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Updated: June 27, 2025


I am under great obligations to him." He told briefly the details of the transaction; even the hypothecation of the Parsons bonds. For once in his life he made a clean breast of his bosom's perilous stuff. He was ready to bear the consequences of his plight rather than be false to his man's standard of honor, and yet his wife's opposition had fascinated as well as startled him.

The hypothecation to foreign bankers in connection with certain industrial enterprises, such as the Hukuang railways, of the national revenues upon which these reforms depended, led the Department of State early in the administration to demand for American citizens participation in such enterprises, in order that the United States might have equal rights and an equal voice in all questions pertaining to the disposition of the public revenues concerned.

Instead of helping me, it got me in deeper. "When the profit from this first deal was spent there was nothing to do but to repeat what I had done successfully before. I could not quit now. I tried again, a little hypothecation of some bonds. Stocks went down. I had made a bad bet and five thousand dollars was wiped out, a whole year's salary. I tried again, and wiped out five thousand more.

He is not merely the broker, yielding the proceeds, less a commission, to the planter. Either, by hypothecation on advances made during the year, he secures a legal pre-emption in the crop, or, by initiatory contract, he becomes an actual partner of limited liability in the crop itself.

The hypothecation to foreign bankers in connection with certain industrial enterprises, such as the Hukuang railways, of the national revenues upon which these reforms depended, led the Department of State early in the administration to demand for American citizens participation in such enterprises, in order that the United States might have equal rights and an equal voice in all questions pertaining to the disposition of the public revenues concerned.

"Some of the operations consisted of hypothecation of large amounts of these loans before the certificates were issued, the lender seeing that the order for the hypothecated securities was duly made to him on the books of the treasurer.

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