and improvement of a subsidiary line, which this North 
Pennsylvania line would eventually have to have; and he 
wanted himself and Stener to control it privately, he 
carrying the largest holding, of course. This eventually 
would give him personally absolute control of the whole 
road, and the others would have to wait on him. He and 
Stener went in together on the purchase of the Seven- 
teenth and Nineteenth Street line and in the gambling 
in stocks which ensued as an incident. State Treasurer 
Van Nostrand, State Senator Relihan, ex-Treasurer Bode, 
and others deposited large sums of money with him to 
carry these stocks on margin also. By the summer of 
1871, when Cowperwood was nearly thirty-four years of 
age, he had a banking business estimated at nearly two 
million dollars, personal holdings aggregating nearly half 
a million, and prospects which looked forward along a 
straight line to wealth which might rival that of any 
American if he continued. The city, through its treasurer 
—still Mr. Stener—was a depositor with him to the extent 
of nearly five hundred thousand dollars. The State, 
through its State treasurer, Mr. Van Nostrand, carried 
two hundred thousand dollars on his books. Mr. Bode 
was speculating in street-railway stocks to the extent of 
fifty thousand dollars, Mr. Relihan to the same amount. 
A small army of politicians and political hangers-on were 
on his books for various sums. For Edward Malia Butler 
he occasionally carried as high as one hundred thousand 
dollars in margins, and his own loans at the banks, varying 
from day to day on variously hypothecated securities, 
were as high as seven and eight hundred thousand dol- 
lars. He had surrounded and entangled himself in a 
splendid, glittering network of connections, like a spider 
in a spangled net, every thread of which he knew, had 
laid, had tested; and he was watching all the details. 
Nothing in the form of a collapse or failure could rea- 
sonably have come to Cowperwood at any time, barring 
some unforeseen, incalculable calamity, because, in spite