The San Francisco call., 1913-10-31
BLACK WORDS


BLACK WORDS
But surely objected Allan, ~there
has been every sign for months and
months that public confidence was
returning?"
That is very true" conceded Lloyd.
am very thankful to be able to
see it I have managed to retrieve
most Of my personal 1osses-that is
one of the best indications. Public
confidence is returning Confidence
is returning to great business enter
prfses- It is even returning to US.
who were at the head of affairs-but
do not think that confidence in the
tunnel Is returning
Something gripped A11an's heart
like a steel band
You do not mean to say that the
public opinion OF the world would
tolerate the utter abandonment of
the enterprise after all the money
and effort that has gone into it?" he
cried
Lloyd nodded slowly.
What I mean to say is something
very much to that effect" he replied,
gravely. 4 do not know do not
think that it viii always be so; but
that is undoubtedly the feeling to-
day"
But can't believe it9' Allan in
sisted.
Yet the explanation is simple and
clear" said Mr.. Lloyd Until the
tunnel is actually completed and in
operation it is a money devouring
liability and in no sense an asset
We have had stroke after stroke of
bad luck. There is a sort of super
stition in many minds that the tunnel
will never be finished, no matter how
much is put in or how much money
is sunk"
But I don't see how we can be
sure of this without at least making
the effort"
There is some justice in that"
conceded the financier. "but L can
assure you that you can take my
word for what I say. Here is one of
the best ndications-there is no trad
ing al all in Tunnel securities.
The expression of Allan's face indi-
Gated that he did not understand how
this proved anything.
You see, Mr.. Allan, there are
number of men who make a good
living on the stock exchange-for-
tunes often-by determining accur-
Rtely what public opinion is on
given matter Now, If there were
any remote possibility that the pub
lie would demand resumption OF
the tunnel digging or that the public
could be induced to finance It, these
men would be quietly buying UP
securities, which have practically no
market value today.
THE REASON
Men who have the securities now
4-.-- -
SPECTATORS They have not sold
them to the spectators simply be-
cause the spectators won't buy at
any price. To get rid of them, they
would literally have to give them
away. SO there is no trading in Tun-
mel stock at all"
But if we began operations on the
smaller scale that 1 suggested-if
among the big fnanciers we could
raise the money necessary for start,
wouldn't It turn the current Of public
opinion in our favor again?" de-
manded Allan.
~On the contrary" returned the
other, 'If the peoples money is to
build the tunnel, the peoples money
must do IT. To raise a sun-no
matter how large-for limited work
would be a transparent bluff, con-
fession Of weakness. We must either
go anead at LQ1l DtdSL OI cbd4iN SN4A--
And it is not possible TO go ahead
at full blast2"
L am sorry to say that it is quite
impossible" declared Lloyd.
Allan was silent for a full minute
trying to rally his line of attack.
hopelessly shattered by this blow
what do you think of it yourself,
Mr.. Lloyd?' he asked at last DO
you believe in the tunnel2"
Absolutely" was the instant re-
ply. II more than believe in the
tunnel, Mr.. Allan believe in you.
But the public, unfortunately, does
not. And we must wait-wait.'
It was on the tip of A11an's tongue
to say something about faith with
out works but he wisely held him
self in He knew Lloyd and his as
sociates could finance the whole Of
the work that remained to be done,
if they were willing to risk their
private fortunes, but he could not
suggest this plan; the offer must
come voluntarily from their side.
The conference with Lloyd was
held on a November evening. Two
days later Allan went quietly to
Europe, despair in his heart. His
goings and comings were unnoted