d the local treasury dealings very
closely, nor had he talked to either of his confreres since the original
conference between them. "There haven't been any outside parties mixed
up with this, have there?" His own shrewd, political mind was working.

"No-o. I wouldn't call him an outside party, exactly, Senator," went
on Butler suavely. "It's Cowperwood himself I'm thinkin' of. There's
somethin' that has come up since I saw you gentlemen last that makes me
think that perhaps that young man isn't as innocent as he might be. It
looks to me as though he was the ringleader in this business, as though
he had been leadin' Stener on against his will. I've been lookin' into
the matter on me own account, and as far as I can make out this man
Stener isn't as much to blame as I thought. From all I can learn,
Cowperwood's been threatenin' Stener with one thing and another if he
didn't give him more money, and only the other day he got a big sum
on false pretinses, which might make him equally guilty with Stener.
There's sixty-thousand dollars of city loan certificates that has been
paid for that aren't in the sinking-fund. And since the reputation of
the party's in danger this fall, I don't see that we need to have any
particular consideration for him." He paused, strong in the conviction
that he had sent a most dangerous arrow flying in the direction of
Cowperwood, as indeed he had. Yet at this moment, both the Senator and
Mollenhauer were not a little surprised, seeing at their last meeting
he had appeared rather friendly to the young banker, and this recent
discovery seemed scarcely any occasion for a vicious attitude on his
part. Mollenhauer in particular was surprised, for he had been looking
on Butler's friendship for Cowperwood as a possible stumbling block.

"Um-m, you don't tell me," observed Senator Simpson, thoughtfully,
stroking his mouth with his pale hand.

"Yes, I can confirm that," said Mollenhauer, quietly, seeing his own
little private plan of browbeating Cowperwood out of his street-railway
shares going glimmering. "I had a talk with Stener the other day about
this very matter, and he told me that Cowperwood had been trying to
force him to give him three hundred thousand dollars more, and that
when he refused Cowperwood managed to get sixty thousand dollars further
without his knowledge or consent."

"How could he do that?" asked Senator Simpson, incredulously.
Mollenhauer explained the transaction.

"Oh," s