the titan-第105节

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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