The Financier / Финансист. Книга для чтения на английском языке

There were many private houses which were enriched by travel; but his connection with the best families was as yet small. There were then two famous American sculptors, Powers and Hosmer, of whose work he had examples; but Ellsworth told him that they were not the last word in sculpture and that he should look into the merits of the ancients. He finally secured a head of David, by Thorvaldsen[105 - Thorvaldsen – Альберт Бертель Торвальдсен (1770–1844), датский скульптор, творил в неоклассическом стиле], which delighted him, and some landscapes by Hunt, Sully, and Hart[106 - Hunt – Уильям Генри Хант (1790–1864), английский акварелист, Sully – Томас Салли (1783–1872), американский художник английского происхождения, Hart – Уильям Харт (1823–1894) либо его брат Джеймс МакДугал Харт (1828–1901), американские художники шотландского происхождения], which seemed somewhat in the spirit of his new world.

The effect of a house of this character on its owner is unmistakable. We think we are individual, separate, above houses and material objects generally; but there is a subtle connection which makes them reflect us quite as much as we reflect them. They lend dignity, subtlety, force, each to the other, and what beauty, or lack of it, there is, is shot back and forth from one to the other as a shuttle in a loom, weaving, weaving. Cut the thread, separate a man from that which is rightfully his own, characteristic of him, and you have a peculiar figure, half success, half failure, much as a spider without its web, which will never be its whole self again until all its dignities and emoluments are restored.

The sight of his new house going up made Cowperwood feel of more weight in the world, and the possession of his suddenly achieved connection with the city treasurer was as though a wide door had been thrown open to the Elysian fields of opportunity. He rode about the city those days behind a team of spirited bays, whose glossy hides and metaled harness bespoke the watchful care of hostler and coachman. Ellsworth was building an attractive stable in the little side street back of the houses, for the joint use of both families. He told Mrs. Cowperwood that he intended to buy her a victoria – as the low, open, four-wheeled coach was then known – as soon as they were well settled in their new home, and that they were to go out more. There was some talk about the value of entertaining – that he would have to reach out socially for certain individuals who were not now known to him. Together with Anna, his sister, and his two brothers, Joseph and Edward, they could use the two houses jointly. There was no reason why Anna should not make a splendid match. Joe and Ed might marry well, since they were not destined to set the world on fire in commerce. At least it would not hurt them to try.

“Don’t you think you will like that?” he asked his wife, referring to his plans for entertaining.

She smiled wanly. “I suppose so,” she said.

Chapter XVI

It was not long after the arrangement between Treasurer Stener and Cowperwood had been made that the machinery for the carrying out of that political-financial relationship was put in motion. The sum of two hundred and ten thousand dollars in six per cent. interest-bearing certificates, payable in ten years, was set over to the credit of Cowperwood & Co. on the books of the city, subject to his order. Then, with proper listing, he began to offer it in small amounts at more than ninety, at the same time creating the impression that it was going to be a prosperous investment. The certificates gradually rose and were unloaded in rising amounts until one hundred was reached, when all the two hundred thousand dollars’ worth – two thousand certificates in all – was fed out in small lots. Stener was satisfied. Two hundred shares had been carried for him and sold at one hundred, which netted him two thousand dollars. It was illegitimate gain, unethical; but his conscience was not very much troubled by that. He had none, truly. He saw visions of a halcyon future.

It is difficult to make perfectly clear what a subtle and significant power this suddenly placed in the hands of Cowperwood. Consider that he was only twenty-eight – nearing twenty-nine. Imagine yourself by nature versed in the arts of finance, capable of playing with sums of money in the forms of stocks, certificates, bonds, and cash, as the ordinary man plays with checkers or chess. Or, better yet, imagine yourself one of those subtle masters of the mysteries of the higher forms of chess – the type of mind so well illustrated by the famous and historic chess-players, who could sit with their backs to a group of rivals playing fourteen men at once, calling out all the moves in turn, remembering all the positions of all the men on all the boards, and winning. This, of course, would be an overstatement of the subtlety of Cowperwood at this time, and yet it would not be wholly out of bounds. He knew instinctively what could be done with a given sum of money – how as cash it could be deposited in one place, and yet as credit and the basis of moving checks, used in not one but many other places at the same time. When properly watched and followed this manipulation gave him the constructive and purchasing power of ten and a dozen times as much as his original sum might have represented. He knew instinctively the principles of “pyramiding” and “kiting”[107 - “pyramiding” – накопление ценных бумаг; “kiting” – игра на повышение цен на рынке]. He could see exactly not only how he could raise and lower the value of these certificates of loan, day after day and year after year – if he were so fortunate as to retain his hold on the city treasurer – but also how this would give him a credit with the banks hitherto beyond his wildest dreams. His father’s bank was one of the first to profit by this and to extend him loans. The various local politicians and bosses – Mollenhauer, Butler, Simpson, and others – seeing the success of his efforts in this direction, speculated in city loan. He became known to Mollenhauer and Simpson, by reputation, if not personally, as the man who was carrying this city loan proposition to a successful issue. Stener was supposed to have done a clever thing in finding him. The stock exchange stipulated that all trades were to be compared the same day and settled before the close of the next; but this working arrangement with the new city treasurer gave Cowperwood much more latitude, and now he had always until the first of the month, or practically thirty days at times, in which to render an accounting for all deals connected with the loan issue.

