The Hawaiian gazette., 1903-10-30
THE BONDS
ARE SIGNED
Process Witnessed
by a New York
Financier.

George r. Carter, Secretary of the
Territory, returned according to his
previously communicated announce
ments in the steamer Siberia from his
Territorial loan flotation mission. He
brought with him the printed bonds for
Registrar of Public Accounts and lost
no time in depositing the precious bur-
den in the Secretary's 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 were laid
out to be signed by A. n. Kepoikai,
Treasurer, and II. 1. 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 a 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 Il. II. Rowland,
an authorized representative of the
Municipal Bond Certihcation 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.. Howlands office on this occasion
may best be explained in his own
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.
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 n 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
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 will 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 or !
lost as time goes by is nullifed. Many ,
investors. as well as large financial
always show a preference
In purchasing such securities, for 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 establish the
the Hawaiian loan, exhibit
ed in part by its sending a representa-
tive to Honolulu to witness the signing
Of the bonds. is Interpreted to mean
that the loan is already as good as
hoated on advantageous terms.
Secretary Carter is perfectly salts
fed. on his part, with the evidences
coming under his personal observation
Ia, I..l.
he Territory in the American money
market Is highly rated.
Mrs. Anna Gertz and Miss Susan
3rash are daily visitors to the Judic-