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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!

      “It can never be done, Mr. Cowperwood,” he replied, forcefully. “You are trying to unload too much worthless stock on the company as it is. The old companies’ stock is selling right now, as you know, for from one-fifty to two-ten. Your stock is worth nothing. If you are to be given two or three for one for that, and three-fourths of the remainder in the treasury, I for one want nothing to do with the deal. You would be in control of the company, and it will be water-logged, at that. Talk about getting something for nothing! The best I would suggest to the stockholders of the old companies would be half and half. And I may say to you frankly, although you may not believe it, that the old companies will not join in with you in any scheme that gives you control. They are too much incensed. Feeling is running too high. It will mean a long, expensive fight, and they will never compromise. Now, if you have anything really reasonable to offer I would be glad to hear it. Otherwise I am afraid these negotiations are not going to come to anything.”

      “Share and share alike, and three-fourths of the remainder,” repeated Cowperwood, grimly. “I do not want to control. If they want to raise the money and buy me out on that basis I am willing to sell. I want a decent return for investments I have made, and I am going to have it. I cannot speak for the others behind me, but as long as they deal through me that is what they will expect.”

      Mr. Schryhart went angrily away. He was exceedingly wroth. This proposition as Cowperwood now outlined it was bucaneering at its best. He proposed for himself to withdraw from the old companies if necessary, to close out his holdings and let the old companies deal with Cowperwood as best they could. So long as he had anything to do with it, Cowperwood should never gain control of the gas situation. Better to take him at his suggestion, raise the money and buy him out, even at an exorbitant figure. Then the old gas companies could go along and do business in their old-fashioned way without being disturbed. This bucaneer! This upstart! What a shrewd, quick, forceful move he had made! It irritated Mr. Schryhart greatly.

      The end of all this was a compromise in which Cowperwood accepted one-half of the surplus stock of the new general issue, and two for one of every share of stock for which his new companies had been organized, at the same time selling out to the old companies — clearing out completely. It was a most profitable deal, and he was enabled to provide handsomely not only for Mr. McKenty and Addison, but for all the others connected with him. It was a splendid coup, as McKenty and Addison assured him. Having now done so much, he began to turn his eyes elsewhere for other fields to conquer.

      But this victory in one direction brought with it corresponding reverses in another: the social future of Cowperwood and Aileen was now in great jeopardy. Schryhart, who was a force socially, having met with defeat at the hands of Cowperwood, was now bitterly opposed to him. Norrie Simms naturally sided with his old associates. But the worst blow came through Mrs. Anson Merrill. Shortly after the housewarming, and when the gas argument and the conspiracy charges were rising to their heights, she had been to New York and had there chanced to encounter an old acquaintance of hers, Mrs. Martyn Walker, of Philadelphia, one of the circle which Cowperwood once upon a time had been vainly ambitious to enter. Mrs. Merrill, aware of the interest the Cowperwoods had aroused in Mrs. Simms and others, welcomed the opportunity to find out something definite.

      “By the way, did you ever chance to hear of a Frank Algernon Cowperwood or his wife in Philadelphia?” she inquired of Mrs. Walker.

      “Why, my dear Nellie,” replied her friend, nonplussed that a woman so smart as Mrs. Merrill should even refer to them, “have those people established themselves in Chicago? His career in Philadelphia was, to say the least, spectacular. He was connected with a city treasurer there who stole five hundred thousand dollars, and they both went to the penitentiary. That wasn’t the worst of it! He became intimate with some young girl — a Miss Butler, the sister of Owen Butler, by the way, who is now such a power down there, and —” She merely lifted her eyes. “While he was in the penitentiary her father died and the family broke up. I even heard it rumored that the old gentleman killed himself.” (She was referring to Aileen’s father, Edward Malia Butler.) “When he came out of the penitentiary Cowperwood disappeared, and I did hear some one say that he had gone West, and divorced his wife and married again. His first wife is still living in Philadelphia somewhere with his two children.”

      Mrs. Merrill was properly astonished, but she did not show it. “Quite an interesting story, isn’t it?” she commented, distantly, thinking how easy it would be to adjust the Cowperwood situation, and how pleased she was that she had never shown any interest in them. “Did you ever see her — his new wife?”

      “I think so, but I forget where. I believe she used to ride and drive a great deal in Philadelphia.”

      “Did she have red hair?”

      “Oh yes. She was a very striking blonde.”

      “I fancy it must be the same person. They have been in the papers recently in Chicago. I wanted to be sure.”

      Mrs. Merrill was meditating some fine comments to be made in the future.

      “I suppose now they’re trying to get into Chicago society?” Mrs. Walker smiled condescendingly and contemptuously — as much at Chicago society as at the Cowperwoods.

      “It’s possible that they might attempt something like that in the East and succeed — I’m sure I don’t know,” replied Mrs. Merrill, caustically, resenting the slur, “but attempting and achieving are quite different things in Chicago.”

      The answer was sufficient. It ended the discussion. When next Mrs. Simms was rash enough to mention the Cowperwoods, or, rather, the peculiar publicity in connection with him, her future viewpoint was definitely fixed for her.

      “If you take my advice,” commented Mrs. Merrill, finally, “the less you have to do with these friends of yours the better. I know all about them. You might have seen that from the first. They can never be accepted.”

      Mrs. Merrill did not trouble to explain why, but Mrs. Simms through her husband soon learned the whole truth, and she was righteously indignant and even terrified. Who was to blame for this sort of thing, anyhow? she thought. Who had introduced them? The Addisons, of course. But the Addisons were socially unassailable, if not all-powerful, and so the best had to be made of that. But the Cowperwoods could be dropped from the lists of herself and her friends instantly, and that was now done. A sudden slump in their social significance began to manifest itself, though not so swiftly but what for the time being it was slightly deceptive.

      The first evidence of change which Aileen observed was when the customary cards and invitations for receptions and the like, which had come to them quite freely of late, began to decline sharply in number, and when the guests to her own Wednesday afternoons, which rather prematurely

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