The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1910-07-16
Transfer Of Large Majority Of
the Stock Made This Morn
ing at the Rate Of 35 Cents
on the Dollar.
MEANS NEW SUPPLY
OF NATURAL FUEL
Besides Richmond, Many Cit
les in Eastern Indiana Win
Be Benefited Total Con-
sideration $210, 1000.

For consideration Of $210. 900. .,prac.
tically all of the 10000 shares Of stoclc
Of the Richmond Natural Gas cQxh-
pany were transferred this moving
by the old stock holders to G. w.
Hooven of Anderson, Henry G. Starr.
of Chicago and Calvin Diggs, James
p. and w w. Goodrich Of Winchest-
err, at meeting in the office OF the
Although 1t Is generally un.
derstood that Richmond, along with
several other Indiana cities. will BE-
supplied with West Virginia natural
gas, the only official announcement
made about the future policy Of the
company was that for the present It
would be operated as 1t has been In
the past.
The new stockholders held meet
ing Immediately after acquiring the
stock and formed the following organ
ization: C. w. Hooven. president;
Henry G. Starr. vice president: w. w.
Goodrich, secretary and treasurer;
James p. Goodrich and Calv.n Diggs,
directors. The name OF the company
will remain unchanged.
Eastern indiana Affected.
The transfer Of the stock Of tho
Richmond company means that ulti-
mately many Of the cities Of eastern
Indiana will be supplied with natural
gas from West Virginia. Gas from
these fields is now piped % Hamilton.
Ohio. and 1t win b4 ! conapaea&isely
samAll matteFato conaect thix at131 -
the lines entering thAt place Distri-
button OF the gas from here win -
accomplished easily also. - the local
plant is connected with nearly Ill Of
the Indiana gas fields that are situated
near other important cities In the
state. including Anderson, Winchest-
er, New Castle, Muncie, Elwood and
Rushville. The new owners possess
considerable holdings In gas plants
which supply several OF these cities.
Practically monopoly will Be gained
on the Eastern Indiana natural gas
business as result Of the deal this
morning.
At today's meeting Of the stockhold-
OF the plant was reported, 1t being
stated that the conditions were now
such that the old company could not
do a profitable business The offer
Of the purchasers who were present
was announced and vote taken. All
the stockholders with the possible ex-
ception Of one or two who do not have
extensive holdings voted to sell for IS
cents on the dollar. The old company
was capitalized at $500. 200.
Franchise Unlimited.
The franchise which the Richmond
Natural Gas company holds is unlim-
tied, but the attorneys state that mn
less the company's property has been
sold 1t would have had to ask for an
other franchise In few years. Tho
sale to the new stockholders will not
necessitate new franchise.
The Richmond Natural Gas company
in addition to pipe lines In the city,
has large supply pipe lines which ex-
tend to near New Castle and New Lis
bon, and also Chesterfield, near Ander.
son. These two fields are connected
with number Of Indiana cities, ana
one OF the stockholders said II would
be an easy matter to force gas through
these mains and again supply al the
large cities in Eastern Indiana
Sell All But the Pipes.
A resolution which was adopted
this morning indicates that the COM
pany will not maintain its present
policy very long. This resolution pro
vides for the sale OF the companyts
property. personal. real or mixed, on
July n, at IL o'clock At the company
Offices, 43 North Eighth street. This
property includes eighty acres Of
land near New Castle, the &As wells
in Henry county. the pumping station
in West Richmond, and also the residr
ence property near this station. This
does not mean the pipe lines.
Several weeks ago It was reported
that the new officials would combine
the natural gas plant with the Light,
Heat and Power company. but this
seems hardly likely according 70 the
recent developments concerning tho
West Virginia natural gas proposition.
The company has been operating
under the following organixation since
its creation: M. C. Henley. president;
John Y. Crawford, vice president; r.
g. Hibberd. secretary and treasurer:
w. J. Hutton and c. A. Gaar. director.
While the Indiana nsldS were n op-
Heration, the local company paiA -
much . three Per cent per monfA u
the investment and the stockho1de9S
received Dlm0st twice the amount o
the ORIGINAL Investment Tho .flrun