gave him a credit with the banks hitherto beyond his 
wildest dreams. His father's bank was one of the first 
to profit by this and to extend him loans. The various 
politicians—Mollenhauer, Butler, Simpson, and others— 
seeing the success of his efforts in this direction, speculated 
in city loan. He became known to Mr. Mollenhauer and 
Mr. Simpson, by reputation if not personally, as the man 
who was carrying this city loan proposition to a successful 
issue. Stener was supposed to have done a clever thing 
in finding him. The stock exchange stipulated that all 
trades were to be compared the same day and settled 
before the close of the next; but this working arrangement 
with the new city treasurer gave Cowperwood much more 
latitude, and now he had always until the first of the 
month, or practically thirty days at times, in which to 
render an accounting for all deals connected with the 
loan issue. 
And, moreover, this was really not an accounting in the 
sense of removing anything from his hands. Since the 
issue was to be so large, the sum at his disposal would 
always be large, and so-called transfers and balancing at 
the end of the month would be a mere matter of book- 
keeping. He could take these city loan certificates de- 
posited with him for manipulative purposes and deposit 
them at any bank as collateral for a loan, quite as if they 
were his own, thus raising seventy per cent. of their actual 
value in cash, and he did not hesitate to do so. He could 
take this cash, which need not be accounted for until the 
end of the month, and cover other stock transactions, 
on which he could borrow again. There was no limit 
to the resources of which he now found himself possessed, 
except the resources of his own energy, ingenuity, and the 
limits of time in which he had to work. The politicians 
did not realize what a bonanza he was making of it all 
for himself, because they could not understand the sub- 
tlety of his mind. When Mr. Stener told him, after talk- 
ing the matter over with the mayor, Strobik, and others