The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-04-08
Citizens Street.Railroad Plant Pur.
chased by New York Syndicate.
II Is Headed by z. L. Belknsp. Who Already
Holds the County Franchise for Electric
Lines North of the City.
FreDzel Will Step Out aud the Ex.Presi.
dent Again Have the Management.
Information from Reliable Source. Which IL
Confirmed BY One of the COmpany's
0ficials-Change on May l.

| tive information from an entirely reliable
source that the option on the Citizens
street-railroad plant secured by j. c.
Shaffer. ex-president of the company. had
been closed. The lines are bought for the
most part with New York money, K. l..
| Belknap heading the purchasing syndicate.
| The transfer, it is believed. will be made
about May 1, when Mr.. Frenzel Will
| be relieved of the presidency and Mr..
| Shaffer again take control The price paid
| is said to be what was published by the
| Journal when the option was given, g.. 75O,-
| 600.
The property of the Citizens Street.
| railroad Company will change hands
| soon," said an employe of that company
| yesterday. in the hearing of Journal re-
porter. Knowing the gentleman referred
| to to be at present holding very response
BILE position with the Citizens company.
| the reporter allowed his ears to open wide.
| There have been rumors to that effect for
some time" he con tinued. land now it is q
| settled fact"
| That was all he would say. This con-
| firms what the Journal said yesterday
| regarding the transfer of the property and
| franchise of the Citizens company to
another concern before many weeks. and
! from all that can be learned it Is evident
that the capitalists who are interested In
| the Broad Ripple Rapid-transit Company
| will be the pure hasers This fact seems to
| be the most plausible reason why the COM
4 pany is not expanding any money at
| present in improvements and the extension
4 of its lines.
1 Six months ago it was the intention of
the Citizens company to convert the
Virginia-avenue line into an over
1 head system as soon as the via
duct should have been completed.
and this fact was impressed so strongly
upon friends of the company that they took
time by the forelock and bought mp consid-
| cradle real estate along Shelby street.
| When the company took up its tracks on
| the avenue IL put down rail- heavy enough
| for an electric line. and the people of the
| South Side were given q verbal promise that
| 1t would be built by President Fowler.
| Heavy rails were also put down on the
| South Meridian-street line, with the same
| end in view; there was talk OF an electric
| line to Haughville, and when President
4
| sion to get right of way across on
Thirtieth street be was very earnest In his
| argument that the commissioners should
| take such action as would enable the Citi-
zens company to build line to the State
| fair grounds.
A few weeks later President Frenzel came
ont In an announcement exclusively pub
lished in the Journal, to the effect that the
Citizens company does not intend TO make
any more extensions or build any more
electric lines soon. All this means some
l thing, and taken In connection with tho
statement of a responsible and trusted en-
ploye that "the property will change
hands soOn" shows that the time has about
arrived. A prominent ex-councilman said
to Journal re porter yesterday afternoon:
THE Journal struck it exactly right yes.
terday when 1t stated that the Citizens
company is to change hands soon. i know
exactly what am talking about. In the
early part of May the property will be pur-
chased by New York syndicate. 1t has
an option on the plant and the negotia-
lions are now abOut completed"
4 For the past six OF eight weeks Mr.. j. u.
| Shaffer, former president OF the CltlZenS
company. has been making frequent trips
to New York and to Chicago on important
| business. There seems to be not shadow
of doubt that his business IN New York
| was to organize n syndicate of capitalists
for the purchase of the road, and that
he has been the chief promoter
| in all the negotiations that have been
pending between the directors at Chicago
| and the syndicate at New York for some
time. Mr.. Shatfer has not denied that such
negotiations were on foot. About March /.
| Mr. Shatfer said to an Indianapolis gentle
man. whom he met in Chicago: In TWO
weeks the whole thing will be over: Fren.
| eel will be ont of the way, and things will
be running smoothly" Mr.. Shafer posi-
be- over We IN two weeks bnt things occurred
that suspended operations for while. and
| put OF the date of the transfer
| On the night of March o the United Press
sent out from Chicago the following dis
| patch:
CHICAGO, March Ca syndicate at Indianap.
| oils. headed by j. c. shafer, has been given
| thirty days option on the Citizens Street-rail
road Company OF Indianapolis for ~, 900.
The negotiations were conducted by Mr.. shatfei
\ and John j. Mitchell. who acted for the Chicago
| road would be sold out and out by the Chicago
men, and last Monday it was practically settled
that the road would pass into other hands on
| Wednesday. The strike on the road was on ut thai
time, but the Indianapolis syndicate understood
| the situation and WAS not alarmed by II. When
Taylor threw the road into the hands OF a re-
| ceiver for four days tie deal was temporarily in
| terfered with, and the Efforts TO close at once
were abandoned There seems TO be no doubt
however, that the deal will be brought about
eventually
A Journal reporter called on Mr.. Shatfer
at half-past IL o'clock that morning and
showed him the above dispatch. He read
il slowly aloud. with something of a smile
of recognition, but said pleasantly:
Now that matter seems oil settled W
very nicely"
NO." he said. with a slight pause. land
| yet there is enough of the truth IN IL &C
make basis of speculation"
but will you give the Journal any in.
formation as to what part Is true and wha1
is not"
II believe have stated to the Journal
before all that can say now. 1 have said
that if the people OF Indianapolis and tn,
men would patiently go on AS at present fo
a little while. all would he Well"
If you purchased the Citizens would
the Broad Ripple road be combined will
it"
TO say more at this time would not bi
just to others interested III the matter"
Mr. Skaters answers as above given ar
taclt ackuow led gment of the deal tina
has been on for several months. 1t il
claimed that one night last week party
| of New York gentlemen were met here by
Mr. Shaffer ana an attorney, and that the
| whole party journeyed on To Chicago Mr.
Shaffer Is now In New York city. havin,
left this city Wednesday. How long h,
will be gone is not known. but nc is claimed
by those who are in position 10 know
| that when he returns the s,reet-ear plan
will pass out of the hands of its presen
owners. and Mr.. FrenZel Will no longer b
its president
said gentleman of prominence YESTERDAY
that Mr. Belknap and New York syndi
cate intend To purchase the plant of tn
Citizens company. Ii not. why should b
put up that check for $1,000 as n guarantee
of good faith on the part OF the Broad Kip
pie COMPANY after the Council had stran