LITMIR.BIZ

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George W. Stener was in a way a political henchman and appointee of Mollenhauer’s, the latter was only vaguely acquainted with him. He had seen him before; knew of him; had agreed that his name should be put on the local slate largely because he had been assured by those who were closest to him and who did his bidding that Stener was “all right,” that he would do as he was told, that he would cause no one any trouble, etc. In fact, during several previous administrations, Mollenhauer had maintained a subsurface connection with the treasury, but never so close a one as could easily be traced. He was too conspicuous a man politically and financially for that. But he was not above a plan, in which Simpson if not Butler shared, of using political and commercial stool-pigeons to bleed the city treasury as much as possible without creating a scandal. Infact, for some years previous to this, various agents had already been employed – Edward Strobik, president of council, Asa Conklin, the then incumbent of the mayor’s chair, Thomas Wycroft, alderman, Jacob Harmon, alderman, and others – to organize dummy companies under various names, whose business it was to deal in those things which the city needed – lumber, stone, steel, iron, cement – a long list – and of course, always at a fat profit to those ultimately behind the dummy companies, so organized. It saved the city the trouble of looking far and wide for honest and reasonable dealers.

      Since the action of at least three of these dummies will have something to do with the development of Cowperwood’s story, they may be briefly described. Edward Strobik, the chief of them, and the one most useful to Mollenhauer, in a minor way, was a very spry person of about thirty-five at this time – lean and somewhat forceful, with black hair, black eyes, and an inordinately large black mustache. He was dapper, inclined to noticeable clothing – a pair of striped trousers, a white vest, a black cutaway coat and a high silk hat. His markedly ornamental shoes were always polished to perfection, and his immaculate appearance gave him the nickname of “The Dude” among some. Nevertheless he was quite able on a small scale, and was well liked by many.

      His two closest associates, Messrs. Thomas Wycroft and Jacob Harmon, were rather less attractive and less brilliant. <…>

      The companies which these several henchmen had organized under previous administrations, and for Mollenhauer, dealt in meat, building material, lamp-posts, highway supplies, anything you will, which the city departments or its institutions needed. A city contract once awarded was irrevocable, but certain councilmen had to be fixed in advance and it took money to do that. The company so organized need not actually slaughter any cattle or mold lamp-posts. All it had to do was to organize to do that, obtain a charter, secure a contract for supplying such material to the city from the city council (which Strobik, Harmon, and Wycroft would attend to), and then sublet this to some actual beef-slaughterer or iron-founder, who would supply the material and allow them to pocket their profit which in turn was divided or paid for to Mollenhauer and Simpson in the form of political donations to clubs or organizations. It was so easy and in a way so legitimate. The particular beef-slaughterer or iron-founder thus favored could not hope of his own ability thus to obtain a contract. Stener, or whoever was in charge of the city treasury at the time, for his services in loaning money at a low rate of interest to be used as surety for the proper performance of contract, and to aid in some instances the beef-killer or iron-founder to carry out his end, was to be allowed not only the one or two per cent. which he might pocket (other treasurers had), but a fair proportion of the profits. A complacent, confidential chief clerk who was all right would be recommended to him. It did not concern Stener that Strobik, Harmon, and Wycroft, acting for Mollenhauer, were incidentally planning to use a little of the money loaned for purposes quite outside those indicated. It was his business to loan it. <…>

      Neither Strobik, Harmon, nor Wycroft knew how the certificates of city loan, which were worth only ninety on the open market, were to be made to sell for one hundred on ’change, but Mollenhauer’s secretary, one Abner Sengstack, had suggested to Strobik that, since Butler was dealing with young Cowperwood and Mollenhauer did not care particularly for his private broker in this instance, it might be as well to try Cowperwood.

      So it was that Cowperwood was called to Stener’s office[102]. And once there, and not as yet recognizing either the hand of Mollenhauer or Simpson in this, merely looked at the peculiarly shambling, heavy-cheeked, middle-class man before him without either interest or sympathy, realizing at once that he had a financial baby to deal with. If he could act as adviser to this man – be his sole counsel for four years! <…>

      “I tell you what I’d like to do, Mr. Stener,” he said, after he had listened to his explanation and asked how much of the city loan he would like to sell during the coming year. “I’ll be glad to undertake it. But I’d like to have a day or two in which to think it over.”

      “Why, certainly, certainly, Mr. Cowperwood,” replied Stener, genially. “That’s all right. Take your time. If you know how it can be done, just show me when you’re ready. By the way, what do you charge?”

      “Well, the 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 have 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 anyone 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[103] 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 anyone 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 buy 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

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