f　fifty　thousand　dollars。　　Relihan　to　the　same　amount。　　A　small　army　of　politicians　and　political　hangers…on　were　on　his　books　for　various　sums。　　And　for　Edward　Malia　Butler　he　occasionally　carried　as　high　as　one　hundred　thousand　dollars　in　margins。　　His　own　loans　at　the　banks；　varying　from　day　to　day　on　variously　hypothecated　securities；　were　as　high　as　seven　and　eight　hundred　thousand　dollars。　　Like　a　spider　in　a　spangled　net；　every　thread　of　which　he　knew；　had　laid；　had　tested；　he　had　surrounded　and　entangled　himself　in　a　splendid；　glittering　network　of　connections；　and　he　was　watching　all　the　details。
  His　one　pet　idea；　the　thing　he　put　more　faith　in　than　anything　else；　was　his　street…railway　manipulations；　and　particularly　his　actual　control　of　the　Seventeenth　and　Nineteenth　Street　line。　Through　an　advance　to　him；　on　deposit；　made　in　his　bank　by　Stener　at　a　time　when　the　stock　of　the　Seventeenth　and　Nineteenth　Street　line　was　at　a　low　ebb；　he　had　managed　to　pick　up　fifty…one　per　cent。　of　the　stock　for　himself　and　Stener；　by　virtue　of　which　he　was　able　to　do　as　he　pleased　with　the　road。　　To　accomplish　this；　however；　he　had　resorted　to　some　very　〃peculiar〃　methods；　as　they　afterward　came　to　be　termed　in　financial　circles；　to　get　this　stock　at　his　own　valuation。　　Through　agents　he　caused　suits　for　damages　to　be　brought　against　the　company　for　non…payment　of　interest　due。　A　little　stock　in　the　hands　of　a　hireling；　a　request　made　to　a　court　of　record　to　examine　the　books　of　the　company　in　order　to　determine　whether　a　receivership　were　not　advisable；　a　simultaneous　attack　in　the　stock　market；　selling　at　three；　five；　seven；　and　ten　points　off；　brought　the　frightened　stockholders　into　the　market　with　their　holdings。　　The　banks　considered　the　line　a　poor　risk；　and　called　their　loans　in　connection　with　it。　　His　father's　bank　had　made　one　loan　to　one　of　the　principal　stockholders；　and　that　was　promptly　called；　of　course。　　Then；　through　an　agent；　the　several　heaviest　shareholders　were　approached　and　an　offer　was　made　to　help　them　out。　　The　stocks　would　be　taken　off　their　hands　at　forty。　　They　had　not　really　been　able　to　discover　the　source　of　all　their　woes；　and　they　imagined　that　the　road　was　in　bad　condition；　which　it　was　not。　　Better　let　it　go。　　The　money　was　immediately　forthcoming；　and　Cowperwood　and　Stener　jointly　controlled　fifty…one　per　cent。　　But；　as　in　the　case　of　the　North　Pennsylvania　line；　Cowperwood　had　been　quietly　buying　all　of　the　small　minority　holdings；　so　that　he　had　in　reality　fifty…one　per　cent。　of　the　stock；　and　Stener　twenty…five　per　cent。　more。
  This　intoxicated　him；　for　immediately　he　saw　the　opportunity　of　fulfilling　his　long…contemplated　dreamthat　of　reorganizing　the　company　in　conjunction　with　the　North　Pennsylvania　line；　issuing　three　shares　where　one　had　been　before　and　after　unloading　all　but　a　control　on　the　general　public；　using　the　money　secured　to　buy　into　other　lines　which　were　to　be　boomed　and　sold　in　the　same　way。　　In　short；　he　was　one　of　those　early；　daring　manipulators　who　later　were　to　seize　upon　other　and　ever　larger　phases　of　American　natural　development　for　their　own　aggrandizement。
  In　connection　with　this　first　consolidation；　his　plan　was　to　spread　rumors　of　the　coming　consolidation　of　the　two　lines；　to　appeal　to　the　legislature　for　privileges　of　extension；　to　get　up　an　arresting　prospectus　and　later　annual　reports；　and　to　boom　the　stock　on　the　stock　exchange　as　much　as　his　swelling　resources　would　permit。　　The　trouble　is　that　when　you　are　trying　to　make　a　market　for　a　stockto　unload　a　large　issue　such　as　his　was　（over　five　hundred　thousand　dollars'　worth）while　retaining　five　hundred　thousand　for　yourself；　it　requires　large　capital　to　handle　it。　The　owner　in　these　cases　is　compelled　not　only　to　go　on　the　market　and　do　much　fictitious　buying；　thus　creating　a　fictitious　demand；　but　once　this　fictitious　demand　has　deceived　the　public　and　he　has　been　able　to　unload　a　considerable　quantity　of　his　wares；　he　is；　unless　he　rids　himself　of　all　his　stock；　compelled　to　stand　behind　it。　　If；　for　instance；　he　sold　five　thousand　shares；　as　was　done　in　this　instance；　and　retained　five　thousand；　he　must　see　that　the　public　price　of　the　outstanding　five　thousand　shares　did　not　fall　below　a　certain　point；　because　the　value　of　his　private　shares　would　fall　with　it。　　And　if；　as　is　almost　always　the　case；　the　private　shares　had　been　hypothecated　with　banks　and　trust　companies　for　money　wherewith　to　conduct　other　enterprises；　the　falling　of　their　value　in　the　open　market　merely　meant　that　the　banks　would　call　for　large　margins　to　protect　their　loans　or　call　their　loans　entirely。　This　meant　that　his　work　was　a　failure；　and　he　might　readily　fail。　He　was　already　conducting　one　such　difficult　campaign　in　connection　with　this　city…loan　deal；　the　price　of　which　varied　from　day　to　day；　and　which　he　was　only　too　anxious　to　have　vary；　for　in　the　main　he　profited　by　these　changes。
