The Financier / Финансист. Книга для чтения на английском языке

“The little snip” – she was not at all – “she thinks the sun rises and sets in her father’s pocket,” Lillian observed one day to her husband. “To hear her talk, you’d think they were descended from Irish kings. Her pretended interest in art and music amuses me.”

“Oh, don’t be too hard on her,” coaxed Cowperwood diplomatically. He already liked Aileen very much. “She plays very well, and she has a good voice.”

“Yes, I know; but she has no real refinement. How could she have? Look at her father and mother.”

“I don’t see anything so very much the matter with her,” insisted Cowperwood. “She’s bright and good-looking. Of course, she’s only a girl, and a little vain, but she’ll come out of that. She isn’t without sense and force, at that.”

Aileen, as he knew, was most friendly to him. She liked him. She made a point of playing the piano and singing for him in his home, and she sang only when he was there. There was something about his steady, even gait, his stocky body and handsome head, which attracted her. In spite of her vanity and egotism, she felt a little overawed before him at times – keyed up. She seemed to grow gayer and more brilliant in his presence.

The most futile thing in this world is any attempt, perhaps, at exact definition of character. All individuals are a bundle of contradictions – none more so than the most capable.

In the case of Aileen Butler it would be quite impossible to give an exact definition. Intelligence, of a raw, crude order she had certainly – also a native force, tamed somewhat by the doctrines and conventions of current society, still showed clear at times in an elemental and not entirely unattractive way. At this time she was only eighteen years of age – decidedly attractive from the point of view of a man of Frank Cowperwood’s temperament. She supplied something he had not previously known or consciously craved. Vitality and vivacity. No other woman or girl whom he had ever known had possessed so much innate force as she. Her red-gold hair – not so red as decidedly golden with a suggestion of red in it – looped itself in heavy folds about her forehead and sagged at the base of her neck. She had a beautiful nose, not sensitive, but straight-cut with small nostril openings, and eyes that were big and yet noticeably sensuous. They were, to him, a pleasing shade of blue-gray-blue, and her toilet, due to her temperament, of course, suggested almost undue luxury, the bangles, anklets, earrings, and breast-plates of the odalisque, and yet, of course, they were not there. She confessed to him years afterward that she would have loved to have stained her nails and painted the palms of her hands with madder-red. Healthy and vigorous, she was chronically interested in men – what they would think of her – and how she compared with other women.

The fact that she could ride in a carriage, live in a fine home on Girard Avenue, visit such homes as those of the Cowperwoods and others, was of great weight; and yet, even at this age, she realized that life was more than these things. Many did not have them and lived.

But these facts of wealth and advantage gripped her; and when she sat at the piano and played or rode in her carriage or walked or stood before her mirror, she was conscious of her figure, her charms, what they meant to men, how women envied her. Sometimes she looked at poor, hollow-chested or homely-faced girls and felt sorry for them; at other times she flared into inexplicable opposition to some handsome girl or woman who dared to brazen her socially or physically. There were such girls of the better families who, in Chestnut Street, in the expensive shops, or on the drive, on horseback or in carriages, tossed their heads and indicated as well as human motions can that they were better-bred and knew it. When this happened each stared defiantly at the other. She wanted ever so much to get up in the world, and yet namby-pamby men of better social station than herself did not attract her at all. She wanted a man. Now and then there was one “something like,” but not entirely, who appealed to her, but most of them were politicians or legislators, acquaintances of her father, and socially nothing at all – and so they wearied and disappointed her. Her father did not know the truly elite. But Mr. Cowperwood – he seemed so refined, so forceful, and so reserved. She often looked at Mrs. Cowperwood and thought how fortunate she was.

