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 Our Public Debt 
 
 An historical sketch with a 
 Description of United States Securities 
 
 By 
 
 Harvey E. Fisk 
 
 New York 
 Bankers Trust Company 
 
 1919 
 
 35ZQ1
 
 Copyright 1919 by 
 
 Bankers Trust Company 
 
 New York City
 
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 Preface 
 
 NOTWITHSTANDING the great increase in the public 
 debt and the wide distribution of United States bonds 
 among the people during the past two years of war, there 
 has not been available in concrete form a complete description 
 of the bonds or a history of the debt. 
 
 Believing that such a description and history would be 
 valued, not only by our own clients, but by investors gen- 
 erally, we arranged for the present publication — the first in a 
 series of pamphlets which we purpose publishing on banking 
 and investment topics. 
 
 Our Public Debt has been written by Mr. Harvey E. Fisk, 
 of our Bond Department. Mr. Fisk's familiarity with the 
 subject derived from an experience of years in dealing in 
 United States bonds qualifies him to write upon this subject 
 in an authoritative manner. Mr. Fisk has gone for his facts 
 to official and other original sources, such as the Finance 
 Reports of the United States, the American State Papers, 
 and circulars and other papers published at the time the 
 various loans were issued. The technical descriptions of 
 United States bonds and certificates and instructions in regard 
 to transactions with the Treasury Department are based 
 upon the latest official data and regulations. 
 
 The Bankers Trust Company's Tables of Liberty Bond 
 Values, typical pages from which are printed herewith, have 
 been prepared for us by Mr. John S. Thompson, Assistant
 
 Actuary of The Mutual Life Insurance Company, and inde- 
 pendently checked by Professor L. P. Eisenhart, of the Math- 
 ematics Department of Princeton University. We believe 
 that these tables will be generally appreciated by all dealers 
 and large investors in the Liberty bonds. The complete 
 book of tables may be had by those interested. The excerpts 
 published herewith will be found to serve the purposes of 
 most individual investors. 
 
 To complete the series we have also published in uniform 
 style an annotated edition of the laws under which the 
 Liberty bonds and certificates have been issued. Copies may 
 be had by any one interested upon application. 
 
 Bankers Trust Company 
 
 New York, April 15, 1919
 
 Contents 
 
 Part I 
 Our Public Debt 
 
 Funding the Revolutionary Debt (i 789-1 800) 
 
 Commercial Warfare (1801-1811) 
 
 Strained Relations with France 
 The Purchase of Louisiana 
 
 The War of 1812 
 
 (1812-1815) 
 
 14 
 
 The Use of Treasury Notes 
 
 
 
 Surplus Financing 
 
 (1816-1836) 
 
 20 
 
 Financing Deficits 
 
 (1837-1860) 
 
 26 
 
 The Mexican War 
 
 
 
 The Independent Treasury 
 
 
 
 Civil War Financing 
 
 (1861-1866) 
 
 34 
 
 Liquidating the War Debt 
 
 (1867-1893) 
 
 40 
 
 Specie Payments Resumed 
 
 
 
 Fighting "Gresham's Law" 
 
 (1878-1897) 
 
 46 
 
 The Silver Craze 
 
 
 
 The Spanish War 
 
 (1898-1916) 
 
 S3 
 
 The Two per-cent Consols 
 
 
 
 The Panama Canal 
 
 
 
 The Great War 
 
 (1917-1919) 
 
 56
 
 Part II 
 Descriptive 
 
 PAGE 
 
 Some Comparative Data 62 
 
 The Debt Today and After Other Wars 
 The Debt and the National Wealth 
 The Interest Charge and the National Income 
 The Debt and Debts of Other Nations 
 
 General Information 69 
 
 The Old Debt 71 
 
 Circulation Bonds 
 Conversion Bonds 
 Xon-interest-bearing Debt 
 Postal-Savings Bonds 
 
 The War Debt 75 
 
 Certificates of Indebtedness 
 Liberty Bonds 
 Victory Liberty Notes 
 War Savings Certificates 
 
 The Banks and United States Bonds 83 
 
 Circulation 
 Public Deposits 
 Loan? 
 
 Taxation 87 
 
 Old Debt 
 War Debt 
 
 Coupon Bonds 92
 
 Registered Bonds 94 
 
 Assignments 
 Interest Payments 
 
 Lost, Destroyed and Defaced Bonds 99 
 
 TABLES 
 
 Public Debt Statement 100-101 
 
 Amounts Outstanding 
 Interest Rates and Payment Dates 
 Redemption and Maturity Dates 
 
 Transfer Books — Open and Close 102-103 
 
 Denominations 
 Conversion Privileges 
 
 Trend of the Market 105 
 
 Before and After Former Wars and Other Special Crises 
 
 Part III 
 Liberty Bond Values Tables iox 
 
 General Index
 
 Our Public Debt 
 
 Chapter T 
 Funding uic i^i oiucionary Debt 
 
 THE public debt of the United States had its origin in the 
 indebtedness incurred in the prosecution of the Revolu- 
 tionary War. When in 1789 Alexander Hamilton became the 
 first Secretary of the Treasury of the United States, he found 
 that the new government had inherited from the Confedera- 
 tion an indebtedness of about eighty million dollars. This 
 was divided into three parts, namely, the indebtedness held 
 abroad, the domestic debt of the Confederation and the debts 
 of the individual States, which had been incurred for the 
 common benefit. These debts included a large amount of 
 accrued interest, payment of which, on account of the com- 
 plete disorganization of the finances of the States and of the 
 Confederation, had fallen into arrears for several years. 
 
 In his great report on the public credit, Hamilton recom- 
 mended that the debt due abroad should be immediately put 
 on an active basis by the payment of the principal and interest 
 which was in arrears and the making of arrangements by 
 which the remainder of the debt would be liquidated at an 
 early date. There was no other opinion held in regard to the 
 treatment of the foreign debt. 
 
 There was, however, a wide difference of opinion as to 
 what should be done about the domestic debt of the Con- 
 federation because of the fact that the market value of the 
 different securities which had been issued was so low that it
 
 BANKERS TRUST COMPANY' 
 
 was felt to be unfair to pay those who had acquired their 
 stock b}' purchase from original owners the par value of their 
 holdings. One suggestion made was that such holders should 
 be paid the current market value and that the difference 
 between that price and par should be paid to those from 
 whom they had acquired their holdings. Hamilton argued, 
 however, that as a practical matter it would be impossible 
 to follow this course and that so far as the Government was 
 concerned it was obligated to pay the indebtedness according 
 to the terms of the obligation, whether in the possession of the 
 original holder or of his assigns, and that this was the only 
 fair course to follow, and his views finally prevailed. 
 
 In regard to the debts of the several States there was still 
 hotter controversy. It so happened that the Southern States 
 were not heavily involved in debt. They were opposed to 
 the new government being loaded with the debts of the 
 Northern States, and were very insistent that this course 
 should not be followed. Hamilton took the position that 
 in any event these debts would have to be paid and that 
 it was much better to include all the indebtedness and to 
 have one borrower in the market than it would be to have 
 fourteen borrowers, namely the Federal Government and each 
 of the States. However, in addition to this reason, 
 Hamilton had a better reason for wishing to have the debts 
 of the States assumed by the Federal Government. The 
 ties which bound the several States together were still 
 very weak. There was really no national sentiment. 
 There was thought to be nothing treasonable in talking 
 about the possibility of the newly-made union not being 
 found to be practicable and some other alignment of the 
 States possibly beins; made. Hamilton felt that if the 
 people of means had their money invested in the national
 
 FUNDING THE REVOLUTIONARY DEBT [ 3 
 
 securities this would tend to create a national sentiment and 
 would be one excellent method of cementing the union. At 
 that time he and Jefferson were still on good terms and 
 Jefferson was willing to help him carry through his debt- 
 paying programme. Jefferson, therefore, gave a dinner at 
 which the representatives of the different States were present 
 and at that dinner terms were arranged whereby, in con- 
 sideration of withdrawing their opposition to the plan of the 
 assumption of the State debts, the Southern States were 
 guaranteed that the new national capital should be located 
 within their borders. Hence it came about that the capital 
 of the United States is now located on the Potomac and not 
 elsewhere. 
 
 Hamilton did not think that the nation was in a position 
 to assume the full six per cent, interest charge upon the 
 domestic debt and the debts of the States. He therefore pro- 
 posed that for ten years the interest be adjusted to a four per 
 cent, basis by funding these debts into new obligations. His 
 recommendations were adopted by Congress in an Act ap- 
 proved August 4, 1790. This Act provided that for the do- 
 mestic debt new stock should be given, two-thirds of which 
 should bear six per cent, interest from date and one-third bear 
 six per cent, interest from the year 1800. For the unpaid 
 interest new obligations were given bearing interest at the 
 rate of three per cent, per annum. The debts of the States 
 were funded so that four-ninths should bear interest at the 
 rate of six per cent, from January 1, 1792, and two-ninths 
 from the year 1800, while three-ninths bore interest at the 
 rate of three per cent, from 1792. Congress authorized a new 
 issue of bonds for twelve million dollars, the proceeds to be 
 used in paying the accrued interest on the foreign debt and in 
 paying off that portion of the principal which was past due,
 
 4] BANKERS TRUST COMPANY 
 
 or which the Government had the right to anticipate; to pro- 
 vide a fund for taking care of the first year's interest on the 
 domestic debt and to provide a fund for buying up in the market 
 public debt purchasable below par. This money was arranged 
 for in Holland. 
 
 In his second report on the public credit made in January 
 1795, Hamilton stated that the public debt at that date, 
 exclusive of loans which were temporary anticipations of rev- 
 enue, amounted to $77,496,468. He urged that provision 
 should be made for the liquidation of the debt and that 
 favorable action should be taken in regard to the recommen- 
 dation of President Washington for "the adoption of a de- 
 finitive plan for the redemption of the public debt and to the 
 consummation of whatsoever may remain unfinished of our 
 system of public credit in order to place that credit, as far as 
 may be practicable, on grounds which cannot be disturbed, 
 and to prevent that progressive accumulation of debt which 
 must ultimately endanger all government." He brought for- 
 ward a plan for a sinking fund which was quite complicated, 
 but through the operation of which, with some modification 
 in procedure made during Gallatin's administration of the 
 Treasury, the debt was satisfactorily liquidated within a 
 comparatively short period of years. In his Report on Man- 
 ufactures submitted to Congress in December, 1791 Hamilton 
 unquestionably struck a keynote which has been constantly 
 lived up to by subsequent generations and which undoubtedly 
 will always be the sentiment of the American people, namely, 
 that "as the vicissitudes of nations beget a perpetual tendency 
 to the accumulation of debt, there ought to be, in every gov- 
 ernment, a perpetual, anxious and unceasing effort to reduce 
 that which at any time exists, as fast as shall be practicable, 
 consistently with integrity and good faith."
 
 FUNDING THE REVOLUTIONARY DEBT [ 5 
 
 It may be interesting to note in passing that Hamilton was 
 strongly opposed to the policy of taxing the public funds. He 
 argued that to issue taxable securities was equivalent to put- 
 ting the Government in a position of saying: "I want a sum 
 of money for a national purpose which all the citizens ought 
 to contribute proportionably; but it will be more convenient 
 to them, and to me, to borrow the money of you. If you will 
 lend it, I promise you faithfully to allow you a certain rate of 
 interest, while I keep the money, and to reimburse the prin- 
 cipal within a determinate period, except so much of the one 
 and the other as I may think fit to withhold, in the shape of 
 a tax." He asks, "Is such a construction either natural or 
 rational? Does it not, in fact, nullify the promise, by the 
 reservation of a right not to perform it?" He defines public 
 debt as "a property subsisting in the faith of the Government. 
 Its essence is promise. Its definite value depends upon the 
 reliance that the promise will be definitely fulfilled." Then 
 he says: "Can the Government rightly tax its promise? Can 
 it put faith under contribution ? Where or what is the value 
 of the debt if such a right exist?" 
 
 Another matter of importance which Hamilton discussed 
 in this report was that of "the right of a government to se- 
 quester or confiscate property, in its funds, in time of war." 
 He argues strongly that it is against public policy for a 
 government to attempt to exercise such a right. 
 
 Summing up, Hamilton says: "Credit is an entire thing; 
 every part of it has the nicest sympathy with every other 
 part; wound one limb and the whole tree shrinks and decays. 
 The security of each creditor is inseparable from the security 
 of all creditors. The boundary between foreigner and citizen 
 would not be deemed a sufficient barrier against extending the 
 precedent of an invasion of the rights of the former to the
 
 6 J BANKERS TRUST COMPANY 
 
 latter." Therefore, in conclusion, he recommends "that there 
 be an express renunciation, by law, of all pretension of right 
 to tax the public funds, or to sequester, at any time, or on 
 any pretext, the property which foreign citizens may hold 
 therein." 
 
 The provision made by Hamilton for buying up debt in the 
 market was followed by excellent results, so that public funds 
 which had fallen to extremely low prices both at home and 
 abroad rose steadily in market value to the great advantage 
 both of the Government and of the bondholders. One un- 
 fortunate phase of this improvement in the public credit was 
 the speculation in the public funds by which it was accom- 
 panied. This speculation led to wild speculations in other 
 securities and in lands and in March, 1792, the speculative 
 excitement came to a head in the first financial crisis expe- 
 rienced in the United States. However, this crisis passed 
 quickly and by autumn general business conditions through- 
 out the States were on a sound basis, thus verifying Hamil- 
 ton's prediction that if the finances of the Government were 
 put on a sound basis, the business situation would become 
 good and the people prosperous. Hamilton's financial meas- 
 ures, in addition to the funding of the debt, included the 
 creation of the first Bank of the United States, the founding 
 of the mint, providing for a convenient system of coinage and 
 the adoption of a revenue system which would afford the 
 Federal Government an income with which to cover the pay- 
 ment of its moderate expenses and the regular payment of 
 the interest upon the debt as well as make provision for its 
 steady reduction. It may be of interest to note in passing that 
 the first budget of the Federal Governmentwas for $2,839,000, 
 of which less than $600,000 was for current expenses, all the 
 rest being provided for use in connection with the debt.
 
 FUNDING THE REVOLUTIONARY DEBT [ 7 
 
 In addition to the refunding operations referred to above, 
 it was found necessary during Hamilton's administration to 
 make some small additions to the debt principally for the 
 purpose of making good revenue deficits. About seven hun- 
 dred thousand dollars in bonds were issued for the purpose of 
 acquiring six frigates with which to protect our commerce in 
 the Mediterranean. During this period the Government 
 leaned quite heavily upon the Bank of the United States. 
 Loans from the bank at one time aggregated as much as six 
 million dollars. In 1798 a bill was passed authorizing the 
 President to borrow five million dollars to be applied toward 
 defraying any expenses which might become necessary on 
 account of the strained relations then existing between the 
 United States and France. This loan bearing eight per cent, 
 interest was placed at par, in 1799. The following year about 
 one million and a half dollars additional bonds were placed 
 also bearing eight per cent, interest, but for these bonds the 
 Government obtained a premium of 5^ per cent.
 
 Chapter II 
 
 Commercial Warfare 
 The Louisiana Purchase 
 
 WITH the inauguration of Thomas Jefferson in 1801 the 
 twelve years of Federalist government under the 
 administrations of Washington and John Adams came to an 
 end. During all this time Hamilton as Secretary of the 
 Treasury or as the directive force back of Wolcott and Dexter, 
 his successors in that office, had ably guided the financial 
 interests of the infant nation. 
 
 The financier of the Jefferson administration was Albert 
 Gallatin, of Swiss extraction and early training. He did not 
 have the great constructive ability of Hamilton but was well 
 fitted for his office, having for many years been a close student 
 of financial matters, especially of our own national finances. 
 To him we are indebted for the installation of many of the 
 methods for the orderly administration of the affairs of the 
 Treasury Department which have survived to this day. The 
 publication of regular annual reports on the condition of the 
 national finances was inaugurated by Gallatin in 1801. Galla- 
 tin was not as successful as a financier as he was as a financial 
 administrator. This fact will become more in evidence when 
 we consider the financial methods which he devised for the 
 conduct of the War of 1812. 
 
 When Gallatin assumed office he found that the national 
 debt was slightly less than $80,000,000. This was in round 
 figures an increase of about three million dollars for the 
 81
 
 COMMERCIAL WARFARE [ 9 
 
 twelve years of the previous administration. When the ac- 
 counts of the Confederation had all been adjusted the debt 
 actually assumed by the new government was found to aggre- 
 gate $76,781,953. During the twelve years $7,488,354 of the 
 old debt had been liquidated, but $10,63 3, 400 of new debt had 
 been incurred, a net increase of $3,145,046. 
 
 The Federalists had coped with the Indian wars, with the 
 so-called whiskey insurrections in the State of Pennsylvania, 
 had paid tribute to the Barbary pirates and had spent large 
 sums of money in building lighthouses, repairing fortifications 
 and in founding the city of Washington. In addition a 
 beginning had been made in the creation of a navy; "more 
 than forty sail of ship and armed vessels," says a Congres- 
 sional report, had been built or purchased. Some two million 
 of dollars had been invested in the stock of the Bank of the 
 United States. 
 
 Except for a brief period in the early years of Jefferson's 
 administration, from the outbreak of the war between Great 
 Britain and France in 1793 down to the close of the War of 
 1812 in 1814, we were constantly involved in controversies 
 with first one and then the other of these nations. These con- 
 troversies frequently threatened to develop in military form. 
 In the light of history we can now see that England was 
 fighting for the freedom of the world against the domination 
 of a personality no less dangerous to the common weal than 
 that other putative demi-god who is now in exile in Holland. 
 All this was not evident to our forefathers and the domineer- 
 ing and tactless methods of our British cousins from whom we 
 had only recently wrested our independence did not help 
 matters. On the other hand our forefathers were still deeply 
 conscious of the debt which they owed to France for her help 
 in their struggle for independence.
 
 IOJ BANKERS TRUST COMPANY 
 
 In the wars between Great Britain and France the suprem- 
 acy of the seas fell to Great Britain and she went to great 
 lengths to maintain this supremacy. 
 
 Jay's treaty of 1 794-1 795 had averted war with England, 
 settling a number of questions which had long been causes of 
 friction. 
 
 Our first difficulties developed with our recent ally, — France. 
 Almost the first act of Adams' administration had been to 
 take steps to bring the French to terms. Although there had 
 been no declaration of war yet war was actually being carried 
 on upon the ocean. American merchant vessels were seized 
 and carried into French ports and condemned on the slightest 
 pretext. 
 
 From this time dates the organization of the Navy Depart- 
 ment under the able leadership of Benjamin Stoddert as the first 
 secretary. Within a short time a number of well-equipped 
 ships were in active service. They drove ofF the French 
 privateers and when peace was restored in 1800 had a record 
 of eighty-four prizes. Meanwhile Napoleon had come upon 
 the scene as the new master of France and with him Adams 
 concluded a treaty of peace which safeguarded the rights 
 of neutrals by restraining the right of search and conceding 
 the principle that free ships make free goods. 
 
 When Jefferson took up the reins of office he found a full 
 treasury and a prosperous country. The previous administra- 
 tion had been deriving revenue from customs duties and from 
 very unpopular excise taxes, as well as from sales of lands. 
 One of Jefferson's first acts was to bring about a repeal of the 
 excise taxes. The new party had come into power committed 
 to the payment of the public debt, which they claimed that 
 Hamilton wished to maintain because of his "monarchical" 
 tendencies.
 
 COMMERCIAL WARFARE [il 
 
 The peace with France having removed for the time being 
 the necessity for extraordinary expenses it was possible for 
 the new administration for several years to effect large 
 annual debt reductions, with the result that Gallatin could 
 report to Congress in 1807 that the "total of public debt 
 reimbursed from the 1st of April, 1801, to the 1st of October, 
 1807, amounted to about #25,880,000." 
 
 The continuance of the depredations of the Barbary powers 
 and the insolent attack of one of them, the Pasha of Tripoli, 
 upon the American Consul in the Spring of 1801, led to a 
 naval war which lasted some four years but which finally 
 resulted in disposing of this menace to our Mediterranean 
 commerce. The expense of this little affair was met by the 
 imposition of a special tax upon imports, the income from 
 which was known as the "Mediterranean Fund." 
 
 In May, 1801, Jefferson was much disturbed by the receipt 
 of information that Spain might re-cede Louisiana and the 
 Floridas to France. Our relations with Spain had been quite 
 satisfactory, as she had been willing to allow our vessels from 
 the Mississippi and its tributaries the right to deposit goods 
 at New Orleans free from all government exactions while 
 awaiting trans-shipment to sea-going vessels. 
 
 As a matter of fact on October 1, 1800, Spain had agreed to 
 recede the Province of Louisiana to France. The formal order 
 to carry out this agreement was signed on October 15, 1802 
 and in the following November the Spanish intendant of 
 Louisiana issued a proclamation withdrawing the right of 
 deposit, probably at the instigation of France, although no 
 actual transfer of sovereignty had as yet taken place. 
 
 The western people were outraged and demanded immedi- 
 ate war. Jefferson sent a commission to France to take steps 
 looking to "enlarging and more effectually securing our rights
 
 12] BANKERS TRUST COMPANY 
 
 and interests in the Mississippi River and the territories east- 
 ward thereof." As a result of the efforts of this commission, 
 aided probably by Napoleon's need for funds to carry on his 
 ambitious military schemes, an opportunity was presented to 
 purchase outright the French title for what it was worth. As 
 Channing says, "Here was an opportunity to gain money by 
 the simple process of selling what a modern stock broker 
 would term a 'call' for the delivery of certain goods, which 
 in this case consisted of one town [New Orleans] and an in- 
 definite amount of wilderness." The price paid was $11,- 
 250,000 and the assumption of certain claims of American 
 citizens against France aggregating #3,750,000. To carry out 
 this agreement $11,250,000 six per cent bonds were issued 
 and handed over to France in the early part of 1804. The 
 cash payment was made from the treasury surplus. 
 
 Meanwhile the ambitions of Napoleon were daily becoming 
 greater and the hostility between him and England more 
 bitter. 
 
 From 1805 on our relations with both England and France 
 were greatly involved. The path of neutrality was a most 
 difficult one to tread. 
 
 It is hard to determine whether our grievances against 
 France or against England were the greater. Embargoes and 
 non-intercourse acts on our part; blockades, imprisonment of 
 seamen, seizures of merchant ships, and actual attacks upon 
 our war ships by England; blockades, seizures of ships and 
 threats to treat American seamen if found on English vessels 
 as pirates, even though there against their will, on the part 
 of France, brought about a very serious three-cornered 
 situation. 
 
 Foreign trade was disorganized and the revenues of the 
 Government therefrom reduced. A premium was put upon
 
 COMMERCIAL WARFARE [ 13 
 
 evasions of the embargoes and non-intercourse acts because 
 of the large profits which could be realized from successful 
 voyages. 
 
 In turn France and England encouraged or combated 
 this trade as it served their interests to do so. In one year 
 it is estimated that the French seized vessels which with their 
 cargoes were worth at least $10,000,000, and all told she is 
 said to have seized after 1801, 558 vessels against seizures of 
 917 by the British. However, the Administration selected Great 
 Britain as the greater sinner and on June 18, 1812, declared war 
 against her, — a war which probably might have been averted 
 if the Atlantic cable had then been laid, as on June 23d the 
 British Cabinet before they knew of our declaration of war 
 had assumed a conciliatory attitude by withdrawing certain 
 obnoxious decrees.
 
 Chapter III 
 The War of 1 8 1 2 
 
 ALTHOUGH trouble had been brewing for years the 
 advent of this war found the country in every way quite 
 unprepared. As far back as 1807 Gallatin had discussed in 
 his annual report the proper method of financing war if it 
 came and this method was the one adopted. His theory was 
 that the war expenses should be financed by loans and the 
 taxes increased only enough to provide for the interest there- 
 on. For several years the treasury revenues had been large, 
 the redemptions of debt substantial and a cash balance had 
 accumulated of around eight million dollars. The Adminis- 
 tration was evidently apprehensive as to how tense the inter- 
 national complications might become in the early future. 
 Gallatin realized that the revenue would be considerably im- 
 paired by a war. He also realized that a maritime war would 
 immediately affect almost every individual in the community 
 because not only commercial profits would be curtailed, but 
 principally because a great portion of the agricultural produce 
 necessarily required a foreign market. Continuing his argu- 
 ment, he said, "the reduced price of the principal articles 
 exported from the United States will operate more heavily 
 than any contemplated tax." He therefore reached the con- 
 clusion that "the losses and privations caused by the war 
 should not be aggravated by taxes beyond what is strictly 
 necessary," namely "to provide for the interest of war-loans." 
 In his report for 1808 Gallatin refers to the fact that 
 as the "decrees of France can be enforced only in her own
 
 THE WAR OF l8l2 [ 15 
 
 territory, and in those of her allies," they cannot materially 
 affect our commerce. He then adds "but Great Britain, 
 having the means of enforcing her orders on the ocean, the 
 navigation of that element cannot be resumed without en- 
 countering those orders; and they must either be submitted 
 to or resisted. And this, however done, and by whatever 
 name called, will be war." He then restates his "belief that 
 loans should principally be relied upon in case of war," 
 and says flatly "no internal taxes, either direct or indirect, 
 are therefore contemplated, even in the case of hostilities 
 carried on against the two great belligerent powers." 
 
 In his report dated November 22, 181 1, Gallatin reviews 
 with justifiable pride the results of his administration of the 
 Treasury in the handling of the public debt. In the ten years 
 and nine months which would have elapsed by the end of the 
 year, the foreign debt of $10,075,004 would be paid in full, 
 as well as $35,947,806 of the old domestic debt, making total 
 payments of $46,022,810. The amount of old debt unre- 
 deemed was $33,904,189. Adding the Louisiana 6% stock, a 
 new debt of $11,250,000, the whole amount of the public debt 
 on the 1st of January, 181 2, would be $45,154,189 as against 
 $79,926,999 on April I, 1801. In addition there had been paid 
 $3,750,000 in cash called for by the Louisiana purchase and 
 around $3,000,000 in cash to British creditors of American 
 debtors, the settlement of whose claims had been a matter 
 in dispute with Great Britain ever since the close of the 
 Revolutionary War. 
 
 The reduction of the annual interest charge, notwithstand- 
 ing the addition of $675,000 for the interest on the Louisiana 
 stock, was from $4,180,463, April 1, 1801, to $2,222,481 
 January 1, 181 2. Gallatin points out that this result was 
 accomplished without the aid of any internal taxes and
 
 l6] BANKERS TRUST COMPANY 
 
 notwithstanding the great diminution of commerce during 
 the last four years of the period. He argues that this 
 demonstrated ability to discharge debt rapidly from the 
 income of customs duties justifies in the event of war a 
 reliance upon borrowing in preference to "a total change 
 in the system of taxation." He reaches this conclusion be- 
 cause of his observation that revenue depending almost en- 
 tirely on commerce is in time of war hardly competent to 
 support the expenses of a peace establishment, yet, in time 
 of peace, is almost sufficient to defray the expenses of a war, 
 and thus permits of the accumulation of a surplus sufficient 
 to reimburse without any extraordinary exertions a debt con- 
 tracted during five or six years of war. 
 
 This obsession on Gallatin's part in favor of an exclusive 
 loan policy was shared by Congress, which, however, went one 
 step farther and declined even to levy taxes with which to 
 meet the interest upon the increased debt or to offset the 
 shrinkage in customs revenue which Gallatin realized, and 
 Congress should have realized, would inevitably result from 
 a war with the greatest maritime power of the world. 
 
 Another event which tended still further to aggravate the 
 situation was the failure of Congress to recharter the Bank 
 of the United States, so that the Government had no adequate 
 banking support during the war. Specie payments were sus- 
 pended by most of the banks outside of New England in 
 August, 1 8 14. The depreciation in the values of bank notes 
 and their varying values in different sections of the country 
 added greatly to the difficulties of financing the war and to 
 the expense. In a report submitted to Congress in 1830 when 
 the affairs of the second Bank of the United States were 
 under discussion, it is estimated that the specie value of the 
 receipts of the Treasury during the period of the War of 181 2
 
 THE WAR OF l8l2 [ 17 
 
 was cut in half because of this depreciation of the notes of 
 the banks. 
 
 The expenses of the Government from January 1, 181 2, to 
 September 30, 181 5, are stated by Dallas in his very able 
 report for the year 1815 to have been $133,703,880. Most of 
 these disbursements were occasioned by the war, although the 
 old debt had been decreased during the period by the amount of 
 $5,899,638, leaving the sum of $127,804,241 to represent the 
 current expenditures of the period. During the same period 
 the new debt increased $80,500,073 — equivalent to about 
 62% of the total expenditures for the period. The remaining 
 38% was derived from revenue for although Congress did not 
 take any important steps towards increasing internal taxes, 
 until the special session held September, 1814, to March, 1815, 
 the receipts from old sources exceeded expectations. This was 
 especially true of the year 18 15 when there was a great in- 
 crease in customs revenue due to the revival of commerce 
 following the declaration of peace. 
 
 The eighty odd million of new debt was about eighty per 
 cent in the form of funded debt and the remainder was chiefly 
 in the form of Treasury notes. 
 
 The unpopularity of the war in the New England States 
 and in New York made it difficult for the Treasury to float 
 loans. This difficulty was added to by the indisposition of 
 Congress in the early years of the war to lay taxes sufficient 
 even to offset the shrinkage in the customs revenue. A 6% 
 loan of $11,000,000, twelve years to run, was offered in 
 1 81 2, but only about $8,000,000 taken. To raise $16,000,000 
 by loan in 1813, it was necessary to sell $18,109,377 6% bonds 
 at 88. In the same year about $8,500,000 bonds were sold 
 at 88^. In i8i4the Government credit was so poor that 6%
 
 l8 ] BANKERS TRUST COMPANY 
 
 bonds had to be offered as low as 80% in order to find a 
 purchaser, at which price about $15,000,000 bonds were sold. 
 
 Under these conditions the Treasury Department turned in 
 desperation to the issuance of Treasury notes. The first 
 issues of these notes made in 1812-1814 were receivable in 
 payment of duties and taxes and for public lands. They were 
 payable within a year and bore interest at the rate of 5f% 
 per annum. In 1815 two new kinds of notes were authorized 
 and offered. One series of notes bore the customary 5f% 
 interest but was made exchangeable for 6% funded stock, as 
 well as being made receivable for all payments due to the 
 United States, but, however redeemed or surrendered, these 
 notes were liable to reissue in like manner as originally issued. 
 The notes of the other series, known as "small treasury 
 notes," bore no interest but were exchangeable for funded 
 stock bearing 7% interest. The Treasury notes were all sold 
 at par. A small amount of the last issue brought a premium. 
 
 Except this series, of which notes were issued in various 
 denominations, even as low as three dollars, no notes were is- 
 sued of smaller denominations than one hundred dollars. 
 
 The gross amount of Treasury notes issued 1812-1815, in- 
 clusive, not including re-issues, was $32,457,040; the amount 
 outstanding at the close of 181 5, deducting $6,361,125 notes 
 held in the Treasury cash, was $17,515,504. Quite large is- 
 sues were made during the year 1816 but by the close of 1817 
 practically the entire amount of notes issued had been retired. 
 
 The experiment had come dangerously near to developing 
 into a legal tender issue. As a matter of fact the notes never 
 circulated to any important extent, as the interest-bearing 
 feature of the earlier issues and the conversion features made 
 it more advantageous to hold them than to circulate them.
 
 THE WAR OF l8l2 [ IQ 
 
 In addition to bonds and Treasury notes there were several 
 temporary loans arranged during the course of the war, 
 including one for $225,000 to meet the expense of rebuilding 
 the White House and the Capitol which had been burned by 
 the British during their brief occupancy of Washington. 
 
