Титан

Wanted — Fifty-year Franchises

           

           Tomakemattersworse,thetwenty-year-franchiselimitwasreallynotatallsufficientforhispresentneeds.InordertobringabouttheconsolidationofhisNorthandWestsurfacelines,whichhewasnowproposingandonthestrengthofwhichhewishedtoissueatleasttwohundredmilliondollars’worthofone-hundred-dollar-six-per-cent.sharesinplaceoftheseventymilliondollarscurrentoftenandtwelvepercents.,itwasnecessaryforhimtosecureamuchmorerespectabletermofyearsthanthebriefonenowpermittedbythestatelegislature,evenprovidingthatthislattercouldbeobtained.

           "Peeblearenotferrymuchindrestedinteesshort-timefrangizes,"observedMr.Gotloebonce,whenCowperwoodwastalkingthematteroverwithhim.HewantedHaeckelheimer&Co.tounderwritethewholeissue."Deyaresoinsigure.Nowifyoucouldtget,say,afrangizeforfiftyoronehunnertyearsorsomethinglikedotyourstockswouldtgoofflikehotcakes.IknowwhereIcouldtdisposeoffiftymilliondollarsoffdeminCermanyalone."

           Hewasmostunctuousandpleading.

           CowperwoodunderstoodthisquiteaswellasGotloeb,ifnotbetter.Hewasnotatallsatisfiedwiththethoughtofobtainingabeggarlytwenty-yearextensionforhisgiantschemeswhencitieslikePhiladelphia,Boston,NewYork,andPittsburgwereapparentlygladtogranttheircorporationsfranchiseswhichwouldnotexpireforninety-nineyearsattheearliest,andinmostcasesweregiveninperpetuity.

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