Chapter XIV

The development of Cowperwood as Cowperwood & Co. following his arresting bond venture, finally brought him into relationship with one man who was to play an important part in his life, morally, financially, and in other ways. This was George W. Stener, the new city treasurer-elect, who, to begin with, was a puppet in the hands of other men, but who, also in spite of this fact, became a personage of considerable importance, for the simple reason that he was weak. Stener had been engaged in the real estate and insurance business in a small way before he was made city treasurer. He was one of those men, of whom there are so many thousands in every large community, with no breadth of vision, no real subtlety, no craft, no great skill in anything. You would never hear a new idea emanating from Stener. He never had one in his life. On the other hand, he was not a bad fellow. He had a stodgy, dusty, commonplace look to him which was more a matter of mind than of body. His eye was of vague gray-blue; his hair a dusty light-brown and thin. His mouth – there was nothing impressive there. He was quite tall, nearly six feet, with moderately broad shoulders, but his figure was anything but shapely. He seemed to stoop a little, his stomach was the least bit protuberant, and he talked commonplaces – the small change of newspaper and street and business gossip. People liked him in his own neighborhood. He was thought to be honest and kindly; and he was, as far as he knew. His wife and four children were as average and insignificant as the wives and children of such men usually are.

Just the same, and in spite of, or perhaps, politically speaking, because of all this, George W. Stener was brought into temporary public notice by certain political methods which had existed in Philadelphia practically unmodified for the previous half hundred years. First, because he was of the same political faith as the dominant local political party, he had become known to the local councilman and ward-leader of his ward as a faithful soul – one useful in the matter of drumming up votes. And next – although absolutely without value as a speaker, for he had no ideas – you could send him from door to door, asking the grocer and the blacksmith and the butcher how he felt about things and he would make friends, and in the long run predict fairly accurately the probable vote. Furthermore, you could dole him out a few platitudes and he would repeat them. The Republican party, which was the newborn party then, but dominant in Philadelphia, needed your vote; it was necessary to keep the rascally Democrats out – he could scarcely have said why. They had been for slavery. They were for free trade. It never once occurred to him that these things had nothing to do with the local executive and financial administration of Philadelphia. Supposing they didn’t? What of it?

In Philadelphia at this time a certain United States Senator, one Mark Simpson, together with Edward Malia Butler and Henry A. Mollenhauer, a rich coal dealer and investor, were supposed to, and did, control jointly the political destiny of the city. They had representatives, benchmen, spies, tools – a great company. Among them was this same Stener – a minute cog in the silent machinery of their affairs.

In scarcely any other city save this, where the inhabitants were of a deadly average in so far as being commonplace was concerned, could such a man as Stener have been elected city treasurer. The rank and file did not, except in rare instances, make up their political program. An inside ring had this matter in charge. Certain positions were allotted to such and such men or to such and such factions of the party for such and such services rendered – but who does not know politics?

In due course of time, therefore, George W. Stener had become persona grata[95 - persona grata – (лат.) персона грата, важное лицо] to Edward Strobik, a quondam councilman who afterward became ward leader and still later president of council, and who, in private life was a stone-dealer and owner of a brickyard. Strobik was a benchman of Henry A. Mollenhauer, the hardest and coldest of all three of the political leaders. The latter had things to get from council, and Strobik was his tool. He had Stener elected; and because he was faithful in voting as he was told the latter was later made an assistant superintendent of the highways department.

Here he came under the eyes of Edward Malia Butler, and was slightly useful to him. Then the central political committee, with Butler in charge, decided that some nice, docile man who would at the same time be absolutely faithful was needed for city treasurer, and Stener was put on the ticket[96 - was put on the ticket – был внесен в список кандидатов (на выборах)]. He knew little of finance, but was an excellent bookkeeper; and, anyhow, was not corporation counsel Regan, another political tool of this great triumvirate, there to advise him at all times? He was. It was a very simple matter. Being put on the ticket was equivalent to being elected, and so, after a few weeks of exceedingly trying platform experiences[97 - platform experiences – предвыборная кампания, публичные выступления], in which he had stammered through platitudinous declarations that the city needed to be honestly administered, he was inducted into office; and there you were.

Now it wouldn’t have made so much difference what George W. Stener’s executive and financial qualifications for the position were, but at this time the city of Philadelphia was still hobbling along under perhaps as evil a financial system, or lack of it, as any city ever endured – the assessor and the treasurer being allowed to collect and hold moneys belonging to the city, outside of the city’s private vaults, and that without any demand on the part of anybody that the same be invested by them at interest for the city’s benefit. Rather, all they were expected to do, apparently, was to restore the principal and that which was with them when they entered or left office. It was not understood or publicly demanded that the moneys so collected, or drawn from any source, be maintained intact in the vaults of the city treasury. They could be loaned out, deposited in banks or used to further private interests of anyone, so long as the principal was returned, and no one was the wiser. Of course, this theory of finance was not publicly sanctioned, but it was known politically and journalistically, and in high finance. How were you to stop it?

