The Financier

T >> Theodore Dreiser >> The Financier


Shannon, because the rules of evidence and court procedure here admitted
of no interruption of the prosecution in presenting a case, then went
on to describe from his own point of view how Cowperwood had first
met Stener; how he had wormed himself into his confidence; how little
financial knowledge Stener had, and so forth; coming down finally to
the day the check for sixty thousand dollars was given Cowperwood; how
Stener, as treasurer, claimed that he knew nothing of its delivery,
which constituted the base of the charge of larceny; how Cowperwood,
having it, misappropriated the certificates supposed to have been
purchased for the sinking-fund, if they were purchased at all--all of
which Shannon said constituted the crimes with which the defendant was
charged, and of which he was unquestionably guilty.

"We have direct and positive evidence of all that we have thus far
contended, gentlemen," Mr. Shannon concluded violently. "This is not a
matter of hearsay or theory, but of fact. You will be shown by direct
testimony which cannot be shaken just how it was done. If, after you
have heard all this, you still think this man is innocent--that he did
not commit the crimes with which he is charged--it is your business to
acquit him. On the other hand, if you think the witnesses whom we shall
put on the stand are telling the truth, then it is your business to
convict him, to find a verdict for the people as against the defendant.
I thank you for your attention."

The jurors stirred comfortably and took positions of ease, in which they
thought they were to rest for the time; but their idle comfort was of
short duration for Shannon now called out the name of George W. Stener,
who came hurrying forward very pale, very flaccid, very tired-looking.
His eyes, as he took his seat in the witness-chair, laying his hand on
the Bible and swearing to tell the truth, roved in a restless, nervous
manner.

His voice was a little weak as he started to give his testimony. He told
first how he had met Cowperwood in the early months of 1866--he could
not remember the exact day; it was during his first term as city
treasurer--he had been elected to the office in the fall of 1864. He had
been troubled about the condition of city loan, which was below par,
and which could not be sold by the city legally at anything but par.
Cowperwood had been recommended to him by some one--Mr. Strobik,
he believed, though he couldn't be sure. It was the custom of city
treasurers to employ brokers, or a broker, in a crisis of this kind,
and he was merely following what had been the custom. He went on to
describe, under steady promptings and questions from the incisive mind
of Shannon, just what the nature of this first conversation was--he
remembered it fairly well; how Mr. Cowperwood had said he thought he
could do what was wanted; how he had gone away and drawn up a plan or
thought one out; and how he had returned and laid it before Stener.
Under Shannon's skillful guidance Stener elucidated just what this
scheme was--which wasn't exactly so flattering to the honesty of men in
general as it was a testimonial to their subtlety and skill.

After much discussion of Stener's and Cowperwood's relations the
story finally got down to the preceding October, when by reason
of companionship, long business understanding, mutually prosperous
relationship, etc., the place bad been reached where, it was explained,
Cowperwood was not only handling several millions of city loan annually,
buying and selling for the city and trading in it generally, but in the
bargain had secured one five hundred thousand dollars' worth of city
money at an exceedingly low rate of interest, which was being invested
for himself and Stener in profitable street-car ventures of one kind and
another. Stener was not anxious to be altogether clear on this point;
but Shannon, seeing that he was later to prosecute Stener himself for
this very crime of embezzlement, and that Steger would soon follow in
cross-examination, was not willing to let him be hazy. Shannon wanted to
fix Cowperwood in the minds of the jury as a clever, tricky person, and
by degrees he certainly managed to indicate a very subtle-minded man.
Occasionally, as one sharp point after another of Cowperwood's skill was
brought out and made moderately clear, one juror or another turned to
look at Cowperwood. And he noting this and in order to impress them all
as favorably as possible merely gazed Stenerward with a steady air of
intelligence and comprehension.

The examination now came down to the matter of the particular check for
sixty thousand dollars which Albert Stires had handed Cowperwood on the
afternoon--late--of October 9, 1871. Shannon showed Stener the check
itself. Had he ever seen it? Yes. Where? In the office of District
Attorney Pettie on October 20th, or thereabouts last. Was that the first
time he had seen it? Yes. Had he ever heard about it before then? Yes.
When? On October 10th last. Would he kindly tell the jury in his own way
just how and under what circumstances he first heard of it then? Stener
twisted uncomfortably in his chair. It was a hard thing to do. It was
not a pleasant commentary on his own character and degree of moral
stamina, to say the least. However, he cleared his throat again and
began a description of that small but bitter section of his life's drama
in which Cowperwood, finding himself in a tight place and about to
fail, had come to him at his office and demanded that he loan him three
hundred thousand dollars more in one lump sum.

