Chapter XV

           TheplanCowperwooddevelopedafterafewdays’meditationwillbeplainenoughtoanyonewhoknowsanythingofcommercialandfinancialmanipulation,butadarksecrettothosewhodonot.Inthefirstplace,thecitytreasurerwastousehis(Cowperwood’s)officeasabankofdeposit.Hewastoturnovertohim,actually,orsetovertohiscreditonthecity’sbooks,subjecttohisorder,certainamountsofcityloanstwohundredthousanddollarsatfirst,sincethatwastheamountitwasdesiredtoraisequicklyandhewouldthengointothemarketandseewhatcouldbedonetohaveitbroughttopar.Thecitytreasurerwastoaskleaveofthestockexchangeatoncetohaveitlistedasasecurity.Cowperwoodwouldthenusehisinfluencetohavethisapplicationacteduponquickly.Stenerwasthentodisposeofallcityloancertificatesthroughhim,andhimonly.Hewastoallowhimtobuyforthesinking-fund,supposedly,suchamountsashemighthavetobuyinordertokeepthepriceuptopar.Todothis,onceaconsiderablenumberoftheloancertificateshadbeenunloadedonthepublic,itmightbenecessarytobuybackagreatdeal.However,thesewouldbesoldagain.Thelawconcerningsellingonlyatparwouldhavetobeabrogatedtothisextenti.e.,thatthewashsalesandpreliminarysaleswouldhavetobeconsiderednosalesuntilparwasreached.

           Therewasasubtleadvantagehere,asCowperwoodpointedouttoStener.

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