The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-07-26
First Shipment of the New Issue
Made Yesterday.
MUCH LABOR INVOLVED
THREE HUNDRED THOUSAND
DELIVERIES TO BE MADE.
And Each Name Must Be Written
Ten Times-Will Require Forty
Days to Supply the Subscribers
For 500 and Less-An Above
$500 Will Be Prorated.

Washington. July 25.-The followin:
statement concerning the new bone
issue was made at the treasury depart
ment today:
The first shipment of the new wa
bonds was made today. They consisted
of 1000 bonds of $40 each and LOO
bonds of $500 each The public mint
is poorly prepared to comprehend tht
enormous labor and multitudinous de,
lays connected with this great popular
loan. In the first place, after the r.,
lection and return of thousands of sub
scriptions to which no allotment could
be made, there remains about 500 00s
persons to whom bonds will be allcsted
and forwarded in due course by ex-
press. 1t is not a question only OF
names. The name, including state
county, town and street number OF
each subscriber must be transcribed
| and rewritten in various ways at least
ten times. This is equivalent to enter
ing once, thus fully extended, 5000. 600
or more names.
The mere clerical work, however, is
but part of the problem. The collec-
ton of checks and drafts received as
payment for bonds, the computation of
interest, preparation of checks in set
Element for same. the engraving and
of bonds, the accurate disposition of
these in envelopes. properly addressed;
all these are part of the problem
that must be solved without error or
omission.
One simple fact will impress the mind
with the magnitude OF the operation.
Each envelope must be sealed with
three seals, which means that 900 900
seals in wax must be imprinted on out
10
ture is the limitation in the ability of
the express agency to receive, forward
and deliver the bonds after they are
committed to their care for this pur-
pose. This limitation is estimated by
the express company at 5000 items per
day. Possibly if this limitation of abil-
ity does not exist, it is a naturally
prudent limit, since, on an average of
only $500 in each envelope, the express
company would receive, as agents, ST.
oUO,OOO OF the securities per day, and if
it required an average of three DAYS
TO make deliveries, there would be a
continuous trust of $500, 000-as large
an amount, perhaps. as the response
Dlilty or the express company would
Justify. The facts thus cited show
that, while subscribers in the sums of
$500 or less may rest secure in the
certainty that the bonds will come to
Gil III OuG l0ey must pa
tiently wait the operation of the gov
eminent machinery.
1t is to be understood that deliveries
on the subscriptions of $500 and less.
Tor which the money has been already
received, will be made before the larger
are attended to- OF these
small subscriptions there are $50. 900 in
number, and it is estimated that 40
days will be required for their delivery.
From this it will appear that sub
scr1bers in amounts larger than $500
VIII not begin to receive their bonds
until after Sept. 1. From that date on
the bonds will be put in the hands of
the larger subscribers quite rapidly.
since, numerically speaking, they ag-
Sregate less than one-third of the
number Of small subscribers. In the
meantime the larger subscribers will
be officially notified by the treasury
department. when and how payments
N addition to the per cent deposit
WI be required. and before RENTING
-unds they are required to await such
notice. Much confusion will thereby
De avoided.