The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-08-22
NO ONE TO CREDIT 1T
SOME FACTS CONCERNING CITIZENS
sTREET-RAILROAD COMPANY.
Attorneys Before the Tax Commits
sioners-Nntural Gas Companies Ex-
plain Condition of Their Business.

Inc TWO gas companies OF this city anu
the Citizens Street-railroad Company oc-
cupied the attention of the State Tax Com
missioners yesterday. Jacob p. Dunn had
appealed in the case Of each corporation
from the assessment of the Marion County
Board Of Review. and the first company to
run the gantlet was the indianapolis Gas
Company. Ferdinand Winter looked after
its interests, and, by way of a starter,
moved that Mr.. Dunn's appeal be dismissed
because ii was not made within ten days
after the county boards action. The COM
mission, however, held that the appeal had
been filed within the prescribed time.
Samuel ID. Pray, the cOmpany's secre-
tary, told the commissioners, in reply to
questions by Mr.. Dunn. that the company's
capital stock is 5000. 600 and its bonds 81
650, 1000, Of which latter amount all but $780,
90 are of one issue, May 1, 1890. The In
dianapolis Gas Company, Mr.. Pray stated,
is made up of the InAnapolis Gas-light
and Coke Company, c~ital stock $4,000
Indianapolis Natural-gas Company, capital
stock $4,000, and the Notwithstanding,
Gas-heating and Illuminating Company,
capital stock 500. 600. A syndicate of New
York capitalists. Mr.. Winter and Mr.. Pray
explained, bought up the gas companies
named as a speculation and the properties
were turned over to trustees in New York
and afterward transferred to a syndicate
of six men, who still hold most of the
stock. e. III. Benedict is at the head Of the
syndicate.
Mr.. Pray considered the supply of gas
as lessening and the company's property
as decreasing in value all the while, owing
to this fact. In connection with this fea-
ture he made the following statement:
"The natural-gas company afterward in
cluded in the indianapolis Gas Company
began operations in 1887. Noblesville was
then the head of the line. We had twenty
five or thirty wells. Since then, We have
been compelled constantly to drill more
wells. During the first year we drilled
about twenty-five new wells. The pressure
has decreased, and we have extended the
is twenty miles beyond Noblesville.. We
now have 163 wells. Twenty-nine wells are
wet and must be abandoned. The pressure
in most of the others runs from go to
go pounds. Soon after the pressure reaches
80 pounds it is necessary, to abandon wells;
Our expenses are steadily increasing and
the gas supply is failing. All companies
are steadily pressing toward the center
of the field
1t was further claimed by the company's
representatives that in natural-gas counties
the taxes are rapidly increasing, and that
the Indianapolis company is assessed at
$500 NJ in three counties outside OF Marion.
Mr.. Pray said they had received bonuses
from Irvington and Brightwood for extend
ing their lines, and also charged SO for
making each surface connection with resi-
dences.
lust before the noon adjournment Vice
President Williams. of the Vandalia, talked
to the commissioners for a few moments in
the interest of a reduction of that lines as
Most of the afternoon session was occu-
pied listening to Bemen Lyman, general
manager of the Consumers Gas Trust Com
pany. VIM. H. Shackleton, its superintend-
ent. and Judge Lamb, attorney for the cor
p~oration. The latter said their tangible
property had been assessed fully so cents
4 n the dollar which he rppar 6P6 as at least
10 cents too high. Mr.. Dunn put numerous
questions to the. company's representative,
time was taken up, and the discussion took
so wide a range that Governor Matthews
suggested it should be confined to bringing
out the cost of construction, the amount
of stock and bonds and the net value Of
the plant. There was reference TO the grad
ual failure of the gas in the Indiana fields,
Judge Lamb stating that the pressure on
new wells drilled in ranged from 29O TO 295
pounds. as against 35 pounds original pres
sure. When the pressure gets down TO 20
pounds a well will fail to carry gas to the
city, Judge Lamb said. Mr.. Lyman told
the commissioners that the company got
its gas just east of Noblesville, twenty-five
miles from here, and that nearly all the
company's original wells in the old Ham
ilton county field were exhausted. There
were twenty-nine of these wells, and ii
cost from 5000 to $1,000 each to drill them
originally. The Trust people had forty-seven
wells i'm all in Hamilton county, and most
of them were without value as producers.
They have 100 miles of pipe in this city
and 40 miles outside. Mr.. Lyman, in re-
Spouse to a question by Mr.. Dunn, said they
now had about twelve thousand consumers,
which was less than a year ago, the hard
times having caused many people to drop
out. Five hundred houses on their line, he
said. were not using gas. Referring to the
talk about the ultimate failure OF the gas
supply. Secretary Myers remarked that the
time had gone by when coal would be re-
turned to as a fuel by people who had be-
come accustomed to the convenience and
place Of the natural article when the latter
out. To this Mr.. Lyman responded by
saying that there was not a successful fuel
gas plant in the United States, or in the
world. for that matter.
Mr.. Shackleton informed the commission
that the average pressure of 15 wells in
their gas field was 2j2 pounds, the highest
being 215 pounds. This number. he said.
included all their live wells, good. bad and
Indifferent. There was more indlscriminate
talk concerning gas wells, pipe. casing and
tangible property of gas companies, after
which the commission dropped the matter
for the present. 1t will be taken up again
when the heads of the two gas companies
return to the city. Both Mr.. Pearson and
Mr.. Frenzel are at present away and the
commission will give them ample Oppor-
tunity to reply to Mr.. Dunn's interrOga-
tories when they return. No action Will be
taken until after that time. Sept. ( Is the
date of the expiration of the time for
hearing appeals from county boards. Mr..
Dunn wants the State Commission to raise
the Consumers Trust valuation from $500.
925, as fixed by the county board, to So
100000.