administration. Although he was dealing privately for 
Edward Butler as an agent, and although he had never 
met either Mollenhauer or Simpson, the rumored con- 
trolling powers of the city, he nevertheless felt that in 
so far as the manipulation of the city loan was concerned 
he was acting for them. That is, they were making money 
from the tips and information which were constantly 
issuing from his office. In this matter of the private 
street-railway purchase which Stener now brought to him 
he realized from the very beginning, by Stener's attitude, 
that there was something untoward in it, that Stener felt 
he was doing something which he ought not to do. 
" Cowperwood," he said to him the first morning he 
ever broached this matter—it was in Stener's office, at 
the old city hall at Sixth and Chestnut, and Stener was 
feeling very good indeed in view of his oncoming prosperity 
—" isn't there some street-railway property around town 
here that a man could buy in on and get control of if he 
had sufficient money ?" 
This was exactly the way that Edward Strobik had ad- 
dressed Stener on the subject some three weeks before, 
when he had begun with Machiavellian subtlety to sug- 
gest the deed. 
Cowperwood knew that there were such properties. 
His very alert mind had long since sensed the general 
opportunities here. The omnibuses were slowly dis- 
appearing. The best routes were already pre-empted. 
Still, as Cowperwood was quick to perceive and point 
out, there were other streets, and the city was growing. 
The incoming population would make great business in 
the future. One could afford to pay almost any price for 
the short lines already built if one could wait and extend 
the lines into larger and better areas later. Anyhow, he 
had already conceived in his own mind the theory of the 
"endless chain," or "agreeable formula," as some one has 
called it—namely, that of buying a certain property on a 
long-time payment and issuing stocks or bonds sufficient