It's there the real fortunes are made;
you'll find you lose the greater part of your profits, unless you've
got your own banks to take your bonds. I heard an amusing story the
other day of a man who was manufacturing electrical supplies. He
prides himself on being an honest business man, and having nothing
to do with Wall Street. His company wanted to extend its business,
and it issued a couple of hundred thousand dollars' worth of bonds,
and went to the Fidelity Insurance Company and offered them at
ninety. 'We aren't buying any bonds just at present,' said they,
'but suppose you try the National Trust Company.' So the man went
there, and they offered him eighty for the bonds. That was the best
he could do, and in the end he had to take it. And then the trust
company turns the bonds over to the insurance company at par. I
could name you half a dozen trust companies in New York that are
simply syndicates of insurance people for the working of that little
game."
The Major paused. "You see it?" he asked.
"Yes, I see," Montague replied.
Pages:
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207