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In the large room outside Stener's private office he encountered Albert Stires, Stener's chief clerk and secretary. He and Albert had exchanged many friendly greetings in times past, and all the little minor transactions in regard to city loan had been discussed between them, for Albert knew more of the intricacies of finance and financial bookkeeping than Stener would ever know.

He decided to go to Butler at once, the only disturbing thought being that he would now be compelled to reveal his own and Stener's affairs. So reentering his runabout he drove swiftly to the Butler home. When he arrived there the famous contractor was at dinner. He had not heard the calling of the extras, and of course, did not understand as yet the significance of the fire.

At a few minutes before twelve o'clock he drove rapidly to the station to meet Stener; but to his great disappointment the latter did not arrive. It looked as though he had missed his train. Cowperwood sensed something, some trick; and decided to go to the city hall and also to Stener's house. Perhaps he had returned and was trying to avoid him.

And the only way out of that would be to swear that you had received the check with Stener's knowledge and consent. Then it would only be a technical charge of irresponsibility on your part, as I see it, and I don't believe any jury would convict you on the evidence of how this relationship was conducted. Still, it might; you never can tell what a jury is going to do.

There was none in Stener's. The practical manner in which the situation was furthered, after Cowperwood and Stener were formally charged may be quickly noted. Steger, Cowperwood's lawyer, learned privately beforehand that Cowperwood was to be prosecuted.

Stener was just about to make another weak rejoinder when the door from the outer office opened, and Albert Stires, Stener's chief clerk, entered. Stener was too flustered to really pay any attention to Stires for the moment; but Cowperwood took matters in his own hands. "What is it, Albert?" he asked, familiarly. "Mr. Sengstack from Mr. Mollenhauer to see Mr. Stener."

On the other hand, under pressure from the right parties he might be made to surrender all his street-railway holdings for a song his and Stener's. It could be bought, as usual. The defalcation if Cowperwood's failure made Stener's loan into one could be concealed long enough, Mollenhauer thought, to win.

A hundred to one he was not. Trust a shrewd man like that to take care of himself. But if there was any way to shoulder the blame on to Cowperwood, and so clear the treasurer and the skirts of the party, he would not object to that. He wanted to hear the full story of Stener's relations with the broker first. Meanwhile, the thing to do was to seize what Stener had to yield.

After much discussion of Stener's and Cowperwood's relations the story finally got down to the preceding October, when by reason of companionship, long business understanding, mutually prosperous relationship, etc., the place bad been reached where, it was explained, Cowperwood was not only handling several millions of city loan annually, buying and selling for the city and trading in it generally, but in the bargain had secured one five hundred thousand dollars' worth of city money at an exceedingly low rate of interest, which was being invested for himself and Stener in profitable street-car ventures of one kind and another.

Aside from what the higher powers had made, Stener's new house, his lots, his bank-account, his good clothes, and his changed and comfortable sense of life were largely due to Cowperwood's successful manipulation of these city-loan certificates. Already there had been four issues of two hundred thousand dollars each.