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Now, as I work over this book, the President takes the railroads for war use, and reads to Congress a message proposing that the securities based upon the New Haven swindles, together with all the mass of other railroad swindles, shall be sanctified and secured by dividends paid out of the Public purse.
He smiled that frank, winning smile which had helped to land more men behind the bars than the astuteness of many of his seniors and said: "I'm a clerk in the Brooklyn & Queens Bank, Mr. Pennold, and we have a box of securities there evidently belonging to one Jimmy Brunell. No one knows anything about it and no note came with it except a line which read: 'Hold for Jim Brunell.
A company of which he was one of the promoters had also invested somewhat unhappily in Western mines, and Deringham, who purposed to see what could be done with the depreciated securities, intended that the expenses of his sojourn in the mountain province should be borne by the shareholders.
Another heading was "Argentine," another "Costa Rica," and another "San Paulo," each with pages of signs and figures after it. "What do you make of these?" asked Holmes. "They appear to be lists of Stock Exchange securities. I thought that 'J.H.N. were the initials of a broker, and that 'C.P.R. may have been his client." "Try Canadian Pacific Railway," said Holmes.
Sheldon. The panic came like a thief in the night, and it found Mr. Sheldon a speculator for the rise. The Melampuses and Amphiaraeuses of the Stock Exchange had agreed in declaring that a man who bought into consols at 90 must see his capital increased; and what was true of this chief among securities was of course true of other securities.
"I can at least prove an alibi," he said. "You can swear that I was not Mose's devil." He remained silent a moment with his elbows on his knees and his chin in his hands studying the floor; then he raised his eyes to mine with a puzzled shake of the head. "No, Arnold, I haven't the slightest suspicion as to who took those securities. I can't make it out.
The long upward trend of fundamental progress, however, gave rise to over-optimism as to profits, which translated itself into a wave of uncontrolled speculation in securities, resulting in the diversion of capital from business to the stock market and the inevitable crash.
Finally it turned out that George was honourably acquitted, and young Wringhim bound over to keep the peace, with heavy penalties and securities. That was a day of high exultation to George and his youthful associates, all of whom abhorred Wringhim; and, the evening being spent in great glee, it was agreed between Mr.
Appeals to the pope were indeed permitted by that treaty; but as the king was also permitted to exact reasonable securities from the parties, and might stretch his demands on this head as far as he pleased, he had it virtually in his power to prevent the pope from reaping any advantage by this seeming concession. Benedict. Abb. p. 34. Hoveden, p. 529. Diceto, p 560. Chron.
In so far as it is paid in other securities or mortgages on land or other forms of property, it is difficult to see how the assets acquired by the State through the levy could be distributed among the debt holders whom it is proposed to pay off.
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