or or cable system that they
are getting on the South Side." Addison wanted to convey the impression
that the city council or public sentiment or something was going to
force the North Chicago company to indulge in this great and expensive
series of improvements.

Kaffrath pricked up his ears. What was the city Council going to do?
He wanted to know all about it. They discussed the whole
situation--the nature of the cable-conduits, the cost of the
power-houses, the need of new rails, and the necessity of heavier
bridges, or some other means of getting over or under the river.
Addison took very good care to point out that the Chicago City or South
Side Railway was in a much more fortunate position than either of the
other two by reason of its freedom from the river-crossing problem.
Then he again commiserated the North Side company on its rather
difficult position. "Your company will have a very great deal to do, I
fancy," he reiterated.

Kaffrath was duly impressed and appropriately depressed, for his eight
hundred shares would be depressed in value by the necessity of heavy
expenditures for tunnels and other improvements. Nevertheless, there
was some consolation in the thought that such betterment, as Addison
now described, would in the long run make the lines more profitable.
But in the mean time there might be rough sailing. The old directors
ought to act soon now, he thought. With the South Side company being
done over, they would have to follow suit. But would they? How could
he get them to see that, even though it were necessary to mortgage the
lines for years to come, it would pay in the long run? He was sick of
old, conservative, cautious methods.

After the lapse of a few weeks Addison, still acting for Cowperwood,
had a second and private conference with Kaffrath. He said, after
exacting a promise of secrecy for the present, that since their
previous conversation he had become aware of new developments. In the
interval he had been visited by several men of long connection with
street-railways in other localities. They had been visiting various
cities, looking for a convenient outlet for their capital, and had
finally picked on Chicago. They had looked over the various lines
here, and had decided that the North Chicago City Railway was as good a
field as any. He then elaborated with exceeding care the idea which
Cowperwood had outlined to him. Kaffrath, dubious at first, was
finally won over. He