he 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 selling--I'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
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. 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 bu