Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1915-02-02

gentlemen love to indulge in while
frivolous younger people dance the
hours away. All four being gentle
men who, by the consent Of the pub
lie. bore the grave responsibility or
the public welfare on their shoulders,
it was not strange that their chat
should turn to public affairs.
81 am glad to be identified with the
enterprise" avowed State Senator Al
lerton, who was a suave clean-faced
gentleman, with good forehead and
quite negotiable tongue. AT the
same time, as far as | am privately
concerned. I can only regard it as
temporary investment
"Why temporary" demanded Frank
Marley. who was feeling particularly
capable this evening. His hundred
and seventy-fve thousand dollars
worth of street railway stock had been
increased to two hundred and sixty
two thousand FIVE hundred. He was
to have eighty-seven thousand five
hundred dollars cash out of the un-
divided surplus Of the old company,
and his daughter, Molly, was the most
popular girl at the governors ball.
"The street railway company has al
ways made money, and the city needs
additional transportation facilities.
We have reached the normal period
of extension and do not see what Is
to prevent us from limitless prosper
ity."
'The franchises" Senator Allterton
reminded him. Your present permits
have less than five years to run"
81 have never had any trouble in
having them renewed" objected Mar
ley, priding himself on his manage
ment
Times are changing" sighed Aller-
ton There is a growing disposition
on the part Of the public to charge
public service corporations for the use
of public property.
THE people are ungrateful,' mourn
ed Governor Waiver, who had enriched
himself through furnishing electric
light, at his own price, to public
which had known nothing better than
gas seThe moment they see profit
on their Injuries they want part OF
it. An undivided surplus. such as the
street car company has had, in con-
slant menace '
THAT was a sinking fund for ex-
tensions and improvements" Marley
reminded him. '"The stockholders
had no right to ask for division OF
it."
They would; if we had not put it
out of harms road" insisted the gov
ernor. That much has been saved
to the men who really earned it, but
| should not like to see similar
profit exposed. To my mind, seven
per cent dividend is an even worse
folly"
TT gives confidence in the stock"
argued Marley. THE public Wouid
never be so eager to take up this
new issue, if it had not been for that
seven per cent dividend"
That's what it was for" interpo-
lated Sledge, looking out OF the win.
dow into the sunken garden, and
vainly hunting the hand hole In the
gate.
ct has served its purpose" grunt-
ed Allerton, 'but taxpayers are be-
coming greedy. When they see the
stockholders of a public corporation
making seven per cent they want
some of it, and try to make the cor
porations pay part OF their taxes IN
every city of Importance, the voters
are demanding pay for street car
franchises and making the street rail-.
way companies. in addition, bear halt
the cost of all street improvements"
ITS a bad outlook" agreed Cover
nor Waiver. Frankly. as soon as l
receive my new issue of stock, l Shall
have it quietly placed on SALE"
Marley looked at him Indignantly.
"Wny.. the street railway company
is entering on the greatest period OF
prosperity in its career" he asserted.
.ThereIl be no trouble about fran
,hises. The city is wild to have the
improvements, and must have them.
Allerton looked at him wonder1ngly. |
Waiver is right he stated. SHAH
sell my own stock, and I'll venture
% say that Sledge has already made
silent arrangements for disposlng OF
MS. Do you know that the franchises
At nresent granted in this state are
,eyocable. and that it is not possible
% secure one which is positively safe
'or longer than ten-year periods!
When YOU come to the renewal OF
YOUR franchises, Marley, you will be
met with a demand for pay, and Will
have other restrictions imposed on
YOU. Our present franchise law. In
view of the public tendency, is bad
one for investors.
Lets fix it," suggested Sledge.
."I'm afraid It's too late protested
Allerton. /
mot for a new gag dissented
Sledge "A new one can be put over
quick
II fancy that there should be pro- !
lection somewhere" opined the gov !
ernor. mo matter what changes IN
public sentiment, the investing class, !
1pon which the public depends for
prosperity, must always be protected
But how" inquired the senator.
How in this particular case?"
Head 'em off," grunted Sledge'
I'm keeping my stock
I'D be glad to hold mine stated
he senator But how is it to be
made of future valued"
THAT'S up to YOU" sledge replied,
Using. Figure it out and see me TO-
r1o want talk 70 |