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Updated: June 1, 2025
And he cast his eye up the line, and added, "I rather think I am." Montague went on ahead, and found his brother, with only about a score of people ahead of him. Apparently not many of the depositors of the Trust Company read their newspapers before eight o'clock in the morning. "Do you want a chair, too?" asked Montague. "I just got one for the Major." "Is he here, too?" exclaimed Oliver.
He gathered together all his available money and that of American friends and opened a unique bank which had no depositors and took in no money, but continuously gave it out against personal checks signed by unknown but American-looking people on unknown banks in Walla Walla and Fresno and Grand Rapids and Dubuque and Emporia and New Bedford.
The perspiration broke out on his forehead every now and then, and he shuddered as he counted his securities and entered up his figures. If cotton should go down some more! That was the hideous possibility. They would have to put up more margin, and then ! Down in the vault where the depositors' bonds were kept were two piles of Overland 4s.
And so the banker contributed the necessary number of millions. The fight centred around the imperilled Trust Company of the Republic. It was recognised by everyone that if Prentice's institution went down, it would mean defeat. Longer and longer grew the line of waiting depositors; the vaults were nearly empty.
Of course no one would lose anything, ultimately, as we could go into the hands of a receiver, and, eventually pay dollar for dollar. Your father and I, and some of the other directors, might lose a little, but the depositors would not. But your father and I don't like the idea of failing. It's something I've never done, and I'm too old to start in now, bless my cash ledger if I'm not!"
They think we are trying to rob them. They're mad utterly mad." "I never saw anything like it, Colonel. Are you sure you can meet all the demands?" asked Brewster, thoroughly excited. The Colonel's face was white and he chewed his cigar nervously. "We can hold out unless some of our heaviest depositors get the fever and swoop down upon us.
There is this additional fact: more than one quarter of the stupendous sum of over a billion dollars of the savings of nearly two and a half million savings depositors is invested in railroad, street railway, and telephone securities.
The stream of gold became a rushing torrent. Every Monday morning the Floyd Street house was crowded with depositors who drew their interest, added to it, deposited it again, and went upon their way rejoicing. Nobody was going to have to work any more.
He still remains responsible for receiving from the State, and paying to the bondholders, the sum due each half year in interest, and for seeing to the redemption of the bonds by the operation of the Sinking Fund, if any. But if anything goes wrong with the interest or Sinking Fund he is not liable to the bondholders, as the bank is liable to its depositors.
Would Napoleon do again what he had done before trample the cities beneath his inconsiderate feet and parcel out the people and the land among his favorites? England was shaken to her center. "This time Britain shall not go unpunished," declared the Corsican. Business was paralyzed. The banks were not loaning a dollar; many had closed and refused to honor the checks of depositors.
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