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〃No； not at all； Mr。 Waterman。 It's just that I want to get into the straight…out brokerage business。〃
〃Well； that certainly is too bad。 I'm sorry。 I don't want to urge you against your own best interests。 You know what you are doing。 But George and I had about agreed to offer you an interest in this thing after a bit。 Now you're picking up and leaving。 Why； damn it； man； there's good money in this business。〃
〃I know it；〃 smiled Cowperwood； 〃but I don't like it。 I have other plans in view。 I'll never be a grain and commission man。〃 Mr。 Henry Waterman could scarcely understand why obvious success in this field did not interest him。 He feared the effect of his departure on the business。
And once the change was made Cowperwood was convinced that this new work was more suited to him in every wayas easy and more profitable； of course。 In the first place； the firm of Tighe & Co。； unlike that of Waterman & Co。； was located in a handsome green…gray stone building at 66 South Third Street； in what was then； and for a number of years afterward； the heart of the financial district。 Great institutions of national and international import and repute were near at handDrexel & Co。； Edward Clark & Co。； the Third National Bank； the First National Bank； the Stock Exchange； and similar institutions。 Almost a score of smaller banks and brokerage firms were also in the vicinity。 Edward Tighe； the head and brains of this concern； was a Boston Irishman； the son of an immigrant who had flourished and done well in that conservative city。 He had come to Philadelphia to interest himself in the speculative life there。 〃Sure； it's a right good place for those of us who are awake；〃 he told his friends； with a slight Irish accent； and he considered himself very much awake。 He was a medium…tall man； not very stout； slightly and prematurely gray； and with a manner which was as lively and good…natured as it was combative and self…reliant。 His upper lip was ornamented by a short； gray mustache。
〃May heaven preserve me；〃 he said； not long after he came there； 〃these Pennsylvanians never pay for anything they can issue bonds for。〃 It was the period when Pennsylvania's credit； and for that matter Philadelphia's； was very bad in spite of its great wealth。 〃If there's ever a war there'll be battalions of Pennsylvanians marching around offering notes for their meals。 If I could just live long enough I could get rich buyin' up Pennsylvania notes and bonds。 I think they'll pay some time； but； my God； they're mortal slow！ I'll be dead before the State government will ever catch up on the interest they owe me now。〃
It was true。 The condition of the finances of the state and city was most reprehensible。 Both State and city were rich enough； but there were so many schemes for looting the treasury in both instances that when any new work had to be undertaken bonds were necessarily issued to raise the money。 These bonds； or warrants； as they were called； pledged interest at six per cent。； but when the interest fell due； instead of paying it； the city or State treasurer； as the case might be； stamped the same with the date of presentation； and the warrant then bore interest for not only its original face value； but the amount then due in interest。 In other words； it was being slowly compounded。 But this did not help the man who wanted to raise money； for as security they could not be hypothecated for more than seventy per cent。 of their market value； and they were not selling at par； but at ninety。 A man might buy or accept them in foreclosure； but he had a long wait。 Also； in the final payment of most of them favoritism ruled； for it was only when the treasurer knew that certain warrants were in the hands of 〃a friend〃 that he would advertise that such and such warrants those particular ones that he knew aboutwould be paid。
What was more； the money system of the United States was only then beginning slowly to emerge from something approximating chaos to something more nearly approaching order。 The United States Bank； of which Nicholas Biddle was the progenitor； had gone completely in 1841； and the United States Treasury with its subtreasury system had come in 1846； but still there were many； many wildcat banks； sufficient in number to make the average exchange…counter broker a walking encyclopedia of solvent and insolvent institutions。 Still； things were slowly improving； for the telegraph had facilitated stock…market quotations； not only between New York； Boston； and Philadelphia； but between a local broker's office in Philadelphia and his stock exchange。 In other words； the short private wire had been introduced。 Communication was quicker and freer； and daily grew better。
Railroads had been built to the South； East； North； and West。 There was as yet no stock…ticker and no telephone； and the clearing…house had only recently been thought of in New York； and had not yet been introduced in Philadelphia。 Instead of a clearing…house service； messengers ran daily between banks and brokerage firms； balancing accounts on pass…books； exchanging bills； and； once a week； transferring the gold coin； which was the only thing that could be accepted for balances due； since there was no stable national currency。 〃On 'change；〃 when the gong struck announcing the close of the day's business； a company of young men； known as 〃settlement clerks；〃 after a system borrowed from London； gathered in the center of the room and compared or gathered the various trades of the day in a ring； thus eliminating all those sales and resales between certain firms which naturally canceled each other。 They carried long account books； and called out the transactions〃Delaware and Maryland sold to Beaumont and Company；〃 〃Delware and Maryland sold to Tighe and Company；〃 and so on。 This simplified the bookkeeping of the various firms； and made for quicker and more stirring commercial transactions。
Seats 〃on 'change〃 sold for two thousand dollars each。 The members of the exchange had just passed rules limiting the trading to the hours between ten and three （before this they had been any time between morning and midnight）； and had fixed the rates at which brokers could do business； in the face of cut…throat schemes which had previously held。 Severe penalties were fixed for those who failed to obey。 In other words； things were shaping up for a great 'change business； and Edward Tighe felt； with other brokers； that there was a great future ahead。
Chapter VI
The Cowperwood family was by this time established in its new and larger and more tastefully furnished house on North Front Street； facing the river。 The house was four stories tall and stood twenty…five feet on the street front； without a yard。
Here the family began to entertain in a small way； and there came to see them； now and then； representatives of the various interests that Henry Cowperwood had encountered in his upward climb to the position of cashier。 It was not a very distinguished company； but it included a number of people who were about as successful as himselfheads of small businesses who traded at his bank； dealers in dry…goods； leather； groceries （wholesale）； and grain。 The children had come to have intimacies of their own。 Now and then； because of church connections； Mrs。 Cowperwood ventured to have an afternoon tea or reception； at which even Cowperwood attempted the gallant in so far as to stand about in a genially foolish way and greet those whom his wife had invited。 And so long as he could maintain his gravity very solemnly and greet people without being required to say much； it was not too painful for him。 Singing was indulged in at times； a little dancing on occasion； and there was considerably more 〃company to dinner；〃 informally； than there had been previously。
And here it was； during the first year of the new life in this house； that Frank met a certain Mrs。 Semple； who interested him greatly。 Her husband had a pretentious shoe store on Chestnut Street； near Third； and was planning to open a second one farther out on the same street。
The occasion of the meeting was an evening call on the part of the Semples； Mr。 Semple being desirous of talking with Henry Cowperwood concerning a new transportation feature which was then entering the worldnamely； street…cars。 A tentative line； incorporated by the North Pennsylvania Railway Company； had been put into operation on a mile and a half of tracks extending from Willow Street along Front to Germantown Road； and thence by various streets to what was then known as the Cohocksink Depot； and it was thought that in time this mode of locomotion might drive out the hundreds of omnibuses which now crowded and made impassable the downtown streets。 Young Cowperwood had been greatly interested from the start。 Railway transportation； as a whole； interested him； anyway； but this particular phase was most fascinating。 It was already creating widespread discussion； and he； with others； had gone to see it。 A strange but interesting new type of car； fourteen feet long； seven feet wide； and nearly the same height； running on small iron car…wheels； was giving great satisfaction as being quieter and easier…riding than omnibuses