Cowperwood, in approaching Edward Malia Butler, had been unconsciously let in on this atmosphere of erratic and unsatisfactory speculation without really knowing it. When he had left the office of Tighe & Co., seven years before, it was with the idea that henceforth and forever he would have nothing to do with the stock-brokerage proposition; but now behold him back in it again, with more vim than he had ever displayed, for now he was working for himself, the firm of Cowperwood & Co., and he was eager to satisfy the world of new and powerful individuals who by degrees were drifting to him. All had a little money. All had tips, and they wanted him to carry certain lines of stock on margin for them, because he was known to other political men, and because he was safe. And this was true. He was not, or at least up to this time had not been, a speculator or a gambler on his own account. In fact he often soothed himself with the thought that in all these years he had never gambled for himself, but had always acted strictly for others instead. But now here was George W. Stener with a proposition which was not quite the same thing as stock-gambling, and yet it was.

During a long period of years preceding the Civil War, and through it, let it here be explained and remembered, the city of Philadelphia had been in the habit, as a corporation, when there were no available funds in the treasury, of issuing what were known as city warrants, which were nothing more than notes or I.O.U.’s bearing six per cent. interest, and payable sometimes in thirty days, sometimes in three, sometimes in six months – all depending on the amount and how soon the city treasurer thought there would be sufficient money in the treasury to take them up and cancel them. Small tradesmen and large contractors were frequently paid in this way; the small tradesman who sold supplies to the city institutions, for instance, being compelled to discount his notes at the bank, if he needed ready money, usually for ninety cents on the dollar, while the large contractor could afford to hold his and wait. It can readily be seen that this might well work to the disadvantage of the small dealer and merchant, and yet prove quite a fine thing for a large contractor or note-broker, for the city was sure to pay the warrants at some time, and six per cent. interest was a fat rate, considering the absolute security. Abanker or broker who gathered up these things from small tradesmen at ninety cents on the dollar made a fine thing of it all around if he could wait.

Originally, in all probability, there was no intention on the part of the city treasurer to do anyone an injustice, and it is likely that there really were no funds to pay with at the time. However that may have been, there was later no excuse for issuing the warrants, seeing that the city might easily have been managed much more economically. But these warrants, as can readily be imagined, had come to be a fine source of profit for note-brokers, bankers, political financiers, and inside political manipulators generally and so they remained a part of the city’s fiscal policy.

There was just one drawback to all this. In order to get the full advantage of this condition the large banker holding them must be an “inside banker,” one close to the political forces of the city, for if he was not and needed money and he carried his warrants to the city treasurer, he would find that he could not get cash for them. But if he transferred them to some banker or note-broker who was close to the political force ofthe city, it was quite another matter. The treasury would find means to pay. Or, if so desired by the note-broker or banker – the right one – notes which were intended to be met in three months, and should have been settled at that time, were extended to run on years and years, drawing interest at six per cent. even when the city had ample funds to meet them. Yet this meant, of course, an illegal interest drain on the city, but that was all right also. “No funds” could cover that. The general public did not know. It could not find out. The newspapers were not at all vigilant, being pro-political. There were no persistent, enthusiastic reformers who obtained any political credence. During the war, warrants outstanding in this manner arose in amount to much over two million dollars, all drawing six per cent. Interest, but then, of course, it began to get a little scandalous. Besides, at least some of the investors began to want their money back.

In order, therefore, to clear up this outstanding indebtedness and make everything shipshape[98 - to make shipshape – привести в порядок] again, it was decided that the city must issue a loan, say for two million dollars – no need to be exact about the amount. And this loan must take the shape of interest-bearing certificates of a par value of one hundred dollars, redeemable in six, twelve, or eighteen months, as the case may be[99 - as the case may be – в зависимости от обстоятельств]. These certificates of loan were then ostensibly to be sold in the open market, a sinking-fund set aside for their redemption, and the money so obtained used to take up the long-outstanding warrants which were now such a subject of public comment.

