The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-04-21
Generally Conceded that Dieterich and
Benedict Are Leaders in 1t.
No Doubt tia. the Bid Is Genuine. the Com
pany Amply Able TO Carry II Out. and
Knows Just What 1t Is Doing
Citizens Company Holds that Its Fran
chise Is a Perpetual Right.
President Mason's Remark on the Subject
Board Will Accept the Proposal at
This Mornings Meeting.
NEW sTREET-CAR SYNDICATE.


It Ii a Strong Financial Combination. and
Means Business
There was nothing strikingly new de-
veloped In the street railway situation yes
terdgy. Judge Elliott and his associates
still continue in the policy they have
adopted. that of talking little or none and
will only reitsrate the statements they
have already made. to the effect that when
the proper time comes they will tell all that
is to be told. The impression is still our
rent among the business mon OF the city
that Messrs. Dieterlch aud Benedict form
the nucleus of the com binatioD. and il has
come to be q nearly conceded fact Another
point that gives this color Is the fact that
Mr.. Dieterich will be here in day or two.
With them are associated some Six or
seven well-known Indianapolis capitalists.
One thing has been ascertained to GER
tainty. and that is that the new company Is
the strongest combination financially that
has ever dealt with any Indianapolis enter
prise. not even excepting the Citizens
syndicate when it was composed of the
McCormicks. Allertons and other Chicago
milllonsires.
There is no wind" in the combination
nor is there snything of bad faith in the
bid. Ample funds are not only promised
but are provided and produced. The men
in the syndicate are not children in
finance. and have made q close and careful
study of the situation. They know the
receipts and expenditures of the Citizens'
company for some years back to q dollar.
They know the cost of fully equippipg the
lines with electricity and of operating them
thus. They have the cost of all the paving
figured out as we'll as that of sweeping ana
sprinkling.
81 have no doubt" said one of the local
capitalists interested, yesterday, that the
people were much surprised at the bid. but
il was made with full knowledge of what
We were doing. When We first determined
to 20 after franchise we decided to
thoroughly canvass the situation from
every point of view and then bid just pre-
cisely what we could safely offer-no moro
and no less-regardless of what other bid
ders in the field might do. That was pre-.
csely what We did, and we have hopes of
obtaining the franchise"
''Who else are with your"
'You are asking q leading question.
have simply revealed my own connection
because you have asked me in confidence.
AS yet the others must speak for them
selyes"
The gentleman with whom this conver-
sation as held ls one of the most esponsi-
BILE men In Indianapolis. q man whose name
IL sufficient guarantee of the financial
weight and reliability of the new company.
While the Journal did not learn the per-
sonnet of the new syndicate. 1t learned
that this was STRAW bid" for the Citl-
zcns com pany or that it was simply an
effort to speculate by getting q franchise
and selling it to the Citizens company.
both of which were very common upon the
| streets yesterday.
The Board of Public Works will take 40
ton on the proposition offered 1t at its reg
ular meeting this morning. and will at
once communicate with Judge Elliott ita
lmpOrt. There ls no question but that it
will be q favorable one. and both President
Condulft and Mr.. Defrees, when asked
If it would be so. took no pains TO
deny il.
The question has arisen as to whether
the board can enter into a contract with an
unknown corporation through its attorney
and agent 1t has been undertood from
different sources that the Elliott company
would not reveal the persons that
had ratified the contract. THE
being the case. 1t remains for the
board TO indicate whether On action such
as the one referred to will be legal. Prssi-
dent Conduit said yesterday that IL pre-
sented new phase of the situation to him.
and that at first thought it did not appear
to be just the proper thing. He thought,
however. the new company would moor.
porate as soon as notified that 1T would get
the contract. He will discuss the matter
with the Mayor and the city attorney.
Should the board be willing to enter into
such contract 1t 10 oubtful If the Coun-
Gil would. The members of il will be most
likely TO want to know who are the people
to whom they are granting all Of these
privileges and to insist that they announce
themselves. Judge Elliott says that 1t will
cost at least &c. 900 to incorporate the CON-
pany and that his people do not care 20 do
so until they have some assurance that
their plans wall come to q successful terml-
nation.