THE FINANCIER 
the treasurer to sell the bonds of the city, had committed 
embezzlement and larceny as bailee. It did not matter 
that he charged Mr. George W. Stener with embezzle- 
ment at the same time. Cowperwood was the scape- 
goat they were after. 
In that minor world of the small politicians—those 
below Simpson, Mollenhauer, and Butler—which con- 
cerned Mr. Borchardt, Mr. Strobik, Mr. Wycroft, Mr. 
Harmon, Mr. Stener, and others, things were equally 
subtle, treacherous, uncertain, and anything but pleasant 
to contemplate. These gentlemen, aside from their con- 
nection with Mr. Mollenhauer, which was dark, safe, and 
never to be spoken of, had all been making a little money 
out of the pliability and financial immorality of Mr. 
Stener, to say nothing of the cleverness of Mr. Cowper- 
wood. As has been said, Mr. Strobik, Mr. Wycroft, 
and Mr. Harmon were on Mr. Stener's bond as treasurer, 
which was against the law in the first place. They had 
no business to be; but it was profitable. 
Then they had all shared Mr. Stener's earlier earnings. 
Now, however, Mr. Stener's bond was in danger of being 
forfeited. His affairs were being investigated. Did 
friendship last? It did not. They, all of them, were 
now watching each other like a lot of cats and rats, each 
figuring how he could protect himself as to his bond and 
his holdings by getting Stener to make over his property 
to him, individually, instead of to all three of them col- 
lectively, and before it could or should (owing, perhaps, 
to public clamor) be perforce seized by some one for the 
city. 
There was much running to and fro here. There was 
much conferring with Mr. Stener and whispering with 
each other. It was, of course, against the law for Mr. 
Stener to assign his property—such little of it as there was 
left after his transactions with Mr. Mollenhauer—to any 
one, seeing that he was indebted to the city to the extent 
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