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Hand," he exclaimed, wearily, "I've done all I can. Hull and I have kept the market fairly stable so far. You saw what happened between ten and eleven this morning. The jig's up. We've borrowed our last dollar and hypothecated our last share. My personal fortune has gone into the balance, and so has Hull's. Some one of the outside stockholders, or all of them, are cutting the ground from under us.
More than one-half of this fund has already been hypothecated for the costs of flotation of the twenty millions of Land Stock which have already been issued, and under the present system of finance, after a further issue of another twenty millions of stock, the whole loss will be thrown on the County Councils, and through them on the ratepayers, who have already been called upon to pay £70,000 to meet certain of the losses in this connection, which amount to twelve per cent. of the value of the stock floated.
Advised by Webster and the talented Prince and Morrison to handle his publicity work, he rapidly unloaded his huge holdings of common stock upon an eager public, keeping for himself the bonds which he hypothecated at the banks to increase his working capital while continuing to control the company.
Then slowly in my mind gathered this group of words: Art is that imaginative expression of human energy, which, through technical concretion of feeling and perception, tends to reconcile the individual with the universal, by exciting in him impersonal emotion. And the greatest Art is that which excites the greatest impersonal emotion in an hypothecated perfect human being. Impersonal emotion!
Whether these judges, few in number, but powerful in jurisdiction, are satisfied, whether they to whom this new pledge is hypothecated have redeemed their own, whether they have given one particle more of their support to ministry, or even, favored them with their good opinion or their candid construction, I leave it to those who recollect that memorable debate to determine.
The third day after his arrival he called at the Bank of Manhadoes, in which the greater part of his uncle's savings had been invested, to make the acquaintance of the officers in control, and to have transferred to his own name the shares which his brother had hypothecated.
The impossibility of arranging large borrowings on foreign markets without the open support of foreign governments a support which was hedged round with conditions made necessary a system of petty expedients under which practically every provincial administration hypothecated every liquid asset it could lay hands upon in order to pay the inordinate number of undisciplined soldiery who littered the countryside.
More than once during the day he had seen bankers and brokers who were anxious about possible shrinkage in connection with various hypothecated securities, and to-night his valet had called him to the 'phone half a dozen times to talk with Addison, with Kaffrath, with a broker by the name of Prosser who had succeeded Laughlin in active control of his private speculations, and also, be it said, with several of the banks whose presidents were at this particular conference.
His estates were deeply hypothecated, and his creditors so troublesome, that, in his own language, he was unable to attend properly to public affairs, so frequent and so threatening were the applications made upon him for payment.
The Government's pardon, on which this fine rapidity was hypothecated, came promptly "through a pardon broker," said Garnet. But the General's celerity was resented. He boarded at the St. Charles, and, famous, sociable, and fond of politics, came at once into personal contact with the highest Federal authorities in New Orleans.
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