have some broker who knew the subtleties of the stock market handle
this new city loan on 'change in such a way that it would be made to
seem worth one hundred and to be sold to outsiders at that figure.
Afterward, if, as it was certain to do, it fell below that, the
politicians could buy as much of it as they pleased, and eventually have
the city redeem it at par.

George W. Stener, entering as city treasurer at this time, and bringing
no special financial intelligence to the proposition, was really
troubled. Henry A. Mollenhauer, one of the men who had gathered up a
large amount of the old city warrants, and who now wanted his money, in
order to invest it in bonanza offers in the West, called on Stener, and
also on the mayor. He with Simpson and Butler made up the Big Three.

"I think something ought to be done about these warrants that are
outstanding," he explained. "I am carrying a large amount of them, and
there are others. We have helped the city a long time by saying nothing;
but now I think that something ought to be done. Mr. Butler and Mr.
Simpson feel the same way. Couldn't these new loan certificates be
listed on the stock exchange and the money raised that way? Some clever
broker could bring them to par."

Stener was greatly flattered by the visit from Mollenhauer. Rarely did
he trouble to put in a personal appearance, and then only for the weight
and effect his presence would have. He called on the mayor and the
president of council, much as he called on Stener, with a lofty,
distant, inscrutable air. They were as office-boys to him.

In order to understand exactly the motive for Mollenhauer's interest
in Stener, and the significance of this visit and Stener's subsequent
action in regard to it, it will be necessary to scan the political
horizon for some little distance back. Although George W. Stener was in
a way a political henchman and appointee of Mollenhauer's, the latter
was only vaguely acquainted with him. He had seen him before; knew of
him; had agreed that his name should be put on the local slate largely
because he had been assured by those who were closest to him and who
did his bidding that Stener was "all right," that he would do as he
was told, that he would cause no one any trouble, etc. In fact,
during several previous administrations, Mollenhauer had maintained a
subsurface connection with the treasury, but never so close a one as
could easily be traced. He was too conspicuous a man po