The Union times. [volume] (Union, S.C.) 1894-1918, 1905-08-04
r. NJ. FARR, President.

WI IhE\l\LO IL OOL
profit down one-half. But right
there l learned a new lesson in
high finance.
THAT is too crude" said Sen
ator Shark.
"Oh, | don't mean straight out
and-out stock watering" pro-
tested. "Our lawyers can rig up
a security company, or some
other up-to-date quibble for it. -
But that isn't the difficulty"
said Senator Shark. "A new
stock issue is all right so far as
buncoing the public about rates
is concerned. But the objection
to a new issue lies in the fact
that it compels you to divide the
loot with the other shareholders.
If we double our shares, we will
have to double everybody else's
shares. Now, l think that six
per cent is enough for investors.
They don't really expect any
more. 1t isn't good business, and
besides we oughtn't to encour-
age the people to become extrav-
agant. I'm figuring on some
way of keeping the shares on a
six per cent hasis.u snA-f:r
was thinking ne e. eon5iaHeIl' d;@c,,l,
that we might meet the dlhcul-
| ty.by leasing some new oranGnss' ;Tg:
What do YOU think Of the VIM
nebago Midland property COL
onel?" 70 ,ncb !,
I said. Its competition annoys1 Hcn1
. rs a little, especially IN the coat t
trade. But l can't see tha' y
!, leasing it would help US much;;
"What does it earn?' ne ask
. mot more than a half a mn
.-t,ion a year above, interes
! charges I ventured.
f "That's right continues
a Senator Shark. No, as ou
- FREIGHT schedules are nettln
% ahn,5t a million a year more tina
at a reasonable profit; why can a,Il
ly we adjust things by taxing 10y ovs
sv the Midland at an annual REM
90 90 of q million and half?' locke
N N at at Senator Shark, and for Il
~ ~ Srst time it crossed my mil
" that he was getting old.
ed ' "What?" Icried. You wo9
ar. deliberately rent properly
"a "a three times as much as IL
M Ie worth?' The Senator smiled
me-. ne, me' r"e almost pityingly. Don't y
our nne lae the no;nt?' he asked. is
;ar- it good business, T cold
on But Colonel ne urged 81, !
o oss,,m;ng that the firm OF Sh
sold e Immpkin is to buy up the N
So saia ;s 10 iand before we propose the lei
% Pm, - That extra million a year we
then go into our p1G;Ke,eii pf;nei
well would disappear as Winne:al !
I'm pacific earnings. And incla
,e to ailv our little investment IN
'H into to lam land would net us twenty
and lions clear"
LIN H After pausing a momen
rlow. give us time to reIlecC 1lt
;roct Get Stroke of genius, Colonel ~
lreIv .Io ] S;n resumed: "Well, the Sci
W. W. a and I bought the Midland
W. 1aased @ Il to the Winnebago
oa,'as srHa t c;Gc. Two years later the
We nebago Pacific was again ca
~ o,,r mr too much, and then we leasee
N , n. ou, o,,r the The Minne-wawa Valley Lin
!. ~ sd;w;- wi little later we handed ov'
: brofits utit I,obbyport and Stockwaster.
= 1re1v and deed deed. for a number Of. ye
y, sense " made a speciality of buying
y sG,oS Inok , rupt railroads to feed t
= Ioo; LO Winnebago Pacific. And
and. % well. l swore off.
,rh " the ~ decided it was abot
arD l,utrv .r1 for me to get off the waite
s',rne5 On. on I felt that / had
ourhe%, , froro en-; enough, even for my serV
! . lro com q captain of industry"
! va, e ' NV "Does the Shark syst
WIZ Waui- , follow this benevolent p
s;renie wuoI asked Judge Docket.
..ad he II don't know" SAID
enough Lumpkini 49,. % noanaoer
fidence oi '"e