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for that you will see me go broke and yourself to the penitentiary. I can't understand it, George.
You're out of your mind. You're going to rue this the longest day that you live."
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.
The trouble with this particular transaction was the note that he had received from Stener
ordering him to stop both buying and selling, which put his relations with the city treasury on a
very formal basis. He had bought these certificates before receiving this note, but had not
deposited them. He was going now to collect his check; but perhaps the old, easy system of
balancing matters at the end of the month might not be said to obtain any longer. Stires might
ask him to present a voucher of deposit. If so, he could not now get this check for sixty
thousand dollars, for he did not have the certificates to deposit. If not, he might get the money;
but, also, it might constitute the basis of some subsequent legal action. If he did not eventually
deposit the certificates before failure, some charge such as that of larceny might be brought
against him. Still, he said to himself, he might not really fail even yet. If any of his banking
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