THE FINANCIER 
could not get his creditors to agree to let him go on until 
such time as the values of his stocks had recovered, he 
would have to part with all his holdings. Butler had 
sat in enough creditors' meetings in his time to know 
how easy it is for one creditor, by standing out for a 
hundred cents on the dollar, or "payment in full," as it 
is called, to prevent a resumption even when all the other 
creditors are willing. It would be easy to buy into Cow- 
perwood's affairs now through some disgruntled creditor 
who needed cash, and so become a factor in his financial 
difficulties—one of the judges who might say whether he 
was to resume or not. At the same time it might be ad- 
visable—in fact, it was very tempting—to unite with 
Mollenhauer and Simpson by pooling their properties so 
as to jointly control all the street-railway interests of the 
city. That was what Owen had suggested to him; and 
it had stuck in his mind. Some such union of street- 
railway properties had been vaguely in his own mind all 
these years, only ne had been thinking of controlling 
these interests alone. He did not know that this had 
been Cowperwood's ambitious thought also. The idea of 
combination was just beginning to manifest itself in those 
days—in so far as American affairs were concerned—and 
it was in the air. It was occurring to other people in 
many other walks of life. 
It is interesting to see how readily our ambitions and 
desires for advancement combine frequently with our 
outraged sense of justice and our craving for revenge. 
This is a very human failing, or, let us say, capability. 
It was decidedly true in the case of Butler. The old man, 
brooding over the injury done him through his affection 
for his daughter, was actually comforted by what he 
thought he could do to Cowperwood in return. As this 
avenue of reprisal opened to him his eyes fairly gleamed 
in their dark, fulgurous way, and he decided to make use 
of it. He also thought persistently of how Cowperwood 
could be identified with the punishment that would, in all 
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