-
ST It ATV CITSECTION
OF THE
COMMERCIAL & FINANCIAL HRONICLE.Copyrighted in 1918
according to Act of Congress, by WILLIAM B. DANA COMPANY, in office
of Librarian of Congress, Washington, D. C.
Vol. 106. NEW YORK, JUNE 1 1918 No. 2762.
STATE AND CITY SECTION.The State and City Section, issued
semi-annually on the last Saturday
of May and November, is furnished without extra ' charge to
'wary annualsubscriber of the Commercial and Financial
Chronicle.Terms for the Chronicle, including this and five other
Sections, or Sup-
plements. issued periodically and all furnished without extra
charge toannual subscribers, are Ten Dollars per annum within the
United States,Thirteen Dollars (which includes postage) in Europe
and $11.50 in Canada.
WILLIAM B. DANA COMPANY. Publishers.]Front, Fine and Depeyster
Streets,
P. 0. Box 3, Wall St. Station. New York.
DATE OF ISSUE OF THIS PUBLICATIONAs previously explained, owing
to the great pres-
sure for space, this periodical is now issued in twoparts. The
first part, comprising the New Englandand the Middle and the
Central States (the latterembracing Ohio, Indiana, Illinois and
Michigan), ispublished in the first half of the year and
appearsto-day. The second part, comprising the rest ofthe country,
is published towards the close of theyear, and will appear next
November.This change is forced upon us by the constant ad-
dition to the number of municipal bond issues andthe inability
to compress the information concerningthe same within the limits of
a single number.Not only are the older and more important
civiccorporate bodies uninterruptedly putting out furtherbonded
obligations, but many of the minor places,previously free from
debt, have also entered theranks of borrowing communities and are
steadilycreating new issues. Besides this, in the newersections of
the country where expansion and develop-ment are such noteworthy
characteristics of affairs,new civil divisions are all the time
springing intoexistence. The result is that the demands for
ad-jditional space have outgrown our ability to providefor them in
the customary way, leaving no alterna-tive but to issue the
Supplement in two parts and toassign a portion of the country to
each part.
MUNICIPAL BOND SALES IN 1917.The aggregate of municipal bonds
disposed of
during the calendar year 1917 reached a larger figurethan might
have been deemed likely considering theconditions under which the
obligations had to beabsorbed. The appearance of the United
StatesGovernment as a borrower on a large scale in theinvestment
markets necessarily had the effect offixing an entirely new
standard for bond values.The First Liberty Loan for $2,000,000,000
came inMay-June. These bonds bore only 3M% interest.But in the
bonds issued under the Second LibertyLoan the rate was raised to
4%. Investors will
always prefer a United States obligation over anyother form of
investment at the same rate of interest.In this case, too, these
United States bonds wereissued in enormous amounts. Under the
FirstLiberty Loan offering the amount placed, as alreadystated, was
$2,000,000,000, the subscriptions actuallyreaching $3,035,226,850.
Under the Second LibertyLoan, the nominal offering was
$3,000,000,000, butthe Secretary of the Treasury announced
before-hand that he would accept oversubscriptions to theextent of
50% of their amount. Accordingly, $3,-808,766,150 of bonds was
placed under this offering,making $5,808,766,150 for the two loans
combined.These offerings were of unparalleled magnitude
as far as the history of this country is concerned, andthey
proved very tempting to investors, besideswhich they had the spur
of patriotism behind themto induce purchases. To compete with an
invest-ment of this sort, municipalities had to raise theirrates of
interest or find the bonds left on their hands.In anticipation of
the change, market values of theolder obligations began to adjust
themselves to thenew order. And the process of adjustment, it
de-serves to be stated, was practically a continuous one,the
depreciation becoming more pronounced as theyear progressed and the
demands of the UnitedStates Government grew larger and more
imperious.As an indication of the change in the standard of
bond values for which the year will always remainnoteworthy, we
may take the case of one of the NewYork City issues actively dealt
in on the New YorkStock Exchange, namely the 43/2s of 1965.
Thesebonds sold on Jan. 16 1917 at 111, at which figure theyield to
maturity was only 3.98%. That quotationmay be said to have
represented the termination ofthe upward movement of prices, and
decline in yield,which had marked the course of the calendar
year1916, when, in contradistinction to what happenedin 1917, there
had been a steady and very markedappreciation in values. These same
bonds which inJanuary 1917 commanded 111, sold on Dec. 29 1917at
only 933%, a decline of over 17 points. At thelower figure, reached
at the very close of the year,the yield to maturity was no less
than14.84%. Itmust be admitted that there is a speculative
elementin New York City bond issues that is not present inmost
other municipal bonds and the variation heredisclosed may hence
represent an extreme case,indicative of deeper and wider depression
thancharacterized the municipal bond market as a whole,but in a
general way the change that occurred in tin
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6 STATE AND CITY SECTION. [VoL. 106.
standard of values for obligations of that characteris fairly
well reflected in the illustration given.
Perhaps one reason why the aggregate of the 1917municipal bond
disposals reached such comparativelylarge figures is that the
influence of declining valuesand rising yields was not manifested
to its full extentuntil the latter part of the year and, therefore,
therestraint on bond selling was not very rigid. NewYork City again
furnishes a case in illustration, butwe may first refer to a State
bond sale. In Januaryof the previous year (1916) New York State
hadplaced $25,000,000 of 4% bonds on an interest basisof 3.85%. In
April 1917 New York State was againin the market with an offering
of $25,000,000 4%bonds and on the 5th of that month (the day
beforethe actual declaration of war by the United Statesagainst
Germany) these bonds were awarded at aprice to yield the purchaser
only 3.79%-better even,it will be noted, than the result for the
precedingyear. New York City on its part came into themarket on
July 12 1917 with an offering of $55,-000,000 bonds, $47,500,000
maturing in 1967 andthe remainder ($7,500,000) payable serially
from July1 1918 to 1932, inclusive. By that time the influenceof
the new conditions had already become noticeablyperceptible, though
not to the extent that it did laterin 1917. In April of the
previous year, New YorkCity had made a public offering of
$55,000,000 cor-porate stock with the interest reduced to 414%from
4 The long-term issue than went on aninterest basis of 4.125% and
the 1-15-year serialissue on a basis of about 4.03%. When it came
tothe July 1917 offering, the city authorities, wiselyrecognizing
the alteration in money market and in-vestment conditions, once
more raised the rate ofinterest to 4M%. This served to provide a
marketfor the bonds and also to secure a slight premium,the entire
issue going to a syndicate composed ofJ. P. Morgan & Co., the
First National Bank, theNational City Co., the Guaranty Trust Co.,
theBankers Trust Co., Brown Bros. & Co. and Harris,Forbes &
Co., at their bid of 100.6507, an incomebasis of about 4.46% for
the 50-year and 4.39% forthe 15-year serial bonds.The conspicuous
fact, therefore, in the placing
of new civic issues during 1917 was that municipal-ities had to
pay a higher price for their borrowings.The effect in reducing the
year's totals of disposalswas, as already indicated, comparatively
slight.Our compilations, which are prepared with no littlecare,
show that altogether $451,278,762 of newmunicipal obligations of a
permanent characterfound takers. This compares with
$457,140,955,the aggregate for 1916, with $498,557,993 for 1915,the
latter the maximum for any calendar year, with$474,074,395 for 1914
and with $403,246,518 for1913. Prior to this last-named Year, a
total of$400,000,000 had never been reached, and we mayadd that the
$200,000,000 mark was for the first timepassed as recently as
1.904.
It is when we come to examine the interest ratesin the new civic
issues that we see most stronglyportrayed the new influences that
so largely domi-nated the course of values-not alone in the
municipalbond market, but in other branches of the
investmentfield-after the United States became a participantin the
great world conflict. Whereas in 1916
45.07% of the new issues carried 4% and 431% in-terest, on the
other hand in 1917 only 25.14% wereput out at these rates; the
issues bearing 432% in-creased from 23.06% to 34.01% and the issues
bear-ing 5% increased from 20.34% to 27.04%. Alto-gether 70.53% of
all the bonds placed in 1917 wereissued at 43/ and 5% or higher
rates of interest, asagainst only 51.84% in 1916. The contrast
ascompared with earlier periods is still more striking.A dozen or
mofe years ago the prevailing interest ratesin municipal bonds were
3%, 332% and 4%. Theissues at above 4% were relatively small. Now
thegreat bulk of the whole is at interest rates runningfrom 432% to
5% and above. We have preparedthe following summary to indicate the
aggregate ofthe bonds put out at the different interest rates
for1901, for 1906, for 1916 and for 1917. We excludethe New York
City sinking fund takings, as theseare usually low-rate issues and
yet furnish no criterionof market conditions.COMPARATIVE INTEREST
RATES, EXCLUDING NEW YORK CITY'S
SINKING FUND TAKINGS.
1917.$
P C OS 1916. IPCofTotal! 8 1Total
1906.$
P CoTota ,
1901.$
P ColTotal
3 per cent_ 30,0001 0.01 5,257,456 2.77 19,971,249114.253;; per
cent 730,000 0.16 1,265,460, 0.28 19,169,65010.09 88,693,288149.004
per cent__ 95,550,594 21.61 125,433,205 27.58120,130,28083.22
27,578,476119.67oi per cent 15,612,338 3.53 79,520,900 17.40 254,00
0.13 229,000 0.17434 per cent150,416, 89334.01 104,890,83423.06
14,598,01 7 .6 :, 5,214,978 3.725 per cent__ 119,626,23927.04
92,489,702 20.31 17,436,088 9.18 9,301,985 6.63Higher than5 per
cent 41,869,344 9.48 38,380,202 8.44 7,146,959 3.76 2,758,797
1.97
Unknown drUnusual__ 18,460,351 4.17 12,735,652 2.80 6,027,828
3.17 6,439,746 4.59
Total_ _ _ _ 442.265.762 100.0 454.745.955 100.0190.020.271
100.0140.185.499100.0
In 1901, it will be seen, out of a total of $140,185,-499 bonds
placed, no less than $116,240,993, or82.92% of the whole, consisted
of 3s, 3s and 4s,the 33/2s forming much the larger part, they
compris-ing $68,693,268, or nearly one-half of the year's
dis-posals. In 1917, on the other hand, with the totalof the sales
raised to $442,265,762, only $730,000of 325 were floated and no
less than $311,912,476of the year's issues, or 70.53%, were 43/2s
and 58and higher.In previous annual reviews we have pointed out
that taking a retrospect of the last dozen years, ithad been
found that the increase in the output ofnew issues had been
especially pronounced in thenewer parts of the country, thus
supporting theinference that in the main these new issues
repre-sented normal outlays in behalf of the proper develop-ment of
the cities and towns in those parts of the,country. For 1917 this
conclusion calls for someModification, inasmuch as study of the
figures dis-closes that the South Atlantic division, the
SouthCentral and the Western or Pacific division all showdiminished
bond disposals, whereas the North Atlanticand the North Central
tiers of States record increasedtakings. To bring out this fact, we
again reprinta table given by us before (but with the 1917
figuresadded) and which shows the distribution of the bondsales for
the last twelve years among the differentgeographical divisions of
the country.
