The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-11-27
MR.. FRENzEL CONFIRMS 1T
lie SAYS He T~elegraphed His Resigna-
ton 10 Mr.. Allerton Friday Evening.
The causs OF II Was the Sale Of the Street.
Car Property to the shafier Syndicate
What FrenZel Has to Say.

The journals exclusive ment
va.terday morning that John p. Frenzei.
n,..,dept of the Citizens Street-railroad
company. had rendered his resignation by
xire TO the directory. was yesterday con-
frmed by no less distinguished authority
than that gentleman himself. In an inter-
view appearing in his personal organ
Yesterday afternoon, he said:
at is true that I sent my resignation to the
hoard of directors OF the Citizens street-railroad
COMPANY last night. 1 did this by wire 10 Mr..
Alerton after z o'clock | presume Mr.. Aller-
ton did not get the telegram until about y O'Clock.
No one else knew OF the fact except my brotner
otto. who took the telegram TO the Postal tele-
graph Office. Neither Of the three persons said a
word about IL to any one. and | am forced 20 tne
uupleasant suspicion that the leak occurred IN
the Postal telegraph Office, either here or IN chi
caeo. This Is not only serious, but reprenensi-
or their felegrapaic communications is secure.
i have seen the manager or the fOstai leleerapn
Company, and ne is now Investigating the mat
ter"
It il but fair to say shat the Journal did
NOT get IT'S information from the Postal
telegraph Office or anybody even remotely
connecfed with it. Dir. Frenzel hasjumped
at n hssty conclusion, and made q serious
accusation without any Rroun for 1t.
IA is seen by the above Mr.. FrenZePs
greatest regret is not over the fact that his
resignation was in order, but that the ten
der of it was made public. Continuing,
Mr.. Frenzel said. concerning the Allerton
deal:
On last Tuesday Mr.. AIlerton concluded TO buy
all of the stock OF those wishing TO sell, which
was more than a majority, and put up his check
for $780, 900 as earnest money. The necessary
was the desire OF Mr.. Allerton To associate with
himself q number OF indianapolis gentlemen,
and I was TO see some Of these and ascertain II
they desired to participate In the ownership or
this property. feaw q number OF gentlemen on
Thursday and yesterday, and each agreed 70 join
Mr. AllsrsO r. n | have no coo oSSe5 ina. ! fG ths s aass
IL this city. I had not tried this before, as 1t
was understood last May between the directors
sired to retain their holdings. and would refuse
TO entertain any proposition looking TO q sale.
Late yesterday afternoon ! received a Telegram
from Mr.. Allerton indicating bis purpose, with
the consent of the others interested, to change
his plans, and thereupon concluded 1t was due
10 myself TO resign.
To q Journal reporter. last evening. Mr..
Frenzel said the interview quoted above
was correct and expressed his sentiments.
As stated before, the circumstance that
brought about Mr.. FrenZels resignation,
following immediately after his utterances
that Mr.. Allerton bad secured a controlling
interest in the stock and there would be NO
change in MANAGEMENT of the road, were
the successful efforts of Mr. j. c. Shaffer in
closing an option held by him for q syndl-
cate composed of Messrs. Werner. Mckee and
Mason. his OpblOu. upon Wnlcu u IOricit
had been put up. had not expired when the
announcement came that q sale of stock
was contemplated to Mr. Allerton. and Mr..
Shaffer was quick to act. The price to be
paid by the Shafier syndicate 10 Sc. $50. Coo
$50 q share for the stock and 81. 900. 600 for
the bonds. Mr.. Shaffer has not yet re-
turned from Chicago. where he has been
since the early part Of the week, but it is
believed that he will assume the manage
ment of the Citizens company as soon as
President FrenzePs resignation takes effect.
Although the Pittsburg capitalists who
compose the syndicate control a great deal
of money. il is not known what their policy
will be in the matter Of improvements.