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The ways and means in the Treasury and estimated to accrue within the above-named period consist of about $694,000 of funds available on the 28th ultimo, an unissued balance of Treasury notes authorized by the act of 1841 amounting to $1,955,000, and estimated receipts from all sources of $3,800,000, making an aggregate of about $6,450,000, and leaving a probable deficit on the 1st of September next of $4,845,000.
At any time, an examination of the books of issued and unissued scrip in the hands of the treasurer, will give the amount outstanding. The co-operators are requested to keep a record of the serial numbers of the scrip they hold or handle, and to report the loss or destruction of such as may happen.
The stock of the Erie road was then selling at about 95 and the company was in pressing need of funds. The treasurer came to the rescue as usual and made the necessary advances on adequate security. The company had in its treasury a considerable amount of unissued stock and had also the legal right to issue bonds to the extent of $3,000,000 which could be converted into stock.
He caused a number of unissued shares to be sold on 'Change, and had them bought up by his own men, thus creating a fictitious interest in the company. In a few days the shares rose and were at a premium, simply through the jobbery to which Herzog lent himself. Panine was little disposed to seek for explanations, and, besides, had such unbounded faith in his partner that he suspected nothing.
The truth is that every bond printed, whether issued or unissued, has been fully accounted for, the actual issue being about $2,200,000. Provision was made in Cuba's Constitution for the recognition of this indebtedness, and it has since been discharged, while the plates and the unused bonds have been destroyed.
Besides the various assortment that a man carries in his pockets usually, including pens, pencils, notebooks, a watch, a handkerchief, a bunch of keys, one of which was large enough to open a castle, there was a bunch of blank and unissued pawn-tickets bearing the name, "Stein's One Per Cent. a Month Loans," and an address on the Bowery.
Whatever Jackson and a few others might say in its depreciation, he was certain that the Sahara flotation would go through, for it was underwritten, of course upon terms, by responsible people, moreover the unissued preferred shares had already been dealt in at a heavy premium.
In pursuance of this policy the management, faced with a hesitating market, decided upon a bold step. Late in 1883, acting in accordance with the advice of New York and London financiers, they decided to endeavour to make a market for the unissued stock by giving assurance of a dividend for a term of years.
Four hundred Crown grants were lying unissued in the Auckland Land Office because land-buyers could not pay the fee of £1 apiece due on them. But the Colonial Office, now that it at last gave unfortunate New Zealand a capable head, did not do things by halves. It supplied him with sufficient troops and a certain amount of money. The strong hand at the helm at once made itself felt.
He caused a number of unissued shares to be sold on 'Change, and had them bought up by his own men, thus creating a fictitious interest in the company. In a few days the shares rose and were at a premium, simply through the jobbery to which Herzog lent himself. Panine was little disposed to seek for explanations, and, besides, had such unbounded faith in his partner that he suspected nothing.
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