Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-04-10

| HNuEh idN uteH l0CTFdS6u IO eGOssJVVs iA'
was to have $3.50 cash out Of the un
| divided surplus of the old company anc
his daughter, Molly, was the most popu.
lar girl at the Governors ball The
street railway company has always made
money and the city needs additional
transportation facilities. We have reached
the normal period Of extension and I dc
not see what is to prevent us from limit
less prosperity"
The franchises" Senator Allerton re.
! minded him. Your present permits
! have less than five years to run"
| II have never had any trouble in hav-
| ing them renewed" objected Marley,
| prding himself on his management.
Times are changing sighed Allerton.
There is growing disposition on the
| part Of the public to charge public service
corporations for the use of public prop
| erty"
THE people are ungrateful," mourned
| Governor Waver, who had enriched him
self through furnishing electric light, at
| his own price to n public which had
| known nothing better than gas The
moment they see n profit on their luxu.
ries they want part of It. An undivided
surplus, such as the street car company
las had is a constant menace"
THAT was a sinking fund for eXten-
SlC0S ana improvements. Marley re-
minded him, THE stockholders had no
| right TO ask for a division Of it,"
"They would, II we had not put II out
Of harms road" insisted the Governor.
THAT much has been saved to the men
who really earned it, but | should not
like to see n similar profit exposed. To
my mind. per cent. dividend is an
even worse folly
"Tt gives confidence in the stock ="
argued Marley. The public would never
be so eager to take UP this new issue
If 1t had not been for that per cent
dividend"
That's what It was for" interpolated
Sledge, looking out of the window into
the sunken garden, and vainly hunting
the hand-hole in the gate.
TT has served its purpose" granted
Allerton, but taxpayers are becoming
greedy. When they see the stockholders
of public corporation making Z per
cent. they want some of It, and try to
make the corporations 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 half
the cost of all street improvements"
TITS a bad outlook" agreed Governor
Waver. FRANKLY, as soon as I receive
my new issue of stock, I shall have II
quietly placed on sale
Marley looked at him Indignantly
w n.y. lHe street railway COUlpdlN 10
entering on the greatest period Of
prosperity in its career" he asserted
"Therell be no trouble about franchises
The city Is wild to have the improve
ments, and must have them"
Allerton looked at him wonderlngly.
"Waver is right" ne stated. "T shall
sell my own stock, and I'll venture to say
that SIedBe has already made silent ar
rangements for dsposins of his. Do you
know that the franchises at present
granted in this State are revocable, and
that 1t is not possible to secure one
which is positively safe for 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 a bad ono
for investors"
Let's fix it." suggested Sledge
I'm afraid it's too late" protested
Allerton.
Not for new gas" dissented Sledge
"a new one can be put over quick
~ fancy that there should be protec-
tIon somewhere" opined the Governor.
mo matter what changes in public senti-
ment the investing class, upon which the
public depends for prosperity, must al
ways 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 the
Senator But how is 1t to be made of
future value?"
That's up to YOU" sledge replied,
rising. Figure II out. and see me to-
morrow Marley, I want to talk to you"
Mr.. Marley. today a man worth over
a third of a million dollars In the street
railway stock alone, arose, in offended
dignity. He was a tri1e too important,
too capable and too wealthy TO be ordered
about like messenger boy. by man
who might shortly be n convicted Crimi-
nal. Molly had arranged an interview
between her father and Bert on the
previous afternoon, and Mr.. Marley, also,
now knew a thing or two.
"I would suggest tomorrow" he stated
coldly. ~ should much prefer to talk
with you during business hours"
This amt business said Sledge. lead
ing the way into the library, where he
took seat in an alcove
Marley followed him reluctantly.
"If t is my family affairs he began
in protest.
"Sit down." directed sledge Bert Gil
der has been making threats against
me-
"Has he?" inquired Marley non-com-
mittally.
"Tel him to quit or make good"
ordered Sledge.
REALLY, Mr., Sledge, l don't see where
l can interfere" reproved Mr.. Marley.
1.-THE matter is entirely between you and
Bert
Hes a friend of yours" charged
Sledge.
Yes" acknowledged Marley, feeling
that he could afford to acknowledge it
now that the street car reorganization
had gone beyond the point where Sledge
could stop II,
How about this marriage with Molly?"
That's Molly's affair" stated Marley
stifiy.
you know he's broke, don't you?"
II heard something of the sort" ad-
mitted Marley, He's a clever young man,