Investors could get more than six per cent.

elsewhere unless the loan was sold at ninety.

But there were a few watchful politicians not in the administration, and some newspapers and non-political financiers who, because of the high strain of patriotism existing at the time, insisted that the loan should be sold at par.
Therefore a clause to that effect had to be inserted in the enabling ordinance.
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.