Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1911-06-09

men on dead mans chest But
we've promised, John, we've promised
to be good. How I wish your dad
could have lived to see that grill!
We'll, I'll just hang around here for
few days to get this moral tone
cinched-pd be afraid to trust myself
just yet around Wall street with all
this Urban dynamite in my clothes
and then I'll sail north under the
white flag. I'll wigwag you in to the
finish"
tits the most inexplicable thing, Mr..
Rogers" declared the perplexed coun-
sci of the Urban Traction company to
the banker. Here not ten days ago
the Tammany people practically as
sured me that there would not be the
slightest difficulty in getting the Bing-
ham avenue franchise through-at the
usual rates, of course-and now they're
worse than lukewarm; they seem pos
itively against the franchise"
Perhaps it is question of more
money!" hazarded the banker.
mo, I think not. l suggested the
possibility of an increased campaign
contribution, but it did no good. fear,
just bit, there is some scheme under
way to take advantage of the thing
themselves; perhaps the Suburban peo-
pie have learned our plans and are try
ing to forestall u.s."
cts not that" declared the banker.
'T think you'll find the gang is simply
holding us up, as usual. AS for the
Suburban, I'm more than ever con-
vinced that we were wise to put off
buying the stock in the market until
the franchise was settled. You'd bet
ter keep up the negotiations with the
Tammany people while longer be-
fore applying openly for the franchise.
They'll come around with proposition
of some kind, probably"
But the Urban counsel could make
no Roadway with the Tamamny people.
They were playing the game as it had
been planned out for them by their
good friend Joseph w. Barr, whose
sterling q :alities as a plunger at the
race meets had endeared him to a
score of powerful district leaders who
frequented the tracks. To them, and
particularly to P. J. Milligan, who held
the below Fourteenth street in the
hollow of his itching palm, Barr had
outlined a course in regard to the fran
chise which satisfied each desire.
In the meantime, Barr had started
his campaign for the control of the
C,,b,,,I,oY TNrolIou oo,,,ponv Tho o0p-
pany's capital was twenty million dol
lars, and the stock was selling in the
market at ninety dollars share, on
the divid nds Of four per cent. paid by
the road To control the company it
was therefore necessary to obtain
something over one hundred thousand
shares, which at market prices meant
a cost Of over nine million dollars.
1t was no part of Bars plan to pay
any such sum for the stock. His care
full investigation of the financial condi-
ton of the Suburban convinced him
that the stock could be put down to a
figure where the one hundred thousand
shares should cost little more than
eight million dollars, and of this
amount eighty per cent, or six million
four hundred thousand dollars, could
be borrowed on the stock purchased.
He had promised John that the road
should be bought much cheaper than
the Urban would have been compelled
to pay, and it was matter OF profess
sional pride to even exceed this prom
Use.
The inquiries into the Suburban's af-
fairs had disclosed such decided loss
in earnings through competition OF a
recent extenson of the elevated sys-
TEN, that a reduction of the four per
cent. dividend was inevitable at the ap-
preaching dividend meeting of the d.
rectors. This, of course, would assist
in putting down the stock to seventy
five, where Barr coolly determined it
should go.
In addition, the little man, whose
sources of information were a matter
of amazement, had discovered that the
president of the Suburban, who was
also one Of the largest individual stock
holders, was the head of a brewery
which was lettering on the edge OF
bankruptcy; a fact which, in connec-
ton with brewery, startled Barr
even more than the unfortunate presi-
dents name, which was Schlimbinger.
To bolster up his brewery President
Schlimbinger had borrowed money on
his forty thousand shares Of Suburban
stock from two trust companies. He
had borrowed to the last cent, and
Barr smiled softly at the pleasing pros
pect of shaking out" the forty thou
sand shares when Suburban tumbled.
With these facts in his possession,
Barr had commissioned various bro
kers in his employ to pick up Suburb
an stock at the market" Which meant
the prevailing price of ninety. He in
tended to average down" this price
later by purchases at lower figures.
This preliminary move netted him