And, moreover, this was really not an accounting in the sense of removing anything from his hands. Since the issue was to be so large, the sum at his disposal would always be large, and so-called transfers and balancing at the end of the month would be a mere matter of bookkeeping. He could use these city loan certificates deposited with him for manipulative purposes, deposit them at any bank as collateral for a loan, quite as if they were his own, thus raising seventy per cent. of their actual value in cash, and he did not hesitate to do so. He could take this cash, which need not be accounted for until the end of the month, and cover other stock transactions, on which he could borrow again. There was no limit to the resources of which he now found himself possessed, except the resources of his own energy, ingenuity, and the limits of time in which he had to work. The politicians did not realize what a bonanza he was making of it all for himself, because they were as yet unaware of the subtlety of his mind. When Stener told him, after talking the matter over with the mayor, Strobik, and others that he would formally, during the course of the year, set over on the city’s books all of the two millions in city loan, Cowperwood was silent – but with delight. Two millions! His to play with! He had been called in as a financial adviser, and he had given his advice and it had been taken! Well. He was not a man who inherently was troubled with conscientious scruples[108 - conscientious scruples – угрызения совести]. At the same time he still believed himself financially honest. He was no sharper or shrewder than any other financier – certainly no sharper than any other would be ifhe could.

It should be noted here that this proposition of Stener’s in regard to city money had no connection with the attitude of the principal leaders in local politics in regard to street-railway control, which was a new and intriguing phase of the city’s financial life. Many of the leading financiers and financier-politicians were interested in that. For instance, Messrs. Mollenhauer, Butler, and Simpson were interested in street-railways separately on their own account. There was no understanding between them on this score. If they had thought at all on the matter they would have decided that they did not want any outsider to interfere. As a matter of fact the street-railway business in Philadelphia was not sufficiently developed at this time to suggest to any one the grand scheme of union which came later. Yet in connection with this new arrangement between Stener and Cowperwood, it was Strobik who now came forward to Stener with an idea of his own. All were certain to make money through Cowperwood – he and Stener, especially. What was amiss, therefore, with himself and Stener and with Cowperwood as their – or rather Stener’s secret representative, since Strobik did not dare to appear in the matter – buying now sufficient street-railway shares in some one line to control it, and then, if he, Strobik, could, by efforts of his own, get the city council to set aside certain streets for its extension, why, there you were – they would own it. Only, later, he proposed to shake Stener out if he could. But this preliminary work had to be done by someone, and it might as well be Stener. At the same time, as he saw, this work had to be done very carefully, because naturally his superiors were watchful, and if they found him dabbling in affairs of this kind to his own advantage, they might make it impossible for him to continue politically in a position where he could help himself just the same. Any outside organization such as a street-railway company already in existence had a right to appeal to the city council for privileges which would naturally further its and the city’s growth, and, other things being equal, these could not be refused. It would not do for him to appear, however, both as a shareholder and president of the council. But with Cowperwood acting privately for Stener it would be another thing.

The interesting thing about this proposition as finally presented by Stener for Strobik to Cowperwood, was that it raised, without appearing to do so, the whole question of Cowperwood’s attitude toward the city administration. Although he was dealing privately for Edward Butler as an agent, and with this same plan in mind, and although he had never met either Mollenhauer or Simpson, he nevertheless felt that in so far as the manipulation of the city loan was concerned he was acting for them. On the other hand, in this matter of the private street-railway purchase which Stener now brought to him, he realized from the very beginning, by Stener’s attitude, that there was something untoward in it, that Stener felt he was doing something which he ought not to do.

“Cowperwood,” he said to him the first morning he ever broached this matter – it was in Stener’s office, at the old city hall at Sixth and Chestnut, and Stener, in view of his oncoming prosperity, was feeling very good indeed, – “isn’t there some street-railway property around town here that a man could buy in on and get control of if he had sufficient money?”

