The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-04-09
No Manner of Doubt Now Remains that the
Deal for the Citizens Street. Railroad
Plant Has Been CoDsumma,ed.
New York Banker Who Visited the City
to Take a Lock at the Property.
Lines TO Broad Ripple and the Fair Grounds
to Be Built This Spring-Shaffer and the
Directors ct Present in New York.


New York banker. representing the inter
ests of the syndicate, came to this city
where he met Mr.. Shafier. The latter en-
tertained him for day, during which he
looked at the property. and then they
went to Chicago where they met the rest
of the directors of the road. On that day
the negotiations were completed and it was
decided that the transfer of the property to
the syndicate should be made in ten days.
The price agreed upon was 81. $50. 900, the
amount stated in the Journal of yesterday,
the first cash payment to be $500. 900. The
latter amount was deposited in bank By
the New York banker, and as soon as the
transfer Is made will be turned over to the
present owners.
Mr.. Shaffer has had what he has just con-
summated In view since the time when he
was relieved of tho duties of president of
the Citizens company, but 1t was not until
short time prior TO the street-car strike
that the negotiations had taken such q turn
that Mr.. Shatfer was able u few days later
TO assure the men and the community that
In short time FrenZel wOuld be out of the
way and every thing would be all right. On
March q. the date on which the United
Press sent out from Chicago q dispatch con-
corning the proposed sale. the 81. $50. 600 was
given by the directors to Mr.. Shatier for the
sHAFFER'S POSITION.
MIR. Shaffer is now in New York city, as
are also the'other directors of the road, and
when they return. some time next week.
the transfer of the property will be made.
None of the stock will be owned by local
capitalists except what Mr.. Shaffer now
has or may acquire later. President Fren-
Eel will vacate his official position with the
anrfnr. IA h. h.a xrsl
be is not positively known, but there Is u
strong probability that Mr. Shatfer will
either be president or resident manager.
In the latter case Mr.. Belknap will be the
president.
It Is asserted by gentleman who is in
directly connected with the company that
as soon as the transfer Is made active
preparations for improvements and extern
sions will begin. notwithstanding Mr.. Fren-
zels recent declaration that nothing of
this kind would be done this year. The
Central-avenue line will be extended clear
to Broad Ripple. affording electric car
transportation to that suburb. and also TO
the State fairgrounds. A line to the fair
grounds will also be built on Thirtieth
street. across from the Illinois-street line.
Besides these extensions IL Is said that
various other improvements will be made.
Heavy rails are already down on Virginia
avenue. and the visduct will soon be COM
pleted. 1t Is very likely that this line will
soon be converted into rapid transit. and it
is barely possible that an electric line will
yet be constructed to Haughville.
President FrenZel has been aware of the
negotiations that have been pending for
some little time, and he Is not in q position
TO deny the statement that the property of
the corporation. of which he is president, Is
soon to pass into other hands. Had he
been in such position. or had there been
any chance of "blufhng" the matter. he
would have brought into requisition his
favOrite organ. the News, yesterday after
noon. The Journal was reliably informed
last evening that a member of President
FrcnzePs family recently told q lady of this
city that the road would soon be sold
and that Mr.. FrenZel would have to give
M his position next Wednesday. As he Is
president of a bank. president of the Gas
Trust and IS connected with the brewery
syndicate, beside having several other pay
ing irons in the fire. his friends can rest
assured that he will not suffer from having
his Official head as president OF the Citi-
zens Streetrailroad Company decapitated.
KNOWN FOR SOME TIME.
II am surprised that the fact that the
Citizens street railroad was about to
change hands did not find its way into the
newspapers before this" said a gentleman
connected with the Broad Ripple company
to journal reporter yesterday
some time. and there are many
others In this city who were partial
ly acquainted with the facts. Mr.. Shatfer
has made several visits to New York
Gently. and has had New York capitalists
and bankers with him in this city. You
can rest assured, too. that had the negotla-
tion5 for the sale not been so far along,
that there was not the slightest doubt of
the deal being consummated, MIR. Belknap
would never have turned over TO the
County Commissioners that certified check
for $4,000 as guarantee that the Broad
Ripple electric line wonld be built from the
city limits TO Broad Ripple. Those New
York people would never have considered
for o minute proposition to build that
line If they had not known TO a certainty
that all the street-railroad interests in this
city would soon be in their hands"
lis it q sure thing that a line will now
be built to Broad Ripple over the Central
avenue routef"
I'VE have been assured that line will be
pushed through to Broad Ripple at once.
The company will get down into the city
over what 10 now known as the Broad Rip
pie line"
A local capitalist said yesterday: al
though / am not interested in the Zeal,
know enough of the facts to say that the
Journal hit the nail square on the head
yesterday morning in this matter. Every
thing has been arranged and it will only
be a matter of q few days until the prop
erty passes into the hands OF It's new own
ers."
WAS A GOOD SPECULATION.
The gentleman quoted above says that
the price to he paid by the Eastern syndi-
cate Is not quite SS.O00.OOO; it is generally
believed. and in fact those who know have
said that the price is S2.750.000. of which
$4,000 is to be q cash payment when
the transfer is made. In 1887 the Chica go
syndicate purchased the road of the
JOhnsons. who are now operating street
railroads In Cleveland, -. The system was
composed entirely of mule lines then and
the price paid was Sl.1C0,0C0 j. G.. Shatier
conducted that sale ana as soon as the
property had been acquired by the Chicago
people he was made president, a position
which he retained until q year ago. Since
1857 the company has built tho Illinois
street and Fairview electric line, the North
Indianapolis line. the College-ayenue line
and the Irvington line. tho latter three
having been constructed within the past
year. The company claims that since il
has owned the road it has expended in
Improvement hts something over Z. 000OU0 but
that figure is probably exaggcratiDg the
fact somewhat. Supposing. however. that
81 900. 600 has been expended in improve
ments. the present owners have been to OH
outlay of 81, 100 0O0 upon which they have,
ever since they acquired the property,
made good big per cent on the invest
ment At a selling price of 3d. 1000 they
will step out with the neat little profit of
6500C0 Notwithstanding the tact that the
life of the charter has been steadily becom-
ing shorter. During the first years of it's
ownership the Chicago company took very
aggressive steps toward securing u long ex-
tension of the charter and was on the eve
of success in 1890. when the lontz or
dinanco was before the Council. The street.
car company had secured pledges from