Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1920-12-15

Stock is beyond chance Of manipulation
through being held and voted by the
trustees in the public interest.
Unlike any other public utility or pri-
vate corporation, no dividend beyond
| 10 per cent per annum can be paid, no
matter how much the company may
make. ANY profits above 10 per cent go
| into the gas properties.
All stock after the original issue OF
! 81 900, 600 has to be sold at auction to
| the highest bidder and all premiums
| thereon, above par value, go into the
treasury and no dividends can be paid
/ The premiums thus received up to this
date have amounted to the sum Of S41S,-
Hips, all of which has gone into the gas
properties.
The stock issued amounts to $1,000 600.
for which the company has received w.
AIS, lips Dividends OF 10 per cent per
year are paid on the face value of this
stock. which is only a. fraction above 8
per cent paid by the company for the
use of this capital.
SPECIAL PROFITS
NOT DIVIDED.
No melons" can be cut or special
profits divided.
The success of the company's manage
lnent is evidenced by the fact that 1t
has furnished gas for nearly twelve years
at GO cents per 1000, the lowest rate
Of any city in the worlA
when the 60-cent rate was fixed ana
the company began operations In 1909,
its coal was purchased at the mines at
80 cents per ton with freight charge
81 55 per ton. This same coal In 1920
has cost from S.. to S11 per tor at the
mines, with freight charge Of $2SS per
ton.
Labor at the gas plants, on the dis
tribution system and in other lines
kANN
The range is now from IS TO rs cents
per hour.
All clerical and office wages and sala-
ries are from 90 to 100 per cent higher.
All materials, such as gas piping and
other supplies have advanced from leo
to 800 per cent.
Taxes have increased 800 per cent.
Interest rates have advanced from 3
per cent TO 7, S, 10 per cent.
Gas is still at 60 cents.
naces and mills using coke there vii!
be an inevitable drop in the price OF
coke with no means Of checking 1t. with
coal and labor there will be no proper
donate decrease. To ignore THIS lneyl-
table situation and so on bhndly In the
hope that gas can be furnished at ou
cents would be to demonstrate that the
directors OF the Citizens Gas Company
have no foresight.
IMPERATIVE NEED
FOR IMPROVEMENTS
Recognizing that in a rapidly growing
city like Indianapolis there Is imperative
need for constant enlargement and I'M
proyement In the gas cOmpany's equip
ment to enable It TO keep apace Win
the city's growth, the directors nave
adopted program of building and I'M
provements covering period OF three
years and requiring an expenditure III
excess Of s. 100 000-SI 600 600 OF these I'M q
provements are to be installed as rapidly
a. the company can raise the necessary
funds and completed In 1921.
These improvements VIII embrace an
additional gas holder with a capacity or
5000 600 cubic feet Of gas; equipment for
a large increase of gas made from oil
facilitate gas making operations; altera
lions In the old ovens to increase their
output and many other features when,
e IS believed, will enable the company
not only 10 improve its service to It's
present consumers, but, as far as posi-
bic, to take care OF the rapidly increas-
ing population.
Il is hoped to install some Of the most
important Of these improvements in time
TO provide against any further incon-
veniences provided the public viii pur-
chase its normal coal supply and not at
tempt TO use gas as temporary substi-
tute for coal.
To carry through the proposed pro
gram Of improvements and enlarge
nents requires an expenditure in excess
OF s2.TJOO00. which must be raised by
the sale OF the company's stock and
bonds. The directors have postponed
this necessary work IN the hope OF better
prices on material and labor, but the
situation seems to force the company
TO proceed with the work without further
delay