Indianapolis Times, Volume 47, Number 8, Indianapolis, Marion County, 20 March 1935 — Page 2

PAGE 2

CITIZENS FIRM ASSETS INCLUDE COALCOMPANY W. Va. Subsidiary Provides Puzzle in Event City Buys Utility. This is the seventh of a series of artiries on the ramifications of the nationwide gas situation with emphasis on the mans developments as thev apple to Indianapolis. BY VINCENT LYONS linn Financial Editor Any analysis of the Citizens Gas Company must of necessity take into consideration the Milburn Byi' . v CO tl Comp.in*. m§ ■ ■■■ izatton which was chartered by the State of West Virginia in 1918. One of the directors of this company at it* inception was J. D. Forrest, general manager of the Citizens Gas Company. Within a few years the management of the Citizens Gas Company procured greater representation in the Milbum company and today C. L Kirk general manager, is president of the West Virginia enterprise At its organization the Milburn Bv-Products Coal Company was capitalized at SIOOOOO. represented by 1000 shares of SIOO par common stock The entire common stock issue was purchased by the Citizens Gas Company. The writer queried an officer of the Citizens Gas Company as to the meaning of this acquisition and the method by which the money for the purchase of the common stock was procured. He explained that the Milburn Bv-Products Coal Company transaction allow 1 the Citizens Gas Company to 1. " Us coal at a much more favorabl. ’rice than would otherwise be pi. >le and that the money for the st * purchase came out of the cash ai nt of the company. At the close of If the Citizens Gas Company, accord .g to the annual report filed wl>._ the Public Service Commission, listed under “other investments." $135,000 of Liberty bonds and $20,000 of United States Treasury 4 per cent certificates of deposit and. at the same time, disclosed that SIOO 000 of the depreciation fund was invested in

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Boring and Stock Unity Stressed by Gun Expert

BY CHARLES E. ADAMS Tim.* Shooting Inatrnrtor The boring and stock of your shotgun are so closely related that the absence of either renders the gun almost worthless. You may have a perfect fitting stock, but if the pattern is thin or patchy the game flies

through it. The pattern nsj be perfect and yet the gun may not point because of a badly fitted stock. Pattern is controlled by the boring of thf barrels to a required degree of choke and is accomplished by constricting the muzzle to a smaller diameter than the bore, ranging from five to 40 points. An improved cylinder boring is one in which the constriction is one of from three to five points. At the other end of the scale is the full choke with a constriction of 40 points and the half choke with a constriction of 20 points. A gun with a full choke boring should place 70 per cent of the shot charge in a 30-inch circle at 40 yards. A half choke should show 60 per cent

certificates of deposit, which were convertible into Liberty bonds. At the end of the next year, however, which was the year in which the Milburn By-Products Coal Company was acquired, neither the “investment of the depreciation reserve fund” nor “other investments” were carried as separate items. Instead the asset side of the balance sheet was arranged to show the SIOO,OOO Milburn stock investment and the $150,000 of Liberty bonds under the headings of “stocks and bonds of other companies.” and “other investments,” respectively. Thus, during the year the company liquidated its investment in United States certificates of deposit and made its SIOO,OOO investment in the Milbum By-Products Coal Company. The Citizens Gas Company did not receive any income from the investment in the Milburn By-Prod-ucts Coal Company in the first four years. In 1922, however, the West Virginia company reached new heights of generasity by declaring a dividend of $125,000. or $25,000 higher than the total capitalization of the enterprise. Not to be outdone in liberality, the Citizens Gas Company in the same year bought 6 per cent bonds of the Milbum company to the full amount of the $125,000 dividend received. This bond investment was

and an improved choke 50 per cent. Patterning is determined from the usual shooting range at a large blank sheet of paper. Each pupil at The Indianapolis Times-Em-Roe shooting school conducted each week day afternoon at the Indianapolis Gun Club. 1340 S. Lyndhurstdr. has an opportunity to study patterning. The distribution of the load Is studied with delicate instruments and analyzed for recommendations. Different manufacturers use various diameters of boring. Much game is crippled and gets away because the shot load is not evenly distributed. These conditions can all be corrected at The Times-Em-Roe school.

