The Saint Paul globe., 1898-07-26
DELIVERING NEW BONDS
FIRST SHIPMENT OF 1000 WAS
MADE YESTERDAY /;
Details Will Make the
Work of Delivering the War
Loan Securities Slow-Treasury
Department Issues an Explana-
tory Statement to Subscribers-
Millions of Names to Write.

WASHINGTON, July 25.-The fol-
lowing statement concerning the new
bond issue was made at the treasury
department today:
The first shipment Of the new war
bends was made today. They consisted
of 1000 bonds Of $40 each and 1000
bonds Of $500 each. The public mind
is poorly prepared to comprehend the
enormous labor and multitudinous de-
tails connected with this great popular
loan. In the first place, after the re-
lection and return Of thousands Of
subscriptions to which no allotment
could be MADE. there remain about
100000 persons to whom bonds will be
allotted and forwarded in due course
by express. 1t Is not a question only
of 100000 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 en-
tering once thus fully extended 3,000,-
900 or more names. This mere clerical
work is, however, but a part Of the
problem, the collection of checks and
drafts received as payment for bonds,
the computation Of interest, prepara-
ton of checks in settlement for same,
the engraving and printing of the kinds
VI ocHCiliiildllOilS VI JULIUS, lIG dCCu-
rate disposition of these in envelopes
properly addressed; all these are a 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 en-
velope must be sealed with three seals,
which means that 100000 seals in wax
must be imprinted on outgoing bonds.
NECESSARILY SLOW.
Another important feature is the linn
itation in the ability of the express
agency to receive, forward and deliver
the bonds after they are committed to
their care for this purpose. This lin
company at 5000 items per day.
And this limitation of ability may
be called naturally prudent
limit, since on an average of only $500
In each envelope the express company
would receive as fiduciary agent So, 5O0,-
GOO of the securities per day, and, if it
required an average of three days to
make deliveries, there would be a con-
tinuous trust of $7,500,000, as large an
amount, perhaps, as the responsibility
OF the express company would justify.
The facts thus far cited go to show
that meanwhile subscribers in the
sums of $500 or less may rest sure in
the certainty that the bonds will come
to them all in due time. They must
patiently await the operation of the
government machinery. 1t is upon the
subscriptions Of $500 or less, for which
the money has already been received,
deliveries will be made before the
larger subscriptions will be attended
to. OF these small sums, there are
0,0o0 in number. and it is estimated
that forty days will be required in
their delivery. From this it will be
seen that subscribers in amounts larger
than $500 will not begin to receive their
bends 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 aggregate less than third of
the number Of small subscribers. In
the meantime the larger subscribers
will be officially notified by the treas
ury department when and how pay
ments in addition to the $1,000 deposit
are required. ard, before remitting
funds, they are requested to await
such notice. Much confusion will be
avoided.