Cal. Years . 1917. 1916. I 1915, 1914. 1013. 1912.
s IS IS ISNorth All. 175,977,945 174.405,716 208,213,654
228,783,498 164,152,029161,386,631Nor. Cent.141,313,094
128,078,530,137,203,751i108,924,972, 89,373,061 95,793,261
Total __ _ 317,290,713302.484246345,422,405337,708,470
,246345,422 ,405337,708 370 253,525,090257,179,892
South Atl. 31,13 1,437 40.984,531 41,916,520, 33,782,3001
31,353,750 23,740,800Sou. Cent. 52,957,073 50,942,261 55,312,624
39,476,448: 44,219,396 37,157,894Western orPao. Div. 49596,099
56.729,917 55,906,444
163,107,1771 74,148,282 68,473,242
Total_ _. 133,988,009
154,656,709153,135,588136,365,925149,721,428129,371,936
Grand tot. 451.278.762457,140.955
'l98.557,993474,074,395403,246,518386,551,828
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JUNE, 1918. STATE AND CITY SECTION 7
Cal.Years. 1911. I 1910. I 1909. 1908. 1907. 1906.
North Atl.Nor. Cent.
Total_ _ _
South At!.Sou. Cent.Pacific -
Total__
Grand tot.
$ I $ I $183,316,289 147,241,669158,499,53877,979,556
72,476,8231 65,208,923
$176,065,77785,242,723
$138,719,28248,518,220
$106,695,96455,429,660
261,295,839 219,718.492223,708,481
20,785,7001 22,623,806 15,173,70043,501,676 24,873,4991
44,732,41571,276,4371 52,820,396 55,809,984
241,308,500
20,142,5 e t18,891,13933,455,410
187,237,502
9,050,50017,787,32813,561.878
162,125,824
6,642,88018,147,90214,826,940
135,563,8071100,317,686115,716,099 72,489,049 40,405,706
39,617,722
396.859.646 320.036.181
339.424.560313.797.549227.643.208201.743.346
As far as the more prominent municipalities areconcerned, no
very marked tendency is observableeither upward or downward. New
York City, asalready shown, made public offerings exactly thesame
in 1917 as in 1916, $55,000,000 being placed ineach year.
Philadelphia put out $20,049,900, asagainst only $15,000,000 in
1916, but the Phila-delphia School District placed $2,500,000. in
ad-dition in the latter year. Chicago placed only$3,171,000 in
1917, against $5,673,200 in 1916, butthe Chicago Sanitary District
and the Chicago ParkDistricts disposed of $3,155,000 in addition in
1917,against only $1,255,000 in 1916. Boston sold $4,-215,500 in
1917, against $5,406,450 in 1916 and$7,377,100 in 1915. Cincinnati,
with its school dis-trict, placed $3,306,752 in 1917, against
$3,104,819in 1916 and $4,535,943 in 1915. Cleveland and itsschool
district found a market for $9,074,200 in 1917,against $8,475,500
in 1916 and $7,944,000 in 1915.Columbus and its school district
shows $1,741,500new bonds for 1917, against $1,987,850 in 1916
and$2,336,500 in 1915. Pittsburgh and the PittsburghSchool District
marketed only $264,000 in 1917,against $1,170,000 in 1916 and
$6,750,000 in 1915.Baltimore disposed of no more than $1,494,000
bondsin 1917, against $2,303,400 in 1916 and $8,800,000 in1915.
Newark sales were $2,465,000, against $1,-724,000 in 1916 and
$1,965,000 in 1915. For Provi-dence, R. I., the footings are
$1,422,000 for 1017,$2,550,000 for 1916 and none for 1915. St.
Louishas not been in the market with any new offeringsfor a good
many years.To complete our analysis of the bond disposals of
1917 we furnish below a comparison of the newbond issues
according to -the purposes for whichthey were used or created.
1917.5
PCofTotal
1916.$
PCofTotal
1915.$
P CoilTotal
1912. 1P$
CO/Total
Grand total451,278,762
100.0457.140,955100.0498,557,993100.0386,551,828100.0Refunding .
15,405,189 3.40 23,405.924 5.13 32,124,263 6.44 14,872,351 3.85
Net add'n_ _ 435,873,59396.60433,735.03194.87
86,433.73003.561371,879.47796.15Water 28,416,797 6.30 38,513,971
8.42 44,352,572 8.90 59,853,70715.48Sts., roads,brldges,Sre
131,494,21529.16142,464,90131.16136,089,57527.29
89,407,92623.13
Sewers _ _ _ _ 32,681,155 7.24 23,402,458 5.14 31,405,324 6.30
25,982,346 8.72Schools_ _ _ _ 60,242,16s 13.35 70,261,17715.37
80,199,40016.09 45,588,24411.79Buildings _ 25,924,597 5.74
27,792,048 6.08 32,925,618 6.60 30,633,433 7.93Parks 10,587,415
2.35 8,805,810 1.92 9,951,572 2.00 13,280,021 3.43Light & gas
6,694,097 1.48 3.091.865 0.67 8,417.536 1.69 7,734,613 2.00Funding
dr
improve' t 22,288,200 4.94 18,411,620 4.02 24,979,098 5.01
18,384,088 4.76Miscellan's_ 117,544,941 26.04 100.991,18122.09
98,133,03519.68 80,815,11920.91
Tntni net _
435.873.59396.60433.735.03194.87468.433.73603.58371.679.477 on
15
After apportioning the amounts under the differ-ent heads an
aggregate of $117,544,940 remains for1917, it will be seen, under
the designation "miscel-laneous" and the amounts for other years
are alsolarge. In explanation it should be said that thisitem
comprises mainly bonds issued for special pur-poses, like the canal
bonds of New York State (ofwhich $10,000,000 were put out in 1917),
the $37,-013,000 rapid transit and the $2,500,000 dock andferry
bonds of New York City, the $1,515,000 rapidtransit bonds of
Boston, the $20,049,000 bonds soldby Philadelphia for "various
municipal purposes"and transit improvement, and bonds for the
improve-
ment of levees, irrigation bonds: street railwaybonds, &c.,
purposes of not sufficiently commonoccurrence to warrant our
providing an extra columnfor the same in our full-page compilation.
A foot-note to the detailed table on the following page givesthe
leading items that go to make up the "miscel-laneous" column.In
conclusion we will reiterate what we have said
in previous years, namely that our figures deal onlywith issues
of a permanent character-such as, bytheir nature, constitute a real
addition to the debtsof the municipalities. We rigidly exclude
floating-debt obligations and everything of a temporarynature, and
we are careful also to avoid duplicationor the inclusion of loans
that do not belong in thefootings. As the best explanation of our
reasons forexcluding floating-debt obligations, we may refer tothe
case of this city, which during 1917 issued no lessthan
$179,974,400 of temporary obligations in antici-pation of taxes,
and redeemed $165,869,948 of thesame class of obligations, and also
issued $123,877,000of corporate stock notes (a new form of
obliga-tion since 1912), and retired $140,778,500 of thesame.
In order that the reader may know what the grandaggregate of the
sales for the twelve months would bewith all these various items
included, we will saythat the total in that event would be over
$1,500,-000,000. The actual municipal bond sales for thetwelve
months within the territorial limits of theUnited States were, we
have seen, $451,278,762;the temporary loans reached $395,326,999;
salesof permanent securities in Canada (including$400,000,000
"Victory Loan," $250,000,000 Do-minion of Canada loan, and
$4,000,000 Pro-vincial loans) were $701,286,567; general fund
bondsof New York City $25,000,000 and general fundbonds of
Baltimore $300,000, besides which PortoRico sold $300,000 bonds,
the Territory of Hawaii$1,550,000, and San Juan, Porto Rico
$915,000bonds, giving a grand total of $1,575,907,328. Inthe
following we furnish a five-year tabular com-parison of the various
classes of new issues:
Full Cal. Year. 1917. 1916. 1915. 1914. 1913.
3 $ $ * $ $Perm.l'ns (U.S.)451,278,762 457,140,955 498,557.993
474,074,39 403,246,518Tempor. loans(U. S.) 395,326,999 300,795,629
249,251,883 384,809, , 550,428,549
Canadian loans(permanent)701,286,567 258,515,696 281,322,206
177,856.. :0 161,543,983
Bonds U. S.possessions_ 2,715,000 8,450,000 2,018.500 2,955.1 1
1 1.000,000
Gen. ,fund b'ds(N. Y. C.). 25,000,000 23,500,000 23,000,000
23,500,011 22,000.000
Gen. fund b'ds(Baltimore) _ 300,000 300,000 300.000 300,000
300,000
Total all l'ns(12 months)1.575.907.328 1.048.702.280
1,054.450.5(32,1.063.295.6171 1.138.519.050
Includes temporary securities (revenue bonds and corporate stock
notes) issuedby New York City, 303,851,100 in 1917. 5229,409,452 in
1916, $154,858,878 in1915, $300,922,414 in 1914 and $467,388,432 in
1913.
It will be noted that in 1917 the amount of tem-porary loans
negotiated greatly increased over thetotal for 1916. As a matter of
fact, however, prac-tically the entire difference is due to the
increasedtemporary borrowing of New York City, which in1917 placed
$303,851,400 of temporary loans, against$229,409,452 in 1916.A
full-page tabular presentation of the sales of a
permanent character within the limits of the UnitedStates for
the late year appears on the following page.In giving this
compilation, we are continuing a'practice begun by us with the bond
transactions of1901.
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8 STATE AND CITY SECTION. [VOL. 106.ANALYSIS OF MUNICIPAL BOND
SALES FOR CALENDAR YEAR 1917.
STATES ANDGEOGRAPHICALDIVISIONS.
GrandTotal.
StaleBonds.
CountyBonds.
SchoolDistrictBonds.
City, Town& VillageBonds.
RATES OF INTEREST.
3 and 3%Per Cent.
4Per Cent. Per4gnt.
43Per Cent.
5Per Cent.
Higherthan
5 Per Cent.
Unknownand
Unusual.
Maine New Hampshire Vermont Massachusetts Rhode Island
Connecticut New York New Jersey Pennsylvania
Nor. Atlantic Div.
