So was a large
quantity of other securities, for John and Prescott had dropped cotton
and gone plunging into the stock market. Here, however, they had no
better success than before. Of course, a difficulty arose when the
interest on the Overland 4s came due. The coupons had to be cut by some
one in the bank, and although John usually cut them he did not always
do so. Sometimes the loan clerk himself would take a hand, and call for
a particular lot of bonds. John, however, was now fertile in devices.
The owner of the larger pile of six hundred bonds usually wrote to have
his coupons cut about the twenty-seventh of April. John would make up a
collection of six hundred bonds of the same sort, carry them up and cut
the coupons in the loan cage. The other man generally sent in a draft
for his interest on the second or third of May. But now the bonds were
away, scattered all over the Street. So John started a new operation to
get the bonds back and straighten out the coupon tangle. He substituted
with the brokers an equal number of bonds of other companies, the
interest upon which was not yet due.
Pages:
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184