the financier-第24部分
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So it was that Cowperwood was called to Stener's office。 And once there； and not as yet recognizing either the hand of Mollenhauer or Simpson in this； merely looked at the peculiarly shambling； heavy…cheeked； middle…class man before him without either interest or sympathy； realizing at once that he had a financial baby to deal with。 If he could act as adviser to this manbe his sole counsel for four years！
〃How do you do； Mr。 Stener？〃 he said in his soft； ingratiating voice； as the latter held out his hand。 〃I am glad to meet you。 I have heard of you before； of course。〃
Stener was long in explaining to Cowperwood just what his difficulty was。 He went at it in a clumsy fashion； stumbling through the difficulties of the situation he was suffered to meet。
〃The main thing； as I see it； is to make these certificates sell at par。 I can issue them in any sized lots you like； and as often as you like。 I want to get enough now to clear away two hundred thousand dollars' worth of the outstanding warrants； and as much more as I can get later。〃
Cowperwood felt like a physician feeling a patient's pulsea patient who is really not sick at all but the reassurance of whom means a fat fee。 The abstrusities of the stock exchange were as his A B C's to him。 He knew if he could have this loan put in his handsall of it； if he could have the fact kept dark that he was acting for the city； and that if Stener would allow him to buy as a 〃bull〃 for the sinking…fund while selling judiciously for a rise； he could do wonders even with a big issue。 He had to have all of it； though； in order that he might have agents under him。 Looming up in his mind was a scheme whereby he could make a lot of the unwary speculators about 'change go short of this stock or loan under the impression； of course； that it was scattered freely in various persons' hands； and that they could buy as much of it as they wanted。 Then they would wake to find that they could not get it； that he had it all。 Only he would not risk his secret that far。 Not he； oh； no。 But he would drive the city loan to par and then sell。 And what a fat thing for himself among others in so doing。 Wisely enough he sensed that there was politics in all thisshrewder and bigger men above and behind Stener。 But what of that？ And how slyly and shrewdly they were sending Stener to him。 It might be that his name was becoming very potent in their political world here。 And what might that not mean！
〃I tell you what I'd like to do； Mr。 Stener；〃 he said； after he had listened to his explanation and asked how much of the city loan he would like to sell during the coming year。 〃I'll be glad to undertake it。 But I'd like to have a day or two in which to think it over。〃
〃Why； certainly； certainly； Mr。 Cowperwood；〃 replied Stener； genially。 〃That's all right。 Take your time。 If you know how it can be done； just show me when you're ready。 By the way； what do you charge？〃
〃Well； the stock exchange has a regular scale of charges which we brokers are compelled to observe。 It's one…fourth of one per cent。 on the par value of bonds and loans。 Of course； I may hav to add a lot of fictitious sellingI'll explain that to you later but I won't charge you anything for that so long as it is a secret between us。 I'll give you the best service I can； Mr。 Stener。 You can depend on that。 Let me have a day or two to think it over； though。〃
He shook hands with Stener； and they parted。 Cowperwood was satisfied that he was on the verge of a significant combination； and Stener that he had found someone on whom he could lean。
Chapter XV
The plan Cowperwood developed after a few days' meditation will be plain enough to any one who knows anything of commercial and financial manipulation； but a dark secret to those who do not。 In the first place； the city treasurer was to use his （Cowperwood's） office as a bank of deposit。 He was to turn over to him； actually； or set over to his credit on the city's books； subject to his order； certain amounts of city loanstwo hundred thousand dollars at first； since that was the amount it was desired to raise quickly and he would then go into the market and see what could be done to have it brought to par。 The city treasurer was to ask leave of the stock exchange at once to have it listed as a security。 Cowperwood would then use his influence to have this application acted upon quickly。 Stener was then to dispose of all city loan certificates through him； and him only。 He was to allow him to buy for the sinking…fund； supposedly； such amounts as he might have to buy in order to keep the price up to par。 To do this； once a considerable number of the loan certificates had been unloaded on the public； it might be necessary to buy back a great deal。 However； these would be sold again。 The law concerning selling only at par would have to be abrogated to this extent i。e。； that the wash sales and preliminary sales would have to be considered no sales until par was reached。
There was a subtle advantage here； as Cowperwood pointed out to Stener。 In the first place； since the certificates were going ultimately to reach par anyway； there was no objection to Stener or any one else buying low at the opening price and holding for a rise。 Cowperwood would be glad to carry him on his books for any amount； and he would settle at the end of each month。 He would not be asked to buy the certificates outright。 He could be carried on the books for a certain reasonable margin； say ten points。 The money was as good as made for Stener now。 In the next place； in buying for the sinking…fund it would be possible to buy these certificates very cheap； for； having the new and reserve issue entirely in his hands； Cowperwood could throw such amounts as he wished into the market at such times as he wished to buy； and consequently depress the market。 Then he could buy； and； later； up would go the price。 Having the issues totally in his hands to boost or depress the market as he wished； there was no reason why the city should not ultimately get par for all its issues； and at the same time considerable money be made out of the manufactured fluctuations。 He； Cowperwood； would be glad to make most of his profit that way。 The city should allow him his normal percentage on all his actual sales of certificates for the city at par （he would have to have that in order to keep straight with the stock exchange）； but beyond that； and for all the other necessary manipulative sales； of which there would be many； he would depend on his knowledge of the stock market to reimburse him。 And if Stener wanted to speculate with himwell。
Dark as this transaction may seem to the uninitiated； it will appear quite clear to those who know。 Manipulative tricks have always been worked in connection with stocks of which one man or one set of men has had complete control。 It was no different from what subsequently was done with Erie； Standard Oil； Copper； Sugar； Wheat； and what not。 Cowperwood was one of the first and one of the youngest to see how it could be done。 When he first talked to Stener he was twenty…eight years of age。 When he last did business with him he was thirty…four。
The houses and the bank…front of Cowperwood & Co。 had been proceeding apace。 The latter was early Florentine in its decorations with windows which grew narrower as they approached the roof； and a door of wrought iron set between delicately carved posts； and a straight lintel of brownstone。 It was low in height and distinguished in appearance。 In the center panel had been hammered a hand； delicately wrought； thin and artistic； holding aloft a flaming brand。 Ellsworth informed him that this had formerly been a money…changer's sign used in old Venice； the significance of which had long been forgotten。
The interior was finished in highly…polished hardwood； stained in imitation of the gray lichens which infest trees。 Large sheets of clear； beveled glass were used； some oval； some oblong； some square； and some circular； following a given theory of eye movement。 The fixtures for the gas…jets were modeled after the early Roman flame…brackets； and the office safe was made an ornament； raised on a marble platform at the back of the office and lacquered a silver…gray； with Cowperwood & Co。 lettered on it in gold。 One had a sense of reserve and taste pervading the place； and yet it was also inestimably prosperous； solid and assuring。 Cowperwood； when he viewed it at its completion； complimented Ellsworth cheerily。 〃I like this。 It is really beautiful。 It will be a pleasure to work here。 If those houses are going to be anything like this； they will be perfect。〃
〃Wait till you see them。 I think you will be pleased； Mr。 Cowperwood。 I am taking especial pains with yours because it is smaller。 It is really easier to treat your father's。 But yours〃 He went off into a description of the entrance…hall； reception…room and parlor； which he was arranging and decorating in such a way as to give an effect of size and dignity not really conformable to the actual space。
And when the houses were finished； they were effective and arrestingquite different from the conventional residences of the street。 They w
