The citizen. (Frederick City, Md.) 1895-1923, 1911-09-08
circle Of The Gotham Freight Traction

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 that'll be
the end of it."
1T is by no means as easy as you
think. Liffey," said Haldane IF l
know anything about Gormly 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 1t 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 IL
We failed. which. as Mr.. Liffey says.
is hardly possible"
Gentlemen" said Haldane, 81 am
by no meaps convinced of what you
say. l 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 connections,
but the question is do We want It,"
That's hardly the question" said
Mcdonald. "Qf course we want 1t:
but the question is. Is 1t the best
thing to do. think there is tremend-
Gus force in your arguments. Mr.. Hal
dane. If 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. II
we do not present ourselves with the
franchise, If We allow the election to
| determine that unofficially as 1t were,
and then when we have won the elec-
ton, we avail ourselves OF our oppor-
tunities. we shall be in much safer
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 finan-
cier.
We'll. what do you propose Them
This. Would 1t not be well, In
case this movement grows strong
enough to be worthy of the attention
the party in power that while we have
the power to grant the franchise. and
while we think 1t 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 wise course" said
Haldane. 81 don't know but that 1t ID
the wisest course; but we must face
the alternative"
What is that?"
Defeat! If we made that PROPOSE
tion, and then were defeated, It
would be impossible for us to secure
the franchise The stock of the
Gotham Freight Traction company is
0000,0e0 and the bonds outstand.
ms aggregate almost as much. II
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 fifty millions
from the people, and-very little
else" answered Haldane.
How much is it really worth p
queried Liffey.
Its worth, of course, what was
put into it."
"And what will it's earning capacity
be?"
IF we control it, it will pay a fair
dividend on all the stock that has
been put out, most of which is held
by our friends aud the friends of the
organization" answered Van Slyke.
The problem was 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 II
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. / 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.
I'VE couldn't" Haldane replied. 1T
is impossible to get a renewal Of a
franchise until 1t expires"
why didn't you wait before COM
hitting yourselves 10 the greater en-
terprise until this franchise ma
tured?"
I'VE 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"