The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-01-08
LABOR TEMPLE ASSOCIATION.
Its Similarity to the Consumers GAG Trust
Makes II Obnoxious to Members.

The attendance at the meeting in the
Criminal Court room last night. which was
called by the railroad organizations. was
not large, but was composed of an earnest
body OF waRe-earners II. nj. Mount was
called to preside and William Hugo was
made secretary. The topic of discussion
was the form of organization OF the Labor
Temple Association. 1t is based upon
the law regulating trusts, passed March
g. 1889, and, in Judge Howe's opinion, must
be wholly and absolutely trust; thus Civ
ing the entire power to the board of trus-
tees. The only objection preached by
speakers was to Article y. which makes the
trustees self-perpetuatIng, and to Article
XII. which is as follows:
The title to and control OF all property, real
and personal OF said corporation. and the con-
troll or all its capital stock, and the power to
collect and disburse all its revenues and funds,
from whatever source, and the power to make
all contracts for and in behalf of said corpora
ton, shall be forever vested in said board of
trustees and their successors In office, in trust,
ject to the conditions and limitations expressed
In these articles
The opposition to q self perpetuating
board with such powers was led by Mr.
Tamm. of German Typographical Union.
His was one of the first unions to take o
decided stand against this provision and to
suggest something different. MIR. Tamm
thought that the trustees should merely be
custodians of the property and that the
management should be vested in u board of
directors to be elected by the unions. Six
of the nine members. he said, should be
elected every year, as q guarantee against
abuse of power.
G. w. Martin pointed out that under the
law the organization must either be ali alb
solute trust or q business corporation for
profit, in which case the stock must DO
open to the public market. He shared. he
said. in the objection to the absolute trust
plan. and would be glad to learn of some
trustees could be given to the directors.
Henry Gale suggested that If a change is
made in this section several other changes
must be made. He favors he said, q change
ion was expressed by Mr. Hugo, Mr..
Clancy and others. Mr.. Bly,. of the
engineers. said he didn't want TO see the
hands of the stockholders tied in this cor.
poratlon, as they are in the Consumers'
Gas Trust. He wants nothing more than
the real estate committed to the control of
the trustees. The discussion ended in q
motion prevailing for the appointment of a
committee of three. to secure further legal
advice and to invite Judge Howe to be
man appointed c. w. Martin. Cornelius
Kelly and Henry Gale for this work. The
meeting then adjourned.
The necessary similarity. under the law,
OF the LaoOr Temple Association TO the
obnoxious Consumers Gas Trust plan has
been stumbing block in the way of sub
scrlptions. The point Is illustrated in an
incident in meeting of the local division
of railway engineers. The subject of the
temple was presented by one of the men,
bers in glowing speech. He was plead
ing for large collective and individual
subscription TO the capital stock. In an
unguarded moment he mentioned that the
association was somewhat in the form of
the Consumers Trust. Whom he had finished
another member arose and said:
"Brother-. you had me feeling enthusi-
astic on the labor temple until you mem
toned the likeness to the Consumers Gas
Trust. If it's got TO be- like that count me
out. One experience of that kind ia enough
in one lifetime" The difference between
the gas trust and the labor temple organi-
cation, Is that in the former the trustees
not only perpetuate their own body. but
elect also the directors. In the latter as
ISOLATION the directors are to be elected by
the stockholders. but can have no powers
except such as are delegated to them by
the board of trustees. The opposition to
the plan Is so unanimous that unless law il
found to permit of the changes desired the
success OF the project is imperiled. Great
interest attaches to the meeting tonight