Delaware Maryland Virginia West Virginia North CarolinaSouth
CarolinaGeorgia Florida
Sou. Atlantic Div__
1,709,000748,500238,000
18,726,3392,147,5007,238,000
105,724,61611,540,23027,905,500
700,000
180,0005,024,100175,000
25,000,000
65,000
454,000
2,177,1152,452,500799,000
1,636,600346,163
2,988,300
1,009,000683,50058,000
13,248,2391,972,5007,238,000
76,910,9018,741,567
24,118,200
78,000
325,000
9,002,000
$1,664,000595,500238,000
9,989,8052,042,0001,519,000
29,117,6251,311,599
23,486,000
2,236,000
2i,740,1565925,438
1,145,000991,000
45,00065,000
4,884,034105,500
2,979,00061,389,2486,257,0542,165,500
261,500
2,909,3492,143,577576,500
566,54398,000
10,000
1,030,000
1,814,413585,000686,500
175,977,685
610,5003,492,0001,865,6374,805,0007,853,5003,938,200709,000
8,161,000
31,079,100
125,0001,100,000
547,000
5,947,615
31,434,837
Ohio
61,219,217Indiana
11,842,704Illinois
9,645,720Michigan
9,551,534Wisconsin
6,601,939Minnesota
13,830,316Iowa
9,914,142Missouri
5,347,000North Dakota
917,500South Dakota
2,486,500Nebraska
4,253,079Kausas
5.703,417
1,772,000
240,000
1,300,000
70,000436,637
3,683,0002,321,5001,726,500220,000
1,617,000
10,074,637
12,189,0308,852,6041,400,0001,552,8001,271,0004,530,7793,019,2651,760,000
45,000460,000509,416655,130
4,971,063
54,500
378,000329,000170,70017,500
813,500
133,979,907
431,0002,322,0001,429,000744,000
4,656,0002,041,000471,500
5,730,500
9,405,000 69,963,529
125,0002,594,000
32,000
547,000
8,037,438
100,000
77,890,336
485,500840,000
1,036,000450,000360,000
2,289,500273,000250,000
5,890,926
58,000523,637
4,246,0003,658,5001,083,000218,500
1,043,500
664,543
134,000109,000
2,843,000193,70017,500
6,442,500
4,125.913
40,000
115;66372,000200,000425,000
1,763,200 17,825,000
9,270,9112,136,340592,700
2,140,000253,500
2,197,8003,615,500940,200461,200538,000
1,130,9831,558,826
39,759,276853,760
7,653,0205,858,7345,077,4396,861,7373,279,3772,646,800411,300188,500
2,612,6803,489,461
-1217.666
3,298,000
681.3771,765,1247.789,5001,851,100505,000
2,985,300269.000675,000486,200
50,000366,464
100,000
1,834,50047,600
418,000
588,000817,500
1,2-7-6;66
5,984,000
14,930,2619,107,933182,000
3,540,3344,577,5003,164,7112,381,7202,225,600
227,500859,500
2,358,198
10,831,137
40,139,427394,646
1,168,3001,779,7001,276,8054,241,1554,889,5191,179,800
44,300856,000
2,857,989811,758
9,739,700
946,42028,621
473,4201,002,300179,134
2,120,426885,403966,600387,00091,000
417,59027,711
1,482,000
2,687,232173,78032,500
060,10063,500730.724671,000300.000
f:11-2:66568,000868,986
North Central Div_ 141,313,068
Kentucky
1,827,046Tennessee
9,602,402Alabama
2,218,500Mississippi
4,312,556Louisiana
9,842,400Texas
12,692,390Oklahoma
6,527,279Arkansas
5,934,500
South Central Div_
Montana Wyoming Colorado New Mexico Arizona Utah Nevada Idaho
Washington Oregon California
Western Division_ _
Grand Total
Per cent
STATES ANDGEOGRAPHICALDIVISIONS.
1,540,000
2,380,000
4.400,000
750,000
30,245,024 24,835,960
240,0003,290,500395,000
,2,241,1002,897,5005,349,6302,006,0462,644,000
127;000325,000
128,600390,400
1,867,4201,571,500671,000
78,692,084 325,000
1,460,0463,606,9021,823,5001,942,8562,154,5005,475,3402,949,7331,869,500
17,424,065
250,000
500,000
4,975,900
80,000
500,000
43,555,257
100,0003,024,000325,000
5,346,0001,782,000
59,639,399
52,957,073
2,190,346704,200
2,030,6001,189,0001,319,500660,500501,300
3,007,0519,177,1437,298,181
21,518,278
7,530,000
125,000
790,000295,000
200,000
500,000330,000
1,850,0006,625,000
19,063,776
592,00080,000292,00095,000360,000
410,000774,684
3,528,797451,000
4,339,000
5,080,920 21,282,377
850,74683,200296,100799,000363,500200,00041,300
431,6872,158,035185,700
2,791,600
622,600541,000652,500
596,000260,50050,000
1,300,7803,160,3114,811,4817,762,678
750,000
125,000
203,000
250,0001,925,0001,625,000
580,000580,000
409,000
500,0001,010,000
10,667,000
485,000168,000910,000
400,000
25,0001,072,5001,500,0007,759,800
670,0004,841,2001,415,0001,170,0004,465,4008,355,4202,879,0001,362,000
25,164,020
7,525,625
628,6461,452,202428,000
2,805,556
1,77-61;157762,772,2793,489,500
7,867.822
88,400205,00050,500331,00031,000
293,000376,000
1,083,000
481,000373,200677,000871,500410,000
305,0001,451,7573,308,9001,655,7008,568,700
13,338,153
605,346163,000181,500317,500900,500225,50055,000
929,2941,773,5081,826,3973,554,778
2,457,900
25,000
59,100
35,000141,300101,000
1,764,235391,03410,000
49,596,099
451,278,762
10,715,000
52,636,100
100% 11.66%
TOloiBonds.
10,922,481
82,253,533
18.23%
8,200,768
44,851,911
9.94%
19,757,850
271,537,218
60.17%
9,730,000
2.15%
4,128,000
95,563,594
21.17%
1,919,000
15,612,338
3.46%
12,320,300 18,100,757
150,416,893
33.35%
119,626,239
26.51%
10,601,323 2,526,719
41,869,344 18,460,354
9.27% 4.09%
Of Whichfor
Refunding.
LeavingNet
Additions.
ISSUED FOR THE FOLLOWING PURPOSES.
ForWater.
Streets andBridges.
Sewers andDrainage.
Schools andSch. Bldg.,.
GeneralBuildings.
Parks andMuseums.
Elec. Lightand Gas.
Funding &Improot.
Maine New Hampshire Vermont Massachusetts Rhode Island
Connecticut New York New Jersey Pennsylvania
Nor. Atlantic Div_Delaware Maryland Virginia West Virginia North
Crtrolina South Carolina Georgia Florida
Sou. Atlantic Div..Ohio Indiana Illinois Michigan Wisconsin
Minnesota Iowa Missouri North Dakota South Dakota Nebraska
Kansas
North Central Div Kentucky Tennessee Alabama Mississippi
Louisiana Texas Oklahoma Arkansas
South Central Div_Montana Wyoming Colorado New Mexico Arizona
Utah Nevada Idaho Washington Oregon California
Western Division Grand Total
1,709,000748,500238,000
18.726,3392,147,5007,238,000
105,724,61611,540,23027,905,500
109,00030,00016,00060,000
9,000730,430223,000112,300
1,600,000718,500222,000
18,666,3392,147,5007,229,000
104,994,18611,317,23027,793,200
200,000
834,225
1,770,0007,878,800426,000260,000
200,00091,500
4,541,900273,000
1,656,00025,461,9162,817,5001,071,200
$
2,367,905300,000660,000
1,055,685630,500970,500
700,0004,000
42,0002,344,600
7,5002,036,0004.867,7571,203,6633,288,300
93,000180,000
2,649,900
500,0006,410,9471,027,600238,000
939,600300,000400,000
5,725.477706,00059,000
$
125,000
21,000171,40045,000
250,000
102,2501,267,000157,000
1,756,4613,692,5671,057,300
500,000280,000
4,760,959
50,00051,216,143
642,00020,803,900
175,977,685 1,289.730 174,687,955 11,369,025
610,500 610,500 300,0003,492,000 380,000 3,112,0001,865,637
140,000 1,725,637 5,0004,805,000 225,000 4,580,000 30,0007,853,500
668,000 7,185,500 567,0003,938,200 70,000 3,868,200
1,459,000709,000
709,000 77,5008,161,000 25,000 8,136,000 110,000
36,113.016
1,315,000597,637
3,760,0002,755,5002,087,500255,000
1,630,000
6,584,590
65,000145,000
5,000167,000682,00084,00040,500
4,913,000
14,493,820
4,50035,00035,000
378.000403,000170,700168,000813,500
11,099,447
125,000329,00062,000
339,00041,00078,000100,000
8,130,077 362,400
66,0008,000
20,00043,0006,00005,00039,000
8,282,578
50,000300,00085,000225,000
2,313,000
25,000129,500
78,253,002
980,000936,000
83,00020,000
395,000
31,434,837 1,508,000
61,219,21711,842,7049,645,7209,551,5346.601,93913,830,3169,914,1425,347,000917,500
2,486,5004,253,0795,703,417
1,174,76836,80069,00073,000115,000
1,448,500665,400797,00015,50091,000131,500151,821
29,026,837
60,044,44911,805,9049,576,7209,478,5346,486,93912,381,8169,248,7424,550,000902,000
2,395,5004,121,5795,551,596
2,548,500
3,442,330
100,500909,900350,000356,000183,6009,00035,00024,000194,250
1,013,500
12,406,637
22,600,3818,735,4052,545,6002,788,0341,623,9055,824,1961,410,2201,221,500336,000
1,204,790627,223
6,101,500
2,626,501232,788
3,479,9201,687,0002 .083,834812,300
1,094,2021,765,000
25,000679,156311,299
2,007,700
9,235,4112,136,340640,700
3,162,0001,420,5002,949,8003,478,100940,200436,700568,000
1,153,4831,558,826
1,074,000
2,406,750431,600666,300636,000185,500842,500825,000252,000
165,000336,000186,000
66,000
615,50075,618
678,800
30,000440,620156,00046,000
100,00060,800
181,000
1,504,50069,550
1,383,00056,000
300,400704,30069,7005,0006,00026,000
220,900271,533
3,127,500
1,095,90170,00040,000
206,000263,000344,400
1,988,92011,30088,300280,000140,000
1,522,415
2,414,000
16,421,17554,60341,90033,600
230,000107,70043,000
300,000
1.307,50093,000
141,313,068
1,827,0469,602,4022,218,5004,312,5569,842,40012,692,3906,527,2795,934,500
4,769,289
130,0001,430,000
97,00061,000
658,0002,309,000190,000750,000
136,543,779 6,618,080
1,697,0468,172,4022,121,5004,251,5569,184,40010,383,3900,337,2795,184,500
190,000313,000180,00059,00032,000
865,6001,179,000
92,500
48,923,254
459,0462,546,902456,000
2,219,7563,337,0003,756,0001,868,9833,494,500
14,796,800
500,000628,500
871,700746,500600,000498,791472,500
27,680,060
313,0001,217.000410,000269.600433,900
2 ,712,4201,576,500671,000
6,932,650
1,493,000
145,00095,000
844,000447,500
2,203,338
25,000120,000
4,706,883
10,000
6,050,230
33,000 1,10;866475,500
36,500 500,00010,000 400,000
135,540245,600' 326,005
54,000
18,832,478
225,00053,500
600,000150,000
4,130,0001,444,830
75,000400,000
52,957,073
2,190,346704,200
2,030,6001,189,0001,319,500660,500501,300
3,007,0519,177,1437,298,181
21,518,278
49,596,099
5,625,000
481,00058,000371,600
06,400527,150679,000
47,332,073
1,709,346646,200
1,659,0001,189,0001,319,500660,500501,300
2,910,6518,649,0936,619,181
21,5/.8,278
2.911,100
353,400208,500398,000
80,000175,000
397,000215,192342,000
2,801,000
18,138,187
218,000
20,00070,000
530,000208,00070,000
1,849,0022,765,9542,227,7087,954,457
4,317,991
19,200155,50056,500
126,00054,000
163,184135,94628,944141,000
7,603,420
1,118,74683,200
294,500799,000363,500200,000181,300431,587
2,008,035185,700
2,791,600
3,024,500
164,00060,00025,00020,0003,500
16,0001,900,0001,510,000
95,500
145,000
20,000
18,0005,000
335,000
5,000
200,00020,000
51,878400,93645,000386,000
3,778,545
20,000
250,000
383,000276,829119,521
7,078.330
30,001)790,000295,000
2,000
840,9301,985,0007,224,200
451,278,762
2,213,150
15,405,169
47,382 949
435,873,593
4,970,092
28,416,797
15,913,121
131,494,215
880,274
32,681,155
8,457,168
60,242,168
3,794,000
25,924,597
43,000
10,587,415
1,108,814
6,694,097
1,049,350
22,288,209
11,167,130
117544 940Per cent 100% 3.40% 96.60% 0.30% 29.16% 7.24% 13.35%
5.74% 2.35% 1.48% 4.94% 26.04%
* Of the total of $9,730,000 issued as 3s and 3s, $9,000,000
were put out as 3s by New York City and purchased by its Sinking
fund at par. All the remainingbonds were sold as 3s.
