The Ordway new era., 1911-09-01


should be submitted to those of us
who are present before any use is
made Of it."
"Oh that of course" said Liffey.
"Chief. don't make any moves without
submitting them to me-"
There is still another matter Of
interest to us all which must be set
tied" continued Haldane.
whats that?"
1.-THE old franchise OF the New York
Street Car company that expires this
spring: the link that completes the
circle Of the Gotham Freight Traction
company"
"Well. 1t doesn't seem to me that's a
very difficult proposition" said Lihey.
We've got the board OF aldermen.
and the borough presidents as well.
All we've got to do is to draw up an
ordinance and shove 1t through. The
mayor here'll sign 1t. and thatM be
the end OF It,"
1T Is by no means as easy as you
think. Lirey." said Haldane. III
know anything about Gormly he'll
make fight on that issue. That Is
our weak point. II we had that fran.
chise safely passed and in our pock.
cts, we could laugh at him. | don't
know whether 1t would not be better
to defer the passage Of such an ordi'
nance until after the election"
81 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 II
we failed. which. as Mr.. Liffey says
Is hardly possible"
"Gentlemen." said Haldane. Il am
by no means convinced OF what you
say. tell you that the main fight
will be on the disposal of that very
franchise. ! 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 IL. Is It the best
thing to do think there Is tremend
| GUS force In your arguments. Mr.. Hal
dane. II we present ourselves with
that franchise. which ia SO immensely
valuable and vital indeed to the com
pletion of our properties. ms well as te
the public. we shall certainly have
given to the opposition the strongest
ground for appeal to the people. II
we do not present ourselves with the
franchise. II we allow the election tt
determine that unofHcially as II were
and then when we have won the elec
tion. we avail ourselves OF our oppor
tunlties. we shall be In q much safel
and better position"
DO you wish to submit this fran
chise to the vote OF the people. Mr.
McRonald?" asked Rutherford.
by no MEANS" answered the fnan
cier.
| "Wcll. what do you propose them
| "This. Would It not be well. II
case this movement grows stroni
enough to be worthy OF the attention
we are giving II. to declare as from
the party in power that while We hav'
the power to grant the franchise. ant
while we think It would be for th'
interests OF the people that It shouls
be granted. yet we are willing to de
fer action until after the election ant
let the election determine"
| That would be n wise course" sait
Haldane. II don't know but that It /!
the wisest course: but We must fact
the alternative"
What is that?'
Defeat! II we made that proposi
ton. and then were defeated. II
would be impossible for us to secure
the franchise. The stock OF the
Gotham Freight Traction company II
$3.50. .O0o. 900. and the bonds outstand
ing aggregate almost rs much. Il
we don't have this franchise. they
won't be worth ten cents on the dollar
to us."
| How much actual money has beer
invested in the concern" asked the
| district attorney.
"rwo hundred and fifty millions
from the people. and-very little
else" answered Haldnne.
How much is It really WORTH
qucried Liney.
IT'S worth. Of course. what was
put into It,"
And what will its earning capacity
be-"
III we control It. 1t will pay 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 1t silently moment or
two. and at last Haldane restated II.
You see, we can. n necessary. defy
public opinion and jam through an
ordinance at the last minute even X
we are likely to lose the election. al.
though by SO doing we should give the
enemy tremendous advantage ut
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