the most important and distinguished officers of our mu- 
nicipal government," and to report at the next meeting, 
which was set for the following evening at nine o'clock. 
The meeting adjourned, and the following night at 
nine reassembled, four individuals of very. shrewd finan- 
cial judgment having meantime been about the task as- 
signed them. They drew up a very elaborate statement, 
not wholly in accordance with the facts, but as nearly so 
as could be ascertained in so short a space of time. 
"It appears [read the report, after a preamble which explained 
why the committee had been appointed] that it has been the cus- 
tom of city treasurers for years, when loans have been authorized 
by councils, to place them in the hands of some favorite broker for 
sale, the broker accounting to the treasurer for the moneys received 
by such sales at short periods, generally the first of each month. 
In the present case Frank A. Cowperwood has been acting as such 
broker for the city treasurer. But even this vicious and unbusi- 
ness-like system appears not to have been adhered to in the case of 
Mr. Cowperwood. The accident of the Chicago fire, the consequent 
depression of stock values, and the subsequent failure of Mr. Frank 
A. Cowperwood have so involved matters temporarily that the com- 
mittee has not been able to ascertain with accuracy that regular 
accounts have been rendered; but from the manner in which Mr. 
Cowperwood has had possession of bonds (city loans) for hypothe- 
cation, etc., it appears that the transfers for bonds thus pledged 
have been repudiated. It would appear that he has been held to 
no responsibility in these matters, and that there have always been 
under his control several hundred thousand dollars of cash or securi- 
ties belonging to the city, which he has manipulated for various 
purposes; but the details of the results of these transactions are not 
easily available. 
"Some of the operations consisted of hypothecation of large 
amounts of these loans before the certificates were issued, the lender 
seeing that the order for the hypothecated securities was duly made 
to him on the books of the treasurer. Such methods appear to have 
been occurring for a long time, and it being incredible that the city 
treasurer could be unaware of the nature of the business, there is 
indication of a complicity between him and Mr. Cowperwood to 
benefit by the use of the city credit, in violation of the law. 
"At the very time these hypothecations were being made, and the 
city paying interest upon such loans, the money representing them