The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-28


with artificial gas for fuel purposes at lower
prices than are now prevailing Henry
Coburn, director, says Ii Is question
where the money 10 equip the company for
this service could be procured He is OF
opinion that the properties in the oil fields
neld by the company are not so valuable as
Is currently believed Again. he says, the
courts have held that 10 mold title 10 oil
leases some wells must be drilled and that
has not been done by the company. He
believes that some of the leases are being
lost for want of development. Money Is
lacking, also. TO develop the oil leases and
the company is handicapped in the same
way for lack OF funds
MR.. wETZELs OPINION.
Director Henry wetzel declares that the
company has no authority to draw on the
assets for operating expenses The time is
near at hand, he says, when the company
cannot further operate for lack OF funds.
There is property in the gas belt held by
the company, he admits. but he expresses
doubt that half million dollars could
be- borrowed TO erect and equip an arti-
fetal gas plant. Director A A Barnes
said: Does the property belong to the
people that have put their money into il.
| or to the original stockholders, to the
public, very small proportion Of which
has a cent invested? That is the question
| first to be decided. Having done that, let
| them proceed on the finding. IL the plant
belongs to the public. let the public then
take up the question Of changing il into an
artificial gas plant, IL IL is decided that that
| is the thing to do. Let the public negotiate
Ior Jne money Necessary 70 90 tnat. Inc
| day are the people that were running down
| the property a few years ago; people who
insisted that we were manipulating the
plant and not giving service. though there
was plenty OF gas They were charging
the directors with manipulation. They for
get that the directors raised 100000 few
| years ago, on their own responsibility, to
| pull through that crisis.
las for changing the plant into an ar
| tifcial gas plant-that was discussed sew
eral years ago and we investigated the ad-
| visibility of such plan. At that time We
| did not think 1t practical. AS TO what
but shall not express ii. One thing the
people should know is that we have never
| been able to borrow any great sum or
| money on the plant. When We opened
we thought sixteen wells drilled in Hamii-
ton county would be sufficient. We have
| had to go sixty miles after gas. We have
| had to drill almost 600 wells. Gas has
given out. We have had to build pumping
| stations and In every way we have met with
| the question of greater and greater OUTLAWS
| of money. The position of director or
this company has been a decidedly thank
! less one. No, have no expression TO make
on what should be done with the plant"
| Directors John p. Frenzel, ]. f. Scott and
Bement Lyman were averse to discussing
| the affairs of the company. Director Fred
Fahnley is i'll
Mr.. FORTUNES IDEA.
Many well-known men have expressed de-
| cided opinions that the Consumers Gas
Trust Company was organized for the bene-
fit of consumers and not for stockholders.
William Fortune gave the following ex-
pression:
1.-THE Consumers Gas Trust Company
.t.rl.1 Drgof tWC a
America of a company organized by the
| people and for the people. III II 1alls a
| victim to greed after the great success IL
has already attained, ii will be to the shame
1 of Indianapolis and a encouragement 10
people everywhere in likewise striving 10
protect public interests from manipulation
| Trust Company has been the means or
saving to the people of Indianapolis, IN
cost of fuel, more than sl2.ceo.OoO more than
the total cost of street improvements and
| the sewerage system OF the city.
1T can continue to be OF the greatest
benefit to all the people Of the city. Every
conceivable precaution was taken in the
formation of the company TO save IL from
the fate that now seems to threaten IL
Fortunately, the trustees TO whom was
committed the care and protection OF the
company are such honorable and conscien-
tious men and in fulfillment of their trust
they will certainly save IL from any cause
for reproach-save IL for the people whom
they represent rather than permit II TO be
diverted to private gain.
ITS LEGAL RIGHTS.
Former Mayor Caleb S. Denny approves
of the action of Mr.. A. f. Potts and others.
who are opposing the dissolution Of the COM
pany. His opinion and that Of former Judge
Daniel Wait Howe coincide In the expression
that the company has a legal right to man.
ufacture artificial gas. and that IL owes a
duty TO the people of the city rather than to
a few stockholders William p Kappes.
active in the organization Of the gas trust.
gave his view of the matter as follows:
MY view about the matter is this: The
stock was all taken upon a condition stated
in the body of the subscriptions-that the
| stockholder should receive more than his
, | money, with per cent. interest The name
of the corporation itself indicates who the
benehciaries were TO be. 1t was trust for
!. | the consumers and not for the stockholders.
think the trustees have power 20 manufac-
ture and furnish gas TO the citizens OF In
!. | dianapolis. 1t will be necessary TO procure
from the city authority TO use the natural
| gas mains for delivering artificial gas. but
| anticipate no difficulty In securing such an
| ordinance, and IL should be granted by the
: | city without imposing any additional bur-
| dens beyond those in the present ordnance