were not actually sent to prison for a long term; and even then, so naturally optimistic was his mood, when he got out again. But, in so far as Philadelphia was concerned, distinctly he was dreaming vain dreams.

One of the things militating against him was the continued opposition of Butler and the politicians. Somehow⁠—no one could have said exactly why⁠—the general political feeling was that the financier and the former city treasurer would lose their appeals and eventually be sentenced together. Stener, in spite of his original intention to plead guilty and take his punishment without comment, had been persuaded by some of his political friends that it would be better for his future’s sake to plead not guilty and claim that his offense had been due to custom, rather than to admit his guilt outright and so seem not to have had any justification whatsoever. This he did, but he was convicted nevertheless. For the sake of appearances, a trumped-up appeal was made which was now before the State Supreme Court.

Then, too, due to one whisper and another, and these originating with the girl who had written Butler and Cowperwood’s wife, there was at this time a growing volume of gossip relating to the alleged relations of Cowperwood with Butler’s daughter, Aileen. There had been a house in Tenth Street. It had been maintained by Cowperwood for her. No wonder Butler was so vindictive. This, indeed, explained much. And even in the practical, financial world, criticism was now rather against Cowperwood than his enemies. For, was it not a fact, that at the inception of his career, he had been befriended by Butler? And what a way to reward that friendship! His oldest and firmest admirers wagged their heads. For they sensed clearly that this was another illustration of that innate “I satisfy myself” attitude which so regulated Cowperwood’s conduct. He was a strong man, surely⁠—and a brilliant one. Never had Third Street seen a more pyrotechnic, and yet fascinating and financially aggressive, and at the same time, conservative person. Yet might one not fairly tempt Nemesis by a too great daring and egotism? Like Death, it loves a shining mark. He should not, perhaps, have seduced Butler’s daughter; unquestionably he should not have so boldly taken that check, especially after his quarrel and break with Stener. He was a little too aggressive. Was it not questionable whether⁠—with such a record⁠—he could be restored to his former place here? The bankers and business men who were closest to him were decidedly dubious.

But in so far as Cowperwood and his own attitude toward life was concerned, at this time⁠—the feeling he had⁠—“to satisfy myself”⁠—when combined with his love of beauty and love and women, still made him ruthless and thoughtless. Even now, the beauty and delight of a girl like Aileen Butler were far more important to him than the goodwill of fifty million people, if he could evade the necessity of having their goodwill. Previous to the Chicago fire and the panic, his star had been so rapidly ascending that in the helter-skelter of great and favorable events he had scarcely taken thought of the social significance of the thing he was doing. Youth and the joy of life were in his blood. He felt so young, so vigorous, so like new grass looks and feels. The freshness of spring evenings was in him, and he did not care. After the crash, when one might have imagined he would have seen the wisdom of relinquishing Aileen for the time being, anyhow, he did not care to. She represented the best of the wonderful days that had gone before. She was a link between him and the past and a still-to-be triumphant future.

His worst anxiety was that if he were sent to the penitentiary, or adjudged a bankrupt, or both, he would probably lose the privilege of a seat on ’change, and that would close to him the most distinguished avenue of his prosperity here in Philadelphia for some time, if not forever. At present, because of his complications, his seat had been attached as an asset, and he could not act. Edward and Joseph, almost the only employees he could afford, were still acting for him in a small way; but the other members on ’change naturally suspected his brothers as his agents, and any talk that they might raise of going into business for themselves merely indicated to other brokers and bankers that Cowperwood was contemplating some concealed move which would not necessarily be advantageous to his creditors, and against the law anyhow. Yet he must remain on ’change, whatever happened, potentially if not actively; and so in his quick mental searchings he hit upon the idea that in order to forfend against the event of his being put into prison or thrown into bankruptcy, or both, he ought to form a subsidiary silent partnership with some man who was or would be well liked on ’change, and whom he could use as a cat’s-paw and a dummy.

Finally he hit upon a man who he thought would do. He did not amount to much⁠—had a small business; but he was honest, and he liked Cowperwood. His name was Wingate⁠—Stephen Wingate⁠—and he was eking out a not too robust existence in South Third Street as a broker. He was forty-five years of age, of medium height, fairly thickset, not at all unprepossessing, and rather intelligent and active, but not too forceful and pushing in spirit. He really needed a man like Cowperwood to make him into something, if ever he was to be made. He had a seat on ’change, and was well thought of; respected, but not so very prosperous. In times past he had asked small favors of Cowperwood⁠—the use of small loans at a moderate rate of interest, tips, and so forth; and Cowperwood, because he liked him and felt a little sorry for him, had granted them. Now Wingate was slowly drifting down toward a

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