Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1863-09-02

alton on the concern ourself We would there
fore earne-tls advise all our lady friends, and We
have IN infinite nnmber Of them. 20 read and en-
iov No VIII, Vol V, Of Alta Pete and 60
s,raightway to the New York Store. Glenns'
Block, and make their necessary purchases
Crrfzuss' MEETING In pursuance Of call
from Mavor Caven, n number of citizens met
last nj mt at the Court house TO consider the sub
ject of street railroads.
On motion Of ANDY Wallace MAYOR Caven
was called To the Chair, and c S. Butterhed
was chosen Secretary.
Mayor Caven stated that on the subject Of
street railroads he felt deep interest. but he did
not consider himself competent to advise with |
regard TO them. The question was sprung upon !
the Council. aud two companies were DESTROYS OF |
obtaining grants 10 construct them Our city |
was spread over large space and such roads
would eventually pay. They would also tend To |
spread its limits and preserve its beauty by obv
ating the lie 'es y den ely packed popula,
ton IL was the duty of the people to guard now |
against any monopoly that night he injurious IN |
the future He wished 10 hear the suggestions
OF gentlemen The meeting was intended for
| free consultation. Ii might he a good plan TO
omen books for the subscription of stock, to be
kept open for twenty DAYS. and in that time no
| person be allowed to take over one thousand
dollars Of stock. or sum the meeting might
name After that period. il the stock WAS not
| all taken then the limit he removed.
Mavor Caven spoke Of other plans. and made
several suggestions for the consideration of the
! meeting but the one named above seemed to
strike the views of the meeting. and was ulti
mately with "A slight modification, adopted by
| them
Mr. Martindsle was connected with ne OF the
organizations seekil 6 charter TO bui d road
| he knew that the company with which he acted
did not desire monopoly. They organized with
! the view Of constructing the road on the routes
designated in the ordinance they presented to
| the Council. They did not expect large divi-
dends for few yeirs-indeed he was sure it would
| not pay now. but IL might eventually. de
would saw. however. for those associated with
him that they had particular feeling on the
subject. They would not fee sore if the other
| company were allowed the privilege to their ex
clusion They wanted the road built under
wholesome restrictions The plan proposed nv
the Mayor would satisfy them. Let books he
opened under the direction Of the city authori-
ties-be kept open thirty DAYS, and during that
time no person he allowed 20 take over S2Oo
stock The road built in that wav. he felt as
sured however. would soon pass into few hands.
No one would hold stock enough to give them
much interest i'm tit would not be loosely man
. aged and in short period the stock would pass
into few hands at heavy discount
Mr. Martindale spoke at some length. and ex
=
The welfare of the city. and cited pro # in favor
! OF his argument that street railroads would add
gre .tly to the prosperity Of the city.
Mr. Thompson addressed the meeting on the
general subject tie felt confident that street
, railroads would benefit the city and pay the
!. stockholders. He would place guards around
= them to protect the people. and this could be
done without imraring their efficiency.
D.. Elliott offered the following:
), Resolved, That this meeting heartily approve
of the project of street railways in this city, but
that no organization should be chartered bv the
Council. without reservng to the city the right OF
= taxing the railroad whenever the dividends shall
:, exceed a certain remunerative per cent. To bt
paid bv the Council
Mr. Blake spoke to the resolution, advocating
the principle il embodied 1t the dut,
" of the Council 20 guard against monopolies
aud il was the interest also of those embarkng IL
!" any project Of the kind to secure the good vii
;, of the public. This could only he done BY throw
:. ing open the books 10 the people Let then
u take stock ii they desired He believed the stool
would eventually pass to few hands. but tn
was not the fault of the charter. He favored thu
. project OF opening the books of company to thu
a public,
pay. In New York. Philadelphia and othe
large cities. the profit on their stock was enor
% NOUS He did not expect such immense prof
" per cent il only fair to the public TO exac
II from them small return for the right of wa
re granted them.
IS Mr. Wallace offered the following substi
l. tute Tor DR. Elot's resolution:
al Rssoiu,d, That the meeting recommends IN
i organic atom OF a street railroad company To
N composed of all the citizens of Indianapoli
,e who are willing 10 venture their capital IN IN
le en;erprize: that books be opened for subscrII
IT ton. during ten days: and that no person be a
lowed To subscribe within that time. more tina
three hundred dollars; but that, after the explri
-. ton of thirty DAYS. If sufficient amount sha
: not have been subscribed To the capital stoct
= (which shall he determined bereafterl then large
= sums NAV be subscribed "a the amount OF sue
. capital stock.
q II ia further recommended that the Commo
:. Council shall guard well the interests of the cit
Ia and prevent monopoly by hxing n limit 10 ~
10 charter and such reasonable tax as they may
I their wisdom deem best
-, Mr. Elliott accepted the substitute and offert
of the following:
Y. Realized Th,, the books OF the compar
les shall toe opened for the subscription OF stock
il one route east and west on Washington street.
az least two routes northerly to the corporate
lin. and one southerlv % the corporation hne
Mr. Fshback spoke against the resolution
rY his opinion the MONOPOLY which would grow OF
&c of A company in which the books would be thro"
or ! omen 20 the public would be worse tnan o.
on granted to capitalists At once. All who spol
~. admitted that the stock obtained In that "
a would eventually he gobblei up-not ey M
I'm rho would trust their money in the enterpri
Nv NOR IN, by old spiders OF money hoarders !"
&c. would Law back until the aes get entangled
10 the n eb spread Tor them
NJ Mr. Wiley, a. member OF one OF the orgy
or r,,inrs Wis called upon TO give hiS views
lei VI ey said that he did not expect the ROAD 70
lei IN, several ye,rs They we're property o~ne
tn and exoected 10 he benefited indirectly by
ese increased prosperity of the city de OH
I'm think the company I've VAS associated with 20,
hey undertake to build the road unless they got
'"t ersl charter
The resolutions. after considerable dI'cuss''
-. were adopted unanimously.
Mr. Fishback moved the appointment OF
, of committee ct three one from each oi the com
rs ME. already organized. and one other To prep
mo the detail. of new organization 70 present 10
W. adjourned meeting Carried
hi. The Chair appointed Mr.. Martnda'e'
"a. Wiley aud Dr. Elliott
"A The meeting sdjcurned until next Satur'
evening t