When properly watched and followed this manipulation gave him the constructive and purchasing power of ten and a dozen times as much as his original sum might have represented.

He knew instinctively the principles of "pyramiding" and "kiting." He could see exactly not only how he could raise and lower the value of these certificates of loan, day after day and year after year--if he were so fortunate as to retain his hold on the city treasurer--but also how this would give him a credit with the banks hitherto beyond his wildest dreams.

His father's bank was one of the first to profit by this and to extend him loans.

The various local politicians and bosses--Mollenhauer, Butler, Simpson, and others--seeing the success of his efforts in this direction, speculated in city loan.

He became known to Mollenhauer and Simpson, by reputation, if not personally, as the man who was carrying this city loan proposition to a successful issue.