rly enough the
significance of the points made, but he was jealous of Cowperwood and
of his success. This loop franchise and tunnel gift meant millions for
some one. Why shouldn't there be something in it for him? He called in
Mr. Du Bois and went over the proposition with him. Quite without
effort the latter sensed the drift of the situation.

"It's an excellent proposition," he said. "I don't see but that the
city should have something, though. Public sentiment is rather against
gifts to corporations just at present."

Cowperwood caught the drift of what was in young MacDonald's mind.

"Well, what would you suggest as a fair rate of compensation to the
city?" he asked, cautiously, wondering whether this aggressive youth
would go so far as to commit himself in any way.

"Oh, well, as to that," MacDonald replied, with a deprecatory wave of
his hand, "I couldn't say. It ought to bear a reasonable relationship
to the value of the utility as it now stands. I should want to think
that over. I shouldn't want to see the city demand anything
unreasonable. Certainly, though, there is a privilege here that is
worth something."

Cowperwood flared inwardly. His greatest weakness, if he had one, was
that he could but ill brook opposition of any kind. This young
upstart, with his thin, cool face and sharp, hard eyes! He would have
liked to tell him and his paper to go to the devil. He went away,
hoping that he could influence the Inquirer in some other way upon the
old General's return.

As he was sitting next morning in his office in North Clark Street he
was aroused by the still novel-sounding bell of the telephone--one of
the earliest in use--on the wall back of him. After a parley with his
secretary, he was informed that a gentleman connected with the Inquirer
wished to speak with him.

"This is the Inquirer," said a voice which Cowperwood, his ear to the
receiver, thought he recognized as that of young Truman MacDonald, the
General's son. "You wanted to know," continued the voice, "what would
be considered adequate compensation so far as that tunnel matter is
concerned. Can you hear me?"

"Yes," replied Cowperwood.

"Well, I should not care to influence your judgment one way or the
other; but if my opinion were asked I should say about fifty thousand
dollars' worth of North Chicago Street Railway stock would be
satisfactory."

The voice was young, clear, steely.

"To whom would you suggest that it