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Stocks, "common" or "preferred," bonds and debentures, floated through his mind. Even horses or pictures he would have had a clear opinion on, but in this field he was lost. He had never known, or cared to know, what children liked. Suddenly a whole new realm seemed to open before him, but it was shrouded in darkness.
The right which the Company had to collect the Customs dues for account of the State, to retain them as security for the payment of interest on their shares and debentures, and to impose a charge for collection quite disproportionate to the cost, was another serious grievance. It was hopeless, however, to deal with the whole question.
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.
If the losses exceeded that sum, the individual claims were to be proportionally reduced. The necessary funds were to be raised on twenty-year debentures bearing interest at six per cent. LaFontaine introduced and explained the bill, and Baldwin supported it in a brief speech.
When she came to "Florida and Teche debentures, sixty-two and a half to sixty-five and three-fourths," she was startled by a sort of shrill shout. "Ay! that's a rise! Some rigging design there! I must write I must. Where, where has that harridan hid my glasses? Why, it is almost twelve o'clock! the boy will be here for the paper immediately. And the post! the post! I must catch the post.
The pay of the officers and men was always in arrear; the debentures which they received could be seldom exchanged for money without a loss of fifty, sixty, or seventy per cent.; and the plea of necessity was accepted as an excuse for the illegal claim of free quarters which they frequently exercised.
Would n't you, therefore if you were on a floating log, remote, unfriended, melancholy, slow; standing, like the Apollo Sauroctones, with your hand on the adjacent stump, and, to enhance your resemblance to that fine antique, clad in simplicity of mien and nothing else if you were sadly realising the loss of your best clothes, with all the things in the pockets, including a fairly trustworthy watch if, in addition to this, the patient face of the spratless swagman was rising before you till you involuntarily muttered "O Julius Caesar! thou art mighty yet!" and the nasty part of your moral nature was reminding you that you might have had anything up to four-pounds-odd worth of heavenly debentures; whereas, having failed to put your mammon of unrighteousness into celestial scrip, to await you at the end of your pilgrimage, you were now doubly debarred from retaining it in your pilgrim's scrip, by reason of having neither scrip nor mammon under such circumstances, I say, would n't you be very likely to take the sunset on your left, and swim for the north bank, without doing an equation in algebra to find out which way the river ought to run?
"Of course you understand all about joint stock companies, trust fund companies, municipal bonds and debentures," said the magnate, unrolling a bundle of unintelligible papyrus showing assets which did not exist, and spreading them out on the bed in front of his victim. The whole system had been premeditated and had been systematically worked out.
"Buy me out," said the philanthropist. "I have all the money I can carry. When the rainy day comes I will be well in out of the drip, and my tombstone will be 'next best' in the cemetery." "But I have no bank balance," said the aspirant eagerly. "I have no debentures of any kind; I have not even pin money." "Bonds are unnecessary," said the friend.
Those ah the debentures of the Trescott Development Company, fawmed to build up Trescott's Addition. We sold those lands on credit, except fo' a cash payment of one foath the purchase-price. This brought to us, as you can see, Madam, a lahge amount of notes, secured by fuhst mortgages on the Trescott's Addition properties.
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