Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1906-11-16


you offer to buy the stock outright at
about par? He must sell, for If | have
correctly sized up our friend Duncan
he'll never Jet iip on his demand in this
case. A man witiIa conscience like hid
simply can't LEI tp,in. such matter" .,
THAT'S the way we'll FIX t., siAa
swered .Uallan, WITH an amused twin
kle IA his eye. Hes obviously IN need
OF a little more education at my hands,
and he can afford to pay for it I'll
but the stock at par-not cent more.
i s.poose It's worth 1882"
''Ycs. all of that, and it will be worth
more presently under Duncan's man
agement. What fellow that Is, any
howv
81 imagine Tandy thinks so by this
time"
AS there was no other bank In Cairo
and nobody else who could make a
loan such as Tandy must have on the
instant he was simply compelled to
make the sale on Hallam's own terms
With IIallam's check in hand he
hurried to the X National, arriving
there just in time to meet Guilford
Duncan's demand.
Duncan received the check in the
bank parlor, again insisting that Left
witch should be present at the inter
view.
"I'll take that paper, If you please, "
randy said, holding out his hand for 1t.
"Not until you shall have adjusted
the other matter. The banks books
show that while you were still presi-
dent Of the institution you made a
loan of $4,000 to yourself on your TN
secured note, without even an indOrse-
ment. You know that in doing so you
violated the law you were sworn to
obey and enforce With that do not
now concern myself. What I ask Is
that you secure the bank for that loan,
which still stands. When that Is done
Mr.. Leftwich will return this paper to
you. In the meanwhile I place it in
his hands"
Really, Mr.. Duncan"-for since the
early part of that mornings interview
Tandy had not ventured again upon
the familiarity Of addressing Duncan
without the "Mr."-"really, Mr.. Dun
can, you are pressing me too hard. You
must give me few days.
"How can 1? The law would hold
me at fault if | should allow the bank
to close today with that loan unsecured.
have no right to give you time"
"YOu are prosecuting mel"
mo, am not. If were minded to
do that, should call the loan in at
once AS it is. l only ask yOu-as ]
must-tO secure 1t as the law requires.
l will accept any fairly good collateral
you may have to offer. There is surely
no hardship in that-no persecution in
demanding that you shall temporarily
leave with the bank enough Of the
bonds or stock certificates that you
hold in plenty to comply with the law
concerning loans by national banks, I
have simply no choice but to insist
upon that"
"But | tell YOU" answered Tandy,
"that at present have no bonds or
stocks conveniently available for such
a purpose"
II will accept your insurance stock"
give parted with that" N.
"Well, as | certainly have no DISPOSE
ton to be hard upon you, I'll accept
your stock in the Atlantic and MiSSis.
sippi Steamship company, or even your
Mississippi Valley Transportation COM
pany stock, though neither can be reck.
Oned a first class security"
"Ive sold out of both companies"
answered Tandy.
BY this time Duncan began to won
der what had happened to Tandy, in
a financial way, just as Hallam had
done.
wonder where he has been putting
his money" he thought, "for surely he
had plenty of it little while ago.
He's been buying property along the
new railroad, but that isn't sufficient
to tie up man of Tandy's wealth.
Something must be the matter. | must
be cautious"
"I'll put up q hundred thousand In
Memphis and Ohio River stock be
gan Tandy.
"You know can't consider that,
said Duncan. "No sane banker could
But, If you choose, the bank will &C
cept stock in your ccal mine, reckoned
at so cents OH the dollar, as security"
THAT'S out of the question. I'm ne
gotiating sale of my interests there
and it would embarrass me to have the
stock hypothecated just now"
every well, then. What do you pro
pose to do? OF course you have a.
large block of stock in this bank. Why
not put that up as security and give
yourself all the time you need? Or, II
you don't want to hypothecate the
stock with this bank, you can arrange
loan on it with Stafford or Hallam."
Tandy hesitated for time before
answering. At last he said:
"I've only thirty-three shares left
Why shouldn't the bank buy 1t out
right, putting the loan in as principal
part of the purchase money!"
"At what price will you SELF"
"At 103. It's worth that and more"
"I'll consider the offer Come bach
in an hour for your answer"
Duncan sent at once for Hallam and
Stafford, as the principal stockholders
In the bank, other than Tandy, and told
them ell that had happened. They ad-
vlsed the purchase. but suggested 102
as the price, and an hour later Napier
Tandy ceased to be stakeholder In
the X National bank. 49,.
A day or two later Stafford learned :
that by this sale Of his bank stock
randy had practically parted with the