It offers a rather profitable field for investment, and several members of the old companies have come to me recently to ask me to help them combine." (This was not true at all.) "I have been wondering what chance you thought you had of winning along the lines you are now taking."
Cowperwood smiled. "I hardly care to discuss that," he said, "unless I know much more of your motives and connections than I do at present. Do I understand that you have really been appealed to by stockholders of the old companies to come in and help adjust this matter?"
"Exactly," said Schryhart.
"And you think you can get them to combine? On what basis?"
"Oh, I should say it would be a simple matter to give each of them two or three shares of a new company for one in each of the old.
We could then elect one set of officers. have one set of offices, stop all these suits, and leave everybody happy."
He said this in an easy, patronizing way, as though Cowperwood had not really thought it all out years before. It amazed the latter no little to see his own scheme patronizingly brought back to him, and that, too, by a very powerful man locally--one who thus far had chosen to overlook him utterly.
"On what basis," asked Cowperwood, cautiously, "would you expect these new companies to come in?"
"On the same basis as the others, if they are not too heavily capitalized. I haven't thought out all the details. Two or three for one, according to investment. Of course, the prejudices of these old companies have to be considered."
Cowperwood meditated. Should or should he not entertain this offer? Here was a chance to realize quickly by selling out to the old companies. Only Schryhart, not himself, would be taking the big end in this manipulative deal. Whereas if he waited--even if Schryhart managed to combine the three old companies into one--he might be able to force better terms. He was not sure. Finally he asked, "How much stock of the new company would be left in your hands--or in the hands of the organizing group--after each of the old and new companies had been provided for on this basis?"
"Oh, possibly thirty-five or forty per cent. of the whole," replied Schryhart, ingratiatingly. "The laborer is worthy of his hire."
"Quite so," replied Cowperwood, smiling, "but, seeing that I am the man who has been cutting the pole to knock this persimmon it seems to me that a pretty good share of that should come to me; don't you think so?"
"Just what do you mean?"
"Just what I have said. I personally have organized the new companies which have made this proposed combination possible. The plan you propose is nothing more than what I have been proposing for some time. The officers and directors of the old companies are angry at me merely because I am supposed to have invaded the fields that belong to them. Now, if on account of that they are willing to operate through you rather than through me, it seems to me that I should have a much larger share in the surplus. My personal interest in these new companies is not very large. I am really more of a fiscal agent than anything else." (This was not true, but Cowperwood preferred to have his guest think so.)
Schryhart smiled. "But, my dear sir," he explained, "you forget that I will be supplying nearly all the capital to do this."
"You forget," retorted Cowperwood, "that I am not a novice. I will guarantee to supply all the capital myself, and give you a good bonus for your services, if you want that. The plants and franchises of the old and new companies are worth something. You must remember that Chicago is growing."
"I know that," replied Schryhart, evasively, "but I also know that you have a long, expensive fight ahead of you. As things are now you cannot, of yourself, expect to bring these old companies to terms. They won't work with you, as I understand it. It will require an outsider like myself--some one of influence, or perhaps, I had better say, of old standing in Chicago, some one who knows these people--to bring about this combination. Have you any one, do you think, who can do it better than I?"
"It is not at all impossible that I will find some one," replied Cowperwood, quite easily.
"I hardly think so; certainly not as things are now. The old companies are not disposed to work through you, and they are through me. Don't you think you had better accept my terms and allow me to go ahead and close this matter up?"
"Not at all on that basis," replied Cowperwood, quite simply. "We have invaded the enemies' country too far and done too much. Three for one or four for one--whatever terms are given the stockholders of the old companies--is the best I will do about the new shares, and I must have one-half of whatever is left for myself. At that I will have to divide with others." (This was not true either.)
"No," replied Schryhart, evasively and opposingly, shaking his square head. "It can't be done. The risks are too great. I might allow you one-fourth, possibly--I can't tell yet."
"One-half or nothing," said Cowperwood, definitely.
Schryhart got up. "That's the best you will do, is it?" he inquired.
"The very best."
"I'm afraid then," he said, "we can't come to terms. I'm sorry.
You may find this a rather long and expensive fight."
"I have fully anticipated that," replied the financier.
