THE FINANCIER 
little he could not tell. Cowperwood had told him in 
the past that he thought the Senator had a good deal. 
Most of their holdings, as in the case of Cowperwood's, 
were hypothecated at the various banks for loans and 
these loans invested in other ways. It was not advisable 
or comfortable to have these loans called, though the 
condition of no one of the triumvirate was anything like 
as bad as that of Cowperwood. They could see them- 
selves through without much trouble, though not without 
probable loss unless they took hurried action to protect 
themselves. 
The thing that interested Butler most at this time was 
this matter of Stener. He had not heard much about 
Stener's doings since the time when the city loan issue 
was turned over to Cowperwood, but he fancied he was 
getting along well enough. These small-fry politicians, 
quite like the large ones, were always getting up some 
little scheme in one way and another, to make some money. 
They had to be watched right along to see that their 
schemes did not become too ambitious, or their plottings 
infringe on the perquisites of the big politicians or injure 
the party, but beyond that nothing was thought about 
it. He would not have thought so much of it if Cowper- 
wood had told him that Stener was involved, say, to the 
extent of seventy-five or a hundred thousand dollars. 
That might be adjusted. But five hundred thousand 
dollars! 
"That's a lot of money," said Butler, thinking of the 
amazing audacity of Stener, but failing at the moment -to 
identify it with the astute machinations of Cowperwood. 
Cowperwood had always seemed so conservative in his 
plannings. It must be others behind Stener. 
"Well, now, that's something to think about," he said. 
"There's no time to lose if there's going to be a panic in 
the morning. How much good will it do ye if we did 
support the market?" 
"A great deal," returned Cowperwood, "although of
 
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