The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-14
JAMES W. LILLY IS TREASURER
HE DEFEATS FREDERICK FAHNLEY
BY AID OF HARNESS. VOTE.
statement from Maj. Richards as to
the General Meet
ing Monday Night.

taken which will lead to the continuance
of the company as a manufactures OF ar
tihcial gas. it is hoped.
Reversing his former attitude, A. "A.
Barnes. president of the board. voted
with the four new directors, and a work
ing majority TO further the interests of the
people was obtained. The principal action
of the meeting was the adoption of a reso7,
luton to iquidate all claims of ~ockho
ers-to make payments of the 5 per cent.
with 8 per cent. interest, still due the
stockholders-and the election of James W..
Lilly as treasurer instead of Frederick
Fahnley.
The victory of the representatives of the
people was made possible by the assistance
Of A. A. Barnes, who voted with the other
old directors at the first meeting. 1t is
stated that Mr.. Barnes has made up his
mind that the attitude of the new directors
is the correct one, and that in the future he
will stand with them instead of with
Messrs. Frenzel. Lyman, Scott and Fahn-
ley.
MAI. RICHARDS'S STATEMENT.
Major w. j. Richard gave the following
statement to the Journal last night con-
corning the position taken by MI. Barnes
and the results. of the meeting: 1.-The atti-
tude of Mr.. Barnes is not a change from
his original position, from what he was
chosen by the trustees to do, from his
declarations to the Commercial Club and
to the newspapers. His failure to act with
the new directors at the first meeting was
not from any lack Of loyalty to the mis-
sion OF the gas trust as originally organ
lied. All the time he has been willing to
go forward with the manufacture of arti-
fetal gas to take the place of the natural
article. He was not at first convinced thai
the time had come to pay off the remaining
. per cent. due the stockholders, but upon
further reflection. he agreed with the new
members that it ought to be paid off with
out delay, In order that the main questions
In which the people are interested may be
taken up and handled to the best conclu-
sion. Mr.. Barnes's real position Is certain
ly too well known for him to be suspected of
being two-faced. The new directors nave
TOO much confidence in his loyalty to the
object we wish TO a~ttain-the manufacture
OF artificial gas for public consumption.
First or all we have got to find that 1t Is
practlcaple. TO our aid must be called ex-
pert, unbiased engineers. We must go to
work TO find 1t practicable rather than to
find 1t impracticable. We must not hest
tate before large obstacles. We must find
or around them. This is the opinion of a
majority of the board, and 1 do not think
that majority can be broken.
n meeting was a very satisfactory one
to those OF US who have the public good
at heart. 1t Is unnecessary and undesirable
to go over the personalities, the unpleasant
details, the clashes and by-plays of the
meeting; the main thing is the important
action taken. That IS what the public is
interested in, I feel sure. A great step has
been taken"
GENERAL SATISFACTION.
Major Richards's satisfaction reflects the
feeling of Messrs Lilly, Atkins, Bates and
A A. Barnes, the members OF what is now
the controlling majority. Frenzel, Lyman,
Fahnley and Scott nave been relocated to a
back seat. Steps have been taken which will
pave the way to a new lease of life for the
peoples company, with the members of the
Eureka Investment Company faring no bet
ter than any other stockholders-the pay
ment Of the exact cash amount due them.
The passing OF the resolution to pay off
the stockholders and the election of Mr..
Lilly as treasurer over Mr.. Fahnley were
two hard blows for the old directors to
stand up under. 1t shattered their power,
IL is hoped. for all time.
The dir ectors met at 1880 and were in
session two hours. The call was issued by
President Barnes and the four new di-
~rectors. The meeting was hardly as stormy
as the preceding session, but 1t was de-
cidedly lively. Major Richards presented
the following resolutions:
Resolved, That 1t is the judgment of the
board of directors OF this company that the
time has come TO make final payment Of all
due the subscribers on their
board of directors that immediate steps be
taken for the final payment to the sub
scribers of the balance due on their certifi-
Gates, including all interest unpaid thereon.
And IL is therefore ordered by the board
of directors that the treasurer be di-
rected TO make payments on the certificates
herein provided for at a date not later
than Jan. s.. 1904"
VOTE ON RESOLUTION.
The roll-call vote on the resolution was as
follows:
Ayes-Barnes, Atkins, Bates. Lilly and
Richards.
Noes-Fahnley, Frenzel. Lyman and Scott.
The resolution was drawn on the theory
ceive the amounts still due them their claims
will be at an end and they will stand in the
same position with the rest of the public.
The resolution was debated at some length,
John E. Scott arguing that IL was illegal
and i'll advised. Major Richards defended
its legality, its fairness to all concerned.
The cash balance in the treasury of the
company Is about $4,000. About $4,000 will
be necessary, it is believed, to iiquidate in
debtedness due the certificate holders.
When it came to voting off the tie for
treasurer, between Frederick Fannie
backed by the Frenzel-Lyman faction, and
James w. Lilly, supported by the new di-
~rectors. Mr.. Lilly was successful by one
vote. The roll call was as follows:
Lilly-Barnes, Bates, Atkins, Lilly and
Richards.
Fahnley-Fahnley. Frenzel. Lyman and
Scott.
THE NEW TREASURER.
Mr.. Lilly is the senior member of the
hardware firm of Lilly & Stalnaker. For
years the funds Of the company nave been
handled by the Frenzels. Mr.. Fahnley be-
ing a director of the Indiana Trust Com
pany, of which John p. Frenzel is presi-
dent. and second vice president of the Mer-
chants National Bank, of which Otto Fren-
gel is president and John p. Frenzel vice
president.
Arrangements are being completed for the
mass meeting OF stockholders and citizens
to be held in Masonic Hall next Monday
night at 7:S. Herman Lieber, one of the
largest stockholders in the company since
its organization. will preside. Mayor Holtz-
man. former Mayor Caleb 8. Denny, John
w. Kern and Lawson NJ. Harvey will be
speakers.
Consumers Gas Trust stock fell to 100
yesterday on the Stock Exchange, the lowest
quotation for a long time.
Fuel Gas Rates.
An examination OF the ten-year contract
made by the city with the indianapolis Gas
Company leads TO the belief that the city
has absolute power in fixing the rate