The lawyer reported that two of the bondholders' committee were favorable to our terms: they hated the Strauss crowd, and they were afraid to wait for better terms, as money was hardening all the time. But the third man, who had been the treasurer of the defunct corporation, held out for a higher figure. Slocum thought that this man, whose name was Lokes, might be dickering with Carmichael secretly to secure some favors for himself in the deal. This Lokes was not unknown to me, and I considered Slocum's suspicions well founded. He had left behind him in Kansas City a bad name, and here in Chicago he ran with a set of small politicians, serving as a middleman between them and the financial powers who used them. In short, I knew of but one way to deal with a gentleman like Mr. Lokes, and I had made up my mind to use that way.
Slocum made an appointment with Lokes in his office, and I went there to meet him and arrange to get the London and Chicago outfit with as little delay as possible. Lokes was a small, smooth-shaven fellow, very well dressed, with something the air of a horsy gentleman. First he gave us a lot of talk about the value of the London and Chicago properties, and the duty of his committee to the bondholders. He and his associates had no mind to let the property go for a song. I made up my mind just what inducement would reach him, while he and Slocum argued about the price of the bonds. When Lokes began to throw out Carmichael at us, I broke in:—
"Mr. Lokes, you know there isn't much in this deal for that crowd. But I don't mind telling you frankly that it is of prime importance to the interests we represent."
Slocum looked up at me, mystified, but I went on:—
"We propose to form a large packing company, into which we shall take a number of concerns on which we have options. We want this property first. When our company is formed we might make it very well worth your while having been friendly to us in this transaction."
Lokes didn't move a muscle: this was the talk he had been waiting for, but he wanted to hear the figures. I told him enough of our plans to let him see that we had good backing and to whet his appetite.
"Now we have offered your committee forty cents on the dollar for your bonds, which is fifteen more than the other crowd will give you. If you will induce your associates to take bonds in our corporation, we will give you fifty, instead of forty—and," I concluded slowly, "there will be fifty thousand dollars of preferred stock for your services."
At the word "services" Slocum jumped up from the table where he had been seated and walked over to the window, then came back to the table, and tried to attract my attention. But I kept my eyes on Lokes.
"What will you do for the others?" Lokes asked significantly, meaning his two associates on the committee.
"Nothing!" I said shortly. "You will look after them. They will do what you say. That is what we pay for."