y the certificates
outright. He could be carried on the books for a certain reasonable
margin, say ten points. The money was as good as made for Stener now. In
the next place, in buying for the sinking-fund it would be possible to
buy these certificates very cheap, for, having the new and reserve issue
entirely in his hands, Cowperwood could throw such amounts as he wished
into the market at such times as he wished to buy, and consequently
depress the market. Then he could buy, and, later, up would go the
price. Having the issues totally in his hands to boost or depress
the market as he wished, there was no reason why the city should not
ultimately get par for all its issues, and at the same time considerable
money be made out of the manufactured fluctuations. He, Cowperwood,
would be glad to make most of his profit that way. The city should allow
him his normal percentage on all his actual sales of certificates for
the city at par (he would have to have that in order to keep straight
with the stock exchange); but beyond that, and for all the other
necessary manipulative sales, of which there would be many, he would
depend on his knowledge of the stock market to reimburse him. And if
Stener wanted to speculate with him--well.

Dark as this transaction may seem to the uninitiated, it will appear
quite clear to those who know. Manipulative tricks have always been
worked in connection with stocks of which one man or one set of men has
had complete control. It was no different from what subsequently was
done with Erie, Standard Oil, Copper, Sugar, Wheat, and what not.
Cowperwood was one of the first and one of the youngest to see how it
could be done. When he first talked to Stener he was twenty-eight years
of age. When he last did business with him he was thirty-four.

The houses and the bank-front of Cowperwood & Co. had been proceeding
apace. The latter was early Florentine in its decorations with windows
which grew narrower as they approached the roof, and a door of wrought
iron set between delicately carved posts, and a straight lintel of
brownstone. It was low in height and distinguished in appearance. In
the center panel had been hammered a hand, delicately wrought, thin and
artistic, holding aloft a flaming brand. Ellsworth informed him that
this had formerly been a money-changer's sign used in old Venice, the
significance of which had long been forgotten.

The interior was finished in highly-polished hardwood, st