new
expenditures were not undertaken voluntarily." (The irony of this did
not escape Mr. Schryhart, but he said nothing.)

"I admit all that, but don't you think, since your shares are worth
practically nothing at present, that you ought to be satisfied if they
were accepted at par?"

"I can't see why," replied Cowperwood. "Our future prospects are
splendid. There must be an even adjustment here or nothing. What I
want to know is how much treasury stock you would expect to have in the
safe for the promotion of this new organization after all the old
stockholders have been satisfied?"

"Well, as I thought before, from thirty to forty per cent. of the total
issue," replied Schryhart, still hopeful of a profitable adjustment.
"I should think it could be worked on that basis."

"And who gets that?"

"Why, the organizer," said Schryhart, evasively. "Yourself, perhaps,
and myself."

"And how would you divide it? Half and half, as before?"

"I should think that would be fair."

"It isn't enough," returned Cowperwood, incisively. "Since I talked to
you last I have been compelled to shoulder obligations and make
agreements which I did not anticipate then. The best I can do now is
to accept three-fourths."

Schryhart straightened up determinedly and offensively. This was
outrageous, he thought, impossible! The effrontery of it!

"It can never be done, Mr. Cowperwood," he replied, forcefully. "You
are trying to unload too much worthless stock on the company as it is.
The old companies' stock is selling right now, as you know, for from
one-fifty to two-ten. Your stock is worth nothing. If you are to be
given two or three for one for that, and three-fourths of the remainder
in the treasury, I for one want nothing to do with the deal. You would
be in control of the company, and it will be water-logged, at that.
Talk about getting something for nothing! The best I would suggest to
the stockholders of the old companies would be half and half. And I
may say to you frankly, although you may not believe it, that the old
companies will not join in with you in any scheme that gives you
control. They are too much incensed. Feeling is running too high. It
will mean a long, expensive fight, and they will never compromise. Now,
if you have anything really reasonable to offer I would be glad to hear
it. Otherwise I am afraid these negotiations are not going to come to
anything."

"Share and share alike, and three-fou