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Updated: May 26, 2025
There were the repudiated bonds of Southern states and municipalities of railroads upon whose tracks no wheel had ever turned; of factories never built except in Doc Barrows' addled brain; of companies which had defaulted and given stock for their worthless obligations; certificates of oil, mining and land companies; deeds to tracts now covered with sky scrapers in Pittsburgh, St.
It is not necessary for me to go back to the day, now nearly nineteen years ago, when many of you found yourselves unexpectedly impoverished because the man you trusted had defaulted.... There was much suffering in Brookville that winter, and since.... When I came to this parish I found it sick. Because of the crime of Andrew Bolton? No. I repeat the word with emphasis: No!
The Republic defaulted, and Dodds lost his money. He had bulled the shares of a Scotch railway, and a four months' strike had hit him hard. He had helped to underwrite a coffee company in the hope that the public would come along upon the feed and gradually nibble away some of his holding, but the political sky had been clouded and the public had refused to invest.
The writer hears of one plot which was sold nineteen times and the contracts defaulted on after payments, before any one took title. If the seeker is not satisfied with the opportunities which the state of New York offers, he may turn to New Jersey, equally accessible and equally rich in chances.
The Bank of North America was temporarily embarrassed from a similar cause, another stock firm having similarly defaulted to no less an amount than $400,000.
Hancock defaulted in his stewardship as Treasurer of Harvard College, and only escaped arrest for embezzlement through the fact that he was Governor of the State, and no process could be served upon him. After his death his estate paid nine years' simple interest on his deficit, and ten years thereafter, the principal was paid.
It will be helpful to ourselves and it will improve conditions among our debtors if funding and the settlement of defaulted interest may be negotiated. The previous Congress, deeply concerned in behalf of our merchant marine, in 1920 enacted the existing shipping law, designed for the upbuilding of the American merchant marine.
I remember the day after Petunias defaulted on their interest that she exclaimed, 'I hope I shall never meet her! We always called Mr. Beverly's mother 'she' now. 'For if I were to meet her, continued Ethel, 'I feel I should say something that I should regret. Oh, Richard, I suppose we shall have to give up that house on Park Avenue!"
It will be helpful to ourselves and it will improve conditions among our debtors if funding and the settlement of defaulted interest may be negotiated. The previous Congress, deeply concerned in behalf of our merchant marine, in 1920 enacted the existing shipping law, designed for the upbuilding of the American merchant marine.
During the same year, the Government defaulted on the interest due on the national debt. Moneyed men claimed that business had been so impaired by the embargo and war as to prevent their coming to the relief of the nation. Unfortunately, strict-construction theory had cut off the bank which might otherwise have been a source of supply.
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