the financier-第33部分
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at here looking at the yard。
〃Well；〃 asked Stener； ambitiously； taking the bait； 〃why don't we get hold of thatyou and me？ I suppose I could fix it so far as the money is concerned。 How much would it take？〃
Cowperwood smiled inwardly again。
〃I don't know exactly；〃 he said； after a time。 〃I want to look into it more carefully。 The one trouble is that I'm carrying a good deal of the city's money as it is。 You see； I have that two hundred thousand dollars against your city…loan deals。 And this new scheme will take two or three hundred thousand more。 If that were out of the way〃
He was thinking of one of the inexplicable stock panicsthose strange American depressions which had so much to do with the temperament of the people； and so little to do with the basic conditions of the country。 〃If this North Pennsylvania deal were through and done with〃
He rubbed his chin and pulled at his handsome silky mustache。
〃Don't ask me any more about it； George；〃 he said； finally； as he saw that the latter was beginning to think as to which line it might be。 〃Don't say anything at all about it。 I want to get my facts exactly right； and then I'll talk to you。 I think you and I can do this thing a little later； when we get the North Pennsylvania scheme under way。 I'm so rushed just now I'm not sure that I want to undertake it at once； but you keep quiet and we'll see。〃 He turned toward his desk； and Stener got up。
〃I'll make any sized deposit with you that you wish； the moment you think you're ready to act； Frank；〃 exclaimed Stener； and with the thought that Cowperwood was not nearly as anxious to do this as he should be； since he could always rely on him （Stener） when there was anything really profitable in the offing。 Why should not the able and wonderful Cowperwood be allowed to make the two of them rich？ 〃Just notify Stires； and he'll send you a check。 Strobik thought we ought to act pretty soon。〃
〃I'll tend to it； George；〃 replied Cowperwood； confidently。 〃It will come out all right。 Leave it to me。〃
Stener kicked his stout legs to straighten his trousers； and extended his hand。 He strolled out in the street thinking of this new scheme。 Certainly； if he could get in with Cowperwood right he would be a rich man； for Cowperwood was so successful and so cautious。 His new house； this beautiful banking office； his growing fame； and his subtle connections with Butler and others put Stener in considerable awe of him。 Another line！ They would control it and the North Pennsylvania！ Why； if this went on； he might become a magnatehe really mighthe； George W。 Stener； once a cheap real…estate and insurance agent。 He strolled up the street thinking； but with no more idea of the importance of his civic duties and the nature of the social ethics against which he was offending than if they had never existed。
Chapter XXII
The services which Cowperwood performed during the ensuing year and a half for Stener； Strobik； Butler； State Treasurer Van Nostrand； State Senator Relihan； representative of 〃the interests；〃 so…called； at Harrisburg； and various banks which were friendly to these gentlemen； were numerous and confidential。 For Stener； Strobik； Wycroft； Harmon and himself he executed the North Pennsylvania deal； by which he became a holder of a fifth of the controlling stock。 Together he and Stener joined to purchase the Seventeenth and Nineteenth Street line and in the concurrent gambling in stocks。
By the summer of 1871； when Cowperwood was nearly thirty…four years of age； he had a banking business estimated at nearly two million dollars； personal holdings aggregating nearly half a million； and prospects which other things being equal looked to wealth which might rival that of any American。 The city； through its treasurer still Mr。 Stenerwas a depositor with him to the extent of nearly five hundred thousand dollars。 The State； through its State treasurer； Van Nostrand； carried two hundred thousand dollars on his books。 Bode was speculating in street…railway stocks to the extent of fifty thousand dollars。 Relihan to the same amount。 A small army of politicians and political hangers…on were on his books for various sums。 And for Edward Malia Butler he occasionally carried as high as one hundred thousand dollars in margins。 His own loans at the banks； varying from day to day on variously hypothecated securities； were as high as seven and eight hundred thousand dollars。 Like a spider in a spangled net； every thread of which he knew； had laid； had tested； he had surrounded and entangled himself in a splendid； glittering network of connections； and he was watching all the details。
