The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-04
VIEWS OF Mr.. A. F. POTTS
ONLY OTHER THING WAS TO AS.
SESS THE CONSUMERS.
What Might Have Been Expected of
the Trustees Under Ordinary
COnditi0nS-0ther Views.


Trust Company elected unanimously yester-
day afternoon at the meeting of the board
of trustees held In the office Of the Union
Trust Company are John p. Frenzel, Fred
Fahnley. A. A. Barnes. Bement Lyman,
John E. Scott, Henry C. Atkins, W. ].
Richards, James w. Lilly and Hervey
Bates, jr. o. this number the last four
mentioned new members. the remaining
five having served on the board during
the past year.
The joint opinion OF three prominent at
torneys Of this city-Charles w. Smith, Ed
wards Daniels and Judge L. J. Hackney,
counsel OF the Consumers Gas Trust Com
pany-as to the legal status of the COM
pany and the power OF the trustees under
the present conditions of the gas supply
played a prominent part in the meeting of
the trustees, which continued from 10 o'clock
in the morning throughout the afternoon.
1t was only after thorough consideration
OF the opinion of their counsel as we'll as
the petitions of many stockholders and
others that the trustees advanced to the
election OF the board OF directors. AS re-
suit OF several hours consultation over the
above mentioned matters the trustees de-
ctded that while fulfilling their duty to
select honest and capable men, il was but
fair that all interests should be represented
upon the board, so the question of the COM
pahy's ownership and future policy could be
determined as possible.
NO REFLECTION.
There was no desire or intention the
trustees said, TO reflect upon the motives
or opinions Of any OF the directors in the
present controversy. They have rendered
great and valuable services to the company
and the trustees feel that they have man.
aged its affairs with prudence and ability
and have made IL a success in every par
ticular. 1t has fulfilled the purpose of its
being for fifteen years, has kept down the
price OF gas and has paid back 90 per cent
OF its stock with the promised per cent.
interest. But with the end of natural gas
circumstances have changed and two the
ories were held in reference to the COM
pany. one that it belongs to the stock
holders, the other that the public has an
interest in 1t. The trustees held that
these two theories ought to be tested in
the fairest and most expedient manner and
the changes were made in the directorate.
In order that the stockholders who adhere
to the latter theory might be fully repre-
sented. one OF them was elected In the
place OF Henry Wetzel.
Ch Ut ~ ASoos NHc lIuslceS OF the Con-
euniers' Gas Trust Company emploved as
counsel Charles w. Smith. Edward Daniels
and Judge l. j. Hackney TO define the
rights and duties Of the company under the
articles OF Incorporation, and the greater
part OF the day yesterday was devoted to a
consideration of the opinions of the three
attorneys. The joint opinion of counsel
does not favor continuation of the com
pany In business. either on a money-losing
scale. or In the manufacturing of artificial
gas.
nrtrr, or-r-rrro>-c e,,,,,.
The questions submitted to counsel by
the Consumers Gas Trust Company are as
follows:
'Messrs L. j. Hackney, c. w. Smith and
Edward Daniels. indianapolis. Ind:
Gentlemen-The board of trustees of the
Consumers Gas Trust Company request
your advice and opinion. in writing. con-
which the board In the near future may be
required to act
The articles OF association of the Com
sumers' Gas Trust Company hear dafs
Nov. z. 1851. printed pamphlet CONTAINING
those articles and also the bylaws of the
company Is herewith handed YOU You will
notice the sixth article requires the snttra
capital stock or the company to he placed
for voting purposes under the control of
board or five trustees, and that the sav
eEtn article requires the trustees to issue
TO each subscriber TO the capital stock of
the company transferable Certificate
showing the amount of stock held in trust
for the subscribers and emitting the holder
thereof 10 receive all dividends earned on
the stock represented by the Certificate
The twelfth article provides that by ar
cepting the trust certificates the holders
agree that the powers of the board of
trustees specified in the articles of as
sociation shall be irrevocable during the
existence OF the corporation. In this con-
nection your attention is directed to an
act (Acts 1889. p. 9l) purporting to validate
such agreements as this article requires
You viii also find In this twelfth article the
appointment of five persons to constitute
the first board OF trustees and you will
find provisions In the sixth article by
which vacancies in the board are TO be
filed by the remaining members
TERM OF EXISTENCE.
I'm the fourth article the term of the ex
istence OF the corporation is fixed at fifty
years. and the fifth article provides that
the business and prudential concerns of the
corporation shall be managed by board of
nine directors. TO be. after the first year
elected by the board of trustees on the first
Tuesday In November
ION Nov. %. 1887. the Consumers Gas
Trust Company accepted the indianapolis
general natural gas ordinance OF June q.
1887 U4aws and Ordinances OF Indianapolis.
1ss5. Sections losi-lose). and by so doing ac-
auired the right 10 lay and MAINTAIN pipes
in the city streets for the purpose OF sup
plying the city and its inhabitants with
natural gas at specified rates. Section Id9s
OF this ordinance gives to the city the right
(c0NTINUED ON PAGE Q. COL II