Финансист

Chapter XV

           Inthefirstplace,sincethecertificatesweregoingultimatelytoreachparanyway,therewasnoobjectiontoSteneroranyoneelsebuyinglowattheopeningpriceandholdingforarise.Cowperwoodwouldbegladtocarryhimonhisbooksforanyamount,andhewouldsettleattheendofeachmonth.Hewouldnotbeaskedtobuythecertificatesoutright.Hecouldbecarriedonthebooksforacertainreasonablemargin,saytenpoints.ThemoneywasasgoodasmadeforStenernow.Inthenextplace,inbuyingforthesinking-funditwouldbepossibletobuythesecertificatesverycheap,for,havingthenewandreserveissueentirelyinhishands,Cowperwoodcouldthrowsuchamountsashewishedintothemarketatsuchtimesashewishedtobuy,andconsequentlydepressthemarket.Thenhecouldbuy,and,later,upwouldgotheprice.Havingtheissuestotallyinhishandstoboostordepressthemarketashewished,therewasnoreasonwhythecityshouldnotultimatelygetparforallitsissues,andatthesametimeconsiderablemoneybemadeoutofthemanufacturedfluctuations.He,Cowperwood,wouldbegladtomakemostofhisprofitthatway.Thecityshouldallowhimhisnormalpercentageonallhisactualsalesofcertificatesforthecityatpar(hewouldhavetohavethatinordertokeepstraightwiththestockexchange);butbeyondthat,andforalltheothernecessarymanipulativesales,ofwhichtherewouldbemany,hewoulddependonhisknowledgeofthestockmarkettoreimbursehim.AndifStenerwantedtospeculatewithhimwell.

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