The times. [volume] (Richmond, Va.) 1890-1903, 1897-02-09
STATE CENTURY BONDS.
.usvu.rEgEEN FROM
EUROPE 10 4 LARGE EXTENT
And Are New Held by the People OF VIZ
sinIa as safe Invcstmenis-Ne'''
abb. and Therefore Desirable Hoidins'U

Tho now Virginia Century bonds. whlch
were first issued under an ACT oi '"O
C,cncrud Assembly. approved feDIua'!
~ iNs2 by which the State debt was lunu-
"a az far as this had been done under
the Riddlebcrger bill OF 1872, seem 10 gro"
RAPIDLY In popularity with capitalists J"
mis- state The act OF 1892. which author-
izel the funding Of the state DEBT, pro-
yided that for the twenty-eight mliiohs
of bonds then outstanding The sum OF
nineteen millions OF new bonds shou'd
hs ISSUED. 10 be dated July !, 1891, ana
10 bear interest from that date al inc
rate Of 2 per cent. for the first ten years
and at the rate of 3 per cent. for the re-
naming ninety years. beginning July J.
1901. until their maturity in 1891. Inc
state Of Virginia, however, mas reservoir
the right Of rcdoeming at par from tne
10 time after July 1895 any part OF the
principal. with accrued interest, ana the
bonds TO be paid should be determined
by lot by the Commissioners Of the Sink
ing Fund.
These Century bonds have during the
past few years frequently taken promi-
nent part In business transactions WITHIN
the borders of the Commonwealth, ana
the general opinion has been for some
time that these bonds are now largely held
by Virginians. In order TO obtain some
~ possible. ] called on Mr.. Josiah Ryland
Jr. the Second Auditor. at his Office. at
the State Library building, yesterday, and
received from that gentleman tho follow
ing startling Information:
MIR. RYLAND'S STATEMENT.
"Of the Century bonds issued under the
funding blu" said Mr.. Ryland, amount
ing TO SlG,S59 $50. at least fourteen aud
half millions dollars in bonds went
across the ocean and OF the remainder al
that time only less than one million was
held here in Virginia. As far as | can
judge. however, from the data in my
possession. tho Virginia people to-day
own al least onc-half of the entire amount
issued. and they continue TO buy them
as rapidly as possible, the city OF Rich
mond being apparently the best market
for them.
These bonds are purchased as a per-
manent Investment by a large number
of financial institutions. by insurance
companies. trust companies banks and
fduciaries OF various sorts. / am also
pleased TO know that this purchase of
bonds Is not confined TO Richmond and
the other cities of this State alone and
quite a large number of bonds is being
bought I'm the rural districts and that
number is increasing every year. long
10 see tho day when Virginia owns all
ing permanent and keep the matter out
OF politics. All the money will then
remain at home and tho 100000 which
the state has TO pay as interest will stay
right here instead OF being sent abroad.
IT is ALMOST A MARVEL.
1T seems to be almost a marvel that
the people OF Virginia have been able
10 purchase as many bonds or course.
j cannot positively state just how many
OF these bonds are owned here in Nir-
ginia, because the coupons presented
here for the payment of interest, are
payable to bearer But know for fact
that about four million of the coupon
bonds are converted into registered bonds
and entered upon the books In the names
Of Virginians and other data I'm my pos
session satisfy me that at least one half
of all the century bonds are held right
here In this State.
These bends are becoming more and
more popular as investment They bring
in better revenue than any other safe
investment. In the first place they are
non-taAable ard besides. since the tine
is rapidly approaching. when these bonds
viii bear three per cent interest. people
believe that their value Will increase.
There seems to be no doubt that at the
time when this period is reached. these
bonds will be worth from ten to fifteen
per cent. more than at the present time