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Updated: August 18, 2024
Finally, in May, 1895, a plan sponsored by Edward D. Adams, representing New York interests and those of the Deutsche Bank of Berlin, proposed a practical merger with the Great Northern Railroad Company: the old stock and bondholders were to make all the sacrifices and to supply all the new capital, and the Great Northern was then to be presented with half the stock of the new company, in consideration for which it was to guarantee the new Northern Pacific bonds.
"My idea, gentlemen," continued the colonel, filling the glasses himself, "is to start this scheme honestly in the beginnin', and avoid all dissatisfaction on the part of these vehy bondholders thereafter. "Now, suh, in my experience I have always discovered that a vehy general dissatisfaction is sure to manifest itself if the coupons on secu'ities of this class are not paid when they become due.
In the west the sun still shone unobscured, but with its light failing to a chill saffron glare as the cloud expanded over the sky. Bryant and another man, a newcomer in the last few days, an engineer from the East representing the bondholders, were walking toward the girl from the dam. As the men walked, they engaged in rather spirited argument. "You'd better hurry, you two," Ruth called.
In all over $22,000,000 besides other millions of accrued interest were repudiated. Not all of the creditors of the State accepted the compromise at once, but the offer was left open and, as the years went on and the State showed no signs of a change of intention, the bondholders gradually recognized the inevitable.
I shall then have myself appointed receiver for the Cardigan Redwood Lumber Company, investigate its affairs thoroughly, and see for myself whether or no there is a possibility of working it out of the jam it is in and saving you a loss on your bonds. "I MUST pursue this course, my dear, in justice to you and the other bondholders.
His fleshy, aggressive face, that lacked the tan of his companion's, was fixed in dogmatic lines. From time to time he switched his gauntlets against the skirt of his fashionably cut ulster with lively impatience. "I certainly demand that these changes be made and shall recommend to the bondholders," he was saying, "that they also insist on them."
The bondholders would have been reminded of the sound doctrine, caveat emptor, which signifies that those who make a bad bargain have only themselves to blame, and must pocket their loss with the best grace that they can muster. As it was, Egypt had long ago been marked out as a place that England wanted, because of its vitally important position on the way to India.
"But this is the West and I don't care much for Gretzinger, besides," he stated. "So he says. More than once he has wished you would be more friendly. Isn't it a little inconsiderate of you, Lee, to hold him off at arm's length, especially when he's here as representative of the bondholders? He has a vital interest in the canal and its success.
If the Bank and the bondholders were to exercise as he feared they would, and as he believed that the Federalists meant they should a controlling influence over the government, it was certainly pretty apparent "by whom the people of the United States were to be governed." It would be the North, not the South; and he was a Virginian before he was a Unionist.
The bondholders were certainly benefited, but it is my belief that they might have whistled for their money until the crack of doom if it had not been that their claims chimed in with Imperial policy.
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