White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1916-01-30

concerned, l can only regard It ~ q
temporary investment" R
"Why temporary" demanded Frank
Marley, who was feeling particularly
capable this evening. His $4,000
worth Of street railway stock had been
increased to $262.500. He was to have
$S7, 500 cash out of the undivided r
plus Of the old company, and his daugh-
ter, Molly, was the most popular girl
at the governors ball. THE street rafl-
way company has always made money,
and the city needs additional trans
portation facilities. We have reached
the normal period of extension. and !
do not see what is to prevent US from
limitless 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,
priding himself on his management.
Times are changing" sighed Aller-
ton. There is a growing disposition
on the part of the public to charge pub
lie 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 t. a public
which had known nothing better than
gas. The moment they see a profit
on their luxuries they want part Of IT.
An undivided surplus such as the street
car company has had is a constant
| menace"
THAT was a sinking fund for extern
sions and improvements Marley re-
minded him. The stockholders had
no right to ask for a division of it."
"They would If we had not put it out
of harms road" insisted the governor.
THAT much has been saved to the
men who really earned II, but I should
not like to see a similar profit exposed.
To my mind. a Z per cent dividend Il
an even worse folly"
1T gives confidence in the stock"
argued Marley. The public would
never be so eager to take up this new
issue If it had not been for that Z per
cent dividend"
That's what 1t was for" interpo-
lated Sledge. looking out Of the win
dow into the sunken garden and vain
ly hunting the hand hole in the gate.
1T has served its purpose" granted
Allerton, but taxpayers are becoming
greedy. When they see the stockhold-
ers Of a public corporation making z
per cent they want some of 1t and try
to make the corporations pay part Of
their taxes. In every city Of impor-
lance the voters are demanding pay
for street car franchises and making
the street railway companies, In addi-
ton. bear half the cost of all street
Improvements"
"It's a bad outlook" agreed Cover
nor Waiver. Frankly, as soon as !
receive my new issue of stock l shall
have 1t quietly placed on sale"
Marley looked at him Indignantly.
why, the street railway company II
entering on the greatest period Of
prosperity in it's career" he asserted.
'There'll be no trouble about fran
chises. The city is wild to have the
Improvements and must have Them"
Allerton looked at him wonderingly.
"Waver is right he stated. Il shall
sell my own stock. and I'll venture to
say that Sledge has already made ST.
lent arrangements for disposing of his.
Do you know that the franchises at
present granted in this state are rev.
ocable and that it is not possible to
secure one which is positively safe for
longer than ten year periods? When
you come to the renewal of your fran
chises. Marley. you will be met with
a demand for pay and will have other
restrictions imposed on you. Our pres
ent franchise law. in view of the pub
lie tendency. is a bad one for in
vestors.'
Lets fix it." suggested Sledge.
I'm afraid it's too late" protested
Allerton.
Not for a new gag" dissented
Sledge. "A new one a be put over
quick"
Il fancy that there should be protec-
ton somewhere" opined the governor.
mo matter what changes in public
sentiment. the investing class. upon
which the public depends for prosper
ity, 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 the
senator. But how is 1t to be made Of
future value?'
That's up to you." Sledge replied.
rising. "Figure Il out and see me to-
morrow. Marley. l 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 trifie too impor-
tant, too capable and too wealthy to
be ordered about like a messenger boy
by a man who might shortly be a con
victo1 nr;vo;poI AfoIlr boA ar-orrcd