The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-03-08
1T PAYS BIG.

Citizens Company Has Earned Large Divi-
dends for the Chicago Owners.
The Chicago Herald. yesterday. in pub
fishing the report that Mr.. Shaffer had Sc
cured an option on the lines. says q good
many things OF interest. particularly about
the large earnings of the company. Mr.
Allerton. upon being interviewed, sus-
tanned the reputation he bears among
newspaper men of preferring fairy stories
to commonplace truth. The Herald says:
AsJohn ]. Mitchell. who was doing the negotia-
tions for the Chicago end had TO leave for Flori-
da Saturday, the effort to close at once was
an option for thirty days. There seems TO be no
doubt whatever that the deal VIII be brought
about. The price offered for the stock Is 100.
There are some Improvements included In the
price which have not yet been funded.
The Indianapolis surface roads were bought By
q syndicate OF Chicagoans in 1883, and have
proved one OF the few profitable outside invest
meIts engineered by c. IL. Holmes. TWAS really
his first outside venture. The properties were
paid per cent, and have earned almost IL.
The syndicate which went into the Citizens road
Vas sne oe C C S%er hi,e ~
Marshall Field, John j. Mitchell, T. h. Butler,
Cyrus III. Mccormick and others.
The roads were extended. mules discarded and
electricity and cables introduced. But the fact
that the ownership was in Chicago was always q
Disadvantage The City Council has never failed
tried TO ''sandbag" the Citizens company by at
tempting TO build rival line on streets already
secured by the Chicago men. This attempt was
prevented by a costly and drawn-ouJ litigation.
The Chicago owners have always had the wis.,
dom TO put indianapolis men, into the manage
ment, and also to keep Indianapolis men in the
directory, but this has not avaled to entirely do
away with hostile efforts the part OF polici-
clans rivals. The recent labor troubles were
probably the final reason why the Chicago men
listened to any proposition to part with so val
liable and promising an investment The strik-
ers aroused passions by prating or the Chic ago
nonresident owners.
B. W. Auerton said, last evening: "Ifany nego-
tiations foot for the sale of the Citizens
railway company. of indianapolis. would GER
tainly know about IL, for am the heaviest stock
holder"
do you mean to say that an Indianapolis
syndicate has not secured an option on the Dur
chase of the property
ayes. that Is what mean. There have been
many proposals offered by Eastern capitalists,
To which but little attention has been paid. Only
yesterday / received a letter from a New York
don't want tOsell. We own the best street-car
system In the world, and it IL q good investment.
To illustrate: We have spent more than 81 ,OOO,-
600 in improvements during the last three years
and doubled the receipts. 1 don't wonder that
there parties who want to buy the system.
Who did You say was conducting the negotia-
tiOns!''
When told that the syndicate was headed by
j. c. Shaffer and that John J. Mitchell said
10 have representated the Citizens railway
company in the negotiations Mr.. Alerton
smiled and his eyes twinkled as he said:
why, my boy, that man bhatfer has no more
money than You have and Dir. Mitchell has no
authority TO act for the stockholders of the COM
pany In matter OF this kind. Shatfer has been
trying for several years TO strike a bargain, but
none OF his propositions has ever been serious
~ considered. AS said before, the stOckhOld-
ers don't want to sell such a gOOd-pay1ng prop
erty, and they are not going to-"