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.
There was a subtle advantage here, as Cowperwood pointed out to Stener.
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