Note.-In the column giving "Unknown and Unusual" rates of
interest, the total of $18,460,354 is made up almost entirely of
odd rates. For instance, of the51.030,000 credited to
Massachusetts. $500,000 represents State bonds issued as 35js and
$500,000 as 43is. New York's total of $1,814,413 includes municipal
'bonds floated at rates of interest such as 4.10%, 4.20%, 4.30%,
4.35% 4.40%, 4.60%, 4.70%, 43%, 4.80%, 4.85% and 4.90%. In Ohio
$1,000,500 were putout Cincinnati as 430. The South Dakota total
includes $1,000,00d bonds issued by the State as 43(s. Of the
Arkansas total, $750,000 were sold by the Stateas 43 s.
Washington's total includes 11,343,000 43% bonds.
'the column called "Miscellaneous' (as to purpose of issue) in
the second table, amounting to $117,544,940, is accounted for in
the main as follows: Mrs., State.$500.000 soldiers' pay, $500,000
war and $1,000,000 Port of Boston (Harbor) bonds: Boston $1,515,000
rapid transit bonds, and the remainder issued by other citiesand
towns for "various municipal purposes." New York, State,
$10,000,000 canal; N. Y. City, rapid transit, $37,013,000; docks
and ferries, $2,500,000. Pennsylvania.,Phila. $20,049,900 for
"various municipal purposes." Ohio, $15,000,000 Miami Conservancy
Dist. and $1,000,000 river and channel bonds. 'South Dakota
.State,$1,000%000 rural credit and $300,000 expense warrants.
Louisiana, State, $4,000,000 Port of Now Orleans (Harbor) bonds.
Texas, $825,000 wharf and $525,000Irrigation and levee bonds.
Oregon, State, $450,000 farm loan and $1,535,000 harbor bonds put
out in various districts. California, State, $1,000,000 harbor
and$625,000 basin, $1,484,000 county reclamation district bonds awl
$3,982,700 irrigation district bonds.
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JUNE, 1918. UNITED STATES DEBT. 9
United States Debt and the Congressional Acts Authorizing It.In
the following detailed statement o. the debt of the United States,
we give references to the laws authorizing each
of the issues of bonds outstanding to-day. At the moment the
country is entering upon an entirely new era in its debt his-tory.
For the purpose of prosecuting th war against Germany, new
obligations are being issued on a scale of unparal-leled magnitude.
By the Act of April 4 1917 authority was conferred upon the
Secretary of the Treasury to issue$5,000,000,000 long-term bonds at
not t xceed 33% interest ($3,000,000,000 of this being for the
purpose of establishingcredits in the United States for the foreig
Governments enlisted in the war against Germany), and
$2,000,000,000 certificatesof indebtedness, the latter running for
periods not exceeding one year. By the further Act of Sept. 24
1917, authority wasconferred to issue $7,538,945,460 convertible 4%
bonds to retire the $3,000,000,000 non-taxable 332% issue
authorizedto cover loans to the Allies, and to provide for new
Allied credits of $4,000,000,000, the remaining $538,945,460 to be
used forconverting certain outstanding bonds, including the Danish
West Indies, Alaskan Railway, Panama Canal and naval con-struction
issues. The bill also provided for the issuance of $2,000,000,000
each of one-year Treasury certificates of indebted-ness and
five-year war savings certificates. The interest rate on the
certificates the Secretary of the Treasury is left to fix.By the
further Act of April 4 1918, amending the Act of Sept. 24 1917,
authority was conferred to issue $12,000,000,000 ofbonds at not
exceeding 4)4% interest, the 12 billion dollars, however, to
include the bonds issued under the Second LibertyLoan, and
$3,638,945,460 being in lieu of corresponding amounts of unissued
bonds authorized by previous notes. Underthe ;ame Act the limit
upon the amount of certificates of indebtedness that may be
outstanding at any one time was raisedfrom $4,000,000,000 to
88,000,000,000.
In June 1917 $2,000,000,000 of 3M% bonds were offered under the
Act of April 24 1917. The subscriptions amountedto $3,036,226,850,
but only $2,000,000,000 was accepted. In Nov. 1917 conversion of
these into 4% bonds having thesame length of time to run was begun
under the convertible feature of the issue. In October 1917 an
offering of $3,000,000,-000 4s under the Act of Sept. 24 1917 was
made. Subscriptions reached an aggregate of $4,617,532,300. In
accordancewith previous announcement, one-half the
over-subscription was accepted, making the total of bonds put out
under thisoffer $3,808,766,150. In April 1918 $3,000,000,000 of 43%
non-convertible bonds were offered under the Act of April 41918.
The subscriptions amounted to $4,170,019,650, all of which were
accepted.
The Act authorizing the First Liberty Loan was given in the
"Chronicle" of April 28, page 1649,with further particularsin the
issue of May 12 1917, page 1849, and the text of the Treasury
circular in the issue of May 19, page 1959; and of theSecond Loan
the full text of the bill as it became a law in the "Chronicle" of
Sept. 29 1917, page 1252, and the text of theTreasury circular in
the issue of Oct. 6, page 1355. The Act authorizing the Third
Liberty Loan was presented in the"Chronicle" of April 6 1918, page
1404, and the text of the Treasury circular in the issue of April
13, page 1517. Certifi-cates of indebtedness have been issued from
time to time under the Act of April 24 1917 and the amendatory Acts
of Sept. 241917 and April 4 1918, always for short periods.
In the following we present a full detailed statement of the
debt of the United States as reported by the Treasurer atthe close
of business on Mar. 31 1918, this being the very latest monthly
return issued at the time of going to press.
INTEREST-BEARING DEBT OUTSTANDING MARCH 31 1918.
Title of Loan. Authorizing Act. Rate.When
Redeemable.InterestPayable.
AmountIssued.
Outstanding.
Registered. Coupon. Total.
Consols of 1930 Loans of 1908-1918 Loan of 1925 Panama Canal
Loan:
Series 1906 Series 1908 Series 1911
Conversion bonds Ono-year Treasury notes.._Certs. of
Indebtedness a.._Certs. of
Indebtedness_- - _
1st Liberty Loan of 1917 b2d Liberty Loan of 1917 c_Postal
Savings Bonds:. 1st to 13th series
--
ies14th series _
War Savings &-ThriftSt'ps
March 14 1900 June 13 1898 January 14 1875
June 28 1902 and Dec. 21 1905_June 28 1902 and Dec. 21 1905_
_Aug. 5 '09, Feb. 4'l0 Sz Mar. 2 '11December 23 1913 December 23
1913 September 24 1917 September 24 1917 April 24 1917 September 24
1917
June 25 1910 June 25 1910 September 24 1917
Aggregate of interest-bearing debt
3254%
2V2 0
,
d4 0
April 1 1930J,A, J & 0A t.Aug.1 '08 l, M, A & NAft.Feb.1
'25 F. M, A & N
Aft .Aug.1 '16Aft.N.ov.1 '18June 1 1961
1946-471917-1819181918
June 15 1932Nov. 15 1927
*1931-37*Jan. 1 1938Jan 1 1923
F, M, A & NF, M, A & NM, J, S & DJ, A, J & 0
A, J & 0At maturityAt maturityJune & Dec.May &
Nov.
Jan. & JulyJan. & JulydAt maturity
$646.250,150 597.603,350198,792,660 48,733,100162,315,400
102,427,550
54,631,98030,000,00050,000,00028,894,50050,902,000
4,420,180,5001,042,792,500
1.986,625.4053,807,736.497
10,758,560302.140
e144,725,891
48,944,04025,805,52042,928.3006,250,000
9,994,100275,280
I2,120,700 599.724,05015,212,360 63,945,46016,062.350
118.489,900
10,140 48,954,180141,880 25,947,400
7,071.700 50,000,00022,644,500 28,894.50027,362,000
27,362,000
2,208,708,0001,042,792,500
1,986,625,405
3,807,736,497
764,460 10,758,56026,860 302.140
14#.000.871
12.634,908,184 110.164,241,463
a The interest rate and maturity are given in respect of the
certificates outstanding March 31.
b These amounts represent receipts of the Treasurer of the
United States on account of principal of the First liberty Loan
bonds to March 31 andinclude the principal of bonds which have been
converted under the authority of section 11 of the Act of Sept. 24
1917 into 4% bonds.
c These amounts represent receipts of the Treasurer of the
United States on account of principal of the Second Liberty Loan
bonds to March 31.
d The average issue price of War Savings Stamps for the year
1918 with interest at 4% per annum compounded quarterly for the
average period tomaturity will amount to $5 on Jan. 1 1923. Thrift
Stamps do not bear interest.
e This amount represents receipts of the Treasurer of the United
States on account of proceeds of sales of War Savings Certificate
Stamps and U. S.Thrift Stamps.
* Payable at dates mentioned. For dates of redemption see below
under "Postal Savings Bonds."
The foregoing shows that the Government debt on Mar. 31 1918 was
made up of (1) interest-bearing debt, $10,164,241,463.91, of (2)
debt on which interest has ceased, $1,521,100.26, of (3) debt
bearing no interest, $236,765,055.60, makingtotal gross debt,
$10,402,497,619.77; subtracting from the total the net cash balance
in the Treasury ( 17,094,821.62)at the same date (March 31 1918),
the net debt is seen to be $9,585,402,798.15.
We now add, first, references to and citations from the laws
which are the authority for the debt as it stands to-day;second,
the two tables on pages 11 and 12, which exhibit all the
particulars of the total debt of the United States on June30 of
each year from 1878 to 1917:
"FUNDED LOAN OF 1891" (Column 1) 4345, continued at 2%. The
bonds of this issue were Issued in exchange for the 434% funded
loan or1891 by agreement between the Secretary of the Treasury and
the holders, and were made redeemable at pleasure of the
Government. AmountIssued 125,364,500, but May 18 1900 all were
called for redemption on Aug. 18 1900, when interest ceased.
