It was not long after the arrangement between Treasurer Stener and Cowperwood had been made that the machinery for the carrying out of that political-financial relationship was put in motion.

The sum of two hundred and ten thousand dollars in six per cent.

interest-bearing certificates, payable in ten years, was set over to the credit of Cowperwood & Co.

on the books of the city, subject to his order.

Then, with proper listing, he began to offer it in small amounts at more than ninety, at the same time creating the impression that it was going to be a prosperous investment.