Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1911-09-14

circle OF the Gotham Freight Tractioa
company"
Well, it doesn't seem to me that's a
very difficult proposition said Lifey.
| We've got the board Of aldermen,
and the borough presidents as we'll
/ All we've got to do is to draw I'D an
| ordinance and shove it through. The
mayor here'u sign it, and that'u be
| the end Of it,
TT is by no means as easy as you
/ think, Liney," said Haldane IF
know anything about Gornlly he'll
make fight on that issue. That is
our weak point. If we had that fran
chise safely passed and in our peck
cts, we could laugh at him. | don't
know whether it would not be better
/ to defer the passage of such an ordi-
nance until after the election
Il think that while there is much
in what you say, Haldane," said Van
| Slyke, yet we'd better make sure of
the ordinance before the election.
We would have that, anyway, even if
we failed, which, as Mr.. Liffey says,
is hardly possible"
| Gentlemen" said Haldane, .T am
! by no means convinced Of what you
| say. | tell you that the main fight
will be on the disposal of that very
! franchise. l admit that we can pass
anything in spite of any commotions,
| but the question is do we want It."
That's hardly the question:" said
! Mcdonald. "Of course we want it;
| but the question is, is it the best
| thing to do. 1 think there is tremend-
| Gus force in your arguments, Mr.. Hal
| dane. II we present ourselves with
| that franchise, which is so immensely
valuable and vital indeed to the com
| pletion of our properties, as well as to
the public, we shall certainly have
| given to the opposition the strongest
| ground for appeal to the people If
| we do not present ourselves with the
franchise, if we allow the election to
determine that unofficially as it were,
and then when we have won the cleo
ton, we avail ourselves of our oppor-
tunities, we shall be in a much safer
and better position"
DO you wish to submit this fran
!
McRonald?" asked Rutherford
by no means" answered the finan-
cfer.
We'll, what do you propose them"
This. Would it not be WELL in
case this movement grows strong
enough to be worthy of the attention
we are giving it, to declare as from
the party in power that while we have
the power to grant the franchise, and
while we think it would be for the
interests of the people that it should
be granted, yet we are willing to de-
fer action until after the election and
let the election determine"
THAT would be a wise course" said
Haldane. 81 don't know but that it is
the wisest course; but we must face
the alternative"
What is that?"
Defeat! If we made that PROPOSE
ton, and then were defeated, it
would be impossible for US to secure
the franchise. The stock of the
Gotham Freight Traction company is
$250000,000 and the bonds outstand-
ing aggregate almost as much. If
we don't have this franchise, they
won't be worth ten cents on the dollar
to u.s."
How much actual money has been
invested in the concern?" asked the
district attorney.
1.-TWO hundred and City millions
from the people, and-very little
else" answered Haldane.
How much is it really worth?"
queried Liffey
Its worth, of course, what was
put into it"
and what will its earning capacity
be?"
IF We control it, 1t will pay a fair
dividend on all the stock that has
been put out, most of which is held
by our friends and the friends of the
organization" answered Van Slyke.
The problem was a tremendous one.
| They faced it silently a moment or
| two, and at last Haldane restated it.
You see, we can, if necessary, defy
public opinion and Jam through an
ordinance at the last minute even if
we are likely to lose the election, al
though by so doing we should give the
| enemy a tremendous advantage at
| the close of the campaign. Or we can
| defer the granting of the franchise
| until after the election, in the hope
that the postponement will be our
| strongest card for winning I tell you,
| gentlemen, that other interests of
greater magnitude would be involved
in the fate of the Gotham Freight
| Traction company"
why in the name of all that's
businesslike didn't you get control of
| this franchise before?" asked Ruther-
ford
1--WE couldn't" Haldane replied. cit
| is impossible to get a renewal Of a
| franchise until it expires"
| why didn't you wait before com
hitting yourselves to the greater en-
terprise until this franchise ma
| tured?"
1--WE couldn't. There were other in
| terests anxious to build the subway
and unite the various other franchises
in one organization. The people were
clamorous that the road should be
built, and there was nothing else to
| do but build it. Besides, who could
have foreseen this situation No.
gentlemen, we were helpless, and
without this franchise we are more
helpless"
CTO BE COETINUED.)
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