The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-10-27
CONSUMERS GAS TRUST
A STORY CURRENT THAT 1T WILL GO
INTO THE OIL BUSINESS.
Report that Practically All Of the
stock Is in the Hands of "a Few
Men-VigOrOus DeniaIs.

A story TO the effect that the Con-
sumers' Gas Trust Company is proposing 10
enter the oil business was denied yesterday
by Bement Lyman. secretary and general
manager of the company. The story, accord
ing to Mr.. Lyman, originated from several
overzealous gas inspectors who have kept
close watch on the Consumers Companys
movements I'm the gas field and who have
brought agents of the company into court
on charges of wasting the precious natural
fuel. These charges. Mr.. Lyman declares,
were trivial. He cites an instance in which
a gas well was shot and it required day
or two to clean il out. While this was being
done some gas Of necessity escaped. says
Mr. Lyman, but the waste was stopped as
soon as possible.
Mt Lyman admitted that the Consum-
ers Company has struck oil in some in
stances, but said thus has occurred only
in wells that were drilled for gas without
finding that commodity in appreciable
quantities. The secretary said that the chief
object OF the company is to supply gas to
the people Of Indianapolis and that its Of
ficers have permitted nothing TO turn them
aside from this purpose.
Persistent reports are going around that
the Consumers Company has found that
many of its gas wells are located over
what seems 10 be great pool or lake OF
oil. These reports include statements TO
the effect that most of the original stock
holders of the company have sold their
holdings and that the bulk of the stock is
now in the hands of few parties. Much
speculation is being INDUCED as To the fu-
ture course of the company.
OBJECT OF ORGANIZATION.
! 1t is being recalled that the Consumers
Company was organized originally by a
host of citizens Of indianapolis. prospective
users of natural gas, and that the idea
given out at the time was that when the
cost of the plant had been obtained by
charging the ordinance rate for gas the fuel
would thereafter be supplied TO patrons OF
the company at merely nominal cost. 1t is
asserted that enough has been realized in
this way TO take up about So per cent. o.
the stock.
The reports further say that when the
idea was given out some time ago that
natural gas soon to be a thing of the
past IL was expected the stock of the com
pany would decline in value. Contrary &c
this EXP ectatiOn. the stock refused to fail
but was bought in by local brokers in as
large blocks as could be obtained Who
the real purchasers of this stock were the
brokers declined To divulge. 1t is believed
that individual or syndicate has fol-
some time been trying TO secure a controll-
ing interest in the company. The purpose
of this is declared 10 be in order that the
company may bt from It's orig
inal object of furnishing gas to the citizens
OF Indianapolis and turned into an oil com.
pany.
There are those who say that when nat
ural gas shall have disappeared the Con.
Gumers' Company will go into court anC
ask TO be relieved OF this feature of its
charter and that under the terms OF tn,
original agreement the plant and Other
property OF the company revert to il.
owners Then. say the knowing ones tn,
few real owners OF the stock will bob M
Y. hfa her u anlra r.u
ton Is made that at the instgatiOn of IN,
real owners or the stock the little gas tina
remains IN the cOmpany'S wells in the fiel,
is being got rid OF in various ways in orde1
that the day may be FASTENED when the,
can take possession of the property an,
operate IL as an oil company.
All this is vigorously denied by officer,
OF the company, but the proposition ma.
stanch adherents nevertheless