Cowperwood knew that there were such properties. His very alert mind had long since sensed the general opportunities here. The omnibuses were slowly disappearing. The best routes were already preempted. Still, there were other streets, and the city was growing. The incoming population would make great business in the future. One could afford to pay almost any price for the short lines already built if one could wait and extend the lines into larger and better areas later. And already he had conceived in his own mind the theory of the “endless chain,” or “argeeable formula,” as it was later termed, of buying a certain property on a long-time payment and issuing stocks or bonds sufficient not only to pay your seller, but to reimburse you for your trouble, to say nothing of giving you a margin wherewith to invest in other things – allied properties, for instance, against which more bonds could be issued, and so on, ad infinitum[109 - ad infinitum – (лат.) до бесконечности]. It became an old story later, but it was new at that time, and he kept the thought closely to himself. None the less he was glad to have Stener speak of this, since street-railways were his hobby, and he was convinced that he would be a great master of them if he ever had an opportunity to control them.

“Why, yes, George,” he said, noncommittally, “there are two or three that offer a good chance if a man had money enough. Inotice blocks of stock being offered on ’change now and then by one person and another. It would be good policy to pick these things up as they’re offered, and then to see later if some of the other stockholders won’t want to sell out. Green and Coates, now, looks like a good proposition to me. If I had three or four hundred thousand dollars that I thought I could put into that by degrees I would follow it up. It only takes about thirty per cent. of the stock of any railroad to control it. Most of the shares are scattered around so far and wide that they never vote, and I think two or three hundred thousand dollars would control that road.” He mentioned one other line that might be secured in the same way in the course of time.

Stener meditated. “That’s a good deal of money,” he said, thoughtfully. “I’ll talk to you about that some more later.” And he was off to see Strobik none the less.

Cowperwood knew that Stener did not have any two or three hundred thousand dollars to invest in anything. There was only one way that he could get it – and that was to borrow it out of the city treasury and forego the interest. But he would not do that on his own initiative.

Someone else must be behind him and who else other than Mollenhauer, or Simpson, or possibly even Butler, though he doubted that, unless the triumvirate were secretly working together. But what of it? The larger politicians were always using the treasury, and he was thinking now, only, of his own attitude in regard to the use of this money. No harm could come to him, if Stener’s ventures were successful; and there was no reason why they should not be. Even if they were not he would be merely acting as an agent. In addition, he saw how in the manipulation of this money for Stener he could probably eventually control certain lines for himself.

There was one line being laid out to within a few blocks of his new home – the Seventeenth and Nineteenth Street line it was called – which interested him greatly. He rode on it occasionally when he was delayed or did not wish to trouble about a vehicle. It ran through two thriving streets of redbrick houses, and was destined to have a great future once the city grew large enough. As yet it was really not long enough. If he could get that, for instance, and combine it with Butler’s lines, once they were secured – or Mollenhauer’s, or Simpson’s, the legislature could be induced to give them additional franchises. He even dreamed of a combination between Butler, Mollenhauer, Simpson, and himself. Between them, politically, they could get anything. But Butler was not a philanthropist. He would have to be approached with a very sizable bird in hand. The combination must be obviously advisable. Besides, he was dealing for Butler in street-railway stocks, and if this particular line were such a good thing Butler might wonder why it had not been brought to him in the first place. It would be better, Frank thought, to wait until he actually had it as his own, in which case it would be a different matter. Then he could talk as a capitalist. He began to dream of a city-wide street-railway system controlled by a few men, or preferably himself alone.

Chapter XVII

The days that had been passing brought Frank Cowperwood and Aileen Butler somewhat closer together in spirit. Because of the pressure of his growing affairs he had not paid so much attention to her as he might have, but he had seen her often this past year. She was now nineteen and had grown into some subtle thoughts of her own. For one thing, she was beginning to see the difference between good taste and bad taste in houses and furnishings. <…>

There was a reception and a dance to be given to celebrate the opening of the two Cowperwood homes – the reception to be held in Frank Cowperwood’s residence, and the dance later at his father’s. The Henry Cowperwood domicile was much more pretentious, the reception-room, parlor, music-room, and conservatory being in this case all on the ground floor and much larger. Ellsworth had arranged it so that those rooms, on occasion, could be thrown into one, leaving excellent space for promenade, auditorium, dancing – anything, in fact, that a large company might require. It had been the intention all along of the two men to use these houses jointly. There was, to begin with, a combination use of the various servants, the butler, gardener, laundress, and maids. Frank Cowperwood employed a governess for his children. The butler was really not a butler in the best sense. He was Henry Cowperwood’s private servitor. But he could carve and preside, and he could be used in either house as occasion warranted. There was also a hostler and a coachman for the joint stable. When two carriages were required at once, both drove. It made a very agreeable and satisfactory working arrangement.

