In Chicago, Torrio's complaining to Capone about the headaches he's causing him on account of rampaging all over town. Sheridan is particularly angry, which is a significant problem for Torrio. Al promises he'll smooth things out with Sheridan and "work out an accommodation," promising Johnny he'll be "swimming in it" once they're done. Torrio then excuses himself on account of the plantar wart on his foot. After he leaves, Capone turns back to Jimmy and brags, like the straight-up six-year-old he is, that Torrio trusts him to take care of it. Jimmy seems less sure, but Al tells him not to get jealous. "I got big coattails." Jimmy imparts some free advice: "You don't take over a country all at once." He advises Al negotiate for a small piece of the pie, then later expand until, without kicking up much notice, he's got the whole thing. Yes, that definitely sounds like Capone's style.
Sheridan shows up for the meeting and is, frankly, insulted by Torrio's absence. He and his fellow Irish refuse Jimmy's offer of coffee or whiskey (so anybody looking for the origin story of Irish coffee is just outta luck). Everybody sits down, at which point Pearl saunters out, walks over to Jimmy, plants one on his cheek, and whispers that she's headed to Chinatown. (Subtext: "I'm going on an opium run -- can I pick up some for anyone?") The gangsters are all suitably impressed/horny. A smarter businessman might've used this occasion to find some common ground across the negotiating table. Capone instead smirks and asks after the condition of "the Greek fella." Back to square one, then. Jimmy takes his turn and begins with talk of how Greek-town is big enough for all of them. He even manages to get things on an even keel after Sheridan sneers at them for being New York outsiders. But then there's Al, who interrupts to say that they better stay outta Greek-town or else there will be trouble. Sheridan's like, "But we own Greek-town." Capone announces that Torrio's claiming the territory on his own. Sheridan is quiet for a long minute, then asks if there's no room for negotiation? He offers Torrio 10% of his business. Capone hop-skips from 25% to 50%. Sheridan evenly says he doesn't want any trouble. "Tell Torrio he gets what he wants. Just like that. The Irish get up and leave without a further word. When they're gone, Capone crows about how fast they caved. Jimmy takes a thoughtful drag of his cigarette: "That's one way of reading it."