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The Financier

Theodore Dreiser

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The Financier | Theodore Dreiser

The Financier

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In Philadelphia, Frank Cowperwood, whose father is a banker, makes his first money by buying cheap soaps on the market and selling it back with profit to a grocer. Later, he gets a job in Henry Waterman & Company, and leaves it for Tighe & Company. He also marries an affluent widow, in spite of his young age. Over the years, he starts embezzling municipal funds. In 1871, the Great Chicago Fire redounds to a stock market crash, prompting him to be bankrupt and exposed. Although he attempts to browbeat his way out of being sentenced to jail by intimidating Mr Stener, politicians from the Republican Party use their influence to use him as a scapegoat for their own corrupt practices. Meanwhile, he has an affair with Aileen Butler, a young girl, subsequent to losing faith in his wife. She vows to wait for him after his jail sentence. Her father, Mr Butler dies; she grows apart from her family. Frank divorces his wife. Sometime after being released, he invests in stocks subsequent to the Panic of 1873, and becomes a millionaire again. He decides to move out of Philadelphia and start a new life in the West.
tener 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.

There was a subtle advantage here, as Cowperwood pointed out to Stener. In the first place, since the certificates were going ultimately to reach par anyway, there was no objection to Stener or any one else buying low at the opening price and holding for a rise. Cowperwood would be glad to carry him on his books for any amount, and he would settle at the end of

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