Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-09-17
V-Continued.

The enthusiast closed his argument with
hasty summing-up of the benefits which
must. in the nature of things, accrue.
From being an alien link in the great
transcontinental chain, the Pacific South
western would rise at a bound to the dig
nifty of great railway system: a power
to be reckOned with among the other
great systems grdironing the west. Its
earnings would be enhanced at every
point: cross lines which now fed its COM
petitOrs would become it's allies; the local
lines to be welded into the eastern end
of the system would share at once in the
prosperity of a strong through line
For the western extension he could
speak from personal knowledge of the
region to be penetrated. Apart from the
new lines prime object-that of providing
an outlet for the system-there was a
goodly heritage of local business awaiting
the first railroad to reach the untapped
territory. Mines. valueleSS now for the
lack of transportation facilities would
become abundant producers; and there
were many fertile valleys and mesas to
attract the ranchman, who would find on
the western slopes of the mountains an
unfailng water supply for his reservoirs
and bitches. Ford did not hesitate to
predict that within a short time the ex-
tension would earn more, mile for mile,
than the grain-belt portion OF the system.
When he sat down he felt that his cause
was lost. There was no enthusiasm, no
approval in the faces of his auditors.
After short and informal discussion, in
which the engineer was called on to eX-
plain his plans and estimates in detail to
one and another of the members, Magnus.
the bank president sufficiently summed
up the sense of the meeting when he said:
There is no question about the in
genuity of your plan, Mr.. Ford. You
must have given great deal of time and
thought to it. But it is rather too large
for us. I'm afraid. and there are too many
contingencies. Your province. under
stand. is the building and operating Of
railroads, and it is nothing to your dis
credit that you are unfamiliar with the
difficulties of financing an undertaking as
vast as this proposal of yours.
II don't deny the difficulties. said
Ford. But they wouldn't seem to be in
superable.''
Not from your point of view" re-
Joined the hauker. suavely. But you
will admit that they are very consider
able. The opposition on the part of the
competing systems would be something
tremendous. No stone would be left I'M
turned in the effort to dismOunt us. To
go no further into the matter than the
In the three short roads; at the first sig
nal i'll that field you would find those
stocks flying skyward in ten-point ad-
vances. and your five millions wouldn't
difficulties. I think 1 voice the conviction
of the board when 1 say that the plan is
too hazardous"
The mods of assent were too numerous
to leave Ford any hope of turning the
tide in his favor. He rose, gathered up
his papers and reached for his hat.
1T is very pointedly your own funeral.
gentlemen" he said. CURLY. Nothing
venture. nothing have is an old proverb.
but 1t is as true now as 1t was when 1t
was coined. With p. S.W. stock at
thirty-eight and steadily declining, with
another dividend about to be passed and
with the certainty that the July interest
on the bonds will have to be defaulted
unless some compromise can be effected
with the bondholders-"
Whats that you're saying?" broke in
Mackie, whose =. SW. holdings were
large
Ford drew p folded paper from his
pocket and laid it OH the table.
Il was merely quoting from the aud
itor's semi-annual report. of which that
is a summary" he said. indicating the
folded paper. 1.-THE report itself will
doubtless reach YOU in a day or two. 1t
would seem to an unprecedented observer
that the present condition spells some
thing like a receivership, unless you have