The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-11-20
A Forfeit of One Hundred Thousand
Dollars Put Up by the Syndicate.
The Transfer Expected to Re Made Within
Sixty Dsys-It Is Not Yet Known to-
Whom the Property Has Been Sold.
President Frenzel Confirms the State
ment that the Deal Has Been Made,
While Mr.. Shsffer Does Not Deny lt-Seversl
Syndicates We're Bidding-The Price
Raised Five Hundred Thousand.

Inc exclusive announcement In the Jour-
nal yesterday morning that the negotia-
tions so long pending for the sale of the
Citizens street-rsilrosd plant to a syndi-
cate organized by Mr.. j. C. Shaffer, ex-
president of the company. were about to be
contaminated caused at first many q smile
of fpcredulity which few hours later
turned into one of belief. More thorough
investigation into the matter yesterday re-
vealed the truth of the Journals
assertion that the plant is
soon to pass into other hands.
Just who the purchasers are is as yet
somewhat matter for speculation, but il
Is certain that Mr.. Shaffer is largely inter-
ested. aud that he has been conducting the
negotiations between the Citizens CON-
pany and the syndicate that will soon be-
come the owner of all the. street-car lines
in this city.
About the time of the last street-car
strike there was strong talk that the plant
was To be sold to the incorporators of the
Indianapolis Street-car Company. q corpo-
ration organized at that time. with
capital stock of s. 500. 600, for the ostensi-
BILE purpose of building an electric line to
Broad Ripple, but really to become the
owner of the Citizens plant. Mt. Belknap
was represented as an incorporation in this
paper concern by his attorney. Mr.. A. l..
Mason. while the other incorporators were
big railroad men of Illinois. The tact that
this company put MP $500 TO have the
articles of incorporation filed with the
Secret airy of State, for the time be
ing impressed the public with the
fact that something was going to
DROP but as weeks rolled by and the
deal failed of contamination, it was
thought to have fallen through entirely.
At the time 10 was generally understood
that all the arrangements for a transfer
had been made. when the company's legal
adviser, Mr.. Ferd Winter. stepped In with
an opinion that the franchise could not
legally be transferred. Soon the news
papers let the matter drop, and It
was supposed the negotiations were
was still at work. and it seems now that
1t will bear fruit in the sale of the plant
and all Its hppurtenances- In the past few
weeks veral capitalists have visited this
city, there have been many conferences.
and several persons representing, 1t
SCENE now, entirely different interests,
have been upon the scene,
One of these gentlemen was Colonel RAN
dolph. remembered this city having
scented the Thompson Houston Flee
freight o,o Company E.,do Gps day last
this city and held several conferen ces
Among the persons he called upon were Dir.
Shaffer and President FrenZel. He repre-
sented Cincinnati capitalists. supposed to
be the Mooney syndicate. which ct ono
time applied to the County Commissioners,
through its attorney, Walter Cox. for q
right of way To Broad Ripple. Latterly, it
seems. this syndicate turned it's eyes on
the Citizens plant and sent COL
Randolph here, but his efforts were
evidently unsuccessful. Yesterday tele-
gram las received by a gentleman In this
city from Randolph asking II the deal had
gone through From another source
Journal reporter ascertalnec yesterday
that Mr.. stoughton j. Fletcher. Jr:. has
been one of the interested parties In the
negotiations that have been pending for so
long for the transfer of the plant. In all
about tive sy Indicates have been trying TO
get hold of this valuable, six-per-cent.-div-
ldend-paying corporation. and one of
them has at last succeeded. lt Is the one
IN which Mr.. Shafter - interested.
A peculiar feature about the deal is the
part President Frenzel is taking. When
negotiations were on before he did not
seem pleased with the prospect of change
of ownership In the corporation that pays
him q fat salary. and when the transfer
was smashed he was credited with having
accomplished lt. Now Mr.. Frenzefs atti-
tude is entirely different and he does not
deny that the road is to be sold. he even
goes further than that. He stamps the re-
port as true one by his own words. Last
night to n Journal reporter he said:
Negotiations for the sale OF the Clrizens
Street-railroad Company have been going
on for some time. and will In few days
reach successful contamination"
'Will you state who the purchasers
will bef"
No. L cannot say anything on that
point
Are you financially interested In the
dealf" Mr.. Frenzel was asked
Well now, that Is a leading question:"
be replied. u cannot answer that"
BY a good many il Is believed that Fren-
eel is in on the deal
Mr.. Frenzel evidently KIN ows what be Is
talking about hen he says the deal Will
Reach successful issue soon. FRIDAY
evening he returned from Chicago. where
he had been for two days In consultation
with the directors of the Citizens COM
Dany. and what he says Is undouo tedly
based upon facts ascertained by him whiie
there.
Yesterday an afternoon paper stated
that +. C. Benedict. of New York,
one of the owners OF the indian
apolis Gas Company and an associ-
ate in business with eX-Secretary OF the
In the syndicate organized by Mr.. Shaffer.
Mr.. Belknap. it is claimed. has no connec-
non with the present negotiations.
The purchasing syndicate has put up
Forfeit of 800, 900, and it Is understood that
The price to be paid is larger than the
amount stated when the former negofia-
lions were on. Then it announced that
the figure was 81 400. 900. while now IL IS