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Wanted — Fifty-year Franchises

           issuesoftheoldNorthandWestcompaniesandgivingtwoforoneofthenewsix-per-centone-hundred-dollar-shareUnionTractionstocksintheirstead,hecouldsatisfythecurrentstockholders,whowereapparentlymadesomewhatbetteroffthereby,andstillcreateandleaveforhimselfahandsomemarginofnearlyeightymilliondollars.Witharenewalofhisfranchisesfortwenty,fifty,oronehundredyearshewouldhavefastenedonthecityofChicagotheburdenofyieldinginterestonthissomewhatfictitiousvalueandwouldleavehimselfpersonallyworthintheneighborhoodofonehundredmillions.

           Thismatterofextendinghisfranchiseswasamostdifficultandintricatebusiness,however.Itinvolvedovercomingoroutwittingarecentandverytreacherousincreaseoflocalsentimentagainsthim.Thishadbeenoccasionedbyvariousdetailswhichrelatedtohiselevatedroads.Tothetwolinesalreadybuilthenowaddedathirdproperty,theUnionLoop.Thishepreparedtoconnectnotonlywithhisown,butwithotheroutsideelevatedproperties,chiefamongwhichwasMr.Schryhart’sSouthSide"L."Hewouldthenfarmouttohisenemiestheprivilegeofrunningtrainsonthisnewline.Howeverunwillingly,theywouldbeforcedtoavailthemselvesoftheprofferedopportunity,becausewithintheregioncoveredbythenewloopwasthetruecongestionhereeveryonedesiredtocomeeitheronceortwiceduringthedayornight.BythismeansCowperwoodwouldsecuretohispropertyapayinginterestfromthestart.

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