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Updated: June 12, 2025
As a gen'ral rule this interest money is never earned for the fust two years, and the money to pay it with is inva'ably stolen from the principal. All this dishonesty I avoid, suh, by the issue of my Deferred Debenture Bonds." "How?" I asked, seeing the colonel pause for a reply. "By cuttin' off the fust fo' coupons. Then everybody knows exactly where they stand.
It is true that No. 5 paragraph says what the expression "securities" includes, but it does not state definitely that bonds, Debentures, Debenture stock and marketable securities are the only things included.
Often enough the debenture, or the certificate, or the bond is in the custody of the banker, and he is expected to see when the coupon is due, and to cut it off and transmit it for payment. And the detail of all this is incredible, and it needs a special machinery to cope with it. A large joint stock bank, if well-worked, has that machinery.
The following is the conclusion published in several papers in England in November, 1908: "Some time ago we heard a good deal, both in and out of Parliament, about the debenture widow whose little all is invested in brewery securities. There is, on the other hand, the widow so made by alcohol. I am not aware that anyone has attempted to estimate the approximate number of each of these two classes.
The Marquis of Lambeth has come into the market and bought up two-thirds of the Astrakhan Grand Trunk debenture bonds, just as our house had speculated for the fall. And since it has got wind that the Marquis is sweet upon the concern, the bonds are going up like a skyrocket. Such is life. I thought we had better have our little talk here; it's quieter than in the City.
Ellins called for a special report on outside holdings? And when it is submitted it is merely a jumble of figures. Why, the young man who prepared it couldn't have known the difference between a debenture 5 and a refunding 6!" "Don't make me shudder, Piddie," says I. "Who was the brainless wretch?" "Young Hollis, of course," whispers Piddie.
Companies issue debts, like public bodies, in the shape of bonds or debenture stocks, which entitle the holders of them to a stated rate of interest, and no more, and are often repayable at a due date, by drawings or otherwise.
Rolfe had not thought it necessary to mention that he derived about three hundred pounds from debenture stock which was redeemable, and that the date of redemption fell early in this present year, 1891. He himself had all along scarcely regarded the matter.
Though he should prove to her that a debenture combined the safety of the Bank of England with the brilliance of a successful gambling transaction, she would not budge. He was acquiring valuable and painful knowledge concerning women every second.
Your statements show a falling off in every direction. Your interest is everywhere in arrears; your current account overdrawn to the limit. At this rate, you know, the end is inevitable. Your debenture and bondholders will decide to foreclose; and if they do, you know, there is no power that can stop them.
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