 The gross debt on December 31, 1815, was $133,403,466. 
 Deducting from this amount the Treasury notes for $6,361,- 
 125 held in the Treasury cash, we find that the amount of 
 debt actually outstanding in the hands of the public was 
 $127,042,341, the maximum debt from the founding of the 
 government until the Civil War. Included in this amount 
 was the sum of $3,084,252, Mississippi stock, so called be- 
 cause issued to indemnify certain claimants of public lands 
 in the Mississippi Territory. This stock did not bear interest 
 and was payable out of moneys to be realized from the sale 
 of lands in the Territory.
 
 Chapter IV 
 Surplus Financing 
 
 FOR a period of twenty-one years, 1816 to 1836, inclusive, 
 the annual income of the National Treasury usually ex- 
 ceeded expenses and in most years the excess was very sub- 
 stantial. The revenues were derived chiefly from customs 
 duties, as the internal revenue taxes were repealed in 1818. 
 
 There was not a year during the period in which there was 
 not a net reduction in the public debt. 
 
 In order to remedy the impossible banking and currency 
 situation referred to in the last chapter, resulting from the 
 elimination in 181 1 of the first Bank of the United States, it 
 was deemed advisable to charter another national bank. Ac- 
 cordingly the second Bank of the United States was chartered 
 with an authorized capital of $35,000,000 and went into opera- 
 tion on January I, 1817. 
 
 The United States subscribed for one-fifth of the capital 
 stock and the bank agreed to pay $1,500,000 to the United 
 States in consideration of the exclusive privileges conferred 
 on the corporation. These privileges were that during the life 
 of the bank no other bank should be established by authority 
 of the United States except in the District of Columbia. The 
 notes of the bank, payable on demand, were to be received 
 in all payments to the United States and the deposits of the 
 moneys of the United States were to be made in the bank 
 or in its branches, unless the Secretary of the Treasury 
 should at any time otherwise order and direct. 
 20]
 
 SURPLUS FINANCING [ 21 
 
 To provide its share of the capital the United States issued 
 to the bank $7,000,000 5% stock which the bank was privi- 
 leged to sell. The balance of the stock of the bank was 
 offered for public subscription and was eagerly taken by 
 31,334 persons, all but three thousand of whom resided in the 
 Middle States. 
 
 It is outside of our present purpose to pursue the history of 
 the bank or to attempt to discuss the many bitter contro- 
 versies which were waged over its affairs until President 
 Jackson summarily severed its relations with the Government 
 in 1833. 
 
 By an Act approved March 3, 1817, Congress appropriated 
 the sum of $10,000,000 a year for the debt service, any sur- 
 plus after meeting interest charges to be applied to the re- 
 duction of the principal. 
 
 In 1817 no less an amount of debt was paid off than 
 $16,938,709, making a net reduction in two years time of 
 nearly $24,000,000, notwithstanding the issuance of the 
 $7,000,000 in exchange for the stock of the bank. 
 
 How this was made possible will be readily understood 
 when it is remembered that following the declaration of peace 
 and the return of unrestricted foreign trade, the revenues of 
 the Government had jumped from only $11,500,000 in 1814 
 to $49,893,000 in 1 81 5 and $36,743,000 in 1816. 
 
 The next year was also a prosperous one but, in 1819, a 
 severe industrial and commercial crisis occurred, the effects 
 of which did not pass away for several years. Therefore, to 
 meet treasury deficits due to these conditions, it became neces- 
 sary in 1820 and also in 1821 for the Government to again 
 borrow: — about $3,000,000 at 5% and 6% in the first year 
 and about $5,000,000 at 5% in the second. In 1824 the Gov-
 
 22 J BANKERS TRUST COMPANY 
 
 ernment borrowed $5,000,000 at 4^%, the proceeds being 
 used to pay Spain for the Province of East Florida. 
 
 In his report for 183 1, Secretary McLane, looking forward 
 to the complete extinguishment of the debt within three or 
 four years, reviews the accomplishments of the seventeen 
 years which had elapsed since the close of the War of 181 2. 
 Beside a net reduction in the debt of over one hundred million 
 dollars, the frontier had been extensively fortified, naval and 
 maritime resources strengthened, contributions had been 
 made for internal improvements, the valuable territory of 
 Florida purchased and, he might have added, $7,000,000 in- 
 vested in the stock of the bank. 
 
 He then considers what is to be done when the debt is no 
 longer available as a means to absorb the surplus revenues. 
 He suggests the sale of the stock of the bank and the applica- 
 tion of the proceeds to the payment of debt. This would stop 
 the income from that source. Then the public lands might 
 be sold to the States within which they were located and the 
 proceeds pro rated among all the States, thus this source of 
 income would cease. He then discusses at great length the 
 revision of the customs duties from which the Government 
 derived the bulk of its income. He suggests that the neces- 
 sary changes should be made with due regard to the interest 
 of all the people and of all lines of business and in such a way 
 as not to injure the manufacturers, but, he says, the latter 
 should be satisfied "with a moderate and gradual protection, 
 rather than by extreme measures to endanger the public 
 tranquillity." 
 
 Realizing that after all that could be done to reduce 
 revenues they would still be much in excess of the normal 
 requirements of the Government, he gives a long list of objects 
 to which the anticipated annual surpluses might be devoted.
 
 SURPLUS FINANCING [ 23 
 
 Summarized, these objects were: — augmenting naval and 
 military resources; placing naval officers on a parity with 
 army officers as to pay and emoluments; removing obstruc- 
 tions from western waters; surveying and improving the coast 
 and harbors for the benefit of commerce and navigation; 
 increasing the pay of customs officers and placing the diplo- 
 matic service on a better basis as to salaries and emoluments. 
 Most of them, perhaps all, were very worthy objects. 
 
 He was opposed to undertaking any scheme of internal 
 improvements or of financing such improvements to be made 
 by the States. 
 
 Secretary Taney was able to state in his report made in 
 December, 1834, that on January 1, 1835, the entire outstand- 
 ing balance of debt, would be paid or provided for. Thus, he 
 says, "the United States will present that happy, and prob- 
 ably in modern times, unprecedented spectacle of a people 
 substantially free from the smallest portion of debt." 
 
 Reference has already been made to the periodical discus- 
 sions which had occurred as to what use should be made of 
 the Treasury surpluses after the debt no longer existed to act 
 as a regulator. 
 
 The troublesome factor in the situation was that customs 
 duties were laid primarily not for revenue but for the protec- 
 tion of the infant manufacturing industries of the nation. 
 
 The palpable injustices and inequalities of the tariff laws 
 had led to a dangerous political situation which was corrected 
 by an act of Congress which became a law on March 2, 1833. 
 This law provided for a gradual reduction in duties beginning 
 January 1st, 1834, and ending July 1st, 1842. This act pro- 
 vided that after the latter date there should be a uniform 
 duty of twenty per cent upon all articles, a reduction from 
 an average rate of about thirty-two per cent collected in 1833.
 
 24 J BANKERS TRUST COMPANY 
 
 The result was a sharp falling off in the revenues from cus- 
 toms in 1834, nearly 50%. However, they increased again in 
 1835 and in 1836 were nearly back to the old basis. Mean- 
 while 1835 and 1836 witnessed an unprecedented increase in 
 the revenues from the sales of public lands. These receipts 
 which prior to 1833 had averaged considerably less than 
 $3,000,000 a year, jumped to nearly $4,000,000 in that year, 
 to nearly $5,000,000 in 1834 and then shot up to $14,757,000 
 in 1835 and to $24,877,000 in 1836, giving the Government an 
 income of $50,826,000 for the year, an amount even greater 
 than that for the phenomenal year 1816 and from thirty per 
 cent to sixty per cent greater than for any intervening year. 
 
 The causes for these extraordinary increases in income 
 must be sought in the unnatural stimulation given to specu- 
 lation and business by the banking and currency blunders 
 of the Administration in connection with its fight against 
 the Bank of the United States. 
 
 President Jackson was opposed to the making of internal 
 improvements by the Federal Government, believing such a 
 course to be both unwise and unconstitutional. A plan which 
 had been proposed for dividing the surplus among the States 
 also was believed to run counter to the Constitution. Finally 
 the decision was reached to deposit with the States "the 
 money which shall be in the Treasury of the United States 
 on the first day of January, 1837, reserving the sum of five 
 million dollars." This decision was embodied in an act of 
 Congress approved June 23, 1836. The deposits were to be 
 made in four quarterly instalments, beginning January 1, 
 1837. They were not to bear interest. 
 
 It may be added in concluding this chapter on the surplus 
 finances of the Government that the amount of surplus 
 found to be divisible, after deducting the working capital of
 
 SURPLUS FINANCING [ 25 
 
 #5,000,000, was #37,468,859, calling for quarterly distribu- 
 tions of #9,367,214. Two distributions were made and paid 
 in specie. The third instalment was paid in depreciated bank 
 notes, the panic of 1837 having resulted in a general suspen- 
 sion of specie payments in May of that year. The fourth 
 instalment was never paid. The surplus was a thing of the 
 past.
 
 Chapter V 
 Financing Deficits and The Mexican War 
 
 THE period which elapsed between 1 83 7 and 1 861 was one 
 of the most eventful in the history of our country. 
 Politically, the old controversy between those who respec- 
 tively upheld the doctrines of state rights and of nationalism 
 crystalized more and more about the question of slavery. The 
 tariff and the management of the public finances were 
 causes for much debate and bad blood in and out of Congress. 
 The great influx of immigrants and the incidental settle- 
 ment of the middle and far west developed a new nation, 
 very different in its view point from that of the generation 
 which was passing off the stage. This development followed 
 naturally the introduction of steam navigation and steam 
 railroads and in turn led to a great extension of these facilities. 
 The new inventions in the industrial field brought about the 
 factory system and the concentration of population in towns 
 and cities. The electric telegraph transformed the methods 
 of communication. There was, too, a great intellectual and 
 spiritual awakening. Social reforms were everywhere in 
 progress. 
 
 £ During this time the war with Mexico was fought and our 
 southwestern boundaries established. California, one of our 
 acquisitions from Mexico, was soon a powerful state, because 
 of the discovery of gold within her borders. With the excep- 
 tion of the trouble with Mexico, our foreign relations were 
 amicable. It was during this period that all matters in con- 
 26]
 
 FINANCING DEFICITS AND THE MEXICAN WAR [ 27 
 
 troversy with Great Britain in regard to our northwestern 
 boundary line were satisfactorily settled. 
 
 Just as the first stage in our industrial development had 
 ended in the commercial crisis of 18 19 and the second in the 
 crisis of 1837, so the third had to pass through a similar time 
 of distress in 1857. As we have seen, the prosperous years 
 following the conclusion of the second war with Great Britain 
 came to a distressing end in 1837. The National Government 
 which had been seeking ways and means to dispose of a 
 surplus and had finally transferred over twenty-eight million 
 dollars to the States, suddenly found itself, even while in the 
 process of making this distribution, facing an empty treasury. 
 In his report for 1837 Secretary of the Treasury Woodbury 
 pointed out that there would be a deficit for the year of 
 over $12,000,000 and he estimated that in order to meet 
 the expenditures of 1838 he would need to borrow around 
 $10,000,000. 
 
 With the exception of four years, viz.: — 1839, 1844, 1845 
 and 1846, there was not another Treasury surplus until 1850; 
 then for eight years there were surpluses again. In the 
 following years up to the beginning of the Civil War there 
 were heavy deficits. The distinguishing feature of the Gov- 
 ernment financing for this period is the preference given to 
 the use of Treasury notes which had to be renewed from year 
 to year rather than to that of the sale of funded obligations. 
 
 Out of $236,400,000 borrowed from 1837 to i860, inclusive, 
 $133,591,000 or 56.51% was taken in the form of notes. A 
 large portion of the bonds was issued for the purpose of 
 funding notes. 
 
 These notes were similar to those used in connection with 
 the financing of the War of 1812. In fact some of the issues 
 are said to have been printed from the same plates. Most of
 
 28 ] BANKERS TRUST COMPANY 
 
 the issues carried interest at rates current for high class paper, 
 but a number of issues were made bearing only a nominal 
 interest rate of one mill per cent, per annum, with the expecta- 
 tion undoubtedly that they would circulate as currency. This 
 did not happen, however, as the fact that the rate was 
 nominal led the holders to cash them in at the first oppor- 
 tunity. 
 
 The notes were issued in payment of debts due to the 
 United States, to such public creditors or other persons as 
 chose to receive them in payment at their par value. They 
 were drawn to order, but were transferable by delivery and 
 assignment. They were receivable by the Treasury in pay- 
 ment of duties and taxes, also in payment for public lands. 
 Most of the issues provided that when received into the 
 Treasury they might be reissued, but the amount which could 
 be outstanding at any one time was strictly limited. 
 
 The authority to issue such notes was seriously questioned 
 by strict constructionists of the Constitution. They believed 
 that the issuance of such notes, especially at nominal interest 
 rates and upon a promise to repurchase upon demand, was 
 a clear evasion of the inhibition of the Constitution against 
 the issuance of paper money. 
 
 That their fears were not groundless that the effort might 
 be made to issue such notes for use as money is evidenced by 
 the discussion of this subject to be found in the report of 
 Secretary Spencer for the year 1843. A portion of his argu- 
 ment is quoted here not only for its bearing on this particular 
 point but more especially as it puts in very clear form the 
 reasons generally advanced by the advocates of the use of 
 such notes. He says: "The exigencies of the Treasury de- 
 manded that the effort should be made to relieve it of such 
 a weight of interest, [as would be made necessary by the
 
 FINANCING DEFICITS AND THE MEXICAN WAR [ 29 
 
 issuance of stock or of notes bearing a high interest rate] 
 especially as it would not preclude a return to the system 
 which invites banks to hoard Treasury Notes, by allowing 
 them an interest, while they borrow of the community, with- 
 out interest, to the extent of their circulation. 
 
 "The authority given by the Constitution to 'borrow 
 money on the credit of the United States,' in its terms com- 
 prehends every form of loan which Congress may think 
 proper to prescribe; and it is not easy to perceive how this 
 express and unqualified grant of power can be limited or 
 curtailed. Certain it is that the most distinguished among 
 those who contend for a strict construction of the Constitu- 
 tion, have given their sanction to the existence of this power, 
 in form of bills of credit or Treasury Notes. 
 
 "Well-founded objections exist to borrowing, without an 
 urgent necessity, in the form either of permanent loans or 
 those of a temporary character. That necessity must also 
 influence the terms and conditions of either mode. The former 
 by putting off" the day of payment to 'a more convenient 
 season' removes the most effectual check to prodigality, and 
 offers a temptation of difficult resistance. It has, accordingly, 
 proven the bane of all governments. 
 
 "The policy of the Treasury note system seems to have 
 been devised to guard against this evil [of putting off" the day 
 cf payment to 'a more convenient season'] by bringing the 
 day of payment close upon that of expenditure; and it would 
 seem that the more immediate the liability to pay, the more 
 would that policy be promoted." . . . 
 
 "Every loan thus made directly from the people [at a 
 nominal interest rate] is in fact made not in consideration of 
 the interest agreed to be paid by the Government, but liter- 
 ally and solely upon 'the credit of the United States.'"
 
 3<dJ bankers trust company 
 
 He then argues that if the notes in addition to serving the 
 purpose of the Government are "kept in circulation to any 
 considerable extent, by our fellow citizens, for their own con- 
 venience in maintaining internal trade, and keeping down the 
 fluctuations of exchange between different parts of the coun- 
 try, arising from a disordered currency, it is not perceived 
 how such a result affords ground for objection to a system 
 constitutional in itself and adopted for legitimate and con- 
 stitutional objects." 
 
 He further argues that the Government is not responsible 
 "for the use or abuse by the people of the evidence of that 
 debt which it may issue." 
 
 The fact is that the notes never did circulate to any im- 
 portant extent as money. Spencer's views in regard to mak- 
 ing the notes attractive for such a purpose were not generally 
 shared and therefore the rates of interest offered were sub- 
 stantial and the notes were readily absorbed as a prime in- 
 vestment. In fact they were frequently quoted above par, 
 their market quotations fluctuating with the money market. 
 
 Secretary Ewing in his report for 1841 in discussing the 
 needs of the Treasury strongly advised against the use of 
 Treasury notes, finding such issues objectionable because "by 
 this means a heavy debt may be raised and fastened per- 
 manently upon the country, the amount of new issues being 
 involved with the payment of the old, while the people and 
 even those who administer the finances, may not be impressed 
 with the important fact that a national debt is created or is 
 in process of creation. 
 
 "Therefore, in the opinion of the undersigned, when a 
 national debt does exist, and must continue for a time, it is 
 better that it should be made a funded debt according to our
 
 FINANCING DEFICITS AND THE MEXICAN WAR [ 3 1 
 
 ancient financial usage. It is then sheltered by no cover and 
 is subject to no delusion." 
 
 The principal purposes for which bonds or notes were issued 
 during this period, besides financing the Treasury deficits of 
 the early and later years, were to finance the war with Mexico 
 and to adjust accounts with the Republic of Texas when she 
 became a State of the Union. 
 
 The cost of the Mexican War is estimated to have been 
 $63,605,621. Of this amount $14,605,621 or about 23% was 
 met from revenue and for the balance of $49,000,000, bonds 
 and notes were issued. Contrary to the experience of the 
 Treasury in financing the War of 181 2 every dollar of debt 
 sold realized par in specie. This was due to the discontinuance 
 of the policy of depositing the revenues of the Government in 
 banks and of substituting therefor the Independent Treasury 
 system. By this system the operations of the Government 
 were wholly divorced from the banks and all payments to or 
 by the Treasury were made in specie. The adoption of such a 
 system became a practical necessity after President Jackson's 
 removal of the deposits from the second Bank of the United 
 States had left the Government without any reliable banking 
 facilities. The Independent Treasury system or, as Secretary 
 Guthrie liked to designate it, the "Constitutional" treasury 
 system continued in operation until the Federal Reserve 
 System recently came into being. It saved the Government 
 from losses but at times, especially when large surplus rev- 
 enues accumulated, it operated to lock up funds in the Treas- 
 ury to the great detriment of the business interests of the 
 country. For years the only manner in which Treasury sur- 
 pluses could be released and returned to the channels of 
 business was by the payment or purchase of the public debt. 
 The existence of such a debt was almost a necessity for
 
 32 ] BANKERS TRUST COMPANY 
 
 regulatory purposes and the Secretary of the Treasury be- 
 came the most powerful financial officer in the world. The 
 safety of the business interests of the country was to a great 
 extent in his keeping. 
 
 The maximum debt following the liquidation of 1835 and 
 prior to the Civil War was $68,304,796 on July 1, 1851. 
 
 As Treasury surpluses caused apprehension and alarm in 
 commercial and financial circles, means were taken during 
 1853 to restore these accumulations to circulation by pur- 
 chasing bonds and also by putting the mint in funds to buy 
 silver and gold bullion for coinage. Premiums were paid as 
 high as 21%. 
 
 In his report for December 6, 1856, Secretary Guthrie 
 writes: ''The Independent Treasury may exercise a fatal con- 
 trol over the currency, the banks and the trade of the country, 
 and will do so whenever the revenue shall greatly exceed the 
 expenditures. 
 
 "There has been expended, since the 4th of March, 1853, 
 more than $45,525,000 in the redemption of the public debt. 
 This debt has been presented from time to time, as the 
 money accumulated in the national treasury and caused 
 stringency in the money market. If there had been no public 
 debt, and no means of disbursing this large sum, and again 
 giving it to the channels of commerce, the accumulated sum 
 would have acted, fatally, on the banks and on trade. The 
 only remedy would have been a reduction of the revenue, 
 there being no demand and no reason for increased ex- 
 penditure." 
 
 In 1857, the financial crisis of that year, which had cast 
 its shadow ahead, broke over the country with great force. 
 In the beginning of that year the Treasury held nearly 
 $18,000,000 in cash, but it was a year of diminishing receipts
 
 FINANCING DEFICITS AND THE MEXICAN WAR [ 33 
 
 and a deficit for the following year was clearly forecast. How- 
 ever, during the year the Treasury had tried to alleviate the 
 distress by continuing the purchase of debt. The Secretary, 
 Howell Cobb, reasoned that if, as a result of following this 
 course, the Treasury was compelled to resort to a loan "it 
 would suffer no injury from having the character of the loan 
 changed from debts falling due at a distant period to Treasury 
 notes, at a less rate of interest, and which could be redeemed 
 at the pleasure of the department." 
 
 There was no further important happening connected with 
 the history of the public debt until four years later, when the 
 outbreak of the Civil War brought the country face to face 
 with financial problems of a most serious character.
 
 Chapter VI 
 Civil War Financing 
 
 ON July 4, 1861, President Lincoln convened Congress 
 in special session in order that they might "give the 
 legal means for making this contest [with the States in re- 
 bellion] a short and decisive one." He recommended that 
 Congress "place at the control of the Government, for the 
 work, at least four hundred thousand men and $400,000,000." 
 On the same day the Secretary of the Treasury, Salmon P. 
 Chase, reported to Congress in regard to the condition of the 
 Treasury and made recommendations as to ways and means 
 for conducting the war. 
 
 His policy was expressed in the following words: — "It will 
 hardly be disputed that in every sound system of finance 
 adequate provision by taxation for the prompt discharge of 
 all ordinary demands, for the punctual payment of the interest 
 on loans, and for the creation of a gradually increasing fund 
 for the redemption of the principal, is indispensable. Public 
 credit can only be supported by public faith, and public faith 
 can only be maintained by an economical, energetic and pru- 
 dent administration of public affairs, and by the prompt and 
 punctual fulfillment of every public obligation." This was 
 identically the same theory of war financing as that advanced 
 by Gallatin in 1807, when discussing the ways and means of 
 financing a possible war with Great Britain or France and 
 was the policy which was followed with such unsatisfactory 
 results in financing the War of 1812. 
 
 341
 
 CIVIL WAR FINANCING [ 35 
 
 The situation was complicated in 1861, just as it had been 
 in 1 81 2, by the fact that there was no strong central bank, 
 around which the banking interests of the country could rally 
 to the support of the Government. 
 
 Chase had already demonstrated in the four months in 
 which he had been in office how little reliance for help of an 
 important character could be put upon the bankers of that 
 day. There was no way to mobilize the financial resources of 
 the country. 
 
 In his report for 1862 Chase estimated that the banks, 
 which, by the way, had all suspended specie payments in 
 December, 1861, had about that date circulation $130,000,000, 
 deposits $264,000,000 and loans $607,000,000, or total re- 
 sources of around one billion dollars. Each group of banks 
 was a law to itself. In fact there was not even the concert of 
 action between banks in any given group which such an 
 exigency required. 
 
 This state of affairs was the principal reason advanced in 
 support of the policy of the issuance of United States notes 
 which was one of the measures adopted by Congress in the 
 special session of 1861. This first issue was limited to 
 $50,000,000, and up to the date of the general suspension of 
 specie payments every note presented for payment was 
 promptly redeemed in coin. This issue was accepted also in 
 payment for customs duties. In the following year, on the 
 25th of February, Congress enacted a law providing for an 
 issue of $150,000,000 United States notes, which were to be 
 lawful money and a legal tender in payment of all debts, 
 public and private, except duties on imports and the interest 
 on the public debt. Subsequent legislation increased the 
 authorized issues to $450,000,000 and this maximum was 
 reached in June, 1864. The right of legal tender was also
 
 36] BANKERS TRUST COMPANY 
 
 given interest-bearing Treasury notes of which $477,595,000 
 were issued; a total of obligations having legal tender rights 
 amounting to nearly $1,000,000,000. 
 
 The reasons advanced by the advocates of the issue of legal 
 tender notes, more particularly the "Greenbacks" or non- 
 interest bearing notes, were various. Perhaps that having 
 the greatest justification was that the people could obtain a 
 currency uniform in character and in value throughout the 
 Union, instead of a bank currency of fluctuating and uncer- 
 tain value, and liable to have no value in case of the failure 
 of an issuing bank. It was also frequently stated by Secretary 
 Chase that through such an issue the Government obtained 
 needed funds at a large saving in interest! Little did he realize 
 what a tremendous price would be exacted for this interest 
 immunity, because of the great actual discount at which 
 future loans would be sold, nor what the cost was to be of 
 restoring the currency to a specie basis and of maintaining 
 it on such a basis. Then there was the plea of necessity, "no 
 other mode of providing, with any tolerable degree of promp- 
 titude, for the wants of the army and navy, and the necessities 
 of other branches of the public service, seemed likely to effect 
 the object with so little public inconvenience." 
 
 While considering banking and currency problems refer- 
 ence may be made at this point to the creation of the national 
 banking system. In his report to Congress made in December 
 1 861, Secretary Chase strongly recommended as an alterna- 
 tive to the plan of issuing legal tender notes, the plan of 
 issuing "to institutions and associations, notes prepared for 
 circulation under national direction, and to be secured as to 
 prompt convertibility into coin by the pledge of United States 
 bonds and by other needful regulations." The purpose was 
 twofold. "To give to the people uniformity in currency; uni-
 
 CIVIL WAR FINANCING [ 37 
 
 formity in security; of effectual safeguards, if effectual safe- 
 guard is possible, against depreciation; and of protection from 
 losses in discounts and exchanges," and secondly, the correl- 
 ative advantage to the Government of "increased facilities 
 for obtaining the loans required by the war." This plan was 
 developed into the national banking system which was author- 
 ized by Congress in 1863. 
 
 Another method of war financing by borrowing operations 
 was the receipt by the Treasury Department of special 
 deposits upon which a moderate interest, usually 5%, was 
 allowed. 
 
 The two great war loans were the three-year notes bearing 
 interest at the rate of two cents a day on each one hundred 
 dollars — the "Seven-Thirties" as they were called, and the 
 six per cent bonds redeemable after five years and payable in 
 twenty years from date, popularly known as "Five-Twenties." 
 They were payable principal and interest in coin, while the 
 "Seven-Thirties" were payable in currency. The latter were 
 convertible at the pleasure of the holder into the "Five- 
 Twenties." 
 
 Secretary Chase in his financing kept four objects in view: 
 "(1) moderate interest; (2) general distribution; (3) future 
 controllability; and (4) incidental utility." 
 
 In his endeavor to accomplish these objects he made the 
 mistake of issuing too many obligations of very short matur- 
 ity, and at times he defeated his efforts at distribution by 
 offering too low a rate of interest. He admitted that his best 
 success had come when he had used the facilities afforded by 
 a financial agent to whom a reasonable commission was paid 
 for the services of himself and associates. 
 
 The war ended in April, 1865, but the debt did not reach 
 its maximum until August, when it stood at $2,844,649,626.
 
 38 ] BANKERS TRUST COMPANY 
 
 The cash in the Treasury at thattimewas $88, 218,055, making 
 the net debt $2,756,431,571. Of the gross debt, $2,381,- 
 530,294 bore interest at an average rate in excess of 6%; 
 on $1,503,020 interest had ceased and $461,616,311 was non- 
 interest bearing debt — the United States notes. 
 
 The total cost of the war, taking the period from June 30, 
 1861, to June 30, 1866, because all the war bills could not have 
 been liquidated much before that date, may be closely esti- 
 mated at $3,500,000,000. This figure is arrived at by making 
 an allowance for normal peace disbursements and receipts, 
 and for cash in the Treasury at the end of the period. Of this 
 amount about one billion may be said to have come from rev- 
 enue and the remaining two and a half billion from borrowing 
 — say about in the proportion of 30% revenue and 70% loans. 
 
 The revenue receipts really only became an important 
 factor toward the end of the war. Prior to the war the Gov- 
 ernment had derived its revenue for years almost entirely 
 from customs duties. There had been no internal revenue 
 from any source and in the years just before the war the 
 income from the sales of public lands had been relatively un- 
 important. The total revenue receipts in the fiscal year 1862 
 were only $51,919,000 against disbursements of $469,570,000 
 or only about 11%; in 1863 the revenue receipts were $112,- 
 094,000 as against disbursements of $718,734,000, say 15.6%; 
 in 1864 $243,412,000 against $864,969,000 or 28%. In 1865 
 the disbursements reached the very heavy total of $1,295,- 
 099,000. The revenue receipts were quite substantial, 
 $322,031,000, but they reached only 24.86% of the total. 
 
 In 1866 the direct war expenses were over and therefore 
 the disbursements declined to the relatively small total of 
 $519,022,000 while the receipts were $519,949,564. 
 
 The cost of the war was undoubtedly substantially in-
 
 CIVIL WAR FINANCING [ 39 
 
 creased because of the resort to the issue of legal tender notes 
 in such large volume. How great a part of the rise in prices 
 should be attributed to this cause it is difficult to determine. 
 The greatest depreciation occurred in 1864. On July 1st of 
 that year a paper dollar was worth only 38.7 cents. The aver- 
 age gold value of United States notes for the four years of 
 the war was 67.5 cents. The average value for 1864 was 
 49.2 cents. In 1865, the year of the greatest disbursements, 
 this average value was 63.6 cents. 
 
 If we apply these figures to the borrowings of these years 
 it will be noted that while the Treasury was nominally borrow- 
 ing its long-time money in 1864 at 6%, it was actually paying 
 over 12% and in 1865 the actual cost of nominal 6% money 
 was fully a third higher, or 8%. It would be interesting to 
 pursue this matter further, but such a study is one for the 
 economist rather than for the chronicler of the story of our 
 public debt.
 
 Chapter VII 
 Liquidating the War Debt 
 
 THE sudden cessation of hostilities; the return of a great 
 army of men to the pursuits of peace; the adjustment 
 of business to a class of conditions essentially different from 
 those prevailing before the war and during the war, involved 
 many sacrifices. The speculative fever raised by the war 
 subsided but slowly, and was followed by much distress and 
 a period of reaction which tried men's souls perhaps more 
 effectually than the dreadful, but exciting, war times. 
 
 The great expansion of the currency from a bank circulation 
 estimated at about two hundred million dollars and specie 
 two hundred and forty-eight million (#13.85 per capita) in 
 1861, to a bank and treasury circulation of seven hundred and 
 fifteen million dollars, in 1865, practically all paper (#20.58 
 per capita), accompanied by a suspension of specie payments, 
 wrought a vast change in the business methods of the country. 
 Industry, in all its phases, had been wonderfully stimulated, 
 Fortunes were quickly made, quickly lost. Speculation, gam- 
 bling, belief in luck were the order of the hour. The whole 
 country was exhilarated. 
 
 When the war stopped manufactures of military supplies 
 of all kinds suddenly ceased. The commercial activity 
 aroused by the war sought new fields, and found them in 
 great schemes for developing the country. 
 
 Capital poured into all forms of fixed investment. 
 40 J
 
 LIQUIDATING THE WAR DEBT [ 41 
 
 The railroad to the Pacific was rapidly built, aided by the 
 Government as the project was, by liberal land subsidies and 
 the loan of 6% United States bonds to an aggregate of 
 #64,623,512. The railroad systems of the entire country were 
 extended — increasing successively at the rate of one, two, 
 three, five, six, seven thousand miles a year. 
 
 Cities and towns were founded, manufacturing plants con- 
 structed and put in operation, mines developed. Immense 
 sums were spent in developing our agricultural resources. 
 
 The industrial development had proceeded so rapidly that 
 it soon began to be apparent that improvements had been 
 made and products created in advance of the needs of the 
 country and its ability to carry them. The spectre of re- 
 pudiation spread its wings over the land and for a time even 
 the good name of the nation was in jeopardy — a proposition 
 being made to pay the bonds in greenbacks. 
 
