The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-15
They Are Located I'm Towns Of West
Virginia, Pennsylvania, Ohio
and Indiana.
MANUFACTURERS GAS COMPANY
ONE OF THE PRINCIPAL PROPERTIES
SOLD TO NEW CONCERN.
Indiana Men Receive Nearly @1 ,OOO, 900
for Their Interests-Deal Closed
in This City.

One of the biggest deals In gas and oil
properties ever consumated in the United
States has just been closed. The aggre-
gate amount involved is sS.OOO.OOO and six
teen gas and oil companies, located in
Pennsylvania, West Virginia, Ohio and
Indiana. have gone into the hands of a
holding company known as the Pittsburg
OIL and Gas Company, of Pittsburg, Pa.
The president of this big corporation is
Theodore N. Barnsdall, of Pittsburg, prob
ably the largest owner of Independent oil
and gas properties in Pennsylvania, Ohio
and Indiana.
This big deal, involving millions of mon
ey, affects Indiana and Indianapolis as
we'll, since one of the biggest properties
purchased by the Pittsburg Oil and Gas
Company is the Manufacturers Natural
Gas Company. Of this city. owned by L.
c. Boyd. of Richmond. Ind. and H. NICK.
Landon, Of Indianapolis. The gas and oil
companies Of Marion. Alexandria and
other Indiana towns are also involved in
the deal.
The significance OF the transaction can
better be realized when it is known that
the Indiana owners received for their prop
critics alone, between 100000 and $1,000 0OO
There are several unusual features to
the deal, albeit they are primarily busi-
ness-like In the extreme. The first is that
the capital stock OF the Pittsburg Oil and
Gas Company-S6, ,00o. .000-is based on the
actual value or earning capacity of the
plants, and the owners Of properties can
elect to take either cash or stock for their
holdings.
PROPERTIES INVOLVED.
OF the sixteen properties involved In the
deal, the following are the twelve princj-
pal companies:
Northwestern Ohio Oil and Gas Company
River Gas Company. of Marietta, o.
Cameron Gas Company, of West vir-
ginia.
Manufacturers Natural Gas Company. of
Indianapolis.
Marion Gas Company, of Marion, Ind.
Wabash Pipe Line Company. of Indiana
Alexandria Gas Company, of Alexandria,
Ind.
Clinton Oil Company. of Ohio.
Southern Oil Company. of West Virginia,
Pennsylvania and Ohio.
Hartford Gas and Oil Company.
Corsicana Gas and Oil Company.
There ere four smaller properties in
volved in the deal. The company headed by
Mr. Barnsdall. of Pitsburg, now has a
pipe line from the West Virginia oil fields
into Ohio, where fifteen twenty towns
are supplied. The men who engineered the
big deal have been constantly at work for
four months and Ii was not until last
Saturday that the whole matter was fin
ally consumated In this city. Mr. Barns
dali made frequent visits to Indianapolis
but never allowed his identity to become
known.
When seen at the Columbia Club last night
Mr. L. c. Boyd, of Richmond a large
holder OF the Indiana properties, confirmed
the news of the deal but refused absolute
ly TO enter into discussion of the details
On the first of last September the Manu-.
facturers Gas Company discontinued the
pumping of gas to Indianapolis and con.
fined its service to factories of the gas belt
The pipe laid TO this city-ninety carloads
was sold to good advantage.