The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-20
STATEMENT BY A. F. POTTS
WHO WAS ONE OF THE CHIEF Or
GAMERS OF THE TRUST.
Artificial Gas or Petroleum May BE
Supplied Consumers Under the
Articles of Association.

ably not be rejected. The disclosure that
the purchases which have been made for
years were with systematic purpose to
acquire the assets at the termination OF
the company's business seems to have
raised much doubt as TO the status OF the
company in case it reached such crisis
as to be unable to continue business. 1t is
conceded that it will not be long before the
company will be unable to supply gas at
any price. When that time comes it is as
sumed the company will undergo legal
process of liquidation and that it's assets
will inure to the benefit of the stock.
The Gas Trust has no bonded debt. Its
only debt is $4,000 due on stock and what
ever current debts it may have. The spirit
of the trust organizers was to procure gas
at cost when the stock had been discharged,
but 1t has reached the condition of gas at
cost without the debt being discharged as
the decreasing supply and decreasing con-
sumption have determined.
There are those in touch with Consum-
ers' Trust affairs who do not believe the
company's duty ends with the failure OF
natural gas. Suppose the company pro-
ceeded to explore it's leased field for petro-
leum, coal or other minerals, as it is au-
thorized to under its articles of incorpora-
ton and it's land leases, and met success.
Success Is probable only in the petroleum
work. as the territory has not shown other
minerals. There is expectation that its pc
troleum business would become easily the
largest in the State which it cannot become
by reason of the Introduction Of law until
the production of gas ceases.
Alfred +. Potts was, with John p. Fren-
eel and others, one of the originators of the
Gas Trust. Mr.. Potts regarded 1t as sue
cessful substitute for municipal ownership.
The articles of incorporation, however, do
not determine that the assets of the COM
pany shall become public property when 1t
can no longer continue business. That is
something that Mr.. Potts now deplores. In
speaking Of this yesterday Mr.. Potts said:
ION an examination OF the original
articles of the association of the Consum-
ers' Gas Trust Company IT Will be found
that the objects for which the company
was formed were to drill and mine for
natural gas. petroleum and other minerals,
and to purchase, lease and otherwise &C
quire gas and petroleum wells and the
products thereof and to furnish the same to
lis patrons for use, and by manufacture
to convey the same into gas for fuel and
illuminating purposes and other articles
of commerce, and the sale of its products to
its patrons, and to this end to own, oper-
ate and maintain such machinery works,
lines of pipe and appliances as TO carry
out the objects above mentioned, may re-
quire' There is the further provision that
when the certificate holder shall have re-
ceived the full amount by him invested
with interest, that it it shall be the duty
of said company to reduce the price of gas
so that the same shall thereafter be sup
piled the consumers at cost
ton as any other with reference to its
power to borrow money with the exception
that Ii must be done with the consent of
two-thirds Of its board OF directors. 1t
seems to me that the Consumers Gas
Trust Company has not yet fulfilled it's
mission and will not have done so even
with the entire failure of the natural gas
supply, providing its pipe lines are of the
character to convey gas which may be
made either from coal or petroleum under
the powers granted 1t seems TO me that it
would have the right and be the duty of
the company to mine coal or to drill for
petroleum and to furnish the products in
the shape of gas either for fuel or illum-
mating purposes. There Is nothing in the
nature of the organization itself which
prevents it's borrowing money for such pur-
poses and there Is no reason why Its pipe
lines should pass into junk unless II is not
possible to use them for supplying fuel or
Illuminating gas.
81 do not pretend to know as a practical
question whether fuel gas made from coal
or other products can be conveyed through
pipe lines constructed for natural gas This
is a question for expert opinion, but If
the pipes can be so used our people Will
certainly not allow them to be abandoned
for the failure of the natural gas. When
the time comes 1T will be found that there
will be somebody prepared to raise this
question. OF course If IL should be found
that the pipe and other property of the
company cannot be utilized within the
purposes expressed in the company's char
ter / presume that the owners of the stock
will be entitled to make such use of them
as they choose and there is no doubt that
upon this theory the stock of the COM
pany is being sought by spectators.
"If the people of our city could only have
been brought to a realization of our own
good years ago and the supply of natural
gas been served by the use of meters we
might expect an abundant supply of it for
| The failure of the people TO consider their
own good and their prejudice against the
company and It's directors who have been
| laboring for the public service gives little
announcement TO any effort for the owner
ship and control of public utilities by the
people TO protect them against monopoly.
I'VE have saved 81. 000.0 900 a year for fourteen
years in Indianapolis through this organ
| ization so that after all it has not been q
| failure"
Consideration of Gas Trust stock at this
| teal. in view OF the retreat of Ii from the
| that have been unexplained for ten years
have been well advised and foresighted
There was no sale on the Stock Exchange
Yesterday An outside sale OF five Delaware
| e Madison bonds at 90 and interest was re-
ported. The quotations furnished by the
| exchange follow:
STOCKS.