 Although it was foreseen that the country must inevitably 
 pass through a period of financial distress and that there 
 must be a liquidation and readjustment of private and cor- 
 porate burdens which would involve great losses, yet there 
 were enough men with clear vision who had the wisdom, the 
 courage and the honesty to fight the repudiating spirit to the 
 death. A strong fight was carried on in and out of Congress 
 which resulted in the passage of the Public Credit Act, which 
 act stated that it was the purpose of the Government to dis- 
 charge all just obligations to the public creditors in coin or 
 its equivalent, except in cases where the law authorizing the 
 issue of any such obligation had expressly provided that the 
 same might be paid in lawful money or other currency than 
 gold or silver. 
 
 The effect of the passage of this act was to completely re- 
 assure the creditors of the nation.
 
 42 ] BANKERS TRUST COMPANY 
 
 From this time on to 1879, when specie payments were 
 resumed, there was a gradual increase in the gold value of the 
 legal tender notes and also a gradual fall in the nominal rate 
 of interest paid on the Government's loans. As a result, the 
 actual rate of interest paid on United States bonds in 1869 
 was about 7^i%, in 1870 about 6$4%, in 1871 to 1876, in- 
 inclusive, around 6^i%. In 1877 there was a decided im- 
 provement to around sH% — tne average interest paid falling 
 to about $}4% ana " tne gold" value of the notes rising to 95.4%. 
 Notes and gold were practically at par in 1878. 
 
 However, the true criterion of the Government's credit is 
 not the average rate which was paid on all bonds outstanding 
 but the interest basis upon which new loans could be placed 
 from time to time, that is, the market valuation. This is 
 developed in the following pages. 
 
 The credit of the Government could not but improve be- 
 cause, immediately the war was over, debt payment on a 
 large scale began. 
 
 As a matter of fact the taxes which had been imposed for 
 the purpose of raising revenues for the prosecution of the war 
 only began to be largely effective after hostilities had ceased. 
 In 1866 the total ordinary receipts, that is, exclusive of postal 
 revenues and borrowed money, were $519,949,000; in 1867 
 they were $462,846,000. Then for several years the receipts 
 ranged around $370,000,000. From 1866 to 1893, inclusive, 
 there was but one year in which the ordinary receipts of the 
 Government did not largely exceed disbursements, including 
 postal deficits, interest and pensions. The Government thus 
 was put in a position to largely reduce its debt and to take 
 steps to set its house in order financially. The decrease in the 
 net debt at the end of the fiscal year 1866 compared with the 
 maximum of August 31, 1865, was $120,395,408. The de-
 
 LIQUIDATING THE WAR DEBT [ 43 
 
 crease in the fiscal year 1867 was $127,884,952; in 1868, 
 $27,297,798; in 1869, $48,081,540; in 1870, $101,601,917; 
 in 1871, $84,175,888; in 1872, $97,213,538; and in 1873, 
 $44,318,470. Even in the fiscal year 1874, which included the 
 period of the 1873 financial crisis, the net debt decreased 
 $1,312,907. In fact there was not a single year from 1865 to 
 1893, that the debt less cash in the treasury, that is the net 
 debt, did not decrease. 
 
 In addition to bonds and short-time obligations redeemed 
 or bought with surplus revenues there were paid off up to 
 and including the fiscal year 1880, through refunding opera- 
 tions, $1,395,347,800 bonds bearing interest at the rate of 
 5% and 6%. For this purpose there were sold at par in coin 
 $500,000,000 5's, $185,000,000 4K's and $710,345,950 4's. 
 
 From a maximum actual interest basis of 15^2% during 
 the height of the war in 1864 the credit of the government 
 steadily improved until by 1879 it was on a 4% basis and in 
 1880 on a 3>i% basis. 
 
 On the first day of January, 1879, specie payments were 
 resumed. In preparation therefor, the Secretary of the Treas- 
 ury, in addition to some $30,000,000 in gold accumulated from 
 customs receipts, had in hand $96,000,000 obtained through 
 the sale of $95,500,000 4>2% and 4% bonds issued under the 
 terms of the Act approved January 14, 1875, known as the 
 Resumption Act. In time this fund came to be known as the 
 "gold reserve," and in the bank act approved July 12, 1882, 
 in a section providing for the issue of gold certificates, the 
 sum of $100,000,000 was prescribed by Congress as the limit 
 to which the gold reserve might be reduced without affecting 
 the issue of gold certificates. Subsequently, under the terms 
 of the Acts of March 14th, 1900 and May 30th, 1908, the 
 reserve was raised to $152,977,036, at which amount it has
 
 44 J BANKERS TRUST COMPANY 
 
 since been maintained. The Secretary of the Treasury was 
 required by the Act of March 14th, 1900, to maintain the 
 parity of all forms of money issued or coined by the United 
 States with the gold dollar, which is declared the standard 
 unit of value. The act, however, gave no specific authority 
 to sell bonds for the purpose of maintaining this parity 
 provision. Under the terms of the Federal Reserve Act this 
 provision of the Act of March 14th, 1900, is reaffirmed, and 
 the Secretary of the Treasury is given authority for this pur- 
 pose to borrow gold on the security of United States bonds 
 authorized under this act or in exchange for one-year gold 
 notes bearing interest at a rate not to exceed three per cent 
 per annum; or to sell the same if necessary to obtain gold. 
 
 In 1 881 the Government had the right to redeem #671,916,- 
 000 6's and 5's. A refunding bill was passed by Congress but 
 was vetoed by President Hayes because of provisions in- 
 corporated therein which were manifestly unfair to the na- 
 tional banks. 
 
 Secretary of the Treasury Windom then offered the bond- 
 holders the privilege of "continuing" their bonds during the 
 pleasure of the Government with interest at 3^2%. No fixed 
 date of payment was set. This privilege was accepted by the 
 holders of #178,055,150 6's and of #401,504,900 5's; or, in all 
 by the holders of #579,560,050 bonds. This operation was a 
 brilliant success. The saving of interest was on the basis of 
 #10,500,000 annually, while the cost to the Government was 
 less than #10,500. The income of the Government continued 
 to be so large, however, that in September, 1881, the Treasury 
 began to pay off the "continued" 3^2's. By the close of 1883 
 these bonds had all been retired, partly by cash payments 
 and partly by conversion of #305,581,250 into 3's under the
 
 LIQUIDATING THE WAR DEBT [ 45 
 
 terms of an act of Congress passed July 12, 1882. The 3's 
 were in turn all paid off by the close of 1887. 
 
 Having retired all bonds which it had the right to call 
 for payment the Government was then forced to go into the 
 open market and buy bonds as the only way of releasing for 
 the uses of business its large surplus revenues. The sum of 
 over $56,000,000 was expended in premiums during the next 
 four years and over $360,000,000 bonds bought and cancelled. 
 
 In 1 891 the 4/4% bonds became redeemable and during 
 that year and the two years following were all retired, except- 
 ing the amount of $25,364,500 which the holders were per- 
 mitted to "continue" at 2% interest. On July 1, 1893, the 
 debt, less cash in the Treasury, amounted to only #838,- 
 969,475, or less than one-third of the maximum outstanding 
 in 1865. The reduction of the debt ceased in 1893. After 
 that year there were some moderate increases, which will be 
 hereafter referred to, and then the debt became practically 
 stationary until we became involved in the war with Germany.
 
 Chapter VIII 
 Fighting "Gresham's Law" 
 
 IT has been a misfortune in connection with our national 
 financing that from the beginning of our history the 
 requirements of the Treasury have been confused with other 
 issues. 
 
 From the day of Hamilton until the present customs tariffs 
 have been laid with the double object in view of obtaining 
 revenue and of affording a greater or lesser degree of "pro- 
 tection" to manufacturing industries. 
 
 The currency has perpetually been in politics. The 
 "fathers" had so recently experienced the suffering and loss 
 incident to the use of an inconvertible paper currency that 
 they placed in the Constitution a provision that "no State 
 shall . . . emit bills of credit" or "make anything but gold 
 and silver coin a tender for debt." So far as the Federal Gov- 
 ernment is concerned, while the Constitution contains no 
 express prohibition against the use of paper money, there is 
 no authority given for its issue. The reports of the debate 
 in the Convention show that there was an unanimity of 
 feeling against the exercise of any such authority. 
 
 Until the outbreak of the Civil War the issuing of circulat- 
 ing notes had been left to the banks exclusively. Unfortu- 
 nately the prohibition against such issues by the States was 
 construed not to forbid the issuance of notes by State 
 chartered banks. 
 46]
 
 FIGHTING "gRESHAm's LAW" [ 47 
 
 This brought the State banks into competition with the 
 United States banks and finally, in Jackson's administration 
 to the complete triumph of the State banking idea over the 
 central or national banking plan. The losses and incon- 
 veniences involved in dealing with the State banks brought 
 about, in 1846, the introduction of the Independent Treasury 
 system, by which system the receipt, custody and disburse- 
 ment of the moneys of the Government were handled abso- 
 lutely by the Treasury itself. 
 
 The unsatisfactory character of the circulating medium 
 supplied by the State banks was one of the principal reasons 
 assigned in 1861 for authorizing the issuance of legal tender 
 notes by the Federal Government and in 1863 for the organi- 
 zation of the national banks. 
 
 In 1878 Congress passed an act restoring to the silver dollar 
 its full legal tender character and authorizing the Secretary of 
 the Treasury to purchase silver bullion at the market price, 
 not less than $2,000,000 nor more than $4,000,000 worth per 
 month and to coin the same into dollars. Provision was made 
 also for the issuance of silver certificates upon deposit of 
 silver dollars. While these certificates were not made a legal 
 tender, they were made receivable for customs, taxes and all 
 public dues and when so received might be reissued. 
 
 This was clearly not primarily a currency measure but, as 
 its advocates frankly admitted, was intended to make a special 
 market for a home product which was rapidly deteriorating 
 in market value. 
 
 In 1879 specie payments were resumed under the terms of 
 the Act of January 14, 1875, which provided for the accumu- 
 lation of a gold reserve and which provided that the Treasury 
 should "redeem in coin the United States legal tender notes 
 then outstanding, on their presentation for redemption." It
 
 48 ] BANKERS TRUST COMPANY 
 
 also provided, however, that when redeemed the notes should 
 not be cancelled but should be reissued. It must be born in 
 mind that "coin" at that time was gold coin, silver having 
 been demonetized in 1873. 
 
 The result of the silver purchase legislation was to add an 
 increasing amount to the volume of paper which must be 
 maintained at par with gold. 
 
 The large Treasury surpluses which obtained until 1892, 
 inclusive, made this comparatively easy, especially so in view 
 of the fact that the rapid retirement of United States bonds 
 by redemption and by purchase in the market at high 
 premiums made it an object for the national banks to retire 
 their circulation, in order to take the profit on their bonds. 
 
 Thus while the circulation of silver certificates had by 
 June 30, 1892, reached the large sum of $326,880,000, the 
 circulation of national bank notes fell off" from a maximum 
 of $356,399,000 on March 31, 1882, to $167,306,000 on June 
 30, 1892. 
 
 Nevertheless the total circulation of all kinds increased 
 from $729,132,634 or $15.32 per capita, on June 30th, 1878, 
 the year before the silver purchase act went into effect, to 
 $1,601,347,187 or $24.60 per capita on June 30th, 1892. 
 
 The problem of the Treasury was greatly aggravated in 
 1890 by the enactment on July 14th of a law, in place of the 
 1878 legislation, requiring the Secretary to purchase monthly 
 4,500,000 ounces of silver bullion and to pay for the same in 
 legal tender notes. This act contained a direction to the 
 Secretary of the Treasury, "under such regulations as he may 
 prescribe, to redeem such notes in gold or silver coin, at his 
 discretion, it being the established policy of the United States 
 to maintain the two metals on a parity with each other upon 
 the present legal ratio or such ratio as may be provided by
 
 FIGHTING GRESHAM S LAW [ 49 
 
 law." This was known as the "Sherman Act." Thus the 
 dangers of silver paper inflation were doubled. 
 
 The large Treasury surpluses prevailing until well into the 
 fiscal year of 1 892-1 893, coupled with the fact that for the 
 greater part of that time the balance of trade ran in the 
 favor of the United States, prevented any serious depletion 
 of the gold reserve until just prior to the panic of 1893. For 
 about a year prior to that date the reserve had been tending 
 downward and it was with the utmost difficulty that Secre- 
 tary Folger succeeded in maintaining the amount slightly 
 above the accepted minimum of #100,000,000. 
 
 The second Cleveland administration found an empty and 
 almost bankrupt treasury. 
 
 Secretary Carlisle reported to Congress on December 19, 
 1893, that the actual net balance in the Treasury after de- 
 ducting trust funds, disbursing officers' balances and the gold 
 reserve was only #11,038,448 and that of the total amount 
 held $12,347,517 was in subsidiary silver and minor coins. 
 The surplus had been effectually dissipated by the Harrison 
 administration. 
 
 It is no wonder that the credit of the Government was at low 
 ebb. President Cleveland and his Congress were entirely out 
 of accord on the currency question. Congress was persuaded 
 to repeal the silver purchase act, but more than this it would 
 not do, although the Secretary pointed out that notwith- 
 standing extraordinary efforts to maintain the reserve it was 
 persistently declining. By January, 1894 the reserve was 
 down to $69,747,000. 
 
 By taking advantage of an old law upon the statute books 
 the Secretary was able to find authority to issue bonds to 
 replenish the Treasury and to maintain the reserve. Fifty 
 million dollars of 5% bonds were sold at 117.223% — equal
 
 50] bankers trust company 
 
 to a 3% bond at par. Even though some members of Con- 
 gress tried to prevent the issue of these bonds by questioning 
 their legality, they were successfully sold, but only after the 
 Secretary had put his pride in his pocket and personally 
 asked the bankers to get together and take #43,000,000 of 
 them, $7,000,000 being all for which the general public had 
 subscribed. The reserve was made good for a few months 
 but by August it had again fallen, this time to $52,189,000. 
 
 Although the balance of trade was largely in our favor, 
 gold was going out of the country rapidly. Foreigners were 
 withdrawing their investments. The Secretary obtained 
 $15,000,000 in gold from the banks in exchange for legal 
 tender notes. This helped very little, so in November another 
 $50,000,000 5% bonds were placed in exchange for gold coin, 
 again with the banks of New York City. This gold dis- 
 appeared as quickly as the previous instalment, so that by 
 February the reserve dropped to $40,000,000. It was com- 
 monly expected that the Treasury would suspend in a few 
 days. 
 
 Just at this juncture the President succeeded in arranging 
 with a group of American and foreign bankers, headed by 
 J. P. Morgan & Co., to provide the Treasury with 3,500,000 
 ounces of gold coin, equal to $65,117,000, in exchange for 4% 
 bonds maturing in 1925. This was equivalent to a sale of the 
 bonds at 104.49%, a 3^4% basis of income. 
 
 In connection with the previous sales there had been a 
 lack of a nice sense of business ethics on the part of some 
 of the banks, for they had withdrawn gold from the Treasury 
 to the extent of $24,000,000 in order to complete their pay- 
 ments. The Morgan syndicate agreed that they would exert 
 all financial influence and make all legitimate effort to protect 
 the Treasury of the United States against the withdrawals of
 
 FIGHTING "GRESHAM'S LAW" [ 51 
 
 gold pending the complete performance of the contract. The 
 bond deliveries were to be made pari passu with the pay- 
 ments. The terms of the contract allowed six months for its 
 performance. This meant that the Treasury had the support 
 of the syndicate for that period of time. 
 
 The bond syndicate succeeded in protecting the Treasury 
 during the term of their contract and they even contributed 
 $20,000,000 more in gold in exchange for legal tender notes, 
 after their contract had expired. 
 
 There were no further large withdrawals of gold until after 
 President Cleveland sent to Congress his Venezuelan message 
 in December, 1895. By the 6th of January following, the 
 reserve was down to $61,251,000. It was therefore deemed 
 advisable to sell another $100,000,000 4s of 1925. These 
 were offered for public subscription at 11 1.166%. 
 
 As Horace White said in an address delivered at Omaha 
 before the National Currency Convention in April, 1898: — 
 "if the trouble had been merely a shortage of revenue, Con- 
 gress would have applied the remedy promptly. It was 
 precisely because the currency question, and the standard 
 of value, and party interests were involved in it that the 
 members of Congress would do nothing except embarrass the 
 Executive, bandy words with each other, and let the Treas- 
 ury go to smash." 
 
 The fight for the integrity of the currency and for the 
 preservation of the credit of the Government was won. The 
 bonds which were issued were in amount more than sufficient, 
 if they had been so applied, to retire every dollar of the green- 
 backs and yet they are still outstanding and $118,489,900 of 
 the Fours of 1925 issued in 1895 are still drawing interest 
 from present-day taxpayers. 
 
 In 1897 President Cleveland, after courageously holding
 
 52 ] BANKERS TRUST COMPANY 
 
 the situation for four years against a soft-money Congress, 
 surrendered the reins of office to President McKinley who 
 with his Congress was elected on a sound-money platform. 
 The country had had its fill of the soft-money shibboleth. 
 
 To complete the record it may be noted that in 1900 Con- 
 gress clearly defined the policy of the country in regard to 
 the currency for all future time by passing what may be 
 called the new "public credit act." This act unequivocally 
 and irretrievably commits the country to the payment of all 
 forms of Government paper in gold coin or its equivalent.
 
 Chapter IX 
 The Spanish War 
 
 AT the time of the declaration of war with Spain the 
 finances of the Government were in excellent condition 
 and the taxing machinery was in good working operation. 
 Congress for the first time planned for war expenses on a 
 really scientific basis by providing for an adequate scheme of 
 taxation in connection with an issue of bonds. As far as 
 taxes were concerned, reliance was placed almost wholly 
 upon new internal revenue duties. For the first time a 
 Federal tax was laid on legacies. An issue of #200,000,000 
 3 % ten-twenty year bonds was authorized. These bonds were 
 sold at par and almost immediately thereafter were quoted 
 at a premium. 
 
 Upon the cessation of the war with Spain the Government 
 found itself embarrassed by large surplus revenues and the 
 process of debt paying began again. As there were no bonds 
 subject to call, it was necessary for the Secretary of the 
 Treasury to endeavor to buy bonds. He therefore in Novem- 
 ber, 1899, offered to purchase #25,000,000 4s of 1907 or 5s 
 of 1904, but succeeded in obtaining something less than 
 $20,000,000 bonds. 
 
 The Two Per Cent Consols 
 
 In 1900, upon the advice of Secretary Gage, Congress 
 passed an act providing for the refunding of the Threes, the 
 
 (53
 
 54] BANKERS TRUST COMPANY 
 
 Fours of 1907, and the Fives, into new 2% thirty-year gold 
 bonds. This was the first issue of bonds to be specifically 
 made payable in gold coin. This refunding operation was a 
 brilliant success, rivaling the achievement of Secretary Win- 
 dom in "continuing" in 1882 the maturing 5% and 6% 
 bonds at three and one-half per cent, as already described. 
 All told there were some $900,000,000 bonds which were 
 convertible under the law. Of this amount $445,900,000 
 bonds were converted up to January 1, 1901, at which time 
 the Secretary of the Treasury, acting under the authority 
 theretofore given him by Congress, declined to permit further 
 exchanges, desiring to reserve the remainder of the bonds 
 maturing in 1904, 1907 and 1908 for the requirements of the 
 sinking fund. 
 
 However, in 1903, refunding operations were resumed and 
 about $97,000,000 more bonds converted. In 1905, some 
 $53 ,000,000 bonds were converted, and upwards of $50,000,000 
 in 1907. The total conversions amounted to $646,250,150 at 
 an estimated net saving to the Government on interest ac- 
 count of $16,551,037. 
 
 The Panama Canal 
 
 By the Act of June 28, 1902, and the Act of August 5, 1909, 
 Congress authorized the issuance of 2% and 3% bonds for 
 an amount not to exceed $375,200,980 to reimburse the 
 Treasury for expenditures incurred and to be incurred in the 
 construction of the Panama Canal. 
 
 Under these acts $84,631,980 bonds were issued bearing 
 2% interest and $50,000,000 bonds were issued bearing 3% 
 interest. The total cost of the Canal up to June 30, 1918, was 
 $439,809,601. By the Act of September 24, 1917, as amended, 
 Congress authorized an issue of $225,000,000 bonds in lieu of
 
 THE SPANISH WAR [55 
 
 the unissued Panama Canal bonds, and this amount was in- 
 cluded in the general authority for the issue of Liberty bonds. 
 
 There were no other important transactions in connection 
 with the history of the public debt until the time came for 
 the active participation of the country in the world war just 
 ended. 
 
 It may be noted, for the sake of the record, that in 1910 
 provision was made for funding postal savings deposits into 
 2^2% Postal-Savings bonds. These bonds are described on a 
 subsequent page. 
 
 In the legislation authorizing the Federal Reserve System 
 provision was made for gradually refunding the Two per cent. 
 Consols and the Panama Canal Twos, most of which are held 
 by the national banks, into bonds and certificates without the 
 circulation privilege bearing three per cent, interest. No im- 
 portant transactions have as yet taken place as a result of 
 this legislation. In justice to the national banks, in view of 
 the entirely new conditions brought about by the present war, 
 some further remedial legislation will probably be required in 
 connection with these bonds. 
 
 On April 1st, 1917, the net public debt of the United States 
 was $1,207,827,886, a per capita debt of $11.59, and a net 
 reduction from the maximum at the close of the Civil War 
 of $1,548,603,685.
 
 Chapter X 
 The Great War 
 
 IF an able finance minister, foreseeing the outbreak of a 
 great war in which the country might be involved, had 
 made thorough plans to cope with the problems which such 
 a war must bring, he could not have adopted better financial 
 measures than those which by a process of evolution were 
 actually in force on the fateful August 4, 1914. 
 
 The Federal Reserve System, co-ordinating the banking 
 resources of the country and stabilizing the currency, had just 
 gone into operation, corporation taxes had become a feature 
 of our fiscal system since 1910, the income tax had been ap- 
 proved in principle and actual collections of revenue there- 
 from had begun. 
 
 Therefore when in 1917 war became inevitable it was only 
 necessary to speed up actually existing fiscal machinery. No 
 time was lost in devising entirely new methods of taxation. 
 There was no necessity or excuse, as there had been at the 
 outbreak of the Civil War, for questionable currency methods 
 because the existing system was impossible. It was unneces- 
 sary to beg the banks reluctantly to make wholly inadequate 
 preliminary advances, as Secretary Chase had been com- 
 pelled to do. 
 
 With the experience of the past as a guide, it was possible 
 to devise a simple, scientific method of borrowing, a method 
 which quickly gave the Government the moneys required by 
 56]
 
 THE GREAT WAR [ 57 
 
 the use of one kind of paper, and then funded these advances 
 into bonds bearing a moderate rate of interest and so adjusted 
 as to maturity dates as to permit of refunding at lower rates, 
 or of repayment as soon as conditions would allow, without 
 the necessity of going into the market and paying large 
 premiums. 
 
 A distinguishing feature of the financing of the present war 
 has been the emphasis which has been put upon thrift. The 
 doctrine of conservation of "goods and services" has been 
 preached from one end of the land to the other. The effort 
 has been to obtain the resources for the conduct of the war 
 without placing an undue strain upon the banking facilities 
 of the country. This effort has succeeded to a remarkable 
 degree. 
 
 The indications are that by the end of the present fiscal 
 year the disbursements of the Government for the expenses 
 of the war will have reached upwards of thirty billion dollars 
 and that of this great amount about 20% will have been raised 
 from taxation, besides raising from taxation an additional 
 $2,000,000,000 to cover the normal budget. Of the remaining 
 80% of the war expenditure, assuming the undoubted success 
 of the Victory Loan, substantially all should be in funded 
 form and it may reasonably be expected that the greater part 
 of this amount will be fully paid for and put away in the safe 
 keeping boxes of some twenty million or more citizens of our 
 great republic. 
 
 The method of public debt financing which the Treasury 
 has so successfully used since our active participation in 
 the war began in April, 191 7, may be briefly described as 
 follows. In anticipation of the receipt of the proceeds of 
 Liberty Loans the Treasury has issued Certificates of In- 
 debtedness. These certificates have first been apportioned to
 
 58 ] BANKERS TRUST COMPANY 
 
 the twelve Federal Reserve districts and then to the banks in 
 each district in the ratio which the assets of each group and of 
 each bank in a group bore respectively to the entire banking 
 assets of the country and of the group. While it has not been 
 compulsory upon each bank to accept its allotment, yet as a 
 rule the banks have cheerfully accepted the proportion al- 
 lotted them. 
 
 These certificates have borne rates of interest varying 
 from 3% to 4^%, but for some months past 4^% has been 
 the accepted rate. 
 
 The certificates have been issued from time to time as the 
 exigencies of the Treasury required. Then, when the time 
 seemed suitable for the issuance of a permanent loan, the 
 advances of the banks have been repaid from the proceeds 
 of such loan. 
 
 The reports of the Treasury Department show that #868, 
 205,000 certificates were issued in anticipation of the first 
 loan; #2,320,493,000 in anticipation of the second loan; 
 $3,012,085,500 in anticipation of the third loan and $4,659,- 
 820,000 in anticipation of the fourth loan. The amount of 
 certificates which will have been issued in anticipation of the 
 Victory Liberty Loan up to April 21st will probably be about 
 $5,000,000,000. 
 
 It will be noted that the Treasury by certificate issues 
 anticipated the income from the first loan by 43.41%, from 
 the second by 60.92%, from the third by 72.12% and from the 
 fourth by 66.63%. 
 
 Another class of certificates which the Treasury has issued 
 has been made in anticipation of the revenue from internal 
 revenue taxes. In addition there have been some issues to 
 tide over special emergencies. These special emergency certif- 
 icates have carried only a nominal 2% interest.
 
 THE GREAT WAR [ 59 
 
 The success of the permanent, or Liberty Bond, financing is 
 a matter of common record. The grand total of the four loans 
 issued was $16,978,356,250. According to official estimates, 
 these bonds have been distributed among upwards of twenty 
 million subscribers. Then there have been the sales of War 
 Savings and Thrift Stamps aggregating well over a billion 
 dollars. 
 
 The permanent addition to the public debt because of the 
 late war, after the Victory Loan financing has been com- 
 pleted, will probably closely approximate $25,000,000,000, and 
 while it is not expected that there will be necessity for any 
 more Liberty Bond campaigns, it is quite likely that the 
 Treasury may need to borrow from the banks toward the end 
 of the year and during 1920 some further substantial amounts 
 before the maximum is reached. 
 
 It should be carefully borne in mind that against this great 
 increase of debt the Treasury will hold some $10,000,000,000 
 of interest-bearing bonds of foreign nations, most, if not all, 
 of which will eventually be paid. However, the actual net 
 war burden which the American people will have to liquidate 
 will be between fifteen and twenty billion dollars, or from $140 
 to $187 per capita. At the close of the Civil War the per 
 capita burden was over $79. 
 
 Considering the development in the resources of the nation 
 which has taken place since 1865, the burden of debt ought 
 not to be more difficult to cope with now than it was in that 
 instance. 
 
 The traditional dislike of the nation to being in debt and 
 the rapid progress made in debt reduction after every other 
 great crisis in the history of the country will undoubtedly 
 characterize the course of events following the present crisis. 
 
 It looks very much as if history would repeat itself and
 
 60] BANKERS TRUST COMPANY 
 
 taxes flow into the Treasury in such volume as to permit of 
 an early resumption of debt paying. 
 
 Those who have bought bonds from patriotic motives will 
 unquestionably be rewarded for so doing in hard dollars and 
 cents profits, should they wish to realize upon their bonds 
 prior to maturity. The present market return of nearly five 
 per cent from an investment in United States Liberty Bonds 
 will fade away as did the big returns from similar investments 
 after the Civil War. After that war 7 3 Ao% gave away to 6%, 
 then to 5%, 4^2%, 4%. No sooner was the debt upon a 
 f6ur per cent basis than the market rate became 3^%> then 
 3% and finally before the turn came the Government credit 
 rose to a two per cent basis. Patriotism was certainly wonder- 
 fully rewarded. The same relative enhancement in market 
 value and of rapid debt reduction happened following the 
 funding of the Revolutionary Debt, after the War of 1 8 1 2 and 
 after the Mexican War. 
 
 It will not be many years before the United States will be 
 again out of debt and in the interval the fortunate holders of 
 the country's bonds will reap a bountiful harvest. This time, 
 it is a pleasure to know that those to be benefited will be the 
 people at large, for there is scarcely a family to-day which does 
 not own at least one Liberty Bond. 
 
 The people of the United States may well be proud of the 
 debt paying record of their Government. While assisted by 
 the fact of the great resources of a new country, the achieve- 
 ments of the past would not have been possible had not the 
 financial foundation been well laid in the beginning of our 
 history and a strong sense of public honor ever afterward 
 maintained. 
 
 Mistakes, many of them of a serious nature, have been 
 made in the gradual evolution of our financial system, but,
 
 THE GREAT WAR [ 6l 
 
 learning by our mistakes, we have finally developed a fiscal 
 system which while not yet perfect has shown its ability to 
 carry the nation safely and comfortably through the strain 
 of the greatest war in history. 
 
 We can well be proud of the achievements of the past and 
 look forward confidently to a future which may be expected 
 to bring with it equally great achievements. Let us hope 
 that the resort to the use of the public credit in the future 
 may not again be required for the conduct of war, but, if at 
 all, for the development of conditions which will make life 
 better worth living and for the maintenance of a just and per- 
 manent peace among the peoples of the earth.
 
 Part II — Descriptive 
 
 Chapter I 
 Some Comparative Data 
 
 PRIOR to the war the debt of the United States amounted 
 in round figures to $1,000,000,000. Since the begin- 
 ning of the war the debt has increased in the sum of about 
 $23,000,000,000, so that the debt to-day is about twenty-four 
 times the amount at which it stood before we began to take 
 an active part in the world war about two years ago. We may 
 assume, when adjustments and settlements have all been 
 made, that the maximum debt for the present war may reach 
 about $30,000,000,000. However, against this total should be 
 placed an asset of around ten billion dollars of interest-bear- 
 ing obligations of foreign governments representing some 
 eight and a half billion of loans made to our Allies during the 
 progress of the war, together with another contemplated 
 billion and a half of similar loans. It may be expected that in 
 the process of time these loans will be repaid and, as the law 
 under which they were made expressly stipulates that repay- 
 ments shall be applied to the liquidation of a corresponding 
 amount of national indebtedness, we may expect eventually 
 that this large portion of our indebtedness will be paid with- 
 out it being necessary to call upon the tax payers for a con- 
 tribution in any form either on account of principal or interest. 
 62]
 
 SOME COMPARATIVE DATA [ 63 
 
 The Debt at Former Critical Periods 
 
 The other periods in the history of the country at which 
 the debt stood at a maximum amount were on August 31, 
 1865, shortly after the close of the Civil War, when the total 
 debt was $2,844,649,616; in 1851, after the Mexican War and 
 the payment of the Texas indemnity, when it amounted to 
 $68,304,796; on December 31, 181 5, when all the bills for 
 the War of 1812 had been settled, when it was $127,041,341, 
 and on April 1, 1791, for which date, after all adjustments of 
 the Revolutionary debts had been made, the debt was found 
 to be $76,781,953. 
 
 Reduced to a per capita basis the Revolutionary War debt 
 amounted to $18.88; that after the War of 1812 to $14.64; 
 that at the close of the Mexican War to $2.84; that at the 
 close of the Civil War to $81.58, while at present it is $224.30 
 and, if the estimated maximum for the late war is reached, 
 will be about $280. 
 
 The Debt and the National Wealth 
 
 The national wealth of the United States to-day is some- 
 where around three hundred billion dollars, so that the pres- 
 ent debt is about eight per cent, of the wealth of the country 
 and if it reaches its estimated maximum will be about ten 
 per cent, of the national wealth. 
 