There was considerable bickering just at this point between Steger and
Shannon, for the former was very anxious to make it appear that Stener
was lying out of the whole cloth about this. Steger got in his objection
at this point, and created a considerable diversion from the main theme,
because Stener kept saying he "thought" or he "believed."

"Object!" shouted Steger, repeatedly. "I move that that be stricken from
the record as incompetent, irrelevant, and immaterial. The witness is
not allowed to say what he thinks, and the prosecution knows it very
well."

"Your honor," insisted Shannon, "I am doing the best I can to have the
witness tell a plain, straightforward story, and I think that it is
obvious that he is doing so."

"Object!" reiterated Steger, vociferously. "Your honor, I insist that
the district attorney has no right to prejudice the minds of the jury by
flattering estimates of the sincerity of the witness. What he thinks of
the witness and his sincerity is of no importance in this case. I must
ask that your honor caution him plainly in this matter."

"Objection sustained," declared Judge Payderson, "the prosecution will
please be more explicit"; and Shannon went on with his case.

Stener's testimony, in one respect, was most important, for it made
plain what Cowperwood did not want brought out--namely, that he and
Stener had had a dispute before this; that Stener had distinctly told
Cowperwood that he would not loan him any more money; that Cowperwood
had told Stener, on the day before he secured this check, and again on
that very day, that he was in a very desperate situation financially,
and that if he were not assisted to the extent of three hundred thousand
dollars he would fail, and that then both he and Stener would be ruined.
On the morning of this day, according to Stener, he had sent Cowperwood
a letter ordering him to cease purchasing city loan certificates for the
sinking-fund. It was after their conversation on the same afternoon that
Cowperwood surreptitiously secured the check for sixty thousand
dollars from Albert Stires without his (Stener's) knowledge; and it was
subsequent to this latter again that Stener, sending Albert to demand
the return of the check, was refused, though the next day at five
o'clock in the afternoon Cowperwood made an assignment. And the
certificates for which the check had been purloined were not in the
sinking-fund as they should have been. This was dark testimony for
Cowperwood.

If any one imagines that all this was done without many vehement
objections and exceptions made and taken by Steger, and subsequently
when he was cross-examining Stener, by Shannon, he errs greatly. At
times the chamber was coruscating with these two gentlemen's bitter
wrangles, and his honor was compelled to hammer his desk with his gavel,
and to threaten both with contempt of court, in order to bring them to a
sense of order. Indeed while Payderson was highly incensed, the jury was
amused and interested.

"You gentlemen will have to stop this, or I tell you now that you will
both be heavily fined. This is a court of law, not a bar-room. Mr.
Steger, I expect you to apologize to me and your colleague at once. Mr.
Shannon, I must ask that you use less aggressive methods. Your manner
is offensive to me. It is not becoming to a court of law. I will not
caution either of you again."

Both lawyers apologized as lawyers do on such occasions, but it really
made but little difference. Their individual attitudes and moods
continued about as before.

"What did he say to you," asked Shannon of Stener, after one of these
troublesome interruptions, "on that occasion, October 9th last, when
he came to you and demanded the loan of an additional three hundred
thousand dollars? Give his words as near as you can remember--exactly,
if possible."

"Object!" interposed Steger, vigorously. "His exact words are not
recorded anywhere except in Mr. Stener's memory, and his memory of
them cannot be admitted in this case. The witness has testified to the
general facts."

Judge Payderson smiled grimly. "Objection overruled," he returned.

"Exception!" shouted Steger.

"He said, as near as I can remember," replied Stener, drumming on the
arms of the witness-chair in a nervous way, "that if I didn't give him
three hundred thousand dollars he was going to fail, and I would be poor
and go to the penitentiary."

