Финансист

Chapter II

           Whenhisfatherexplainedtohimhowitwasmined,hedreamedthatheownedagoldmineandwakedtowishthathedid.Hewaslikewisecuriousaboutstocksandbondsandhelearnedthatsomestocksandbondswerenotworththepapertheywerewrittenon,andthatotherswereworthmuchmorethantheirfacevalueindicated.

           "There,myson,"saidhisfathertohimoneday,"youwon’toftenseeabundleofthosearoundthisneighborhood."HereferredtoaseriesofsharesintheBritishEastIndiaCompany,depositedascollateralattwo-thirdsoftheirfacevalueforaloanofonehundredthousanddollars.APhiladelphiamagnatehadhypothecatedthemfortheuseofthereadycash.YoungCowperwoodlookedatthemcuriously."Theydon’tlooklikemuch,dothey?"hecommented.

           "Theyareworthjustfourtimestheirfacevalue,"saidhisfather,archly.

           Frankreexaminedthem."TheBritishEastIndiaCompany,"heread."Tenpoundsthat’sprettynearfiftydollars."

           "Forty-eight,thirty-five,"commentedhisfather,dryly."Well,ifwehadabundleofthosewewouldn’tneedtoworkveryhard.You’llnoticetherearescarcelyanypin-marksonthem.Theyaren’tsentaroundverymuch.Idon’tsupposethesehaveeverbeenusedascollateralbefore."

           YoungCowperwoodgavethembackafteratime,butnotwithoutakeensenseofthevastramificationsoffinance.WhatwastheEastIndiaCompany?Whatdiditdo?Hisfathertoldhim.

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