The news=record. [volume] (Enterprise, Wallowa County, Oregon) 1907-1910, 1909-08-11

q long table and the lawyer drew up q
chair opposite him.
(Which way have you been this timer
"Down in the country" returned
Porter, indefinitely.
Fenton laughed and watched his client
pulling the rubber bands from his pack
age.
What have you there-oats or
wheat?"
what l have here" said Porter,
Strengthening out the crisp papers he had
taken from his bundle, sis few shares
of Clarkson Traction stock"
"Ohw Fenton picked up a ruler and
played with 1t until Porter had finished
counting and smoothing the stock certif-
Gates.
There you are" said the banker, pass
Ing the papers over to Fenton. "See If
they're all right"
Fenton compared the names on the
face of the certificates with the assign
ments on the back, while Porter watched
him and played with rubber band.
"The assignments are all straight"
said Fenton, finally.
He sat waiting and his silence irritat-
ed Porter, who reached across and took
up the certificates again.
II want to talk to you a little about
Traction"
"All right, sir" said Fenton, respect
fully.
"I've gone in for that pretty deep this
fall. started in on this down East
last summer Those bonds all went East,
but lot Of the stock was kicked around
out here. If get enough and reorganize
the company l can handle the new Sc
curities down East all right. That's busi-
ness. Now, I've been gathering in the
stock around here on the quiet. Peck
hams been buying some for me, and he's
assigned 1t In blank. There's no use
In getting new shares issued until we're
ready to act for Barnes and. those fell
lows are not above doing something nasty
| II they think they're going to lose their
jobs"
"The original stock issue was five thou
sand shares" said Fenton. 'How much
have you"
"Well, sir" said Porter, "I've got about
half and I'm looking for a few shares
more right now"
Fenton picked up his ruler again and
beat his knuckles with it. Porter had ex-
pected Fenton to lecture him sharply, but
the lawyer was ominously quiet.
| I'm free to confess" said Fenton,
that I'm sorry you've gone into this.
This isn't the kind of thing that you're in
the habit of going into. l am not much
taken with the idea of mixing up in a
corporation that has as disreputable a
record as the Traction Company. It's
been mismanaged and robbed until there's
not much left for an honest man to take
hold OF, they issue no statements no one
of any responsibility has been connected
with it for a long time. The outside
stockholders are scattered all over the
country, and most of them have quit
trying to enforce their rights, if they may
be said to have any rights. You remem-
Der that the last time they went into
court they were knocked out and I'm
free to say that I don't want to have to
go into any litigation against the COM
pany."
Yes, but the franchise is all straight,
amt it?"
Probably it is all right" admitted tho
lawyer reluctantly, "but that isn't the
whole story by any manner of means. II
It's known that you're picking up the
stock, every fellow that has any will soak
you good and hard before he parts with
It. Now, there are the bondholders-"
well. what can the bondholders do?"
demanded Porter
"Oh, get a receiver and have lot Of
fun. You may expect that at any time,
too. Those Eastern fellows are slow
sometimes, but they generally know what
they're about"
"Yes, but If they weren't Eastern fell
lows"
"Oh, a bondholder's rights are as 20 ID
one place as another. Those suits are
usually brought in the name of the trus-
tee in their behalf"
Now, do you know what I'm going to
do" demanded Porter. I'm going to
turn up at the next annual meeting and
clean this thing out. You don't think it's
any good; I've got faith in the company
and in the town; believe it's going to be
a good thing. This little gang here that's
been running 1t has got to go. I've dug
up some stock here that everybody
thought was lost. At the last meeting
only eight hundred out of five thousand
shares were voted"