"Object!" shouted Stager, leaping to his feet. "Your honor, I object
to the whole manner in which this examination is being conducted by the
prosecution. The evidence which the district attorney is here trying to
extract from the uncertain memory of the witness is in defiance of all
law and precedent, and has no definite bearing on the facts of the case,
and could not disprove or substantiate whether Mr. Cowperwood thought
or did not think that he was going to fail. Mr. Stener might give one
version of this conversation or any conversation that took place at this
time, and Mr. Cowperwood another. As a matter of fact, their versions
are different. I see no point in Mr. Shannon's line of inquiry,
unless it is to prejudice the jury's minds towards accepting certain
allegations which the prosecution is pleased to make and which it cannot
possibly substantiate. I think you ought to caution the witness to
testify only in regard to things that he recalls exactly, not to what
he thinks he remembers; and for my part I think that all that has been
testified to in the last five minutes might be well stricken out."

"Objection overruled," replied Judge Payderson, rather indifferently;
and Steger who had been talking merely to overcome the weight of
Stener's testimony in the minds of the jury, sat down.

Shannon once more approached Stener.

"Now, as near as you can remember, Mr. Stener, I wish you would tell
the jury what else it was that Mr. Cowperwood said on that occasion. He
certainly didn't stop with the remark that you would be ruined and go to
the penitentiary. Wasn't there other language that was employed on that
occasion?"

"He said, as far as I can remember," replied Stener, "that there were
a lot of political schemers who were trying to frighten me, that if I
didn't give him three hundred thousand dollars we would both be ruined,
and that I might as well be tried for stealing a sheep as a lamb."

"Ha!" yelled Shannon. "He said that, did he?"

"Yes, sir; he did," said Stener.

"How did he say it, exactly? What were his exact words?" Shannon
demanded, emphatically, pointing a forceful forefinger at Stener in
order to key him up to a clear memory of what had transpired.

"Well, as near as I can remember, he said just that," replied Stener,
vaguely. "You might as well be tried for stealing a sheep as a lamb."

"Exactly!" exclaimed Shannon, whirling around past the jury to look at
Cowperwood. "I thought so."

"Pure pyrotechnics, your honor," said Steger, rising to his feet on the
instant. "All intended to prejudice the minds of the jury. Acting.
I wish you would caution the counsel for the prosecution to confine
himself to the evidence in hand, and not act for the benefit of his
case."

The spectators smiled; and Judge Payderson, noting it, frowned severely.
"Do you make that as an objection, Mr. Steger?" he asked.

"I certainly do, your honor," insisted Steger, resourcefully.

"Objection overruled. Neither counsel for the prosecution nor for the
defense is limited to a peculiar routine of expression."

Steger himself was ready to smile, but he did not dare to.

Cowperwood fearing the force of such testimony and regretting it, still
looked at Stener, pityingly. The feebleness of the man; the weakness of
the man; the pass to which his cowardice had brought them both!

When Shannon was through bringing out this unsatisfactory data, Steger
took Stener in hand; but he could not make as much out of him as he
hoped. In so far as this particular situation was concerned, Stener
was telling the exact truth; and it is hard to weaken the effect of the
exact truth by any subtlety of interpretation, though it can, sometimes,
be done. With painstaking care Steger went over all the ground of
Stener's long relationship with Cowperwood, and tried to make it
appear that Cowperwood was invariably the disinterested agent--not the
ringleader in a subtle, really criminal adventure. It was hard to do,
but he made a fine impression. Still the jury listened with skeptical
minds. It might not be fair to punish Cowperwood for seizing with
avidity upon a splendid chance to get rich quick, they thought; but it
certainly was not worth while to throw a veil of innocence over such
palpable human cupidity. Finally, both lawyers were through with Stener
for the time being, anyhow, and then Albert Stires was called to the
stand.

He was the same thin, pleasant, alert, rather agreeable soul that he had
been in the heyday of his clerkly prosperity--a little paler now, but
not otherwise changed. His small property had been saved for him by
Cowperwood, who had advised Steger to inform the Municipal Reform
Association that Stires' bondsmen were attempting to sequestrate it for
their own benefit, when actually it should go to the city if there
were any real claim against him--which there was not. That watchful
organization had issued one of its numerous reports covering this
point, and Albert had had the pleasure of seeing Strobik and the others
withdraw in haste. Naturally he was grateful to Cowperwood, even though
once he had been compelled to cry in vain in his presence. He was
anxious now to do anything he could to help the banker, but his
naturally truthful disposition prevented him from telling anything
except the plain facts, which were partly beneficial and partly not.

