THE FINANCIER 
not only to pay your seller, but to reimburse you for your 
trouble, to say nothing of giving you a margin wherewith 
to invest in other things—allied properties, for instance, 
against which more bonds could be issued, and so on, 
ad infinitum. It is an old story now, but it was new then, 
and he kept the thought closely to himself. He was glad 
to have Stener speak of this matter, though, for street- 
railways were his hobby, and he was convinced from look- 
ing at them that he would be a great master of them if he 
ever had an opportunity to control them. 
" Why, yes, George," he said, non-committally, " there 
are two or three that offer a good chance if a man had 
money enough. It would take a good deal of money unless 
you wanted to go rather slow. I notice blocks of stock be- 
ing offered on 'change now and then by one person and 
another. It would be good policy to pick these things 
up as they're offered, and then to see later if some of 
the other stockholders won't want to sell out. Green 
and Coates, now, looks like a good proposition to me. 
If I had three or four hundred thousand dollars that I 
thought I could put into that by degrees I would follow 
it up. It only takes about thirty per cent. of the stock 
of any railroad to control it. Most of the shares are 
scattered around so far and wide that they never vote, 
and I think two or three hundred thousand dollars would 
control this road." He spoke of one or two other lines 
that might possibly be secured in the same way in the 
course of time. 
Stener meditated. " That's a good deal of money," he 
said, thoughtfully. " I'll talk to you about that some 
more later." 
Cowperwood knew that Stener did not have any two 
or three hundred thousand dollars to invest in anything. 
There was only one way that he could get it—and that 
was to loan it out of the city treasury and forego the 
interest. This thought did not trouble Cowperwood any 
at the moment. He knew that the larger politicians were 
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