The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-17


chasing the certificates of the company
have done so after due consideration and
with full knowledge of the limitations 10
opportunity of knowing the powers or the
board Of trustees and of the board OF oil
If be In
Ing possession OF the property OF the COM
pany:
these gentlemen sustain financial loss, but
ii may be the just and earnest desire or
everyone that they be required to accept
the situation in which they have placed 4
themselves and that they be not allowed
to divert this great property, designed for
a public use and benefit, to their Individual
profit until, as you have well said they es-
tablish their claim that they own it free
of restrictions.
They have undoubtedly made careful
preparation TO assert and to insist upon
what they deem their rights in this prop
erty and they have so done because they
have anticipated that similar preparation
would be made by those interested in con-
tinuing this property in public service.
This meeting should take such steps as
will result in like preparation, and to that
end should provide for gathering complete
and we'll founded data relating to the man
ufacture of fuel gas and should assure the
directors of financial aid, If needed, in the
construction of plant for the manufacture
of such gas.
81 am in full accord with the opinion of
Judges Elliott, Howe and Walker, and be-
| lieve that information and assurance of
the character above suggested will be the
means not only of making said opinion OF
practical value in the courts, but will
| effort to do all that they legitimately may
| do in preserving this company for the pur-
poses for which it was undoubtedly IN
| tended
SENATOR THOMPSON TALKS.
Chairman, LIeber then called on Senator
| Charles N. Thompson. Mr.. Thompson's
advice to the citizens was to put the burden
l <I,<
company in their own interests. He said:
1T is the opportunity of this generation
| to provide cheap fuel gas for Indianapolis.
Indianapolis is bigger and healthier than
it was fifteen years ago, when the citizens
rghtful use of natural gas, organized the
| Consumers Gas Trust Company. The
| great impetus in the growth of this city
| by this company, and the cheap fuel that
| Ii provided directly and through the en-
actment of the ordinance generation in
| Indianapolis has been taught to live, to
| cook Its meals, and provide its heat by the
cheapest product known.
| I'VE have not been wise and prudent in
| conserving 1t as We should have been, but
| we are now face to face with the question:
| Whether this gas company shall go out of
existence as gas company and this city
left without any quasi public corporation
| to provide fuel at cost 1t is a question of
great moment to the people of this city. 1t
means not only cheaper. gas to the citi-
| zens, but 1t means another powerful i'm
petus in the growth of the city. The hand
ling of this question is serious in both its
legal and economic phases. We can do 1t.
We will do it, but how, is what We must
intelligently solve. Vigilance Is the price
of cheap fuel. We must work at this
~. All support of this Community should be
given to new directors who are in sympathy
with the public purposes of this company.
but it must be intelligent and effective sup
port. 1t seems to me that the first thing
| to be solved is the feasibility of this COM
pany manufacturing and supplying fuel
gas. That should be determined in the
most accurate way possible. have no
doubt whatever that the new directors will
when the feasibility of furnishing gas
| is shown. then the legal status of the COM
pany should be determined by the courts.
We have the opinions of three prominent
lawyers that the company has no power
to manufacture gas On the other hand we
| have the opinion of three eminent jurists
it's power to furnish, fuel gas. 1 believe
| that the company has the power, under
its charter. to furnish fuel gas. whether
natural or artificial. and believe that the
trust is so impressed upon its corporate
| being as that it must furnish fuel gas,
| If 1T is practical TO do so.
| when these questions are determined
| by courts of competent jurisdiction, then
the next question of practical Importance
Is to raise the money! nSfy believe that
| apolis this year there was fifteen years
| ago and that if the directors of this COM
pany will authorize the issue of enough
| bonds of the company to be sold by popu-
lar subscription in this city and in small
| denominations, that they will all be SUBJ
SIS. just the shares of stock are. and
| let them bear interest at per cent. per
annum: let the money be paid in install
S hs res saeh for me the as
| of the improvements. They can be thus
| as good as an investment in savings bank
tunity to show public spirit in the enter
prise. If the courts should determine that
the legislation already enacted concern
ing this company is not broad enough, then
Legislature and ask it for whatever en-
abling acts may be needed. I do not be-
lieve any member or the Legislature would
There is no reason why the people who
furnished the money for the organization of
this company should now go down in their
exercise of its powers. The directors have
ample legal authority to go on in the exc
manufacture gas and if any stakeholder
feels that the directors have exceeded their
authority, then he has the legal right to
go into court and ask that the directors of
the corporation be enjoined from proceed
ing in that manner and that action will
raise the entire question as to the legal
to this end the directors have the power
| and 1t is their duty to employ counsel to
carry on litigation in behalf or the COM
pany."
MAJOR RICHARDS CHEERED.
The last speaker was Major w. j. Rich
ards. When his name was called and he
walked forward to the front Of the stage.
the cheering, from loud, became deafening.
The crowd stood up and waved hats and
handkerchiefs, hurrahing for the major for
several minutes. Major Richards was
deeply affected by this manifestation of
confidence and approval on the part Of his
fellow-citizens, although he modestly re-
fused to take the demonstration as a per-
sonal one, remarking that 1t passed over
his head to the noble cause for which he
| stands
II wish to speak Of one proposition
said Major Richards land that is the pre-
| posterous claim that the certificate hold
ers shall appropriate millions belonging tC
the people" The major gave a parable
of his own composition, story identica
with the history of the Consumers Gas
down to a point parallel with the claims
TO which he alluded. he said: "Doesn't
the whole proposition reek of corruption
and dishonesty? II the certificate holder.
should take this money, wouldn't We bs
thieves and robbers? Wouldn't we deservt
to be drummed out of the country?
81 have heard IL asserted that Mr. Fren
gel and the others associated with hin
have formed the Eureka Investment Com
| pany for the purpose of protecting tn,
| people to prevent the wrecking of tn,