the financier-第26节

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ions　of　a　halcyon　future。

It　is　difficult　to　make　perfectly　clear　what　a　subtle　and　significant　power　this　suddenly　placed　in　the　hands　of　Cowperwood。　　Consider　that　he　was　only　twenty…eightnearing　twenty…nine。　　Imagine　yourself　by　nature　versed　in　the　arts　of　finance；　capable　of　playing　with　sums　of　money　in　the　forms　of　stocks；　certificates；　bonds；　and　cash；　as　the　ordinary　man　plays　with　checkers　or　chess。　　Or；　better　yet；　imagine　yourself　one　of　those　subtle　masters　of　the　mysteries　of　the　higher　forms　of　chessthe　type　of　mind　so　well　illustrated　by　the　famous　and　historic　chess…players；　who　could　sit　with　their　backs　to　a　group　of　rivals　playing　fourteen　men　at　once；　calling　out　all　the　moves　in　turn；　remembering　all　the　positions　of　all　the　men　on　all　the　boards；　and　winning。　　This；　of　course；　would　be　an　overstatement　of　the　subtlety　of　Cowperwood　at　this　time；　and　yet　it　would　not　be　wholly　out　of　bounds。　　He　knew　instinctively　what　could　be　done　with　a　given　sum　of　moneyhow　as　cash　it　could　be　deposited　in　one　place；　and　yet　as　credit　and　the　basis　of　moving　checks；　used　in　not　one　but　many　other　places　at　the　same　time。　When　properly　watched　and　followed　this　manipulation　gave　him　the　constructive　and　purchasing　power　of　ten　and　a　dozen　times　as　much　as　his　original　sum　might　have　represented。　　He　knew　instinctively　the　principles　of　〃pyramiding〃　and　〃kiting。〃　　He　could　see　exactly　not　only　how　he　could　raise　and　lower　the　value　of　these　certificates　of　loan；　day　after　day　and　year　after　yearif　he　were　so　fortunate　as　to　retain　his　hold　on　the　city　treasurerbut　also　how　this　would　give　him　a　credit　with　the　banks　hitherto　beyond　his　wildest　dreams。　His　father's　bank　was　one　of　the　first　to　profit　by　this　and　to　extend　him　loans。　　The　various　local　politicians　and　bosses　Mollenhauer；　Butler；　Simpson；　and　othersseeing　the　success　of　his　efforts　in　this　direction；　speculated　in　city　loan。　　He　became　known　to　Mollenhauer　and　Simpson；　by　reputation；　if　not　personally；　as　the　man　who　was　carrying　this　city　loan　proposition　to　a　successful　issue。　　Stener　was　supposed　to　have　done　a　clever　thing　in　finding　him。　　The　stock　exchange　stipulated　that　all　trades　were　to　be　compared　the　same　day　and　settled　before　the　close　of　the　next；　but　this　working　arrangement　with　the　new　city　treasurer　gave　Cowperwood　much　more　latitude；　and　now　he　had　always　until　the　first　of　the　month；　or　practically　thirty　days　at　times；　in　which　to　render　an　accounting　for　all　deals　connected　with　the　loan　issue。

And；　moreover；　this　was　really　not　an　accounting　in　the　sense　of　removing　anything　from　his　hands。　　Since　the　issue　was　to　be　so　large；　the　sum　at　his　disposal　would　always　be　large；　and　so…called　transfers　and　balancing　at　the　end　of　the　month　would　be　a　mere　matter　of　bookkeeping。　　He　could　use　these　city　loan　certificates　deposited　with　him　for　manipulative　purposes；　deposit　them　at　any　bank　as　collateral　for　a　loan；　quite　as　if　they　were　his　own；　thus　raising　seventy　per　cent。　of　their　actual　value　in　cash；　and　he　did　not　hesitate　to　do　so。　　He　could　take　this　cash；　which　need　not　be　accounted　for　until　the　end　of　the　month；　and　cover　other　stock　transactions；　on　which　he　could　borrow　again。　　There　was　no　limit　to　the　resources　of　which　he　now　found　himself　possessed；　except　the　resources　of　his　own　energy；　ingenuity；　and　the　limits　of　time　in　which　he　had　to　work。　　The　politicians　did　not　realize　what　a　bonanza　he　was　making　of　it　all　for　himself；　because　they　were　as　yet　unaware　of　the　subtlety　of　his　mind。　　When　Stener　told　him；　after　talking　the　matter　over　with　the　mayor；　Strobik；　and　others　that　he　would　formally；　during　the　course　of　the　year；　set　over　on　the　city's　books　all　of　the　two　millions　in　city　loan；　Cowperwood　was　silentbut　with　delight。　Two　millions！　His　to　play　with！　He　had　been　called　in　as　a　financial　adviser；　and　he　had　given　his　advice　and　it　had　been　taken！　Well。　　He　was　not　a　man　who　inherently　was　troubled　with　conscientious　scruples。　　At　the　same　time　he　still　believed　himself　financially　honest。　　He　was　no　sharper　or　shrewder　than　any　other　financiercertainly　no　sharper　than　any　other　would　be　if　he　could。

