The Indianapolis journal., 1904-01-13
GAS COMPANY OPERATES
At LOSS DURING YEAR
Net Profit Was Made on Business,
but 1t Was Necessary to Sell
$4,000 of Assets.
COMPREHENSIVE REPORT
Corporation Conducted at Loss OF
$36,ooo-Large Amount OF
Property Is Sold.

That the Consumers Gas Trust Company
Is operating at a great loss as far as real
profits are concerned is shown most strik-
fngly In the report Of the auditing COM
mittee. appointed by the trustees to ascer-
tain the financial condition OF the company.
The report was made public yesterday Dy
the trustees. and while IL shows net proht
in the years business. had assets to the
amount OF more than $1S7.O0O not been Sold
there would have been a great deflclt IN
the company's income as compared with It's
expenses. Were the company doing busl-
ness in the ordinary manner and paying us
expenses out of its income. IL would run
behind, according TO the report, TO such
an extent as would hardly warrant bearing
the expenses under which it is now Oper-
ating
The report is the fullest and most com
prehensive that probably has ever been
made IN the company. Many weeks have
been given 10 It's compilation, IN Whlch
the committee had the assistance or eX-
perts from the American Audit Company.
OF Chicago. In the course Of the compilation
one member Of the committee. r.. ,. FOL
SOM died The report was made TO the
trustees by the other two members, Henry
Kothe and Alexander Taggart. IL has Deen
their object 10 make a clear and concise
report, such any business man could
readily understand and they have been
successful
The fun report of the auditing committee.
which embOdies thirty-seven type-Wrltten
pages. has not been made pubic Dy the
trustees, but they have submitted the parts
dealing with figures. The report covers
the last fiscal year and while IL places
in the profit and loss account the records
OF the sales OF pipelines, leases, etc, max
ing the amount received more than the
expenses. the whole does not represent the
legitimate income
SELLS PROPERTY.
The report shows n sale made to the
Manufacturers Natural Gas Company in
the sum Of $47, SO of six and ten-inch
pipes, included in the nine-mile main from
Allisonville north into Marion county. 1t
also shows a sale of gas wells, leases and
pipelines 20 the Kerlin Brothers, amounting
on Aug 26, 1903, TO $4,000. The report fur
ther records a sale of castiron in the form
OF old pipes to the Atlas Engine Works for
consideration OF Sl2 a ton, or Ss6I 90 Another
sale IS recorded Of forty gas wells. compris-
ing an area Of 23OO0 acres, 10 the Common
wealth Jewell Oil Company, amounting to
Sl25 600. The power TO make these sales was
vested In Mr.. Lyman at a meeting or the
directors held on April 5. 1903. Mr.. Lyman
was authorized TO sell pipe lines, leases, etc,
as he saw best.
From the expense and earning statement
the company operated during the past year
at a loss OF $6, $685. not including S3,154 62
interest on dividends A commission was
Commonwealth Jewell OIL Company. The
commission amounted to $3.50.
Although the report of the committee is
full and clear, it is impossible at this time
10 determine the real value of the assets Of
the company Not until the inventory which
is now being made by George H. Brill, of
Chicago, is submitted Will ii be possible to
determine what the assets are worth. When
the assets determined the committee
recommends that complete revision in the
methods of keeping the accounts OF the COM
pany should be made.