The evening times., 1900-07-31

The Treasury officials began this morn
ing to issue the new per cent consols Of
1899. The loan has proven one OF the best
like that the Government has ever made
Already subscriptions to il amount to
more than sS2O. .OCO,O GOO. and it is b>ing
taken up at the rate OF half a million dol
lars day. The success CT the issue is
most pleasing to Treasury officials.
The new Issue mas effected savings in
interest amounting TO millions Of dollars,
and the popularity of the issue is shown
by the fact that the cousols are now sell
ing at 1O4. No Government in the world
had ever been able to make ? per cent
loan on such favorable terms before and
the success CT the issue is credited with
being a magnificent token OF the confidence
in which the American Government is
held.
"Consols." " which IS an English word, is
a short form of consolidation, and ii means
that the bonds thus named are issued -
consolidate previous loans.
The new , per cents now being made
public, were planned 70 unite three former
issues on which the Government is paying
3 and per cent interest. They had a to-
tai value OF about $50. Gee. 600. All Of that
sum can be refunded should the holders Of
the bonds so desire; and the present indI-
cations are that more than half Of them
will want to do so. Three sorts Of loans
are numbered IA the list which can thus
be united. The most important are the
bonds that VIII mature in 1907. They bear
4 per cent interest, and over $355, 600 900
worth are now outstanding. Next in i'm
portance is the loan that viii mature at
the pleasure of the Government any time
between 1908 and 1918 That series bears
per cent interest and represents close to
fl30. 600. 600 The bonds sold by President
Cleveland during his second Administra-
tion can also be exchanged for the new
conSClS. The Cleveland bonds Will expire
n four years and they bear > per cent in
terest-the highest rate paid by the Gov
eminent on any Of its debentures. About
SiS. 100000 worth are outstanding
As il is not compulsory for holders Of
the CID issues 10 exchange them for the
new cOnsOls. the Government is receiving
them at premium in order TO get rid of
the heavy interest charges. That premium
is based on the value Of the bonds at the
rate of II per cent. II grows slightly
less each day, and il is carefully figured
by the 2ctuary OF the Treasury The loan
Of 1904 account Of its high interest rate
Of course brings the highest price The
bonds are accepted at the rate OF sos. %.
The loan Of 190S-'1S brings S1O5.f7; aIFi
the funded loan Of 1907 commands 1lI17.
Should all the old issues be exchanged
for the new per cents-which is not ex-
pected-the inteTest-b bearing debt of the
United States would be centred in the con-
soils Of 1880 and the per cent loan of 1925
The market value of the latter i so high
because Of the long time they still have
10 run, that the Government found il IN
wise to refund them with the new bonds.
The old funded loan of 1891 is Eot in
eluded in those calculations as it will
mature on the 18th of this month, ara
will be paid of at once by the Government.
tion by about 5000 900, and will make
the interest bearing Indebtedness almost
exactly one billion dollars. Excluding il.
the bonded Indebtedness is now as follows:
Five per cent loan Of 1904. redeemable
after February 1 of that year, S47.651 20O,
OF which 500 eco go is registered and SIS
55O.950 in coupon bonds.
Four per cent loan OF 1907 redeemabIe
after July l Of that year, S255. .52S $50. of
which S29J,536.iOO is registered and $59,
991.S5O in coupon bonds.
Three per cent loan Of 190S-'1S. redeema-
bic after August / Of 1908. SIPS. .S43. .240. Of
which $780, GOO is registered and sos
S52.24O in coupon bonds.
The 4-per cent loan OF 1925. redeemabIe
after February I CT that year. $162, ,315, 400
Of which S12G. eco is registered and S41.-
ass, ,4G0 in coupon bonds
\ small item OF $35,41O should also be
included as that sum is outstanding in l.
per cent Tefunding certificates issued in
1873 They are redeemable at the option
Of tie United States