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Updated: June 6, 2025
"That's Chicago burnin', and there's goin' to be trouble on the stock exchange to-morrow. We have a lot of our street-railway stocks around at the different banks. If we don't look sharp they'll be callin' our loans.
"Well, now, if I know anything about these old managements from studying them, they're going to have a hard time bringing themselves to do this. Two to three million are two to three million, and it isn't going to be an easy matter for them to raise the money not as easy, perhaps, as it would be for some of the rest of us, supposing we wanted to go into the street-railway business."
Butler held stocks in such things as the Pennsylvania Coal Company, the Delaware and Hudson Canal, the Morris and Essex Canal, the Reading Railroad. As the old gentleman's mind had broadened to the significance of the local street-railway problem in Philadelphia, he had decided to close out his other securities at such advantageous terms as he could, and reinvest the money in local lines.
"Well, that's just the way it is here or will be." The two men shook hands. They liked each other. Leigh was of the city's fashionable coterie, a society man to the manner born, but with a wealth of common sense and a great deal of worldly experience. "I'll tell you, Frank," he observed at parting, "I've always thought you were carrying too much street-railway.
The best Wallie could immediately manage was a limp handshake and a sickly grin as the coal baron and street-railway magnate, Mr. Henry Appel, stepped off in a suit of which he had undoubtedly been defrauding his janitor for some years. Mrs.
Any outside organization such as a street-railway company already in existence had a right to appeal to the city council for privileges which would naturally further its and the city's growth, and, other things being equal, these could not be refused. It would not do for him to appear, however, both as a shareholder and president of the council.
They would have been more annoyed, perhaps, if they had seen him dashing about the station light-heartedly just before the eleven-o'clock train for Bristol left. They said to each other: "It must be a matter of importance that keeps him. Governor Rudd almost never throws over an appointment. He has been working like the devil over that street-railway franchise case; probably it's that."
When did you say he notified you not to buy city loan?" "Yesterday noon." "He's out of his mind," Cowperwood, Sr., commented, laconically. "It's Mollenhauer and Simpson and Butler, I know. They want my street-railway lines. Well, they won't get them. They'll get them through a receivership, and after the panic's all over. Our creditors will have first chance at these.
If you and Senator Simpson and Mr. Mollenhauer were to get together you're the largest holders of street-railway stocks and were to see Mr. Drexel and Mr. Cooke, you could fix things so that matters would be considerably easier. I will be all right if my loans are not called, and my loans will not be called if the market does not slump too heavily.
On the other hand, in this matter of the private street-railway purchase which Stener now brought to him, he realized from the very beginning, by Stener's attitude, that there was something untoward in it, that Stener felt he was doing something which he ought not to do.
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