Финансист

Chapter XVI

           HebecameknowntoMollenhauerandSimpson,byreputation,ifnotpersonally,asthemanwhowascarryingthiscityloanpropositiontoasuccessfulissue.Stenerwassupposedtohavedoneacleverthinginfindinghim.Thestockexchangestipulatedthatalltradesweretobecomparedthesamedayandsettledbeforethecloseofthenext;butthisworkingarrangementwiththenewcitytreasurergaveCowperwoodmuchmorelatitude,andnowhehadalwaysuntilthefirstofthemonth,orpracticallythirtydaysattimes,inwhichtorenderanaccountingforalldealsconnectedwiththeloanissue.

           And,moreover,thiswasreallynotanaccountinginthesenseofremovinganythingfromhishands.Sincetheissuewastobesolarge,thesumathisdisposalwouldalwaysbelarge,andso-calledtransfersandbalancingattheendofthemonthwouldbeamerematterofbookkeeping.Hecouldusethesecityloancertificatesdepositedwithhimformanipulativepurposes,depositthematanybankascollateralforaloan,quiteasiftheywerehisown,thusraisingseventypercent.oftheiractualvalueincash,andhedidnothesitatetodoso.Hecouldtakethiscash,whichneednotbeaccountedforuntiltheendofthemonth,andcoverotherstocktransactions,onwhichhecouldborrowagain.Therewasnolimittotheresourcesofwhichhenowfoundhimselfpossessed,excepttheresourcesofhisownenergy,ingenuity,andthelimitsoftimeinwhichhehadtowork.

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