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

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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.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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