“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 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.