The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-11-19
Again II Is Asserted that Mr.. Shaffer Is
In and Dir. Frenzel Is Out.
Belknap Syndicate Said to Have Purchased
the Plant and Franchises Of the
Citizens Company.
Ex-President Shaffer Declines 10 Either
Affirm or Deny the Statement.
Price the Same as in the Old Deal, but the
Terms Modifed-Work the New Company
Has Done on the Ripple Line.

II ell reports be true. and these seem to
be. as far as they could be verified last
night. before many days the Citizens
Street-railwsy Company will be
thing of the past, with the good
and the bad things 1t has done
arrayed against each other. and q new
company will own and be operating the
lines of street traffic in and about Indian
apoiis. It will be remembered shat not
long after the big strike of car men
last February 1t was given out
that the Citizens directors in Chi
cago had become weary of their
investment in Indianapolis, and that they
were about to sell out. j. G. Shaffer. ex-
president of the company. was the head
and prime mover of the buying end of the
deal. He closed his mouth little tighter
than usual. ana made flying visits to New
York and Chicago. and with each return of
this leisurely capitalist there came q new
story about the transfer. This much, how
ever, was learned and anthem ticated.
There was o New York syndicate, of which
Mr.. r. l.. Belknap was the head, which
proposed TO buy the plant The price to
have been paid was 81. 10000. of which
100000 was to be down. and the rest in
bonds. The papers were all drawn and
ready for the signing, when the question
arose as TO whether the Citizens
company could legally transfer the
franchise along with the rest of
the property. A ccterie of ChIcago's legal
talent said that they could, but attorney
Ferd Winter, of this city said that il could
In the meanwhile this syndicate
bad purchased what was known as the
Broad Ripple franchise. then almost Obso.
lete, and with the perisshinq of their plans
menced that memorable struggle to
get the Broad Ripple franchise renewed
by the County Commissioners and the right
OF way into the city renewed by the Board
succeeded before the two first. but failed
before the Council. and that scheme
fell flat Shortly after that company
was Incorporated under laws of the State.
with capital stock of $500 900 whose
MAINTAIN rapid-transit line to
Broad Ripple. Ii was the same
Shaffer- Belknap syndicate which had
determined TO ,persevere despite the
after that the fair grounds franchise was
granted the Citizens company. which
came near proving deadener. but the cor
poration has gone on working on it's pro-
posed line, stringing few poles here,
to hold it's possession until some such time
rs it could be favorably completed.
Word from an authentic source was re-
ceived from Chicago through local bank
or by the Journal last night that the Citl-
zens plant here had been sold, and that
syndicate OF which II. l.. Belknap was the
head had purchased it, or, in other words.
that the old deal of last February had gone
through.
Mr. Shaffer was at once communicated
with by telephone by = reporter. When'he
was told what the latter knew he inquired
with some haste: Where did you get hold
of thstp and the following conversation
took place:
Il heard it"
did 1t come by Associated Pressf"
"No. SIR"
United Pressr
mo, sir"
well. 1 don't see where you did get it,"
May say that IL is truep
will you deny TT"
81 have nothing to say.D
AS far 90 can be learned the present deal
has nearly all tSe habiliments of the for.
mer one. The price is to be the same-S2.-
f5O.OO0-but something more than the old
amount OF $500, 600 Is to be paid down, and
the rest is to be In bonds.
An effort was made to see President Fren.
eel last night, but he could not be aroused
at his home. 1t is altogether likely, how
ever. that If the deal has gone through he
kuOW5 notuIHk OI IL. As ne IL not Dellevo0
to be a stock holder in the company.
A special TO the Journal from Chicago
says: Mr.. \. w. Allerton, one of the direct
ors of the Indianapolis Citizens Street
railway Company, was seen tonight
at his residence, No. 1855 Prairie
avenue. in regard to the report
telegraphed from that city to the effect
that the Indianapolis street railway had
been sold to an Eastern syn
dictate. Mr.. Allerton was very guard
cd In his answers but admitted
that negotiations had been made with an
Eastern Syndicate OF which j. G.. Shatier
was at the head. II will say" said Mr.. Al
lerton. nothing definite has yet been done
In the matter. 1t has been talked over for
some time. Last year during the strike
we were asked to name our price. The
purchase has not been accomplished, but
Is only under consideration. but is likely
to be effected"
What the selling price was Mr.. Allerton
refused to say.