It is obvious that this was merely a case of robbing Peter to pay Paul[100 - robbing Peter to pay Paul – облагодетельствовать одного за счет другого.]. There was no real clearing up of the outstanding debt. It was the intention of the schemers to make it possible for the financial politicians on the inside to reap the same old harvest by allowing the certificates to be sold to the right parties for ninety or less, setting up the claim that there was no market for them, the credit of the city being bad[101 - the credit of the city being bad – из-за низкой кредитоспособности города]. To a certain extent this was true. The war was just over. Money was high. Investors could get more than six per cent. elsewhere unless the loan was sold at ninety. But there were a few watchful politicians not in the administration, and some newspapers and non-political financiers who, because of the high strain of patriotism existing at the time, insisted that the loan should be sold at par. Therefore a clause to that effect had to be inserted in the enabling ordinance.

This, as one might readily see, destroyed the politicians’ littlescheme 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.

In order to understand exactly the motive for Mollenhauer’s interest in Stener, and the significance of this visit and Stener’s subsequent action in regard to it, it will be necessary to scan the political horizon for some little distance back. Although George W. Stener was in a way a political henchman and appointee of Mollenhauer’s, the latter was only vaguely acquainted with him. He had seen him before; knew of him; had agreed that his name should be put on the local slate largely because he had been assured by those who were closest to him and who did his bidding that Stener was “all right,” that he would do as he was told, that he would cause no one any trouble, etc. In fact, during several previous administrations, Mollenhauer had maintained a subsurface connection with the treasury, but never so close a one as could easily be traced. He was too conspicuous a man politically and financially for that. But he was not above a plan, in which Simpson if not Butler shared, of using political and commercial stool-pigeons to bleed the city treasury as much as possible without creating a scandal. Infact, for some years previous to this, various agents had already been employed – Edward Strobik, president of council, Asa Conklin, the then incumbent of the mayor’s chair, Thomas Wycroft, alderman, Jacob Harmon, alderman, and others – to organize dummy companies under various names, whose business it was to deal in those things which the city needed – lumber, stone, steel, iron, cement – a long list – and of course, always at a fat profit to those ultimately behind the dummy companies, so organized. It saved the city the trouble of looking far and wide for honest and reasonable dealers.

Since the action of at least three of these dummies will have something to do with the development of Cowperwood’s story, they may be briefly described. Edward Strobik, the chief of them, and the one most useful to Mollenhauer, in a minor way, was a very spry person of about thirty-five at this time – lean and somewhat forceful, with black hair, black eyes, and an inordinately large black mustache. He was dapper, inclined to noticeable clothing – a pair of striped trousers, a white vest, a black cutaway coat and a high silk hat. His markedly ornamental shoes were always polished to perfection, and his immaculate appearance gave him the nickname of “The Dude” among some. Nevertheless he was quite able on a small scale, and was well liked by many.

His two closest associates, Messrs. Thomas Wycroft and Jacob Harmon, were rather less attractive and less brilliant. <…>

The companies which these several henchmen had organized under previous administrations, and for Mollenhauer, dealt in meat, building material, lamp-posts, highway supplies, anything you will, which the city departments or its institutions needed. A city contract once awarded was irrevocable, but certain councilmen had to be fixed in advance and it took money to do that. The company so organized need not actually slaughter any cattle or mold lamp-posts. All it had to do was to organize to do that, obtain a charter, secure a contract for supplying such material to the city from the city council (which Strobik, Harmon, and Wycroft would attend to), and then sublet this to some actual beef-slaughterer or iron-founder, who would supply the material and allow them to pocket their profit which in turn was divided or paid for to Mollenhauer and Simpson in the form of political donations to clubs or organizations. It was so easy and in a way so legitimate. The particular beef-slaughterer or iron-founder thus favored could not hope of his own ability thus to obtain a contract. Stener, or whoever was in charge of the city treasury at the time, for his services in loaning money at a low rate of interest to be used as surety for the proper performance of contract, and to aid in some instances the beef-killer or iron-founder to carry out his end, was to be allowed not only the one or two per cent. which he might pocket (other treasurers had), but a fair proportion of the profits. A complacent, confidential chief clerk who was all right would be recommended to him. It did not concern Stener that Strobik, Harmon, and Wycroft, acting for Mollenhauer, were incidentally planning to use a little of the money loaned for purposes quite outside those indicated. It was his business to loan it. <…>

