“Sit down, sit down, Mr. Schryhart,” remarked Cowperwood, cheerfully, waving the new-comer to a chair. “I’m pleased to see you again. No, I’m no more anxious for a rate war than you are. As a matter of fact, I hope to avoid it; but, as you see, things have changed somewhat since I saw you. The gentlemen who have organized and invested their money in this new city gas company are perfectly willing—rather anxious, in fact—to go on and establish a legitimate business. They feel all the confidence in the world that they can do this, and I agree with them. A compromise might be effected between the old and the new companies, but not on the basis on which I was willing to settle some time ago. A new company has been organized since then, stock issued, and a great deal of money expended.” (This was not true.) “That stock will have to figure in any new agreement. I think a general union of all the companies is desirable, but it will have to be on a basis of one, two, three, or four shares—whatever is decided—at par for all stock involved.” Mr. Schryhart pulled a long face. “Don’t you think that’s rather steep?” he said, solemnly. “Not at all, not at all!” replied Cowperwood. “You know these new expenditures were not undertaken voluntarily.” (The irony of this did not escape Mr. Schryhart, but he said nothing.) “I admit all that, but don’t you think, since your shares are worth practically nothing at present, that you ought to be satisfied if they were accepted at par?” “I can’t see why,” replied Cowperwood. “Our future prospects are splendid. There must be an even adjustment here or nothing. What I want to know is how much treasury stock you would expect to have in the safe for the promotion of this new organization after all the old stockholders have been satisfied?” “Well, as I thought before, from thirty to forty per cent. of the total issue,” replied Schryhart, still hopeful of a profitable adjustment. “I should think it could be worked on that basis.” “And who gets that?” “Why, the organizer,” said Schryhart, evasively. “Yourself, perhaps, and myself.” “And how would you divide it? Half and half, as before?” “I should think that would be fair.” “It isn’t enough,” returned Cowperwood, incisively. “Since I talked to you last I have been compelled to shoulder obligations and make agreements which I did not anticipate then. The best I can do now is to accept three-fourths.” Schryhart straightened up determinedly and offensively. This was outrageous, he thought, impossible! The effrontery of it!