The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-03-20
NO DIVIDENDS in YEARS
sTREET-CAR COMPANY MERELY PAID
INTEREST ON BONDS.
How 1t Proposes to Effect Savings
Bonds to BE Re-
funded.

Nothing new came TO light in the street.
car matter last night. The mayor is i'll and
contemplates taking a rest at West Baden
as soon as he can get away from his duties
In this city. City Attorney Kern will go
away this week. Mr.. MCGOWAN is confident,
but ready to meet any emergencies. In con-
nection with the street-car litigation, ii was
learned last night that during the past six
years the Citizens Company has not paid
its stockholders a cent in the way of div
idends, although during that time it has
had the benefits Of scent fares. Some time
ago 1t was stated that the company had a
surplus of 100000 on hand after paying all
fixed charges. but an officer of the COM
pany, in position to know the facts, stated
that, If the company paid its debts other
than its bonded obligations, 1T would have
deficit of nearly that much.
As an argument against Scent fares the
official in question urged that the fact that
the company had not been able 10 pay any
dividends for six years and had made no
considerable improvements in roadway and
none at all in rolling stock, was conclusive
evidence that, in order to make any profit
on the operation Of the road a readjust-
ment of conditions will be necessary. Gen.
eral Manager MCGOWAN was interviewed on
this point and stated that the new company
proposed to change conditions by first of all
refunding the bonds of the company at
lower rate of interest, which will save prob
ably $4,000 year in interest charges. An
other point of economy, involving, however,
large outlay In money, will be the relaying
of the present tracks with modern steel.
This will cheaper the cost OF operation by
cutting off the large waste of electricity
from which the present system Is suffering.
In this way and with modern and easy
running cars, 80 per cent. more traffic can be
accommodated with apparently the same
power. Discussing the labor problem, Mr..
MCGOWAN said that, no matter ON what
other point economy would be pressed, moth
ing would be done TO cut down the earnings
of the men. nor to lengthen the hours of
work. He even. limited that II the cost OF
operation could be reduced by economy in
other directions, or the introduction of new
devices, the company would probably in
crease the present scale. In the meantime,
he had inquired somewhat into the condi-
ton of the working force and had found
the men satisfied with the wages and treat
ment.
Referring to the equipment to be added to
the road, Mr.. MCGOWAN stated that the new
cars would be equipped with life-SaVlng
tenders which would be something more
than a mere pretense Of a safeguard. The
new tenders will be attached to the car in
such a way that the motorman, by pressing
a lever with his foot, will be able to drop
the fender fiat on the ground and scoop up
into a netting the smallest object in its
way. The end of the fender Will be equipped
with small rollers to accommodate the slight
unevenness of the surface of the street.
Judge Leathers has postponed the con-
tinuance of the argument in the Street-car
injunction case till tomorrow morning.
Frank Burke is attending a funeral Of
relative in Jeffersonvile and viii not be
able to be present this afternoon, and the
postponement is made at his request.