Neither Strobik, Harmon, nor Wycroft knew how the certificates of city loan, which were worth only ninety on the open market, were to be made to sell for one hundred on ’change, but Mollenhauer’s secretary, one Abner Sengstack, had suggested to Strobik that, since Butler was dealing with young Cowperwood and Mollenhauer did not care particularly for his private broker in this instance, it might be as well to try Cowperwood.

So it was that Cowperwood was called to Stener’s office[102 - So it was that Cowperwood was called to Stener’s office. – Вот как получилось, что Каупервуд был приглашен в офис Стинера.]. And once there, and not as yet recognizing either the hand of Mollenhauer or Simpson in this, merely looked at the peculiarly shambling, heavy-cheeked, middle-class man before him without either interest or sympathy, realizing at once that he had a financial baby to deal with. If he could act as adviser to this man – be his sole counsel for four years! <…>

“I tell you what I’d like to do, Mr. Stener,” he said, after he had listened to his explanation and asked how much of the city loan he would like to sell during the coming year. “I’ll be glad to undertake it. But I’d like to have a day or two in which to think it over.”

“Why, certainly, certainly, Mr. Cowperwood,” replied Stener, genially. “That’s all right. Take your time. If you know how it can be done, just show me when you’re ready. By the way, what do you charge?”

“Well, the stock exchange has a regular scale of charges which we brokers are compelled to observe. It’s one-fourth of one per cent. on the par value of bonds and loans. Of course, I may have to add a lot of fictitious selling – I’ll explain that to you later – but I won’t charge you anything for that so long as it is a secret between us. I’ll give you the best service I can, Mr. Stener. You can depend on that. Let me have a day or two to think it over, though.”

He shook hands with Stener, and they parted. Cowperwood was satisfied that he was on the verge of a significant combination, and Stener 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 anyone 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[103 - wash sale – фиктивная сделка] 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 anyone 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 each month. He would not be asked to buy the certificates outright. He could be carried on the books for a certain reasonable margin, say ten points. The money was as good as made for Stener now. In the next place, in buying for the sinking-fund it would be possible to buy these certificates very cheap, for, having the new and reserve issue entirely in his hands, Cowperwood could throw such amounts as he wished into the market at such times as he wished to buy, and consequently depress the market. Then he could buy, and, later, up would go the price. Having the issues totally in his hands to boost or depress the market as he wished, there was no reason why the city should not ultimately get par for all its issues, and at the same time considerable money be made out of the manufactured fluctuations. He, Cowperwood, would be glad to make most of his profit that way. The city should allow him his normal percentage on all his actual sales of certificates for the city at par (he would have to have that in order to keep straight with the stock exchange); but beyond that, and for all the other necessary manipulative sales, of which there would be many, he would depend on his knowledge of the stock market to reimburse him. And if Stener wanted to speculate with him – well.

Dark as this transaction may seem to the uninitiated, it will appear quite clear to those who know. Manipulative tricks have always been worked in connection with stocks of which one man or one set of men has had complete control. It was no different from what subsequently was done with Erie, Standard Oil, Copper, Sugar, Wheat, and what not. Cowperwood was one of the first and one of the youngest to see how it could be done. When he first talked to Stener he was twenty-eight years of age. When he last did business with him he was thirty-four.

The houses and the bank-front of Cowperwood & Co. had been proceeding apace. The latter was early Florentine in its decorations with windows which grew narrower as they approached the roof, and a door of wrought iron set between delicately carved posts, and a straight lintel of brownstone. It was low in height and distinguished in appearance. In the center panel had been hammered a hand, delicately wrought, thin and artistic, holding aloft a flaming brand[104 - had been hammered a hand, delicately wrought, thin and artistic, holding aloft a flaming brand – была искусно вычеканена тонкая, нежная рука с поднятым пылающим факелом]. Ellsworth informed him that this had formerly been a money-changer’s sign used in old Venice, the significance of which had long been forgotten.

