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.