Word: settlements
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...settlement day," when the pepper plungers would have to lay nearly $10,000,000 cash on the line for their contracts, came news that a fresh pepper shipment of 13,000,000 Ib. was London-bound aboard a steamer ploughing up the Red Sea. And when Garabed Bishirgian returned from his week end with his 600 pigs in Surrey, he found that pepper trading had been suspended...
...three days the embarrassed firms, including the Pepper King's own house of James & Shakespeare, Ltd., strove to put their accounts in order for settlement day and the inevitable tumble in pepper prices that would follow. Garabed Bishirgian, who had often deliberately lost at high-stake poker in order to help the friends he had whipsawed in the market place, was calm. Pepper trading was suspended for another day and then another and another...
...frowning on the public orgy in pepper, in shellac and in other recent British favorites, the banks refused to aid. It was predicted that six firms would collapse. Fear spread throughout the City, cutting heavily into the sale of three big new bond flotations. Although settlement day was postponed over last week end, James & Shakespeare was in too deep for even its smartest stockholder. To the wall it went with no inconsiderable part of Garabed Bishirgian's fortune. One other house failed before the banks relented...
While thus willing to legalize Realmleader Hitler's rupture of the Treaty of Versailles as part of the quid pro quo in a general settlement, Britain and France "agreed that neither Germany nor any other power whose armaments have been defined by peace treaties is entitled by unilateral action to modify these obligations...
...that "certain weak positions have been taken over by strong hands," Mincing Lane brokers remembered that the same thing had been said before the Strauss crash. White pepper traders were chilled by the Strauss failure because they, too, must pay up or go to the wall this week when settlement on 7,000 tons of pepper falls due. These 7,000 tons they had bought on paper in anticipation of a price rise. Instead of higher prices, they were given the sickening news that a shipment of 6,500 tons of pepper was on its way to choke the London...