The preparation of this reception had been quite a matter of importance, for it was necessary for financial reasons to make it as extensive as possible, and for social reasons as exclusive. It was therefore decided that the afternoon reception at Frank’s house, with its natural overflow into Henry W.’s, was to be for all – the Tighes, Steners, Butlers, Mollenhauers, as well as the more select groups to which, for instance, belonged Arthur Rivers, Mrs. Seneca Davis, Mr. and Mrs. Trenor Drake, and some of the younger Drexels and Clarks, whom Frank had met. It was not likely that the latter would condescend, but cards had to be sent. Later in the evening a less democratic group if possible was to be entertained, albeit it would have to be extended to include the friends of Anna, Mrs. Cowperwood, Edward, and Joseph, and any list which Frank might personally have in mind. This was to be the list. The best that could be persuaded, commanded, or influenced of the young and socially elect were to be invited here.

It was not possible, however, not to invite the Butlers, parents and children, particularly the children, for both afternoon and evening, since Cowperwood was personally attracted to Aileen and despite the fact that the presence of the parents would be most unsatisfactory. Even Aileen as he knew was a little unsatisfactory to Anna and Mrs. Frank Cowperwood; and these two, when they were together supervising the list of invitations, often talked about it.

“She’s so hoidenish,” observed Anna, to her sister-in-law, when they came to the name of Aileen. “She thinks she knows so much, and she isn’t a bit refined. Her father! Well, if I had her father I wouldn’t talk so smart.”

Mrs. Cowperwood, who was before her secretaire in her new boudoir, lifted her eyebrows.

“You know, Anna, I sometimes wish that Frank’s business did not compel me to have anything to do with them. Mrs. Butler is such a bore. She means well enough, but she doesn’t know anything. And Aileen is too rough. She’s too forward, I think. She comes over here and plays upon the piano, particularly when Frank’s here. I wouldn’t mind so much for myself, but I know it must annoy him. All her pieces are so noisy. She never plays anything really delicate and refined.”

“I don’t like the way she dresses,” observed Anna, sympathetically.

“She gets herself up too conspicuously. Now, the other day I saw her out driving, and oh, dear! you should have seen her! She had on a crimson Zouave jacket[110 - Zouave jacket – женский короткий расшитый жакет] heavily braided with black about the edges, and a turban with a huge crimson feather, and crimson ribbons reaching nearly to her waist. Imagine that kind of a hat to drive in. And her hands! You should have seen the way she held her hands – oh – just so – self-consciously. They were curved just so” – and she showed how. “She had on yellow gauntlets, and she held the reins in one hand and the whip in the other. She drives just like mad when she drives, anyhow, and William, the footman, was up behind her. You should just have seen her. Oh, dear! oh, dear! she does think she is so much!” And Anna giggled, half in reproach, half in amusement.

“I suppose we’ll have to invite her; I don’t see how we can get out of it. I know just how she’ll do, though. She’ll walk about and pose and hold her nose up.”

“Really, I don’t see how she can,” commented Anna. “Now, I like Norah. She’s much nicer. She doesn’t think she’s so much.”

“I like Norah, too,” added Mrs. Cowperwood. “She’s really very sweet, and to me she’s prettier.”

“Oh, indeed, I think so, too.”

It was curious, though, that it was Aileen who commanded nearly all their attention and fixed their minds on her so-called idiosyncrasies. All they said was in its peculiar way true; but in addition the girl was really beautiful and much above the average intelligence and force. She was running deep with ambition, and she was all the more conspicuous, and in a way irritating to some, because she reflected in her own consciousness her social defects, against which she was inwardly fighting. She resented the fact that people could justly consider her parents ineligible, and for that reason her also. She was intrinsically as worth while as any one. Cowperwood, so able, and rapidly becoming so distinguished, seemed to realize it. The days that had been passing had brought them somewhat closer together in spirit. He was nice to her and liked to talk to her. Whenever he was at her home now, or she was at his and hewas present, he managed somehow to say a word. He would come over quite near and look at her in a warm friendly fashion.

“Well, Aileen” – she could see his genial eyes – “how is it with you? How are your father and mother? Been out driving? That’s fine. I saw you to-day. You looked beautiful.”

“Oh, Mr. Cowperwood!”

“You did. You looked stunning. A black riding-habit becomes you. I can tell your gold hair a long way off.”

“Oh, now, you mustn’t say that to me. You’ll make me vain. My mother and father tell me I’m too vain as it is.”

“Never mind your mother and father. I say you looked stunning, and you did. You always do.”

“Oh!”

She gave a little gasp of delight. The color mounted to her cheeks and temples. Mr. Cowperwood knew of course. He was so informed and intensely forceful. And already he was so much admired by so many, her own father and mother included, and by Mr. Mollenhauer and Mr. Simpson, so she heard. And his own home and office were so beautiful. Besides, his quiet intensity matched her restless force.

Aileen and her sister were accordingly invited to the reception but the Butlers mère and père[111 - mère and père – (фр.) мать и отец] were given to understand, in as tactful a manner as possible, that the dance afterward was principally for young people.