The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-30
A sTREET-RAILwAY SUGGESTION.


found an article from the Weekly Market
Letter of Philadelphia, which seems to have
been inspired by the present managers of
the Citizens Street-railroad Company. 1t
is very interesting article because of it's
misapprehensions and of the declared desire
to get upon good terms with the people of
this city.
The statement that the hostility of the
people to the company is because it was
a political machine years ago is a miscon-
ception There never was general COM
plant that the Citizens Company inter
fered in politics Once in a while its off,
Gals interested themselves in electing a
member of the Council, but they never went
further than that.
The real cause of the hostility is the greed
and insolence exhibited by the late man
ayers. When the attempt was made to linn
1t it's charter the company put in the claim
that it is perpetual This greatly exas-
perated the people, When they went be-
fore the Legislature for an act to require
the company to pave between it's tracks, it
was able to defeat Indianapolis by its lob
by. 1t further exasperated the people by
the assumption that it could take any
streets without permission of the Council
or Board of Works. 1t capitalized it's plant,
worth not to exceed 100000 for 100000.
The claim of perpetual charter refusal to
pave between the tracks, offensive claim of
the right to occupy all of the streets with
out permission of the city authorities and
the capitalization of the plant for more
than three times its value, constituted
series of aggressions which eXasperated the
people, because in them they saw a scheme
to compel them in all future time to pay
fares which would make the Sc 900, 900 of
artificial capitalization interest or dividend
paying property. The acts of the old man
ayers warranted such an assumption. When
these managers, through the aid of a cor
rupt lobby, resisted the bill terminating the
charter in the last Legislature, the people
OF this city were certain that the scheme
of the managers was to force them to give
value to 100000 of fictitious capitaliza-
ton.
The article alluded to represents that the
present managers are willing to meet the
people of Indianapolis more than half way.
II such is their real purpose, let them be-
gin by declaring a willingness to withdraw
their claims for a perpetual charter and
wiring $6,000,O0O of water out of the pres
ent capitalization. On the cost of the plant
the people of Indianapolis will be willing to
pay, in fares, liberal return. AS for the
enormous losses of which the article speaks
there need be none, since capitalists can be
found who will pay the present owners as
much for the plant as it has cost the pres
ent company-$3 900 at the outside. If
the old managers have disposed of another
million of bonds they are doubtless able to
return the proceeds to the holders
But at the outset, the Journal advises
the new managers to drop the talk about
'unscrupulous politicians because it is
absurd. When the Mckee Werner man
ayers purchased the property they had the
good VIII OF Indianapolis. They lost it by
the policy they pursued. No matter
how excellent men they are. their success
ors will make no Roadway unless they be-
gin by conforming the capitalization of the
plant to something like it's actual cost or
value.
The article dwells at length and frequent
ly on the superior qualities of the street
railway system. 1t is a very fair system
but not so superior as to be entitled to the
praise expressed by the article quoted But
superior or otherwise, it can be duplicated
for $4,000 OOO-a fact the author of the ar
ticle seems not to recognize. Indeed, while
he talks of coming half way, all his argu-
ments tend to maintain present conditions.
In the line of adjustment, suppose the new
managers take the first real step toward
the halfway line, that the people may
take it's measure.