It　should　be　noted　here　that　this　proposition　of　Stener's　in　regard　to　city　money　had　no　connection　with　the　attitude　of　the　principal　leaders　in　local　politics　in　regard　to　street…railway　control；　which　was　a　new　and　intriguing　phase　of　the　city's　financial　life。　　Many　of　the　leading　financiers　and　financier…politicians　were　interested　in　that。　　For　instance；　Messrs。　Mollenhauer；　Butler；　and　Simpson　were　interested　in　street…railways　separately　on　their　own　account。　There　was　no　understanding　between　them　on　this　score。　　If　they　had　thought　at　all　on　the　matter　they　would　have　decided　that　they　did　not　want　any　outsider　to　interfere。　　As　a　matter　of　fact　the　street…railway　business　in　Philadelphia　was　not　sufficiently　developed　at　this　time　to　suggest　to　any　one　the　grand　scheme　of　union　which　came　later。　　Yet　in　connection　with　this　new　arrangement　between　Stener　and　Cowperwood；　it　was　Strobik　who　now　came　forward　to　Stener　with　an　idea　of　his　own。　　All　were　certain　to　make　money　through　Cowperwoodhe　and　Stener；　especially。　　What　was　amiss；　therefore；　with　himself　and　Stener　and　with　Cowperwood　as　their　or　rather　Stener's　secret　representative；　since　Strobik　did　not　dare　to　appear　in　the　matterbuying　now　sufficient　street…railway　shares　in　some　one　line　to　control　it；　and　then；　if　he；　Strobik；　could；　by　efforts　of　his　own；　get　the　city　council　to　set　aside　certain　streets　for　its　extension；　why；　there　you　werethey　would　own　it。　　Only；　later；　he　proposed　to　shake　Stener　out　if　he　could。　But　this　preliminary　work　had　to　be　done　by　some　one；　and　it　might　as　well　be　Stener。　　At　the　same　time；　as　he　saw；　this　work　had　to　be　done　very　carefully；　because　naturally　his　superiors　were　watchful；　and　if　they　found　him　dabbling　in　affairs　of　this　kind　to　his　own　advantage；　they　might　make　it　impossible　for　him　to　continue　politically　in　a　position　where　he　could　help　himself　just　the　same。　　Any　outside　organization　such　as　a　street…railway　company　already　in　existence　had　a　right　to　appeal　to　the　city　council　for　privileges　which　would　naturally　further　its　and　the　city's　growth；　and；　other　things　being　equal；　these　could　not　be　refused。　　It　would　not　do　for　him　to　appear；　however；　both　as　a　shareholder　and　president　of　the　council。　　But　with　Cowperwood　acting　privately　for　Stener　it　would　be　another　thing。

The　interesting　thing　about　this　proposition　as　finally　presented　by　Stener　for　Strobik　to　Cowperwood；　was　that　it　raised；　without　appearing　to　do　so；　the　whole　question　of　Cowperwood's　attitude　toward　the　city　administration。　　Although　he　was　dealing　privately　for　Edward　Butler　as　an　agent；　and　with　this　same　plan　in　mind；　and　although　he　had　never　met　either　Mollenhauer　or　Simpson；　he　nevertheless　felt　that　in　so　far　as　the　manipulation　of　the　city　loan　was　concerned　he　was　acting　for　them。　　On　the　other　hand；　in　this　matter　of　the　private　street…railway　purchase　which　Stener　now　brought　to　him；　he　realized　from　the　very　beginning；　by　Stener's　attitude；　that　there　was　something　untoward　in　it；　that　Stener　felt　he　was　doing　something　which　he　ought　not　to　do。

〃Cowperwood；〃　he　said　to　him　the　first　morning　he　ever　broached　this　matterit　was　in　Stener's　office；　at　the　old　city　hall　at　Sixth　and　Chestnut；　and　Stener；　in　view　of　his　oncoming　prosperity；　was　feeling　very　good　indeed〃isn't　there　some　street…railway　property　around　town　here　that　a　man　could　buy　in　on　and　get　control　of　if　he　had　sufficient　money？〃

Cowperwood　knew　that　there　were　such　properties。　　His　very　alert　mind　had　long　since　sensed　the　general　opportunities　here。　　The　omnibuses　were　slowly　disappearing。　　The　best　routes　were　already　preempted。　　Still；　there　were　other　streets；　and　the　city　was　growing。　　The　incoming　population　would　make　great　business　in　the　future。　　One　could　afford　to　pay　almost　any　price　for　the　short　lines　already　built　if　one　could　wait　and　extend　the　lines　into　larger　and　better　areas　later。　　And　already　he　had　conceived　in　his　own　mind　the　theory　of　the　〃endless　chain；〃　or　〃argeeable　formula；〃　as　it　was　later　termed；　of　buying　a　certain　property　on　a　long…time　payment　and　issuing　stocks　or　bonds　sufficient　not　only　to　pay　your　seller；　but　to　reimburse　you　for　your　trouble；　to　say　nothing　of　giving　you　a　margin　wherewith　to　invest　in　other　things　allied　properties；　for　instance；　against　which　more　bonds　could　be　issued；　and　so　on；　ad　infinitum。　　It　became　an　old　story　later；　but　it　was　new　at　that　time；　and　he　kept　the　thought　closely　to　himself。　　None　the　less　he　was　glad　to　have　Stener　speak　of　this；　since　street…railways　were　his　hobby；　and　he　was　convinced　that　he　would　be　a　great　master　of　them　if　he　ever　had　an　opportunity　to　control　them。

〃Why；　yes；　George；〃　he　said；　noncommittally；　there　are　two　or　three　that　offer　a　good　chance　if　a　man　had　money　enough。　　I　notice　blocks　of　stock　being　offered　on　'change　now　and　then　by　one　person　and　another。　　It　would　be　good　policy　to　pick　these　things　up　as　they're　offered；　and　then　to　see　later　if　some　of　the　other　stockholders　won't　want　to　sell　out。　　Green　and　Coates；