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Updated: May 26, 2025
Accidentally, and most opportunely, when things were at the worst, one of the employés of the Bank, in searching a store-room, found a case of the £1 unissued notes, which had escaped observation at the time of the destruction. They were at once issued to the public, by whom they were hailed with delight, as the first "bit of blue" in the monetary sky.
"The proposal to substitute a contingent and temporary interest in so much stock of the Company for the 40 per cent. of profits now given to the chief factors and traders, may assist you in placing your unissued shares, in a mode leading to a very large annual saving, to be accompanied by an evident increase of efficiency.
This he did until Thursday morning, when he ceased buying, twelve millions in all having been bought up to that time, and the available currency balance in the Treasury, without encroaching on the forty-four millions of unissued greenbacks, being exhausted.
Drew took these bonds and the unissued stock as security for a loan of $3,500,000. It so happened, naturally, that Drew was soon heavily short of Erie stock in Wall Street. The market was buoyant; speculation was rampant; and the outside public, the delight and prey of Wall Street gamblers, were as usual drawn in by the fascination of acquiring wealth without labor.
He caused a number of unissued shares to be sold on 'Change, and had them bought up by his own men, thus creating a fictitious interest in the company. In a few days the shares rose and were at a premium, simply through the jobbery to which Herzog lent himself. Panine was little disposed to seek for explanations, and, besides, had such unbounded faith in his partner that he suspected nothing.
The Pioneers lining out for their match in six-a-side football against the Shoemakers and Tailors, the Stores piled high with 'hay-packs' and wicker baskets filled with unissued signalling equipment, Sergeant Birt quietly demanding last month's war-diary, Connell the arch-footballer, Kettle, the Sergeant-Cook, arguing about an oven, and the four Company Quartermaster-Sergeants whose vote was always unanimous to proceed further would be to enumerate a list of people and things over whom it is my regret to pass so rapidly.
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