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Updated: June 12, 2025
"Chairs, Boy!" says I, snappin' my fingers at Heiny. But Aunty catches her breath, draws herself up stiff, and waves away the seats. "Young man," says she, "I came here to consult with Mr. Robert Ellins about " "Yes'm," says I, "I understand. Debenture six's, ain't they? Not affected by the reorganization, Ma'am. You see, it's like this: Those bonds were issued in exchange for "
But after all, Edward, I mustn't quarrel with the mere form of your accounts; the statement is really a splendid showing. I see that not only is our mortgage and debenture interest all paid to date, but that a number of our enterprises are making a handsome return. Excellent!
She only knew that debentures were connected with "limited companies" not waterworks companies, which she classed with the Bank of England but just any limited companies, which were in her mind a bottomless pit for the savings of the foolish. She had an idea that a debenture was, if anything, more fatal than a share.
Such an issue would not, save in exceptional circumstances, as when a great railway is offering bonds or debenture stock, be fathered by one of the leading financial firms.
A bill was accordingly brought in, importing, that interest after the rate of three per cent, should be allowed upon every debenture, for the bounty on the exportation of com, payable by the receiver-general or cashier of the customs, until the principal could be discharged out of such customs or duties as are appropriated for the payment of this bounty.
As for the debenture stock, he might, if he chose, 'convert' it without withdrawal, but that meant a lower dividend, which was hardly to be thought of. Whither should he turn for a security at once sound and remunerative? He began to read the money article in his daily paper, which hitherto he had passed over as if it did not exist, or turned from with contemptuous impatience.
"You aren't really going to throw your money away on those debenture things of Mr. Batchgrew's, are you?" Louis now knew the worst, and he had been suspecting it. Rachel's tone fully displayed her sentiments, and completed the disclosure that "the little thing" was angry and aggressive. "No," he said, "I'm not going to 'throw my money away' on them."
"But I can't exactly see how he'll swindle me out of the money! A debenture is a debenture." "Is it?" "Do you know what a debenture is, my child?" "I don't need to know what a debenture is, when Mr. Batchgrew's mixed up in it." Louis suppressed a sigh. He first thought of trying to explain to her just what a debenture was. Then he abandoned the enterprise as too complicated, and also as futile.
I was moochin' around the bondroom when I happens to glance over the transfer book and notices that a big block of our debenture 6's are listed as goin' to the Federated Tractions. And the name of the party who's about to swap the 6's for Tractions preferred is a familiar one. It's Aunty's. Uh-huh Vee's!
Baronial guarantees, union guarantees, county guarantees, debenture schemes, have all been tried and found wanting, and vague assertions as to possibilities are idle unless they are based on intelligible working plans.
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