The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-25
Sets Out Figures to Show 1t Could
Not Operate Its Plant on
Three-Cent Fare.
ITS GREAT ANNUAL PROFITS
ABOUT Is PER CENT. ON THE AC-
TUAL VALUE OF THE PLANT.
Sought to Make the People Who Have
Sued the Company Under New
Law Defendants.

ment in the street-railroad litigation yes
terday was the cross bill filed by the Citi-
Zens Company purporting to give the eX-
penditures of the company for two years,
and figures from which the receipts can be
calculated to a nicely. The cross bill is
supported by an affidavit from Secretary
Miholland, of the company, making oath
to it's truthfulness. From this cross bill it
appears that the total expenditures of the
company, exclusive of dividends and inter-
est on bonds, for the year ending April 80,
1885, were $572, 37O09 while it's total receipts
from all sources were 1872 614.29, showing
net profits of $500, 244.2O upon an investment
of $2,75O,000 The County Board of Re
view fixed the valuation of the plant
for taxation at 81, 100000 last Wednes-
day. These profits presumably, after
deducting $4,000 for depreciation of
plant, went to carry that beautiful load of
100000 Of securities fastened on the COM
pany by promoters Mckee and Werner.
During that year the bicycle had cut into
the business to such an extent that it's re-
ceipts were greatly reduced. What they
were before that time can only be
guessed at.
Mr. Milhollands figures show that dur,
ing the last fiscal year. the one ending
April 80, 1897, the company did not do quite
so well. Its total expenditures, exclusive
Of interest and dividends, were 1854, 629 S4
and its total receipts were $685., 81. rs, leav-
ing the net profits to be $347, 1882, but even
that is great deal of money.
The cross bill asks that the city and pros
ecuting attorney be enjoined from enforc-
ing the law and that those persons who
have brought suit to recover the penalty
imposed by the law be enjoined from prose
cutting their suits. The cross bill sets out
the incorporation of the company and tells
OF the purchase of the lines by it and their
conversion into electrical lines, all of
which occupies the first five paragraphs
OF the complaint. The sixth para graph tells
about the issue of $4,000, 900 bonds, thus:
THE ISSUE OF BONDS.
Your orator further AYERS and shows,
that its predecessor company, the said
Citizens Street railroad Company of Indi-
annapolis, the LIST day of August 1881,
having incurred an indebtedness of 5000, 600,
for the construction of it's said street-rail-
way system and purchase of machinery and
fixtures therefor, executed it's bonds to the
mount of $300,000 payable to Albert G. Por-
ter, or bearer, at the office of the Fidelity
Insurance, Trust and Safe Deposit Com
pany, in the city of Philadelphia and State
of pennsylvania, with interest at the rate
of per cent. per annum, payable semi
annually, at the same place on the LIST day
OF January and July of each year, and TO
secure the payment of said bonds, executed
to said Albert G.. Porter trustee q mort
gage or deed of trust whereby il convened
to and vested in said Albert q. Porter
trustee, it's entire street-railway system in
said city of Indianapolis, and all real and
personal estate of whatsoever character
and all the corporate rights and franchises,
contracts, income and profits then owned or
which might thereafter be acquired by said
company. All which said bonds were there
upon issued by said the Citizens Street
railway Company OF Indianapolis, and, to
the full amount thereof are now outstand-
ing, and, together with the interest ac
crued and to accrue thereon, subsequent
to the LIST day of January. 1897, are now I'M
paid.
Your orator AYERS and shows that at the
time of the purchase by your orator as
aforesaid, of ali the property, rights, privi-
leges and franchises of said the Citizens
Street-railway Company your orator as
sumed and agreed to pay, as part Of the
price to be paid by it for said property said
mortgage bonds to the full amount 1890, 900,
and the same thereupOn became. and now
are, debt OF your orator, and the interest
to the amount of $4,000 in each year is a
fixed charge upon the income of your ora
tor, derived from the operation of it's said
street-railway system, and which it has no
means OF paying except from its said in
come
Your orator further AYERS that on the LIST
day of June, 1892, your orator executed it's
negotiable bonds; payable TO bearer, to the
amount of 500, co., with interest at the rate
of per centum, payable semi-annually on
the LIST day of December and June of each
year, and secured the payment of the same
by a mortgage or deed of trust to the Ill-
nois Trust and Savings Bank and Stought ton
j. Fletcher, trustees, of all the property,
real, personal and mixed, rights, privileges
and franchises, and the income, tolls and
profits, arising therefrom, then owned or
which should thereafter be acquired by
your orator, and said bonds to the full
amount thereof were thereupon sold by
your orator, and are now outstanding, and
together with the interest which has ac-
crued thereon subsequent TO the 1St day of
June, 1897, constitute a valid Indebtedness
of your orator. secured by mortgage, as
cpal of said bonds will become due on the
LIST day of June, 1885, and your orator is
without means to pay, the interest thereon
receive for carrying passengers upon its
said system of street railways.
AN ADDITIONAL 50, 00O, 000
your orator further AYERS and shows
that on the 1st day of May, 1898, its ne
gotiable bonds. payable to bearer in an adj
ditional sum Of $1,000, 600, were issued and
the payment thereof secured by q mort
gage of all the property and franchises of
your orator and Of the income and tolls
derived therefrom. to the Solicitors Loan
and Trust Company which trustee has
since been succeeded in such trust by the
central trust company OF New YORK, the
complainant in the original bill filed in this
cause; that said bonds bear interest at the
rate of 5 per centum per annum, payable
or the LIST day of May and November of
each year, all of which said bonds are now
outstanding. and, together with the interest
thereon which has accrued since the 1st
day of May, 1897, constitute a valid indebt-
edness of your orator to the holders there
of, secured by mortgage, as aforesaid, of
your orators property, and the interest to
accrue upon which your orator has no
means of paying as it becomes due. except
by the tolls derived from the operation of
its said system of street railways.
The seventh paragraph tells OF the
passage Of the S-cent-fare law, and gives
a digest of its provisions. The eighth par
agraph is the interesting one, inasmuch as
it purports to set out the receipts and
expenditures of the company for two years.
1t reads as follows:
Your orator further AYERS and shows
that said act. in its application to your or
ator. is in violation of Section l of Article
II of the amendments to the Constitution
of the United States. in that its enforce
ment viii deprive your orator of its prop
erty without due process of law and deny
TO your orator the equal protection of the
laws, in this, to wit:
'(a) Your orator ayers and shows that