The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-26
GAS COMPANIES ARE POOR
FAILURE OF NATURAL FUEL HAS
REDUCED THE RECEIPTS.
Former President Cleveland, n Stock
holder, Complains Because No
Dividends Are I'm Sight.

Before the State Board Of Tax Commits
sioners yesterday morning, representatives
OF gas companies talked pessimistically
about tho future OF the natural gas supply
in Indiana and used their gloomy facts and
figures as bases for an appeal to reduce
assessments. For the. Indianapolis Gas
Company, John r. Pearson and Attorney
Ferdinand Winter appeared. The assess
ment OF the Indianapolis Gas Company has
always been disproportionately high. de-
clared Mr.. Winter. The appraisement of
the State Board and the County Board of
Marion county places the valuation of the
property at $2.114,2O5: Mr.. Pearson informed
the board that in fairness the appraise-
ment should be reduced to s1,5OOOOO. The
Indianapolis Gas Company has no natural
gas future. the two told the board. Its
business must come, hereafter, from the
artificial end OF the business. and it is go
ing out OF business of supplying natural
gas
I'VE are going out of the natural gas
business here II we are allowed to-" said
Mr. Winter. I'VE have made futile efforts
70 have meters introduced and without
them we cannot do business. With meters
we probably could serve gas for number
OF years. Without them il would be an
impossibility." Receipts in Indianapolis
have fallen OF about one-half. they told
the board.
Questioning by the Governor and Auditor
Hart brought out the fact the ex-President
Grover Cleveland is a heavy stOckholder
IN the company. 1t appears that Director
i. G. Benedict. of the company, who is a
friend OF Mr.. Cleveland. told him some
years ago that money invested In the In
dianapolis Gas Company would be a gilt
edged investment. At the time the i'm
preston was that the gas supply would
never fail. but according 10 Mr.. Pearson
and Mr.. Winter, the stock has paid but
two dividends and IL has no value on the
market Mr.. Cleveland does not own any
OF the bonds of the company. 1t is said, and
does not have the benefit OF the per cent
interest they pay. The ex-President is said
70 be complaining grievously." in the
words OF Mr.. Winter. over the condition
OF affairs in the company and is anxious
TO have the assessment of the company re-
duced
For the Manufacturers Natural Gas Com
pany. 5. .. Pickens and II. NIX. Langdon
appeared. Only two dividends have been
paid to stockholders. they said and the
cost OF maintaining the property is so great
that all receipts are eaten up. The constant
failure In the supply of fuel left no hope for
an Increase In the value OF the stock, Mr.
Pickens said. Mr.. Langdon told the board
that the company did not expect to deliver
any gas in Indianapolis next winter, ex-
cept possibly TO a few consumers near the
COMPRISING station on the North Side.
Samuel o. Murdoch OF Lafayette, spoke
for the Logansport and Wabash Valley Gas
Company. the Lafayette Gas Company.
the Indiana Natural Gas and Oil Company
and the Ohio and Indiana Consolidated
Natural and Illuminating Gas Company So
far as loss OF business and the falling of
in receipts, with added expenditures, was
concerned. the statements OF Mr.. Murdoch
agreed with the representations OF the To-
cal gas men. His companies, he said, have
experienced a falling of in revenue of $1OS-
900 during the past year.
For the Consumers Gas Trust Company
Bement Lyman appeared. He made but a
few statements 10 the board. the most i'm
portant being that his company is still
able 10 do business and whenever II finds
that its receipts do not equal it's ex-
penditures IL will quit.
In the afternoon the board went into
executive session The board Is grinding out
day by day an immense amount OF facts
and figures presented to II and is slowly
forming the preliminary estimates for 1902
on the companies already considered.