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The things to be carefully guarded are the completion of the work within the limits of the guaranty, the subrogation of the United States to the rights of the first-mortgage bondholders for any amounts it may have to pay, and in the meantime a control of the stock of the company as a security against mismanagement and loss.
The new plan for the Northern Pacific was carried out with no regard to the Hill interests the old stockholders were heavily assessed; all bondholders were forced to make sacrifices; the Wisconsin Central lines were entirely eliminated and separately reorganized; and the Oregon lines were dissociated from the Northern Pacific and afterwards returned to the control of the new Union Pacific.
Mehemet's rise to power: Massacre of the Mamluks: Invasion of the Morea: Battle of Navarino: Struggle with the Porte: Abbas Pasha, Muhammed Said, and Ismail Pasha: Ismail's lavish expenditure: Foreign bondholders and the Dual Control.
The affair made a tremendous stir. Some of the bondholders of the A. and B. happened to be men of prominence, and able to make a noise about their injury. As several millions were involved in this one branch of the case the suit of the bondholders the newspapers treated it with the consideration and dignity it deserved.
No sooner had its complete line been opened for traffic than the panic of 1873 occurred; the company became embarrassed by a large floating debt; and a compromise had to be made with the bondholders whereby a postponement of a year's interest was arranged. No attempts were made to extend the Santa Fe during the long period of depression following the panic of 1873.
Thenceforward he devoted himself entirely to the building up of the St Paul, Minneapolis and Manitoba, the railway acquired from the Dutch bondholders. Under the name of the Great Northern it had been extended by 1893 from Lake Superior to Puget Sound, and continued to grow steadily until, twenty years later, it controlled nearly eight thousand miles.
Fletcher, hotly, "I like that kind of sensibility. Does she think I have no feeling? Does she think I would take from her as a charity what her husband knows is mine by right?" "Perhaps her husband " "No," Mrs. Fletcher interrupted. "Why didn't he send it, then? why didn't the company send it? They owe it. I'm not a pauper. And all the other bondholders who need the money as much as I do!
I can only commend this sapient contention to our self-governing Colonies, who have all had recourse in turn to British capital for the development of their resources, and paid interest on their loans to British bondholders without being apparently conscious of any "soaking drain."
Only one thing seemed to lie in the way the willingness of the bondholders to sell out at a figure which our four Canadians could pay. Mr. Hill was for going to Holland, and interviewing the bondholders, personally. Stephen, more astute in big finance, said, bring them over here.
It turned the main position taken by the advocates of non-intercourse, which was that the real objection came from the bondholders who feared that the ensuing loss of revenue might prevent them from getting their interest.
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