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 associates should, for any reason,
modify their decision in regard to calling his loans, he would not.
Would Stener make a row about this if he so secured this check? Would
the city officials pay any attention to him if he did? Could you get any
district attorney to take cognizance of such a transaction, if Stener
did complain? No, not in all likelihood; and, anyhow, nothing would
come of it. No jury would punish him in the face of the understanding
existing between him and Stener as agent or broker and principal. And,
once he had the money, it was a hundred to one Stener would think no
more about it. It would go in among the various unsatisfied liabilities,
and nothing more would be thought about it. Like lightning the entire
situation hashed through his mind. He would risk it. He stopped before
the chief clerk's desk.

"Albert," he said, in a low voice, "I bought sixty thousand dollars'
worth of city loan for the sinking-fund this morning. Will you give my
boy a check for it in the morning, or,