His one pet idea； the thing he put more faith in than anything else； was his street…railway manipulations； and particularly his actual control of the Seventeenth and Nineteenth Street line。 Through an advance to him； on deposit； made in his bank by Stener at a time when the stock of the Seventeenth and Nineteenth Street line was at a low ebb； he had managed to pick up fifty…one per cent。 of the stock for himself and Stener； by virtue of which he was able to do as he pleased with the road。 To accomplish this； however； he had resorted to some very 〃peculiar〃 methods； as they afterward came to be termed in financial circles； to get this stock at his own valuation。 Through agents he caused suits for damages to be brought against the company for non…payment of interest due。 A little stock in the hands of a hireling； a request made to a court of record to examine the books of the company in order to determine whether a receivership were not advisable； a simultaneous attack in the stock market； selling at three； five； seven； and ten points off； brought the frightened stockholders into the market with their holdings。 The banks considered the line a poor risk； and called their loans in connection with it。 His father's bank had made one loan to one of the principal stockholders； and that was promptly called； of course。 Then； through an agent； the several heaviest shareholders were approached and an offer was made to help them out。 The stocks would be taken off their hands at forty。 They had not really been able to discover the source of all their woes； and they imagined that the road was in bad condition； which it was not。 Better let it go。 The money was immediately forthcoming； and Cowperwood and Stener jointly controlled fifty…one per cent。 But； as in the case of the North Pennsylvania line； Cowperwood had been quietly buying all of the small minority holdings； so that he had in reality fifty…one per cent。 of the stock； and Stener twenty…five per cent。 more。
This intoxicated him； for immediately he saw the opportunity of fulfilling his long…contemplated dreamthat of reorganizing the company in conjunction with the North Pennsylvania line； issuing three shares where one had been before and after unloading all but a control on the general public； using the money secured to buy into other lines which were to be boomed and sold in the same way。 In short； he was one of those early； daring manipulators who later were to seize upon other and ever larger phases of American natural development for their own aggrandizement。
In connection with this first consolidation； his plan was to spread rumors of the coming consolidation of the two lines； to appeal to the legislature for privileges of extension； to get up an arresting prospectus and later annual reports； and to boom the stock on the stock exchange as much as his swelling resources would permit。 The trouble is that when you are trying to make a market for a stockto unload a large issue such as his was （over five hundred thousand dollars' worth）while retaining five hundred thousand for yourself； it requires large capital to handle it。 The owner in these cases is compelled not only to go on the market and do much fictitious buying； thus creating a fictitious demand； but once this fictitious demand has deceived the public and he has been able to unload a considerable quantity of his wares； he is； unless he rids himself of all his stock； compelled to stand behind it。 If； for instance； he sold five thousand shares； as was done in this instance； and retained five thousand； he must see that the public price of the outstanding five thousand shares did not fall below a certain point； because the value of his private shares would fall with it。 And if； as is almost always the case； the private shares had been hypothecated with banks and trust companies for money wherewith to conduct other enterprises； the falling of their value in the open market merely meant that the banks would call for large margins to protect their loans or call their loans entirely。 This meant that his work was a failure； and he might readily fail。 He was already conducting one such difficult campaign in connection with this city…loan deal； the price of which varied from day to day； and which he was only too anxious to have vary； for in the main he profited by these changes。
But this second burden； interesting enough as it was； meant that he had to be doubly watchful。 Once the stock was sold at a high price； the money borrowed from the city treasurer could be returned； his own holdings created out of foresight； by capitalizing the future； by writing the shrewd prospectuses and reports； would be worth their face value； or little less。 He would have money to invest in other lines。 He might obtain the financial direction of the whole； in which case he would be worth millions。 One shrewd thing he did； which indicated the foresight and subtlety of the man； was to make a separate organization or company of any extension or addition which he made to his line。 Thus； if he had two or three miles of track on a street； and he wanted to extend it two or three miles farther on the same street； instead of including this extension in the existing corporation； he would make a second corporation to control the additional two or three miles of right of way。 This corporation he would capitalize at so much； and issue stocks and bonds for its construction； equipment； and manipulation。 Having done this he would then take the sub…corporation over into the parent concern； issuing more stocks and bonds of the parent compan
