The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-12
AN IMPERTINENr VISITOR.

II correctly reported the president of the
Citizens Street-railroad Company, who Wis
tied the city Tuesday, has been guilty
OF a gross impertinence, an impertinence
which will not help the president of the
company or any other representative in a
settlement of the franchise question in a
manner satisfactory to that corporation
The assumption which runs through all his
remarks is that the people of indianapolis
are hostile to capital invested in this city
He even declares that he has seen tele-
grams from business men in this city warn
ing capitalists Ito invest no money in In
dianapolis." If he has such kilograms he
dare not give the names of those who sent
them. This person also deliberately insults
manufacturers by declaring that all the
placards he saw factories bore the
words, mo admission He closes with
this warning: IF you do not make a
friend instead of enemy of capital your
chimneys will cfumble and your houses will
go down."
Now, what is capital? A few notorious
promoters purchase a street-railroad plant
in Indianapolis with a franchise near its
close. They pay about $2,7OOOOO for it in
bonds, or money received from the sale Of
bonds. Upon an expenditure of less than
&c. 100000 the promoters have issued $4,000
900 of bonds and 100000 of stock. This
$4,000 600 President Crossan calls capital
when there is 100000 of capital and $1,000,
600 of capitalization which represents no in
vestment Those whom Mr. Crossan rep
a perpetual charter which would enable its
managers to force the people of Indianapo-
lis to pay high fares, surrender their
streets and pave them that the revenues
of the road would pay dividends and inter-
est on this $6O0O,O00 of fraudulent capital
ization. This is what the president of the
Citizens Company regards as being the
friend of capital when there is no capital
in it. 1t is bogus-no more capital than
any one can make with an electrotype plate
and a printing press.
A word about Indianapolis. 1t will be
found to be one of the few cities which
have passed through the period of four
years depression with the least injury. 1t
has had very few large failures; its varied
industries, in spite of mo admission" on its
factory doors, gave more employment to
labor during the depressed period than have
those of most cities of its class; 1t can
boast with commendable pride that no city
of it's class had so few people dependent
upon charity during the period of depres-
sion, and that in no city has there been so
little suffering; it can show by the large
number of dwelling houses and large blocks
which have been built during the past few
years that the depression has not stopped
It's growth. 1t has no boom, and 1t wants
none; but what was disaster to boom cities
did no more than temporarily check the
growth of Indianapolis. AS to the condi-
ton of it's industries, Indianapolis can
safely challenge comparison with any city
of it's class in the country. 1t does not do
this for buster or swagger, but to show
that the remarks of Mr.. Kennedy Crossan,
of Philadelphia, president of the Citizens
Street-railroad Company, to the effect that
paralysis reigns here when there is ac-
tivity elsewhere, are gratuitous ISLANDERS.
His assumption that it is not safe to in
vest capital in Indianapolis upon the infer
ence that it's people are dishonest is gra-
tuitous insult as well as Islander, as their
forbearance with the insolent course pur-
sued by the recent managers of the Citi-
zens' Street-railroad Company proves.