Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1911-06-16


following morning. 1t would have been
a simple thing to have drawn his per-
sonal check for the few thousands
needed and forwarded this with his
application for the box to the man
agement which weighs applications SO
scrupulously.
There were two objections, how
ever, to this course. The first, that
President Wells ever made haste SLOW
ly, and the second, that Mr.. Wells
had an invariable rule that current
expenses should be met from current
income-not from reserves. And, as
Mrs. Wells had said, an opera box
might well be reckoned as matter
of current expense.
In the foyer of the Lawyers club,
where he always took his noon lunch,
Mr.. Wells met Ledyard Newton and
John r. Austin, fellow directors with
him on several boards, and the three
men sought a table that they might
lunch together. Austin was the senior
member of a firm of big corporation
lawyers and counsel to many rail-
roads, including the Colorado Central,
OF which Newton, who was man Of
wealth, performed the official fl1nc-
tons of vice president from the pleas
ant distance separating New York from
Denver The three men were among
the heaviest stockholders of the road,
and all were on the board of directors.
From the market and its aimless
gyrations the talk turned at last to the
various properties in which all were
interested.
"How is Colorado Central corning
on?" Austin asked Of Newton. II
haven't heard much OF it of late.'
'You keep your eye on our little
Central, Austin said Newton, who
was crisp little man, fond of the
good things in life. ''You might have
to pay pretty penny 90 get it back"
Mr.. Wells, whose attention up to
this time had been about equally d.
vided between the conversation and
the opera box, sat up.
Finding nuggets mixed in with tbe
ballast along the line?" Austin de-
manded laughing
ENot yet That'1 come LATER" re-
torted Newton. cheerfully. s'Too busy
catching up ia our traffic now to stop
for gold"
Traffic got long start on you,
suppose" said Austin. IT wish you'd
catch it or run over It. I'd get either
dividends or legal fees them
You'll get the dividends first"
"That doesn't sound speculative"
Mr.. Wells Interrupted the banter.
isn't that like Wells, now?" asked
Newton, nodding to Austia. mo
speculation for him or the Twelfth Ma
tional. But, really" he added, "I'm
serious in all this. Here, I'll send
over to my office for the estimate of
earnings they've just sent on from
Denver"
"It's just as I told you about the
traffic." Newton went on, as the three
lighted their cigars and settled back
to await the messengers return. 1.-TWO
big smelters have just been put in OPP
Grafton on the Midvale branch; our
extension to the Central Steel Com
of business, and, best of all, the new
link of the Western Colorado-it
meets us at Silver City-is turning
over a big volume Of paying traffic.
If our operating men can hold down
expenses according to estimate we
ought to declare two per cent. divi-
dend at the meeting next month. 1t
- 1,,& rrTot V1'E - hn
the last, with our small capitalization
of $20000,000. A two per cent. divi-
dend will call for only 100000, and
the net earnings for the last three
months and estimates for this and
next month run away over that. Here
are the estimates. You can see for
yourselves" Newton took the papers
from the messenger and passed them
to Mr.. Wells and Austin.
The three men scanned the figures
for some minutes. Mr.. Wells found
the stub of a pencil in a pocket and
covered the menu card with tumble
of cipherings. They probably con-
formed to his formulate, for he smiled
softly. He passed the menu card to
Austin
What do you think of that?" he
asked.
The lawyer glanced at the last
characters on the card.
"Why, 40A15 on per cent. div, ("
he read aloud, slowly. "Ah, see.
Colorado's at 40 now. You think It
ought to go up fifteen points on the
dividend?"
"And some judicious assistance"
added Mr. Wells. ct would be jusu-
fed in this instance, since there are
really to be dividends"
and the assistance to come from a
little pool of three, eh?" commented
Newton, nudging Mr.. Wells gently
"Tut it's justifable in this instance
and it's not speculation
"Eh, what's this?" added Newton,
who had picked uD the menu card