The interior was finished in highly-polished hardwood, stained in imitation of the gray lichens which infest trees. Large sheets of clear, beveled glass were used, some oval, some oblong, some square, and some circular, following a given theory of eye movement. The fixtures for the gas-jets were modeled after the early Roman flame-brackets, and the office safe was made an ornament, raised on a marble platform at the back of the office and lacquered a silver-gray, with Cowperwood & Co. lettered on it in gold. One had a sense of reserve and taste pervading the place, and yet it was also inestimably prosperous, solid and assuring. Cowperwood, when he viewed it at its completion, complimented Ellsworth cheerily: “I like this. It is really beautiful. It will be a pleasure to work here. If those houses are going to be anything like this, they will be perfect.”

“Wait till you see them. I think you will be pleased, Mr. Cowperwood. I am taking especial pains with yours because it is smaller. It is really easier to treat your father’s. But yours – ” He went off into a description of the entrance-hall, reception-room and parlor, which he was arranging and decorating in such a way as to give an effect of size and dignity not really conformable to the actual space.

And when the houses were finished, they were effective and arresting – quite different from the conventional residences of the street. They were separated by a space of twenty feet, laid out as greensward. The architect had borrowed somewhat from the Tudor school, yet not so elaborated as later became the style in many of the residences in Philadelphia and elsewhere. The most striking features were rather deep-recessed doorways under wide, low, slightly floriated arches, and three projecting windows of rich form, one on the second floor of Frank’s house, two on the facade of his father’s. There were six gables showing on the front of the two houses, two on Frank’s and four on his father’s. In the front of each house on the ground floor was a recessed window unconnected with the recessed doorways, formed by setting the inner external wall back from the outer face of the building. This window looked out through an arched opening to the street, and was protected by a dwarf parapet or balustrade. It was possible to set potted vines and flowers there, which was later done, giving a pleasant sense of greenery from the street, and to place a few chairs there, which were reached via heavily barred French casements.

On the ground floor of each house was placed a conservatory of flowers, facing each other, and in the yard, which was jointly used, a pool of white marble eight feet in diameter, with a marble Cupid upon which jets of water played. The yard which was enclosed by a high but pierced wall of green-gray brick, especially burnt for the purpose the same color as the granite of the house, and surmounted by a white marble coping which was sown to grass and had a lovely, smooth, velvety appearance. The two houses, as originally planned, were connected by a low, green-columned pergola which could be enclosed in glass in winter.

The rooms, which were now slowly being decorated and furnished in period styles were very significant in that they enlarged and strengthened Frank Cowperwood’s idea of the world of art in general. It was an enlightening and agreeable experience – one which made for artistic and intellectual growth – to hear Ellsworth explain at length the styles and types of architecture and furniture, the nature of woods and ornaments employed, the qualities and peculiarities of hangings, draperies, furniture panels, and door coverings. Ellsworth was a student of decoration as well as of architecture, and interested in the artistic taste of the American people, which he fancied would some day have a splendid outcome. He was wearied to death of the prevalent Romanesque composite combinations of country and suburban villa. The time was ripe for something new. He scarcely knew what it would be; but this that he had designed for Cowperwood and his father was at least different, as he said, while at the same time being reserved, simple, and pleasing.

It was in marked contrast to the rest of the architecture of the street. Cowperwood’s dining-room, reception-room, conservatory, and butler’s pantry he had put on the first floor, together with the general entry-hall, staircase, and coat-room under the stairs. For the second floor he had reserved the library, general living-room, parlor, and a small office for Cowperwood, together with a boudoir for Lillian, connected with a dressing-room and bath.

On the third floor, neatly divided and accommodated with baths and dressing-rooms, were the nursery, the servants’ quarters, and several guest-chambers. <…>

It was now that he (Cowperwood) began to take a keen interest in objects of art, pictures, bronzes, little carvings and figurines, for his cabinets, pedestals, tables, and étagères. Philadelphia did not offer much that was distinguished in this realm – certainly not in the open market.