The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-12-09
NO ACTI0N0N DIVIDENDS
STOCKHOLDERS OF INDIANAPOLIS
GAS COMPANY NOTIFIED
President Hastings Goes Over the Sit
uation i'm a Letter Authorized
by the Directors.

The local stockholders Of the I~ndianap-
oils Gas Company yesterday received let
tiers from the New York office of the COM
pany, dated Dec. 6. The letters were
| signed by President f. S. Hastings, 'by
order of the board of directors" and
copies were sent TO all stockholders of the
Indianapolis Company. The letters read as
follows:
ITO the Stockholders OF the Indianapolis
Gas Company-It is with regret that your
directors are forced TO make known to you
the reasons which have compelled them
to defer action, for the present, on the
question Of dividends.
"Under an old municipal ordinance your
company has been selling natural gas in
indianapolis by contract without meter
measurement. Originally this plan was ac-
cepted generally by natural gas companies
in the belief that there was an unlimited
supply of this valuable product. The re-
sultant wastage of gas, as is now well
known, has brought about a greatly dimin-
ished pressure in the field, which has made
IL impossible to render satisfactory serv-
ice. Every effort has been made to Sc
cure municipal legislation requiring the
adoption OF economical devices and the
compulsory use of meters for measuring
the gas; but, owing to the opposition OF
the people of Indianapolis, our efforts in
hat direction have so far failed. In the
meantime, other cities and towns, realizing
the importance Of conserving this most
selling gas by meter, with satisfactory
results not only TO the local companies.
but to the consumers themselves.
committees OF the Indianapolis Board
OF Trade and the Commercial Club,
charged with investigating this question,
some time ago visited Allegheny, Pitts
burg, Columbus and other cities where
the sale of gas by contract had been sub
stituted by meters, and, after a very thor
ough and full consideration of this sub
Ject, nave reported in favor of the adop-
ton OF meters in Indianapolis. 1t is wei.
known that the adoption of meters would
not materially increase the receipts of the
company, but would accomplish two more
Important objects, namely, the prolonga-
ton or the supply in the field. and the
insurance of a more satisfactory and eco
nomical service to the consumer.
Notwithstanding the fact that we have
expended large sums of money in new
wells. pump stations and additional pipe
Lines in the field, for the purpose of bring
ing a greater volume Of gas TO the city,
a satisfactory service, so long as the pres
ent wasteful use of gas is continued; at
the same time our revenues have very
largely decreased in consequence of the
wide extent OF this practice.
In spite Of existing prohibitory statutes,
a large percentage of our customers have
unlawfully increased their supply by the
practice known locally os boring out their
mixers. Every effort has been made by
your managers to stop this unlawful vast
age, but although the best legal talent
has been employed, supported by indisput-
able proofs. 1t has been found utterly i'm
possible to secure a conviction, because
OF the fact that this illegal practice has
been so generally INDUCED in.
These violations of the law are not con-
fined to the poor or vicious, but include
city and county buildings, city officials,
lawyers, churches, ministers of the gospel.
physicians, architects and some of the
most prominent residents and business
houses in the city of indianapolis.
THUS our efforts to secure to the law
abiding citizen a good service have been
frustrated by the illegal action of other
consumers, and it is obvious that further
effort in such a direction is hopeless, both
from an engineering and financial point of
view.
Notwithstanding the alarming condl-
tions which we have recited above, and
which your directors have so far been pow
erless to prevent, it is our confident belief
that the people Of indianapolis will surely
awake to a realization of the necessity, in
their own interest, of securing such legis-
lation as will extend the duration of the
supply of this most valuable fuel to the
utmost possible limit.
Meanwhile, your directors are deter
mined TO use every honorable effort in this
direction, and to apply the revenues of the
company to the protection Of its property"