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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 unbusiness…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 committee 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 loan） for hypothecation； etc。； 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 securities 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。
〃Furthermore； at the very time these hypothecations were being made； and the city paying interest upon such loans； the money representing them was in the hands of the treasurer's broker and bearing no interest to the city。 The payment of municipal warrants was postponed； and they were being purchased at a discount in large amounts by Mr。 Cowperwood with the very money that should have been in the city treasury。 The bona fide holders of the orders for certificates of loans are now unable to obtain them； and thus the city's credit is injured to a greater extent than the present defalcation； which amounts to over five hundred thousand dollars。 An accountant is now at work on the treasurer's books； and a few days should make clear the whole modus operandi。 It is hoped that the publicity thus obtained will break up such vicious practices。〃
There was appended to this report a quotation from the law governing the abuse of a public trust； and the committee went on to say that； unless some taxpayer chose to initiate proceedings for the prosecution of those concerned； the committee itself would be called upon to do so； although such action hardly came within the object for which it was formed。
This report was immediately given to the papers。 Though some sort of a public announcement had been anticipated by Cowperwood and the politicians； this was； nevertheless； a severe blow。 Stener was beside himself with fear。 He broke into a cold sweat when he saw the announcement which was conservatively headed； 〃Meeting of the Municipal Reform Association。〃 All of the papers were so closely identified with the political and financial powers of the city that they did not dare to come out openly and say what they thought。 The chief facts had already been in the hands of the various editors and publishers for a week and more； but word had gone around from Mollenhauer； Simpson； and Butler to use the soft pedal for the present。 It was not good for Philadelphia； for local commerce； etc。； to make a row。 The fair name of the city would be smirched。 It was the old story。
At once the question was raised as to who was really guilty； the city treasurer or the broker； or both。 How much money had actually been lost？ Where had it gone？ Who was Frank Algernon Cowperwood； anyway？ Why was he not arrested？ How did he come to be identified so closely with the financial administration of the city？ And though the day of what later was termed 〃yellow journalism〃 had not arrived； and the local papers were not given to such vital personal comment as followed later； it was not possible； even bound as they were； hand and foot； by the local political and social magnates； to avoid comment of some sort。 Editorials had to be written。 Some solemn； conservative references to the shame and disgrace which one single individual could bring to a great city and a noble political party had to be ventured upon。
That desperate scheme to cast the blame on Cowperwood temporarily； which had been concocted by Mollenhauer； Butler； and Simpson； to get the odium of the crime outside the party lines for the time being； was now lugged forth and put in operation。 It was interesting and strange to note how quickly the newspapers； and even the Citizens' Municipal Reform Association； adopted the argument that Cowperwood was largely； if not solely； to blame。 Stener had loaned him the money； it is truehad put bond issues in his hands for sale； it is true； but somehow every one seemed to gain the impression that Cowperwood had desperately misused the treasurer。 The fact that he had taken a sixty…thousand…dollar check for certificates which were not in the sinking…fund was hinted at； though until they could actually confirm this for themselves both the newspapers and the committee were too fearful of the State libel laws to say so。
In due time there were brought forth several noble municipal letters； purporting to be a stern call on the part of the mayor； Mr。 Jacob Borchardt； on Mr。 George W。 Stener for an immediate explanation of his conduct； and the latter's reply； which were at once given to the newspapers and the Citizens' Municipal Reform Association。 These letters were enough to show； so the politicians figured； that the Republican party was anxious to purge itself of any miscreant within its ranks； and they also helped to pass the time until after election。
OFFICE OF THE MAYOR OF THE CITY OF PHILADELPHIA
GEORGE W。 STENER； ESQ。； October 18； 1871。 City Treasurer。 DEAR SIR；Information has been given me that certificates of city loan to a large amount； issued by you for sale on account of the city； and； I presume； after the usual requisition from the mayor of the city； have passed out of your custody； and that the proceeds of the sale of said certificates have not been paid into the city treasury。
I have also been informed that a large amount of the city's money has been permitted to pass into the hands of some one or more brokers or bankers doing business on Third Street； and that said brokers or bankers have since met with financial difficulties； whereby； and by reason of the above generally； the interests of the city are likely to be very seriously affected。
I have therefore to request that you will promptly advise me of the truth or falsity of these statements； so that such duties as devolve upon me as the chief magistrate of the city； in view of such facts； if they exist； may be intelligently discharged。 Yours respectfully；
JACOB BORCHARDT； Mayor of Philadelphia。
OFFICE OF THE TREASURER OF THE CITY OF PHILADELPHIA
HON。 JACOB BORCHARDT。 October 19； 1871。 DEAR SIR；I have to acknowledge the receipt of your communication of the 21st instant； and to express my regret that I cannot at this time give you the information you ask。 There is undoubtedly an embarrassment in the city treasury； owing to the delinquency of the broker who for several years past has negotiated the city loans； and I have been； since the discovery of this fact； and still am occupied in endeavoring to avert or lessen the loss with which the city is threatened。 I am； very respectfully； GEORGE W。 STENER。
OFFICE OF THE MAYOR OF THE CITY OF PHILADELPHIA
GEORGE W。 STENER； ESQ。； October 21； 1871。 City Treasurer。 DEAR SIRUnder the existing circumstances you will consider this as a notice of withdrawal and revocation of any requisition or authority by me for the sale of loan； so far as the same has not been fulfilled。 Applications for loans may for the present be made at this office。 Very respectfully；
JACOB BORCHARDT； Mayor of Philadelphia。
And did Mr。 Jacob Borchardt write the letters to which his name was attached？ He did not。 Mr。 Abner Sengstack wrote them in Mr。 Mollenhauer's office； and Mr。 Mollenhauer's comment when he saw them was that he thought they would dothat they were very good； in fact。 And did Mr。 George W。 Stener； city treasurer of Philadelphia； write that very politic reply？ He did not。 Mr。 Stener was in a state of complete collapse； even crying at one time at home in his bathtub。 Mr。 Abner Sengstack wrote that also； and had Mr。 Stener sign it。 And