"CONSOLS OF 1030."Column 13.) Bonds (2% payable at the pleasure
of the Government after 30 years) authorized in "Act to define
andfix the standard of value," 6co. (for copy of Act see
"Chronicle," March 3 1900, page 411). for the purpose of refunding
(1) outstanding United Statesbonds bearing Interest at 5% payable
Feb. 1 1904; (2) bonds bearing interest at 4% payable July 1 1907;
and (3) bonds bearing interest at 3% payableAugust 1 1908 (the
"ten-twenties of 1898"). For details of arrangement see Secretary
Gage's circular with reference to the operations for carrying
outthe refunding provisions of the bill in "Chronicle," March 17
1900, page 509. Of these 2%s there were outstanding Mar. 31 1918,
1.599.724,050.
"LOAN OF 1908-1918."---(Column 11.) The bonds included under
this head are of an issue of 1198,792,660 3%s. They were authorized
by Act ofJune 13 1898 and are known as the "War Loan." The law
provided that In allotting said bonds the individual subscriptions
of the lowest amountmust be first allotted. On the day the Act was
signed a Treasury circular was issued (see circular in "Chronicle"
of June 18 1898, page 1168. Invitingsubscriptions for 32 days, from
June 13 to July 14, for the amount of bonds stated, in both coupon
and registered form, coupon In denominations of120. 1100, 1500 and
$1,000, and registered in denominations of same amounts, and also
in $5,000 and $10.000. dated August 1 1898. redeemable Incoin at
the pleasure of the United States after ten years from date of
issue, and due and payable August 1 1918. See circular for further
details.Subscriptions reached the amount of $1,325,000.000. The
amount now outstanding (Mar. 31 1918) is $63,945.460.
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Jo UNITED STATES DEBT. [Vol.. 106."FUNDED LOAN OF 1907" (Column
(3) 48. The Act of July 14 1870, authorized the issue of 1.000
million dollars of bonds at 4%, payable in
coin of the present standard value at the pleasure of the United
States after thirty years; these bonds to be exempt from all taxes
or duties of the UnitedStates, as well as from taxation In any form
by or under State, municipal or local authority. Bonds to be sold
at ndE less than par In coin, and proceedsapplied to redemption of
outstanding 5-20s, par for par. Outstanding (Mar. 31 1918).
$494,250. hieluded in debt upon which interest has ceased.
"REFUNDING CERTIFICATES" (Column 4) .Act of February 26 1879
authorized the Secretary of the Treasury to issue in exchange for
lawfulmoney of the United States certificates of deposit of the
denomination of ten dollars, bearing interest at the rate of 4%
,and convertible at any time,with accrued int..into the 4% bonds
described in the Refunding Act; the money so received to be applied
only to the payment of the bonds bear-ing interest at a rate not
less than 5%. On March 12 1879 the issue of these certificates and
their exchange into 4% bonds were authorized,the certificates were
to draw 4% interest from April 1 1879 and were convertible in sums
of $50 or its multiples. The amount issued at the close of the
flscaiyear (June 30 1879). was $39,308,110, but they had been
converted so rapidly that there were outstanding at that date only
$12,848,210. On Oct. 311879 the entire authorized amount had been
reached, the maximum of the issue being $40,012,750. Of these there
were still outstanding on Mar.31 1918 a total of $11,330, included
In debt bearing no Interest.
"LOAN OF 1925."(Column 9.) Sales of bonds included under this
designation were effected (1) in February 1895 to the amount of
$62,315.400.and (2) In February 1896 to the amount of $100,000,000.
In a message to Congress under date of February 8 1895 (published
in the "Chronicle" Feb-ruary 9 1895, page 244). President Cleveland
stated in substance that in pursuance of Section 3700 of theRevised
Statutes,the details of an arrange-ment had that, day been
concluded whereby bonds authorized under the Act of July14
1875,payable in coin at the pleasure of the United States after.the
first day of Feb. 1925, with!interest at the rate of 4% per annum,
to the amount of $62,315,400, were to be issued for the purchase of
gold coin amount-ing to a sum slightly in excess of $65,000,000, to
be delivered to the Treasury of the United States, which sum added
to the gold then held in the reservewould so restore such reserve
as to make it amount to something more than 5100,000,000. Such a
premium was to be allowed to the Government uponthe bonds as to fix
the rate of Interest upon the amount of gold realized at 3 'if% per
annum. At least one-halt of the gold to be obtained was to
besupplied from abroad. Section 3700 of the revised Statutes Is as
follows: '
"Sso. 3700. The Secretary of the Treasury may purchase coin with
any of the bonds or notes of the United States authorized by law at
such ratesand upon such terms as he may deem most advantageous to
the public interest."
For a construction of the "Refunding Act of 1870" and of the
"Resumption Act of 1875," see "Chronicle," February 18 1893, page
265.The issue in February 1896 was an ordinary offering, open to
all bidders, of $100,000,000 of the same bonds as the foregoingsame
in date, same
In time of maturity, same in rate of interest and time of
interest payments. Consequently both issues are called the "Loan of
1925," of which therewere outstanding Mar. 31 1918
$118,489.900.'
."LOAN OF 1904."(Column 6.) The Act of January 14 1875
authorized the Secretary of the Treasury to use any surplus
revenues from time totime in the Treasury not otherwise
appropriated, and to issue, sell, dispose of, at not less than par
in coin, either of the descriptions of bonds of the UnitedStates
described in the Act of July 14 1870, for the purpose of redeeming
on and after January 1 1879, in coin, at the office of the
Assistant Treas-urer of the ttnited States at New York, the
outstanding legal-tender notes when presented in sums of not less
than fifty dollars. Under this auth-orization, and for the purposes
mentioned, there were issued In Feb. 1894, payable in 10 years,
550,000,000 of 5%s and in Nov. 1894 there were issued$50,000,000
more for similar bonds for same purpose. The bonds matured Feb. 2
1904. and the amount outstanding Mar. 31 ($13,050) is Included
onhat date In "debt on which Intere t has ceased."PANAMA CANAL
LOAN."(Column 2) . The Act of June 28 1902, SeetIon 8, supplemented
by the Act of Dec. 21 1905 (tor copy of the sections
referred to, see "Chronicle" July 7 1906, page 12), authorizes
the issue of 5130,000.000 of coupon or registered 2% bonds of the
United States, or asmuch thereof as may be necessary, in
denominations of $20 or some multiple of that sum, redeemable In
gold coin at the pleasure of the United Statesafter ten years from
the date of issue$84.631.980 of said bondshave been issued, of
which $74,9(11,580 are now outstanding. They bear date Aug. 11906
and Nov 11908, but interest began Nov. 1 1907 and Feb. 1 1909.
-PANAMA CANAL LOAN."(Column 5.) The Act of Aug. 5 1909, Section
39, supplemented by the Act of Feb.4 1910, authorizes the issue
of$160.569,000 of coupon or registered bonds of the United States
in various denominations up to $1,000 at a rate of interest not
exceeding 3%. Undera further supplementary Actthat of March 2
1911authorization was given to issue the bonds "not available to
national banks as security for cir-culation notes." and in
conformity therewith $50,000,000 of said bonds, bearing 3%
interest, have been issued and are now outstanding. They beardate
June 1 1911, are redeemable in 1961, and interest is payable
quarterly on the first days of Sept., Dec., March and June.
Furthermore, under thebill authorizing the First Liberty Loan bonds
and also under the Act authorizing the Second Liberty Loan, the
Secretary of the Treasury is authorized.In his discretion, to issue
Liberty Loan bonds for bonds not already issued under this Act.
euNTAL SAVINGS BONDS.(Column 8.) The Act of June 25 1910,
authorized the Issue to depositors with the United States under
thePostal se eings Bank Law,upon the surrender of all or any part
of his deposits, of coupon or registered bonds of the United States
bearing 2 % % interest,of the denominations of $20, $40. 360. $80,
$100 and multiples of $100 and $500. Under the Act $10,758,560 of
such bonds redeemable at various datesbetween July 1 1912 and July
1 1917 and payable between July 1 1931 and like date in 1937 and
$302,140 redeemable after Jan. 1 1919 and payableJan. 1 1938 have
been issued and are now outstanding.
ONE-YEAR TREASURY NOTES.(Column 3a). Those Treasury Notes, as
also the Conversion Bonds, are authorized by Section 18 of
theFederal Reserve Act of 1913. We quote herewith the provision in
full:
Upon application of any Federal Reserve bank, approved by the
Federal Reserve Board, the Secretary of the Treasury may issue in
exchange forUnited States two per centum gold bonds bearing the
circulation privilege, but against which no circulation is
outstanding, one-year gold notes of theUnited States without the
circulation privilege, to an amount not to exceed one-half of the
two per centum bonds, so tendered for exchange, and thirty-year
three per centum gold bonds without the circulation privilege for
the remainder of the two per centum bonds so tendered; provided,
that at thetime of such exchange the Federal Reserve bank obtaining
such one-year geld notes shall enter into an obligation with the
Secretary of the Treasurybinding itself to purchase from the-
United States for gold at the maturity of such one-year notes an
amount equal to. those delivered in exchange forsuch bonds if so
requested by the Secretary and, at each maturity of one year notes
so purchased by such Federal Reserve bank, to purchase from
theUnited States such an amount of' one-year notes as the Secretary
may tender to such bank not to exceed the amount issued to such
bank in thefirst instance in exchange for the two per centum United
States gold bonds; said obligation to purchase at maturity such
notes shall continue inforce for a period not to exceed thirty
years.
$27,362,000 one-year notes have been issued and are now
outstanding.CONVERSION BONDS(Column la). (See explanation under
one-year Treasury Notes.) Of these bonds $28,894,500 had been
issued to Mar. 34CERTIFICATES OF INDEBTEDNESS.(Column
lb.)Authorized by Act of March 3 1917, entitled an Act to provide
increased revenue, &c..
Sec. 401 of which amends Sec. 32 of an Act, approved June 30
1898, as amended by Sec. 40 of an Act entitled "An Act to provide
revenue, equalizeduties and encouraae the industries of the United
States, and for other purposes," approved Aug. 5 1909. Under this
Act (see "Chronicle" of March 101917, page 919) the Secretary of
the Treasury was authorized to borrow, from time to time, at not
exceeding 3% interest, such sums as, in his judgment,might be
necessary to meet public expenditures, and to issue therefor
certificates of indebtedness in such form and in such denominations
and for suchtime not exceeding one year as he might prescribe. The
sum of such certificates outstanding was at no time to exceed
$300,000,000. $50,000,000 ofthese certificates were outstanding May
311917, but were retired during June 1917." CERTIFICATES OF
INDEBTEDNESS.(Column lb.)Authorized by Acts of April 24 1917 and
payable with accrued interest thereon at such
time not exceeding one year from date of issue, as the Secretary
of the Treasury may prescribe. These certificates, it was provided,
were not to aggre-gate more than $2,000,000,000, to be issued at
not less than par, at a rate of interest not exceeding 33 %, and to
be exempt both as to principal andinterest from all taxation except
estate or inheritance taxes. The certificates were issued to meet
obligations of the United States arising out of thewar with
Germany, including loans to the Allies of this country. There were
outstanding at the close of June 1917 $61,306,032 at 3% and
$211,551,100at 3X, %, or $272,857,132 in all, but they have since
been retired.
