THE FINANCIER 
fications of the situation, that it would be better if she 
did. She was really not of the contentious, fighting sort. 
He fancied she would make no great resistance to some 
ultimate rearrangement. She might even divorce him. 
But the rub was not there nearly so much as it was in 
connection with the Butler family. His relations with 
Edward Malia Butler had become very intimate—too 
much so. The latter knew and thought of him only as a 
very practical business man. He advised with him con- 
stantly in regard to the handling of his securities, which 
were numerous. Mr. Butler had stocks in such things as 
the Pennsylvania Coal Company, the Delaware and Hud- 
son Canal, the Morris and Essex Canal, the Reading Rail- 
road, and things of that kind. Some of these stocks were 
active, others inactive. As the old gentleman's mind 
broadened to the significance of the local street-railway 
problem in Philadelphia, he decided to close out his 
other securities at such advantageous terms as he could, 
and reinvest the money in local lines. He knew that 
Mollenhauer and Simpson were doing this, and they were 
excellent judges of the significance of local affairs. Like 
Cowperwood, he had the idea that if he controlled suffi- 
cient of the local situation in this field, he could at last 
effect a joint relationship with Mollenhauer and Simpson. 
Political legislation, advantageous to the combined lines, 
could then be so easily secured. Franchises and necessary 
extensions to existing franchises could be added. This 
conversion of his outstanding stocks in other fields, and 
the picking up of odd lots in the local street-railway, was 
the business of Cowperwood. Butler, through his sons, 
Owen and Callum, was busy planning a new line and ob- 
taining a franchise, sacrificing, of course, great blocks of 
stock and actual cash to others, in order to obtain suffi- 
cient influence to have the necessary legislation passed. 
It was no easy matter, seeing that others knew what the 
general advantages of the situation were. Cowperwood, 
for instance, seeing the great source of profit here, 
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