  But　this　second　burden；　interesting　enough　as　it　was；　meant　that　he　had　to　be　doubly　watchful。　　Once　the　stock　was　sold　at　a　high　price；　the　money　borrowed　from　the　city　treasurer　could　be　returned；　his　own　holdings　created　out　of　foresight；　by　capitalizing　the　future；　by　writing　the　shrewd　prospectuses　and　reports；　would　be　worth　their　face　value；　or　little　less。　　He　would　have　money　to　invest　in　other　lines。　　He　might　obtain　the　financial　direction　of　the　whole；　in　which　case　he　would　be　worth　millions。　　One　shrewd　thing　he　did；　which　indicated　the　foresight　and　subtlety　of　the　man；　was　to　make　a　separate　organization　or　company　of　any　extension　or　addition　which　he　made　to　his　line。　　Thus；　if　he　had　two　or　three　miles　of　track　on　a　street；　and　he　wanted　to　extend　it　two　or　three　miles　farther　on　the　same　street；　instead　of　including　this　extension　in　the　existing　corporation；　he　would　make　a　second　corporation　to　control　the　additional　two　or　three　miles　of　right　of　way。　This　corporation　he　would　capitalize　at　so　much；　and　issue　stocks　and　bonds　for　its　construction；　equipment；　and　manipulation。　　Having　done　this　he　would　then　take　the　sub…corporation　over　into　the　parent　concern；　issuing　more　stocks　and　bonds　of　the　parent　company　wherewith　to　do　it；　and；　of　course；　selling　these　bonds　to　the　public。　Even　his　brothers　who　worked　for　him　did　not　know　the　various　ramifications　of　his　numerous　deals；　and　executed　his　orders　blindly。　Sometimes　Joseph　said　to　Edward；　in　a　puzzled　way；　〃Well；　Frank　knows　what　he　is　about；　I　guess。〃
  On　the　other　hand；　he　was　most　careful　to　see　that　every　current　obligation　was　instantly　met；　and　even　anticipated；　for　he　wanted　to　make　a　great　show　of　regularity。　　Nothing　was　so　precious　as　reputation　and　standing。　　His　forethought；　caution；　and　promptness　pleased　the　bankers。　　They　thought　he　was　one　of　the　sanest；　shrewdest　men　they　had　ever　met。
  However；　by　the　spring　and　summer　of　1871；　Cowperwood　had　actually；　without　being　in　any　conceivable　danger　from　any　source；　spread　himself　out　very　thin。　　Because　of　his　great　success　he　had　grown　more　liberaleasierin　his　financial　ventures。　　By　degrees；　and　largely　because　of　his　own　confidence　in　himself；　he　had　induced　his　father　to　enter　upon　his　street…car　speculations；　to　use　the　resources　of　the　Third　National　to　carry　a　part　of　his　loans　and　to　furnish　capital　at　such　times　as　quick　resources　were　necessary。　In　the　beginning　the　old　gentleman　had　been　a　little　nervous　and　skeptical；　but　as　time　had　worn　on　and　nothing　but　profit　eventuated；　he　grew　bolder　and　more　confident。
  〃Frank；〃　he　would　say；　looking　up　over　his　spectacles；　〃aren't　you　afraid　you're　going　a　little　too　fast　in　these　matters？　You're　carrying　a　lot　of　loans　these　days。〃
  〃No　more　than　I　ever　did；　father；　considering　my　resources。　　You　can't　turn　large　deals　without　large　loans。　　You　know　that　as　well　as　I　do。〃
  〃Yes；　I　know；　butnow　that　Green　and　Coatesaren't　you　going　pretty　strong　there？〃
  〃Not　at　all。　　I　know　the　inside　conditions　there。　　The　stock　is　bound　to　go　up　eventually。　　I'll　bull　it　up。　　I'll　combine　it　with　my　other　lines；　if　necessary。〃
  Cowperwood　stared　at　his　boy。　　Never　was　there　such　a　defiant；　daring　manipulator。
  〃You　needn't　worry　about　me；　father。　　If　you　are　going　to　do　that；　call　my　loans。　　Other　banks　will　loan　on　my　stocks。　　I'd　like　to　see　your　bank　have　the　interest。〃
  So　Cowperwood；　Sr。；　was　convinced。　　There　was　no　gainsaying　this　argument。　　His　bank　was　loaning　Frank　heavily；　but　not　more　so　than　any　other。　　And　as　for　the　great　blocks　of　stocks　he　was　carrying　in　his　son's　companies；　he　was　to　be　told　when　to　get　out　should　that　prove　necessary。　　Frank's　brothers　were　being　aided　in　the　same　way　to　make　money　on　the　side；　and　their　interests　were　also　now　bound　up　indissolubly　with　his　own。
  With　his　growing　financial　opportunities；　however；　Cowperwood　had　also　grown　very　liberal　in　what　might　be　termed　his　standard　of　living。　　Certain　young　art　dealers　in　Philadelphia；　learning　of　his　artistic　inclinations　and　his　growing　wealth；　had　followed　him　up　with　suggestions　as　to　furniture；　tapestries；　rugs；　objects　of　art；　and　paintingsat　first　the　American　and　later　the　foreign　masters　exclusively。　　His　own　and　his　father's　house　had　not　been