 The Sinking Fund Will Retire Debt in 
 Twenty-Five Years 
 
 In order to retire the principal of the debt incurred in the 
 prosecution of the war, Congress has made an appropriation 
 for an annual sinking fund, beginning in 1920, equal to the
 
 64 ] BANKERS TRUST COMPANY 
 
 sum of (1) 2^2 per cent, of the aggregate amount of bonds 
 and notes issued under any of the Liberty Bond Acts, less 
 an amount equal to the par amount of any obligations of 
 foreign governments held by the United States on July 1, 
 1920, plus (2) the interest which would have been payable 
 upon the bonds and notes held in the sinking fund. The 
 period required to liquidate the debt by this arrangement is 
 estimated at twenty-five years. The specific appropriation 
 called for by this act, in addition to that for the interest 
 charge, will be in the neighborhood of #500,000,000. 
 
 The Interest Charge and the National Income 
 
 The national income of the United States at this time may 
 be conservatively estimated at over sixty billion dollars. To 
 meet the present interest charge of approximately one billion 
 dollars calls for about #1.66 from each $100 of income and to 
 meet the estimated maximum interest charge for thirty billion 
 of debt, say #1,250,000,000, would require about #2.00 out of 
 every #100 of income. 
 
 The gross interest and sinking fund charge would thus be 
 #1,750,000,000, — #16.37 per capita; about #3 out of every 
 #100 of national income. Assuming, however, that the inter- 
 est on an amount of debt equivalent to the loans to foreign 
 governments will be met by the payments from such govern- 
 ments and that the principal of an amount of debt equal to 
 such loans will be finally liquidated by the payment thereof, 
 then the actual charge against the American people for the 
 payment of interest and the liquidation of debt within twenty- 
 five years will be only #1,300,000,000 a year; — a per capita 
 charge of #12.15 or sa Y $ 2 - l 7 f° r every #100 of national 
 income.
 
 SOME COMPARATIVE DATA [ 65 
 
 The Debt Compared With Debts of Other Nations 
 
 It will now be interesting to note how the debts and re- 
 sources of the other great nations of the world compare with 
 those of the United States. According to the latest statistics 
 available, the national debt of Great Britain now amounts to 
 over $36,000,000,000 of which approximately $33,000,000,000 
 has been incurred since the beginning of the war on August 
 4, 1914. On a per capita basis the debt would amount to, 
 say, $782.60. The national wealth of Great Britain is esti- 
 mated by competent authorities at $120,000,000,000 and the 
 national income at $15,500,000,000. The proportion of debt 
 to wealth therefore would be 30% and, assuming the interest 
 charge to be about $1,575,000,000, it would require to meet it 
 about $10.16 out of every $100 of income. It should be noted 
 here that it is estimated Great Britain will be reimbursed by 
 her Allies and Dominions to the extent of about $5,000,- 
 000,000 for advances made to them during the progress of 
 the war. Assuming this to occur, the burden of debt to be 
 borne by her own people would be reduced to $674 per capita, 
 calling for a contribution of $8.70 a year from every one 
 hundred dollars of income in order to meet the interest charge. 
 
 The figures available for France, Italy and Germany are 
 not as reliable as those for Great Britain and for our own 
 country, but a close approximation would give the gross 
 debt of France as about $36,000,000,000 and the per capita 
 debt $900; the gross debt of Italy as about $12,600,000,000 
 and the per capita debt $350; the gross debt of Germany, 
 $39,000,000,000, and the per capita debt about $600. 
 
 While all figures for national wealth and national income 
 are necessarily estimates and of no great scientific value, the 
 accepted figures for France, Italy and Germany are especially
 
 66] BANKERS TRUST COMPANY 
 
 indeterminate. However, they probably roughly approxi- 
 mate the facts and, with the above reservation, may be used 
 for comparative purposes. 
 
 The national wealth of France was estimated before the 
 war at $62,000,000,000 and the national income at perhaps 
 $7,500,000,000. The wealth of Italy prior to the war may 
 be taken at $25,000,000,000, while the national income was 
 perhaps $4,500,000,000. 
 
 For the German Empire before the war, the wealth was 
 estimated at upwards of $80,000,000,000 and the income at 
 around $10,000,000,000. An official estimate of recent date 
 gives the cost of the war at 161 billion marks. At the par of 
 exchange this is, say, thirty-nine billion dollars, the figure at 
 which we have estimated the debt, for it is well known that 
 no part of Germany's war expenses has been met from taxa- 
 tion, not even all the interest upon her debt. The amount 
 required for the interest charge is probably about two billion 
 dollars. As the statistics for wealth and income so far given 
 for these countries are in the terms of the pre-war money 
 status, we really ought to advance the valuations materially 
 in order to adjust them to the same basis of inflated values 
 as that upon which the debts have been incurred. 
 
 Just what adjustments should be made it is difficult to 
 determine. In the case of our own country the estimate of 
 national income which we have used is based on present-day 
 conditions and we believe closely approximates the real facts. 
 The usual estimate of national wealth of $250,000,000,000 we 
 believe to be too low. A ratio of 20% of income to wealth 
 would undoubtedly more nearly reflect the true status. This 
 would make the national wealth in present-day values 
 $300,000,000,000, the figure which we have adopted. 
 
 The figures used for Great Britain are estimates recently
 
 SOME COMPARATIVE DATA 
 
 [67 
 
 published by Edgar Crammond, a noted English writer on 
 economic topics. 
 
 Corresponding adjustments for the wealth and income of 
 the Continental nations with which we are making compari- 
 sons enable us to arrive at the results given in the following 
 tables. 
 
 These adjustments have not been made arbitrarily. In 
 each case conditions peculiar to each nation have been care- 
 fully considered. We have not overlooked the losses which 
 each of these nations has suffered as a result of the conflict 
 from which they are emerging. 
 
 In the case of France we have considered the losses due to 
 the war, but against these we have thought it fair to place a 
 liberal estimate for the wealth and income of Alsace-Lorraine 
 now again to be incorporated in the nation. A corresponding 
 reduction has been made in considering the population, 
 wealth and income of Germany. 
 
 With these prefatory remarks the tables are submitted. 
 They will repay careful study. 
 
 DEBT AND INTEREST CHARGE COMPARED WITH ESTIMATED WEALTH AND 
 INCOME OF THE PRINCIPAL BELLIGERENTS IN THE LATE WAR 
 
 Approximate status as of April 1, 1919 
 
 Nation 
 
 United States 
 Great Britain 
 France. . . 
 Italy . . . 
 Germany 
 
 
 
 Debt 
 
 
 
 Debt 
 
 Wealth 
 
 % 
 Wealth 
 
 Interest 
 
 Income 
 
 $24 
 
 $300 
 
 8.00 
 
 $1,000 
 
 $60.0 
 
 36 
 
 120 
 
 30.00 
 
 1.575 
 
 15.5 
 
 36 
 
 90 
 
 40.00 
 
 1.800 
 
 12.0 
 
 12.6 
 
 40 
 
 31.50 
 
 .548 
 
 7.5 
 
 39 
 
 80 
 
 48.75 
 
 1.950 
 
 10.0 
 
 Interest 
 
 % 
 Income 
 
 1.66 
 10.16 
 15.00 
 
 7.30 
 19.50 
 
 (Debt, wealth, interest and income in billions.)
 
 68 
 
 BANKERS TRUST COMPANY 
 
 DEBTS AND INTEREST CHARGE COMPARED WITH ESTIMATED WEALTH AND 
 
 INCOME OF THE PRINCIPAL BELLIGERENTS IN THE LATE WAR 
 
 PER CAPITA BASIS 
 
 Population 
 (In 
 
 millions) 
 
 107 
 46 
 40 
 36 
 65 
 
 Nation 
 
 United States 
 Great Britain 
 France . . . 
 Italy . . . 
 Germany . . 
 
 Debt 
 
 Per 
 
 Capita 
 
 $224. 
 782. 
 900. 
 350. 
 600. 
 
 Wealth 
 Per 
 
 Capita 
 
 $2803. 
 2608. 
 2250. 
 1111. 
 1231. 
 
 Interest 
 
 Per 
 Capita 
 
 $9.34 
 34.24 
 45.00 
 15.22 
 30.00 
 
 Income 
 
 Per 
 Capita 
 
 $560, 
 337. 
 300. 
 208, 
 154. 
 
 A quick survey of the above figures develops the fact that 
 our debt, and the interest charge which it calls for, in com- 
 parison with our population and resources is relatively much 
 smaller than that of any other of the large nations of the 
 world, and that, if it had been necessary to prolong the war 
 for a further period of months or years, we could have done 
 so without seriously handicapping our industrial develop- 
 ment. It is gratifying to know that the trial to which we have 
 been compelled to submit for the purpose of cleansing the 
 world from German autocracy has left us in a position where 
 we are strong financially and able to do most effective work 
 in assisting to carry through a reconstruction program which 
 will make the world finer and better than it was at the 
 beginning of the conflict.
 
 Chapter II 
 General Information 
 
 FOR convenience we will divide the debt of the United 
 States as it stands to-day into two parts, namely, that 
 which was incurred prior to April ist, 1917, which we will 
 designate as the Old Debt, and that which was incurred sub- 
 sequent to that date, which we will call the War Debt. 
 
 Payable in Gold Coin 
 
 All the outstanding bonds of the United States are by 
 express statute under which the loans were made, or because 
 of the general legislation covering the subject, payable in 
 gold coin of the present standard of weight and fineness. 
 
 Market Transactions 
 
 All United States bonds are listed on the New York Stock 
 Exchange. None of the certificates is so listed. The trans- 
 actions in Liberty Bonds on the Exchange are in large vol- 
 ume. They are made at so many dollars and tenths of a 
 dollar per #100. Liberty Bonds can also be bought and sold 
 over the counter at current market prices in the bond depart- 
 ments of trust companies and banks, and of other large 
 dealers. 
 
 Very few transactions take place on the Stock Exchange 
 in the bonds of the old issues. The important transactions 
 in these bonds invariably take place in the dealers' offices. 
 
 [69
 
 70 J BANKERS TRUST COMPANY 
 
 The quotations of these bonds are made in dollars and six- 
 teenths of a dollar. Transactions are nearly always made at 
 a net price and not on a commission basis. 
 
 The Certificates of Indebtedness in most cases have been 
 placed directly with the banks through the Federal reserve 
 banks and subsequent transactions have been between the 
 banks and their clients. 
 
 The War Savings Certificates are not intended to be bought 
 and sold in the market. It is the desire of the Treasury 
 Department that they shall be sold directly to the investor 
 by the Government agents. In case the holders find it neces- 
 sary to realize upon them, they can cash the certificates at a 
 money-order post-office. The same plan has been adopted 
 in connection with Postal-Savings bonds which the Postal 
 Savings Trustees stand ready to redeem at par through the 
 post-offices.
 
 T 
 
 Chapter III 
 
 The Old Debt 
 
 HE obligations which we have designated as the Old Debt 
 may be classified under two heads. 
 
 Circulation Bonds 
 
 One group of these bonds is distinguished from the other 
 because of the fact that the bonds in this group have what is 
 known as the circulation privilege, that is to say they can be 
 used by the national banks and Federal reserve banks to secure 
 national bank notes and Federal reserve bank notes. The bonds 
 of this group, some of them bearing interest as low as two per 
 cent, per annum, are quoted only a little below par, notwith- 
 standing the high rates of interest which have prevailed during 
 the war period. This is due to the fact that out of the total issue 
 of these bonds nearly 80% is deposited with the Treasurer of 
 the United States to secure bank notes. At the date of the 
 latest financial statement of the Treasury Department, that 
 for October 31, 1918, there were outstanding $883,360,790 of 
 the Old Debt bonds. Of these $118,489,900 were 4% bonds, 
 $78,894,500 were 3% bonds, $11,350,760 were 2~jA% Postal- 
 Savings bonds and $674,625,630 were 2% bonds. The Fours and 
 Twos, aggregating $793,115,530, are available to secure cir- 
 culating notes. The 4% bonds are redeemable on and after 
 February 1st, 1925. 
 
 [71
 
 yi] BANKERS TRUST COMPANY 
 
 Conversion Bonds 
 
 By the terms of the Federal Reserve Act provision is made 
 for converting the 2% bonds into what are known as Con- 
 version 3% Bonds and One Year 3% Treasury Notes. The 
 Act provides that after December 23rd, 1915, and at any 
 time during the period of twenty years thereafter, the Federal 
 reserve banks, if required to do so by the Federal Reserve Board, 
 must buy from national banks desiring to retire their cir- 
 culating notes the bonds deposited with the Treasurer of the 
 United States to secure these notes, but such purchases must 
 not exceed $25,000,000 par value of bonds each year. The 
 object of this provision was to provide for the gradual retire- 
 ment of the national bank notes and to substitute therefor 
 Federal reserve notes and to liquidate the bond holdings of 
 the banks without undue loss. The advent of the war brought 
 about a wholly new and unexpected situation which, in 
 justice to the banks, will probably require further remedial 
 legislation. 
 
 N on- Inter est Bearing Debt 
 
 In addition to the interest-bearing debt there was out- 
 standing on October 31, $4,437,250 of debt which had reached 
 maturity but which had not been presented for payment 
 and upon which interest had ceased, and there were also 
 outstanding $346,681,016 United States notes against which 
 the Treasury Department held a gold reserve amounting to 
 $152,979,025. There were also outstanding a small amount 
 of old demand notes and the Treasury charges itself with 
 $6,844,418 fractional currency which was issued during the 
 Civil War and which has not yet come in for redemption.
 
 THE OLD DEBT [ 73 
 
 This is after cancelling from the statement a large amount of 
 this currency which was years ago estimated to have been 
 lost or destroyed. The Treasury also charges itself, as a part 
 of the non-interest-bearing debt, with moneys deposited by 
 national banks and Federal reserve banks for the purpose of 
 redeeming their notes in lieu of bonds which have been with- 
 drawn. This makes the total old or non-war debt as of 
 October 31, 1918, after deducting the gold reserve held 
 against the United States notes, $1,130,943,651. 
 
 Postal-Savings Bonds 
 
 The Postal-Savings System was established by an Act of 
 Congress, approved June 25, 1910, for the purpose of pro- 
 moting and encouraging the habit of thrift, especially among 
 our large foreign population, to whom the use of a Govern- 
 ment depository for savings was familiar. 
 
 The system was popular from the start and has served its 
 purpose well. Interest at the rate of two per cent, per an- 
 num is allowed upon savings. The depositors have the right 
 to convert their savings into Postal-Savings Bonds, bearing 
 interest at the rate of 2>£% per annum. 
 
 At the close of the fiscal year ended June 30, 1918, there 
 were 6,678 postal-savings depositories in operation, including 
 730 branch post-offices and stations. The amount on deposit 
 was $148,471,499, belonging to 612,188 depositors. The 
 average deposit was $242.53. The maximum amount which 
 any depositor may have to his credit is $2,500. 
 
 To encourage small savings 10-cent savings stamps are 
 sold which will be accepted as an interest-bearing deposit in 
 sums of one dollar.
 
 74] BANKERS TRUST COMPANY 
 
 In pursuance of authority contained in the Postal Savings 
 Act, $11,350,760 Postal-Savings Bonds have been issued. The 
 first series was issued July 1, 191 1, and an additional series 
 has been issued January 1 and July 1 of each subsequent year. 
 Postal-savings depositors desiring to convert their savings 
 into bonds, must make application at least thirty days before 
 the date of issue of the bonds. The applications, after re- 
 ceiving the approval of the Post OfHce Department, are for- 
 warded to the Treasury Department and at the same time 
 funds for the amount of the bonds to be issued are deposited 
 in the Treasury. Thereupon the Treasury Department issues 
 the Postal-Savings Bonds, which are United States bonds and 
 a direct obligation of the Government. The bonds bear in- 
 terest at the rate of 2^% per annum payable semi-annually 
 on January 1 and July 1 of each year; both principal and in- 
 terest are payable in United States gold coin of the present 
 standard of value; they are redeemable after one year from 
 date of issue and are payable 20 years from such date; they 
 are not receivable as security for national bank or Federal 
 reserve bank circulation. They are issued in coupon and 
 registered form, and in denominations of $20, $100, and $500. 
 
 The Trustees of the Postal-Savings Service stand ready at 
 any time to repurchase these bonds at par as an investment 
 for Postal-Savings funds. The amount of bonds so purchased 
 by the Postal-Savings Service and held as an investment on 
 June 30, 1918, was $3,963,440. These bonds may therefore 
 be held free from the risk of fluctuation in market value. This 
 is a compensation for the low rate of interest which they bear.
 
 Chapter IV 
 The War Debt 
 
 THE War Debt may be classified into Certificates of 
 Indebtedness, Liberty Bonds, Victory Liberty Notes 
 and War-Savings Certificates. 
 
 Certificates of Indebtedness 
 
 The use of Certificates of Indebtedness in connection with 
 United States Government financing is not entirely new. As 
 we have already seen in the historical portion of this pam- 
 phlet, certificates, or Treasury notes as they were then called, 
 were extensively used in financing the War of 1 812, in financ- 
 ing deficits following the panic of 1837, during and following 
 the Mexican War in 1846 to 1851, during Buchanan's ad- 
 ministration and during the Civil War, but the methods pur- 
 sued at these times were essentially different from the method 
 which has been pursued in connection with the use of certifi- 
 cates in financing the present war. The certificates which have 
 been issued during the last two years have fallen into two 
 classes. One class has been issued in anticipation of the sale 
 of the long-term or Liberty Bonds, and the other class has 
 been issued in anticipation of the payment of taxes. In 
 each case, the certificates have automatically been cancelled 
 either through the receipt of revenues by the Treasury from 
 the sale of long-term bonds or by the receipt of revenues from 
 the payment of taxes. The aggregate issues of these certifi- 
 
 [75
 
 76 ] BANKERS TRUST COMPANY 
 
 cates since April, 1917, have been about $21,000,000,000. The 
 amount of certificates outstanding on April 1, 1919, was ap- 
 proximately as follows: Issued in anticipation of taxes, $500,- 
 000,000; issued in anticipation of bond sales, $5,000,000,000 
 — total of $5,500,000,000. The major part of these certifi- 
 cates bears interest at the rate of 4^%. The certificates 
 now outstanding will be automatically retired within a few 
 months by receipts from taxes or from the sale of the Victory 
 Liberty Notes. 
 
 Liberty Bonds 
 
 There have been four issues of Liberty Bonds for an aggre- 
 gate amount of $16,978,356,250. The amount of these bonds 
 outstanding on January 31, 1919, was officially reported at 
 $16,650,078,300. The difference in the amount allotted and 
 amounts outstanding is probably accounted for by purchases 
 for the sinking fund. 
 
 The subscription books for the first issue were opened on 
 May 14, 1917, and the total subscriptions amounted to 
 $3,035,226,850. The total number of subscribers is estimated 
 to have been 4,500,000 and the average size of a subscription 
 $675. It is estimated that 4.24% of the citizens of the United 
 States subscribed to this loan. The per capita subscription 
 was $28.63. These bonds were issued bearing an interest of 
 3/^% an d were exempt from all taxation except inheritance 
 taxes. They carried the very valuable privilege of the right to 
 the holder to exchange these bonds for bonds of any subse- 
 quent series bearing a higher rate of interest and issued prior 
 to the termination of the war with Germany, the date of such 
 termination to be fixed by a proclamation of the President. 
 As no such proclamation has as yet been issued, bonds of this
 
 THE WAR DEBT [ JJ 
 
 series are still convertible into bonds bearing a higher rate of 
 interest. According to the terms of issue they were not con- 
 vertible into Treasury Certificates of Indebtedness or other 
 short term obligations. By the terms of the Second Liberty 
 Loan Act a short term obligation was defined to be one matur- 
 ing within a period of five years. No definition of " short term 
 obligation" was given in the First Liberty Loan Act. Pre- 
 sumably, however, bonds of this issue would not be convert- 
 ible into the new Victory Loan notes as these are issued toma- 
 ture in three to four years. The holders of the 3>£% bonds 
 have exercised their privilege of exchange for bonds bearing a 
 higher rate of interest so that on January 31 last, the amount 
 of bonds of this issue outstanding bearing 3^2% interest was 
 #1,413,805,200. Of bonds converted from this issue bearing 
 4% interest #198,865,200 were then outstanding and of those 
 converted from this issue bearing 4^4% $376,129,100 were 
 then outstanding. 
 
 The books for subscriptions to the Second Liberty Loan 
 were opened on October 1, 191 7, and closed October 27th. 
 The total amount offered was #3,000,000,000 to bear interest 
 at the rate of 4% per annum. The amount subscribed was 
 #4,617,532,300, or 154% of the amount offered. The amount 
 allotted was #3,088,766,150. The number of subscribers was 
 estimated at 9,500,000, giving an average subscription of #486. 
 The bonds were subscribed for by 8.96% of the population. 
 The per capita subscription was #43.56. These bonds bore 
 interest at the rate of 4% per annum but were convertible 
 into any subsequent series of bonds (not including United 
 States Certificates of Indebtedness, War Savings Certificates 
 and other obligations maturing not more than five years from 
 the issue of such obligations, respectively), bearing interest at 
 a higher rate than four per cent, per annum, provided such
 
 78 ] BANKERS TRUST COMPANY 
 
 bonds should be issued before the termination of the war with 
 Germany, the date of such termination to be fixed by a proc- 
 lamation of the President. The circular under which the 
 bonds were issued provided that such conversion privilege 
 must be exercised, if at all, within six months after the date of 
 issue of any such subsequent issue of bonds. According to 
 the terms of issue this privilege of conversion, which also ap- 
 plied to the First Liberty Bonds which had been converted 
 into 4's, terminated as to both of these issues on the 9th of No- 
 vember, 191 8. By the terms of the Victory Liberty Loan Act 
 which became a law on March 3, 1919, the Secretary of the 
 Treasury was given authority to extend the period during 
 which conversions might be made into \ l /i c /o bonds and, in 
 accordance with the authority so given, he has extended such 
 privilege of conversion until further notice. It is manifestly 
 to the interest of the holders of 4% bonds to make the con- 
 version and obtain the higher rate of interest to which they 
 are entitled. There is no disadvantage to the holder in mak- 
 ing such exchange and the motives of no one can be impugned 
 for so doing, because it is desired by the Government that all 
 owners of these bonds shall exercise their rights in this matter. 
 
 The Third Liberty Loan was offered for subscription on 
 April 6, 1918; the books closed on May 4th. These bonds 
 bear interest at the rate of 4*4% per annum. The amount 
 offered was $3,000,000,000. The amount subscribed and 
 allotted was $4,176,516,850. The subscriptions amounted to 
 139% of the allotment. The total number of subscribers was 
 18,308,325, an average of $228.12 each. Over seventeen per 
 cent. (17.22%) of the population subscribed to these bonds. 
 The per capita subscription was $39.40. 
 
 The Fourth Liberty Loan was offered on September 28, 
 191 8. The books closed on October 19th. The amount of-
 
 THE WAR DEBT [ 79 
 
 fered was #6,000,000,000 bearing interest at the rate of 4^% 
 per annum. The amount subscribed and allotted was 
 $6,993,073,250. The percentage of the amount subscribed to 
 that offered was 116.55. I* 1S estimated that there were 
 21,000,000 subscribers to this loan — giving an average sub- 
 scription of $333. The percentage of subscribers to popula- 
 tion was 19.62 or, say, equivalent on the census methods prac- 
 tically to one subscription for every family in the United 
 States. This was probably the most successful war loan ever 
 placed in this or any other country. The details in regard to 
 the amount of Liberty Bonds now outstanding, their maturity 
 and interest dates, denominations, opening and closing of 
 transfer books and present conversion privileges will be found 
 in the " Public Debt" tables printed on page 101 and following 
 pages. 
 
 The Victory Liberty Notes 
 
 In accordance with the terms of the Act of Congress which 
 became a law on March 3, 1919, what is stated to be the last 
 formal Liberty Loan is to be offered on April 21st, the amount 
 to be $4,500,000,000. These notes are to bear interest at the 
 rate of 4^% per annum and are to be exempt from State and 
 local taxes, except estate and inheritance taxes, and from nor- 
 mal Federal income taxes. They are convertible into notes 
 bearing Z 2 A% interest which are to be exempt from all Fed- 
 eral, State and local taxes., except estate and inheritance taxes. 
 These issues will mature in from three to four years. They 
 are to be interconvertible at the option of the holder and during 
 the entire period for which they are outstanding. Both series 
 of notes will be dated and bear interest from May 20, 1919, 
 and will mature on May 20, 1923, but will be redeemable, at
 
 80] BANKERS TRUST COMPANY 
 
 the option of the Government, on June 15th, or December 15, 
 1922. Interest will be payable on December 15, 1919, and 
 thereafter semi-annually on June 15th and December 15th 
 and at maturity. 
 
 The Secretary of the Treasury states that in fixing the 
 terms of the issue he has been guided largely by the desire to 
 devise a security which will not only prove attractive to the 
 people of the country in the first instance but the terms of 
 which should insure a good market for the notes after the 
 campaign is over and identical prices for the two series and 
 should not affect injuriously the market for the existing 
 bonds of the Liberty Loans. It is also officially stated that 
 this will be the last Liberty Loan, but the Secretary says: 
 "Although as the remaining war bills are presented, further 
 borrowing must be done, I anticipate that the requirements of 
 the Government, in excess of the amount of taxes and other 
 income can, in view of the decreasing scale of expenditure, 
 be readily financed by the issue of Treasury certificates from 
 time to time as heretofore, which may be ultimately refunded 
 by the issue of notes or bonds without the aid of another great 
 popular campaign such as has characterized the Liberty 
 Loans." The attractive terms upon which these notes are 
 offered and the desire of all the people of the United States to 
 see the financing of the war brought to a successful and hon- 
 orable conclusion assures a large subscription for this issue of 
 notes. 
 
 War- Savings Certificates and Thrift Stamps 
 
 The War-Savings Certificates are primarily intended for 
 the convenience of the small investor. They are issued as dis- 
 count certificates; that is to say, when paid at the end of the
 
 THE WAR DEBT [ 8l 
 
 five years which they have to run, the payment will include 
 the return of the original investment plus an amount which 
 will be equal to an income of about four per cent, per annum 
 compounded quarterly. 
 
 War-Savings Certificates become an obligation of the 
 United States when, and only when, one or more United 
 States War-Savings Certificate stamps shall be affixed there- 
 to. There are two series of War-Savings Certificate Stamps 
 outstanding. One series dated in 1918 will mature January 
 1, 1923. These all have a maturity value of five dollars each. 
 The second series dated in 1919 will mature January 1, 1924. 
 These are in two denominations, one having a maturity value 
 of five dollars each and the other a maturity value of one hun- 
 dred dollars each. The issue price of the 1919 five-dollar 
 series is $4.15 for the month of April and one cent additional 
 for each subsequent month. Each War-Savings Certificate 
 has places for twenty War-Savings Certificate Stamps and 
 each of such stamps affixed thereto will have a maturity value 
 of five dollars on January 1st, 1924, or in case of the large 
 stamps will have a maturity value of one hundred dollars 
 each. 
 
 War-Savings Certificate Stamps are payable at maturity 
 at the Treasury Department in Washington, or at any money 
 order post-office. Prior to maturity they may be cashed at 
 any money-order post-office ten days after written demand, 
 this office to be the office where registered in the case of a re- 
 gistered certificate. War-Savings Certificate Stamps of the 
 series of 1919 will be cashed at the same price as the issue 
 price given above and at one cent additional for each subse- 
 quent month. War-Savings Certificate Stamps of the series 
 of 191 8 are redeemable on a similar schedule. To protect the 
 owners of War-Savings Certificate Stamps from fraud and
 
 82 ] BANKERS TRUST COMPANY 
 
 theft the Post Office Department has recently ruled that here- 
 after such stamps and thrift stamps will be redeemed only 
 when attached to Certificates. Hereafter loose stamps will not 
 be redeemed. 
 
 War-Savings Certificates may be registered without cost 
 to the owners at any post-office of the first, second or third 
 class, or at certain specially authorized post-offices of the 
 fourth class and payment in respect of any certificate so regis- 
 tered will be made only at the post office where registered. 
 
 War-Savings Certificates when registered are not trans- 
 ferable and are payable only to the respective owners named 
 thereon, except in the case of the death or disability of any 
 such owner. 
 
 Not more than one thousand dollars maturity value of each 
 series of certificates may be held by any one person, at any one 
 time. 
 
 Thrift Cards and Thrift Stamps 
 
 United States thrift stamps having a face value of twenty- 
 five cents and bearing no interest are purchasable at post 
 offices and at many other agencies. They are not directly 
 redeemable in cash but may be exchanged for War-Savings 
 Certificate Stamps in amounts of four dollars. The owner 
 must pay in addition to the four dollars in Thrift stamps the 
 difference between that amount and the current issue price of 
 War-Savings Certificate Stamps.
 
 Chapter V 
 The Banks and United States Bonds 
 
 FOR many years the largest holders of United States bonds 
 were the national banks. This is still true concerning the 
 Old Debt. 
 
 The national banking system was established in 1863 pri- 
 marily for the purpose of providing a market for Government 
 bonds. With this object in view the banks were allowed to 
 issue circulating notes upon the security of certain issues of 
 bonds. 
 
 Circulation 
 
 There are still three issues of bonds which have the circula- 
 tion privilege, viz: the 2% Consols of 1930, $599,724,050 out- 
 standing; the Panama Canal 2's, $74,901,580 outstanding, 
 and the 4% Loan of 1925, $118,489,000 outstanding — a total 
 of $793,115,530 bonds, of which total on April 1, 1919, $688,- 
 183,250 were deposited to secure national bank notes and 
 $17,411,800 to secure Federal reserve bank notes. That is, 
 nearly 90% of these issues is held by the banks. 
 
 National banks are permitted to issue circulating notes 
 equal in amount to the par value of the United States bonds 
 deposited with the Treasurer of the United States. Upon the 
 average amount of notes outstanding a tax must be paid. 
 This tax is one-half per cent, a year in the case of the two per 
 cent, bonds and one per cent, a year in the case of the four per 
 cent, bonds. 
 
 T83
 
 84 ] BANKERS TRUST COMPANY 
 
 National banks have the privilege of increasing or decreas- 
 ing the amount of circulating notes which they have outstand- 
 ing, provided the total amount at any time outstanding does 
 not exceed the capital stock of the issuing bank. In order to 
 retire circulation, and to regain possession of bonds deposited 
 as security, the banks must deposit with the Treasurer of the 
 United States an equivalent amount of legal tender currency. 
 These deposits are covered into the Treasury and thereafter 
 the notes are treated as part of the public debt, to be repaid 
 upon presentation. 
 
 When the Federal Reserve System was established it was 
 feared that the national banks would lose heavily upon their 
 holdings of two per cent, bonds. Therefore, it was provided in 
 the Federal Reserve Act that these bonds should be gradually 
 retired over a period of twenty years by the purchase by the 
 Federal reserve banks of #25,000,000 bonds annually. The 
 Federal reserve banks have the privilege of converting the 
 bonds so purchased, one-half into what are known as Conver- 
 sion 3's, payable thirty years afterdate of issue, and one-half 
 into one-year 3% Treasury Notes. 
 
 Instead of converting the Twos purchased from the na- 
 tional banks into 3% bonds and notes the Federal reserve 
 banks have the right to deposit them as security for circulat- 
 ing notes. These notes are similar in all respects to the na- 
 tional banks notes and are issued and redeemed under the same 
 terms and conditions, but without being limited in amount by 
 the amount of capital of the Federal reserve bank issuing 
 them. 
 
