The news=record. [volume] (Enterprise, Wallowa County, Oregon) 1907-1910, 1909-08-04

and stood with his arms folded, but she
drew away from him with a despairing
gesture.
"Oh, Wary" she cried, wearily, you
poor, foolish boy Don't you know that
you must do all things for yourself"
Yes" he returned eagerly. Il know
that; l understand perfectly; but if you'd
only let me feel that you wanted it"
Il want you to succeed, but you will
never do it for any one, if you don't do 1t
for yourself"
He went home by an early train next
morning to receive Saxton's consolation
and to turn again to his law books. Mar
grave, on behalf of the Transcontinental,
had offered to compromise the case of
the poor widow whose clothes lines had
been interfered with; but Raridan reject
ed this tender. He needed something on
which to vent his mad spirits, and he
gave his thought to devising means Of
transferring the widows cause to the
federal court The removal of causes
from State to federal courts was, Wary
frequently said, one of the best things
he did.
NdEdllOu was ullObClhci
wasted. AS he lounged about and phi
losophized to the Bostonians on West
ern business conditions, his restless mind
took hold Of a new project. 1t was sug-
gested to him by the inquiries of a Bos-
ton banker, who owned a considerable
amount of Clarkson Traction bonds and
stock which he was anxious to sell. Por-
ter gave discouraging account Of the
company, whose history he knew thor
oughly. The Traction Company had been
organized in the boom days and its stock
had been inflated in keeping with the
prevailing spirit of the time. 1t was
first equipped with the cable system in
Difference to the Clarkson hills. but later
the company made the introduction OF
the trolley an excuse for a reorganization
of Its finances with an even more gen
erous imitation. The panic then descend
ed any wrought diminution of rev.
enue; the company was unable to make
| the repairs which constantly became nee
essary, and the local management fell
| into the hands of series of corrupt di-
| rectorates.
There had been much litigation, and
some of the Eastern bondholders had
| threatened a receivership; but the local
| stockholders made plausible excuses fol
the default of interest when approached
amicably, and when menaced grew in
solent and promised trouble if an attempt
were made to deprive them of power. A
secretary and a treasurer under one ad
ministration had connived to appropriate
/ L.. g lo,1 a,l, 30
and before they left the office they de-
stroyed or concealed the books and rec
ords of the company. The effect of this
was to create a mystery as to the dis
tribution of the bonds and the stock
| When Porter came home from his sum
mer vacation, the newspapers were de-
manding that steps be taken to declare
the Traction franchise forfeit. But the
franchise had been renewed lately and
had twenty years to run. This extension
had been procured by the element in con.
troll, and the foreign bondholders, biding
their time, we're glad to avail themselves
of the political skill of the local officers
Porter had been casually asked by his
Boston friend whether there was any 10
cal market for the stock or bonds; anC
he had answered that there was not tha
the holders Of shares in Clarkson KEEP
what they had because they could NJ
longer sell to one another and that they
were only waiting for the larger outsid,
bondholders and shareholders to asser
themselves. Porter had ridden down tt
Boston with his brother banker and whel
they parted it was with an understand
ing that the Bostonian was to collect fo
Porter the Clarkson Traction securities
that were held by New England banks
considerable amount, Porter knew
and he went home with well-formet
plan of buying the control of the com
pany. Times were improving and h
had faith in Clarksons future; he di,
not believe in it so noisily as Timoth
Margrave did; but he knew the resource
of the tributary country, and he had
have, an alert imagination.
1t was not necessary for Porter to dis
close the fact of his purchases to tn
officers of the Traction Company, whor
he knew to be corrupt and vicious; tn
transfer Of ownership on the company
books made no difference as the origina
stock books had been destroyed-a fac
which had become public property throug
legal effort to levy on the holdings Of
shareholder in the interest of a creditor
Moreover, IL he could help it, Porte
never told any one about anything he die
He even had several dummies in who's
names he frequently held securities an
real estate. One of these was Peckham,
clerk in the Office of Fenton, Porter
lawyer.