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Bland and interesting were the conferences held by Mr. Schryhart with Mr. Hand, and by Mr. Hand with Mr. Arneel on this subject.

Colonel Ballinger has two hundred thousand. He must owe Anthony Ewer all of that. He owes the Drovers and Traders all of one hundred and fifty thousand." On the basis of these suggestions Arneel made a mental calculation, and found that Cowperwood was indebted apparently to the tune of about three million dollars on call, if not more.

"I don't want to quarrel with Schryhart," Addison had protested at the time; "but I am afraid his charge is unfair. He is trying to vent a private grudge through the Lake National. That is not the way nor this the place to do it." Both Hand and Arneel, sober men both, agreed with this admiring Addison and so the case stood.

I've never known him to be for a public improvement yet that was really good for Chicago unless Schryhart or Merrill or Arneel or someone else of that crowd wanted it. I know them of old. My advice is to go ahead and never mind them. To hell with them! Things will be sweet enough, once you are as powerful as they are. They'll get nothing in the future without paying for it.

"I think he might take it more seriously if you spoke to him, Timothy," replied Merrill. Arneel, being always a man of action, arose and left the room, seeking a telephone which was located in a small workroom or office den on the same floor, where he could talk without fear of being overheard.

Although Schryhart, Hand, and Arneel did not know it, their plans even as they planned were being thus undermined, and, try as they would, the coveted ordinance for a blanket franchise persistently eluded them.

Schryhart was quick to call up Hand and Arneel, after Stackpole had gone, suggesting a conference, and together, an hour later, at Arneel's office, they foregathered along with Merrill to discuss this new and very interesting development. As a matter of fact, during the course of the afternoon all of these gentlemen had been growing more and more uneasy.

It would help strengthen the local banks, and possibly permit them to aid in meeting this situation for us. While he might be in a position to retaliate, I doubt it." Mr. Arneel had no personal opposition to Cowperwood none, at least, of a deep-seated character. At the same time Hand, Merrill, and Schryhart were his friends. In him, they felt, centered the financial leadership of the city.

Men such as Hand, Schryhart, Merrill, and Arneel, to say nothing of the various newspaper publishers and editors, had been enthusiastic supporters of the project, and in this Cowperwood had been one with them. No sooner, however, had the award actually been granted than Cowperwood's enemies made it their first concern to utilize the situation against him.

It was the same with Mr. Schryhart, who, stroking a crisp, black mustache, was wondering whether he had not better throw over what holdings he had and clear out; however, he feared the rage of Hand and Arneel for breaking the market and thus bringing on a local panic. It was risky business. Arneel and Merrill finally agreed to hold firm to what they had; but, as they told Mr.