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will injure you and a lot of people whom I do not wish to injure. I know you are naturally
interested in the outcome of the fall election. The truth is I have been carrying a lot of stocks for
Mr. Stener and some of his friends. I do not know that all the money has come from the city
treasury, but I think that most of it has. I know what that means to Mr. Stener and the
Republican party and your interests in case I fail. I don't think Mr. Stener started this of his own
accord in the first place--I think I am as much to blame as anybody--but it grew out of other
things. As you know, I handled that matter of city loan for him and then some of his friends
wanted me to invest in street-railways for them. I have been doing that ever since. Personally I
have borrowed considerable money from Mr. Stener at two per cent. In fact, originally the
transactions were covered in that way. Now I don't want to shift the blame on any one. It comes
back to me and I am willing to let it stay there, except that if I fail Mr. Stener will be blamed and
that will reflect on the administration. Naturally, I don't want to fail. There is no excuse for my
doing so. Aside from this panic I have never been in a better position in my life. But I cannot
weather this storm without assistance, and I want to know if you won't help me. If I pull through I
will give you my word that I will see that the money which has been taken from the treasury is
put back there. Mr. Stener is out of town or I would have brought him here with me."
Cowperwood was lying out of the whole cloth in regard to bringing Stener with him, and he had
no intention of putting the money back in the city treasury except by degrees and in such
manner as suited his convenience; but what he had said sounded well and created a great
seeming of fairness.
"How much money is it Stener has invested with you?" asked Butler. He was a little confused by
this curious development. It put Cowperwood and Stener in an odd light.
"About five hundred thousand dollars," replied Cowperwood.
The old man straightened up. "Is it as much as that?" he said.
"Just about--a little more or a little less; I'm not sure which."
The old contractor listened solemnly to all Cowperwood had to say on this score, thinking of the
effect on the Republican party and his own contracting interests. He liked Cowperwood, but this
was a rough thing the latter was telling him--rough, and a great deal to ask. He was a slow-
thinking and a slow-moving man, but he did well enough when he did think. He had
considerable money invested in Philadelphia street-railway stocks--perhaps as much as eight
hundred thousand dollars. Mollenhauer had perhaps as much more. Whether Senator Simpson
had much or little he could not tell. Cowperwood had told him in the past that he thought the
Senator had a good deal. Most of their holdings, as in the case of Cowperwood's, were
hypothecated at the various banks for loans and these loans invested in other ways. It was not
advisable or comfortable to have these loans called, though the condition of no one of the
triumvirate was anything like as bad as that of Cowperwood. They could see themselves
through without much trouble, though not without probable loss unless they took hurried action
to protect themselves.
He would not have thought so much of it if Cowperwood had told him that Stener was involved,
say, to the extent of seventy-five or a hundred thousand dollars. That might be adjusted. But
five hundred thousand dollars!
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