The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1904-01-16
MILLION DOLLARS WAIT FOR OWNERS.

JOA oAy AAOANJ L SAA0i<O w eAAAkN
not, but are you sure of it ! Secre-
tary Shaw has more than a million
dollars waiting for claimants who (if
they are the right persons) have only
to come forward and receive the cash.
Maybe you have some old papers
lett behind by a iniserly uncle or an
eccentric aunt. If so, it might be
worth your while to look them over
and to find out if by chance they in
clude documentary evidence of claim
for one of the snug little fortunes
which now lie in the Treasury paya-
BILE on demand in gold notes to their
proper owners. Should you come
across anything of the kind it will be
in the shape of an expired bond.
Somewhere, in just such situations
-one here, two or three there and
package of them in another place-a
lot of bonds of this description are ly-
ing about, mislaid or hidden. They
have ceased to draw interest because
the terms for which they ran have ex-
pired, but, as promises to pay by
Uncle Sam, they are as good as ever
for their face value. More than
$I5o, 900 worth of them date back to
1896 and earlier. The total is ST.
256, ,82o-surely big sum to be with
held from the pockets Of persons who
are rightfully entitled to the money.
Of course, when bonds are called
in at the end of their interest bearing
term, it is expected that the holders
will send them to the treasury through
the banks or otherwise, and receive
their face value in cash. So they do,
but not always. People sometimes
hide their bonds and then die, or
other accidents happen, and, as a re-
suit, the documents never turn up.
If they are not found they remain un-
paid, and the government is just so
much in pocket. Every now and
then, however, few such expired
bonds are discovered in some odd cor
ner or hiding place, and are sent in
for redemption. They are just as
good as ever, and nothing is lost ex-
cept the interest on the money.
There seems never to have been
loan issued by the United States that
has not had hangover balance of
this kind. Sometimes it has been
very small, as in the case of the loan
of 1882, which was all paid off but
$500, and the loan of 1863, which
shows only one 500 bond missing.
On the other hand, the largest out
standing claims of this nature against
the government are for the $40 notes
of 1862 equivalent to bonds) which
exhibit on the account books of the
Treasury an unpaid balance of $2I5,-
$50. What, in goodness name can
have become of those $40 interest
bearing notes? Most of them must
still exist somewhere, if any one could
but lay hands upon them.
Nearly all of United States bonds
nowadays are registered, and track of
their ownership is kept in such way
that it is hardly possible for one of
them to remain unpaid. Ofthe bond
ed debt of the nation, at the present
time, about $500, 900, 900 is held by
private individuals, and of this sum
something like 500, 900. 900 is owned
by one thousand persons, approx
mately. If one could obtain list of
these fortunate one thousand rich
men, it would be worth great deal
of money, but the Treasury keeps
their names most carefully secret.
1t is pretty we'll known that the
largest owner of the bonds of our Gov
ernment is Russell Sage, who finds
them very convenient medium for
his financial dealings. While by no
means the richest man in this country,
he is reputed to have more ready cash
than any other person in the world.
He is lender of money and dealer
in money, and United States bonds
are always equivalent to cash. The
Vanderbilts likewise are great holders
of bonds, though they have not near
ly such vast sums invested in them
as formerly. One of the largest
blocks of bonds in any single owner
ship is held by the heirs of the es-
tate of Singer, the sewing machine
man.
A list of the names of large owners
of bonds would be exceedingly valua-
BILE to spectators who trade in these
securities. For trading in United
States bonds is recognized business,
like specializing in wheat or corn, and
men make living by buying and
selling them. Every time they change
hands they have to be forwarded to
the Treasury at Washington and cam
celled, new ones being Immediately
issued in the names of the new own
ers. This sort Of traffic goes on at
such rate that the Office of the Reg
istrar of the Treasury is obliged to
issue millions of dollars worth of
fresh bonds every day. A bond that
arrives from New York or Chicago
this morning is replaced by another
and returned by registered mail this
afternoon, so that its transfer involv-
ed the delay of only few hours.
A ledger account is kept of all hold
ers of registered bonds, and, as these
holders buy or sell, they are credited
or debited, as the case may be, just
as in the business of merchant who
keeps tab on his customers. It re-
quires seventy-eight large ledgers,
each containing over seven hundred
pages, to contain the account of the
owners of the four per cent. loan OF