The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1903-10-30
THE BONDS
ARE SIGNED
Process Witnessed
by a New York
Financier.
interesting Description
Of Mode of Print
ing the Bonds.
Opinion OF Eminent Law Firm on
Legality Of Loan 8ondholders
Well Protected.

George r. Carter, Secretary of the
Territory, returned according to his
previously communicated announce
ments in the steamer Siberia from his
Territorial loan fotation mission. He
brought with him the printed bonds for
signature of the Treasurer and the
Registrar of Public Accounts and lost
no time in depositing the precious bur-
den in the Secretarys office. There
are one thousand of the forms, of the
face value of $1,000 each, with interest
coupons payable semi-annually at the
rate of Az per cent per annum at
tached.
When Secretary Carter had received
the welcomes home of Governor Dole
and the heads of departments assemb-
ling at the moment for the executive
council session, the bonds We're laid
out to be signed by A. N. Kepoikai,
Treasurer, and H. c. Hapai, Registrar
of Public Accounts, who forthwith
bent themselves to the task. They
had the work completed early in the
afternoon. A description of the bonds
which are entitled, -Four and Half
Per Cent Public Improvement Bonds
of the Territory of Hawaii" is to be
found in an official notice calling for
bids for proposals for the purchase of
any or all of the bonds, which appears
in. this issue of the Advertiser.
Attending and witnessing the sign
ing of the bonds by the Territorial
officials named was F. H. Rowland,
an authorized representative of the
Municipal Bond Certiication Depart
ment of the United States Mortgage
and Trust Company, the institution
that Mr.. Carter induced to undertake
the handling of the oan in New York.
Mr.. Howland's office on this occasion
may best be explained in his own
words. He is as affable at approach
as he is manifestly eager and enthu-
siastic in his business manner. To an
Advertiser reporters questioning he
cordially responded with the following
statement:
'"These bonds are prepared upon
paper made expressly for the United
States Mortgage and Trust Company
of New York and bear the water mark
of the company's name. The steel
plates for the bonds are also engraved
for the exclusive use of the company.
1.-THE process which the bonds go
through necessitates the thorough wet
ting of the paper six different times,
thereby permitting the ink to set thor
oughly in the paper. The steel en-
craving of the bonds is the best that
is possible to procure, and COM
parison with Government bank notes
shows that the engraving is of a much
finer quality.
when the bonds were all signed by
the Treasurer and the Registrar Of
Public Accounts, these officials made
affidavit to me that they had signed
and sealed the bonds, and the bonds
will now. be returned to the Trust
Company for the purpose of having the
company's certificate on each bond
signed by the Secretary of the United
States Mortgage and Trust Company.
The bonds will then be ready for de-
livery to the purchaser or purchasers.
1.-THE legality of the bonds has been
approved by Messrs. Dillon & Hub
bard, recognized authorities on NUM-
cipal securities. Their opinion as to
the legality will be furnished to the
successful bidder or bidders, and a
duplicate of the opinion, together with
all the legal papers pertaining to the
issue of the securities, will be filed
with the United States Mortgage and
Trust Company, where they viii al
ways be open to the holder of any
bond at any time. A statement to
the effect of all this is engraved upon
each bond.
by this method the possibility OF
any of the papers being misplaced OF
lost as time goes by is nullif1ed. Many
investors, as we'll as large financial
institutions, always show a preference
in purchasing such securities, fer bonds
| prepared under this system"
Mr.. Rowland will leave for New
York in the Korea next Tuesday.
| About the capital the great pains
evinced by the United States Mortgage
! and Trust Company to esta blish the
| validity of the Hawaiian loan, exhibit
| ed in part by its sending representa-
/ tive to Honolulu to witness the signing
/ of the bonds, is interpreted to NEAR
| that the loan is already as good a:
I, f1oated on advantageous terms.
| Secretary Carter is perfectly salts
| fed, on his part, with the evidence!
coming under his personal observation
fIr,on fhe mainland that the credit O
the Territory in the American none,
market is highly rated.
Mrs. Anna Gertz and Miss Susal
Brash are daily visitors to the Judic