The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-01-09
CLAY NOT IN THE DEAL
sTREET-CAR STOCK FLUCTUATIONS
NOT CAUSED BY HIM.
Some Reasons why the Recent Sto-
ries of His Interests I'm the Matter
Are Not Considered Reliable.

Some new light was thrown on the local
stret-car situation last night. When the
announcement of the failure of the Sole
itors' Loan and Trust Company, of Phila-
delpiha. made last week, a number of
wild runors were at once M ard, owing TO
the fact that Richard W. Clay. president of
the trust company, was thought 10 be
largely interested in the Citizens Street
railroad Company. 1t was said he and r.
T. Mcdonald had formed a combination
against Messrs. Werner and Mckee. for the
purpose OF gaining a controlling interest in
the property Of the company. The failure
of the trust company was pointed out as
enc of the first moves in the game, the sug-
gestion being made that the trust company
held large block OF street railway stock,
and that the failure would result in this
stock being thrown on the market, when
it would decline still lower, and Mcdonald
and Clay would attempt 10 buy controlling
interest No notice was taken OF the fact
that the trust company, corporation,
could not hold stock of another corpora
ton. If there was any attempt to cause the
stock to go down. it was not made by Me-
Donald or Clay. a man who Is thought TO
be well yeTsed in street-car AFFAIRS rs
Werner and Mckee themselves, is authority
for the statement that Clay does not hold
no position to acquire more stock, and Is
so deeply involved in the affairs OF the
trust company he would never resort to the
strategy of forcing il to the wall, wnen his
own safety depended largely upon his ahii-
ity to maintain the standing and integrity
of that corporation. 1t Is SAID on the same
authority that, as matter or fact, num-
her OF the stockholders in the trust COM
pany who held street-car stock have
been compelled to unload as re-
suit OF this failure. The decline IN
stocks Is partially accounted for in
Jured or embarrassed by me declining mar
ket. says the Journals informant, Mckee
and Werner ARE, III anything, benefited. IL
Is only question OF time when the stock
viii reach the lowest notch. a reaction viii
set IN and markets. take an upward turn
sold on rising market. In this way they
have been able 10 manipulate the stocks
at VIII and still retain a sufficient margin
under their immediate control 10 keep an
upper hand in the management of the af-
fairs Of the company. They are In fair
way to double their money many times over
by this sort of tactics.
Briefly stated, Clay had nothing to gain
and everything to lose by the failure of
the trust company, and instead of acquiring
a stronger hold on street-car affairs. would
be in danger of losing his grip entirely AS
far as Mcdonald is concerned, he is never
taken into consideration by the Eastern
magEates, and when rumors of new deals
reach their ears in which he is said to be
the moving spirit they either regard him as
an agent for some one else or dismiss the
whole subject with snap OF their fingers.
Mckee is always awake" said the Jour-
nafs informant, land they can never get
the best Of him, or Werner either, for that
matter. Their interests are one and the
same"