The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-26

said. Then Lisman went on to tell me
that all the talk that was going the rounds
about the Union Traction Company doing
a fine business and making money was
fol-de-rOl. Why, in my opinion. he de-
clared, the company will not pay its next
coupons. If had any of the bonds of that
company / should certainly unload them at
once, even at a loss
Il believed that l knew something about
the Union Traction Company" continued
Mr.. Todd, and did not heed his advice.
In the light Of subsequent events-when
the bonds OF that company steadily ad-
vanced in price and are now being taken
up by the largest life insurance, trust and
investment companies in the United States.
after the fullest and most searching lnVes-
tigation of the companys business-it
would seem that Mr.. Lisman did not know
what he was talking about in that instance
any more than he does now"
ASSERTION RIDICULED.
Mr.. Todd ridiculed Mr.. Lisman's asser-
ton that Indianapolis securities are shaky.
Why personally believe" he said, that
the citizens of Indianapolis own more
bonds of local companies than are owned
by people residing away from here. They
have been steadily buying back the stock
and bonds of the Indianapolis Gas Com
pany for years, and have a greater and
greater interest in it every day. l will
venture to say that there are fifty people
lnQldnaDOlS-NeS,
that have far and away more interest In
this company than Mr.. Lisman.
I'm the light of the thirty-four-year
franchise and the extraordinarily fair
treatment accorded the indianapolis
Street-railWay Company" continued Mr..
Todd. and in the light of the treatment
of the interurban companies and the ad-
vance in price OF their securities and also
the advance in price of the securities of
the Indianapolis Gas Company, L scarcely
think foreign or domestic holders of these
securities have any reason for saying that
the citizens of indianapolis possess social
istic tendencies"
Local bankers paid little attention to Mr..
Lisman's alleged restrictions upon this city
and it's securities beyond mildly specula-
ting upon who the garrulous New Yorker
might be- There is nothing in Mr.. Lis
mans statement that Indianapolis invest
ments shaky." said Otto y. FrenZel, vice
president of the Merchants National Bank.
"Of course, all corporations dependent up
on franchises obtained from municipali-
ties" added Mr.. Frenzel, ARE more or less
hampered because of politics.
II am al a loss to think of a single thing
that is owned by the municipal authorities
of Indianapolis" said NJ. b. Wilson, presi-
dent of the Capital National Bank. That
is, l mean in the way of public franchises,
hastily corrected Mr.. Wilson. so can
not see any foundation for Mr.. Lisman' s
assertions about SOcialiStic views or our
citizens and a tendency TO municipal own
ership of public franchises in this city.
OF course there is not a word of truth in
statements. AS tNlutIlCc VI
their utter falsity, our securities sell as
high as anything in the market except
government bonds. Indianapolis securities
i mean bonds of the the city-sell on a
basis of 321 When the Capital National
Bank bought the last issue OF school bonds
on a basis of 3.21 We were offered by a
Boston firm to take them off our hands on
basis of 3.121a. If that does not speak
of good credit, what would? AS FOR other
local securities, / do not believe that SINH
lar enterprises exist anyH here in the coun-
try the securities of which sell any better
than ours do Bonds of the old Citizens
Street-railway Company-4 per cents-are
selling at almost par, and even the stock
of the Indianapolis Street-railway Company
is getting up TO par. That shows there is
no lack of confidence by the citizens of
Indianapolis in securities of local enter
prises'
Beyond saying that Mr.. Lismans talk
was all 'moonshine' Stoughton j. Fletcher,
president of the Fletcher National Bank,
declined to discuss the New York man 5
structures upon the standing of local in
vestmentS.