The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-27

This appeal to the trustees Of the Con-
sumers' Gas Trust Company-Hugh H
Hanna. John H. Holiday Henry Schnull.
General T. A. Morris and John G. Williams
against the alleged purpose of the Eureka
Investment Company TO pool the stock or
the former concern and end its existence.
as soon as natural gas Is exhausted, VIII
be made Nov. 9, when the trustees meet to
elect new directors.
The appeal has been formulated by At
torney Alfred F. Potts. who was one Of the
original organizers of the Consumers Gas
Trust Company. Return postal cards have
been sent TO thousands OF people to obtain
an expression OF sentiment to put before
the trustees. In addition to this the form
OF the appeal. with a blank space for the
signature. is printed in the Journal to-day.
Citizens who believe that the trustees
should safeguard the rights of the consum-
ers are asked TO sign these postal cards and
printed forms and mail them to Mr.. Potts.
PEOPLE SHOULD ACT.
The crisis in the affairs OF the Consum-
ers' Company has become so acute. Mr..
Potts and others believe, that people gen.
orally should awake to the plain intention
of the principal stockholders OF the COM
pany to end the existence OF the company.
take possession of its property for their
personal gain. and deny citizens the bene-
At of an artificial gas company furnishing
gas at cost II is believed that the trustees.
who have absolute power in the direction
of the affairs of the company, can take no
other action than TO elect a new board OF
directors which shall manage the company
for the future benefit of consumers rather
than for the profit Of a pool OF stockhold-
ers.
Those familiar with the inside manage
ment of the Consumers Company declare
that Ii is on the brink Of a receivership
II the management Is not put into the
hands of directors who have the interests
of the consumers at heart The statement
is freely made that the company is running
into debt, that real effort Is being made
to collect accounts, and that not the slight
est attempt has been made to develop rich
oil leases held. The natural result OF this
course of action would be the appointment
of a receiver and a sale under the hammer
for the benefit Of creditors.
WOULD DIVIDE MILLIONS.
II is estimated that the tangible assets
of the Consumers Gas Trust Company. at
forced sale, would bring from S2.ooo.ooo
to s.. SOC. 900. which money. most Of it. would
be divided among the members Of the pool
as represented by the Eureka Investment
Company. The trend of the present man
agenent is so apparent. 1t is declared. that
unless the trustees put check 70 1t moth
ing can prevent the wrecking of the COM
pany and the destruction at one blow of
the trust created for the people when the
Consumers Company was organized and
Iegalized by legislative enactment.
The return postal cards give the people
an excellent chance to put the matter for
chilly before the trustees II is hoped that
he. o. N
number and that the consumers will ap-
preciate the full gravity of the situation.
According to the construction given the
articles of association by able lawyers the
duty OF the Consumers Gas Trust Com
pany is perfectly plain: when the supply of
natural gas gives out 1t shall Immediately
take measures to supply consumers with
possible. The saving to the people at large
II such were done can hardly be estimated.
Not only would the consumers of the trust
company be directly benefited, but since
the company would be in competition with
the Indianapolis Gas Company the benefit
would accrue TO practically all consumers
of artificial gas in the city.
RIGHTS OF THE COMPANY.
This represents in brief the purpose of
! the appeal; to influence the trustees to
! elect such directors as will clear the COM
pany from the barnacles Of debt, adjust
its affairs and direct it in the manufacture
of artificial gas. AS to the right of the
company to enter into the manufacture of
artificial gas some of the best lawyers in
the city, Lawson NJ. Harvey and "A. F.
Potts among them. are agreed, after a
careful reading OF the articles of asSocia-
ton. Two paragraphs or these articles
bear directly upon the point. The first is:
1.-The objects of the formation of such cor
poration are to drill and mine for natural
gas. petroleum and other minerals. and to
! purchase. lease and otherwise acquire gas
and petroleum wells, and the products
thereof, and TO furnish the same TO its
patrons for use; and by manufacture TO
convert the samo into gas for fuel and