按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
ed physical value of about three times the sum for which it could have been built。 The North Chicago company； which in 1886 had a physical value of little more than a million； could not now be duplicated for less than seven millions； and was capitalized at nearly fifteen millions。 The road was valued at over one hundred thousand dollars more per mile than the sum for which it could actually have been replaced。 Pity the poor groveling hack at the bottom who has not the brain…power either to understand or to control that which his very presence and necessities create。
These tremendous holdings； paying from ten to twelve per cent。 on every hundred…dollar share； were in the control； if not in the actual ownership； of Cowperwood。 Millions in loans that did not appear on the books of the companies he had converted into actual cash； wherewith he had bought houses； lands； equipages； paintings； government bonds of the purest gold value； thereby assuring himself to that extent of a fortune vaulted and locked； absolutely secure。 After much toiling and moiling on the part of his overworked legal department he had secured a consolidation； under the title of the Consolidated Traction Company of Illinois； of all outlying lines； each having separate franchises and capitalized separately； yet operated by an amazing hocus…pocus of contracts and agreements in single； harmonious union with all his other properties。 The North and West Chicago companies he now proposed to unite into a third company to be called the Union Traction Company。 By taking up the ten and twelve per cent。 issues of the old North and West companies and giving two for one of the new six…per…cent one…hundred…dollar…share Union Traction stocks in their stead； he could satisfy the current stockholders； who were apparently made somewhat better off thereby； and still create and leave for himself a handsome margin of nearly eighty million dollars。 With a renewal of his franchises for twenty； fifty； or one hundred years he would have fastened on the city of Chicago the burden of yielding interest on this somewhat fictitious value and would leave himself personally worth in the neighborhood of one hundred millions。
This matter of extending his franchises was a most difficult and intricate business； however。 It involved overcoming or outwitting a recent and very treacherous increase of local sentiment against him。 This had been occasioned by various details which related to his elevated roads。 To the two lines already built he now added a third property； the Union Loop。 This he prepared to connect not only with his own； but with other outside elevated properties； chief among which was Mr。 Schryhart's South Side 〃L。〃 He would then farm out to his enemies the privilege of running trains on this new line。 However unwillingly； they would be forced to avail themselves of the proffered opportunity； because within the region covered by the new loop was the true congestionhere every one desired to come either once or twice during the day or night。 By this means Cowperwood would secure to his property a paying interest from the start。
This scheme aroused a really unprecedented antagonism in the breasts of Cowperwood's enemies。 By the Arneel…Hand…Schryhart contingent it was looked upon as nothing short of diabolical。 The newspapers； directed by such men as Haguenin； Hyssop； Ormonde Ricketts； and Truman Leslie MacDonald （whose father was now dead； and whose thoughts as editor of the Inquirer were almost solely directed toward driving Cowperwood out of Chicago）； began to shout； as a last resort； in the interests of democracy。 Seats for everybody （on Cowperwood's lines）； no more straps in the rush hours； three…cent fares for workingmen； morning and evening； free transfers from all of Cowperwood's lines north to west and west to north； twenty per cent。 of the gross income of his lines to be paid to the city。 The masses should be made cognizant of their individual rights and privileges。 Such a course； while decidedly inimical to Cowperwood's interests at the present time； and as such strongly favored by the majority of his opponents； had nevertheless its disturbing elements to an ultra…conservative like Hosmer Hand。
〃I don't know about this； Norman；〃 he remarked to Schryhart； on one occasion。 〃I don't know about this。 It's one thing to stir up the public； but it's another to make them forget。 This is a restless； socialistic country； and Chicago is the very hotbed and center of it。 Still； if it will serve to trip him up I suppose it will do for the present。 The newspapers can probably smooth it all over later。 But I don't know。〃
Mr。 Hand was of that order of mind that sees socialism as a horrible importation of monarchy…ridden Europe。 Why couldn't the people be satisfied to allow the strong； intelligent； God…fearing men of the community to arrange things for them？ Wasn't that what democracy meant？ Certainly it washe himself was one of the strong。 He could not help distrusting all this radical palaver。 Still； anything to hurt Cowperwoodanything。
Cowperwood was not slow to realize that public sentiment was now in danger of being thoroughly crystallized against him by newspaper agitation。 Although his franchises would not expirethe large majority of thembefore January 1； 1903； yet if things went on at this rate it would be doubtful soon whether ever again he would be able to win another election by methods legitimate or illegitimate。 Hungry aldermen and councilmen might be venal and greedy enough to do anything he should ask； provided he was willing to pay enough； but even the thickest…hided； the most voracious and corrupt politician could scarcely withstand the searching glare of publicity and the infuriated rage of a possibly aroused public opinion。 By degrees this last； owing to the untiring efforts of the newspapers； was being whipped into a wild foam。 To come into council at this time and ask for a twenty…year extension of franchises not destined to expire for seven years was too much。 It could not be done。 Even suborned councilmen would be unwilling to undertake it just now。 There are some things which even politically are impossible。
To make matters worse； the twenty…year…franchise limit was really not at all sufficient for his present needs。 In order to bring about the consolidation of his North and West surface lines； which he was now proposing and on the strength of which he wished to issue at least two hundred million dollars' worth of one…hundred…dollar…six…per…cent。 shares in place of the seventy million dollars current of ten and twelve per cents。； it was necessary for him to secure a much more respectable term of years than the brief one now permitted by the state legislature； even providing that this latter could be obtained。
〃Peeble are not ferry much indrested in tees short…time frangizes；〃 observed Mr。 Gotloeb once； when Cowperwood was talking the matter over with him。 He wanted Haeckelheimer & Co。 to underwrite the whole issue。 〃Dey are so insigure。 Now if you couldt get； say； a frangize for fifty or one hunnert years or something like dot your stocks wouldt go off like hot cakes。 I know where I couldt dispose of fifty million dollars off dem in Cermany alone。〃
He was most unctuous and pleading。
Cowperwood understood this quite as well as Gotloeb； if not better。 He was not at all satisfied with the thought of obtaining a beggarly twenty…year extension for his giant schemes when cities like Philadelphia； Boston； New York； and Pittsburg were apparently glad to grant their corporations franchises which would not expire for ninety…nine years at the earliest； and in most cases were given in perpetuity。 This was the kind of franchise favored by the great moneyed houses of New York and Europe； and which Gotloeb； and even Addison； locally； were demanding。
〃It is certainly important that we get these franchises renewed for fifty years；〃 Addison used to say to him； and it was seriously and disagreeably true。
The various lights of Cowperwood's legal department； constantly on the search for new legislative devices； were not slow to grasp the import of the situation。 It was not long before the resourceful Mr。 Joel Avery appeared with a suggestion。
〃Did you notice what the state legislature of New York is doing in connection with the various local transit problems down there？〃 asked this honorable gentleman of Cowperwood； one morning； ambling in when announced and seating himself in the great presence。 A half…burned cigar was between his fingers； and a little round felt hat looked peculiarly rakish above his sinister； intellectual； constructive face and eyes。
〃No； I didn't；〃 replied Cowperwood； who had actually noted and pondered upon the item in question； but who did not care to say so。 〃I saw something about it； but I didn't pay much attention to it。 What of it？〃
〃Well； it plans to authorize a body of four or five menone branch in New York； one in Buffalo； I presumeto grant all new franchises and extend old ones with the consent of the various local communities involved。 They are to fix the rate of compensation to be paid to the state or the city； and the rates of fare。 They can regulate transfers； stock issues； and all