The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-02-09
OWNERSHIP OF
GAS co. STOCK
IS MADE PUBLIC
$4,000 Shares in Hands of
Dozen Holders; Double
Par Value Paid.

About $4,000 shares of the Cit
izens Gas Company common stock
are controlled by twelve large hold
-ers of stock certificates, The Times
learned today from reliable sources.
Brokers and private interests who
have paid more than double the $25
par value of the certificates to OBJ
tain voting control of the company
have declined to divulge the inter-
ests they represent.
At one time the stock certificates
were reported to be selling as high
as $87 a share, the majority being
bought for more than $50, it is I'M
derStood.
Par value of the 10000 shares of
common stock totals 100000.
Trustees of the gas company have
voting power for the holders of Ger
tif1cates under terms of trust
agreement provided in the 1905
franchise granted by the city. The
city is planning to take over the
$20,000,000 utility as originally in
tended by organizers of the COM
pany.
Awaits Enabling Legislation
Mayor L. Ert Slack is delaying
formal action by the city pending
action of the Indiana legislature on
enabling legislation. John W..
Hoffman and Fred G. Cause are
special counsel for the city.
Any legal opposition to the city's
plan to take over control of the
trust, under provisions of the origi-
nal agreement, will come from stock
certificate holders who have acquired
the securities for speculation. It is
understood that certain private in
tereSts already have employed at
torneys to watch proceedings.
Certificates of stock provide that
the holder shall relinquish all title
and interest in the property on re-
ceipt of the $25 par value and a sum
equal to 10 per cent interest year
and that the property be turned over
to the city.
Interest has been paid to date,
making possible the city control on
retirement Of the 100000 COM
mon and $1,000,000 preferred stock.
Gavin L. Payne, broker, of Gavin
L. Payne & Co., BOT Continental
National Bank Bldg, who has
openly bought the certificates on the
market, and associates, controlled
approximately 10000 shares the first
of the year About 1000 shares
were held in the names of Clarence
r. Spann and William E. Miller, as
sociates of Payne, and $50 by Fred
erick L. Payne.
Hold $4,000 Shares
More than $4,000 shares were held
by the Circle Securities Investment
Company, 622 State Life building,
and William l.. Taylor, an attorney
ard incorporation of the company.
Taylor and jackson Carter, his SON.
ir,-Iaw, and Merzie C. George, secre-
tary Taylor and Carter law firm,
Incorporated the company in July,
1928, to buy and sell all types of
stocks and bonds"
Taylor declined to discuss the
holdings except to say he would not
fight the plan for municipal con-
troll.
Newton I. Todd, broker, Lerncke
building, and the Indiana Trust
Company hold more than 5000
| shares each. 1t is not known
whether the certificates have
changed hands since first of the
year.
Approximately $500 shares were
held then in the name Of Mrs. Jen-
ME E. Wolf, apartment 81, 3742
North Meridian street. Mrs. Wolf
is the wife of Louis Wolf, of
Efroymson & Wolf, dry goods and
notions, $50 West Washington street.
Others Hold Certificates
Reported holdings of others:
Arthur Jordan, capitalist, 802
Medical Arts building, $50 shares;
Blanche Mccoy, 974 West drive,
Woodruff Place, 500; Richmond
Harris, Is East Elm street, Chicago,
$50 shares; Otto F. Haueisen, bonds
and stock, 803 Fletcher Savings and
Trust Company, 700 shares; Charles
S. Becker, broker, 813 Merchants
Bank building, 300; John r. WEIGH,
president of gas company directors,
100; William L. O'Connor, 1923
North Pennsylvania street, $40;
George j. Marott, shoe dealer, 40
shares.