, it would appear that he has been held to no
responsibility in these matters, and that there have always been under
his control several hundred thousand dollars of cash or securities
belonging to the city, which he has manipulated for various purposes;
but the details of the results of these transactions are not easily
available.
"Some of the operations consisted of hypothecation of large amounts of
these loans before the certificates were issued, the lender seeing that
the order for the hypothecated securities was duly made to him on the
books of the treasurer. Such methods appear to have been occurring for
a long time, and it being incredible that the city treasurer could
be unaware of the nature of the business, there is indication of a
complicity between him and Mr. Cowperwood to benefit by the use of the
city credit, in violation of the law.
"Furthermore, at the very time these hypothecations were being made, and
the city paying interest upon such loans, the money representing them
was in the hands of the treasurer's broker and bearing no interest to
the city. The payment of municipal warrants was postponed, and they were
being purchased at a discount in large amounts by Mr.
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