THE FINANCIER 
some one on whom he could lean. Cowperwood was so 
much younger, but he was so forceful, so intelligent. 
Now, if Mr. Cowperwood were nice he might show him, 
Mr. Stener, how to make a little money on the stock 
exchange. He had heard of city officials doing this. And 
it was all between him and Mr. 
 a 
secret. He liked him very much. 
The plan Mr. Cowperwood developed after a few days' 
meditation would be plain enough to any one who knew 
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, act- 
ually, or set over to his credit on the city's books, subject 
to his order, certain amounts of city loans—two 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. Cowper- 
wood would use his influence to have this application 
acted upon quickly. Mr. Stener was 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. How- 
ever, 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, Cowper- 
wood pointed out to Mr. Stener. In the first place, since 
the certificates were going ultimately to reach par any- 
way, there was no objection to Mr. Stener or any one 
else buying low at the opening price and holding for a