There was something in Harris’s manner which annoyed Covington, yet he did not suggest cutting short the interview.

“Who are the parties involved?” he asked, more to say something than because of any real interest.

“Well”—­Harris became reflective—­“there’s Collins, who put the deal through the Aldermen; he can’t expect any more than we’ve already agreed to give him.  It cost him a pretty penny, but he’ll double his investment—­we can leave him out.  Then there’s Brady at Tammany Hall; nothing can be done without him.  Gorham’s idea seems to be to pay him his price on this job, take a receipt, and cut loose from him; but if Brady was a stockholder in the Consolidated Companies he would prove a mighty useful one.  Then there are two other directors in the New York Street Railways Company who feel as I do—­that we ought to see something more coming to us out of this deal than just the profit on our stock.”

“Is the opportunity to become stockholders in our corporation the ‘something more’ you have in mind?”

“Yes,” Harris assented; “but it doesn’t end just there.  We have a little scheme of our own in connection with this transaction which is worth money, and we could put it through easier if we were on the inside.  More than this, it would save the Consolidated Companies something in the long run.”

“You have secured an option on some link in the chain and you’re going to hold up whoever tries to put the deal through until you get your price,” Covington stated, flatly.

“We have options on three links,” Harris replied, frankly, showing no surprise at the accuracy of the other’s intuition.

“Can you make more out of it if we get the franchise?”

“Naturally, since the Consolidated Companies will have unlimited capital.  If we were stockholders in the Companies, we could afford to make the terms easier, because there would be less trouble and expense in putting it through.”

“Does Mr. Gorham know all this ?”

Harris laughed.  “Well—­hardly.  I haven’t met Gorham, but from what Brady tells me this isn’t in his line.”

“Then why do you give me the information?  Frankly, I don’t think it will help you with Mr. Gorham.”

“He isn’t going to know anything about it.”

Covington smiled at the assurance Harris displayed.  “I have not committed myself to protect you,” he said.

“Quite right, quite right,” assented Harris; “but I’ll take my chances.  Now I’m going to tell you the rest of it.  As I said, Collins got the franchise from the Board of Aldermen.  Brady is a director in the New York Street Railways Company, so he keeps Tammany all straight for us.  Our company, being the largest, was to be used as the basis of the consolidation, and the original small roads were to turn themselves over to us for nine hundred and ninety-nine years, we to assume their bonded indebtedness, and, besides this, agreeing to pay from eight to eighteen per cent. dividends on their stock issues.  After these payments our company was to keep the surplus earnings.”