The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-11
HIS NAME IS CROSSAN
NEW PRESIDENT OF THE STREET
RAILROAD SELECTED.
He Is n Resident of PHILADELPHIA. and
VIII Continue to Reside
Thee. ..tI
A NEW BOARD OF DIRECTORS
IT Is COMPOSED ENTIRELY OF PHIL
ADELPHIA PEOPLE.
Mckee and Werner Out of the Conn
pany-How They View the Cues
ton of Franchise.

zens' Street-railroad Company, agreed upon
at the Philadelphia meeting last week, ar
rived in the city yesterday morning, looked
over the lines, discussed the question of the
presidency and finally selected one of their
own number, Kennedy Crossan, of Phil
adelphia, to succeed Mr.. Mason as president
of the company. Mr.. Crossan is a man of
about fifty years, who has amassed a con-
siderable fortune as a contractor in the
| construction of steam and electric roads
and public works of a general character.
He is rather below medium height and
stout, and is said to be a man of much de-
cision and force in1business affairs. The
new directory is composed of Mr.. Crossan;
w. w. Kurtz, banker; r. II. Rushton,
banker; Joseph S. Neff, w. c. Houston, w.
j. Turner and Franklin Dundore. The two
last named were taken into the directory a
year ago, when the Philadelphia owners,
upon whom the securities of the company
had been unloaded by the Pittsburg pro-
motors, insisted upon at least knowing
something about the affairs of the COM
pany. The others are all new men. Those
Who claim to be in a position to know de-
clare that the interests of Mckee and Yer
ner are very small, and nave been so for
over a year, but they insisted upon retain
ing the management of the company until
certain paper they had Endorsed, amount
ing at that time to about $500, 900, should be
properly protected During the past year
this indebtedness has been reduced about
one-third and arrangements have been
made to protect Mckee in taking care of
the rest of it.
The new directory is composed entirely
of Philadelphians. They regard the street
railway business purely as an investment,
and have no idea of making it an eleemosy-
nary enterprise, or of giving up anything
they do not have to. Mr.. Kurtz did the
talking for the board when newspaper men
were around, and talked in a very straight
forward manner, without seeking to be
mysterious about anything, or to arouse any
rosy expectations of public beneficence. The
members of the new board have the reputa-
ton of being among the most substantial
business men of Philadelphia. They were
agreed upon in that city last week, and
came here with proxies enough to carry
out the agreement at the formal annual
meeting of the stockholders, which will be
held at the offices of the company this
morning.
Messrs. Mckee and Werner did not ac-
company the new directors. They arrived
yesterday morning and spent almost the
entire day making a thorough examination
or the system and the various barns and
power houses. The treasurer'S report was
gone over, and it will be necessary to go
into 1T to-day, when Lew Wallace, jr, will
be on hand demanding admittance on be-
half of the Church people, whose claims
have been in litigation in the Federal
Court. Mr.. Wallace was down at the Grand
last evening, but was not asked to partici-
pate in the meeting in Mr.. Kurtz's room,
which remained in session until midnight
arranging various details.
CROSSAN AGREED UPON.
The most important action taken at the
meeting was the agreement upon Mr.. Cros-
san as president and his acceptance of the
trust. He will be formally elected to-day,
when the Philadelphians have adjourned as
stockholders and reconvened as directors.
Mr.. Kurtz will probably be made vice pres
ident, and the rest Of the present officers
will be reelected. No immediate effort will
be made in the matter of a franchise, but
the board expects to take advantage of
the first favorable opportunity 10 open ne
gotiations with the city. 1t desires to first
become thoroughly familiar with the local
situation.
1t was before the new president had been
agreed upon that Mr.. Kurtz was sighted
in the lobby of the Grand by r. R. Shiel,
who nailed him at once and introduced him
to the newspaper men waiting to see him.
1T is safe to say that We shall elect one
of our number as president" said Mr..
kurtz, in answer TO the question of a Jour
nal reporter, though which of US it shall
be has not been determined upon"
1T has been said that in case a local
president was not chosen, either Mr.. Tur-
ner or yourself would be the man." was
suggested.
mo, it will not be either of u.s." replied
Mr.. kurtz, and it has not been definitely
agreed who shall act in that capacity"
"Wil he devote his time to the active
management of the company and take up
his residence here?" was asked.
mo; he will remain a resident of Phil
%adelphia. We have a local manager" con-
tinued he, in reply to further questions,
MIR. Elliott, who is said to be a very COM
petent man, and the other men connected
with the office and road force are good
men, and we know of no reason for making
any changes among them. We made a
thorough examination of the lines to-day,
and it seems to us that they are well ham
died and that excellent service is given,
much better than in most cities of the coun-
try; The physical condition Of the property
Is hrSt-clasS, and we cannot help being sur
prised that, with such a good system, and
such apparently good service, there should
be so much talk of friction between the
company and the city"
The fact that the original promoters of
the company had completely retired was
commented upon, and Mr.. Kurtz said: The
new board is entirely composed of residents
of Philadelphia. Much more than so per
cent. of the stock is held in Philadelphia,
and we represent this interest. 1t is true
that in q measure we also represent bond
hoiders, for many of the owners of stock
are also holders of bonds. The stock we
represent was not acquired as bonuses for
bond purchases, but was purchased by
bona fide holders, many of whom paid more
llIil sou IL ElidIS - IL
VIEWS ON THE FRANCHISE.
"It is not likely that The question of fran
chise will be taken up tomorrow. The
board is. for the most part, new. 1t was
got together largely during the closing days
OF last week, and, while we are familiar
with the legal history of the company, we
are not familiar with the local situation,
and we can discuss the question of fran
chise from time to time as we become bet
ter acquainted with conditions and history.
There is nothing that we could do at the
meeting tomorrow in this regard. The Su-
preme Court has decided that the present
franchise is good until 1901, so that much is
determined. 1t declined TO go into the ques-
ton of permanent right. The decision of
Judge Showalter disposed of the 3-cent-fare
law, so that we feel that there is no ques-
ton of the franchise up to 1901"
Mr.. Kurtz was asked If the company pro-
posed to take any steps to test the validity
of the New law with the Hogatc amend
ment. but said the matter had not been
discussed. He said the company had de-
clined the invitation to take charge of the
argumen against the 3-cent-fare law in the
State Supreme Court. I'VE shall not be
represented in that at ALL" said he. I'VE
are no parties TO the suit, and do not feel
that 1t is a matter With which we have
anything to do"
'Our people" said he, in further discuss
ing the question of franchise. were not a
part Of the original company that bought
from the Chicago owners, but purchased
their stock as an investment
NJ