CERTIFICATES OF INDEBTEDNESS UNDER THE ACT OF SEPT. 24 1917 AND
APRIL 4 1918.Sec. 6 of the Act of Sept. 24 1917 pro-vides for the
issuance of certificates of indebtedness at not less than par and
at such rates of interest as the Secretary of the Treasury may
prescribe forthe purposes of the Act and to meet public
expenditures authorized by law, each certificate so issued payable
at such time not exceeding one year fromthe date of its issue, and
redeemable before maturity upon such terms and conditions, and the
interest accruing thereon payable at such time or timesas the
Secretary of the Treasury may prescribe. The sum of such
certificates outstanding was not at any one time to exceed in the
aggregate $4,000,-000,000, but this was increased under the Act of
April 4 1918 to $8,000,000,000. Under the authority thus granted
the Secretary has issued varyingamounts of these certificates from
time to time, through the Federal Reserve banks, all for short
periods, the rate of interest being at first fixed at 4%,then
raised to 4Yi % and finally to 4%, There were outstanding Mar. 31
$2,208,708,000 at 4% and $1,042,792,500 at 4% %
LOANS TO BE REPLACED BY LIBERTY LOAN.Under the Act of April 24
1917, authorizing the First Liberty Loan bonds, and again underthe
Act of Sept. 24 1917, authorizing the Second Liberty Loan, as well
as under the Third Liberty Loan, all referred to below, the
Secretary of theTreasury is authorized to issue Liberty Loan bonds
to replace, at his discretion, bonds not already emitted under the
following: Act of Aug. 5 1909,Section 39, Panama Canal Loan (Column
5), referred to above: Act of June 3 1916, Section 124, an Act for
making further and more effectual provisionfor the national defense
and other purposes, and providing for the expenditure of not more
than $20,000,000 for a Government nitrate manufacturingplant; Act
of Sept. 7, 1916, Section 13, an Act to establish a United States
Shipping Board for the purpose of encouraging, developing and
creating anaval auxiliary and a naval reserve and a merchant marine
to meet the requirements of the commerce of the United States with
its territories andpossessions, and with foreign countries, to
regulate carriers by water engaged in the foreign and inter-State
commerce of the United States, and forother purposes; Act of March
3 1917, Section 400. "An Act to provide increased revenue to defray
the expenses of the increased appropriations for theArmy and Navy,
and the extension of fortifications, and for other purposes" (see
certificates of indebtedness above), and the Public Resolution
ofMarch 4 1917, entitled: "Joint resolution to expedite the
delivery of materials, equipment and munitions and to secure more
expeditious construction ofships."
LIBERTY LOAN OF 1917, FIRST.(Column lc.) Authorized by Act of
April 24 1917, entitled "An Act to authorize an issue of bondsto
meet expenditures for the national security and defense, and for
the purpose of assisting in the prosecution of the war, to extend
credit toforeign governments, and for other purposes." Under the
Act the Secretary was empowered to borrow, with the approval of the
President, upto $5,000,000,000, exclusive of the sums authorized by
Section 4 of the Act (see Loans to be Replaced by Liberty Loan
above) to meet expen-ditures authorized for the national security
and defense and other public purposes authorized by law and to
issue therefor bonds of the UnitedStates. The bonds out bear 3% %
interest and are payable in United States gold coin of the present
standard of value, and exempt both as to
Digitized for FRASER http://fraser.stlouisfed.org/ Federal
Reserve Bank of St. Louis
-
JUNE, 1918.1 UNITED STATES DEBT. 11principal and interest, from
all taxation, except estate or inheritance taxes imposed by
authority of the United States or its possessions or byany State or
local taxing authority. The bonds do not bear the circulation
privilege. Provision was made by Section 2 of the Act for
theestablishing of credits to and the purchasing of obligations of
foreign governments, $3.000,000,000, or so much thereof as may be
necessary beingappropriated for the purpose. Under Section 3 it was
provided that payments to the United States on or before maturity
by foreign govern-ments for obligations incurred by them under
Section 2 must be applied to the redemption or purchase at not more
than par and accrued interestof any bonds of the United States
issued under authority of the Act; and if such bonds are not
available for this purpose the Secretary of theTreasury shall
redeem or purchase any other outstanding interest-bearing
obligations of the United States which may at such time be subject
tocall or which may be purchased at not more than par and accrued
interest.Section 5 provides that any series of bonds issued under
authority of the Act may be convertible into bonds bearing a higher
rate of in-terest than the rate at which the same were issued if
any subsequent series of bonds shall be issued at a higher , rate
of interest before the ter-mination of the war between the United
States and the Imperial German Government, the date of such
termination to be fixed by a proclamationof the President of the
United States.
Under the Act $2,000,000.000 gold bonds, running 15-30 years and
bearing 3M interest payable semi-annually June 15 and Dec. 15
wereoffered for subscription, denominations of Coupon bonds being
$50, $100, $500 and $1,000, and registered bonds $100. $500.
$1,000. $5,000.$10,000, $50,000 and $100,000. Subscriptions were
received from over 4,000,000 individual subscribers and aggregated
$3,036,226,850. In scalingdown the allotments to the total offered,
all subscriptions up to and including $10,000 were awarded in full,
but on larger amounts the allot-ments, ranged from 60% down to
20.17%. The total of bonds issued was $1,986,625,405 57 and they
are all outstanding.In consequence of the issue on Nov. 15 1917 of
the 10-25-Year 4% Convertible Gold Bonds (the Second Liberty,
Loan), described below,holders of the 15-30-Year 3 }.6 % First
Liberty Loan were, beginning with November 1917, given the
privilege, to be exercised by Nov. 15 1918 (see Treas-ury circular
in "Chronicle" of Nov. 3 1917. page 1749) to convert their bonds
into an equal face amount of 4% Convertible Gold Bonds f
1932-47.the terms to be identical with those of the bonds of the
Second Liberty Loan, except that the 4% Convertible Gold Bonds of
1932-47 have the samedates for payment of interest, the same date
of maturity of principal and the same terms of redemption as the
bonds of the First Liberty Loan.LIBERTY LOAN OF 1917,
SECOND.(Column ld.)Authorized by Act of Sept. 24 1917, entitled "An
Act to authorize an additional issue ofbonds to meet expenditures
for the national security and defense, and for the purpose of
assisting in the prosecution of the war, to extend additionalcredit
to foreign governments, and for other purposes."The Act in its
general outlines is similar to that of April 24 1917, but
authorizes the issuance of not exceeding $7.538,945,460 bonds,
bearingnot exceeding 4% interest, in addition to the $2,000,000,000
bonds issued under authority of the Act of April 24 1917. Provided
That of thissum $3,063,945,460 shall be in lieu of that amount of
the unissued bonds authorized by Sections 1 and 4 of the Act
approvedApril 24 1917,,$225,000,000 shall be in lieu of that amount
of the unissued bonds authorized by Section 39 of the Act, approved
Aug. 5 1909, $150,000.000shall be in lieu of the unissued bonds
authorized by the joint resolution approved March 4 1917. and
$100,000,000 shall be in lieu of the unissuedbonds authorized by
Section 400 of the Act, approved March 3 1917.Section 2 provides
for the appropriation out of any money in the Treasury not
otherwise appropriated, of the sum of $4,000,000,000. andin
addition thereto the unexpended balance of the appropriations made
by Section 2 (the section that authorizes loans to the Allies) of
theAct approved April 24 1917 and under the same conditions.Section
4 provides for the convertibility of the bonds into any issue
hereafter bearing a higher rate of interest. Under Section 7 it
isprovided that none of the bonds shall bear the circulation
privilege. The bonds are exempt, both as to principal and interest
from all taxationnow or hereafter imposed by the United States, any
State, or any of the possessions of the United States, or by any
local taxing authority.except (a) estate or inheritance taxes, and
(b) graduated additional income taxes, commonly known as surtaxes,
and excess profits and warprofits taxes, now or hereafter imposed
by the United States, upon the income or profits of individuals,
partnerships, associations, or corpora'tions. The interest on an
amount of such bonds and certificates the principal of which does
not exceed in the aggregate $5,000, owned by antindividual,
partnership, association, or corporation, is exempt from the taxes
provided for in subdivision (b) of this section.Section 11, which
covers the conversion privilege of the first issue of Liberty Loan
Bonds, states that bonds shall not be issued under auth.ority of
Sections 1 and 4 of said Act approved April 24 191/, in addition to
the $2,000,000,000 thereof heretofore issued or offered for
subscription.
Under authority of the Act, the Secretary of the Treasury
offered for subscription on Oct. 1 an issue of $3,000,000,000 or
more of 4% 10-25-Yearold bonds of the same denominations as the
first Liberty Loan, reserving the right to allot bonds in excess of
$3,000,000,000 to the extent of notone-half of the sum by which the
subscriptions received exceed $3,000,000,000. Subscriptions totaled
$4,617.532,300, or $1,617.532,300 more thanthe minimum sought, and
on the basis of 50% of the oversubscriptions, the amount issued was
$3,808.766,150; all those up to 350,000 were allotted infull. Total
number of subscribers was approximately 9,400,000. Amount of bonds
outstanding Mar. 31 was $3,807,736,497 19.LIBERTY LOAN OF 1918,
THIRD.Authorized by Act of April 4 1918, amending the Act of Sept.
24 1917. Following the general lines orthe Act which it amends, it
authorizes the issuance of not exceeding $12,000,000,000 bonds,
bearing not exceeding 4X, % interest, in addition to
the$2,000,000,000 issued under authority of the Act of April 24
1917, but including the bonds outstanding under the Second Liberty
Loan and the13,063,945,460 reserved for unissued bonds of earlier
.Acts. Section 2 increases the loans or credits that may be
extended to the Allies from 14,000.-000,000 to
$5,500,000,000.Section 3 provides that holders of bonds bearing
interest at a higher rate than four per centum per annum, whether
issued under Section 1 or uponconversion of three and one half per
centum bonds issued under the Act approved April 24 1917, or upon
conversion of four per centum bonds issuedupon conversion of such
three and one half per centum bonds, shall not be entitled to any
privilege of conversion under or pursuant to this section
orotherwise. Under Section 7 it is provided that none of the bonds
shall bear the circulation privilege. The bonds are non-convertible
and not subjectto call for redemption before maturity, but are
exempt from taxation as indicated above under Second Liberty Loan
and receivable for Federal in-heritance taxes.Under authority of
the Act, the Secretary of the Treasury offered for subscription on
April 6 $3,000,000,000 4V % 10-year goldlbonds with couponbonds for
$5,000 and $10,000 and registered bonds for $50 in addition to the
same denominations as the First Liberty Loan, reserving the right
toallot additional bonds to the extent of full amount of any
oversubscription. Subscriptions totaled $4,170,019,650, or
$1,170,019,650 more than theminimum sought, and all will be
allotted. Total number of subscribers was approximately
17,000,000.WAR SAVINGS AND THRIFT STAMPS.(Column le.)See
"Chronicle" Nov. 24 1917, page 2046, and Dec. 1, page 2133.By an
amend-ment to the Postal Laws and Regulations authorization was
given to the Secretary of the Treasury to borrow on the credit of
the United States suchsum or sums as in his judgment might be
necessary and to issue therefor, at such price and upon such
conditions as he might determine, war savingscertificates of the
United States on which interest to maturity may be discounted in
advance at such rate or rates and computed in such manner ashe may
prescribe. . . . Each war savings certificate so issued shall be
payable at such time, not exceeding five years from the date of its
issue,and may be redeemable before maturity, upon such terms and
conditions as the Secretary of the Treasury may prescribe. Under
this authorizationcertificates of the series of 1918 have been
issued, the price of issue ranging from $4 12 in January to $4 23
in December. The average issue pricefixed for the year 1918 with
interest at 4% per annum compounded quarterly for the average
period to maturity will amount to $5 on Jan. 1 1923.Provision was
made for the sale of thrift stamps bearing no interest for 25 cents
each. The purchaser of thrift stamps shall be furnished withoutcost
a thrift card to which such stamps shall be affixed. The card
itself has no value. The name and address of the purchaser shall be
placed no thecard by the postmaster at the time of issue. Thrift
stamps shall not be cashed, but when 16 thrift stamps, representing
a total of $4, are affixed to athrift card, they may, with a cash
payment of from 12 to 23 cents, be exchanged for a war savings
certificate stamp. There were outstanding onMarch 31 $144,000,8'71
15 war savings certificates and thrift stamps.In April 1895 we gave
a table showing the debt of the United States on the first day of
July 1856, and every subsequentyear. On this occasion we begin our
statement with 1878, as that year antedates .all of the issues now
outstanding. Thestatement is subjoined.
