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nger than the South Chicago company； and had been allowed to spring intoexistence through the foolish self…confidence of the organizer and directors of the South Side company； who had fancied that neither the West Side nor the North Side was going to develop very rapidly for a number of years to come； and had counted on the city council's allowing them to extend their mains at any time to these other portions of the city。 A third company； the North Chicago Gas Illuminating Company； had been organized almost simultaneously with the West Side company by the same process through which the other companies had been brought into lifetheir avowed intention； like that of the West Side company； being to confine their activities to the sections from which the organizers presumably came。
Cowperwood's first project was to buy out and combine the three old city companies。 With this in view he looked up the holders in all three corporationstheir financial and social status。 It was his idea that by offering them three for one； or even four for one； for every dollar represented by the market value of their stock he might buy in and capitalize the three companies as one。 Then； by issuing sufficient stock to cover all his obligations； he would reap a rich harvest and at the same time leave himself in charge。 He approached Judah Addison first as the most available man to help float a scheme of this kind。 He did not want him as a partner so much as he wanted him as an investor。
〃Well； I'll tell you how I feel about this；〃 said Addison； finally。 〃You've hit on a great idea here。 It's a wonder it hasn't occurred to some one else before。 And you'll want to keep rather quiet about it； or some one else will rush in and do it。 We have a lot of venturesome men out here。 But I like you； and I'm with you。 Now it wouldn't be advisable for me to go in on this personally not openly； anyhowbut I'll promise to see that you get some of the money you want。 I like your idea of a central holding company； or pool； with you in charge as trustee； and I'm perfectly willing that you should manage it； for I think you can do it。 Anyhow； that leaves me out； apparently； except as an Investor。 But you will have to get two or three others to help carry this guarantee with me。 Have you any one in mind？〃
〃Oh yes；〃 replied Cowperwood。 〃Certainly。 I merely came to you first。〃 He mentioned Rambaud； Videra； Bailey； and others。
〃They're all right；〃 said Addison； 〃if you can get them。 But I'm not sure； even then； that you can induce these other fellows to sell out。 They're not investors in the ordinary sense。 They're people who look on this gas business as their private business。 They started it。 They like it。 They built the gas…tanks and laid the mains。 It won't be easy。〃
Cowperwood found； as Addison predicted； that it was not such an easy matter to induce the various stock…holders and directors in the old companies to come in on any such scheme of reorganization。 A closer； more unresponsive set of men he was satisfied he had never met。 His offer to buy outright at three or four for one they refused absolutely。 The stock in each case was selling from one hundred and seventy to two hundred and ten； and intrinsically was worth more every year； as the city was growing larger and its need of gas greater。 At the same time they were suspiciousone and allof any combination scheme by an outsider。 Who was he？ Whom did he represent？ He could make it clear that he had ample capital； but not who his backers were。 The old officers and directors fancied that it was a scheme on the part of some of the officers and directors of one of the other companies to get control and oust them。 Why should they sell？ Why be tempted by greater profits from their stock when they were doing very well as it was？ Because of his newness to Chicago and his lack of connection as yet with large affairs Cowperwood was eventually compelled to turn to another schemethat of organizing new companies in the suburbs as an entering…wedge of attack upon the city proper。 Suburbs such as Lake View and Hyde Park； having town or village councils of their own； were permitted to grant franchises to water； gas； and street…railway companies duly incorporated under the laws of the state。 Cowperwood calculated that if he could form separate and seemingly distinct companies for each of the villages and towns； and one general company for the city later； he would be in a position to dictate terms to the older organizations。 It was simply a question of obtaining his charters and franchises before his rivals had awakened to the situation。
The one difficulty was that he knew absolutely nothing of the business of gasits practical manufacture and distributionand had never been particularly interested init。 Street…railroading； his favorite form of municipal profit…seeking； and one upon which he had acquired an almost endless fund of specialized information； offered no present practical opportunity for him here in Chicago。 He meditated on the situation； did some reading on the manufacture of gas； and then suddenly； as was his luck； found an implement ready to his hand。
It appeared that in the course of the life and growth of the South Side company there had once been a smaller organization founded by a man by the name of SippensHenry De Soto Sippenswho had entered and actually secured； by some hocus…pocus； a franchise to manufacture and sell gas in the down…town districts； but who had been annoyed by all sorts of legal processes until he had finally been driven out or persuaded to get out。 He was now in the real…estate business in Lake View。 Old Peter Laughlin knew him。
〃He's a smart little cuss；〃 Laughlin told Cowperwood。 〃I thort onct he'd make a go of it； but they ketched him where his hair was short； and he had to let go。 There was an explosion in his tank over here near the river onct； an I think he thort them fellers blew him up。 Anyhow； he got out。 I ain't seen ner heard sight of him fer years。〃
Cowperwood sent old Peter to look up Mr。 Sippens and find out what he was really doing； and whether he would be interested to get back in the gas business。 Enter； then； a few days later into the office of Peter Laughlin & Co。 Henry De Soto Sippens。 He was a very little man； about fifty years of age； he wore a high； four…cornered； stiff felt hat； with a short brown business coat （which in summer became seersucker） and square…toed shoes； he looked for all the world like a country drug or book store owner； with perhaps the air of a country doctor or lawyer superadded。 His cuffs protruded too far from his coat…sleeves； his necktie bulged too far out of his vest； and his high hat was set a little too far back on his forehead； otherwise he was acceptable； pleasant； and interesting。 He had short side…burnsreddish brownwhich stuck out quite defiantly； and his eyebrows were heavy。
〃Mr。 Sippens；〃 said Cowperwood； blandly； 〃you were once in the gas manufacturing and distributing business here in Chicago； weren't you？〃
〃I think I know as much about the manufacture of gas as any one；〃 replied Sippens； almost contentiously。 〃I worked at it for a number of years。〃
〃Well； now； Mr。 Sippens； I