Note 200 — Chapter XI
Reading edition
The same thing often happens when a bond issue is paid off—bond-holders may take their pay in new bonds. "Conversions" of bonds into stocks, or of preferred into common stock, are also barter transactions. $220,000,000 of the $420,000,000 which Mr. Carnegie and his associates received from the Steel Trust for their plants, etc., was paid, not with money and checks, but with bonds. Vide Stevens, Industrial Combinations and Trusts, p. 101.