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Updated: May 18, 2025


When the promised inpour of millers and miners, manufacturers and operatives, so nearly failed that the Land Company could not pay, nor half pay, the interest on its first-mortgage bonds and they "tumbled," these second-mortgage bonds were, of course, unsalable at any figure. The smallest child will understand this and worse to follow at a glance; but if he doesn't he needn't.

The matter not to follow Proudfit too closely was this: The Construction Company, paid in advance, and in the Land Company's second-mortgage bonds, for its many expensive and recklessly immature works, had promptly sold those bonds to a multitude of ready takers near and far, but principally far.

Then Ravenel, as trustee for the three counties Uncle Jimmie Rankin was the other, but shrewdly let Jeff-Jack speak and act for him privately combined with the Construction Company, which, Proudfit pathetically reminded John, was a loser by the Land Company in the discounts at which it had sold that Company's second-mortgage bonds.

At this point Ravenel, who had kept his paper very still, "persuaded" Gamble and Bulger to buy, at the prices their holders had paid for them, all that smaller portion of these second-mortgage bonds, as well as all small lots of the Land Company's stock, held in the three counties.

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