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In the debenture bond there is no security proper: only the covenant for payment by the company.

"She holds some of our debenture bonds, you know," says Mr. Robert, "and I gather that she has been somewhat disturbed by these reorganization rumors."

The Marquis of Lambeth has come into the market and bought up two-thirds of the Astrakhan Grand Trunk debenture bonds, just as our house had speculated for the fall.