Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1894-02-22

In Large Figures-The Difference Be
tween Coupon and Registered Bonds
How Interest Piles Up.
A number of snug fortunes are lyins
In the United States treasury waiting
for somebody to step up and claim them
This money is due on bonds long age
rallied in. Some of them have never
been cashed by the holders. On the
"old debt" which embraces all loans
made to this government up to 1887
t121 900 is still owing. Since that date
more than 81, ,000.G00 has accumulated
being uncalled for by the persons en-.
titled to it, either through negligence OF
for other reasons.
A considerable fraction of this great
sum is now held by the treasurer of the
United States in the shape of checks.
Interest on registered bonds is paid by
check, but as people are constantly
changing their addresses it not infre-
quently happens that track is lost for
awhile of an individual bondholder Un-
der such. circumstances the quarterly in
terest checks are retained as they fall
due and in the course of time pile up.
They are kept for an indefinite period
and are good forever.
There are such checks in the treasur-
er's Office now which have accumulated
during more than 10 years. On the 9TH
er hand, knowing that they are always
good for the money they represent, peo-
pie often keep these interest checks, put
ting them away and boarding them, just
as if they were so much cash. Only the
other day batch of 40 checks for 81
each was received at the treasury. The
owner had simply put them away as
they came in year after year.
The millionaire is commonly repre-
sented as engaged in clipping coupons
from bonds. This is an egregious error.
Rich men, as rule, do not hold coupon
bonds. Such bonds are not safe prop
erty. They are always payable to bearer
like treasury notes. If lost, the govern
ment will not replace them. According
ly, for the sake of security, people are
constantly exchanging them for regis
tered bonds. The sum total of coupon
bonds is now about 10000, 900, mostly
in the hands of small holders.
Registered bonds are rich mems prop
erty par excellence. At present about
$2OO, 100000 worth of them is held by
private individuals OF this great sum
$S7 900. 900, or not far from one-half, is
owned by 1000 persons, roughly speak
ing whose holdings average $4,000.
The names of these fortunate individ-
uals are kept secret by the treasury.
Some of the fortunes possessed in this
shape are enormous. Among the great
est holdings are those of the Wander
bits. Old William H. Vanderbilt had
s45, ,000,0 in registered bonds at one
time.
About 90 years ago $4,000 worth of
the consols of 1865 and 1867 were stolen
in Havana. The thief altered them by
srasing the name from the face and sold
them to ignorant persons. They were
FOR 81 600 each. Ever since then they
nave been coming in to the treasury
through banks and otherwise. Of course
hey were useless to the holders, being
and only payable to the orig
nal owner.
The original owner lost nothing, of
course All he had to do was to notify
he secretary of the treasury, giving an
affidavit and a bond of indemnity, and
he stolen consols were replaced. That
s the advantage of registered bonds.
The number of such bonds that have
,een lost and stolen is astonishing. A
ist of them, numbering nearly 1000, is
printed and circulated by the govern
nent.
1t is called the ''caveat list" and is de- |
igned to warn bankers and others |
gainst accepting securities of the num-
,ers mentioned. Some time ago a report |
anne from indianapolis of bond that |
vas said to have been destroyed. Aft
avits. ETC., being furnished, a new one |
vas issued to replace it. Ten years later
hat identical security was forwarded to
he treasury from Holyoke, Mass.
1t had been found in lot of waste
aper at a paper mill. There was no
uestion of fraud in this case The own
r lost it and supposed that it had been
urned.
A great many bonds called for re-
90 years and more ago have
ever been presented for payment. Some
them have doubtless been put away
nd forgotten. IL is imagined that 9TH
rs have been lost at sea together with
leir owners. The quantity of gold and
liver in coin and bullion sunk from
recks in the ocean amounts to MANY
Iillions of dollars in the course of GEN.
Try.
Only about $2000,0O0 worth of bonds
possessed by comparatively poor per- {
ms. and these in sums of $500 or less.
About so years ago Uncle Sam lent
t of money to help build various trans /
railways. 1t was understood &
at the companies would refund the s
sh as soon as they got well started. s
mere is little likelihood that any con- t
ierable part of it will ever be paid.
lere is still owing S64. 100000 of orig t
al Indebtedness, plus SIC, ,000, 900 of in
rest.
To raise this money for the use of the t
ilways, the government issued bonds @
differen times from 1865 to 1869. They L
ere to run for 80 years at per cent. }
le treasury is still paying this big in ,
rest, which is more than twice what
g loan is worth today.-New York Il
orld. Il
Logs Preserved In Water.
Some magnificent logs of spruce and
llow pine, which have made their way =
'wn from the sources of the Delaware =
the Kensington mills, are now float v
q in the Aramingo canal lust below Z