Stires testified that he recalled Cowperwood's saying that he had
purchased the certificates, that he was entitled to the money, that
Stener was unduly frightened, and that no harm would come to him,
Albert. He identified certain memoranda in the city treasurer's books,
which were produced, as being accurate, and others in Cowperwood's
books, which were also produced, as being corroborative. His testimony
as to Stener's astonishment on discovering that his chief clerk had
given Cowperwood a check was against the latter; but Cowperwood hoped to
overcome the effect of this by his own testimony later.

Up to now both Steger and Cowperwood felt that they were doing fairly
well, and that they need not be surprised if they won their case.





Chapter XLII


The trial moved on. One witness for the prosecution after another
followed until the State had built up an arraignment that satisfied
Shannon that he had established Cowperwood's guilt, whereupon he
announced that he rested. Steger at once arose and began a long argument
for the dismissal of the case on the ground that there was no evidence
to show this, that and the other, but Judge Payderson would have none of
it. He knew how important the matter was in the local political world.

"I don't think you had better go into all that now, Mr. Steger," he
said, wearily, after allowing him to proceed a reasonable distance. "I
am familiar with the custom of the city, and the indictment as here made
does not concern the custom of the city. Your argument is with the jury,
not with me. I couldn't enter into that now. You may renew your motion
at the close of the defendants' case. Motion denied."

District-Attorney Shannon, who had been listening attentively, sat down.
Steger, seeing there was no chance to soften the judge's mind by any
subtlety of argument, returned to Cowperwood, who smiled at the result.

"We'll just have to take our chances with the jury," he announced.

"I was sure of it," replied Cowperwood.

Steger then approached the jury, and, having outlined the case briefly
from his angle of observation, continued by telling them what he was
sure the evidence would show from his point of view.

"As a matter of fact, gentlemen, there is no essential difference in
the evidence which the prosecution can present and that which we, the
defense, can present. We are not going to dispute that Mr. Cowperwood
received a check from Mr. Stener for sixty thousand dollars, or that
he failed to put the certificate of city loan which that sum of money
represented, and to which he was entitled in payment as agent, in the
sinking-fund, as the prosecution now claims he should have done; but
we are going to claim and prove also beyond the shadow of a reasonable
doubt that he had a right, as the agent of the city, doing business with
the city through its treasury department for four years, to withhold,
under an agreement which he had with the city treasurer, all payments
of money and all deposits of certificates in the sinking-fund until the
first day of each succeeding month--the first month following any given
transaction. As a matter of fact we can and will bring many traders and
bankers who have had dealings with the city treasury in the past in just
this way to prove this. The prosecution is going to ask you to believe
that Mr. Cowperwood knew at the time he received this check that he was
going to fail; that he did not buy the certificates, as he claimed, with
the view of placing them in the sinking-fund; and that, knowing he
was going to fail, and that he could not subsequently deposit them, he
deliberately went to Mr. Albert Stires, Mr. Stener's secretary, told
him that he had purchased such certificates, and on the strength of a
falsehood, implied if not actually spoken, secured the check, and walked
away.

