Charlevoix county herald. (East Jordan, Mich.) 189?-1953, 1921-04-01

"lt is; but luckily can build rail-
roads as well as operate them; anu
there are other countries besides the
United States of America. I'm on my
way home to Illinois for a little visit
with my mother and sisters; and after
that l think / shall close with an
offer I've had from one of the Ca
madam companies"
Good boy" chuckled the Chicago
magnate. 'In due time we might
hope to be reading your name in the
newspapers-'Sir Graham Norcross,
D.S.O.,' or something of that sort"
Then, with sharp return ~ the sort
of gritting seriousness: you've been
riding over the Pioneer Short Line
since early this morning, Graham:
what do you think of it?"
couldn't see the boss smile, but
could figure 1t pretty well when he
said: "There may be worse managed,
track in some of the great transcon-
tinental lines, but If there are
haven't happened to notice them.
l suppose ii is capitalized to death,
like many of the others"
"Fictitious values doubtless have
something to do with 1t at the pres
ent stage of the game" Mr.. Chad
wick admitted. 1T has always been
a good earning property, being largely,
even yet, without much local COM
petition. But from the day 1t was
completed its securities have figured
in the market only for their specu-
lative values. The property itself has
never been considered, save as a
means to an end; the end being to
enable one bunch of the Wall Street
gamesters you speak of to make
killing and unload on another
bunch"
1.-The old story" said Mr.. Norcross.
1--WE are humping over the net re-
suit, right now," Mr.. Chadwick went
on. Pioneer Short Line is practical
ly in the last ditch. The stock has
slumped to forty and worse; Shaffer,
the general manager and the only
able man we have had for years, has
resigned in disgust; and if something
isn't done tomorrow morning in Portal
City, l know of at least one minority
stakeholder who is going to throw the
whole mess into the courts and try
for receivership."
Mr.. Norcross looked up quickly.
Are you the minority stakeholder,
Lob, ha pc,th M
self use the name by which Mr.. Chad
wick was best known in the wheat pit.
81 am-more's the pity. / had
little lapse of sanity one fine morning
a few years ago and bought in for an
investment. I've done everything /
could think of, Graham, to persuade
Breck Dunton and his Wall Street ac-
completes to spend just one dollar in
ten of their reorganization and re-
capitalization stealings on the road
been making an inspection trip over
the system with a dozen or so of his
New York cronles. It's a junketing
excursion, pure and simple, but while
they're here they'll get together and
go through the form of picking out
a new general manager. I'm on the
board and they had to send me notice,
though it's an even bet they hoped
I'd stay away"
"Are you really going to spring the
receivership on the Dunton people to-
morrow"
I'm going to give Dunton his
chance. He can appoint the man l
want appointed as general manager,
with full power to act, and ratify
little plan I've got up my sleeve for
providing a bit of working capital for
the road, Or-he can turn me down."
"And If he does turn you down."
''Then, by George, I'll see if | can't
persuade the courts to put the prop
erty into bankruptcy and install my
man as receiver"
81 don't envy your man his job,
either way around; not the least little
mOrsel in the world" said the boss,
quietly. And then: "Who is he,
Uncle John?"
The wheat king gave a great laugh.
Don't tell me you haven't guessed