Chapter 50

Like a master chess player, Cowperwood proposed to outwit all of the entirely nationalistic and, of course, humanly selfish elements arrayed against him in his underground project. He had evolved a broad and comprehensive plan, which he hoped to work out as follows:

First, there was the existing Charing Cross line, to which must be added the existing central loop consisting of the District and the Metropolitan Railway, with their utterly impractical and warring factions. If all went well, he, Stane, and Johnson, but principally himself, held the key to this situation.

Next, assuming that he gained control of the District and the Metropolitan—with which he would or would not, as circumstances dictated, join his Railway Equipment & Construction Company—he proposed to organize the Union Traction Underground, Limited, which would control all of these.

Incidentally, however, and unknown to any of his present associates, he proposed to buy from Abington Scarr the charter for the Baker Street and Waterloo Line; also the charter of the Brompton and Piccadilly, a line which he had learned was in about the same conditions as the Charing Cross; and certain other routes and prospects, charters for which he would pick up through others.

With these in his bag, he would be able, he felt, to organize the London Underground General, which would include all of the property of the Union Traction Underground, Limited, as well as the charters and lines which he would privately acquire, thus providing a complete metropolitan system and at the same time, by reason of his holdings, give him personal control. Incidentally, if he could not ultimately take publicly the chairmanship of this enormous property, at least he would be acknowledged as its subsurface control. Also, if he could not put in his own directors, he would arrange so that those who were placed in control could do nothing to injure the property.

And eventually, if all went well, he would quietly dispose of his holdings at an enormous profit, and thereafter leave the company to get along as best it could. He would have established his title as not only promoter but builder, and would have given London a modern and comprehensive metropolitan system which would bear the imprint of his genius, just as Chicago’s downtown loop bore it. And thereafter, with his wealth, he could maintain his art gallery, organize his charities,, build the hospital to which he had given much thought in the past, and at the same time leave to all to whom he felt obligated an unquestionably satisfactory reward. The dream enticed him. A few years of swift work, five or six at the most, as he saw it, would serve to accomplish all.

But to follow all of his activities, mental as well as physical, in connection with this plan would be the same as attempting to follow the swift and confusing thoughts, tricks, and motions of a prestidigitator. There were primarily, of course, his negotiations with Johnson and Stane. On communicating with Johnson, immediately following his reconciliation with Berenice, he found a greater willingness to co-operate than had previously existed. Johnson announced that he and Stane had given a great deal of thought to the matter in Cowperwood’s absence, but he would prefer to communicate their conclusions in Stane’s presence.

This resulted almost immediately in another conference in Berkeley Square, where Cowperwood found something resembling more a friendly than a commercial atmosphere. Johnson had been detained and was not present when he arrived. Immediately he noticed the joviality of Stane’s manner. The latter inquired about conditions in the United States: what the elections there forebode; did he find London pleasing; and how was his ward, Miss Fleming? And her mother? He had been, as Cowperwood perhaps knew, a fairly frequent visitor to Pryor’s Cove. How truly charming they were, mother and daughter. He paused shrewdly, watching Cowperwood’s face as he said this. But Cowperwood met the challenge.

“No doubt you are wondering about their relationship to me, ” he said, suavely. “Well, I have known Mrs. Carter for many years. She married a distant relative of mine, who named me as executor and guardian in loco parentis. Naturally, I have become very fond of Berenice. She is a very brilliant girl.”

“I must say I find her so, ” said Stane. “And I am pleased that Pryor’s Cove has appealed to Mrs. Carter and her daughter.”

“Yes, they certainly seem to have found it an ideal place. It is really beautiful.”

Fortunately, to break the personal trend of the conversation, Johnson arrived at this moment. Bustling in and apologizing for having been unavoidably detained, he inquired after Cowperwood’s welfare before putting on his most officially expectant and executive manner. And there followed a concise and vigorous presentation by him of all that had been done, together with a review of the situation as it now stood. Decidedly, he announced, Cowperwood’s proposed invasion of the London underground field had evoked a furore. With but few exceptions, directors and shareholders of both of the old loop companies were against him.

“They seem to want to take over your ideas, Mr. Cowperwood, ” he said, “and work them out themselves. The only thing that is delaying them is lack of agreement among themselves, and, of course, ” he added, with a twinkle in his eye, “they are a little disturbed by the amount of money it is going to take. They don’t know how they’re going to get it without too much expense to themselves.”

“Precisely, ” commented Cowperwood, “and for that very reason delay will be the most expensive thing that can be indulged in. There is a program here which, if entered upon vigorously, can be held within attractive financial limits. Delay and argument will only attract speculators and prospectors who will pile up options on whatever shares or franchises are floating about and hold them for a rise. For that reason it is essential that we reach an agreement as quickly as possible.”

“Now, as I understand it, ” put in Stane, agreeably enough, “your proposal was for Johnson and myself to pool our interests in the District as well as the Metropolitan, and in addition either buy, or bring together under some working agreement which you are to control, 51 per cent of either the District or the Metropolitan, or both.”

“Right! ” said Cowperwood.

“And against that, either on a hundred-year lease or in perpetuity, you agree to guarantee interest at 5 per cent.”

“Right! ”

“And, in addition, give the refusal of at least 10 per cent of the preferred shares of the Charing Cross, together with 10 per cent of the shares of any additional subsidiary which you or the larger company may see fit to organize and join up with the parent company, at 8 per cent of their par value.”

“Right! ”

“The interest on all these shares to be a first lien on the property of the entire company at the time it is fully organized.”

“That is my proposal, ” said Cowperwood.

“I must say I see nothing wrong with that, ” said Stane, staring at Johnson, who in turn stared back at him.

“In short, ” said Johnson, turning to Cowperwood, “once we perform our part, you bind yourself to reconstruct and equip in the most modern fashion both of the old lines and such new ones as you can secure, and to mortgage the entire property in such a way as to guarantee the interest on all of the present shares of the District and the Metropolitan, also on whatsoever amount of the 10 per cent of the shares of these new companies or subsidiaries we may elect to subscribe for at eighty.”

“Such is my intention, ” said Cowperwood.

Once more Johnson and Stane stared at each other.

“Well, ” said Stane, finally, “subject to such difficulties as we are certain to encounter, I pledge myself to perform my part of the undertaking as quickly as possible, and to the best of my ability.”

“And I, ” said Johnson, “shall be glad to work in entire harmony with Lord Stane, and to do whatever is necessary to bring this to a successful conclusion.”

“Well, gentlemen, ” said Cowperwood, rising, “I am not only pleased but honored by this understanding, and to show you the soundness of my intentions, I propose—if both of you are agreeable to the idea, of course—to ask Mr. Johnson to act as my legal advisor, and have him prepare all papers concluding this general agreement between us. And when the time comes, he added, smiling at them, “I would be delighted to have you both serve as directors.”

“As to that, time and circumstances will have to decide, ” said Stane. “It should be helpful, certainly.”

“It will be my pleasure to serve both of you to the very best of my ability, ” added Johnson.

All three were not a little conscious of the grandiose note that had slipped into these mutual felicitations, but it was quickly eased by Stane’s proffer of a parting glass of old cognac—a case of which, without any previous mention, he had sent to Cowperwood’s rooms at the Cecil.