. 1885,
are estimated at S6,n6 per month.
Tho probable income for the same months
$1,000; August, 81 COO; September, 81, ,270. At
present the company has eighteen product
i've gas wells, seventeen of which are in
Washington township. Five wells proved to
have failed since: There will be. for next
winters supply, it is thought from ten to
twenty new wells required and these will
cost from 81, 800 to 81 500 each. The only
policy to pursue, Mr.. Yandes holds, in case
the creditors do not rally to the support
u,
as its operatives cannot continue at the
present schedule of prices to gas consum-
ers. On this point, he says in his report:
There is reason to expect that the city
authorities may authorize higher rates for
gas, inasmuch as the present rates are not
satisfactory to large number OF the
stockholders of the present gas companies.
This may be very material to the question
how long the business should be carried
on"
This or ,stiOn of gas rates while it has
not been brought before the public in any
direct way as yet, is receiving forecast in
the failure of the Broad Ripple company.
Many citizens, who from the first have as
suned a seemingly Indifferent attitude
toward the gas boOms and the propositions
of the numerous corporations that sprang
into existence, are not backward now in
pr0phesying the failure of all the COM
panies now in existence, provided the
present system is kept in vogue.