This, as one might readily see, destroyed the politicians’ little scheme to get this loan at ninety.  Nevertheless since they desired that the money tied up in the old warrants and now not redeemable because of lack of funds should be paid them, the only way this could be done would be to have some broker who knew the subtleties of the stock market handle this new city loan on ’change in such a way that it would be made to seem worth one hundred and to be sold to outsiders at that figure.  Afterward, if, as it was certain to do, it fell below that, the politicians could buy as much of it as they pleased, and eventually have the city redeem it at par.

George W. Stener, entering as city treasurer at this time, and bringing no special financial intelligence to the proposition, was really troubled.  Henry A. Mollenhauer, one of the men who had gathered up a large amount of the old city warrants, and who now wanted his money, in order to invest it in bonanza offers in the West, called on Stener, and also on the mayor.  He with Simpson and Butler made up the Big Three.

“I think something ought to be done about these warrants that are outstanding,” he explained.  “I am carrying a large amount of them, and there are others.  We have helped the city a long time by saying nothing; but now I think that something ought to be done.  Mr. Butler and Mr. Simpson feel the same way.  Couldn’t these new loan certificates be listed on the stock exchange and the money raised that way?  Some clever broker could bring them to par.”

Stener was greatly flattered by the visit from Mollenhauer.  Rarely did he trouble to put in a personal appearance, and then only for the weight and effect his presence would have.  He called on the mayor and the president of council, much as he called on Stener, with a lofty, distant, inscrutable air.  They were as office-boys to him.

In order to understand exactly the motive for Mollenhauer’s interest in Stener, and the significance of this visit and Stener’s subsequent action in regard to it, it will be necessary to scan the political horizon for some little distance back.  Although George W. Stener was in a way a political henchman and appointee of Mollenhauer’s, the latter was only vaguely acquainted with him.  He had seen him before; knew of him; had agreed that his name should be put on the local slate largely because he had been assured by those who were closest to him and who did his bidding that Stener was “all right,” that he would do as he was told, that he would cause no one any trouble, etc.  In fact, during several previous administrations, Mollenhauer had maintained a subsurface connection with the treasury, but never so close a one as could easily be traced.  He was too conspicuous a man politically and financially for that.  But he was not above a plan, in which Simpson if not Butler shared, of using political and commercial stool-pigeons to bleed the city treasury as much as possible without