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estments than the North and West Chicago railways。 It would be advisable； in my judgment； that all the lines out there should be consolidated and be put in his charge。 He would make money for the stockholders。 He seems to know how to run street…railways。〃
〃You know；〃 replied Mr。 Fishel； as smug and white as Mr。 Haeckelheimer； and in thorough sympathy with his point of view； 〃I have been thinking of something like that myself。 All this quarreling should be hushed up。 It's very bad for businessvery。 Once they get that public…ownership nonsense started； it will be hard to stop。 There has been too much of it already。〃
Mr。 Fishel was stout and round like Mr。 Haeckelheimer； but much smaller。 He was little more than a walking mathematical formula。 In his cranium were financial theorems and syllogisms of the second； third； and fourth power only。
And now behold a new trend of affairs。 Mr。 Timothy Arneel； attacked by pneumonia； dies and leaves his holdings in Chicago City to his eldest son； Edward Arneel。 Mr。 Fishel and Mr。 Haeckelheimer； through agents and then direct； approach Mr。 Merrill in behalf of Cowperwood。 There is much talk of profitshow much more profitable has been the Cowperwood regime over street…railway lines than that of Mr。 Schryhart。 Mr。 Fishel is interested in allaying socialistic excitement。 So； by this time； is Mr。 Merrill。 Directly hereafter Mr。 Haeckelheimer approaches Mr。 Edward Arneel； who is not nearly so forceful as his father； though he would like to be so。 He； strange to relate； has come rather to admire Cowperwood and sees no advantage in a policy that can only tend to municipalize local lines。 Mr。 Merrill； for Mr。 Fishel； approaches Mr。 Hand。 〃Never！ never！ never！〃 says Hand。 Mr。 Haeckelheimer approaches Mr。 Hand。 〃Never！ never！ never！ To the devil with Mr。 Cowperwood！〃 But as a final emissary for Mr。 Haeckelheimer and Mr。 Fishel there now appears Mr。 Morgan Frankhauser； the partner of Mr。 Hand in a seven…million…dollar traction scheme in Minneapolis and St。 Paul。 Why will Mr。 Hand be so persistent？ Why pursue a scheme of revenge which only stirs up the masses and makes municipal ownership a valid political idea； thus disturbing capital elsewhere？ Why not trade his Chicago holdings to him； Frankhauser； for Pittsburg traction stockshare and share alikeand then fight Cowperwood all he pleases on the outside？
Mr。 Hand； puzzled； astounded； scratching his round head； slaps a heavy hand on his desk。 〃Never！〃 he exclaims。 〃Never； by Godas long as I am alive and in Chicago！〃 And then he yields。 Life does shifty things； he is forced to reflect in a most puzzled way。 Never would he have believed it！ 〃Schryhart；〃 he declared to Frankhauser； 〃will never come in。 He will die first。 Poor old Timothyif he were alivehe wouldn't either。〃
〃Leave Mr。 Schryhart out of it； for Heaven's sake；〃 pleaded Mr。 Frankhauser； a genial American German。 〃Haven't I troubles enough？〃
Mr。 Schryhart is enraged。 Never！ never！ never！ He will sell out firstbut he is in a minority； and Mr。 Frankhauser； for Mr。 Fishel or Mr。 Haeckelheimer； will gladly take his holdings。
Now behold in the autumn of 1897 all rival Chicago street…railway lines brought to Mr。 Cowperwood on a platter； as it werea golden platter。
〃Ve haff it fixed；〃 confidentially declared Mr。 Gotloeb to Mr。 Cowperwood； over an excellent dinner in the sacred precincts of the Metropolitan Club in New York。 Time； 8。30 P。M。 Winesparkling burgundy。 〃A telegram come shusst to…day from Frankhauser。 A nice man dot。 You shouldt meet him sometime。 Hanthe sells out his stock to Frankhauser。 Merrill unt Edward Arneel vork vit us。 Ve hantle efferyt'ing for dem。 Mr。 Fishel vill haff his friends pick up all de local shares he can； unt mit dees tree ve control de board。 Schryhart iss out。 He sess he vill resign。 Very goot。 I don't subbose dot vill make you veep any。 It all hintges now on vether you can get dot fifty…year…franchise ordinance troo de city council or not。 Haeckelheimer sess he prefers you to all utters to run t'ings。 He vill leef everytink positifely in your hands。 Frankhauser sess de same。 Vot Haeckelheimer sess he doess。 Now dere you are。 It's up to you。 I vish you much choy。 It is no small chop you haff； beating de newspapers； unt you still haff Hant unt Schryhart against you。 Mr。 Haeckelheimer askt me to pay his complimends to you unt to say vill you dine vit him next veek； or may he dine vit youvicheffer iss most conveniend。 So。〃
