He waited a few moments to see if this, by any twist of chance, would have any effect; then, noting that Stener still remained a wilted, helpless mass of nothing, he shook his head gloomily and walked out.

It was the first time in his life that Cowperwood had ever shown the least sign of weakening or despair.  He had felt all along as though there were nothing to the Greek theory of being pursued by the furies.  Now, however, there seemed an untoward fate which was pursuing him.  It looked that way.  Still, fate or no fate, he did not propose to be daunted.  Even in this very beginning of a tendency to feel despondent he threw back his head, expanded his chest, and walked as briskly as ever.

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.

At the sight of Stires the thought in regard to the sixty thousand dollars’ worth of city loan certificates, previously referred to, flashed suddenly through his mind.  He had not deposited them in the sinking-fund, and did not intend to for the present—­could not, unless considerable free money were to reach him shortly—­for he had used them to satisfy other pressing demands, and had no free money to buy them back—­or, in other words, release them.  And he did not want to just at this moment.  Under the law governing transactions of this kind with the city treasurer, he was supposed to deposit them at once to the credit of the city, and not to draw his pay therefor from the city treasurer until he had.  To be very exact, the city treasurer, under the law, was not supposed to pay him for any transaction of this kind until he or his agents presented a voucher from the bank or other organization carrying the sinking-fund for the city showing that the certificates so purchased had actually been deposited there.  As a matter of fact, under the custom which had grown up between him and Stener, the law had long been ignored in this respect.  He could buy certificates of city loan for the sinking-fund up to any reasonable amount, hypothecate them where he pleased, and draw his pay from the city without presenting a voucher.  At the end of the month sufficient certificates of city loan could usually be gathered from one source and another to make up the deficiency, or the deficiency could actually be ignored, as had been done on more than one occasion, for long periods of time, while he used money secured by hypothecating the shares for speculative purposes.  This was actually illegal; but neither Cowperwood nor Stener saw it in that light or cared.