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
liberal--ea