Theodore Dreiser - The Stoic

These comments were, from a financial point of view, as Cowperwood saw it, unfortunate. They were likely to concentrate not only English but American financial ambition on his own purpose and awaken obstructive activity, and in this he was certainly not wrong. For no sooner were the notices of the sale of the line confirmed, and his admission as to other offers and his possible future interest in the London transit problem made public, than the chief stockholders of both the District and the Metropolitan, the two lines most impugned, were in a fury of indignation, and in so far as the future was concerned, most certain to oppose him.

“Cowperwood! Cowperwood!” sniffed Lord Colvay, shareholder and one of the twelve directors of the Metropolitan, as well as of the new City and South London. He was having his breakfast, with the Times to the right of him, for reasons of mental dignity principally, but at the moment was reading the Daily Mail , his favorite paper. “And who the devil is this Cowperwood? One of those mushroom Americans, gadding round the world, telling people what to do! I wonder who his so-called advisers are—Scarr, maybe, with that Baker Street and Waterloo scheme of his, and Wyndham Willets, with his Deptford and Bromley route. And, of course, Greaves and Henshaw, looking for contracts. And the Traffic Electrical anxious to clear out.”

Equally annoyed was Sir Hudspeth Dighton, director of the District and a shareholder in the Metropolitan. He was already seventy-five years of age, ultraconservative and not at all interested to enter upon radical railway changes, particularly when they represented large expenditures, the profit outcome of which could not definitely be foretold. He had arisen at five-thirty, and after having his tea and reading his paper, was walking among the flowers on his estate at Brentford, pondering the problem of these Americans, with their newfangled notions about everything. To be sure, the undergrounds were not doing so well as they might, and the equipment might be modernized to advantage. But why should the Times and the Mail be pointing out the fact, and particularly in connection with the arrival of an American who certainly could do no better than any of a score of Englishmen when put to it? It was no more and no less than belittling British ability, which was nonsense. England ruled, and would continue to rule, the world. It certainly needed no outside help. And from that moment on, he was prepared to argue against any foreign interference in connection with the development of London underground transit.

So, too, with Sir Wilmington Jeems, whose residence was in the region of Wimbley Park. He was also a director of the District. He was willing to admit that modernization and extension were desirable. But why an American? When the proper time came, that could be arranged by Englishmen.

And something related to the opinions of these three men constituted the majority reaction of the directors and largest shareholders of both the Metropolitan and the District, as well as those of the other underground railways of London.

But it was Colvay, the most aggressive and dynamic of the three, who was finally roused to defensive action. That same day he proceeded to consult the other directors, Stane first of all, as to what action should be taken in the matter. But by then Stane had been sufficiently impressed by Johnson’s account of Cowperwood, and what he had read in the papers, to answer Colvay very cautiously. He stated that this proposal of Cowperwood’s was a natural development. It was something which anyone apart from the older directors of both companies could see as necessary. Certainly, the obvious thing, now that a rival system was proposed, was to call a meeting of the directors of the Metropolitan and the District, and both groups should confer as to a proper course.

Colvay next called on Sir Wilmington Jeems, and found him in a perturbed frame of mind. “It’s a hundred to one, Colvay,” he said, “if we and the Metropolitan don’t join up, this fellow is likely enough to pick off enough shareholders in both companies to do us all in. Count on me for unity against Cowperwood, as long as our individual interests are fully protected.”

With this encouragement, Colvay proceeded to call up as many of the directors as he could reach. Out of twelve, he found seven who were alive to the import of what he had to say. Accordingly, special directors’ meetings in both companies were scheduled for the following Friday, and at these meetings a request for a joint conference between the directors of the two companies was voted for the following Thursday, when there would be consideration of this new issue.

Stane and Johnson went into conference on this sudden development. It was very interesting, and most opportune, in view of the forthcoming dinner engagement between Johnson and Cowperwood.

“Depend on it!” said Johnson, “he knows everything about us through that fellow Jarkins, and he wants to sound us out.”

“Well, two pins to a steam engine,” said Stane, “neither the District nor the Metropolitan will do anything unless Cowperwood does something first. Just now, they are considerably stirred up, but our people are not likely to agree on any radical changes. They cannot bring themselves, even now, to unite the two loop lines, let alone electrify them and operate them as a unit. Unless Cowperwood goes ahead with his program, they will do nothing. My feeling is that we should play with him up to the point where we see just how comprehensive his plan is, and whether he is certain to go through with it. Then we can decide what it is going to mean to us. Unless it is perfectly clear that the Metropolitan-District people are willing and ready to do as well or better, I feel we should join with Cowperwood and compromise with our old friends later.”

“Quite sound, quite sound!” interjected Johnson at this point. “I’m with you entirely as to that. At least, in theory. But don’t forget, my position in this matter is a little different from yours. As a shareholder in both lines, I feel with you that very little is to be expected from those who are in charge of things now. But as a solicitor for both lines, I have to consider how my activities in this dual capacity are likely to turn out. As you can see for yourself, I cannot operate on both sides at once. My duty, as well as my sincere desire, is to study the matter thoroughly without taking sides, and to see if the English and American interests cannot be harmonized. As solicitor, it seems to me there could be no harm in my confessing that I have been approached by Mr. Cowperwood as to their general attitude. And as a shareholder in these companies, I should be able to decide for myself which is the best program, and, privately, at least, act accordingly. You don’t see any moral objection to that, do you?”

“None whatever,” said Stane. “It seems to me a very fair and frank position for both of us to take. If they object, all right. That shouldn’t bother us. And, of course, Mr. Cowperwood will take care of himself.”

“Well, I certainly am glad to hear you say that,” commented Johnson. “I was beginning to be a little troubled, but now I think it may work out. At least, there will be no harm in my having this consultation with Cowperwood. And then, if it looks satisfactory to you, perhaps we can go further. That is, the three of us,” he added cautiously.

“Certainly, the three of us,” replied Stane. “Whenever you have anything definite to report, let me know. At least, we can say one thing,” he added, getting up and stretching his long legs, “we have stirred up the animals a bit. Or, at any rate, Cowperwood has done it for us. And all we have to do is to sit tight and see which way they are going to jump.”