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.