 The Federal reserve banks are also authorized to issue Fed- 
 eral reserve bank notes under the terms of the Pittman Act to 
 take the place of silver certificates retired because of the sale 
 of silver dollars to assist in equalizing the exchanges in the
 
 THE BANKS AND UNITED STATES BONDS [ 85 
 
 Far East. The act provides for a special issue of certificates 
 of indebtedness equal in amount to that of the silver dollars 
 retired. Against these certificates the Federal reserve banks 
 are permitted to issue an equivalent amount of notes. It is 
 expected that eventually the silver certificates will be reissued 
 and the notes retired. The amount of notes so secured out- 
 standing April 1, 1919 was $143,183,000. The notes issued 
 by the Federal reserve banks against Government bond or 
 certificate collateral are known as Federal reserve bank 
 notes to distinguish them from the Federal reserve notes for 
 which bond collateral is not required. 
 
 The Federal reserve banks are not restricted in their pur- 
 chases of United States bonds to the holdings of the national 
 banks. They may purchase such bonds in the open market 
 and may take out circulation upon any 2% bonds or 4% 
 bonds of 1925 which they may own, however acquired. 
 
 There is a substantial profit to be obtained by national 
 banks and Federal reserve banks by taking advantage of the 
 circulation privilege. 
 
 Public Deposits 
 
 Prior to the passage of the Federal Reserve Act only the 
 national banks could be used as depositories of public moneys. 
 The Federal Reserve Act provides that at the discretion of the 
 Secretary of the Treasury the Federal reserve banks shall also 
 act as depositories, but these banks are not required to give 
 collateral security. Member banks of the Federal Reserve 
 System, other than national banks, may not act as regular 
 depositories of public moneys, except for postal-savings funds. 
 These may be deposited with the State banks which are 
 members of the system. All deposits of public moneys in 
 member banks must be secured by deposit with the Treasurer
 
 86] BANKERS TRUST COMPANY 
 
 of the United States of United States bonds or other ap- 
 proved collateral. 
 
 Under the terms of the Liberty Loan acts the proceeds of 
 sales of Liberty bonds are allowed to remain on special 
 deposit with member and other approved banks. Such de- 
 posits must be secured by United States bonds or other 
 approved collateral. 
 
 Loans 
 
 Any member bank which has loaned money to any of its 
 customers for the purpose of carrying or trading in bonds or 
 notes of the United States, may rediscount with its Federal 
 reserve bank the bill or note of its customer, provided such 
 bill or note (a) has a maturity at the time of discount of not 
 more than 90 days, exclusive of days of grace; and (b) has 
 the indorsement of the member bank. Such bill or note, how- 
 ever, need not necessarily be secured and need not be drawn 
 for a commercial purpose other than for the purpose of carry- 
 ing or trading in notes or bonds of the United States. Any 
 member bank which has itself purchased obligations of the 
 United States may procure a loan from its Federal reserve 
 bank, for not exceeding 15 days, on its own promissory note, 
 provided such note is secured by a deposit or pledge of bonds 
 or notes of the United States. 
 
 The loans of this character by the Federal reserve banks 
 about April 1, 1919, aggregated about $1,691,000,000. 
 
 According to the best available information, the member 
 banks of the Federal Reserve System about the first of April, 
 1919, were loaning to customers upon the security of United 
 States bonds and certificates and held investments in such 
 bonds and certificates aggregating about seven billion dollars. 
 This is almost exactly thirty per cent, of the war debt.
 
 Chapter VI 
 Old Debt Taxation 
 
 ALL issues of bonds and certificates made prior to the 
 . present war are "exempt from the payment of all taxes 
 or duties of the United States as well as from taxation in 
 any form by or under State, municipal or local authority." 
 
 The Treasury Department has ruled that such securities 
 are not exempt from Federal estate taxes. 
 
 War Debt A s to Principal 
 
 All issues are exempt from any form of taxation as to 
 principal, by or under United States, State, municipal or 
 local authority; except estate or inheritance taxes. 
 
 As to Interest 
 
 First Liberty Loan $}/2S 
 
 Exempt from all taxation, except Federal estate or inheri- 
 tance taxes. 
 
 First Liberty Loan Converted 4s and 4^s or Second-Con- 
 verted 4}/i> Second Liberty Loan 4s and Converted 4}^s, Third 
 Liberty Loan 4}/^s, Fourth Liberty Loan 4}^s, Certificates of 
 Indebtedness, War Savings Certificates. 
 
 All these issues are exempt from taxation as to interest 
 except 
 
 (a) As to estate or inheritance taxes, and (b) as to sur- 
 taxes, excess-profits and war profits-taxes, i.e., they 
 are exempt from the normal tax and during 1919 
 from the corporation income tax of 10%. 
 
 [87
 
 88 ] BANKERS TRUST COMPANY 
 
 However, the income from an aggregate principal amount 
 of #5,000 of all issues combined (not #5,000 of each issue) is 
 exempt from all tax, except estate or inheritance taxes. 
 
 The Fourth Liberty Bond Act provided for the following 
 additional exemptions from taxation for two years after end 
 of the war as fixed by proclamation of the President :- 
 
 Fourth Liberty Loan 4%* 
 
 The interest on #30,000 bonds, or any part, whether the 
 bonds were obtained by subscription or bought in the market, 
 may be received free of surtaxes, excess-profits and war-profits 
 taxes as well as from the normal tax. 
 
 First Liberty Loan Second-Converted 4%s (Issue of Oct. 24, 
 
 1918). 
 
 The interest on #30,000 bonds obtained by conversion from 
 First 3>^s under the terms of the Fourth Liberty Loan Act 
 may also be received free of such taxes. 
 
 All other Liberty Loan 4s or 4}^s 
 
 The interest on #45,000 bonds, or any part, may be received 
 free of above taxes, provided at the time of making tax return 
 the holder also owns — as an original subscriber — Fourth Lib- 
 erty Loan 4>^s for two-thirds of the amount of other 4s and 
 4>^s for which exemption is claimed. 
 
 The Victory Liberty Loan Act affords the following addi- 
 tional exemptions: 
 
 All Liberty Loan 4s or 4%s 
 
 The interest on #30,000 in the aggregate of the above issues 
 received on and after January 1, 1919, is exempt from all
 
 TAXATION [ 89 
 
 taxation until the expiration of five years after the termina- 
 tion of the war. 
 
 All Liberty Loan 4s or 4%s 
 
 The interest on $20,000 in the aggregate of the above bonds 
 is also exempt from all taxation during the life of the Vic- 
 tory Liberty Notes, provided the aggregate principal amount 
 of bonds for which such exemption is claimed does not ex- 
 ceed three times the amount of Victory Liberty Notes which 
 the owner has obtained as an original subscriber and still 
 owns at the date of making his tax return. 
 
 Example: 
 
 Liberty Loan 4s and 4K"s which may be held free of all taxes (except 
 estate or inheritance taxes) including the normal income tax, surtaxes, 
 excess profits and war-profits taxes. 
 
 For life of *bonds $5,000 
 
 For two years after close of war: 
 
 First-Second Converted ±%s dated Oc- 
 tober 24, 1918 30,000 
 
 Fourth 4><s 30,000 
 
 Other 4s and 4Ks — provided owner is 
 an original subscriber to Fourth 4>£s 
 for two-thirds of amount for which 
 exemption is claimed — to an aggre- 
 gate amount of 45,000 
 
 Total for two years after war 105,000 
 
 For five years after close of war : 
 
 Liberty 4s and 4Xs $30,000 
 
 During Uje of Victory Liberty Notes: 
 All 4s and 4>^s — provided owner is an 
 
 original subscriber to Victory Liberty 
 
 Notes for one-third of amount for 
 
 which exemption is claimed — to an 
 
 aggregate amount of 20,000 
 
 Aggregate amount of Liberty 4s and 4>£s 
 
 which may be held free of tax $160,000 
 
 ♦Provided no exemption is claimed because of holdings of certificates.
 
 90 ] BANKERS TRUST COMPANY 
 
 Victory Liberty Notes 
 
 4$i°/o Convertible Gold Notes 
 
 The interest upon these Notes is exempt from the normal 
 Federal income tax. They are also exempt from all Federal, 
 State and local taxation, except estate and inheritance taxes. 
 
 5^4% Convertible Gold Notes 
 
 The interest upon these notes is exempt from all Federal 
 income taxes. They are also exempt from all Federal, State 
 and local taxation, except estate and inheritance taxes. 
 
 Interest on 
 
 Money Borrowed to Purchase United States Bonds 
 
 All interest paid or accrued within the taxable year on 
 indebtedness incurred or continued to purchase or carry obli- 
 gations of the United States issued after September 24, 1917, 
 may be deducted in computing net income subject to 
 taxation. 
 
 Inheritance Taxes 
 
 None of the war loans, certificates, or the income there- 
 from is exempt from Federal estate or inheritance taxes. 
 
 The Liberty Loan 4^4's of any series and the Victory 
 Notes may be used at par and accrued interest in paying 
 estate or inheritance taxes, provided they were continuously 
 held by the decedent for six months prior to death. 
 
 Calculating Tax Exemptions 
 under the Federal Revenue Act of igi8 
 
 The application of this law to large incomes and to corpor- 
 ate incomes is so complicated that instead of endeavoring to
 
 TAXATION [ 91 
 
 set forth here the manner in which holdings of United States 
 bonds would affect taxable income, we suggest that any one 
 interested communicate with our tax expert. 
 
 Special Tax Service 
 
 Our tax expert will upon request furnish all available data 
 concerning the intricacies of the income tax law as applied to 
 corporations or individuals owning United States securities. 
 We have on file for the use of customers the latest rulings of 
 the Commissioner of Internal Revenue, also annotated copies 
 of the tax law. 
 
 State Taxation 
 
 The courts have decided that although States may not in 
 any form levy a tax upon United States securities, they may 
 tax as the property of their owners the shares of banks and 
 other corporations the assets of which consist in whole or in 
 part of such securities, and in valuing the shares for the pur- 
 pose of taxation the shareholder cannot deduct the value of 
 the national securities held by the corporation the shares of 
 which are taxed. 
 
 However, a recent decision by the United States District 
 Court for the Southern District of Iowa, in regard to the 
 attempted assessment for taxation of the holdings of Liberty 
 Bonds by banks is of interest. In this case, while the State 
 claimed that the tax was laid upon the value of the stock as 
 the property of the shareholder and not upon the Government 
 bonds owned by the bank, the court ruled that although the 
 tax was nominally upon the shares of the bank as the property 
 of the shareholders, it was in reality a tax upon the property 
 of the bank and therefore invalid so far as it included any 
 exempt Government securities.
 
 Chapter VII 
 Coupon Bonds 
 
 FOR the convenience of investors the Government issues 
 two forms of bonds. One form is known as the coupon 
 bond — this is payable to bearer, exactly the same as a bank 
 note. 
 
 The interest on a coupon bond is collected by clipping from 
 the bond a coupon calling for the amount of interest due on 
 any given interest date. These interest coupons are payable 
 to bearer and may usually be cashed at any banking institu- 
 tion. The coupons from Liberty Bonds may also be cashed 
 at money-order post-offices and at a number of other places. 
 
 On account of the ease with which coupon bonds can be 
 transferred from hand to hand and also because of the ease 
 with which the interest coupons can be collected, coupon 
 bonds are preferred for temporary investments by those who 
 may wish to sell them within a short time and by those who 
 wish to avoid the trouble attending the sale of registered 
 bonds. 
 
 The courts have held that a coupon bond payable to bearer 
 is good in the hands of a bona fide holder who acquires it by 
 honest purchase at a fair market price without knowledge 
 that it has been fraudulently obtained by any previous holder, 
 even though the bond may have been lost by or stolen from 
 another party. The recovery of lost or stolen coupon bonds 
 or coupons is therefore attended with great difficulty and can 
 rarely be accomplished unless they are found in the hands 
 92]
 
 COUPON BONDS [ 93 
 
 of the thief or his accomplice or of some person who has 
 obtained possession of them by fraud or under circumstances 
 which will convict him of knowledge or suspicion of fraud 
 on the part of those from whom he received them. 
 
 The fact that lost or stolen coupon bonds have been adver- 
 tised by their numbers will not invalidate the title of an 
 innocent holder for value, as it cannot be held that every 
 purchaser of a bond is bound to have knowledge of all such 
 notices or advertisements. The Treasury Department does 
 not attempt to caveat or stop payment of lost or stolen coupon 
 bonds or to assume any responsibility of deciding the question 
 of disputed ownership, but recognizes only the bearer as 
 entitled to payment. Coupon bonds may be exchanged for 
 registered bonds.
 
 Chapter VIII 
 Registered Bonds 
 
 REGISTERED bonds are certificates made payable to 
 the owner, whose name and address are entered on the 
 books of the Treasury Department at Washington, and whose 
 name appears on the face of the bonds; title can be passed 
 only by the owner executing the assignment form found on 
 the back of the bond and having his signature witnessed by 
 the proper official. Interest on registered bonds is paid by 
 check. 
 
 Coupon bonds may be exchanged for registered bonds and, 
 in the case of the Liberty Bonds, registered bonds may be 
 exchanged for coupon bonds, but registered bonds of the old 
 issues may not be exchanged for coupon bonds. All United 
 States Government bonds now outstanding are issued in both 
 coupon and registered form. 
 
 Assignments 
 
 In making assignments of registered bonds, care should be 
 taken to od erve the following regulations of the Treasury 
 Department. The name of the registered owner must be 
 spelled exactly the same on the assignment form as it is on 
 the face of the bond. If the full name is given on the face 
 of the bond it must be given on the back; the signature must 
 be witnessed by the proper official, i.e., an official of the Fed- 
 eral Government who is authorized to receive acknowledg- 
 ments, or executive officers of Federal reserve banks, or their 
 branches, and of national banks and incorporated State banks 
 
 94l
 
 REGISTERED BONDS [ 95 
 
 and trust companies who are authorized by the bank to per- 
 form acts, attested by the seal of the bank. A notary public 
 is not authorized to witness assignments. 
 
 In all cases the officer before whom an assignment is 
 acknowledged must append his official designation and 
 address, and affix his official seal if he has one; if he has not 
 a seal this fact must be made known and attested. No official 
 of the United States is authorized to charge a fee for witness- 
 ing an assignment of United States registered bonds or of a 
 power of attorney to assign such bonds, or to collect interest 
 thereon and, as a rule, no charge for this service is made by 
 bank officials. 
 
 Assignment by Married Woinen 
 
 In the case of a married woman whose bonds stand in her 
 maiden name the assignment should be made in the maiden 
 name followed by the married name, thus, "Mary Smith, 
 now by marriage Mary Brown." 
 
 Assignment by Representative and Successor 
 
 In case of death or successorship the representative of the 
 deceased person, or the successor, must furni r \ official evi- 
 dence of such decease or successorship and of his own appoint- 
 ment, authority, or power. An executor or administrator may 
 assign bonds standing in the name of the deceased person 
 in whose stead such executor or administrator shall be acting. 
 
 Where there are two or more legal representatives all must 
 unite in the assignment, unless by a decree of court or testa- 
 mentary provision some one or more of them is or are desig- 
 nated and empowered to dispose of the bonds.
 
 96] BANKERS TRUST COMPANY 
 
 Bonds standing in the name of a person in the capacity of 
 a fiduciary or trustee can not be assigned after his death by 
 his executors or administrators, but must be assigned by a 
 successor duly appointed by the court having jurisdiction. 
 
 Assignments by an executor, administrator, trustee, guar- 
 dian or attorney to himself individually are void unless he be 
 specially authorized to execute such assignment by a court 
 having jurisdiction of the matter. 
 
 Assignments by Attorney in Fact 
 
 A person entitled to assign bonds may, by a duly executed 
 power of attorney, appoint an attorney in fact for that pur- 
 pose. By virtue of the authority so conferred, the attorney 
 can execute the assignments in the same manner as the 
 principal, and, provided the power of attorney authorizes 
 him to do so, he may appoint one or more substitutes to act 
 in his place. An assignment by an attorney in fact or his 
 substitute to himself individually is void unless sanctioned 
 by a court of competent jurisdiction; in which case a certified 
 copy of the court order must be filed with the department. 
 
 Powers of attorney authorizing the assignment of bonds 
 should be sent, for record, to the Secretary of the Treasury, 
 Division of Loans and Currency. 
 
 Powers of attorney to assign or transfer registered bonds 
 must be acknowledged in the presence of one of the officers 
 authorized to witness assignments. 
 
 hiterest Payments 
 
 Checks for interest on registered bonds are mailed by the 
 Government to the registered owner, or to any other person
 
 REGISTERED BONDS [ 97 
 
 who may be designated by the owner to receive the interest. 
 These checks are payable, when properly endorsed, on presen- 
 tation at the United States Treasury, at the office of any 
 Assistant Treasurer of the United States, Federal reserve 
 bank, or at any national bank that has been designated an 
 active depositary for public moneys. Almost any bank or 
 trust company will cash these checks upon proper identifi- 
 cation of the holder. The endorsement must be in ink or 
 indelible pencil and must correspond exactly with the name 
 as printed on the face of the check. A married woman when 
 endorsing a check drawn to her maiden name should endorse 
 it with both names as stated above under "Assignments." 
 Endorsements made by an agent, attorney, guardian, exec- 
 utor, administrator, or trustee of an estate are not recognized 
 unless evidence of authority has been filed with the Auditor 
 for the Treasury Department. 
 
 Powers of Attorney to Collect Interest 
 
 Powers of attorney and testamentary evidence designed as 
 authority to collect interest checks should be filed with the 
 Auditor for the Treasury Department and that officer 
 should specifically be advised at which of the offices referred 
 to in the previous paragraph it is desired that the interest 
 checks, under such powers, shall be paid. Notice of the 
 appointment of an attorney to collect interest should be 
 given to the Secretary of the Treasury. 
 
 Powers of attorney to indorse and collect interest checks 
 must be acknowledged before one of the officers authorized 
 to witness the assignments of registered bonds or before a 
 notary public. The acknowledging officer must add his 
 official designation, address and an impression of his seal, if 
 he has one.
 
 98 ] BANKERS TRUST COMPANY 
 
 Interest to Joint Holders of Registered Bonds 
 
 Interest will be paid to any one of several joint holders, 
 co-trustees, joint executors, administrators or guardians; but 
 in the execution to a third party of a power to collect interest 
 checks all must join. In case of the death of any such 
 joint holders, co-trustees, and so forth, the survivor or sur- 
 vivors will be recognized as having full authority, upon due 
 proof of such death and survivorship. 
 
 Opening and Closing 
 of Transfer Books; Denominations 
 
 The transfer books, for the purpose of changing the owner- 
 ship of registered bonds, open and close in accordance with 
 the schedule printed in the tables to be found on pages 102 
 and 103. Coupon bonds can be exchanged for registered bonds, 
 or, in the case of the Liberty Bonds, registered bonds for coupon 
 bonds, whenever the transfer books are open. The denomin- 
 ations in which bonds of each issue are made are also given in 
 this table.
 
 Chapter IX 
 Lost, Destroyed and Defaced Bonds 
 
 Coupon Bonds 
 
 THERE is no authority under existing law empowering 
 the Treasury Department to issue duplicates of United 
 States coupon bonds which have been lost or stolen, or to 
 redeem such bonds. 
 
 In the case of coupon bonds which have been destroyed or 
 defaced, the Treasury Department is authorized upon proper 
 evidence to issue new bonds. An indemnity bond must be 
 filed. 
 
 Destroyed Coupons 
 
 In cases where coupons detached from the bonds have been 
 destroyed or defaced, there is no relief. 
 
 So long as coupons remain attached to the bonds with 
 which they were issued they are deemed to constitute parts 
 thereof, and therefore if one or more coupons whilst attached 
 to a bond becomes destroyed or defaced, this would be a 
 case of partial destruction or defacement of the bond and a 
 duplicate bond with proper coupons attached would be issued. 
 
 Registered Bonds 
 
 In the case of the loss, theft, or supposed destruction of 
 United States registered bonds immediate notification of such 
 fact should be sent the Secretary of the Treasury, Division 
 of Loans and Currency, in order that a caveat may be 
 entered on the books of the department against the transfer 
 of such bonds. 
 
 [99
 
 United States Public Debt 
 April i, 1919 
 
 
 Compiled from official data 
 
 
 
 See note next page. 
 
 
 OLD DEBT BEARING INTEREST 
 
 
 
 Interest 
 
 Redeemable or 
 
 
 Title of Loan 
 
 Rate Payable 
 
 Payable 
 
 Outstanding 
 
 Consols of 1930f 
 
 2 Q. Jan. 
 
 After April 1, 1930 
 
 $599,724,050 
 
 Loan of 1925f 
 
 4 Q. Feb. 
 
 After Feb. 1, 1925 
 
 118,489,900 
 
 Panama Canal, 
 
 
 
 
 Series 1906f 
 
 2 Q. Feb. 
 
 After Aug. 1, 1916 
 Payable Aug. 1, 1936 
 
 48,954,180 
 
 Series 1908f 
 
 2 Q. Feb. 
 
 After Nov. 1, 1918 
 Payable Nov. 1, 1938 
 
 25,947,400 
 
 Series 1911 
 
 3 Q. Mar. 
 
 Payable June 1, 1961 
 
 50,000,000 
 
 Conversion Bonds 
 
 3 Q. Jan. 
 
 Payable 30 years from 
 
 
 
 
 date, 1916-17 
 
 28,894,500 
 
 Postal Savings 
 
 
 
 
 Bonds 
 
 2K J.&J. 
 
 After 1 year from date 
 Payable 20 years from 
 
 11,350,760 
 
 
 r interest-bearin 
 
 date, 1911-18 
 g debt 
 
 
 Aggregate non-wa 
 
 $883,360,790 
 
 Matured non-war 
 
 debt upon which interest has ceased . 
 
 4,437,250 
 
 Total non-war bonded debt . 
 
 
 $887,798,040 
 
 OLD DEBT NOT BEARING INTEREST 
 
 United States Notes .... $346,681,016 
 
 Less Gold Reserve .... 152,979,025 $193,701,991 
 
 Old Demand Notes 53,012 
 
 Fractional Currency 6,844,418 
 
 National Bank Notes and Federal Reserve 
 
 Bank Notes assumed by the United States 
 
 upon deposit of lawful money for their 
 
 retirement 42,546,190 243,145,611 
 
 Total Old Debt $1,130,943,651 
 
 tAvailable as security for bank notes. 
 IOO]
 
 UNITED STATES PUBLIC DEBT— Continued 
 
 WAR DEBT 
 
 Interest Redeemable or 
 
 Title of Loan Rate Payable Payable Outstanding 
 
 Liberty Loans 
 
 First Zyi J & D After June 15, 1932 $1,413,805,200 
 
 Payable June 15, 1947 
 Converted 4 J & D After June 15, 1932 198,865,200 
 
 Payable June 15, 1947 
 Converted 4# J & D After June 15, 1932 
 
 Payable June 15, 1947 376,129,100 
 
 Second 4 M & N After Nov. 15, 1927 
 
 Payable Nov. 15, 1942 860,365,100 
 
 Converted 4}< M & N After Nov. 15, 1927 
 
 Payable Nov. 15, 1942 2,752,153,400 
 Third \yi M & S Payable Sept. 15, 1928 4,055,687,050 
 
 Fourth 4}< A & O After Oct. 15, 1933 ) 6 Q03 Q73 25Q 
 
 Payable Oct. 15, 1938 ( ' ' ' 
 Victory Notes 
 
 Free of Tax 3^4 ) On June 15 or ) 
 
 > J & D Dec. 15, 1922 > * 4,500, 000,000 
 
 Taxable ±X ) Payable May 20, 1923 ) 
 
 Total Liberty Loans $16,650,078,300 
 
 War Savings and 
 Thrift Stamps 
 
 Approximate amounts j Payable Jan. 1,1923 1,000,000,000 
 
 1 Jan. 1, 1924 40,000,000 
 
 Certificates of Indebtedness — Approximate amount. 5,500,000,000 
 
 Total War Debt $23,190,078,300 
 
 Total Old Debt (see opposite page) 1,130,943,651 
 
 Total Debt $24,321,021,951 
 
 ♦Authorized — Not included in total. Will retire a corresponding amount of Certificates 
 of Indebtedness. 
 
 Note. — The above statement is compiled from the Financial Statement of the United 
 States Government for October 31, 1918, and the Daily Statements of the United 
 States Treasury Department for the period from November 1. 1918 to March 31, 1919 
 and from other official statements. There are some discrepancies which cannot be recon- 
 ciled, but the ficures are believed to be substantially correct. 
 
 [ IOI
 
 Transfer Books — Denominations 
 
 Old Debt 
 
 Transfer Books 
 
 Denominations 
 
 Close 
 
 Open 
 
 Coupon 
 
 Registered 
 
 Panama Canal 
 2*S 1916-1936 
 
 Jan. 15 
 April 15 
 July 15 
 Oct. 15 
 
 Feb. 1 
 May 1 
 Aug. 1 
 Nov. 1 
 
 $20 
 
 100 
 
 1,000 
 
 $20 
 
 100 
 
 1,000 
 
 10,000 
 
 Panama Canal 
 2's 1918-1938 
 
 Jan. 15 
 April 15 
 July 15 
 Oct. 15 
 
 Feb. 1 
 May 1 
 Aug. 1 
 Nov. 1 
 
 $20 
 
 100 
 
 1,000 
 
 $20 
 
 100 
 
 1,000 
 
 10,000 
 
 Refunding Consols 
 2's 1930 
 
 Nov. 30 
 Feb. 28 
 May 31 
 Aug. 31 
 
 Jan. 1 
 April 1 
 July 1 
 Oct. 1 
 
 $50 
 
 100 
 
 500 
 
 1,000 
 
 $50 
 
 100 
 
 500 
 
 1,000 
 
 5,000 
 
 10,000 
 
 50,000 
 
 Postal Savings 
 2 1 /2 , S 1931-1937 
 
 Nov. 30 
 May 31 
 
 Jan. 1 
 July 1 
 
 $20 
 
 40 
 
 60 
 
 80 
 
 100 
 
 500 
 
 $20 
 
 40 
 
 60 
 
 80 
 
 100 
 
 500 
 
 Panama Canal 
 3's 1961 
 
 Feb. 15 
 May 15 
 Aug. 15 
 Nov. 15 
 
 Mar. 1 
 June 1 
 Sept. 1 
 Dec. 1 
 
 $100 
 
 500 
 
 1,000 
 
 $100 
 
 500 
 
 1,000 
 
 10,000 
 
 Conversion 
 3's 1946-1947 
 
 Nov. 30 
 Feb. 28 
 May 31 
 Aug. 31 
 
 Jan. 1 
 April 1 
 July 1 
 Oct. 1 
 
 $100 
 
 1,000 
 
 5,000 
 
 10,000 
 
 $100 
 
 1,000 
 
 5,000 
 
 10,000 
 
 Long Fours 
 4'S 1925 
 
 Jan. 15 
 April 15 
 July 15 
 Oct. 15 
 
 Feb. 1 
 May 1 
 Aug. 1 
 Nov. 1 
 
 $50 
 
 100 
 
 500 
 
 1,000 
 
 $50 
 
 100 
 
 500 
 
 1,000 
 
 5,000 
 
 10,000 
 
 102 ]
 
 TRANSFER BOOKS- 
 
 -CONTINUED 
 
 
 
 Transfer Books 
 
 Denominations 
 
 War Debt 
 
 Liberty Bonds 
 
 
 
 
 Close 
 
 Open 
 
 Coupon 
 
 Registered 
 
 First, 1932-'47 
 
 May 15 
 
 Tune 16 
 
 $50 
 
 $100 
 
 11/ » Dated 
 °"2 s June 15, 1917 
 
 Nov. 15 
 
 Dec. 16 
 
 100 
 
 500 
 
 
 
 500 
 
 1,000 
 
 
 
 
 1,000 
 
 5,000 
 
 Conversion privileges — See Note. 
 
 
 
 
 10,000 
 
 50,000 
 
 100,000 
 
 
 
 
 
 First Converted, 1932-'47~ 
 
 
 
 
 
 A 9 Dated 
 
 * s Nov. 15, 1917 
 
 
 
 
 
 
 
 
 
 Conversion privileges — See 
 
 
 
 $50 
 
 $50 
 
 Note. 
 
 
 
 100 
 
 100 
 
 First Converted, 1932-'47 
 
 May 15 
 
 June 16 
 
 500 
 
 500 
 
 41//, Dated 
 
 ^ /4 » May 9, 1918 
 
 Nov. 15 
 
 Dec. 16 
 
 1,000 
 
 1,000 
 
 
 
 5,000 
 
 5,000 
 
 First Second-Converted, 
 
 
 
 10,000 
 
 10,000 
 
 1932-'47 
 
 
 
 
 50,000 
 
 41A»«5 Dated, 
 
 ^ /4 s Oct. 24, 1918 
 
 
 
 
 100,000 
 
 Second, 1927-42 
 
 
 
 
 
 4 » Dated, \ 
 ^ s Nov. 15, 1917 j 
 
 
 
 $50 
 
 $50 
 
 
 
 100 
 
 100 
 
 Conversion privileges — See f 
 Note. f 
 
 Second Converted, ) 
 
 April 15 
 Oct. 15 
 
 May 16 
 Nov. 16 
 
 500 
 1,000 
 5,000 
 
 500 
 1,000 
 5,000 
 
 1927-'42 I 
 
 
 
 10,000 
 
 10,000 
 
 4-Va\ Dated, \ 
 ^ /4 s May 9, 1918 / 
 
 
 
 
 50,000 
 
 
 
 
 100,000 
 
 Third, 1928 
 
 Feb. 15 
 
 Mar. 16 
 
 $50 
 
 $50 
 
 ^ /4 » May 9, 1918 
 
 Aug. 15 
 
 Sept. 16 
 
 100 
 
 500 
 
 1,000 
 
 100 
 
 500 
 
 1,000 
 
 
 
 
 Fourth, 1933-'38 
 
 Mar. 15 
 
 April 16 
 
 5,000 
 
 5,000 
 
 4Va\ Dated - 
 
 ^ /4 » October 24, 1918 
 
 Sept. 15 
 
 Oct. 16 
 
 10,000 
 
 10,000 
 
 
 
 
 50,000 
 
 
 
 
 
 100,000 
 
 Victory Notes 
 
 Nov. 15 
 
 Dec. 16 
 
 $50 
 
 $50 
 
 1922-1923 
 
 May 15 
 
 June 16 
 
 100 
 
 100 
 
 3%'s j Dated, 
 
 
 
 500 
 
 500 
 
 43^» s ^May20, 1919 
 
 
 
 1,000 
 
 5,000 
 
 10,000 
 
 1,000 
 
 5,000 
 
 10,000 
 
 50,000 
 
 100,000 
 
 (103
 
 104 ] BANKERS TRUST COMPANY 
 
 NOTE— CONVERSION PRIVILEGES 
 First Liberty 3}4'b 
 
 If any subsequent series of bonds (not including United States certifi- 
 catesofindebtednessand other short-term obligations) bearing a higher rate 
 of interest than 2>}4% shall be issued prior to the termination of the war 
 with Germany, the date of such termination to be fixed by a proclama- 
 tion of the President, the holders of the First Liberty 3*4's shall have 
 the privilege of converting the same, within such period and upon such 
 further terms and conditions covering matters of detail as the Secretary 
 of the Treasury may prescribe, into an equal par amount of bonds 
 bearing such higher rate of interest and substantially identical with 
 the bonds of such subsequent series, except that the bonds to be issued 
 upon such conversion shall be identical with the bonds of the First 
 Liberty Loan as to maturity of principal and of interest, and terms of 
 redemption. The present privilege of conversion into First Liberty Loan 
 Second-converted 4>£% bonds expires April 24, 1919. 
 
