Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-04-27

whether ha thought the company could
sell stock he said It could not be done
without a favorable attitude from the
/ public, the commission and the city. He
said be believed the Bankers Trust Com
pany loan can be renewed If the com
pany's other obligations are met.
COAL EXTRAvAGANCE
PARTLY TO BLAME.
Are not sn Of your financial diff
culties resulting from the fact that you
have an abnormal supply Of coal on
hand, bought at prices the highest in
the history Of the world" Samuel Ash
by, corporation counsel for the city Of
Indianapolis, asked.
Mr. Efroymson admitted that this was
one Of the company's difficulties and
stated that II it had not been necessary
to supply gas to the city constantly there
would have teen no such coal supply
Did you not pay a 10 per cent divi-
dend since your application for increased
rates was fled?" Mr.. Ashby asked.
PAID DIVIDEND
PENDING APPLICATIONS.
Yes we did because we could not sell
stock otherwise Mr.. Efroymson said.
At this point Commissioner Fred Bates
johnson swore Mr. Ashby as a witness.
g.
the city Of Indianapolis, what would
your attitude with respect to a receiver
ship or a bankruptcy for this company
be-" the commissioner asked.
II don't think that is q proper ques-
ton" was the reply. II don't think the
gas company is in that kind of con-
| ditiOn.'
Your answer is not responsive" Mr..
Johnson said.
The facts do not justify such dis
cussion." Mrs. Ashby replied.
Assuming that TO he true. would you
consider q receivership or bankruptcy In
furious TO the community Z" the commits
sioner asked.
JOHNSON WOULD
PROTECT GAS co.
THAT goes without saying" Mr.. Ashby
finally replied. Both are objection
able"
your attitude is not that the com
pany should 60 into bankruptcy, is IT,"
was the next question.
ut is just the reverse" Mr.. Ashby re
piled.
Mr. Johnson said that no member Of
the commission intends to destroy the gas
company rs a utility.
Mr.. Ashby declared that a threat of
recelvership or bankruptcy is not JUST
fed He said he did not believe rates
should be increased on this consideration
and that the commission should resent
any testimony that bankers would not
lend money unless rates are increased.
He said he believed the decision should
be based on facts and expressed the
opinion that the company has made an
excellent financial showing.
COMPANY NOT
MAKING THREATS.
Mr. EfrOymson explained that the COM
pany is not before the commission with
any threats. He declared that no one IL
trying to make any money out of the
company. but that the fact remained that
it must have money to meet obligations
Monday.
The only way in which the Citizens
Gas Company can successfully dispose
of its $4,000 surplus tons of coke Is to
bring the prices down low enough to
compete with the coal market and to sell
it TO domestic consumers, Parker II.
Woods, vice president Of the NJ, w. War
ner Coke Company of st. Louis, one of
the local cOmpany's own expert wit
nesses told the public service commits
sion yesterday afternoon.
Mr.. Woods told the commission that
/ MS 'olhpaHS' "H4CH ID uAsp"siHb dt d
commission of per cent of the coke
Of a large gas company in st. Louis.
is sending demonstrators TO the small do
nestle consumers to show them the ad
vantages Of burning coke and is follow
ing this up with advertising In the news
papers and by mail.
The Indianapolis company has in the
past looked with very little interest on
the local domestic trade and has fixed
prices that are so high that consumers
| do not see At to buy.
| In the course of his testimony, Mr.
| Woods said he had examined the coke of
the Citizens Gas Company and that he