ch　and　such　services　rendered　but　who　does　not　know　politics？
  In　due　course　of　time；　therefore；　George　W。　Stener　had　become　persona　grata　to　Edward　Strobik；　a　quondam　councilman　who　afterward　became　ward　leader　and　still　later　president　of　council；　and　who；　in　private　life　was　a　stone…dealer　and　owner　of　a　brickyard。　Strobik　was　a　benchman　of　Henry　A。　Mollenhauer；　the　hardest　and　coldest　of　all　three　of　the　political　leaders。　　The　latter　had　things　to　get　from　council；　and　Strobik　was　his　tool。　　He　had　Stener　elected；　and　because　he　was　faithful　in　voting　as　he　was　told　the　latter　was　later　made　an　assistant　superintendent　of　the　highways　department。
  Here　he　came　under　the　eyes　of　Edward　Malia　Butler；　and　was　slightly　useful　to　him。　　Then　the　central　political　committee；　with　Butler　in　charge；　decided　that　some　nice；　docile　man　who　would　at　the　same　time　be　absolutely　faithful　was　needed　for　city　treasurer；　and　Stener　was　put　on　the　ticket。　　He　knew　little　of　finance；　but　was　an　excellent　bookkeeper；　and；　anyhow；　was　not　corporation　counsel　Regan；　another　political　tool　of　this　great　triumvirate；　there　to　advise　him　at　all　times？　He　was。　　It　was　a　very　simple　matter。　Being　put　on　the　ticket　was　equivalent　to　being　elected；　and　so；　after　a　few　weeks　of　exceedingly　trying　platform　experiences；　in　which　he　had　stammered　through　platitudinous　declarations　that　the　city　needed　to　be　honestly　administered；　he　was　inducted　into　office；　and　there　you　were。
  Now　it　wouldn't　have　made　so　much　difference　what　George　W。　Stener's　executive　and　financial　qualifications　for　the　position　were；　but　at　this　time　the　city　of　Philadelphia　was　still　hobbling　along　under　perhaps　as　evil　a　financial　system；　or　lack　of　it；　as　any　city　ever　enduredthe　assessor　and　the　treasurer　being　allowed　to　collect　and　hold　moneys　belonging　to　the　city；　outside　of　the　city's　private　vaults；　and　that　without　any　demand　on　the　part　of　anybody　that　the　same　be　invested　by　them　at　interest　for　the　city's　benefit。　　Rather；　all　they　were　expected　to　do；　apparently；　was　to　restore　the　principal　and　that　which　was　with　them　when　they　entered　or　left　office。　　It　was　not　understood　or　publicly　demanded　that　the　moneys　so　collected；　or　drawn　from　any　source；　be　maintained　intact　in　the　vaults　of　the　city　treasury。　They　could　be　loaned　out；　deposited　in　banks　or　used　to　further　private　interests　of　any　one；　so　long　as　the　principal　was　returned；　and　no　one　was　the　wiser。　　Of　course；　this　theory　of　finance　was　not　publicly　sanctioned；　but　it　was　known　politically　and　journalistically；　and　in　high　finance。　　How　were　you　to　stop　it？
  Cowperwood；　in　approaching　Edward　Malia　Butler；　had　been　unconsciously　let　in　on　this　atmosphere　of　erratic　and　unsatisfactory　speculation　without　really　knowing　it。　　When　he　had　left　the　office　of　Tighe　&　Co。；　seven　years　before；　it　was　with　the　idea　that　henceforth　and　forever　he　would　have　nothing　to　do　with　the　stock…brokerage　proposition；　but　now　behold　him　back　in　it　again；　with　more　vim　than　he　had　ever　displayed；　for　now　he　was　working　for　himself；　the　firm　of　Cowperwood　&　Co。；　and　he　was　eager　to　satisfy　the　world　of　new　and　powerful　individuals　who　by　degrees　were　drifting　to　him。　　All　had　a　little　money。　　All　had　tips；　and　they　wanted　him　to　carry　certain　lines　of　stock　on　margin　for　them；　because　he　was　known　to　other　political　men；　and　because　he　was　safe。　　And　this　was　true。　　He　was　not；　or　at　least　up　to　this　time　had　not　been；　a　speculator　or　a　gambler　on　his　own　account。　　In　fact　he　often　soothed　himself　with　the　thought　that　in　all　these　years　he　had　never　gambled　for　himself；　but　had　always　acted　strictly　for　others　instead。　　But　now　here　was　George　W。　Stener　with　a　proposition　which　was　not　quite　the　same　thing　as　stock…gambling；　and　yet　it　was。
  During　a　long　period　of　years　preceding　the　Civil　War；　and　through　it；　let　it　here　be　explained　and　remembered；　the　city　of　Philadelphia　had　been　in　the　habit；　as　a　corporation；　when　there　were　no　available　funds　in　the　treasury；　of　issuing　what　were　known　as　city　warrants；　which　were　nothing　more　than　notes　or　I。O。U。's　bearing　six　per　cent。　interest；　and　payable　sometimes　in　thirty　days；　sometimes　in　three；　sometimes　in　six　monthsall　depending　on　the　amount　and　how　soon　the　city　treasurer　thought　there　would　be　sufficient　money　in　the　treasury　to　take　them　up　and　cancel　them。　　Small　tradesmen　and　large　contractors　were　frequently　paid　in　this　way；　the　small　tradesman　who　sold　supplies　to　the　city　institutions；　for　instance；　being　compelled　to　discount　his　notes　at　the　bank；　if　he　needed　ready　money；　usually　for　ninety　cents　on　the　dollar；　while　the　large　contractor　could　afford　to　hold　his　and　wait。　　It　can　readily　be　seen　that　this　might　well　work　to　the　disadvantage　of　the　small　dealer　and　merchant；　and　yet　prove　quite　a　fine　thing　for　a　large　contractor　or　note…broker；　for　the　city　was　sure　to　pay　the　warrants　at　some　time；　and　six　per　cent。　interest　was　a　fat　rate；　considering　the　absolute　security。　　A　banker　or　broker　who　gathered　up　these　things　from　small　tradesmen　at　ninety　cents　on　the　dollar　made　a　fine　thing　of　it　all　around　if　he　could　wait。
