Cowperwood was not slow to realize that public sentiment was now in danger of being thoroughly crystallized against him by newspaper agitation. Although his franchises would not expire--the large majority of them--before January 1, 1903, yet if things went on at this rate it would be doubtful soon whether ever again he would be able to win another election by methods legitimate or illegitimate.
Hungry aldermen and councilmen might be venal and greedy enough to do anything he should ask, provided he was willing to pay enough, but even the thickest-hided, the most voracious and corrupt politician could scarcely withstand the searching glare of publicity and the infuriated rage of a possibly aroused public opinion. By degrees this last, owing to the untiring efforts of the newspapers, was being whipped into a wild foam. To come into council at this time and ask for a twenty-year extension of franchises not destined to expire for seven years was too much. It could not be done.
Even suborned councilmen would be unwilling to undertake it just now. There are some things which even politically are impossible.
To make matters worse, the twenty-year-franchise limit was really not at all sufficient for his present needs. In order to bring about the consolidation of his North and West surface lines, which he was now proposing and on the strength of which he wished to issue at least two hundred million dollars' worth of one-hundred-dollar-six-per-cent. shares in place of the seventy million dollars current of ten and twelve per cents., it was necessary for him to secure a much more respectable term of years than the brief one now permitted by the state legislature, even providing that this latter could be obtained.
"Peeble are not ferry much indrested in tees short-time frangizes," observed Mr. Gotloeb once, when Cowperwood was talking the matter over with him. He wanted Haeckelheimer & Co. to underwrite the whole issue. "Dey are so insigure. Now if you couldt get, say, a frangize for fifty or one hunnert years or something like dot your stocks wouldt go off like hot cakes. I know where I couldt dispose of fifty million dollars off dem in Cermany alone."
He was most unctuous and pleading.
Cowperwood understood this quite as well as Gotloeb, if not better.
He was not at all satisfied with the thought of obtaining a beggarly twenty-year extension for his giant schemes when cities like Philadelphia, Boston, New York, and Pittsburg were apparently glad to grant their corporations franchises which would not expire for ninety-nine years at the earliest, and in most cases were given in perpetuity. This was the kind of franchise favored by the great moneyed houses of New York and Europe, and which Gotloeb, and even Addison, locally, were demanding.
"It is certainly important that we get these franchises renewed for fifty years," Addison used to say to him, and it was seriously and disagreeably true.
The various lights of Cowperwood's legal department, constantly on the search for new legislative devices, were not slow to grasp the import of the situation. It was not long before the resourceful Mr. Joel Avery appeared with a suggestion.
"Did you notice what the state legislature of New York is doing in connection with the various local transit problems down there?" asked this honorable gentleman of Cowperwood, one morning, ambling in when announced and seating himself in the great presence. A half-burned cigar was between his fingers, and a little round felt hat looked peculiarly rakish above his sinister, intellectual, constructive face and eyes.
"No, I didn't," replied Cowperwood, who had actually noted and pondered upon the item in question, but who did not care to say so. "I saw something about it, but I didn't pay much attention to it. What of it?"
"Well, it plans to authorize a body of four or five men--one branch in New York, one in Buffalo, I presume--to grant all new franchises and extend old ones with the consent of the various local communities involved. They are to fix the rate of compensation to be paid to the state or the city, and the rates of fare. They can regulate transfers, stock issues, and all that sort of thing. I was thinking if at any time we find this business of renewing the franchises too uncertain here we might go into the state legislature and see what can be done about introducing a public-service commission of that kind into this state. We are not the only corporation that would welcome it. Of course, it would be better if there were a general or special demand for it outside of ourselves. It ought not to originate with us."
He stared at Cowperwood heavily, the latter returning a reflective gaze.
"I'll think it over," he said. "There may be something in that."
Henceforth the thought of instituting such a commission never left Cowperwood's mind. It contained the germ of a solution--the possibility of extending his franchises for fifty or even a hundred years.
