The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-23
THE TELEPHONE TRUST
PLANS SUBMITTED BY COMMERCIAL
CLUB COMMITTEE.
Modification of the Consumers Gas
Trust Scheme-Circuit Court to
Have Supervision.

The Commercial Club directors yesterday
afternoon heard a committee report outlin-
ing plan for telephone company, TO be
organized on lines similar to that of the
Consumers Gas Trust. This report was APP
proved and a committee, consisting of w.
c. bobbs. John A. Finch, John II. Holiday
and III. P. WATSON was appointed to formu-
late the plan and report back to the club
by April /. AS stated in the Journal several
days ago, notifications on the Consumers
Trust scheme are made, in order to avoid
the conditions which have brought about
much opposition to the gas trust. These
notifications will prevent any one set of
men from obtaining a perpetual control of
the concern, and will compel ineligible
financial statements to be made.
The report submitted yesterday by D. p.
Erwin, John A. Finch and Alfred +. Potts,
is as follows:
by order of the board of directors COM
m1ttee was appointed to consider the adj
visibility of the organization of telephone,
water and street-railway companies, on the
plan of the Consumers Gas Trust Com
pany. This committee made report to the
directors of this club on March Is, and. af-
ter discussion of the same, a committee was
appointed to consider so much of the report
OF the flrSt-named committee as referred to
the organization of a telephone company
on the plan proposed. This last-named COM
mittee begs leave to report that it has con-
Sldered the matter referred to it and is OF
opinion that it would be for the best inter-
ests of the citizens of Indianapolis to have
telephone company organized on the plan
with the following notifications:
"First-That board of directors of said
company shall be elected by board of five
trustees to be appointed by the Marion Cir
cult Court in term time or vacation, who
shall be divided into five classes, the first
to hold oce for one year b the fSr
fourth for four years and the fifth for five
years. and thereafter. as the terms of said
expire 9 each a, OF s ad Ave yeeS sna
"Second-The said company shall semi an
nually make report to said court OF the
financial condition of said company in a
form acceptable to said court. The said
court shall have power at any time in its
discretion to order additional reports, and
SHALL upon request of holders of 10 per cent.
of the stock of said company. order addi-
tional reports or give additional information
concerning any Of the transactions of said
company. Each semi-annual report shall
contain list of the stockholders of the
company and the amount Of stock held by
each; it shall also contain the names OF all
officers, superintendent and managers, and
the salary paid to EACH said salaries heing
subject to approval of said Circuit Court. =.
''Third-Dividends upon said stock shall
not exceed the rate of per cent. per an
mum. All surplus of earnings of said COM
pany over and above operating expenses
and said dividend shall annually be paid
back ratably to the holders of the stock of
said company until the full amount invested
in said stock has been returned, after
which time there shall be no dividends de-
clared Thereafter the directors Of said COM
pany shall manage the affairs of said com
pany subject to the power to be vested in
the Board of Public Works of the city of
indianapolis to fix the rates for telephone
service. Any profit made by said company
shall be applied as the Board OF Public
Works of said city may direct in the inter-
est of the citizens of the city of Indian
apolis.'