“That is a rather rough charge, Mr. Hopper,” said Henderson, with a smile.
“But we are to understand that if we do not accept your terms, it's a freeze-out?”
“You are to understand that we want to make the best arrangement possible for all parties in interest.”
“How some of those interests were acquired may be a question for the courts,” replied Mr. Hopper, resolutely. “When we put our money in good seven per cent. bonds, we propose to inquire into the right of anybody to demand that we shall exchange them for four and a half per cents. on other security.”
“Perfectly right, Mr. Hopper,” said Henderson, with imperturbable good-humor; “the transfer books are open to your inspection.”
“Well, we prefer to hold on to our bonds.”
“And wait for your interest,” interposed Hollowell.
Mr. Hopper turned to the speaker. “And while we are waiting we propose to inquire what has become of the surplus of the A. and B. The bondholders had the first claim on the entire property.”
“And we propose to protect it. See here, Mr. Hopper,” continued Uncle Jerry, with a most benevolent expression, “I needn't tell you that investments fluctuate—the Lord knows mine do! The A. and B. was a good road. I know that. But it was going to be paralleled. We'd got to parallel it to make our Southwest connections. If we had, you'd have waited till the Gulf of Mexico freezes over before you got any coupons paid. Instead of that, we took it into our system, and it's being put on a permanent basis. It's a little inconvenient for holders, and they have got to stand a little shrinkage, but in the long-run it will be better for everybody. The little road couldn't stand alone, and the day of big interest is about over.”
“That explanation may satisfy you, Mr. Hollowell, but it don't give us our money, and I notify you that we shall carry the matter into the courts. Good-morning.”