Stener was supposed to have done a clever thing in finding him.

The stock exchange stipulated that all trades were to be compared the same day and settled before the close of the next; but this working arrangement with the new city treasurer gave Cowperwood much more latitude, and now he had always until the first of the month, or practically thirty days at times, in which to render an accounting for all deals connected with the loan issue.
And, moreover, this was really not an accounting in the sense of removing anything from his hands.

Since the issue was to be so large, the sum at his disposal would always be large, and so-called transfers and balancing at the end of the month would be a mere matter of bookkeeping.

He could use these city loan certificates deposited with him for manipulative purposes, deposit them at any bank as collateral for a loan, quite as if they were his own, thus raising seventy per cent.

of their actual value in cash, and he did not hesitate to do so.
He could take this cash, which need not be accounted for until the end of the month, and cover other stock transactions, on which he could borrow again.