PRINCIPAL OF THE PUBLIC DEBT OF THE UNITED STATES FROM JULY 1
1878 TO MARCH 31 1918.
Year.
1878. July 1_ _ _1879188- .- 1881................ 1882 1883
1884 -----------1885 ' 188618871888 . _ _ .-1889 _ -----1890
891-
893 1894 895 ------------------------896 1897
--
898 - la1899
Conversion-
Bonds1900 1916 _ _$5,900.6001901 June 30' I 7_28.894.5001902
Mch.31 '18_28,894,5001003
1904lb1905 Cert;. of Indebtedness1906
19171907 June 30.4272.857.1321908 . _ - - 19181909 . Mch
31_3,251.500,5001910 .___ lc1911 Liberty Loan 1st1912
J.30'17-1,466,335,095913 . M31'18-1.986.625.4061914
Liberty Loan 2d1915 M31'18_3,807,736,497916 . . War Savings c't
Thrift1917 Mch31'18.144.000,8711918 Mch 31
1 , 3" Funded Loan "Funded Loanof 1891"4%,.011907,"contin'd at
2%. 45.
4"RefundingCertificates,"
4.1.
"Loan of1904."5s.
9 10 12 14'Loan of "Nary Pen- Old 6s and 7s Tt9tas1925," sten
Fund." Converted into Interest-Bearing45. 3s. ,4s and is. Debt.1 $
I 1 1240,000.000 00 98.850.000 00 40.012,750 00 14.000.000 00
1.441,885.650 1,794,735,650 00250,000.000 00 728,673.790 00
12,848.210 00 14,000.000 00' 792.121,700 1,797,643.700
00250,000.000 00 737,980.800 00 1.367,000 00 14.000.000 00
720.645,300 1,723,993.100 00250.000,000 00 738.659.000 00 688.800
00
14.000,000 00 636,219.950 1,639.567.750 00250.000.000 00
738.884.300 00 465,050 00 14,000.000 00 t460,461,050 1.463,810.400
00250.000.000 00 737,586.300 00 355.900 00 14,000.000
00,1e32.082.600 1.338.229.150 001 '11304204 350 1250,000,000 00
737,661.700 00 290.000 00 14.000.000 00 n24.612,15 1,226,563,850
00250.000,000 00 737.719,854) 00 240.600 00 14.000.000 00
1194.190.500 1,196,150,950 00250.000.000 00 737.759,700 00 207.800
00 14,000,000 00 1144.046,600 1.146,014,100 00250.000.000 00
737,800.580 00 175.270 00 14,000.000 00, /19,716.500 1.021.692,350
00222,207.050 00 714.177.400 00 138,050 00 14,000.000 00 1
950,522,500 00139,639.000 00 676.095.350 00 119,640 00 14.000.000
00 1 829.853.990 00109,015,750 00602.193.500 00 103.880 00
14.000,000 00 725.313,110 0050,869,21.81 00 559,566.000 00
93,920 00 11 13 610.529.120 0025,364,500 00 559,581,250 00 83,580
00 "Loan of "Consols of 385.029.330 0025.304,500 00 559.604.150 00
68,450 00 1908." 1930." 585,037.100 1025.364.5(8) 0025.364.500
00
559,618.400 00550.625,750 00
58.990 0054.110 00
50,000.000100,000.000 - II.-157.;706 "Var3Bs."ds)
2%. 635.041,890 00716,202,060 0025.364.500 00559.636.850 00
47,140 00 100.000,000 162.315.400
847.363,890 0025.364.500 00559.640,100 00 4.5,130 00 100,000.000
162.315.400
847.365.130 0025,364,500 00 559.646,050 00 41.520 00 100,000.000
162,315.400
847.367,470 0025,364,5110 00559.652.300 00 37,830 00 100,000.000
162.315.400 198,678.720
1.046,048.750 0021.979,850 00 355,528.350 00 35,470 00
47.651.200 162,315.400 128.843.240 307.125,350 1,023,478,860 00_
257.376.050 00 33.320 00 21.854.100 162.315,400 99,621,420
445,940,750 987,141.040 00
- - - . - 233.177.44)0 00 31.980 00 19,410.350 134,994,200
97.515,660 445,940,750 931,070,340 00-------173.385.650 00 30.600
00 19.385.050 118.489.900 83.107.060 520.143,150 914.541,410 002
156,593.150 00 29.080 00 7 118.489,900 77.135,360 542,909.950
895.157.440 410"PanamaCanal 156.595.600 00 27,530 00"Certificates
118.489,900 77.135.360 542,909.950 895,158,340 00Loan." 116,755.150
00 26,280 00 of Indebted- 118.489,900 63.945.460 595.942,350
95.159.140 0030,000.000 00 36.126.150 00 25.150 00 ness."
118.489,900 63.945,460 646.250.150 894,834.280 0054,631,980 00 5
14,186.500 118.489.900 63,945,460 646,250,150 897.503,990
0084.631,98004) "Panama 8 118,489,900 63.945.460 646.250.150
913,317.490 0084.631.980 00 Canal Loan.""Postal Sav- 118,489,900
63.945,460 646,250,150 913,317.490 0084,631,980 00
2.035.700 00 ings Bonds." 118.489.900 63.945,460 646,250,150
915,353,190 Oil84.631,98000 3a 50.000.00000 459,280 118,489.900
63,945.460 646.250,150 963.776,770 0084.631.980 00 one-year
50,000,000 00 2.389.120 118,489.900 63.945,460 646.2511.150
965,706.610 0084.631.980 00 Treasury 50.000,000 00 4.635.800
118.489.900 63.945.4(10 646.250.150 967.953.810 0081,631.980 00
Notes 50,000,000 00 6,441,600 118,489.900 63.945,460 646,250,150
969.759.990 0084.331.980 00 $4.390.000 50,000,000 00 8.245.100
118.489,900 03.945.460 636.259.550 971.562.590 0074 .901 .5,30 (10
27,362 ,000 50,000,000 00 10,039.760 118,489.900 63.945.460
599,724,050 2,712,549,47710074,901,580 001 27.362,000 50,000,000 00
11.060,700 118,489,900 63,945,460 599.724.050
10,164,241463191NoteNo Third Liberty Loan Bonds yet issued, but
subscriptions reached $4.170,019,650.t Continued at 3%%. f
Continued at 3%
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12 UNITED STATES DEBT. [VoL. 106.
PUBLIO DEBT OF THE UNITED STATES. O. (Continued.)
Yeer.lb
Debt on Which In.West Has Ceased.
10Debi Bearing No
Interest.
17OutstandingPrincipal.
18Cash in the Treasury
July 1.
19Total Debt, Less Cash
in Treasury.
20Annual Interest
Charge.
1878, July 1 55,594,56026 5363,231,082 27 52.163,561.292 53
5164,179,01208 51,999.382.280 45 *04,654,472 501879 37,015,630 26
362,150,091 78 2,196.809.42204 200,394.517 01 1.996,414,90503
83,773,778 501880 7.621.455 26 353.826,945 37 2,085,441.50063
166.114.75288 1.919.326,747 75 79,633,981 001881 1.723.865 26
353.847,50432 2,000,139,11958 180.488.96535 1.819.650.154 23
75,018,6951882 16.260.805 26 353,787.958 77 1.833,859.16403
158,835,689 78 1,675,023,474 25 57,360,110 71883 7,831,415 26
353,740,691 81 1.699,801,257 07 161,019,431 92 1.538,781,825 15
51.436.709 501884 19,656,205 26 353,719.517 31 1.599,939,572 57
161.396,577 18 1.438.542,995 39 47,926,432 501885 4.100,995 26
353.603.141 88 1,553,955.087 14 178,602,64323 1,375,352,443 91
47,014,133 001886 9,704.445 26 397.692,548 52 1,509.411,09378
227,265,253 34 1,282,145,840 44 45,510,098 001887 6,115,165 26
353,685,11037 1,381.492,62563 206.323,950 21 1.175.168,675 42
41.786.529 501888 2,496.095 26 353,660.467 32 1,306,679,06258
243.674.167 85 1,063,004,894 73 38,991,935 2a1889 1.911.485 26
353,654,14897 1,185.419,624 23 209.479.87401 975,939.750 22
33,752,354 601890 1.815,805 26 353,648,559 47 1,080,777,47473
189,993,104 20 890,784,370 53 29.417,603 1 a1891 1.614,705 26
393,662,735 35 1,005,806.56061 153,893,80883 851,912,751 78
23,615,735 841892 2.785,875 26 380,403.635 37 968,218,84063
126,692,37703 841,526,463 60 22,893,883 21]1893 2,094.060 26
374,300,605 87 961.431,766 13 122,462,290 38 838.969,475 75
22,894,194 OC1894 1,851,240 26 380,004,686 42 1016,897,81668
117.584,436 13 899,313,380 55 25,394,385 641895 1,721,590 26
378,989.46999 1,096,913,120 25 195,240,153 51 901,672,966 74
29,140.782 41]1896 1,636,890 26 373.728,570 14 1,222,729,350 40
267.432.096 70 955,297,253 70 34,387,265 641897 1,346,880 26
378,081,70264 1,226.793,712 90 240.137,62676 986,656,086 14
34,387,315 21]1898 1,262.680 26 384.112,91264 1,232,743,062 90
205,657.57076 1,027,085,492 14 34,387,408 81]1899 1,218,300 26
389,433,653 66 1.436,700.70392 281.380,46873 1.155.320,235 19
40,347,872 81]1900 1,176,320 26 388,761,732 41 1,413.416,91267
*305.705,654 78 1,107.711,257 89 33,545,130 01]1901 1.415.620 26
383,015.58463 1.371.572,244 89 '326,833,12492 1,044,739.117 97
29,789,153 41]1902 1,280,860 26 395,680,15663 1,328,031,356 89
*358,574,115 85 969,457,241 04 27.542.945 51]1903 1,205,090 26
393,659.41263 1,309,405,91289 '384,394,275 58 925,011,637 31
25.541,573 31]1904 1,970,920 26 389,130,655 88 1,286,259,016 14
'319.027,242 39 967,231,773 75 24.176.745 OC1905 1.370,245 26
385,828,509 58 1,282,357,094 84 292,490,32287 989,866,771 97
24.177.850 21]1906 1.128.135 26 396,235,694 78 1,292,522,97004
*328,087,283 25 964,435,686 79 23,238,064 OC1907 1,086,815 26
401,257,097 28 1,297.178,192 54 '418.581,437 51 878,596,755 03
21.648,913 61]1908 4,130,015 26 426,056,397 28 1,327 690.40254
'389,557,993 16 938,132.409 38 21,101,197 41]1909 2,883,855 26
382,114.026 78 1.298,315,37204 '274.453.841 25 1.023,861.530 79
21,295,602 41]1910 2.124,895 26 381,497,583 78 1,296,939.96904
*250,490,783 79 1,046.449,185 25 21,295,602 41]1911 1,879,830 26
386,751,917 43 1.303,984,937 69 '288,200,599 23 1,015,784,338 46
21,356,673 41]1912 1.760.450 26 378,301,284 90 1.343.838.505 16
*316,263.80788 1,027,574.697 28 22.787.079 411913 1,659.550 26
375,681,584 40 1,343.047,744 66 *314.489,641 47 1.028,558,103 19
22,835,325 41]1914 1,552,56002 368,729,52990 . 1,338.235.400 16
'310,978,390 60 1,027,257,009 56 22,881,497 9411915 1.507,260 26
372,974.75390 1.344,241.104 16 *254.393,098 16 1.089,848,00600
22,956,642 401916 1,473,100 26 a252.109,877 27 1,225.145,56753
4218,863,995 43 1,106,281,572 10 23,084,635 91]1917 14,232,230 26
a248.836,87802 2,975,618,58489 ol,066.983,361 07 1.908,635,22382
83,625,481 411918, Mch. 31 1.521.100 26 a236.735.055 60
10.402.497.610 77 a817.094.821 62 0.585.402.798 15 386.500.252
61
Note 1.The annual interest charge is computed upon the amount of
outstanding principal at the close of the fiscal year, and is
exclusive of
interest charge on Pacific) Railway bonds, but is incorrectly
swelled to a small extent by interest on Thrift Stamps which are
not separately stated.
