Chapter 4

The proposition to which Cowperwood referred as having come from an English source some twelve months before had been brought to him by two adventuring Englishmen, Messrs. Philip Henshaw and Montague Greaves, who carried letters from several well-known bankers and brokers of London and New York, establishing them as contractors who had already built railroads, street railways, and manufacturing plants in England and elsewhere.

Some time before, in connection with the Traffic Electrical Company (an English company organized for the purpose of promoting railway enterprises), they personally had invested ten thousand pounds in a scheme to promote and construct an underground railway, to run from Charing Cross Station, the center of London, to Hampstead, four or five miles away and a growing residential district. It was a sine qua non of the scheme that the line in prospect was to afford direct means of communication between Charing Cross Station (the terminal of the Southeastern Railway which fed the south and southeast coasts of England and was one of the main arteries of travel to and from the Continent) and Euston Station, the terminal of the London and Northwestern Railway, serving the northwest and connecting with Scotland.

As they explained it to Cowperwood, the Traffic Electrical Company had a paid-up capital of £ 30, 000. It had succeeded in getting through both houses of Parliament an “act” permitting them to build, operate, and own this particular tube or line; but in bringing this about, contrary to the general idea held by the English public in regard to its Parliament, a considerable sum of money had to be expended—not directly to any one group, but, as Messrs. Greaves and Henshaw hinted, and as Cowperwood, of all people, was fully capable of understanding, one must resort to many ways and means of currying favor with those who were in a better position to influence the minds of a committee than outsiders coming directly with a request for a valuable public privilege, especially when, as in England, it was granted in perpetuity. To that end, recourse had been had to a firm of solicitors: Rider, Bullock, Jonson & Chance, as clever, socially reputable, and technic ally well-informed a combination of legal talent as the great Empire’s capital could boast. This distinguished firm had innumerable connections with individual shareholders and chairmen of various enterprises. In fact, this firm had found persons whose influence had not only persuaded the committee of Parliament to grant the act for the Charing Cross and Hampstead, but also, once the act was in hand and the original thirty thousand pounds nearly gone, suggested Greaves and Henshaw, who, for a two-year option for the construction of the tubes, had, about a year before, paid down £ 10, 000.

The provisions of the act were nominally stiff enough. It had required the Traffic Electrical Company to deposit exactly sixty thousand pounds in consols as security that the proposed work would be performed in accordance with provisions requiring partial or final completion of construction on or before certain dates. But, as these two promoters had explained to Cowperwood, a bank or financing group, for the usual brokerage rates, would be willing to maintain the required amount of consols in any designated depository, and the Parliamentary committee, again rightly approached, would doubtless extend the time limit for completion.

Nevertheless, after a year and a half of work on their part, although £ 40, 000 had been paid in, and the £ 60, 000 in consols deposited, still the money to build the tube (estimated at £ 1, 600, 000) had not been found. This sprang from the fact that although there was one quite modern tube already in fairly successful operation—the City and South London—there was nothing to show English capital that a new, and particularly a longer and so more expensive, tube would pay. The only other lines in operation were two semi-undergrounds or steam railways running through open cuts and tunnels—the District Railway, about five and one-half miles, and the Metropolitan Railway, not more than two miles, both by agreement having running power over each other’s rails. But the motive power being steam, the tunnels and cuts were dirty and often smoke-filled, and neither paid very well. And without any precedent to show how a line costing millions of pounds to build could be made to pay, English capital was not interested. Hence a search for money in other parts of the world, which had ended with the journey of Messrs. Henshaw and Greaves—via Berlin, Paris, Vienna, and New York—to Cowperwood.

Cowperwood, as he had explained to Berenice, had been so completely occupied with his Chicago troubles at the time that he had listened only casually to all that Messrs. Henshaw and Greaves had said. Now, however, since he had lost his franchise fight, and more particularly since Berenice had suggested his leaving America, he recalled their scheme. To be sure, it had appeared to be sinking under a load of expenditures such as no businessman of his experience would consider taking over; yet it might be well to look into this London tube situation with a view to doing something on a grand scale, and perhaps, in this instance, free from such trickery as he had been compelled to practice here in Chicago, and also without any undue profit-taking. He was already a multimillionaire, so why should he continue this money-grubbing to the day of his death?

Besides, his past being what it was, and his present activities so grossly and savagely distorted by the press and his enemies, how wonderful it would be to win an honest acclaim, particularly in London, where supposedly quite impeccable commercial standards prevailed. It would achieve for him a social standing such as he never could hope to reach in America.

The vision thrilled him. And it had come to him through Berenice, this chit of a girl. For it was her natural gift of knowing and understanding that had enabled her to sense this opportunity. It was amazing to think that all of this, this London idea, everything that could possibly derive from his association with her in the future, had sprung from that purely sporting venture of some nine years before, when, in company with Colonel Nathaniel Gilles, of Kentucky, he had gone to the home of the then dé classé e Hattie Starr, mother of Berenice. Who was it said that good could not come out of evil?