The Indianapolis journal., 1903-10-29

company, know that we entered il with
the explicit understanding that when our
stock paid off, together with the 8
per cent. interest 1t was to draw that tho
plant was then to go to the people. Not
only did we enter with this understanding,
but 1t was discussed how the plant when
our money was paid back, should go to the
people-waS IL TO go TO them through the
municipal government or how?'
we decided that the municipal govern
ment might prove defective in the opera
tlon or such plant, ana II was decided
TO place ii In the hands OF a board of
trusteeS-a self-perpetuating board. The
members OF that board were carefully Sc
lected. Men that were known TO be hon
est were placed on il. That board still
exists, and II was created for just sucn
a crisis as has been reached now. and I
bers will fail i'm their duty. Though hold
the $4,000 of stock that L subscribed for
at the time, and would be entitled to
share in a division in the technical inter-
probation that the property, when the
original obligations are discharged, still
belongs to the stockholders. / know NOR
ally, l would be committing a criminal
act If should. in any way, assist in con-
vertfng the property TO personal gain. or
should l receive cent of money other
than the per cent. yet due.
What stockholders in the Consumers
Gas Trust Company mas right TO COM
plain of his investment? Let him stand
forth and answer that question. Every one
OF US has had an exceptionally good in
money. We received per cent for every
dollar of IL every year-and more than that,
we have received interest upon interest
because additional stock was issued TO
cover interest that at one time due.
We have got back all but per cent. of
our money-and will get that. We have
for years We had the best fuel the world
has ever known delivered TO us at ridicu-
lously low rates. What more could any of
ask and be honest in the asking. We
.1wA 1.,t&
derstanding that we were establishing a
community service for all time, and that
the plant was not for the stockholders,
but for the people of the city. With such
at this time to raise the question as to
whom the plant now belongs"
KERN ON THE QUESTION.
John W. Kern, former city attorney, who
was once a stockholder in the Consumers
Gas Trust Company, had the following to
say:
From a casual reading of the articles of
incorporation il would seem that the COM
Dany has the right TO manufacture gas and
to sell il. If so, it would also seem that
after the stockholders had received the
| amount invested with interest the company
at cost under the terms OF the original
agreement. This, however, is from the
| standpoint Of public interest 1t will prob
put their money into this stock as an in
vestment that men who have themselves
nothing invested have any voice in dictat-
ing to them how they shall use their own
property. If these stockholders and Of
| Iicers of the corporation have enough pub
| lie spirit to overbalance their desire for
gain We will probably get artificial gas at
| cost but in these strenuous times This is
awfully dubious proposition. George
| Merritt seems TO take broad and hign-
minded view of the situation, but George
Merritt is an old man and has old-fashioned
notions about such things. There are only
a few George Merritts left. 1t would be a
great thing for the community If there
| were more like him."
| John NJ. Shaw, Lucius B. Swift, Hugh o.
/ McVey and others who are stockholders in
| the company are of opinion that the inter
| ests of the stockholders are subservient 10
| the public good.