Capitalists and financiers -- Fiction; Psychological fiction
This, as one might readily see, destroyed the politicians’ little
scheme to get this loan at ninety. Nevertheless since they desired that
the money tied up in the old warrants and now not redeemable because of
lack of funds should be paid them, the only way this could be done
would be to have some broker who knew the subtleties of the stock
market handle this new city loan on ’change in such a way that it would
be made to seem worth one hundred and to be sold to outsiders at that
figure. Afterward, if, as it was certain to do, it fell below that, the
politicians could buy as much of it as they pleased, and eventually
have the city redeem it at par.
George W. Stener, entering as city treasurer at this time, and bringing
no special financial intelligence to the proposition, was really
troubled. Henry A. Mollenhauer, one of the men who had gathered up a
large amount of the old city warrants, and who now wanted his money, in
order to invest it in bonanza offers in the West, called on Stener, and
also on the mayor. He with Simpson and Butler made up the Big Three.
“I think something ought to be done about these warrants that are
outstanding,” he explained. “I am carrying a large amount of them, and
there are others. We have helped the city a long time by saying
nothing; but now I think that something ought to be done. Mr. Butler
and Mr. Simpson feel the same way. Couldn’t these new loan certificates
be listed on the stock exchange and the money raised that way? Some
clever broker could bring them to par.”
Stener was greatly flattered by the visit from Mollenhauer. Rarely did
he trouble to put in a personal appearance, and then only for the
weight and effect his presence would have. He called on the mayor and
the president of council, much as he called on Stener, with a lofty,
distant, inscrutable air. They were as office-boys to him.
Public-domain text, read in full here on John Shaqi.
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