The times., 1899-10-29
TIE WAR LOAN BONDS
Details OF the Issue in Rc=istcr
LYONS AnnunI Renort

The annual report Of the Register of tbe
! Treasury, Judson W. Lyons. has been sub
mitted to Secretary Gage. A detailed ac-
count is given Of the issue of the 8 per cent
1 bonds of 1888. known as the Spanish war
loan. In regard to the great amount OF
work entailed the repor; says:
In carrying through this important un-
| dertaking it was necessary to examine the
subscription papers and other documents
| in connection with over 275, 900 different
! subscriptions and payments. TO write over
! 222.OOO letters and receipts, to address and
deliver to the express company an equal
number Of envelopes. Over half a million
I coupon and registered bonds were pre-
| pared, pat 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-
Der of 4T.341 were opened of which 13. 900
nave since been closed; the interest upon
23O.0l1 separate deposits made prior 10
August ], 1898, was calculated proved.
, footed. and a 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,
We're drawn.
Cus1A5 lIt ear L4HIt were received p &,
900 new coupon and registered per cent
bonds, representing a value of s599 $50 900.
besides 81, ,275 bonds of other loans, repre-
senting $3.50. .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.
For weeks more packages were pre-
pared and shipped daily than were com
prised in the entire shipments in the per
cent loan of 1904 and the 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 8,29S packages, enclosing bonds Oh
account of 6,546 different subscriptions
and amounting to S5,271, $50. were de iy-
cred to the express company in less than
twelve hours.
'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
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
3 per cent loan of 1898 was made July o.
and within a very few days nearly all Of
those bonds We're bought up by national
banks and presented for cancellation and
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,O77, ,921 involving 81, ,218, ,O65,-
900.
In the currency branch of the division
OF notes, coupons, and currency there were
received 6,771, ,699 United States notes,
amounting to $8S, 404, 900; Treasury notes
of 1890, 15,949, 919, amounting to $3s, 4O1,-
900; silver certificates, 40, 1874, ,3O3, amount
ing to S143. .S31, 600; gold certificates. 13 446.
amounting to 1862 ,030; refunding certif-
Gates, 375, amounting to $3.50; fractional
currency, 1920, amounting TO S3,343.4S,
and one and three year compound interest
notes. 2S. amounting to $74O; aggregating
in number of notes So ,545. .005. and in
amount $271. .506 013.4S, and showing an in
crease over the last fiscal year of ,433. .063
notes, and in amount $50, 400, 7434S.