The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-04-18
THE JOHNSONs HAVE QUIT
Chicago Capitalists Have Decided to Buy
Their Street-Railroad Property.
Deal That Shows the Faith Moneyed Men
Have in the Future of Indianapolis
Better Service Promised.

The deal between the Johneonn and j. G. Shat
fer of Richmond, ON behalf of Chicago syndicate,
to transfer the streetrailway property over to
the latter has progressed SO far that the whole
matter viii be consummatsd to-day by the pur-
chasing capitalists taking possession of the roads
and their effects. There is nothing to interfere
with the transaction being carried out except
the remote possibility of flaw in the titles to
some Of the property. But what definite
news, relative to the negotiations
reached the public yesterday came
through Mr.. Shaffer. The Johnsons,
as usual, close in their statements, expressed no
certainty as TO the transfer being made, but at
the same time they were peparine papers and
deeds to be ready for the decision of the capital
lists. It was thought they would take the prop
erty, and of this there can be little doubt Day
before yesterday Tom johnson said that he did
not know what the syndicate would do, aud
yesterday he repeated that expression. He had
fixed the price and conditiona and it only re-
NAMED for the Chicago people to accept
About two months ago Mr.. Shaffer secured an
option or the property, after tbs Johnsons mad
offered it to another party, who was given few
days TO decide whether he would take it or not
Not hearing from him as soor as he expected,
johnson and Shaffer came to al understanding,
and from that was developed the syndicate of
Chicago capitalists through the efforts of Shat
fer. This syndicate includes Cyrus 81. Me-
Cormick, the manufacturer of agricultural i'm
plsmen.s; Marshall Field. the dry goods mer-
chant; S. B. Cobb, capitalist S. W. Allerton,
pork-packer; g. B. Holmes, president of the
South-side Strcet.railway Company: j. j.
Mitchell of the Illinois Trust and Savings
Bank; L. L. Coburn. attorney and capitalist
md Rr1na PfH 1fof IL - 11r1Ao +co7
that in accepting the property they will pay over
81 600 000 for it. and that the capital stock will
be placed at this sum by the new company. It
is not proposed to increase the bonded indebted
ness at present. 1t is $500, 900 which, with the
capital stock, $500, 900, places the par value of
the road, equipments and its appurtenances real
and personal at $500, 900. This sum E. F. Clay
pool offered the Johnsons some months ago, but
ii was refused, the latter holding ont for the fe
ure which it is supposed they will realize in the
present deal.
The transfer to the Chicago people includes
all the lines and real estate owned by the COM
pany. The personality consists of forty miles OF
track on Washington. Pennsylvania. Illinois,
Blake. Noble. Mississippi. South Meridian and
McCarty streets, and the Stockyards line, on
Massachusetts, Virginia and Indiana avenues.
Suburban lines to Haughville. Irvington and
the insane Hospital are also included With
these tracks GO one hundred cars of all dsscrip-
tions, 625 mules, and all the stables on Louisi
ana, West Washington and North West streets.
and College avenue. The real estate
the E. 81. and c. subdivision and six lots in
square SO OF Ridenour's subdivision, three lots
In Blake's and outlot in Stanley's subdivision.
Besides this. the company has realty In Center
township outside of the city. This property
was returned for taxation at $50. S95, while the
personality was rated last year by the Johnsons
for that purpose at $106. 600, including $40, 900
for trackage, 500. 900 for car6 and $50. 900 for
mules. The Board OF Equalization. however,
added $38.660 to this valuation, making the total
value $lo7. $50.
The system which enters into this trade has
been developed from the linz of street cars
which operated for the frst time on Illinois
street, in June. 1864 Street-car facilities
talked about early as November, 1860. but
nothing practical was done until June. 1863,
when the Indianapolis company was ORGANIZED,
with Gen. T. A. Morris president VIM G.
Wiley secretary and w. O. lockwood treasurer.
proposition made TO Council by this COM
pany, and il had charter granted it toward the
close of the year, but IL declined to
operated under it. 1t was then that the Citi-
zen's company. which had been previously
formed by r. b Catherwood. of New York, with
Col. John A Bridgand president. and had
fought the other company in efforts to secure
the franchise, reappeared and accepted the char
ter. Three miles of track were completed in
the last months Of GA, and two years later there
were seven miles OF road in operation on Wash
ington, Pennsylvania and Illinois and
massachusetts, avenue. Later William Fl.
English got possession Of the property, and in
year or two he transferred it to the Johnsons