 Second Liberty 4's and 
 First Converted 4's 
 
 By the terms of the Victory Liberty Loan Act which became a law 
 March 3, 1919, it is provided that the Conversion Privilege which 
 expired November 9, 1918, may be extended by the Secretary of the 
 Treasury for such period, and upon such terms and conditions and 
 subject to such rules and regulations as he may prescribe. For the 
 purpose of computing the amount of interest payable, bonds presented 
 for conversion under any such extension shall be deemed to be converted 
 on the dates for the payment of the semi-annual interest on the respec- 
 tive bonds so presented for conversion next succeeding the date of such 
 presentation. The Secretary has announced, under date of March 7, 
 1919, an extension of this conversion privilege beginning March 7, 1919, 
 and ending at such date as may be fixed by the Secretary on six months' 
 public notice. 
 
 Neither of these 4% issues or the 4>4% bonds into which they are 
 convertible have any other conversion privileges.
 
 Trend of the Market 
 Before and After Former Wars and Other Special Crises 
 
 AFTER FUNDING OF REVOLUTIONARY DEBT 
 
 Following the passage of the Act on August 12, 1790, providing for the 
 funding of the Revolutionary debt, the first recorded transactions in the 
 new 6% bonds were at 70%. On December 31 the bonds were quoted 
 at 90%. By August 1, 1791, they had advanced to par and on Decem- 
 ber 3, 1791, they were selling at 111%. On February 1 of the following 
 year, 1792, they sold at 128%. This marked the climax of the specula- 
 tion in the bonds, although during the entire year 1792 quotations 
 ranged around 105% to 110%. 
 
 WAR OF 1812 
 
 Prior to the War of 1812 what was known as the "old 6% stock," the 
 same issue as that referred to above, was quoted in January, 1809, at 
 103%, and in July at I0l}4%, while the 3s were quoted at about 65%. 
 In 1811 the 6s were quoted in the London market at 101% to 102% and 
 the 3s at 65% to 70%. In 1812 the Government placed a new issue of 
 6% stock at par, but in 1813 was unable to obtain more than 88% for 6% 
 stock. Taking this issue as a basis we find that in 1814 it sold at a low 
 price of 85% and a high price of 93%. In January, 1815, it was selling 
 as low as 76%. Following the declaration of peace it sold at 97>£% in 
 July. It maintained this price until about July, 1816, when it advanced 
 to 99>2%; in January, 1817, it was quoted at par and in January, 1818, 
 at 106tf %. 
 
 THE MEXICAN WAR 
 
 At the opening of the war in 1846 6% bonds were sold at prices rang- 
 ing from 100 to 101, and in 1847 a large issue of 6s was placed at prices 
 ranging from 101 y£ to 102. The last battle of the war was fought in Sep- 
 tember, 1847. Quotations in the early part of 1847 for 6% stock were 
 as high as 108^1 Toward the end of the year prices fell off toabout par. 
 However, by August, 1848, prices had advanced to 10424 and in Decem- 
 ber to 107>1 In 1849 the 6s sold at 109 in January, 110 to 111 in Feb- 
 ruary and maintained this price in March. In May they had advanced 
 to 112 and in June to 115. In 1850, the Government was able to sell 
 5% stock at par which was equivalent to about 120 for 6% stock. 
 
 [105
 
 106 ] BANKERS TRUST COMPANY 
 
 THE CIVIL WAR 
 It so happens that there were two issues of bonds made at the begin- 
 ning of the Civil War which were quoted all through the period of the 
 war and which, therefore, form a very good basis for comparison. These 
 are the 6s of 1880 and 1881. As the quotations of bonds during the Civil 
 War were made in the terms of the depreciated legal tender notes, it is 
 necessary to reduce quotations to a gold basis. This has been done in 
 the following table: 
 
 Year 
 
 High 
 
 Low 
 
 Year 
 
 High 
 
 Low 
 
 '1861 
 
 95.75 
 
 83.00 
 
 1866 
 
 84.75 
 
 73.71 
 
 1862 
 
 100.75 
 
 85.13 
 
 1867 
 
 82.36 
 
 78.88 
 
 1863 
 
 85.06 
 
 51.53 
 
 1868 
 
 84.18 
 
 78.67 
 
 1864 
 
 68.92 
 
 40.15 
 
 1869 
 
 99.07 
 
 82.22 
 
 H865 
 
 80.25 
 
 50.73 
 
 1870 
 
 102.02 
 
 96.14 
 
 •Fort Sumter fired on April 12. fLee surrendered April 9. See also pages 43 and 60. 
 
 THE CURRENCY CRISIS OF 1894-1897 
 During President Cleveland's first administration, in order to main- 
 tain the parity of the different forms of currency, it was found necessary 
 to issue bonds with which to acquire gold to replenish the gold reserve. 
 There is no one issue of bonds which may betaken as a good basis for this 
 period. Ten-year 5sweresoldin February, 1894,at 117.22, a3%basis of 
 income. They advanced to 120. A further issue in November carried 
 the price back to \\1}4. In the following February 4s of 1925 were 
 sold on a 3K% basis, at 104.49. They immediately advanced, selling 
 up to 123^. An additional issue in January, 1896, was made at 111.166. 
 Quotations for both the 5s and the 4s were depressed during that year, 
 the 5s selling as low as 108 >£ and the 4s at 1 1 1 %, but in 1897 the 4s sold 
 up to 12954 and the 5s to 115^. 
 
 THE SPANISH WAR OF 1898 
 The war loan of this period was a 3% issue which was placed at 100, 
 and immediately advanced to a premium. The following is a statement 
 compiled by the Government Actuary showing the average price at 
 which these bonds sold from 1898 to 1901. In 1898, 105.31; in 1899, 
 108.20; in 1900, 109.72; and in 1901, 109.34. 
 
 PRICES ADVANCE AFTER EVERY CRISIS 
 It will thus be seen that in every instance after the crisis was passed 
 the bonds have advanced in a marked degree. There is every reason to 
 expect that such will be the case with the Liberty issues.
 
 Bankers Trust Company's Tables 
 
 of 
 Liberty Bond and Note Values
 
 3^/2 % Bond — Interest payable semi-annually 
 
 RATES OF INTEREST REALIZED 
 
 if purchased at prices indicated and held to maturity 
 
 Price 
 105.0 
 
 YEARS TO RUN 
 
 Price 
 105.0 
 
 10 
 
 10H 
 
 11 
 
 uy 2 
 
 12 
 
 3.00 
 
 12^ 
 3.02 
 
 13 
 
 3.03 
 
 13M 
 
 25 
 3.21 
 
 25 H 
 3.21 
 
 26 
 3.22 
 
 26} i 
 3.22 
 
 27 
 
 3.22 
 
 27^ 
 3.22 
 
 28 
 3.23 
 
 3.05 
 
 104.9 
 
 
 
 
 
 3.01 
 
 3.03 
 
 3.04 
 
 3.06 
 
 3.21 
 
 3.22 
 
 3.22 
 
 3.22 
 
 3.23 
 
 3.23 
 
 3.23 
 
 104.9 
 
 104.8 
 
 
 
 
 3.00 
 
 3.02 
 
 3.04 
 
 3.05 
 
 3.07 
 
 3.22 
 
 3 22 
 
 3.23 
 
 3.23 
 
 3.23 
 
 3.23 
 
 3.24 
 
 104.8 
 
 104.7 
 
 
 
 3.00 
 
 3.01 
 
 3.03 
 
 3.05 
 
 3.06 
 
 3.07 
 
 3.23 
 
 3 23 
 
 3.23 
 
 3.23 
 
 3.24 
 
 3.24 
 
 3.24 
 
 104.7 
 
 104.6 
 
 
 
 3.01 
 
 3.02 
 
 3.04 
 
 3.05 
 
 3.07 
 
 3.08 
 
 3.23 
 
 3.24 
 
 3.23 
 
 3.24 
 
 3.24 
 
 3.25 
 
 3.25 
 
 104.6 
 
 104.5 
 
 
 3.00 
 
 3.02 
 
 3.03 
 
 3.05 
 
 3.06 
 
 3.08 
 
 3.09 
 
 3.24 
 
 3.24 
 
 3.24 
 
 3.25 
 
 3.25 
 
 3.25 
 
 3.25 
 
 104.5 
 
 104.4 
 
 
 3.01 
 
 3.03 
 
 3.04 
 
 3.06 
 
 3.07 
 
 3.09 
 
 3.10 
 
 3.24 
 
 3.25 
 
 3.25 
 
 3.25 
 
 3.25 
 
 3.26 
 
 3.26 
 
 104.4 
 
 104.3 
 
 3.00 
 
 3.02 
 
 3.04 
 
 3. or. 
 
 3.07 
 
 3.08 
 
 3.10 
 
 3.10 
 
 3.25 
 
 3.25 
 
 3.26 
 
 3.26 
 
 3.26 
 
 3.26 
 
 3.26 
 
 104.3 
 
 104.2 
 
 3.01 
 
 3.03 
 
 3.05 
 
 3.06 
 
 3.08 
 
 3.09 
 
 3.10 
 
 3.12 
 
 3.25 
 
 3.26 
 
 3.26 
 
 3.26 
 
 3.27 
 
 3.27 
 
 3.27 
 
 104.2 
 
 104.1 
 
 3.02 
 
 3.04 
 
 3.06 
 
 3.07 
 
 3.09 
 
 3.10 
 
 3.11 
 
 3.13 
 
 3.26 
 
 3.26 
 
 3.27 
 
 3.27 
 
 3.27 
 
 3.27 
 
 3.27 
 
 104.1 
 
 104.0 
 
 3.03 
 
 3.05 
 
 3.07 
 
 3.08 
 
 3.10 
 
 3.11 
 
 3.12 
 
 3.13 
 
 3.27 
 
 3.27 
 
 3.27 
 
 3.27 
 
 3.28 
 
 3.28 
 
 3.28 
 
 104.0 
 
 103.9 
 
 3.05 
 
 3.06 
 
 3.08 
 
 3.09 
 
 3.11 
 
 3.12 
 
 3.13 
 
 3.14 
 
 3.27 
 
 3.27 
 
 3.28 
 
 3.28 
 
 3.28 
 
 3.28 
 
 3.29 
 
 103.9 
 
 103.8 
 
 3.06 
 
 3.07 
 
 3.09 
 
 3.10 
 
 3.12 
 
 3.13 
 
 3.14 
 
 3.15 
 
 3.28 
 
 3.28 
 
 3.28 
 
 3.28 
 
 3.29 
 
 3.29 
 
 3.29 
 
 103.8 
 
 103.7 
 
 3.07 
 
 3.09 
 
 3.10 
 
 3.11 
 
 3.13 
 
 3.14 
 
 3.15 
 
 3.16 
 
 3.28 
 
 3.28 
 
 3.29 
 
 3.29 
 
 3.29 
 
 3 29 
 
 3.20 
 
 103.7 
 
 103.6 
 
 3.08 
 
 3.10 
 
 3.11 
 
 3.12 
 
 3.14 
 
 3.15 
 
 3.16 
 
 3.17 
 
 3.29 
 
 3.29 
 
 3.29 
 
 3.30 
 
 3.30 
 
 3.30 
 
 3.30 
 
 103.6 
 
 103.5 
 
 3.09 
 
 3.11 
 
 3.12 
 
 3.14 
 
 3.15 
 
 3.16 
 
 3.17 
 
 3.18 
 
 3.29 
 
 3.30 
 
 3.30 
 
 3.30 
 
 3.30 
 
 3.31 
 
 3.31 
 
 103 5 
 
 103.4 
 
 3.10 
 
 3 12 
 
 3.13 
 
 3.15 
 
 3.16 
 
 3.17 
 
 3.18 
 
 3.19 
 
 3.30 
 
 3.30 
 
 3.30 
 
 3.31 
 
 3.31 
 
 3.31 
 
 3.31 
 
 103.4 
 
 103.3 
 
 3.11 
 
 3.13 
 
 3.14 
 
 3.16 
 
 3.17 
 
 3 18 
 
 3.19 
 
 3.20 
 
 3.31 
 
 3.31 
 
 3.31 
 
 3.31 
 
 3.31 
 
 3.32 
 
 3.32 
 
 103.3 
 
 103.2 
 
 3.13 
 
 3.14 
 
 3.15 
 
 3.17 
 
 3.18 
 
 3.19 
 
 3.20 
 
 3.21 
 
 3.31 
 
 3.31 
 
 3.31 
 
 3.32 
 
 3.32 
 
 3.32 
 
 3.32 
 
 103.2 
 
 103.1 
 
 3.14 
 
 3.15 
 
 3.16 
 
 3.18 
 
 3.19 
 
 3.20 
 
 3.21 
 
 3.22 
 
 3.32 
 
 3.32 
 
 3.32 
 
 3.32 
 
 3.32 
 
 3.33 
 
 3.33 
 
 103.1 
 
 103 
 
 3.15 
 
 3.16 
 
 3.17 
 
 3 19 
 
 3.20 
 
 3.21 
 
 3.22 
 
 3.22 
 
 3 32 
 
 3.32 
 
 3.33 
 
 3.33 
 
 3.33 
 
 3.33 
 
 3.33 
 
 103 
 
 102.9 
 
 3.16 
 
 3.17 
 
 3.18 
 
 3.20 
 
 3.21 
 
 3.22 
 
 3.23 
 
 3.23 
 
 3.33 
 
 3.33 
 
 3.33 
 
 3.33 
 
 3.34 
 
 3 34 
 
 3.34 
 
 102.9 
 
 102.8 
 
 3.17 
 
 3.18 
 
 3.20 
 
 3.21 
 
 3.22 
 
 3.23 
 
 3.23 
 
 3.24 
 
 3.33 
 
 3.34 
 
 3.34 
 
 3.34 
 
 3.34 
 
 3.34 
 
 3.35 
 
 102.8 
 
 102.7 
 
 3.18 
 
 3.20 
 
 3.21 
 
 3.22 
 
 3.23 
 
 3.2413.24 
 
 3.25 
 
 3.34 
 
 3 34 
 
 3.34 
 
 3 . 35 
 
 3.35 
 
 3.35 
 
 3.35 
 
 102.7 
 
 102.6 
 
 3.19 
 
 3.21 
 
 3.22 
 
 3.23 
 
 3.24 
 
 3.25 
 
 3.25 
 
 3.26 
 
 3.35 
 
 3.35 
 
 3.35 
 
 3.35 
 
 3 35 
 
 3.35 
 
 3.36 
 
 102.6 
 
 102.5 
 
 3.21 
 
 3.22 
 
 3.23 
 
 3.24 
 
 3.25 
 
 3.26 
 
 3.26 
 
 3.27 
 
 3.35 
 
 3.35 
 
 3.36 
 
 3.36 
 
 3.36 
 
 3.36 
 
 3.36 
 
 102.5 
 
 102.4 
 
 3.22 
 
 3.23 
 
 3.24 
 
 3.25 
 
 3.26 
 
 3.26 
 
 3.27 
 
 3.2S 
 
 3 36 
 
 3.36 
 
 3.36 
 
 3.36 
 
 3.36 
 
 3 37 
 
 3 37 
 
 102.4 
 
 102.3 
 
 3.23 
 
 3.24 
 
 3.25 
 
 3.26 
 
 3.27 
 
 3.27 
 
 3.28 
 
 3.29 
 
 3.36 
 
 3.37 
 
 3.37 
 
 3.37 
 
 3.37 
 
 3 37 
 
 3 37 
 
 102.3 
 
 102.2 
 
 3.24 
 
 3.25 
 
 3.26 
 
 3.27 
 
 3.28 
 
 3.28 
 
 3.29 
 
 3.30 
 
 3.37 
 
 3.37 
 
 3.37 
 
 3.37 
 
 3 37 
 
 3.38 
 
 3.38 
 
 102.2 
 
 102.1 
 
 3.25 
 
 3.26 
 
 3.27 
 
 3.28 
 
 3.29 
 
 3.29 
 
 3.30 
 
 3.31 
 
 3.38 
 
 3.38 
 
 3.38 
 
 3.38 
 
 3.38 
 
 3.38 
 
 3.38 
 
 102.1 
 
 102.0 
 
 3.26 
 
 3.27 
 
 3.28 
 
 3.29 
 
 3.30 
 
 3.30 
 
 3.31 
 
 3.31 
 
 3 38 
 
 3.38 
 
 3.38 
 
 3.39 
 
 3.39 
 
 3.39 
 
 3.39 
 
 102.0 
 
 101.9 
 
 3.28 
 
 3.29 
 
 3.29 
 
 3.30 
 
 3.31 
 
 3.31 
 
 3.32 
 
 3 32 
 
 3.39 
 
 3.39 
 
 3 39 
 
 3 39 
 
 3 39 
 
 3.39 
 
 3.40 
 
 101.9 
 
 101.8 
 
 3.29 
 
 3.30 
 
 3.30 
 
 3.31 
 
 3.32 
 
 3.32 
 
 3.33 
 
 3.33 
 
 3.39 
 
 3.40 
 
 3.40 
 
 3 40 
 
 3.40 
 
 3 40 
 
 3 40 
 
 101 8 
 
 101.7 
 
 3.30 
 
 3.31 
 
 3.31 
 
 3.32 
 
 3.33 
 
 3.33 
 
 3.34 
 
 3.34 
 
 3.40 
 
 3.40 
 
 3.40 
 
 3.40 
 
 3 40 
 
 3 40 
 
 3.41 
 
 101.7 
 
 101.6 
 
 3.31 
 
 3.32 
 
 3.32 
 
 3.33 
 
 3.34 
 
 3.34 
 
 3.35 
 
 3.35 
 
 3.41 
 
 3.41 
 
 3.41 
 
 3.41 
 
 3.41 
 
 3.41 
 
 3.41 
 
 101.6 
 
 101.5 
 
 3.32 
 
 3.33 
 
 3.34 
 
 3.34 
 
 3.35 
 
 3.35 
 
 3.36 
 
 3.36 
 
 3.41 
 
 3.41 
 
 3.41 
 
 3.41 
 
 3 42 
 
 3.42 
 
 3 42 
 
 101.5 
 
 101.4 
 
 3.33 
 
 3.34 
 
 3.35 
 
 3.35 
 
 3.36 
 
 3.36 
 
 3.37 
 
 3.37 
 
 3.42 
 
 3.42 
 
 3.42 
 
 3.42 
 
 3.42 
 
 3.42 
 
 3.42 
 
 101.4 
 
 101.3 
 
 3.35 
 
 3.35 
 
 3.36 
 
 3.36 
 
 3.37 
 
 3.37 
 
 3.38 
 
 3.3S 
 
 3.42 
 
 3.42 
 
 3.42 
 
 3.43 
 
 3.43 
 
 3.43 
 
 3 43 
 
 101.3 
 
 101.2 
 
 3.36 
 
 3.36 
 
 3.37 
 
 3.37 
 
 3.38 
 
 3.38 
 
 3.39 
 
 3.39 
 
 3.43 
 
 3.43 
 
 3.43 
 
 3.43 
 
 3.43 
 
 3.43 
 
 3.43 
 
 101.2 
 
 101.1 
 
 3.37 
 
 3.37 
 
 3.38 
 
 3. 38 
 
 3.39 
 
 3.39 
 
 3.39 
 
 3.40 
 
 3.43 
 
 3.43 
 
 3.44 
 
 3.44 
 
 3.44 
 
 3.44 
 
 d.44 
 
 101.1 
 
 101.0 
 
 3.38 
 
 3.38 
 
 3.39 
 
 3.39 
 
 3.40 
 
 3.40 
 
 3.40 
 
 3.41 
 
 3.44 
 
 3.44 
 
 3 44 
 
 3 44 
 
 3.44 
 
 3.44 
 
 3.44 
 
 101.0 
 
 100.9 
 
 3.39 
 
 3.40 
 
 3.40 
 
 3.40 
 
 3.41 
 
 3.41 
 
 3.41 
 
 3.42 
 
 3.45 
 
 3.45 
 
 3.45 
 
 3.45 
 
 3.45 
 
 3.45 
 
 3.45 
 
 100.9 
 
 100.8 
 
 3.40 
 
 3.41 
 
 3.41 
 
 3.41 
 
 3.42 
 
 3.42 
 
 3.42 
 
 3.43 
 
 3.45 
 
 3.45 
 
 3.45 
 
 3.45 
 
 3.46 
 
 3 46 
 
 3.46 
 
 100.8 
 
 100.7 
 
 3.42 
 
 3.42 
 
 3.42 
 
 3.42 
 
 3.43 
 
 3.43 
 
 3.43 
 
 3 44 
 
 3.46 
 
 3.40 
 
 3.46 
 
 3.46 
 
 3.46 
 
 3.4fi 
 
 3.46 
 
 100.7 
 
 100.6 
 
 3.43 
 
 3.43 
 
 3.43 
 
 3.44 
 
 3.44 
 
 3.44 
 
 3.44 
 
 3.44 
 
 3.46 
 
 3.46 
 
 3.47 
 
 3.47 
 
 3.47 
 
 3.47 
 
 3.47 
 
 100.6 
 
 100.5 
 
 3.44 
 
 3.44 
 
 3.44 
 
 3.45 
 
 3.45 
 
 3.45 
 
 3.45 
 
 3.45 
 
 3.47 
 
 3.47 
 
 3.47 
 
 3.47 
 
 3.47 
 
 3.47 
 
 3.47 
 
 100.5 
 
 100.4 
 
 3.45 
 
 3.45 
 
 3.40 
 
 3.46 
 
 3.46 
 
 3.46 
 
 3.40 
 
 3.46 
 
 3.48 
 
 3.48 
 
 3.48 
 
 3.48 
 
 3.48 
 
 3.48 
 
 3.48 
 
 100.4 
 
 100.3 
 
 3.46 
 
 3.47 
 
 3.47 
 
 3.47 
 
 3.47 
 
 3.47 
 
 3.47 
 
 3.47 
 
 3.48 
 
 3.48 
 
 3.48 
 
 3.48 
 
 3.48 
 
 3.48 
 
 3.48 
 
 100.3 
 
 100.2 
 
 3.48 
 
 3.48 
 
 3.48 
 
 3.48 
 
 3.48 
 
 3.48 
 
 3 48 
 
 3.48 
 
 3.49 
 
 3.49 
 
 3.49 
 
 3.49 
 
 3.49 
 
 3.49 
 
 3.49 
 
 100.2 
 
 100.1 
 
 3.49 
 
 3.49 
 
 3.49 
 
 3.49 
 
 3.49 
 
 3.49 
 
 3.49 
 
 3.49 
 
 3.49 
 
 3.49 
 
 3.49 
 
 3.49 
 
 3.49 
 
 3.4S 
 
 3.49 
 
 100.1 
 
 100 
 
 3.50 
 
 3.50 
 
 [3.50 
 
 3.50 
 
 3.50 
 
 3.50 
 
 3.50 
 
 3.50 
 
 3.50 
 
 3.50 
 
 3.50 
 
 3.50 
 
 3.50 
 
 3.50 
 
 3.50 
 
 100.0 
 
 108
 
 
 