In the mayor's chair of Chicago at this time sat a man named Walden H。 Lucas。 Aged thirty…eight； he was politically ambitious。 He had the elements of popularitythe knack or luck of fixing public attention。 A fine； upstanding； healthy young buck he was； subtle； vigorous； a cool； direct； practical thinker and speaker； an eager enigmatic dreamer of great political honors to come； anxious to play his cards just right； to make friends； to be the pride of the righteous； and yet the not too uncompromising foe of the wicked。 In short； a youthful； hopeful Western Machiavelli； and one who could； if he chose； serve the cause of the anti…Cowperwood struggle exceedingly well indeed。
Cowperwood； disturbed； visits the mayor in his office。
〃Mr。 Lucas； what is it you personally want？ What can I do for you？ Is it future political preferment you are after？〃
〃Mr。 Cowperwood； there isn't anything you can do for me。 You do not understand me； and I do not understand you。 You cannot understand me because I am an honest man。〃
〃Ye gods！〃 replied Cowperwood。 〃This is certainly a case of self…esteem and great knowledge。 Good afternoon。〃
Shortly thereafter the mayor was approached by one Mr。 Carker； who was the shrewd； cold； and yet magnetic leader of Democracy in the state of New York。 Said Carker：
〃You see； Mr。 Lucas； the great money houses of the East are interested in this local contest here in Chicago。 For example； Haeckelheimer； Gotloeb & Co。 would like to see a consolidation of all the lines on a basis that will make them an attractive investment for buyers generally and will at the same time be fair and right to the city。 A twenty…year contract is much too short a term in their eyes。 Fifty is the least they could comfortably contemplate； and they would prefer a hundred。 It is little enough for so great an outlay。 The policy now being pursued here can lead only to the public ownership of public utilities； and that is something which the national Democratic party at large can certainly not afford to advocate at present。 It would antagonize the money element from coast to coast。 Any man whose political record was definitely identified with such a movement would have no possible chance at even a state nomination； let alone a national one。 He could never be elected。 I make myself clear； do I not？〃
〃You do。〃
〃A man can just as easily be taken from the mayor's office in Chicago as from the governor's office at Springfield；〃 pursued Mr。 Carker。 〃Mr。 Haeckelheimer and Mr。 Fishel have personally asked me to call on you。 If you want to be mayor of Chicago again for two years or governor next year； until the time for picking a candidate for the Presidency arrives； suit yourself。 In the mean time you will be unwise； in my judgment； to saddle yourself with this public…ownership idea。 The newspapers in fighting Mr。 Cowperwood have raised an issue which never should have been raised。〃
After Mr。 Carker's departure； arrived Mr。 Edward Arneel； of local renown； and then Mr。 Jacob Bethal； the Democratic leader in San Francisco； both offering suggestions which if followed might result in mutual support。 There were in addition delegations of powerful Republicans from Minneapolis and from Philadelphia。 Even the president of the Lake City Bank and the president of the Prairie Nationalonce anti…Cowperwoodarrived to say what had already been said。 So it went。 Mr。 Lucas was greatly nonplussed。 A political career was surely a difficult thing to effect。 Would it pay to harry Mr。 Cowperwood as he had set out to do？ Would a steadfast policy advocating the cause of the people get him anywhere？ Would they be grateful？ Would they remember？ Suppose the current policy of the newspapers should be modified； as Mr。 Carker had suggested that it might be。 What a mess and tangle politics really were！
〃Well； Bessie；〃 he inquired of his handsome； healthy； semi…blonde wife； one evening； 〃what would you do if you were I？〃
She was gray…eyed； gay； practical； vain； substantially connected in so far as family went； and proud of her husband's position and future。 He had formed the habit of talking over his various difficulties with her。
〃Well； I'll tell you； Wally；〃 she replied。 〃You've got to stick to something。 It looks to me as though the winning side was with the people this time。 I don't see how the newspapers can change now after all they've done。 You don't have to advocate public ownership or anything unfair to the money element； but just the same I'd stick to my point that the fifty…year franchise is too much。 You ought to make them pay the city something and get their franchise without bribery。 They can't do less than that。 I'd stick to the course you've begun on。 You can't get along wi