The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-04-04
MAKING BONDS.
A Delicate Work Hedged About by
Many Restrictions.
From the Baltimore Herald.

From the Baltimore Herald.
Had the government determined TO
print by private contract the last issue
of bonds, which the Bureau of Engrav-
ing is now turning out. the job would
have cost Uncle Sam in the neighbor-
hood of $25.OOO." said a representative of
large steel plate engraving concern re-
Gently to a reporter. There is at least
one concern in the country whose facill-
ties compare favorably with those of the
governments workshop. Perhaps one or
two others might have undertaken the
job, though they would have needed more
time. Large as this sum may seem it
has been exceeded by the amounts paid
ny private corporations for printing Sc
curlties. 1t represents only a small per-
cehtage OF the money thus expended in
years when times are easy.
great deal of secrecy surrounds the
steel plate engraving business" he con-
unued. Many accounts have been printed
of the system which rules in the Bureau
or Engraving, whereby the possibility of
loss by theft is reduced to a minimum
The Bureau of Engraving is a public in
stltution, and the public may be admitted
10 1t under certain restrictions. The pub
nc never is admitted in the shops of an
NShAPoiASs Jul IL d newspaper
man got in and wrote an account of it
the description would be strikingly SINH
lar to those given of the Bureau of En-
craving. We enforce many of the rules
mat obtain in the latter. Every piece of
paper used in printing securities is check
ca out of the vault, receipted for
oy every person who handles It,
and must be accounted for before the
hands leave the building. Every plate
ana die is handled in pursuance of a rigid
method, which leaves no chance for its
disappearance. We impose checks on the
Workmen and the work at dozens of
stages.
I couldn't undertake to say how many
millions of dollars worth of securities are
printed yearly. The amount is greater in
NOSE years when promoters prosper In
me boom years of corporation creation
from 1886 to 1889, the engraving companies
were pushed with work. There were mill
i'ons Of dollars worth of bonds printed
"a those years which have never seen the
Hght The busiest companies, perhaps,
were those whose work is approved by
me New York stock exchange. 1t was and
Is generally the desire of the promoters of
many large enterprises to list its securi-
Ies on the New York stock exchange
Cle OF the rules of the exchange requires
mat all securities handled there shall be
Engraved by the steel-plate process 1t
VIII not accept bonds and stocks that are
autographed. There are less than five en-
sraying concerns in the country whose
work is accepted by the exchange. The
Iatter on their part, are required to fur
nish minute report of the work they do
10 the exchange. They must send to the
secretary sample of every bond and
STOCK certificate they print, no matter for
what corporation or government. The
samples are placed on file for reference.
The companies ! am talking about
charge as high as 81 each for printing
small issues Of bonds. A large number
Dfing the price down to Is cents. Stock
certificates cost $500 for the first thousand,
ana $50 per thousand thereafter. These
prices are too high for many corpora
IONS, and they are satisfied with litho-
graph work Even lithographing is too
expensive for some. Many bonds are is
sued BY municipalities and counties which
are simply set up IN an ordinary printing
once and run Off like bill-head on job
press These bonds are often Of a class
lhat are quoted above par.