 3V 2 % Bond- 
 
 —Interest payable semi-annually 
 
 RATES OF INTEREST REALIZED 
 
 if purchased at prices indicated and held to maturity 
 
 Price 
 100.0 
 
 YEARS TO RUN 
 
 Price 
 
 too 
 
 10 
 3.50 
 
 10^2 
 
 3.50 
 
 11 
 3.50 
 
 11H 
 3.50 
 
 12 
 
 3.50 
 
 12H 
 
 13 
 
 3.50 
 
 13M> 
 
 1.50 
 
 -'■■»', 
 
 26 I26K 
 
 27 
 3.50 
 
 27H 
 
 28 
 
 28H 
 3.50 
 
 3.50 
 
 3 . 50 
 
 3.50 
 
 3.50 
 
 3.50 
 
 3.50 
 
 99.9 
 
 3.51 
 
 3 51 
 
 3.51 
 
 3.51 
 
 3.51 
 
 3.51 
 
 3.51 
 
 3.51 
 
 3.51 
 
 3.51 
 
 3.51 
 
 3.51 
 
 3.51 
 
 3.51 
 
 3.51 
 
 99.9 
 
 99.8 
 
 3.53 
 
 3.52 
 
 3.52 
 
 3.52 
 
 3.52 
 
 3.52 
 
 3.52 
 
 3.52 
 
 3.51 
 
 3.51 
 
 3.51 
 
 3.51 
 
 3.51 
 
 3.51 
 
 3.51 
 
 99.8 
 
 99.7 
 
 3.54 
 
 3.53 
 
 3.53 
 
 3.53 
 
 3.53 
 
 3.53 
 
 3.53 
 
 3.53 
 
 3.52 
 
 3.52 
 
 3.52 
 
 3.52 
 
 3.52 
 
 3.52 
 
 3.52 
 
 99.7 
 
 99.6 
 
 3.55 
 
 3.55 
 
 3.54 
 
 3.54 
 
 3.54 
 
 3.54 
 
 3.54 
 
 3.54 
 
 3.52 
 
 3.52 
 
 3.52 
 
 3.52 
 
 3.52 
 
 3.52 
 
 3.52 
 
 99.6 
 
 99.5 
 
 3.56 
 
 3.56 
 
 3.56 
 
 .3.55 
 
 3.55 
 
 3.55 
 
 3.55 
 
 3.55 
 
 3.53 
 
 3.53 
 
 3.53 
 
 3.53 
 
 3.53 
 
 3.53 
 
 3.53 
 
 99.5 
 
 99.4 
 
 3.57 
 
 3.57 
 
 3.57 
 
 3.56 
 
 3.56 
 
 3.56 
 
 3.56 
 
 3.56 
 
 3.54 
 
 3.53 
 
 3.53 
 
 3.53 
 
 3.53 
 
 3.53 
 
 3.53 
 
 99.4 
 
 99.3 
 
 3.58 
 
 3.5S 
 
 3.58 
 
 3.58 
 
 3.57 
 
 3.57 
 
 3.57 
 
 3.50 
 
 3.54 
 
 3.54 
 
 3.54 
 
 3.54 
 
 3.54 
 
 3.54 
 
 3.54 
 
 99.3 
 
 99.2 
 
 3.60 
 
 3.59 
 
 3.59 
 
 3.59 
 
 3.58 
 
 3.5S 
 
 3.58 
 
 3.57 
 
 3.55 
 
 3.55 
 
 3.55 
 
 3.55 
 
 3.54 
 
 3.54 
 
 3.54 
 
 99.2 
 
 99.1 
 
 3.61 
 
 3.60 
 
 3.60 
 
 3.60 
 
 3.60 
 
 3.59 
 
 3.59 
 
 3.58 
 
 3.55 
 
 3.55 
 
 3.55 
 
 3.55 
 
 3.55 
 
 3.55 
 
 3.55 
 
 99.1 
 
 99 
 
 3.62 
 
 3.62 
 
 3.61 
 
 3.61 
 
 3.60 
 
 3.60 
 
 3.60 
 
 3.59 
 
 3.56 
 
 3.56 
 
 3.56 
 
 3.56 
 
 3.56 
 
 3.56 
 
 3.56 
 
 99.0 
 
 93. 9 
 
 3.63 
 
 3.63 
 
 3.62 
 
 3.62 
 
 3.61 
 
 3.61 
 
 3.61 
 
 3.60 
 
 3.57 
 
 3.56 
 
 3.56 
 
 3.56 
 
 3.56 
 
 3.56 
 
 3.56 
 
 98.9 
 
 98.8 
 
 3.64 
 
 3.64 
 
 3 63 
 
 3.63 
 
 3.62 
 
 3.62 
 
 3.62 
 
 3.61 
 
 3.57 
 
 3.57 
 
 3.57 
 
 3.57 
 
 3.57 
 
 3.57 
 
 3.57 
 
 98.8 
 
 98.7 
 
 3.66 
 
 3.65 
 
 3.65 
 
 3.64 
 
 3.64 
 
 3.63 
 
 3.63 
 
 3.62 
 
 3.58 
 
 3.5S 
 
 3.58 
 
 3.58 
 
 3.57 
 
 3.57 
 
 3.57 
 
 98.7 
 
 93. 6 
 
 3.67 
 
 3.66 
 
 3.66 
 
 3.65 
 
 3.65 
 
 3.64 
 
 3.64 
 
 3.63 
 
 3.58 
 
 3.58 
 
 3.58 
 
 3.58 
 
 3.58 
 
 3.58 
 
 3.58 
 
 98.6 
 
 98.5 
 
 3.68 
 
 3.67 
 
 3.67 
 
 3.66 
 
 3.66 
 
 3.65 
 
 3.65 
 
 3.64 
 
 3.59 
 
 3.59 
 
 3.59 
 
 3.59 
 
 3.59 
 
 3.59 
 
 3.58 
 
 98.5 
 
 98.4 
 
 3.69 
 
 3 . 69 
 
 3.6S 
 
 3.67 
 
 3.67 
 
 3.66 
 
 3.66 
 
 3.65 
 
 3.60 
 
 3.59 
 
 3.59 
 
 3.59 
 
 5.59 
 
 3.59 
 
 3.59 
 
 98.4 
 
 98.3 
 
 3.71 
 
 3.70 
 
 3.69 
 
 3 . 6S 
 
 3.68 
 
 3.67 
 
 3.67 
 
 3.66 
 
 .3.60 
 
 3.60 
 
 3.60 
 
 3.60 
 
 3.60 
 
 3.60 
 
 3.60 
 
 98.3 
 
 98.2 
 
 3.72 
 
 3 71 
 
 3.70 
 
 3.69 
 
 3.69 
 
 3.68 
 
 3.68 
 
 3.67 
 
 3.61 
 
 3.61 
 
 3.61 
 
 3.60 
 
 3.60 
 
 3.60 
 
 3.60 
 
 98.2 
 
 98.1 
 
 3.73 
 
 3.72 
 
 3.71 
 
 3.71 
 
 3.70 
 
 3.69 
 
 3.69 
 
 3.68 
 
 3.61 
 
 3.61 
 
 3.61 
 
 3.61 
 
 3.61 
 
 3.61 
 
 3.61 
 
 98.1 
 
 98 
 
 3.74 
 
 3.73 
 
 3.72 
 
 3.72 
 
 3.71 
 
 3.70 
 
 3.70 
 
 3.69 
 
 3.62 
 
 3.62 
 
 3 62 
 
 3.62 
 
 3.62 
 
 3.61 
 
 3.61 
 
 98.0 
 
 97.9 
 
 3.75 
 
 3.74 
 
 3.74 
 
 3.73 
 
 3.72 
 
 3.71 
 
 3.71 
 
 3.70 
 
 3.63 
 
 3.62 
 
 3.62 
 
 3 . 62 
 
 3.62 
 
 3.62 
 
 3.62 
 
 97.9 
 
 97.8 
 
 3.77 
 
 3.76 
 
 3.75 
 
 3.74 
 
 3.73 
 
 3.72 
 
 3.72 
 
 3.71 
 
 3.63 
 
 3.63 
 
 3.63 
 
 3 . 63 
 
 3.63 
 
 3.63 
 
 3.62 
 
 97.8 
 
 97.7 
 
 3.78 
 
 3.77 
 
 .3.76 
 
 3.75 
 
 3.74 
 
 3.73 
 
 3.73 
 
 3.72 
 
 3.04 
 
 3.64 
 
 3.64 
 
 3.63 
 
 3.63 
 
 3.63 
 
 3.63 
 
 97.7 
 
 97.6 
 
 3.79 
 
 3.78 
 
 3.77 
 
 3.76 
 
 3.75 
 
 3.74 
 
 3.74 
 
 3.73 
 
 3.64 
 
 3.64 
 
 3.64 
 
 3.64 
 
 3.64 
 
 3.64 
 
 3.64 
 
 97.6 
 
 97.5 
 
 3.80 
 
 3.79 
 
 3.78 
 
 3.77 
 
 3.76 
 
 3.75 
 
 3.75 
 
 3.74 
 
 3.65 
 
 3.65 
 
 3.65 
 
 3.65 
 
 3.65 
 
 3.64 
 
 3.64 
 
 97.5 
 
 97.4 
 
 3.S2 
 
 3.80 
 
 3.79 
 
 3.78 
 
 3.77 
 
 3.76 
 
 3.75 
 
 3.75 
 
 3.66 
 
 3.66 
 
 3.65 
 
 3.65 
 
 3.65 
 
 3.65 
 
 3.65 
 
 97.4 
 
 97.3 
 
 3.83 
 
 3.81 
 
 3.80 
 
 3.79 
 
 3.78 
 
 3.77 
 
 3.76 
 
 3.76 
 
 3.66 
 
 3.66 
 
 3.66 
 
 3.66 
 
 3.66 
 
 3.65 
 
 3.65 
 
 97.3 
 
 97.2 
 
 3.84 
 
 3.83 
 
 3.82 
 
 3.80 
 
 3.79 
 
 3.78 
 
 3.77 
 
 3.77 
 
 3.67 
 
 3.67 
 
 3.67 
 
 3.66 
 
 3.66 
 
 3.66 
 
 3.66 
 
 97.2 
 
 97.1 
 
 3.85 
 
 3.84 
 
 3.83 
 
 3.82 
 
 3.80 
 
 3.79 
 
 3.78 
 
 3.78 
 
 3.68 
 
 3.67 
 
 3.67 
 
 3.67 
 
 3.67 
 
 3.67 
 
 3.66 
 
 97.1 
 
 97.0 
 
 3.86 
 
 3.85 
 
 3.84 
 
 3.83 
 
 3.81 
 
 3.80 
 
 3.79 
 
 3.79 
 
 3.68 
 
 3.6S 
 
 3.68 
 
 3.6S 
 
 3.67 
 
 3.67 
 
 3.67 
 
 97.0 
 
 96.9 
 
 3.88 
 
 3.86 
 
 3 . 85 
 
 3.84 
 
 3.82 
 
 3.81 
 
 3.80 
 
 3.80 
 
 3.69 
 
 3.69 
 
 3.68 
 
 3.68 
 
 3.68 
 
 3.68 
 
 3.68 
 
 96.9 
 
 96.8 
 
 3.89 
 
 3.87 
 
 3.86 
 
 3.85 
 
 3.84 
 
 3.82 
 
 3.81 
 
 3.81 
 
 3.69 
 
 3.69 
 
 3.69 
 
 3.69 
 
 3.69 
 
 3.68 
 
 3.68 
 
 96.8 
 
 96.7 
 
 3.90 
 
 3.89 
 
 3.87 
 
 3.86 
 
 3.85 
 
 3.84 
 
 3.82 
 
 3.82 
 
 3.70 
 
 3.70 
 
 3.70 
 
 3.69 
 
 3.69 
 
 3.69 
 
 3.69 
 
 96.7 
 
 96.6 
 
 3.91 
 
 3.90 
 
 3,88 
 
 3.87 
 
 3.86 
 
 3.85 
 
 3.83 
 
 3.83 
 
 3.71 
 
 3.70 
 
 3.70 
 
 3.70 
 
 3.70 
 
 3.70 
 
 3.69 
 
 96.6 
 
 96.5 
 
 3 93 
 
 3.91 
 
 3.90 
 
 3.88 
 
 3.87 
 
 3.86 
 
 3.85 
 
 3.84 
 
 3.71 
 
 3.71 
 
 3.71 
 
 3.71 
 
 3.70 
 
 3.70 
 
 3.70 
 
 96.5 
 
 96.4 
 
 3.94 
 
 3.92 
 
 3.91 
 
 3.89 
 
 3.88 
 
 3.87 
 
 3.86 
 
 3.84 
 
 3.72 
 
 3.72 
 
 3.71 
 
 3.71 
 
 3.71 
 
 3.71 
 
 3.71 
 
 96.4 
 
 96.3 
 
 3.95 
 
 3.93 
 
 3.92 
 
 .3.90 
 
 3.89 
 
 3.88 
 
 3.87 
 
 3.85 
 
 3.73 
 
 3.72 
 
 3.72 
 
 3 72 
 
 3.72 
 
 3.71 
 
 3.71 
 
 96.3 
 
 96.2 
 
 3.96 
 
 3.95 
 
 3 . 9.3 
 
 3.91 
 
 3.90 
 
 3.89 
 
 3.88 
 
 3.86 
 
 3.73 
 
 3.73 
 
 3.73 
 
 3.72 
 
 3.72 
 
 3.72 
 
 3 72 
 
 96.2 
 
 96.1 
 
 3.98 
 
 3.96 
 
 3.94 
 
 3.93 
 
 3.91 
 
 3.90 
 
 3.89 
 
 3.67 
 
 3.74 
 
 3.74 
 
 3.73 
 
 3.73 
 
 3.73 
 
 3.73 
 
 3.72 
 
 96.1 
 
 9C 
 
 3.99 
 
 3.97 
 
 3 95 
 
 3.94 
 
 3.92 
 
 3.91 
 
 3.90 
 
 3.88 
 
 3.74 
 
 3.74 
 
 3.74 
 
 3.74 
 
 3.73 
 
 3.73 
 
 3.73 
 
 96 
 
 95.9 
 
 4.00 
 
 3.98 
 
 3.96 
 
 3 . 95 
 
 3.93 
 
 3.92 
 
 3.91 
 
 3.89 
 
 3.75 
 
 3.75 
 
 3.74 
 
 3.74 
 
 3.74 
 
 3.74 
 
 3 74 
 
 95.9 
 
 95.8 
 
 
 3.99 
 
 3.98 
 
 3.96 
 
 3.94 
 
 3.93 
 
 3.92 
 
 3.90 
 
 3.76 
 
 3.75 
 
 3.75 
 
 3.75 
 
 3.75 
 
 3.74 
 
 3.74 
 
 95.8 
 
 95.7 
 
 
 4.01 
 
 3.99 
 
 3.97 
 
 3.95 
 
 3.94 
 
 3.93 
 
 3.91 
 
 3.76 
 
 3.76 
 
 3.76 
 
 3.75 
 
 3.75 
 
 3.75 
 
 3.75 
 
 95.7 
 
 95.6 
 
 
 
 4.00 
 
 3.98 
 
 3.97 
 
 3.95 
 
 3.94 
 
 3.92 
 
 3.77 
 
 3.77 
 
 3.76 
 
 3.76 
 
 3.76 
 
 3.7t 
 
 3.75 
 
 95.6 
 
 95.5 
 
 
 
 
 3.99 
 
 3.98 
 
 3.96 
 
 3.95 
 
 3.93 
 
 3.78 
 
 3.77 
 
 3.77 
 
 3.77 
 
 3.76 
 
 3.76 
 
 3.76 
 
 95.5 
 
 95.4 
 
 
 
 
 4.00 
 
 3.99 
 
 3.97 
 
 3.96 
 
 3.94 
 
 3.78 
 
 3.78 
 
 3.78 
 
 3.77 
 
 3.77 
 
 3.77 
 
 3.76 
 
 95.4 
 
 95.3 
 
 
 
 
 
 4.00 
 
 3.98 
 
 3.97 
 
 3.95 
 
 3.79 
 
 3.79 
 
 3.78 
 
 3.78 
 
 3.78 
 
 3.77 
 
 3.77 
 
 95 3 
 
 95.2 
 
 
 
 
 
 
 3.99 
 
 3.98 
 
 3.96 
 
 3.80 
 
 3.79 
 
 3.79 
 
 3.78 
 
 3.78 
 
 3 78 
 
 3.78 
 
 95.2 
 
 95.1 
 
 
 
 
 
 
 4.00 
 
 3.99 
 
 3.97 
 
 3.80 
 
 3 80 
 
 3.79 
 
 3.79 
 
 3.79 
 
 3.78 
 
 3.78 
 
 95.1 
 
 95.(1 
 
 
 
 
 
 
 
 4.00 
 
 3.98 
 
 3.81 
 
 3.80 
 
 3. SO 
 
 3.80 
 
 3.79 
 
 3.79 
 
 3.79 
 
 95.0 
 
 109
 
 3% % Bond — Interest payable semi-annually 
 RATES OF INTEREST REALIZED 
 
 if purchased at prices indicated and held to maturity 
 
 
 PERIOD TO RUN 
 
 
 Price 
 
 1 
 
 2 
 
 4 
 
 6 
 
 8 
 
 10 
 
 
 
 
 
 
 
 
 
 
 Price 
 
 
 mo. 
 3'72 
 
 mos. 
 3*73 
 
 mos. 
 3*74 
 
 mos. 
 
 mos. 
 3*74 
 
 mos. 
 3.75 
 
 1 
 
 Hi 
 
 3.75 
 
 2 
 
 3.75 
 
 2H 
 
 3 
 
 334 
 
 4 
 
 3.75 
 
 4H 
 
 S i 
 3.75 
 
 
 100 
 
 3.75 
 
 3.75 
 
 3.75 
 
 3.75 
 
 3.75 
 
 3.75 
 
 100 
 
 99.9 
 
 4.93 
 
 4.33 
 
 4.04 
 
 3.95 
 
 3.90 
 
 3.87 
 
 3.85 
 
 3.82 
 
 3.80 
 
 3.79 
 
 3.79 
 
 3.78 
 
 3.78 
 
 3.77 
 
 3.77 
 
 99.9 
 
 99.8 
 
 6.14 
 
 4.94 
 
 4.35 
 
 4.16 
 
 4.05 
 
 3.99 
 
 3.96 
 
 3.89 
 
 3.85 
 
 3 83 
 
 3.82 
 
 3.81 
 
 3.80 
 
 3.80 
 
 3.79 
 
 99.8 
 
 99.7 
 
 
 5.55 
 
 4.65 
 
 4.36 
 
 4.20 
 
 4.11 
 
 4.06 
 
 3.96 
 
 3.91 
 
 3.88 
 
 3.86 
 
 3.84 
 
 3.83 
 
 3.82 
 
 3.82 
 
 99.7 
 
 99.6 
 
 
 
 4.96 
 
 4.57 
 
 4.36 
 
 4.24 
 
 4.16 
 
 4.03 
 
 3.96 
 
 3.92 
 
 3.89 
 
 3.87 
 
 3.86 
 
 3.85 
 
 3.84 
 
 99.6 
 
 99.5 
 
 
 
 5.27 
 
 4.77 
 
 4.51 
 
 4.36 
 
 4.27 
 
 4.10 
 
 4.01 
 
 3.96 
 
 3.93 
 
 3.90 
 
 3.89 
 
 3.87 
 
 3. 86' 
 
 99.5 
 
 99.4 
 
 
 
 
 4.98 
 
 4.67 
 
 4.49 
 
 4.37 
 
 4.17 
 
 4.06 
 
 4.00 
 
 3.96 
 
 3.94 
 
 3.91 
 
 3.90 
 
 3.88 
 
 99.4 
 
 99.3 
 
 
 
 
 5.19 
 
 4.82 
 
 4.61 
 
 4.47 
 
 4.24 
 
 4.12 
 
 4.05 
 
 4.00 
 
 3.97 
 
 3.94 
 
 3.92 
 
 3.90 
 
 99.3 
 
 99.2 
 
 
 
 
 5.39 
 
 4.98 
 
 4.73 
 
 4.58 
 
 4.31 
 
 4.17 
 
 4.09 
 
 4.04 
 
 4.00 
 
 3.97 
 
 3.95 
 
 3.93 
 
 99.2 
 
 99.1 
 
 
 
 
 
 5.13 
 
 4.86 
 
 4.68 
 
 4.38 
 
 4.22 
 
 4.13 
 
 4.07 
 
 4.03 
 
 4.00 
 
 3.97 
 
 3.95 
 
 99.1 
 
 99 II 
 
 
 
 
 
 5.29 
 
 4.9S 
 
 4.79 
 
 4.45 
 
 4.28 
 
 4.18 
 
 4.11 
 
 4.06 
 
 4.02 
 
 3.99 
 
 3.97 
 
 99 
 
 98.9 
 
 
 
 
 
 
 5.11 
 
 4.89 
 
 4.52 
 
 4.33 
 
 4.22 
 
 4.14 
 
 4.09 
 
 4.05 
 
 4.02 
 
 3.99 
 
 98.9 
 
 98.8 
 
 
 
 
 
 
 5.23 
 
 5.00 
 
 4.59 
 
 4.38 
 
 4.26 
 
 4.18 
 
 4.12 
 
 4.08 
 
 4.04 
 
 4.02 
 
 98.8 
 
 98.7 
 
 
 
 
 
 
 5.36 
 
 5.10 
 
 4.66 
 
 4.44 
 
 4.30 
 
 4.22 
 
 4.15 
 
 4.11 
 
 4.07 
 
 4.04 
 
 98.7 
 
 98.6 
 
 
 
 
 
 
 
 5.21 
 
 4.73 
 
 4.49 
 
 4.35 
 
 4.25 
 
 4.18 
 
 4.13 
 
 4.09 
 
 4.06 
 
 98.6 
 
 98.5 
 
 
 
 
 
 
 
 5.31 
 
 4.80 
 
 4.54 
 
 4.39 
 
 4.29 
 
 4.22 
 
 4.16 
 
 4.12 
 
 4.08 
 
 98.5 
 
 98.4 
 
 
 
 
 
 
 
 
 4.87 
 
 4.60 
 
 4.43 
 
 4.32 
 
 4.25 
 
 4.19 
 
 4.14 
 
 4.11 
 
 98.4 
 
 98.3 
 
 
 
 
 
 
 
 
 4.94 
 
 4.65 
 
 4.48 
 
 4.36 
 
 4.28 
 
 4.22 
 
 4.17 
 
 4.13 
 
 98.3 
 
 98.2 
 
 
 
 
 
 
 
 
 5.01 
 
 4.70 
 
 4.52 
 
 4.40 
 
 4.31 
 
 4.24 
 
 4.19 
 
 4.15 
 
 98.2 
 
 98.1 
 
 
 
 
 
 
 
 
 5.08 
 
 4.76 
 
 4.56 
 
 4.43 
 
 4.34 
 
 4.27 
 
 4.22 
 
 4.18 
 
 98.1 
 
 98 
 
 
 
 
 
 
 
 
 5.15 
 
 4.81 
 
 4.61 
 
 4.47 
 
 4.37 
 
 4.30 
 
 4.24 
 
 4.20 
 
 98 
 
 97.9 
 
 
 
 
 
 
 
 
 5.22 
 
 4.86 
 
 4.65 
 
 4.51 
 
 4.40 
 
 4.33 
 
 4.27 
 
 4.22 
 
 97.9 
 
 97.8 
 
 
 
 
 
 
 
 
 5.30 
 
 4.92 
 
 4.69 
 
 4.54 
 
 4.44 
 
 4.36 
 
 4.29 
 
 4.24 
 
 97.8 
 
 97.7 
 
 
 
 
 
 
 
 
 
 4.97 
 
 4.74 
 
 4.58 
 
 4.47 
 
 4.38 
 
 4.32 
 
 4.27 
 
 97.7 
 
 97.6 
 
 
 
 
 
 
 
 
 
 5.03 
 
 4.78 
 
 4.62 
 
 4.50 
 
 4.41 
 
 4.34 
 
 4.29 
 
 97.6 
 
 97.6 
 
 
 
 
 
 
 
 
 
 5.08 
 
 4.82 
 
 4.65 
 
 4.53 
 
 4.44 
 
 4.37 
 
 4.31 
 
 97.5 
 
 97.4 
 
 
 
 
 
 
 
 
 
 5.13 
 
 4.87 
 
 4.69 
 
 4.56 
 
 4.47 
 
 4.39 
 
 4.33 
 
 97.4 
 
 97.3 
 
 
 
 
 
 
 
 
 
 5.19 
 
 4.91 
 
 4.73 
 
 4.59 
 
 4.50 
 
 4.42 
 
 4.36 
 
 97.3 
 
 97.2 
 
 
 
 
 
 
 
 
 
 5.24 
 
 4.95 
 
 4.76 
 
 4.63 
 
 4.52 
 
 4.44 
 
 4.38 
 
 97.2 
 
 97.1 
 
 
 
 
 
 
 
 
 
 5.30 
 
 5.00 
 
 4.80 
 
 4.66 
 
 4.55 
 
 4.47 
 
 4.40 
 | 
 
 97.1 
 
 97 
 
 
 
 
 
 
 
 
 
 
 5.04 
 
 4.84 
 
 4.69 
 
 4.58 
 
 4.49 
 
 4.43 
 
 97.0 
 
 96.9 
 
 
 
 
 
 
 
 
 
 
 5.09 
 
 4.87 
 
 4.72 
 
 4.61 
 
 4.62 
 
 4.45 
 
 96.9 
 
 96.8 
 
 
 
 
 
 
 
 
 
 
 5.13 
 
 4.91 
 
 4.75 
 
 4.64 
 
 4.54 
 
 4.47 
 
 96.8 
 
 96.7 
 
 
 
 
 
 
 
 
 
 
 5.17 
 
 4.95 
 
 4.79 
 
 4.66 
 
 4.57 
 
 4.49 
 
 96.7 
 
 96.6 
 96.5 
 
 
 
 
 
 
 
 
 
 
 5.22 
 5.2C 
 
 4.98 
 5.02 
 
 4.82 
 4.85 
 
 4.69 
 4.72 
 
 4.59 
 4.62 
 
 4.52 
 4.54 
 
 96.6 
 96.5 
 
 
 
 
 96.4 
 96.3 
 96.2 
 96.1 
 
 
 
 When the interval between the 
 date of purchase and the due date 
 of the next coupon is leas than 6 
 months, the rate realized is less 
 
 
 5.06 
 5.10 
 5.13 
 5.17 
 
 4.88 
 4.91 
 4.95 
 4.98 
 
 4.75 
 4.78 
 4.81 
 4.83 
 
 4.65 
 4.67 
 4.70 
 4.72 
 
 4.56 
 4.59 
 4.61 
 4.63 
 
 | 
 
 96.4 
 96.3 
 96.2 
 96.1 
 
 96 
 
 95.9 
 
 
 
 than the bond rate because the 
 purchase price (par) has been 
 
 
 5.21 
 5.25 
 
 5 01 
 5.04 
 
 4.86 
 4.89 
 
 4.75 
 
 4.77 
 
 4.66 
 4.68 
 
 96 
 
 95.9 
 
 95.8 
 
 
 
 increased by accrued interest. 
 
 
 
 5.07 
 
 4.92 
 
 4.80 
 
 4.70 
 
 95.8 
 
 95 7 
 
 
 
 
 
 
 5.11 
 
 5.14 
 
 4.95 
 4.98 
 
 4.82 
 4.85 
 
 4.73 
 4.76 
 
 95.7 
 
 96.6 
 
 
 
 
 
 
 
 
 95.6 
 
 95.6 
 
 
 
 
 
 
 
 
 
 
 
 
 5.17 
 
 5.00 
 
 4 88 
 
 4.77 
 
 95.5 
 
 95.4 
 
 
 
 
 
 
 
 
 
 
 
 
 5.20 
 
 5.03 
 
 4.90 
 
 4 80 
 
 95.4 
 
 98 3 
 
 
 
 
 
 
 
 
 
 
 
 
 5.24 
 
 5.06 
 
 4.93 
 
 4.82 
 
 95.3 
 
 95.2 
 
 
 
 
 
 
 
 
 
 
 
 
 5.27 
 
 5.09 
 
 4.95 
 
 4.84 
 
 95.2 
 
 95.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 5.12 
 
 4.98 
 
 4.S6 
 
 95.1 
 
 95.0 
 
 
 
 
 
 
 
 
 
 
 
 1 
 
 
 5.15| 
 
 5.0o| 
 
 4.89 
 
 95 6 
 
 110
 
 3% Bond — Interest payable semi-annually 
 
 RATES OF INTEREST REALIZED 
 
 if purchased at prices indicated and held to maturity 
 
 Price 
 
 PERIOD TO RUN 
 
 Price 
 
 1 
 
 2 
 
 4 
 
 6 
 
 8 
 
 10 
 
 
 
 
 
 
 
 
 
 
 
 mo. 
 
 mos. 
 
 mos. 
 
 mos. 
 
 mos. 
 
 mos. 
 
 1 
 
 IK 
 
 2 
 
 2H 
 
 3 
 
 3K 
 
 4 
 
 m 
 
 5 
 
 
 105.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 10.V0 
 
 104.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 104.9 
 
 104.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 104.8 
 
 104.7 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 104.7 
 
 104.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 104.6 
 
 104.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 104.5 
 
 104.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 104.4 
 
 104.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 104.3 
 
 104.2 
 
 
 
 
 
 
 104.2 
 
 104.1 
 
 
 
 When the interval between the date of purchase 
 and the due date of the next coupon is less than 6 
 
 
 
 104.1 
 
 104.0 
 
 
 
 months, the rate realized is less than the bond rate 
 
 
 
 104.0 
 
 103.9 
 
 
 
 because the purchase price (par) has been increased 
 
 
 
 103 9 
 
 103.8 
 103.7 
 
 
 
 by accrued interest. 
 
 
 
 103.8 
 103.7 
 
 103.6 
 103.5 
 
 
 
 
 
 2.99 
 
 103.6 
 103.5 
 
 
 
 
 
 
 
 
 
 
 
 
 103.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 3.01 
 
 103.4 
 
 103.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 3.03 
 
 103.3 
 
 103.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 2.98 
 
 3.06 
 
 103.2 
 
 103.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 3.01 
 
 3.08 
 
 103.1 
 
 103 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 3.03 
 
 3.10 
 
 103 
 
 102.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 3.06 
 
 3.12 
 
 102.9 
 
 102.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 3.00 
 
 3. OS 
 
 3 14 
 
 102.8 
 
 102.7 
 
 
 
 
 
 
 
 
 
 
 
 
 
 3.03 
 
 3.10 
 
 3.16 
 
 102.7 
 
 102.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 3.06 
 
 3.13 
 
 3.18 
 
 102.6 
 
 102.5 
 
 
 
 
 
 
 
 
 
 
 
 
 2.99 
 
 3.08 
 
 3.15 
 
 3.20 
 
 102.5 
 
 102.4 
 
 
 
 
 
 
 
 
 
 
 
 
 3.02 
 
 3.11 
 
 3.17 
 
 3.23 
 
 102.4 
 
 102.3 
 
 
 
 
 
 
 
 
 
 
 
 
 3.05 
 
 3.13 
 
 3.20 
 
 3.25 
 
 102.3 
 
 102.2 
 
 
 
 
 
 
 
 
 
 
 
 2.98 
 
 3.08 
 
 3.16 
 
 3.22 
 
 3.27 
 
 102.2 
 
 102.1 
 
 
 
 
 
 
 
 
 
 
 
 3.01 
 
 3.11 
 
 3.19 
 
 3.24 
 
 3.29 
 
 102.1 
 
 102.0 
 
 
 
 
 
 
 
 
 
 
 
 3.05 
 
 3.14 
 
 3.21 
 
 3.27 
 
 3.31 
 
 102.0 
 
 101.9 
 
 
 
 
 
 
 
 
 
 
 
 3.08 
 
 3.17 
 
 3.24 
 
 3.29 
 
 3.33 
 
 101.9 
 
 101.8 
 
 
 
 
 
 
 
 
 
 
 3.00 
 
 3.12 
 
 3.20 
 
 3.27 
 
 3.32 
 
 3.36 
 
 101.8 
 
 101.7 
 
 
 
 
 
 
 
 
 
 
 3.04 
 
 3.15 
 
 3.23 
 
 3.29 
 
 3.34 
 
 3.38 
 
 101.7 
 
 101.6 
 
 
 
 
 
 
 
 
 
 
 3.08 
 
 3.19 
 
 3.26 
 
 3.32 
 
 3.36 
 
 3.40 
 
 101.6 
 
 101.5 
 
 
 
 
 
 
 
 
 
 2.97 
 
 3.12 
 
 3.22 
 
 3.29 
 
 3.35 
 
 3.39 
 
 3.42 
 
 101.5 
 
 101.4 
 
 
 
 
 
 
 
 
 
 3.02 
 
 3.16 
 
 3.26 
 
 3.32 
 
 3.37 
 
 3.41 
 
 3.44 
 
 101.4 
 
 101.3 
 
 
 
 
 
 
 
 
 
 3.08 
 
 3.21 
 
 3.29 
 
 3.35 
 
 3 40 
 
 3.44 
 
 3.46 
 
 101.3 
 
 101.2 
 
 
 
 
 
 
 
 
 
 3.13 
 
 3.25 
 
 3.33 
 
 3.38 
 
 3.43 
 
 3.46 
 
 3.49 
 
 101.2 
 
 101.1 
 
 
 
 
 
 
 
 
 2.99 
 
 3.18 
 
 3.29 
 
 3.36 
 
 3.41 
 
 3.45 
 
 3.48 
 
 3.61 
 
 101.1 
 
 101.0 
 
 
 
 
 
 
 
 
 3.06 
 
 3.23 
 
 3.33 
 
 3.40 
 
 3.44 
 
 3.48 
 
 3.51 
 
 3.53 
 
 101 
 
 100.9 
 
 
 
 
 
 
 
 
 3.13 
 
 3.28 
 
 3.37 
 
 3.43 
 
 3.47 
 
 3.51 
 
 3.53 
 
 3.55 
 
 100.9 
 
 100.8 
 
 
 
 
 
 
 
 2.93 
 
 3.20 
 
 3.33 
 
 3.41 
 
 3 47 
 
 3.50 
 
 3.53 
 
 3.56 
 
 3.57 
 
 100.8 
 
 100.7 
 
 
 
 
 
 
 2.89 
 
 3.03 
 
 3.27 
 
 3.39 
 
 3.46 
 
 3.50 
 
 3.54 
 
 3.56 
 
 3.58 
 
 3.60 
 
 100.7 
 
 100.6 
 
 
 
 
 
 
 3.01 
 
 3.14 
 
 3.34 
 
 3.44 
 
 3.50 
 
 3.54 
 
 3.57 
 
 3.59 
 
 3.60 
 
 3.62 
 
 100.6 
 
 100.5 
 
 
 
 
 
 2.98 
 
 3.13 
 
 3.24 
 
 3.41 
 
 3.49 
 
 3.54 
 
 3.57 
 
 3.60 
 
 3.61 
 
 3.63 
 
 3.64 
 
 100.5 
 
 100.4 
 
 
 
 
 2.94 
 
 3.13 
 
 3.26 
 
 3.34 
 
 3.47 
 
 3.54 
 
 3.58 
 
 3.61 
 
 3.63 
 
 3.64 
 
 3.65 
 
 3.66 
 
 100.4 
 
 100.3 
 
 
 
