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Updated: June 8, 2025
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.
And yet, as he stood before his principal creditors a group of thirty men in his office, he did not feel that his life was ruined. He was temporarily embarrassed. Certainly things looked very black. The city-treasurership deal would make a great fuss. Those hypothecated city loan certificates, to the extent of sixty thousand, would make another, if Stener chose.
In the opinion of the Committee "the purchase of these cargoes and the announcement of their arrival in the form above referred to, were intended to induce, and did induce, the public to believe that the hypothecated forests were providing means for paying the interest upon the loan."
Probably he hypothecated his wages, certainly he had his five rupees. At any rate he started out with a ragged undershirt and a pair of white, baggy breeches.
And, by one of the fantastic turns of luck which haunt even the safest "dealing" games, he had seen the tide of Fortune turn viciously against his banking dealers several times. The "bank" had been broken at several of his tables until he had hypothecated all his reserve securities. Ruin stared him in the face, for it had come at last.
Schryhart's idea, like that of Hand, was to cause Hull & Stackpole to relinquish all their holdings for nothing to the banks in order that, under pressure, the latter might carry the stocks he and the others had hypothecated with them until such a time as the company might be organized at a profit.
Phineas Hull rose from the chair which sat before his solid mahogany desk, and confronted his partner. "I'll tell you, Ben," he said, "I'm afraid we can't make this. We've hypothecated so much of this stock around town that we can't possibly tell who's doing what. I know as well as I'm standing on this floor that some one, I can't say which one, is selling us out.
We only borrowed on it, you might say hypothecated it. We thought we were dealing with friends, but Friends! My God!" The speaker seized his head. "The stock was not hypothecated. You sold it," Gray said, quietly, "and we bought it in." "It is all a personal matter, a grudge." "Is that true, Mr. Gray?" Swope inquired. "Substantially.
He could not get hold of the money he had invested, nor could he get hold of the money he had loaned Carwell. In his quandary he took certain securities belonging to Carwell and hypothecated them, expecting, later on, to make good as soon as he got some of his own money back. Of course the whole transaction was a rather shady one, and yet I still believe the young fellow wanted to be honest."
In Germany an enormous bulk of property has been mortgaged to supply the subscriptions to the war loans, and those holdings have again been hypothecated to subscribe to subsequent loans. The Pledged Allies with longer stockings have not yet got to this pitch of overlapping.
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