He even became one of the securities for Jefferson Davis, thereby incurring the resentment of Northern radical leaders.
The smaller company exchanges its stock for stock of the larger system on an agreed basis, or sells it outright, and the bondholders of the absorbed line often have a similar opportunity to exchange their securities for obligations cf the parent company, which are on a stronger basis or have a broader market.
Hungary, on the other hand, striving for access to the money markets of the West, desired that the obligation of the Austro-Hungarian Bank to cash its notes should be explicitly mentioned in the law, in order to make the public loans rank as easily negotiable securities on foreign bourses.
Under Graham's Act, above mentioned, a parish may be disjoined and erected quoad sacra tantum on the application of persons who have built and endowed a church, and who offer securities for its proper maintenance.
Moreover, all securities underwent such sharp depreciation that, on the one hand, the government hesitated to hand over the bonds representing the purchase-price of the railways, lest such an addition to the volume of stocks should cause further depreciation, and, on the other, the former owners of the nationalized lines found the character of their bargain greatly changed.
The revenue from stamps includes as its chief items the returns from stamped paper, stamps on goods traffic, securities and share certificates and receipts and cheques..
The line was to be constructed in sections of zoo kilometres (125 m.) each, and as the complete plans and drawings of each were presented at the times and in the order specified in the convention, the government was to deliver to the concessionnaires government securities representing the capitalization of the annuity accruing to that section.
The debt in that country is relatively small in amount, and is not represented by securities based upon hypothecation of the company's real property, as with the American railway bond, resting on a first, second or third mortgage.
The business subsequently proved profitable, good dividends were paid, and the securities for the most part commanded a premium in the market.
It cannot justly be said that the companies made large profits while neglecting to develop the services adequately, but it is true that they were not able commercially to comply with many of the demands made upon them by the public. Until speculation took place in anticipation of government purchase, the market prices of the telegraph securities were mostly below par.