increased to $163,000 in 1924, and reduced to $113,000 in 1925. In 1927 the Milburn By-Products Coal Company voted a dividend of $225,000 on its common stock, representing accruals since March, 1922. a period of five years and ten months. This disbursement was equivalent to a return of slightly more than 25 per cent a year. The following year the Milbum bonds disappeared from the books of the company. The munificent dividend of $225,000 in 1927 by the Milburn ByProducts Coal Company, which, incidentally, was paid the year after the $393000 investment in Indianapolis Gas Company 5 per cent bonds disappeared, represented the last dividend to be declared. Citizens Gas Company funds also moved in and out of the Indianapolis Gas Company bonds with rather amazing alacrity. For instance, in 1924 money invested in this manner amounted to $173 and was jumped to $393,000 the following year. In 1926 the Indianapolis Gas bonds were dropped. The next year the $225,000 Milburn dividend was paid and a fresh investment of $121,000 in Indianapolis Gas bonds was made. In 1929 these bonds were stepped up to $421,000 and in 1930 to $527,000. In 1931 the Indianapolis investment again disappeared, only to reappear in 1931 in the amount of $13,000. The ownership cf the entire

THE INDIANAPOLIS TIMES

CHAUFFEUR FOR M'NUTT PASSES STATEBAR QUIZ W. Gordon Davis Achieves High Rating; Will Keep Driver’s Job. Such an incident as passing the Indiana bar examinations with honors will not prevent W. Gordon Davis. 632 Birchwood-av, from continuing his part-time chauffeuring for Gov. Paul V. McNutt. The young State Highway Commission clerk, who yesterday was ( revealed as one of the highest rated candidates in the recent examinations for licenses to practice law, said he wanted to keep right on with his garage records and piloting the chief executive's car when he is needed. Later on, when “conditions are better.” the Davis shingle will be hung out. probably in Indianapolis. Now r , however, there's chauffeuring to be done, and besides, young Lawyer Davis likes the Governor, whom he regards as the “best Governor Indiana ever had.” After clerking all day, and now and then driving the Governor’s car, Mr. Davis attended Benjamin Harrison Law' School at night. Previously he had been graduated from Butler University, after completing a journalism course. Mr. Davis worked on Indiana and California newspapers, too. Since leaving the newspaper business, Mr. Davis has moved about almost as rapidly as he did when, as a student at University of Kentucky, he won the intercollegiate championship in the 100yard dash. He is a son of Mr. and Mrs. Gordon B. Davis, who lived in Lexington. Ky., before coming to Indianapolis. The older Davis is a veteran Pennsylvania Railroad train dispatcher. Also among the successful candidates was Mrs. Lyndall Hogston, capital stock of the Milburn ByProducts Coal Company by the Citizens Gas Company poses an interesting question in the event the city takes title to the gas company. What will the city do with | a company it controls whose activi- | ties are carried on in another city? I (Next: Citizens Gas Trading.)

Smith, only woman to pass the examination. Mrs. Smith today said her plans are indefinite but that she may enter the practice of law with her father. Alfred Hogston, a former State Fire Marshal. Mrs. Smith will be graduated from Indiana Law School in May or June. Before taking up the study of law, she attended Indiana University, where she received a Bachelor of Science degree. Heinz Cos. Official Dies Bv United Pre* PASADENA, Cal., March 20. Funeral services were being arranged here today for Clifford S. Heinz, vice president of the H. J. Heinz Cos. of Pittsburgh, who died at Palm Springs yesterday.

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RECREATION INSTITUTE TO OPEN TODAY AT *Y’ Chicago Man to Conduct Classes; 60 Groups Represented. An institute on social recreation at the Central Y. M. C. A., attended by more than 60 representatives of churches, schools and social centers, was to open this afternoon. Prof. Harry D. Edgren, George Williams College, Chicago, will hold classes

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' in young people’s work and adult recreation. A dinner with demonstrations of I banquet programs will be served at 5:30 and will be followed by a program in the gymnasium. The conference has been arranged by Fred W. Dickens. Y. M. C. A. physical education director. V. of F. W. Initiate. Fourteen new members will be obligated tonight by the Frank T. Strayer Post, Veterans of Foreign Wars.

.MARCH 20, 1935

DRIVER ROBBED OF $35 Laundry Truck Operator Kidnaped by Lone Bandit. Police today searched for the lone highway bandit who late yesterday kidnaped Carl Clapper, 4964 Scho-field-av, ExeclsJor Laundry Cos. truck driver, and robbed him of $35. The driver told the authorities the bandit stopped him at 46th-st and Millersville-rd and forced him to drive to 16th-st and Ritter-av.