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the combined lines； could then be so easily secured。 Franchises and necessary extensions to existing franchises could be added。 This conversion of his outstanding stock 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 also busy planning a new line and obtaining a franchise； sacrificing； of course； great blocks of stock and actual cash to others； in order to obtain sufficient influence to have the necessary legislation passed。 Yet it was no easy matter； seeing that others knew what the general advantages of the situation were； and because of this Cowperwood； who saw the great source of profit here； was able； betimes； to serve himselfbuying blocks； a part of which only went to Butler； Mollenhauer or others。 In short he was not as eager to serve Butler； or any one else； as he was to serve himself if he could。
In this connection； the scheme which George W。 Stener had brought forward； representing actually in the background Strobik； Wycroft； and Harmon； was an opening wedge for himself。 Stener's plan was to loan him money out of the city treasury at two per cent。； or； if he would waive all commissions； for nothing （an agent for self…protective purposes was absolutely necessary）； and with it take over the North Pennsylvania Company's line on Front Street； which； because of the shortness of its length； one mile and a half； and the brevity of the duration of its franchise； was neither doing very well nor being rated very high。 Cowperwood in return for his manipulative skill was to have a fair proportion of the stocktwenty per cent。 Strobik and Wycroft knew the parties from whom the bulk of the stock could be secured if engineered properly。 Their plan was then； with this borrowed treasury money； to extend its franchise and then the line itself； and then later again； by issuing a great block of stock and hypothecating it with a favored bank； be able to return the principal to the city treasury and pocket their profits from the line as earned。 There was no trouble in this； in so far as Cowperwood was concerned； except that it divided the stock very badly among these various individuals； and left him but a comparatively small sharefor his thought and pains。
But Cowperwood was an opportunist。 And by this time his financial morality had become special and local in its character。 He did not think it was wise for any one to steal anything from anybody where the act of taking or profiting was directly and plainly considered stealing。 That was unwisedangeroushence wrong。 There were so many situations wherein what one might do in the way of taking or profiting was open to discussion and doubt。 Morality varied； in his mind at least； with conditions； if not climates。 Here； in Philadelphia； the tradition （politically； mind younot generally） was that the city treasurer might use the money of the city without interest so long as he returned the principal intact。 The city treasury and the city treasurer were like a honey…laden hive and a queen bee around which the dronesthe politiciansswarmed in the hope of profit。 The one disagreeable thing in connection with this transaction with Stener was that neither Butler； Mollenhauer nor Simpson； who were the actual superiors of Stener and Strobik； knew anything about it。 Stener and those behind him were； through him； acting for themselves。 If the larger powers heard of this； it might alienate them。 He had to think of this。 Still； if he refused to make advantageous deals with Stener or any other man influential in local affairs； he was cutting off his nose to spite his face； for other bankers and brokers would； and gladly。 And besides it was not at all certain that Butler； Mollenhauer； and Simpson would ever hear。
In this connection； there was another line； which he rode on occasionally； the Seventeenth and Nineteenth Street line； which he felt was a much more interesting thing for him to think about； if he could raise the money。 It had been originally capitalized for five hundred thousand dollars； but there had been a series of bonds to the value of two hundred and fifty thousand dollars added for improvements； and the company was finding great difficulty in meeting the interest。 The bulk of the stock was scattered about among small investors； and it would require all of two hundred and fifty thousand dollars to collect it and have himself elected president or chairman of the board of directors。 Once in； however； he could vote this stock as he pleased； hypothecating it meanwhile at his father's bank for as much as he could get； and issuing more stocks with which to bribe legislators in the matter of extending the line； and in taking up other opportunities to either add to it by purchase or supplement it by working agreements。 The word 〃bribe〃 is used here in this matter…of…fact American way； because bribery was what was in every one's mind in connection with the State legislature。 Terrence Relihanthe small； dark…faced Irishman； a dandy in dress and mannerswho represented the financial interests at Harrisburg； and who had come to Cowperwood after the five million bond deal had been printed； had told him that nothing could be done at the capital without money； or its equivalent； negotiable securities。 Each significant legislator； if he yielded his vote or his influence； must be looked after。 If he； Cowperwood； had any scheme which he wanted handled at any time； Relihan had intimated to him that he would be glad to talk with him。 Cowperwood had figured on this Seventeenth and Nineteenth Street line scheme more than once； but he had never felt quite sure that he was willing to undertake it。 His obligations in other directions were so large。 But the lure was there； and he pondered and pondered。
Stener's scheme of loaning him money wherewith to manipulate the North Pennsylvania line deal put this Seventeenth and Nineteenth Street dream in a more favorable light。 As it was he was constantly watching the certificates of loan issue； for the city treasury； buying large quantities when the market was falling to protect it and selling heavily； though cautiously； when he saw it rising and to do this he had to have a great deal of free money to permit him to do it。 He was constantly fearful of some break in the market which would affect the value of all his securities and result in the calling of his loans。 There was no storm in sight。 He did not see that anything could happen in reason； but he did not want to spread himself out too thin。 As he saw it now； therefore if he took one hundred and fifty thousand dollars of this city money and went after this Seventeenth and Nineteenth Street matter it would not mean that he was spreading himself out too thin； for because of this new proposition could he not call on Stener for more as a loan in connection with these other ventures？ But if anything should happenwell
〃Frank；〃 said Stener； strolling into his office one afternoon after four o'clock when the main rush of the day's work was over the relationship between Cowperwood and Stener had long since reached the 〃Frank〃 and 〃George〃 period〃Strobik thinks he has that North Pennsylvania deal arranged so that we can take it up if we want to。 The principal stockholder； we find； is a man by the name of Coltannot Ike Colton； but Ferdinand。 How's that for a name？〃 Stener beamed fatly and genially。
Things had changed considerably for him since the days when he had been fortuitously and almost indifferently made city treasurer。 His method of dressing had so much improved since he had been inducted into office； and his manner expressed so much more good feeling； confidence； aplomb； that he would not have recognized himself if he had been permitted to see himself as had those who had known him before。 An old； nervous shifting of the eyes had almost ceased； and a feeling of restfulness； which had previously been restlessness； and had sprung from a sense of necessity； had taken its place。 His large feet were incased in good； square…toed； soft…leather shoes； his stocky chest and fat legs were made somewhat agreeable to the eye by a well…cut suit of brownish…gray cloth； and his neck was now surrounded by a low； wing…point white collar and brown…silk tie。 His ample chest； which spread out a little lower in around and constantly enlarging stomach； was ornamented by a heavy…link gold chain； and his white cuffs had large gold cuff…buttons set with rubies of a very notable size。 He was rosy and decidedly well fed。 In fact； he was doing very well indeed。
He had moved his family from a shabby two…story frame house in South Ninth Street to a very comfortable brick one three stories in height； and three times as large； on Spring Garden Street。 His wife had a few acquaintancesthe wives of other politicians。 His children were attending the high school； a thing he had hardly hoped for in earlier days。 He was now the owner of fourteen or fifteen pieces of cheap real estate in different portions of the city； which might eventually become very valuable； and he was a silent partner in the South Philadelphia Foundry Company and the American Beef and Pork Company； two corporations on paper whose principal