The Stoic

his art gallery, organize his charities,, build the hospital to which he had given much thought in the past, and at the same time leave to all to whom he felt obligated an unquestionably satisfactory reward. The dream enticed him. A few years of swift work, five or six at the most, as he saw it, would serve to accomplish all.

But to follow all of his activities, mental as well as physical, in connection with this plan would be the same as attempting to follow the swift and confusing thoughts, tricks, and motions of a prestidigitator. There were primarily, of course, his negotiations with Johnson and Stane. On communicating with Johnson, immediately following his reconciliation with Berenice, he found a greater willingness to co-operate than had previously existed. Johnson announced that he and Stane had given a great deal of thought to the matter in Cowperwood’s absence, but he would prefer to communicate their conclusions in Stane’s presence.

This resulted almost immediately in another conference in Berkeley Square, where Cowperwood found something resembling more a friendly than a commercial atmosphere. Johnson had been detained and was not present when he arrived. Immediately he noticed the joviality of Stane’s manner. The latter inquired about conditions in the United States: what the elections there forebode; did he find London pleasing; and how was his ward, Miss Fleming? And her mother? He had been, as Cowperwood perhaps knew, a fairly frequent visitor to Pryor’s Cove. How truly charming they were, mother and daughter. He paused shrewdly, watching Cowperwood’s face as he said this. But Cowperwood met the challenge.

“No doubt you are wondering about their relationship to me,” he said, suavely. “Well, I have known Mrs. Carter for many years. She married a distant relative of mine, who named me as executor and guardian in loco parentis. Naturally, I have become very fond of Berenice. She is a very brilliant girl.”

“I must say I find her so,” said Stane. “And I am pleased that Pryor’s Cove has appealed to Mrs. Carter and her daughter.”

“Yes, they certainly seem to have found it an ideal place. It is really beautiful.”

Fortunately, to break the personal trend of the conversation, Johnson arrived at this moment. Bustling in and apologizing for having been unavoidably detained, he inquired after Cowperwood’s welfare before putting on his most officially expectant and executive manner. And there followed a concise and vigorous presentation by him of all that had been done, together with a review of the situation as it now stood. Decidedly, he announced, Cowperwood’s proposed invasion of the London underground field had evoked a furore. With but few exceptions, directors and shareholders of both of the old loop companies were against him.

“They seem to want to take over your ideas, Mr. Cowperwood,” he said, “and work them out themselves. The only thing that is delaying them is lack of agreement among themselves, and, of course,” he added, with a twinkle in his eye, “they are a little disturbed by the amount of money it is going to take. They don’t know how they’re going to get it without too much expense to themselves.”

“Precisely,” commented Cowperwood, “and for that very reason delay will be the most expensive thing that can be indulged in. There is a program here which, if entered upon vigorously, can be held within attractive financial limits. Delay and argument will only attract speculators and prospectors who will pile up options on whatever shares or franchises are floating about and hold them for a rise. For that reason it is essential that we reach an agreement as quickly as possible.”

“Now, as I understand it,” put in Stane, agreeably enough, “your proposal was for Johnson and myself to pool our interests in the District as well as the Metropolitan, and in addition either buy, or bring together under some working agreement which you are to control, 51 per cent of either the District or the Metropolitan, or both.”

“Right!” said Cowperwood.

“And against that, either on a hundred-year lease or in perpetuity, you agree to guarantee interest at 5 per cent.”

“Right!”

“And, in addition, give the refusal of at least 10 per cent of the preferred shares of the Charing Cross, together with 10 per cent of the shares of any additional subsidiary which you or the larger company may see fit to organize and join up with the parent company, at 8 per cent of their par value.”

“Right!”

“The interest on all these shares to be a first lien on the property of the entire company at the time it is fully organized.”

“That is my proposal,” said Cowperwood.

“I must say I see nothing wrong with that,” said Stane, staring at Johnson, who in turn stared back at him.

“In short,” said Johnson, turning to Cowperwood, “once we perform our part, you bind yourself to reconstruct and equip in the most modern fashion both of the old lines and such new ones as you can secure, and to mortgage the entire property in such a way as to guarantee the interest on all of the present shares of the District and the Metropolitan, also on whatsoever amount of the 10 per cent of the shares of these new companies or subsidiaries we may elect to subscribe for at eighty.”

“Such is my intention,” said Cowperwood.

Once more Johnson and Stane stared at each other.

“Well,” said Stane, finally, “subject to such difficulties as we are certain to encounter, I pledge myself to perform my part of the undertaking as quickly as possible, and to the best of my ability.”

“And I,” said Johnson, “shall be glad to work in entire harmony with Lord Stane, and to do whatever is necessary to bring this to a successful conclusion.”

“Well, gentlemen,” said Cowperwood, rising, “I am not only pleased but honored by this understanding, and to show you the soundness of my intentions, I propose—if both of you are agreeable to the idea, of course—to ask Mr. Johnson to act as my legal advisor, and have him prepare all papers concluding this general agreement between us. And when the time comes, he added, smiling at them, “I would be delighted to have you both serve as directors.”

“As to that, time and circumstances will have to decide,” said Stane. “It should be helpful, certainly.”

“It will be my pleasure to serve both of you to the very best of my ability,” added Johnson.

All three were not a little conscious of the grandiose note that had slipped into these mutual felicitations, but it was quickly eased by Stane’s proffer of a parting glass of old cognac—a case of which, without any previous mention, he had sent to Cowperwood’s rooms at the Cecil.

Chapter 51

One of the painful phases of Cowperwood’s further negotiations at this time was the need he faced, or thought he did, of employing Englishmen rather than Americans as his assistants in all departments of his work. De Sota Sippens was the first victim, and he was almost brokenhearted, for he had come to like London. Joined with his ever-successful Chief, as he argued, he expected to shine here. More than that, he was eager to sharpen his wits and energies against those of these assured and almost condescending Englishmen, who, he was perfectly satisfied, knew nothing about the business of traction. However, to soften the blow as much as possible, Cowperwood placed him in charge of his Chicago financial affairs.

One of Cowperwood’s methods of raising capital was the use of the holding company, an underlying organization which would bring in sufficient money to buy the companies which he wished to control and at the same time furnish him with the necessary shares for that control. In this instance, his Railway Equipment & Construction Company was formed, with dummy directors and chairmen, and in which all who joined him were eventually to possess founder’s shares. Johnson acted as solicitor and counsel at a salary of ?3,000 a year. And thereafter, in a private agreement drawn by him—but most carefully gone over by Cowperwood’s attorneys—and signed by Johnson, Stane, and Cowperwood, it was stipulated that from then on their various shares in both the District and the Metropolitan, either then and there owned or subsequently to be acquired, were to be voted as one in any official vote that looked to the reorganization and sale of the District and the Metropolitan to the new company later to be organized. And in this new company they were to receive three shares of its issue for each one of their old shares.

And now, for Johnson, there was the really great task of running about in quest of blocks of scattered shares