  Originally；　in　all　probability；　there　was　no　intention　on　the　part　of　the　city　treasurer　to　do　any　one　an　injustice；　and　it　is　likely　that　there　really　were　no　funds　to　pay　with　at　the　time。　　However　that　may　have　been；　there　was　later　no　excuse　for　issuing　the　warrants；　seeing　that　the　city　might　easily　have　been　managed　much　more　economically。　　But　these　warrants；　as　can　readily　be　imagined；　had　come　to　be　a　fine　source　of　profit　for　note…brokers；　bankers；　political　financiers；　and　inside　political　manipulators　generally　and　so　they　remained　a　part　of　the　city's　fiscal　policy。
  There　was　just　one　drawback　to　all　this。　　In　order　to　get　the　full　advantage　of　this　condition　the　large　banker　holding　them　must　be　an　〃inside　banker；〃　one　close　to　the　political　forces　of　the　city；　for　if　he　was　not　and　needed　money　and　he　carried　his　warrants　to　the　city　treasurer；　he　would　find　that　he　could　not　get　cash　for　them。　　But　if　he　transferred　them　to　some　banker　or　note…broker　who　was　close　to　the　political　force　of　the　city；　it　was　quite　another　matter。　　The　treasury　would　find　means　to　pay。　　Or；　if　so　desired　by　the　note…broker　or　bankerthe　right　onenotes　which　were　intended　to　be　met　in　three　months；　and　should　have　been　settled　at　that　time；　were　extended　to　run　on　years　and　years；　drawing　interest　at　six　per　cent。　even　when　the　city　had　ample　funds　to　meet　them。　　Yet　this　meant；　of　course；　an　illegal　interest　drain　on　the　city；　but　that　was　all　right　also。　　〃No　funds〃　could　cover　that。　　The　general　public　did　not　know。　　It　could　not　find　out。　　The　newspapers　were　not　at　all　vigilant；　being　pro…political。　　There　were　no　persistent；　enthusiastic　reformers　who　obtained　any　political　credence。　　During　the　war；　warrants　outstanding　in　this　manner　arose　in　amount　to　much　over　two　million　dollars；　all　drawing　six　per　cent。　interest；　but　then；　of　course；　it　began　to　get　a　little　scandalous。　　Besides；　at　least　some　of　the　investors　began　to　want　their　money　back。
  In　order；　therefore；　to　clear　up　this　outstanding　indebtedness　and　make　everything　shipshape　again；　it　was　decided　that　the　city　must　issue　a　loan；　say　for　two　million　dollarsno　need　to　be　exact　about　the　amount。　　And　this　loan　must　take　the　shape　of　interest…bearing　certificates　of　a　par　value　of　one　hundred　dollars；　redeemable　in　six；　twelve；　or　eighteen　months；　as　the　case　may　be。　These　certificates　of　loan　were　then　ostensibly　to　be　sold　in　the　open　market；　a　sinking…fund　set　aside　for　their　redemption；　and　the　money　so　obtained　used　to　take　up　the　long…outstanding　warrants　which　were　now　such　a　subject　of　public　comment。
  It　is　obvious　that　this　was　merely　a　case　of　robbing　Peter　to　pay　Paul。　　There　was　no　real　clearing　up　of　the　outstanding　debt。　　It　was　the　intention　of　the　schemers　to　make　it　possible　for　the　financial　politicians　on　the　inside　to　reap　the　same　old　harvest　by　allowing　the　certificates　to　be　sold　to　the　right　parties　for　ninety　or　less；　setting　up　the　claim　that　there　was　no　market　for　them；　the　credit　of　the　city　being　bad。　　To　a　certain　extent　this　was　true。　　The　war　was　just　over。　　Money　was　high。　　Investors　could　get　more　than　six　per　cent。　elsewhere　unless　the　loan　was　sold　at　ninety。　　But　there　were　a　few　watchful　politicians　not　in　the　administration；　and　some　newspapers　and　non…political　financiers　who；　because　of　the　high　strain　of　patriotism　existing　at　the　time；　insisted　that　the　loan　should　be　sold　at　par。　　Therefore　a　clause　to　that　effect　had　to　be　inserted　in　the　enabling　ordinance。
  This；　as　one　might　readily　see；　destroyed　the　politicians'　little　scheme　to　get　this　loan　at　ninety。　　Nevertheless　since　they　desired　that　the　money　tied　up　in　the　old　warrants　and　now　not　redeemable　because　of　lack　of　funds　should　be　paid　them；　the　only　way　this　could　be　done　would　be　to　have　some　broker　who　knew　the　subtleties　of　the　stock　market　handle　this　new　city　loan　on　'change　in　such　a　way　that　it　would　be　made　to　seem　worth　one　hundred　and　to　be　sold　to　outsiders　at　that　figure。　　Afterward；　if；　as　it　was　certain　to　do；　it　fell　below　that；　the　politician