The evening times., 1899-10-28
REGISTER Lyons REPORT
He Describes the Issue Of Spanish
War Loan Bonds.
An Enormous Amount of CorrespOnd-
ence Successfully Carried Out.
Millions of Documents Despatched
to Purchasers-Hundre of Thou
sands OF Letters Mailed Daily.

REGISTER OF the treasury JudSon w.
Lyons, has submitted his annual report to
| Secretary Gage. The report gives a de-
tailed account Of the issue of the per
cent bonds Of 1898. known as the Spanish
war loan. The work involved in prepar-
ing the loan was enormous. and it required
the services of $50 temporary clerks in the
division Of loans to carry on the CORE
spondence incident to distributing the
bonds to the subscribers. The report says
in part:
'In carrying through this important un-
dertaking it was necessary to examine the
subscription papers and other documents
in connection with over 275,000 different
subscriptions and payments, to write over
222. 900 letters and receipts, to address and
deliver to the express company an equal
number of envelopes. Over half million
coupon and registered bonds were pre-
pared, put up, and forwarded. Thirty thou
sand seven hundred large folio pages of
journal, involving a large mass OF detail,
! were written: ledger accounts to the num-
ber of AZ .341 were opened, OF which 13, 900
have since been closed; the interest upon
230.011 separate deposits made prior to
August l, 1898, was calculated, proved,
footed, and detailed schedule for draw
ing checks therefor furnished the Treasur-
er of the United States. Forty-five thous-
and one hundred and twenty checks for
the first dividend, due November 1, 1898,
were drawn.
During the year there were received e.,
600 new coupon and registered per cent
bonds. representing value of $e99, 760, ,000
besides 81, ,275 bonds of other loans repre-
senting s1s0,575, 900
Much of the work was of the most ex-
acting, responsible, and even dangerous
character. involving the daily handling Of
several millions of dollars in bonds pay
able to bearer. which were shipped to sew
eral thousand different parties each day.
Heretofore when issues were made the
bonds were largely sold to syndicates or
large dealers, and were shipped in large
amounts. ~
The magnitude OF the work in hand will
be understood when the statement is made
that except in the matter of inscribing the
bonds II registered. or in counting il cou-
pom, IL requires just as much labor to pre-
pare the record of $40 bond when issued
TO an individual as it does that for several
millions when issued to a syndicate or TO q
single Individual 1sa
For weeks more packages were pre-
pared and shipped daily than were COM
prised in the entire shipments in the 5 per
cent loan of 1901 and the 4 per cent loan
of 1925 combined. The largest number OF
packages delivered to the express COM
pany in one day was on September IT.
when 6,29S packages, inclosing bonds on
account of 6,546 different subscriptions,
and amounting to s5.271, $50. were de iv-
cred to the express company in less than
twelve hours.
"All packages inclosing coupon bonds
were sealed with five large wax seals;
those inclosing registered bonds with less
number. AS it was necessary to put on
over 10000 seals per day, a portion OF tie
force was assigned to this work. AS the
Postofice building had no facilities for
safely caring for the large values involv-
ed, it was necessary to receive the bonds
at the Treasury Department and then
transfer them as needed TO the Postofiice
building.
"As is always the case in original issues,
the great bulk Of the bonds was sent out
in coupon form. Coupon bonds shipped
one day came back the next day to be ex-
changed for registered certificates, and a
new record had TO be made and new bonds
issued, thus practically giving the division
double work.
The first issue of coupon bonds in the
per cent loan of 1898 was made July q,
and within a very few days nearly all of
those bonds were bought up by national
HiSstHASd III SSANtiidtioA
reissue in registered bonds. to be deposit
ed with the Treasurer of the United States
as security for circulation or deposits.
During the fiscal year the number OF
bonds redeemed. exchanged, and trans
ferred was 2,077, ,921, involving s1,21S,065,-
0O0
In the currency branch of the division
of notes, coupons. and currency there were
received 6,771s99 United States notes.
amounting to SIS, 600; Treasury notes
of 1890. 1888, ,91e., amounting to s3s, ,401,-
900: silver certificates. 40, 79i 1903. amount
ing to s143, ,s31 900: gold certificates, 13.446,
amounting to SsSs2,030: refunding certif-
Gates. 375, amounting to $3.50; fractional
currency 15,21p, amounting to s3.343.4s,
and one and three year compound-interest
notes. 2S, amounting to $40; aggregating
in number of notes 63.545. .O05. and in
amount s27t, sos, ,o13 As, and showing an in
crease over the last fiscal year of 5,433, ,063
notes, and in amount s22, 456, 74S.4S.