Note 2.The figures for July 1 1879 were made up assuming pending
funding operations to have been completed.
*Note 3.Under the Act of March 14 1900 the Treasury Department
has kept the gold Reserve Fund as a separate item, and not included
it in the
available cash balance. In the above statement, however, we have
continued to include the item so as not to embarrass comparison
with previous years.
a Under new form of statement issued by the Treasury Department
the gold reserve ($152.979,025 63 on Mch. 31) is deducted from the
totalof United States notes outstanding, decreasing to that extent
the debt bearing no interest and consequently making a similar
reduction in the balanceof cash available to pay maturing
obligations.
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13
DEBTS AND RESOURCES
OF THE
PIPES MO ToIN
NEW ENGLAND
r rVS
INDEX FOR THE NEW ENGLAND STATES, CITIES, &c.MAINE-State,
Cities, &c Pages 13 to 16 MASSACHUSETTS-State, Cities, Sze
Pages 24 to 40NEW HAMPSHIRE-State Cities, &c__ ___Pages 17 to
20 RHODE ISLAND-State, Cities, &c Pages 40 to 44VERMONT-State,
Cities, &c Pages 20 to 24 CONNECTICUT-State, Cities, &c
Pages 44 to 50
State of Maine.ITS
DEBT, RESOURCES, &c.Admitted as a State (Act March 3
1820)Total area of State (square miles)
March 15 1820 29,895
State Capital AugustaGovernor (term exp. 1st Wed. Jan.
1919)__Carl,E. MillikenSecretary of State (term exp. *Jan. 1919)_
__Frank W. Ba11Treasurer (term exp. *Jan. 1 1919)Joseph W.
SimpsonAuditor (term expires *Jan. 1 1919)____Roy L.
WardellAttorney-General Guy II. SturgisLEGISLATURE meets biennially
in odd years on the first Wednesday
In January, and there is no limit to length of sessions. Is
chosen by Legislature.
HISTORY OF DEBT.-For history of Maine State debt up to 1889,
see"State and City Supplement" of April 1895, page 9.At present the
debt stands as follows:LOANS- -InterestName and Purpose.
Rate.Payable
Outstanding . When Due. PrincipalBonds to University of Nialne_
_ _r 5 J-D June 1 1919 51 18 300Loan of 1869, not presented for
payment - 500Highway bonds, 1913 c 4 M-S Sept 1 '18-'53- 270,000Do
do 1914 c 4 J-J July 1 '18-54 437,000Do do 1915 c 4g A-0 Apr 1
'19-'33 378,000
Apr 1 '34-'35 100,000Mar 1 1919 35,000Do do 1916 c 4g M-S Mar 1
'20-'33 350,000iMar 1 '34-'36 45,000
INTEREST Is payable at the State Treasury, Augusta, Me.TOTAL
DEBT.-The subjoined statement shows Maine's total funded
I lebt on each of the dates namedJan. 11917. Jan. 11916. Jan.
11915. Jan. 11914.Bonded debt $1,983,300 $1,520,000 $1,061,500
$569,000On Jan. 1 1917 the assets of the State were as follows:
Cash on hand,$1,473,118 05; balance due on State taxes, $77153 14;
securities, &c., $263,-876 39; total, $1,814,147 58. The total
liabilities of the State on Jan. 11917, including bonded debt, were
$4,211,562 69.
ASSESSED VALUATION.-Valuations are taken only in even
years.Assessed Valuation
State taxYears. Real. Personal. Total. per$1,000.1916
$418,442,815 8102,960,118 $521,402,933 $5.001914 401,279,430
97,208.419 498,487,849 4.501912 388,551,15789.640.887.1 , 4.001910
- 366,132,326 85,647,793 451,780,119 5.001908
345,572,709 82,679,756 428,252,465 3.001906 - ---------------
316,053,787 78,679,203 394,732,990 2.501904 292,464.911 74,049,103
366,514,014 2.75
Years- Total Valten. Tax rate.1902
352,228.897 $2.751900 ---------336.61)9,649 2.751890
309,096,041 2.251880 235,978.716 5.001870
224,812.900 6.00
Years- Total Valu'n. Tax rate.1860
164,714,168 $1.251850
---------100,157.573 2.001840 ._ .- -- 69,246,288 2.901830
28,807,687 1.901820 20,962,778 ____
POPULATION OF STATE.-According to United States Census.1910
742,371 1870 626,915 1840 501,703 1810 228.0751900 694,466 1860
628,279 1830 399.455 1800 151,7191890 661,086 1850 583,169 1820
298,335 1790 96,5401880 648,936
DEBT LIMITATIONS.-STATE.-The debt of the State is now lim-ited
by Secs. 14 and 17. Article 9, of the State constitution. Sec. 17
and thewords italicized below in Section 14 were added by an
amendment adoptedIn Sept. 1912. V. 95, p. 766.
SECTION 14. The credit of the State shall not be direct y or
indirectlyloaned in any case. The Legislature shall not create any
debt or debts,liability or liabilities, on behalf of the State,
which shall singly or in theaggregate, with previous debts and
liabilities hereafter incurred, at any onetime exceed $300.000
except for the purposes of building and maintaining ofState
highways, to suppress insurrection, to repel invasion, or for
purposesof war; but this amendment shall not be construed to refer
to any moneythat has been, or may be, deposited with this State by
the Government ofthe United States, or to any fund which the State
shall hold in trust forany Indian tribe.SECTION 17. The Legislature
may authorize the issuing of bonds notexceeding two million dollars
in amount at any one time, payable withinforty-one years, at a rate
of interest not exceeding four per centum per
annum, payable semi-annually, which bonds or their proceeds
shall be
devoted solely to the building and maintaining of State
highways; pro-vided, however, that bonds issued and outstanding
under the authorityof this section shall never, in the aggregate,
exceed two million dollars: theexpenditure of said money to be
divided equitably among the severalcounties of the
State.MUNICIPAL.-At an election held Sept. 11,1911 the voters
adopted an
amendment to Article XXII. of the constitution increasing the
debt limitof cities of 40,000 or more (which concerns Portland
alone) from 5% to7% % of the assessed valuation. We print Article
XXII. below, italicizingthe part added and placing in brackets the
words eliminated.
Article XXII. Limitation of Municipal Indebtedness. No city
ortown having less than forty thousand inhabitants, according to
the last Censustaken by the United States, shall hereafter create
any debt or liability will chsingly or in the aggregate, with
previous debts or liabilities, shall exceedfive per centum of the
last regular valuation of said city or town, provided,however, that
cities having a population of forty thousand or more, accordinoto
the last Census taken by the United States, may create a debt or
liabilitywhich, singly or in the aggregate, with previous debts or
liabilities, shall equalseven and one-half per centum of the last
regular valuation of said city, thatcities of forty thousand
inhabitants or over may, by a vote of their city govern-ment,
increase the present rate of five per centum by one-fourth of one
percentum in any one municipal year, until, in not less than ten
years, the maxi-mum rate of seven and one-half per t..entum is
reached, that any city failing totake the increase in any one
municipal year, then the increase for that year islost and no
increase can be made until the next year, as provided abore
andprovided, further, that the adoption of this Article shall not
be construedas applying to any fund received in trust by the said
city or town, nor toany loan for the purpose of renewing existing
loans or for war; or to tem-porary loans to be paid out of money
raised by taxation during the year Inwhich they were [are]
made.EXEMPT FROM TAXATION.-The Legislature of 1909 approved
an Act exempting from taxation all bonds issued after Feb. 1
1909 by theState or any county, municipality, village, corporation
or water districttherein. Banks and trust companies holding such
securities are allowedto deduct the same from the assessment of
their shares. See V. 88, p.1451. for Act in full.SAVINGS BANKS'
INVESTMENTS-POWERS AND RESTRIC-
TIONS.-The provisions regulating the investments and loans of
savingsbanks and institutions for savings in the State of Maine are
contained inSections 27 to 35, inclusive, of Chapter 52 of the
Revised Statutes of 1916.At the 1917 session several amendments
were adopted by the Legislature.Section 1, paragraph "a" was
changed so as to provide for the investment inbonds issued by
Federal farm loan banks. Paragraph "b" of sub-division 3was amended
to allow investments in underlying mortgage bonds, other thanfirst
mortgage bonds, and consolidated and refunding mortgage bonds ofany
completed railroads organized under the laws of any State of
theUnited States. Paragraph "c" of sub-division 3 of the old law
was strickenout and in place thereof a new paragraph added,
prescribing the conditionsunder which investments provided for in
paragraph "b" can be made.The word "street," formerly contained in
paragraph "e," has been elimin-ated and the word "electric"
inserted. The provisions of paragraph "f"relating to investments in
[street] electric railroad bonds were completelychanged. Two new
paragraphs were added to sub-section 3, to be knownas paragraphs
"i" and "j," permitting savings banks in Maine to invest infirst
mortgage bonds of any public service corporation located wholly or
inpart in the States, other than Maine, and engaged in the business
of pro-ducing and distributing electric light and power, and also
in the firstmortgage bonds of any public service corporation
combining business of anelectric railroad, light and