Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1891-12-02
virginia Bonds.

mond, have prepared thu following state-
msnS CT the sts.us CT Virginia bonds under
the agreement reached recently By the Vir-
ginla debt commission and lha O.co.s cam-
mlttec, representing The foraien nordhoi6-
e-f:
.Ths total face va're Ct tie urinDded
debt OF tha S!eta OF Virginia (inc!uding all
msta.ea sac unpaid ,ntsres) outstanding
st the present time suG IL tha hsnds of the
public Is, in round Ggares. s2S 600,C0O, e1-
clusice OF 81 CSC. coo deducted for West Vir.
ginia'e pcrficn OF cid uniurded bends and
interest. This euu does not include 81
upon whioa the intereat ia aiwsys paid, Eor
SES1, 600 hocds held by The United States
government, upon wbioh there is ssveral
hnodred Thousand dollars sccrnsd and pest
due iateress.
Under tbs agreement recently made
With tbs boudhodsrs' committee, represent.
log the tocers Of scms S23, 100000 bonds,
tbs 9ta:e ffers TO Issue. In retirement CT the
above meptioned S2S600,0C0 Of debt, new
100.eoas bonds 10 the gross amount Of S19.-
900 600, dated July 1, 1891, bearing 2 per
cent. interest first ten years, PSF cent. for
renG;niog ninety years. The bondno!dsrs'
comultee are to receiys Ia lieu OF the bonds
sarsadsr56 by them new bonds in the pro
porsioo OF SO 900 nes for S2S coo old bonds
or aocraed interest TO July, 1891; or. in
oth-E words, they will receive fo- the 1928,
600 eco Of debt whlca they control some
SIS. 400 0G0 aeT bocda.
THE ratca ct which they will distribute
these new bonds TO the holdsra of the verl-
Gus classes Of securities pooled with them Ia
now mBtter for conference between the
esVerel bondhoiders' committees and the
bandhoids.s themselves, huGl authority for
the fixing OF the rates resting With com.
mittee OF thrso, composed of 8. n. BfaIth
waite, appointed By the Virginia committee
la London John Henry DaDell. appointed
| by the a0v.scrs Ia Loudeo, end Edward J..
Phelps, appointed by tae 5oHdholGers' COM
fnittee. Whatever rates ere fixed by this
committee Tor the exchange OF tbs pooled
securities held By them will probably be
adopted By the Stsie Ia the funding of the
unpoolsd securities, go thas tho nooe1 and
unpooJed bonds will be, as fag "a possible, ca
the same flo!iDg.
The great bRls IF Virginia bonds sre
what Is known OF Virginia consu!s, Issued
under aot OF March 80, 1871 They ara prin.
cipa!Iy bald Ia LonGca The most import.
ant 1o5S which the committees now have in
hand is the fixing Of some rate Of exchange
which Will bs acceptable to the holders OF
.thsse o1nsol bends and yet leave enough
neH bonds 20 oGav TO the holders of the 9th
er classes OF eecuritiss to induce them to
iund, After careful study Of the case 10
ali its bseriees wa have prepared table
showing the result OF this funding OF the debt
at the rates therein scggeatsd by cs, which
We think YOU'D te Ed equitable snG success
ful solution Of tbs protein.
"Ucd5r ibis plsa he $12 900 coo. conso
bonds Shith beve been recently offared In
this ms,ket al IS, carrying the Jolly '90 cou.
Dop. or tie eaoigalent CT only SO Bith the
January, 1892 coupons on, wonid be worth,
ex sill past dae coupnps, when iundad into
the raw :wo-th!tds per cant. bonds, 45; tbGt
Il to sag: Cne thousand dolisr Virginia con-
sd bonds carrying July, 1892, coupon, If
landed Mt IS Into $3.50 new ! per cent. bonds
worth 60, would yisld $3.50. This Is upon
the presum ptioD that the new bonds When
issued will be worth 60 This price bas al
ready beer bid In this market fog The new
b3Dds fer future delivery.
"Uoder the RddIobarger bill the funda-
bic value OF Virginia consols carrying the
January, 1892, coupon would be only 24.70
If We value new IS, iahued in exchange, at
|
65, thue: A 81 GOO oonscl bond under the
Riadlahe!ger bill Is fuudsbe ct IS into $3.50
new 81, which e. 65 would be worth 1914 3d.
But Ii order to fnnd the bond at ALL all cou-
poDg due July, 1885. to July, 1891, and SUI
segment, must he attaohsd TO the bond. the
coat OF these $500 coupo1p, which must thus
DO surrendered with the bond, would be at.
cay, 25, $3.50. leaving the net fapdabie
value of tho $1,000 coDsol bond carrying
only the January, 1892, snd subsequent cou-
pons S247. 9he new settlement could there
fore, be eighty (SOI per cent. better for the
holders Of Virginia consols than the Fiddle
berger settlement If accepted to day.
''Tea-f0rty bonds. OF which there ere out
standing about S. $50 coo. which have been
recently quoted at So. would ba worth Wher
| funded into nsv bonds a..
"Oorsol and 10 20 coupons due after JAM
usry, 1885, OF which there are scme IS co.,
600, have been ceiling IL the market recent
ly at 20 to 2S, and under thIs plan would be
| worth 30
"On this baes aa bsis7e thst tho hcldeis
| Of these ssyerel CLASSES G! boads would all
be willing TO make tho exchange, end as
they represent sbous $25 Geo. 600 out CT the
S2S 500 600 OF Gebt, the eucoesa of the ssttle-
nsnt would DO practically assured.
"Tha 'Qsa!ers and Old unfandei bonds
we suggest toading st rate named 10 Riddle
berger bill, 40, except that the SO per cent.
interest accrued from January. 1885, to July,
| 1891, for which no allowance is made n the
Ridd!o5srger bill, VIC make fundabla into
now bonds y. so thus adding to the value CT
81 600 peeler bond, the 1890 coupons me-
tured s!ncs Jaly, 1885. iundabe at so into
S195 new two-thrds per cent. bonds, worth
| 60.isay S117, or az increase OF III psr cent.
en- each 81 600 bond surrendered.
"Whs,eyer rates ere iually named b 7 the
committee cannot, we bolie7e, varg sub5tan-
tally from these hare proposed.
THE Ricd.eoergar fanding law was pass
ed Ia 1882. There have been surrendered
and funded under its provisions $14 800. 600
of old bonds end interest, for which the
State of Virgins has Issued 50 200 COO new
8 per cent. bonds, also IS 100000 West Vir-
GINA certificates representing West Virgin
les oas-third liability of the old uniunded
bonds and interest surrendered.
"Of the $4,000 900 neW 3's Issued only
| about 81 700 000 are in the hands OF the