had too long chafed under the dusty, poky
attitude of the old regime. He did not know who these new men were,
but this scheme was in line with his own ideas. It would require, as
Addison pointed out, the expenditure of several millions of dollars,
and he did not see how the money could be raised without outside
assistance, unless the lines were heavily mortgaged. If these new men
were willing to pay a high rate for fifty-one per cent. of this stock
for ninety-nine years and would guarantee a satisfactory rate of
interest on all the stock as it stood, besides inaugurating a forward
policy, why not let them? It would be just as good as mortgaging the
soul out of the old property, and the management was of no value,
anyhow. Kaffrath could not see how fortunes were to be made for these
new investors out of subsidiary construction and equipment companies,
in which Cowperwood would be interested, how by issuing watered stock
on the old and new lines the latter need scarcely lay down a dollar
once he had the necessary opening capital (the "talking capital," as he
was fond of calling it) guaranteed. Cowperwood and Addison had by now
agreed, if this went through, to organize the Chicago Trust Company
with millions back of it to manipulate all their deals. Kaffrath only
saw a better return on his stock, possibly a chance to get in on the
"ground plan," as a new phrase expressed it, of the new company.

"That's what I've been telling these fellows for the past three years,"
he finally exclaimed to Addison, flattered by the latter's personal
attention and awed by his great influence; "but they never have been
willing to listen to me. The way this North Side system has been
managed is a crime. Why, a child could do better than we have done.
They've saved on track and rolling-stock, and lost on population.
People are what we want up there, and there is only one way that I know
of to get them, and that is to give them decent car service. I'll tell
you frankly we've never done it."

Not long after this Cowperwood had a short talk with Kaffrath, in which
he promised the latter not only six hundred dollars a share for all the
stock he possessed or would part with on lease, but a bonus of new
company stock for his influence. Kaffrath returned to the North Side
jubilant for himself and for his company. He decided after due thought
that a roundabout way would best serve Cowperwood's ends, a line of
subtle suggestion from some se