"Now, gentlemen, I am not going to enter into a long-winded discussion
of these points at this time, since the testimony is going to show very
rapidly what the facts are. We have a number of witnesses here, and
we are all anxious to have them heard. What I am going to ask you to
remember is that there is not one scintilla of testimony outside of that
which may possibly be given by Mr. George W. Stener, which will show
either that Mr. Cowperwood knew, at the time he called on the city
treasurer, that he was going to fail, or that he had not purchased the
certificates in question, or that he had not the right to withhold
them from the sinking-fund as long as he pleased up to the first of
the month, the time he invariably struck a balance with the city.
Mr. Stener, the ex-city treasurer, may possibly testify one way. Mr.
Cowperwood, on his own behalf, will testify another. It will then be for
you gentlemen to decide between them, to decide which one you prefer
to believe--Mr. George W. Stener, the ex-city treasurer, the former
commercial associate of Mr. Cowperwood, who, after years and years of
profit, solely because of conditions of financial stress, fire, and
panic, preferred to turn on his one-time associate from whose labors he
had reaped so much profit, or Mr. Frank A. Cowperwood, the well-known
banker and financier, who did his best to weather the storm alone, who
fulfilled to the letter every agreement he ever had with the city, who
has even until this hour been busy trying to remedy the unfair financial
difficulties forced upon him by fire and panic, and who only yesterday
made an offer to the city that, if he were allowed to continue in
uninterrupted control of his affairs he would gladly repay as quickly as
possible every dollar of his indebtedness (which is really not all his),
including the five hundred thousand dollars under discussion between him
and Mr. Stener and the city, and so prove by his works, not talk, that
there was no basis for this unfair suspicion of his motives. As you
perhaps surmise, the city has not chosen to accept his offer, and I
shall try and tell you why later, gentlemen. For the present we will
proceed with the testimony, and for the defense all I ask is that you
give very close attention to all that is testified to here to-day.
Listen very carefully to Mr. W. C. Davison when he is put on the stand.
Listen equally carefully to Mr. Cowperwood when we call him to testify.
Follow the other testimony closely, and then you will be able to judge
for yourselves. See if you can distinguish a just motive for this
prosecution. I can't. I am very much obliged to you for listening to me,
gentlemen, so attentively."

He then put on Arthur Rivers, who had acted for Cowperwood on 'change
as special agent during the panic, to testify to the large quantities
of city loan he had purchased to stay the market; and then after him,
Cowperwood's brothers, Edward and Joseph, who testified to instructions
received from Rivers as to buying and selling city loan on that
occasion--principally buying.

The next witness was President W. C. Davison of the Girard National
Bank. He was a large man physically, not so round of body as full and
broad. His shoulders and chest were ample. He had a big blond head, with
an ample breadth of forehead, which was high and sane-looking. He had
a thick, squat nose, which, however, was forceful, and thin, firm, even
lips. There was the faintest touch of cynical humor in his hard blue
eyes at times; but mostly he was friendly, alert, placid-looking,
without seeming in the least sentimental or even kindly. His business,
as one could see plainly, was to insist on hard financial facts, and
one could see also how he would naturally be drawn to Frank Algernon
Cowperwood without being mentally dominated or upset by him. As he took
the chair very quietly, and yet one might say significantly, it was
obvious that he felt that this sort of legal-financial palaver was above
the average man and beneath the dignity of a true financier--in other
words, a bother. The drowsy Sparkheaver holding up a Bible beside him
for him to swear by might as well have been a block of wood. His oath
was a personal matter with him. It was good business to tell the truth
at times. His testimony was very direct and very simple.

He had known Mr. Frank Algernon Cowperwood for nearly ten years. He
had done business with or through him nearly all of that time. He knew
nothing of his personal relations with Mr. Stener, and did not know
Mr. Stener personally. As for the particular check of sixty thousand
dollars--yes, he had seen it before. It had come into the bank on
October 10th along with other collateral to offset an overdraft on the
part of Cowperwood & Co. It was placed to the credit of Cowperwood &
Co. on the books of the bank, and the bank secured the cash through the
clearing-house. No money was drawn out of the bank by Cowperwood & Co.
after that to create an overdraft. The bank's account with Cowperwood
was squared.

Nevertheless, Mr. Cowperwood might have drawn heavily, and nothing would
have been thought of it. Mr. Davison did not know that Mr. Cowperwood
was going to fail--did not suppose that he could, so quickly. He had
frequently overdrawn his account with the bank; as a matter of fact,
it was the regular course of his business to overdraw it. It kept his
assets actively in use, which was the height of good business. His
overdrafts were protected by collateral, however, and it was his custom
to send bundles of collateral or checks, or both, which were variously
distributed to keep things straight. Mr. Cowperwood's account was the
largest and most active in the bank, Mr. Davison kindly volunteered.
When Mr. Cowperwood had failed there had been over ninety thousand
dollars' worth of certificates of city loan in the bank's possession
which Mr Cowperwood had sent there as collateral. Shannon, on
cross-examination, tried to find out for the sake of the effect on the
jury, whether Mr. Davison was not for some ulterior motive especially
favorable to Cowperwood. It was not possible for him to do that. Steger
followed, and did his best to render the favorable points made by Mr.
Davison in Cowperwood's behalf perfectly clear to the jury by having him
repeat them. Shannon objected, of course, but it was of no use. Steger
managed to make his point.