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Updated: May 9, 2025
But to do all this a great deal of money had been required, much more than was in possession of either Hull or Stackpole. Both of them being Western men, they looked first to Western capital. Hand, Schryhart, Arneel, and Merrill were in turn appealed to, and great blocks of the new stock were sold to them at inside figures. By the means thus afforded the combination proceeded apace.
He is a pariah, and if this opportunity to show him what we think of him and his methods is not used we will be doing less than our duty to the city and to one another." "Gentlemen," said Mr. Arneel, finally, after Cowperwood's different loans had been carefully tabulated, "don't you think it would be wise to send for Mr.
However, since the war on him and his interests had begun to strengthen through the efforts of Hand and Arneel men most influential in the control of the other central-reserve banks of Chicago, and in close touch with the money barons of New York there were signs not wanting that some of the country banks depositing with the Chicago Trust Company had been induced to withdraw because of pressure from outside inimical forces, and that more were to follow.
"The moment he got the stock in his hands as collateral," continued Mr. Arneel, solemnly, "and in the face of an agreement not to throw a share on the market, he has been unloading steadily. That is what has been happening yesterday and to-day.
Simmons looked very wise and solemn. "Never believe it," replied Addison, contemptuously. "Hand isn't Chicago, neither is Schryhart, nor Arneel. Cowperwood is a brainy man. He isn't going to be put under so easily. Did you ever hear what was the real bottom cause of all this disturbance?" "Yes, I've heard," replied Simmons. "Do you believe it?" "Oh, I don't know. Yes, I suppose I do.
Cowperwood have raised an issue which never should have been raised." After Mr. Carker's departure, arrived Mr. Edward Arneel, of local renown, and then Mr. Jacob Bethal, the Democratic leader in San Francisco, both offering suggestions which if followed might result in mutual support. There were in addition delegations of powerful Republicans from Minneapolis and from Philadelphia.
The respective bank presidents talked solemnly of "a mere temporary flurry," Hand, Schryhart, Merrill, and Arneel went still further into their pockets to protect their interests, and Cowperwood, triumphant, was roundly denounced by the smaller fry as a "bucaneer," a "pirate," a "wolf" indeed, any opprobrious term that came into their minds.
"We'll have to go outside of Chicago for that money. Hand, Arneel, and the rest of that crowd have decided to combine against us. That's plain. Something has started them off in full cry. I suppose my resignation may have had something to do with it. Anyhow, every one of the banks in which they have any hand has uniformly refused to come in.
"We owe Timothy Arneel at least three hundred thousand dollars that we only have to pay three per cent. for. It's a call-loan. Besides, the Lake National is our main standby when it comes to quick trades, and he's in on that. I understand from one or two friends that he's at outs with Cowperwood, and we can't afford to offend him. I'd like to, but no more for me not at present, anyhow."
"It doesn't appear that you have extended any particular courtesy to Hull or Stackpole." His face was red and scowling. "Because," replied Cowperwood, smiling, and ignoring the reference to his trick, "I know why this meeting was called. I know that these gentlemen here, who are not saying a word, are mere catspaws and rubber stamps for you and Mr. Schryhart and Mr. Arneel and Mr. Merrill.
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