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The capital stock could be raised several hundred per cent. without a penny of over-capitalization or "water"; the actual value is there. If this increase had been made, the rate would represent a moderate dividend-paying power of about 6 to 8 per cent. Study for a moment the result of what has been a natural and absolutely normal increase in the value of the company's possessions.
Somewhere at the head of the great dividend-paying machine that was called the General Fuel Company must be some devilish intelligence that had worked it all out, that had given the orders to its ecclesiastical staff: "We want the present we leave you the future! We want the bodies we leave you the souls! Teach them what you will about heaven so long as you let us plunder them on earth!"
Then there is the same old argument about wonderful properties "adjoining" such and such a dividend-paying property. Very often the properties are miles apart. They might be within twenty-five feet of each other, and one still might be worthless and the other rich.
That is true, but the person living just on the brink of disaster, ruined or made dependent on charity by unemployment, a long illness, or any failure of power and strength, cannot be as philosophical as the man fortified by a nice bank account or dividend-paying investments.
Originally the narrow gauge had been projected and partly built by a syndicate of Denver capitalists, who were under the hallucination, then prevalent, that any railroad penetrating the mountains in any direction, and having Denver for its starting point, must necessarily become at once a dividend-paying carrier for the mines, actual or to be discovered.
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