 2.83 
 
 3.14 
 
 3.29 
 
 3.38 
 
 3.44 
 
 3.54 
 
 3.59 
 
 3.62 
 
 3.64 
 
 3.66 
 
 3.67 
 
 3.68 
 
 3.68 
 
 100.3 
 
 100.2 
 
 
 2.52 
 
 3.13 
 
 3.34 
 
 3.44 
 
 3.50 
 
 3.55 
 
 3.61 
 
 3.65 
 
 3.67 
 
 3.68 
 
 3.69 
 
 3.70 
 
 3.70 
 
 3.71 
 
 100.2 
 
 100.1 
 
 2.52 
 
 3.12 
 
 3.43 
 
 3.55 
 
 3.59 
 
 3.62 
 
 3.65 
 
 3.68 
 
 3.70 
 
 3.71 
 
 3.71 
 
 3.72 
 
 3.72 
 
 3.73 
 
 3.73 
 
 100.1 
 
 100 
 
 3*72 
 
 3*73 
 
 3*74 
 
 3.75 
 
 3*74 
 
 3.75 
 
 3.75 
 
 3.75 
 
 3.75 
 
 3.75 
 
 3.75 
 
 3.75 
 
 3.75 
 
 3.75 
 
 3.75 
 
 100 
 
 111
 
 4 % Bond— Interest payable semi-annually 
 
 
 RATES OF INTEREST REALIZED 
 
 
 if purchased at prices indicated and held to maturity 
 
 
 Price 
 100 
 
 YEARS TO RUN 
 
 Price 
 100 
 
 6 
 4.00 
 
 6H 
 4 00 
 
 7 
 4.00 
 
 4 00 
 
 8 
 
 8H 
 4.00 
 
 9 
 4.00 
 
 Wi 
 
 10 
 
 4.00 
 
 10H 
 4.00 
 
 11 
 
 4.00 
 
 4.00 
 
 12 
 4.00 
 
 12H 
 4.00 
 
 13 
 
 4.00 
 
 4.00 
 
 4.00 
 
 99.9 
 
 4.02 
 
 4.02 
 
 4.02 
 
 4.02 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 99.9 
 
 99.8 
 
 4.04 
 
 4.04 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.02 
 
 4.02 
 
 4.02 
 
 4.02 
 
 4.02 
 
 4.02 
 
 4.02 
 
 99.8 
 
 99.7 
 
 4.06 
 
 4.05 
 
 4.05 
 
 4.05 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 99.7 
 
 99.6 
 
 4.08 
 
 4.07 
 
 4.07 
 
 4.00 
 
 4.06 
 
 4.06 
 
 4.05 
 
 4.05 
 
 4.05 
 
 4.05 
 
 4.05 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4.04 
 
 99.6 
 
 99.5 
 
 4.10 
 
 4.09 
 
 4.08 
 
 4.08 
 
 4.07 
 
 4.07 
 
 4.07 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.05 
 
 4.05 
 
 4.05 
 
 99.5 
 
 99.4 
 
 4.11 
 
 4.11 
 
 4.10 
 
 4.09 
 
 4.09 
 
 4.08 
 
 4.08 
 
 4.08 
 
 4.07 
 
 4.07 
 
 4.07 
 
 4.07 
 
 4.06 
 
 4.06 
 
 4.06 
 
 99.4 
 
 99.3 
 
 4.13 
 
 4.12 
 
 4.12 
 
 4.11 
 
 4.10 
 
 4.10 
 
 4.09 
 
 4.09 
 
 4.09 
 
 4.08 
 
 4.08 
 
 4. OS 
 
 4.07 
 
 4.07 
 
 4.07 
 
 99.3 
 
 99.2 
 
 4.15 
 
 4.14 
 
 4.13 
 
 4.12 
 
 4.12 
 
 4.11 
 
 4.11 
 
 4.10 
 
 4.10 
 
 4.09 
 
 4.09 
 
 4.09 
 
 4.08 
 
 4.08 
 
 4.08 
 
 99.2 
 
 99.1 
 
 4.17 
 
 4.16 
 
 4.15 
 
 4.14 
 
 4.13 
 
 4.13 
 
 4.12 
 
 4.12 
 
 4.11 
 
 4.11 
 
 4.10 
 
 4.10 
 
 4.10 
 
 4.09 
 
 4.09 
 
 99.1 
 
 99 
 
 4.19 
 
 4.18 
 
 4.17 
 
 4.16 
 
 4.15 
 
 4.14 
 
 4.13 
 
 4.13 
 
 4.12 
 
 4.12 
 
 4.11 
 
 4.11 
 
 4.11 
 
 4.10 
 
 4.10 
 
 99 6 
 
 9S.9 
 
 4.21 
 
 4.20 
 
 4.18 
 
 4.17 
 
 4.16 
 
 4.15 
 
 4.15 
 
 4.14 
 
 4.13 
 
 4.13 
 
 4.13 
 
 4.12 
 
 4.12 
 
 4.11 
 
 4.11 
 
 98.9 
 
 98.8 
 
 4.23 
 
 4.21 
 
 4.20 
 
 4.19 
 
 4.18 
 
 4.17 
 
 4.16 
 
 4.15 
 
 4.15 
 
 4.14 
 
 4.14 
 
 4.13 
 
 4.13 
 
 4.12 
 
 4.12 
 
 98.8 
 
 98.7 
 
 4.25 
 
 4.23 
 
 4.22 
 
 4.20 
 
 4.19 
 
 4.18 
 
 4.17 
 
 4.17 
 
 4.16 
 
 4.15 
 
 4.15 
 
 4.14 
 
 4.14 
 
 4.13 
 
 4.13 
 
 98.7 
 
 98.6 
 
 4.27 
 
 4.25 
 
 4.23 
 
 4.22 
 
 4.21 
 
 4.20 
 
 4.19 
 
 4.18 
 
 4.17 
 
 4.17 
 
 4.16 
 
 4.15 
 
 4.15 
 
 4.14 
 
 4.14 
 
 98.6 
 
 98.5 
 
 4.29 
 
 4.27 
 
 4.25 
 
 4.24 
 
 4.22 
 
 4.21 
 
 4.20 
 
 4.19 
 
 4.19 
 
 4.18 
 
 4.17 
 
 4.17 
 
 4.16 
 
 4.16 
 
 4. IB 
 
 98.5 
 
 08.4 
 
 4.31 
 
 4.29 
 
 4.27 
 
 4.25 
 
 4.24 
 
 4.23 
 
 1.22 
 
 4.21 
 
 4.20 
 
 4.19 
 
 4.18 
 
 4.18 
 
 4.17 
 
 4.17 
 
 4.16 
 
 98.4 
 
 98.3 
 
 4.32 
 
 4.30 
 
 4.29 
 
 4.27 
 
 4.25 
 
 4.24 
 
 4.23 
 
 4.22 
 
 4.21 
 
 4.20 
 
 4.20 
 
 4.19 
 
 4.18 
 
 4.18 
 
 4.17 
 
 98.3 
 
 98.2 
 
 4.34 
 
 4.32 
 
 4.30 
 
 4.28 
 
 4.27 
 
 4.25 
 
 4.24 
 
 4.23 
 
 4 .22 
 
 4.21 
 
 4.21 
 
 4.20 
 
 4.19 
 
 4.19 
 
 4.18 
 
 98.2 
 
 98.1 
 
 4.36 
 
 4.34 
 
 4.32 
 
 4.30 
 
 4.28 
 
 4.27 
 
 4.26 
 
 4.25 
 
 4^24 
 
 4.23 
 
 4.22 
 
 4.21 
 
 4.20 
 
 4.20 
 
 4.19 
 
 98.1 
 
 98.0 
 
 4.38 
 
 4.36 
 
 4.34 
 
 4.31 
 
 4.30 
 
 4.28 
 
 4.27 
 
 4.26 
 
 4.25 
 
 4.24 
 
 4.23 
 
 4.22 
 
 4.21 
 
 4.21 
 
 4.20 
 
 98 
 
 97.9 
 
 4.40 
 
 4.38 
 
 4.35 
 
 4.33 
 
 4.31 
 
 4.30 
 
 4.28 
 
 4.27 
 
 4.26 
 
 4.25 
 
 4.24 
 
 4.23 
 
 4.23 
 
 4.22 
 
 4.21 
 
 97.9 
 
 97.8 
 
 4.42 
 
 4.39 
 
 4.37 
 
 4.35 
 
 4.33 
 
 4.31 
 
 4.30 
 
 4 2S 
 
 4.27 
 
 4.26 
 
 4.25 
 
 4.24 
 
 4.24 
 
 4.23 
 
 4.22 
 
 97.8 
 
 97.7 
 
 4.44 
 
 4.41 
 
 4.39 
 
 4.36 
 
 4.34 
 
 4.33 
 
 4.31 
 
 4.30 
 
 4.29 
 
 4.27 
 
 4.27 
 
 4.26 
 
 4.25 
 
 4.24 
 
 4.23 
 
 97.7 
 
 97.6 
 
 4.40 
 
 4.43 
 
 4.40 
 
 4.38 
 
 4.36 
 
 4.34 
 
 4.33 
 
 4.31 
 
 4.30 
 
 4.29 
 
 4.28 
 
 4.27 
 
 4.26 
 
 4.25 
 
 4.24 
 
 97.6 
 
 97.5 
 
 4.48 
 
 4.45 
 
 4.42 
 
 4.40 
 
 4.37 
 
 4.35 
 
 4.34 
 
 4.32 
 
 4.31 
 
 4.30 
 
 4.29 
 
 4.28 
 
 4.27 
 
 4.26 
 
 4.25 
 
 97.5 
 
 97.4 
 
 4.50 
 
 4.47 
 
 4.44 
 
 4.41 
 
 4.39 
 
 4.37 
 
 4.35 
 
 4.34 
 
 4.32 
 
 4.31 
 
 4.30 
 
 4.29 
 
 4.28 
 
 4.27 
 
 4.26 
 
 97.4 
 
 97.3 
 
 4.52 
 
 4.48 
 
 4.45 
 
 4.43 
 
 4.40 
 
 4.38 
 
 4.37 
 
 4.35 
 
 4.34 
 
 4.32 
 
 4.31 
 
 4.30 
 
 4.29 
 
 4.28 
 
 4.27 
 
 97.3 
 
 97.2 
 
 4.54 
 
 4.50 
 
 4.47 
 
 4.44 
 
 4.42 
 
 4.40 
 
 4.38 
 
 4.36 
 
 4.35 
 
 4.34 
 
 4.32 
 
 4.31 
 
 4.30 
 
 4.29 
 
 4.28 
 
 97.2 
 
 97.1 
 
 4.56 
 
 4.52 
 
 4.49 
 
 4.46 
 
 4.43 
 
 4.41 
 
 4.39 
 
 4.38 
 
 4.36 
 
 4.35 
 
 4.34 
 
 4.32 
 
 4.31 
 
 4.30 
 
 4.29 
 
 97.1 
 
 97.0 
 
 4.58 
 
 4.54 
 
 4.50 
 
 4.48 
 
 4.45 
 
 4.43 
 
 4.41 
 
 4.39 
 
 4.37 
 
 4.36 
 
 4.35 
 
 4.34 
 
 4.32 
 
 4.31 
 
 4.30 
 
 97 
 
 90.9 
 
 4.60 
 
 4.56 
 
 4.52 
 
 4.49 
 
 4.47 
 
 4.44 
 
 4.42 
 
 4.40 
 
 4.39 
 
 4.37 
 
 4.36 
 
 4.35 
 
 4.34 
 
 4.32 
 
 4.31 
 
 96.9 
 
 90.8 
 
 4.62 
 
 4.57 
 
 4.54 
 
 4.51 
 
 4.48 
 
 4.46 
 
 4.44 
 
 4.42 
 
 4.40 
 
 4.38 
 
 4.37 
 
 4.36 
 
 4.36 
 
 4.34 
 
 4.32 
 
 96.8 
 
 96.7 
 
 4.64 
 
 4.59 
 
 4 50 
 
 4.52 
 
 4.50 
 
 4.47 
 
 4.45 
 
 4.43 
 
 4.41 
 
 4.40 
 
 4.3S 
 
 4.37 
 
 4.36 
 
 4.35 
 
 4.34 
 
 96.7 
 
 96 . 6 
 
 4.66 
 
 4.61 
 
 4.57 
 
 4.54 
 
 4.51 
 
 4.49 
 
 4.46 
 
 4.44 
 
 4.43 
 
 4.41 
 
 4.40 
 
 4.38 
 
 4.37 
 
 4.36 
 
 4.35 
 
 96.6 
 
 90.5 
 
 4.68 
 
 4.63 
 
 4.59 
 
 4.56 
 
 4.53 
 
 4.50 
 
 4.48 
 
 4.40 
 
 4.44 
 
 4.42 
 
 4.41 
 
 4.39 
 
 4.38 
 
 4.37 
 
 4.36 
 
 96.5 
 
 96.4 
 
 4.70 
 
 4.65 
 
 4.61 
 
 4.57 
 
 4.54 
 
 4.51 
 
 4.49 
 
 4.47 
 
 4.45 
 
 4.43 
 
 4.42 
 
 4.40 
 
 4.39 
 
 4.38 
 
 4.37 
 
 96.4 
 
 96 3 
 
 4 . 72 
 
 4 07 
 
 4 62 
 
 4.59 
 
 4.56 
 
 4.53 
 
 4.51 
 
 4.48 
 
 4.40 
 
 4.45 
 
 4.43 
 
 4.42 
 
 4.40 
 
 4.39 
 
 4.38 
 
 96.3 
 
 96.2 
 
 4 . 73 
 
 4.69 
 
 4.64 
 
 4.60 
 
 4.57 
 
 4.54 
 
 4.52 
 
 4.50 
 
 4.48 
 
 4.46 
 
 4.44 
 
 4.43 
 
 4.41 
 
 4.40 
 
 4.39 
 
 96.2 
 
 96 . 1 
 
 4.75 
 
 4.70 
 
 4.60 
 
 4.62 
 
 4.59 
 
 4.56 
 
 4.53 
 
 4.51 
 
 4.49 
 
 4.47 
 
 4.45 
 
 4.44 
 
 4.42 
 
 4.41 
 
 4.40 
 
 96.1 
 
 90 
 
 4.77 
 
 4.72 
 
 4.68 
 
 4.64 
 
 4.60 
 
 1 57 
 
 4.55 
 
 4.52 
 
 4.50 
 
 4.48 
 
 4.47 
 
 4.45 
 
 4.43 
 
 4.42 
 
 4.41 
 
 90.0 
 
 95.9 
 
 4.79 
 
 4.74 
 
 4.69 
 
 4 65 
 
 4.62 
 
 4.59 
 
 4.56 
 
 1 54 
 
 4.51 
 
 4.50 
 
 4.48 
 
 4.46 
 
 4.45 
 
 4.43 
 
 4.42 
 
 95.9 
 
 95.8 
 
 4.81 
 
 4 . 70 
 
 4.71 
 
 4.67 
 
 4 63 
 
 1 00 
 
 4.58 
 
 1 . 55 
 
 4.53 
 
 4.51 
 
 4.49 
 
 4.47 
 
 4.40 
 
 4.44 
 
 4.43 
 
 95.8 
 
 96 . 7 
 
 4.83 
 
 4.7S 
 
 4.73 
 
 4.69 
 
 4.65 
 
 4.62 
 
 4.59 
 
 4.56 
 
 4.54 
 
 4.52 
 
 4 50 
 
 4.48 
 
 4.47 
 
 4.45 
 
 4.44 
 
 95.7 
 
 95.6 
 
 4.85 
 
 4.80 
 
 4.75 
 
 4.70 
 
 4.66 
 
 4.63 
 
 4.60 
 
 4.58 
 
 4.55 
 
 4.53 
 
 4.51 
 
 4.50 
 
 4.48 
 
 4.46 
 
 4.45 
 
 95.6 
 
 95.5 
 
 4.87 
 
 4.81 
 
 4.7G 
 
 4.72 
 
 4.68 
 
 4.65 
 
 4.62 
 
 4.59 
 
 4.57 
 
 4.55 
 
 4.53 
 
 4.51 
 
 4.49 
 
 4.47 
 
 4.46 
 
 95.5 
 
 95.4 
 
 4.89 
 
 4.83 
 
 4.78 
 
 4.74 
 
 4.70 
 
 4.60 
 
 4.03 
 
 4.60 
 
 4.58 
 
 4.56 
 
 4 . 54 
 
 4.52 
 
 4.50 
 
 4.48 
 
 4.47 
 
 95.4 
 
 95 3 
 
 4.91 
 
 4.85 
 
 4.80 
 
 4 . 75 
 
 4.71 
 
 4.68 
 
 1.65 
 
 4.62 
 
 4 . 59 
 
 4.57 
 
 1 . 55 
 
 4.53 
 
 4.51 
 
 4.50 
 
 4.48 
 
 95.3 
 
 95 . 2 
 
 1 93 
 
 4.87 
 
 4.82 
 
 4.77 
 
 4.73 
 
 1.69 
 
 4.66 
 
 4.03 
 
 4.60 
 
 4.58 
 
 4.56 
 
 4.54 
 
 5.52 
 
 4.51 
 
 4.49 
 
 95.2 
 
 95.1 
 
 4.95 
 
 4.89 
 
 4.83 
 
 4.79 
 
 4.74 
 
 4.71 
 
 4.67 
 
 4.04 
 
 4.02 
 
 4.59 
 
 4.57 
 
 4.55 
 
 4.53 
 
 4.52 
 
 4.50 
 
 95.1 
 
 95.0 
 
 4.97 
 
 4.91 
 
 4.85 
 
 4.80 
 
 4.76 
 
 4.72 
 
 4.69 
 
 4.00 
 
 4.63 
 
 4.61 
 
 4.58 
 
 4.56 
 
 4.55 
 
 4.53 
 
 4.51 
 
 95.0 
 
 112
 
 4 % Bond — Interest payable semi-annually 
 
 
 RATES OF INTEREST REALIZED 
 
 
 if purchased at prices indicated and held to maturity 
 
 
 Price 
 100.0 
 
 YEARS TO RUN 
 
 Price 
 
 too 
 
 21 
 4.00 
 
 21H 
 
 22 
 4.00 
 
 22^ 
 4.00 
 
 23 
 4.00 
 
 233^ 
 4.00 
 
 24 
 4.00 
 
 24.i'6 
 
 25 
 4.00 
 
 25', 
 4.00 
 
 26 
 4.00 
 
 26 ' 2 
 
 27 
 4.00 
 
 27M 
 4.00 
 
 28 
 
 4.00 
 
 4.00 
 
 4.00 
 
 4.00 
 
 99.9 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 99.9 
 
 99.8 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 4.01 
 
 99.8 
 
 99.7 
 
 4.02 
 
 4.02 
 
 4.02 
 
 4.02 
 
 4.02 
 
 4.02 
 
 4.02 
 
 4.02 
 
 4.02 
 
 4.02 
 
 4.02 
 
 4.02 
 
 4.02 
 
 4.02 
 
 4.02 
 
 99.7 
 
 99.6 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.02 
 
 4.02 
 
 4.02 
 
 99.6 
 
 99.5 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 4.03 
 
 99.5 
 
 99.4 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4 04 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4.04 
 
 99.4 
 
 99.3 
 
 4.05 
 
 4.05 
 
 4.05 
 
 4.05 
 
 4.05 
 
 4.05 
 
 4.05 
 
 4.05 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4.04 
 
 4.04 
 
 99.3 
 
 99.2 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.05 
 
 4.05 
 
 4.05 
 
 4.05 
 
 4.05 
 
 4.05 
 
 4.05 
 
 4.05 
 
 4.05 
 
 4.05 
 
 4.05 
 
 99.2 
 
 99.1 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.06 
 
 99.1 
 
 89 
 
 4.07 
 
 4.07 
 
 4.07 
 
 4.07 
 
 4.07 
 
 4.07 
 
 4.07 
 
 4.07 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.06 
 
 4.06 
 
 99 
 
 98.9 
 
 4.08 
 
 4.08 
 
 4.08 
 
 4.08 
 
 4.07 
 
 4.07 
 
 4.07 
 
 4.07 
 
 4.07 
 
 4.07 
 
 4.07 
 
 4.07 
 
 4.07 
 
 4.07 
 
 4.07 
 
 98.9 
 
 98.8 
 
 4.09 
 
 4.09 
 
 4.08 
 
 4.08 
 
 4.08 
 
 4.08 
 
 4.08 
 
 4.08 
 
 4.08 
 
 4.08 
 
 4.08 
 
 4.08 
 
 4.07 
 
 4.07 
 
 4.07 
 
 98.8 
 
 98.7 
 
 4.09 
 
 4.09 
 
 4.09 
 
 4.09 
 
 4.09 
 
 4.09 
 
 4.09 
 
 4.09 
 
 4.08 
 
 4.08 
 
 4.08 
 
 4.08 
 
 4.08 
 
 4.08 
 
 4.08 
 
 98.7 
 
 98.6 
 
 4.10 
 
 4.10 
 
 4.10 
 
 4.10 
 
 4.10 
 
 4.09 
 
 4.09 
 
 4.09 
 
 4.09 
 
 4.09 
 
 4.09 
 
 4.09 
 
 4.09 
 
 4.09 
 
 4.09 
 
 98.6 
 
 98.5 
 
 4.11 
 
 4.11 
 
 4.11 
 
 4.10 
 
 4.10 
 
 4.10 
 
 4.10 
 
 4.10 
 
 4.10 
 
 4.10 
 
 4.10 
 
 4.10 
 
 4.09 
 
 4.09 
 
 4.09 
 
 98.5 
 
 98.4 
 
 4.12 
 
 4.11 
 
 4.11 
 
 4.11 
 
 4.11 
 
 4.11 
 
 4.11 
 
 4.10 
 
 4.10 
 
 4.10 
 
 4.10 
 
 4.10 
 
 4.10 
 
 4.10 
 
 4.10 
 
 98.4 
 
 98.3 
 
 4.12 
 
 4.12 
 
 4.12 
 
 4.12 
 
 4.12 
 
 4.11 
 
 4.11 
 
 4.11 
 
 4.11 
 
 4.1i 
 
 4.11 
 
 4.11 
 
 4.11 
 
 4.11 
 
 4.10 
 
 98.3 
 
 98.2 
 
 4.13 
 
 4.13 
 
 4.13 
 
 4.12 
 
 4.12 
 
 4.12 
 
 4.12 
 
 4.12 
 
 4.12 
 
 4.12 
 
 4.12 
 
 4.11 
 
 4.11 
 
 4.11 
 
 4.11 
 
 98.2 
 
 98.1 
 
 4.14 
 
 4.14 
 
 4.13 
 
 4.13 
 
 4.13 
 
 4.13 
 
 4.13 
 
 4.12 
 
 4.12 
 
 4.12 
 
 4.12 
 
 4.12 
 
 4.12 
 
 4.12 
 
 4.12 
 
 98.1 
 
 98.0 
 
 4.14 
 
 4.14 
 
 4.14 
 
 4.14 
 
 4.14 
 
 4.13 
 
 4.13 
 
 4.13 
 
 4.13 
 
 4.13 
 
 4.13 
 
 4.13 
 
 4.13 
 
 4.12 
 
 4.12 
 
 98.0 
 
 97.9 
 
 4.15 
 
 4.15 
 
 4.15 
 
 4.15 
 
 4.14 
 
 4.14 
 
 4.14 
 
 4.14 
 
 4.13 
 
 4.13 
 
 4.13 
 
 4.13 
 
 4.13 
 
 4.13 
 
 4.13 
 
 97.9 
 
 97. S 
 
 4.16 
 
 4.16 
 
 4.15 
 
 4.15 
 
 4.15 
 
 4.15 
 
 4.15 
 
 4.14 
 
 4.14 
 
 4.14 
 
 4.14 
 
 4.14 
 
 4.14 
 
 4.14 
 
 4.13 
 
 97.8 
 
 97.7 
 
 4.17 
 
 4.16 
 
 4.16 
 
 4.16 
 
 4.16 
 
 4.15 
 
 4.15 
 
 4.15 
 
 4.15 
 
 4.15 
 
 4.15 
 
 4.14 
 
 4.14 
 
 4.14 
 
 4.14 
 
 97.7 
 
 97.6 
 
 4.17 
 
 4.17 
 
 4.17 
 
 4.17 
 
 4.16 
 
 4.16 
 
 4.16 
 
 4.16 
 
 4.15 
 
 4.15 
 
 4.15 
 
 4.15 
 
 4.15 
 
 4.15 
 
 4.15 
 
 97.6 
 
 97.5 
 
 4. IS 
 
 4.18 
 
 4.18 
 
 4.17 
 
 4.17 
 
 4.17 
 
 4.17 
 
 4.16 
 
 4.16 
 
 4.16 
 
 4.16 
 
 4.16 
 
 4.16 
 
 4.16 
 
 4.15 
 
 97.5 
 
 97.4 
 
 4.19 
 
 4.18 
 
 4.18 
 
 4.18 
 
 4.18 
 
 4.17 
 
 4.17 
 
 4.17 
 
 4.17 
 
 4.17 
 
 4.17 
 
 4.16 
 
 4.16 
 
 4.16 
 
 4.16 
 
 97.4 
 
 97.3 
 
 4.19 
 
 4.19 
 
 4.19 
 
 4.19 
 
 4.18 
 
 4.18 
 
 4.18 
 
 4.18 
 
 4.17 
 
 4.17 
 
 4.17 
 
 4.17 
 
 4.17 
 
 4.17 
 
 4.17 
 
 97.3 
 
 97.2 
 
 4.20 
 
 4.20 
 
 4.20 
 
 4.19 
 
 4.19 
 
 4.19 
 
 4.18 
 
 4.18 
 
 4.18 
 
 4.18 
 
 4.18 
 
 4.18 
 
 4.17 
 
 4.17 
 
 4.17 
 
 97.2 
 
 97.1 
 
 4.21 
 
 4.21 
 
 4.20 
 
 4.20 
 
 4.20 
 
 4.19 
 
 4.19 
 
 4.19 
 
 4.19 
 
 4.19 
 
 4.18 
 
 4.18 
 
 4.18 
 
 4.18 
 
 4.18 
 
 97.1 
 
 97.0 
 
 4.22 
 
 4.21 
 
 4.21 
 
 4.21 
 
 4.20 
 
 4.20 
 
 4.20 
 
 4.20 
 
 4.19 
 
 4.19 
 
 4.19 
 
 4.19 
 
 4.19 
 
 4.19 
 
 4.18 
 
 97.0 
 
 96.9 
 
 4.22 
 
 4.22 
 
 4.22 
 
 4.22 
 
 4.21 
 
 4.21 
 
 4.20 
 
 4.20 
 
 4.20 
 
 4.20 
 
 4.20 
 
 4.19 
 
 4.19 
 
 4.19 
 
 4.19 
 
 96.9 
 
 96.8 
 
 4.23 
 
 4^23 
 
 4.22 
 
 4.22 
 
 4.22 
 
 4.21 
 
 4.21 
 
 4.21 
 
 4.21 
 
 4.21 
 
 4.20 
 
 4.20 
 
 4.20 
 
 4.20 
 
 4.20 
 
 96.8 
 
 96.7 
 
 4.24 
 
 4.23 
 
 4.23 
 
 4.23 
 
 4.23 
 
 4.22 
 
 4.22 
 
 4.22 
 
 4.21 
 
 4.21 
 
 4.21 
 
 4.21 
 
 4.21 
 
 4.20 
 
 4.20 
 
 96.7 
 
 96.6 
 
 4.25 
 
 4.24 
 
 4.24 
 
 4.24 
 
 4.23 
 
 4.23 
 
 4.23 
 
 4.22 
 
 4.22 
 
 4.22 
 
 4.22 
 
 4.21 
 
 4.21 
 
 4.21 
 
 4.21 
 
 96.6 
 
 96.5 
 
 4.25 
 
 4.25 
 
 4.25 
 
 4.24 
 
 4.24 
 
 4.24 
 
 4.23 
 
 4.23 
 
 4.23 
 
 4.23 
 
 4.22 
 
 4.22 
 
 4.22 
 
 4.22 
 
 4.22 
 
 96.5 
 
 96.4 
 96.3 
 
 4.26 
 4.27 
 
 4.26 
 4.26 
 
 4.25 
 4.26 
 
 4.25 
 4.26 
 
 4.25 
 4.25 
 
 4.24 
 4.25 
 
 4.24 
 4.25 
 
 4.24 
 
 4.23 
 
 4.23 
 4.24 
 
 4.23 
 4.23 
 
 4.23 
 4.23 
 
 4.22 
 4.23 
 
 4.22 
 4.23 
 
 4.22 
 4.23 
 
 96.4 
 96.3 
 
 4.24 
 
 4.24 
 
 96.2 
 
 4.28 
 
 4.27 
 
 4.27 
 
 4.264.26 
 
 4.20 
 
 4.25 
 
 4.25 
 
 4.25 
 
 4.24 
 
 4.24 
 
 4.24 
 
 4.24 
 
 4.24 
 
 4.23 
 
 96.2 
 
 96.1 
 
 4.28 
 
 4.28 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.25 
 
 4.25 
 
 4.25 
 
 4.24 
 
 4.24 
 
 4.24 
 
 96.1 
 
 96.0 
 
 4.29 
 
 4.29 
 
 4.2S 
 
 4.28 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.25 
 
 4.25 
 
 4.25 
 
 4.25 
 
 96.0 
 
 95.9 
 
 4.30 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.28 
 
 4.2S 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.25 
 
 4.25 
 
 95.9 
 
 95.8 
 
 4.31 
 
 4.30 
 
 4.30 
 
 4.29 
 
 4.29 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.2S 
 
 4.27 
 
 4.27 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 95.8 
 
 95.7 
 
 4.31 
 
 4.31 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.29 
 
 4.29 
 
 4.28 
 
 4.2S 
 
 4.28 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.26 
 
 95.7 
 
 95.6 
 
 4.32 
 
 4.32 
 
 4.31 
 
 4.31 
 
 4.30 
 
 4.30 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.27 
 
 4.27 
 
 95.6 
 
 95.5 
 
 4.33 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.31 
 
 4.31 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.29 
 
 4.29 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 95.5 
 
 95.4 
 
 4.34 
 
 4.33 
 
 4.33 
 
 4.32 
 
 4.32 
 
 4.31 
 
 4.31 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.28 
 
 95.4 
 
 95.3 
 
 4.34 
 
 4.34 
 
 4.33 
 
 4.33 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.31 
 
 4.31 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.29 
 
 4.29 
 
 4.29 
 
 95.3 
 
 95.2 
 
 4.35 
 
 4.35 
 
 4.34 
 
 4.34 
 
 4.33 
 
 4.33 
 
 4.32 
 
 4.32 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.30 
 
 95.2 
 
 95.1 
 
 4.36 
 
 4.35 
 
 4.35 
 
 4.34 
 
 4.34 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.32 
 
 4.32 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.30 
 
 95.1 
 
 95 
 
 4.37 
 
 4.36 
 
 4.36 
 
 4.35 
 
 4.35 
 
 4.34 
 
 4.34 
 
 4.33 
 
 4.33 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.31 
 
 4.31 
 
 4.30 
 
 95 
 
 113
 
 
 4 % Bond — Interest payable semi-annually 
 
 
 
 RATES OF INTEREST REALIZED 
 
 
 
 if purchased at prices indicated and held to maturity 
 
 
 Price 
 
 YEARS TO RUN 
 
 Price 
 
 6 
 
 6^ 
 
 7 
 
 7H 
 
 8 
 
 8H 
 
 
 
 9H 
 
 10 
 
 10 X 
 
 11 
 
 11H 
 
 12 
 
 123^ 
 
 13 
 
 95.0 
 
 4.97 
 
 4.91 
 
 4.85 
 
 4.80 
 
 4.76 
 
 4.72 
 
 4.69 
 
 4.66 
 
 4.63 
 
 4.61 
 
 4.58 
 
 4.56 
 
 4.55 
 
 4.53 
 
 4.51 
 
 95.0 
 
 94.9 
 
 4.99 
 
 4.93 
 
 4.87 
 
 4.82 
 
 4.77 
 
 4.74 
 
 4.70 
 
 4.67 
 
 4.64 
 
 4.62 
 
 4.60 
 
 4.58 
 
 4.56 
 
 4.54 
 
 4.52 
 
 04.9 
 
 94.8 
 
 5.01 
 
 4.94 
 
 4.89 
 
 4.84 
 
 4.79 
 
 4.75 
 
 4.72 
 
 4.69 
 
 4 66 
 
 4.63 
 
 4.61 
 
 4.59 
 
 4.57 
 
 4.55 
 
 4.53 
 
 94.8 
 
 94.7 
 
 5.03 
 
 4.96 
 
 4.90 
 
 4.85 
 
 4.81 
 
 4.77 
 
 4.73 
 
 4.70 
 
 4.67 
 
 4.64 
 
 4.62 
 
 4.60 
 
 4.58 
 
 4.56 
 
 4.54 
 
 04.7 
 
 94.6 
 
 5.05 
 
 4.98 
 
 4.92 
 
 4.87 
 
 4.82 
 
 4.78 
 
 4.75 
 
 4.71 
 
 4.68 
 
 4.66 
 
 4.63 
 
 4.61 
 
 4.59 
 
 4.57 
 
 4.55 
 
 94.6 
 
 94.5 
 
 5.08 
 
 5.00 
 
 4.94 
 
 4.89 
 
 4.84 
 
 4.80 
 
 4.76 
 
 4.73 
 
 4.70 
 
 4.67 
 
 4.64 
 
 4.62 
 
 4.60 
 
 4.58 
 
 4.57 
 
 94.5 
 
 94.4 
 
 5.10 
 
 5.02 
 
 4.96 
 
 4.90 
 
 4.85 
 
 4.81 
 
 4.77 
 
 4.74 
 
 4.71 
 
 4.68 
 
 4.66 
 
 4.63 
 
 4.61 
 
 4.59 
 
 4.68 
 
 94.4 
 
 94.3 
 
 5.12 
 
 5.04 
 
 4.98 
 
 4.92 
 
 4.87 
 
 4.83 
 
 4.79 
 
 4.75 
 
 4.72 
 
 4.69 
 
 4.67 
 
 4.65 
 
 4.62 
 
 4.61 
 
 4.59 
 
 94.3 
 
 94.2 
 
 5.14 
 
 5.06 
 
 4.99 
 
 4.93 
 
 4.88 
 
 4.84 
 
 4.80 
 
 4.77 
 
 4.73 
 
 4.71 
 
 4.68 
 
 4.66 
 
 4.64 
 
 4.62 
 
 4.80 
 
 94.2 
 
 94.1 
 
 5.16 
 
 5.08 
 
 5.01 
 
 4.95 
 
 4.90 
 
 4.86 
 
 4.82 
 
 4.78 
 
 4.75 
 
 4.72 
 
 4.69 
 
 4.67 
 
 4.65 
 
 4.63 
 
 4.61 
 
 94.1 
 
 94.0 
 
 5.18 
 
 5.10 
 
 5.03 
 
 4.97 
 
 4.92 
 
 4.87 
 
 4.83 
 
 4.79 
 
 4.76 
 
 4.73 
 
 4.70 
 
 4.68 
 
 4.66 
 
 4.64 
 
 4 62 
 
 91.0 
 
 93.9 
 
 5.20 
 
 5.12 
 
 5.05 
 
 4.98 
 
 4.93 
 
 4.89 
 
 4.85 
 
 4.81 
 
 4.77 
 
 4.74 
 
 4.72 
 
 4.69 
 
 4.67 
 
 4.65 
 
 4.63 
 
 03.9 
 
 93.8 
 
 5.22 
 
 5.13 
 
 5.06 
 
 5 00 
 
 4.95 
 
 4.90 
 
 4.86 
 
 4.82 
 
 4.79 
 
 4.76 
 
 4.73 
 
 4.70 
 
 4.68 
 
 4.66 
 
 4.64 
 
 93.8 
 
 93.7 
 
 5.24 
 
 5.15 
 
 5.08 
 
 5.02 
 
 4.96 
 
 4.92 
 
 4.87 
 
 4.83 
 
 4.80 
 
 4.77 
 
 4.74 
 
 4.72 
 
 4.69 
 
 4.67 
 
 4.65 
 
 93.7 
 
 93.6 
 
 5.26 
 
 5.17 
 
 5.10 
 
 5.04 
 
 4.98 
 
 4.93 
 
 4.89 
 
 4.85 
 
 4.81 
 
 4.78 
 
 4.75 
 
 4.73 
 
 4.70 
 
 4.68 
 
 4.66 
 
 93.6 
 
 93.5 
 
 
 5.19 
 
 5.12 
 
 5.05 
 
 5.00 
 
 4.95 
 
 4.90 
 
 4.86 
 
 4.83 
 
 4.80 
 
 4.77 
 
 4.74 
 
 4.72 
 
 4.69 
 
 4.67 
 
 93.5 
 
 93.4 
 
 
 5.21 
 
 5.13 
 
 5.07 
 
 5.01 
 
 4.96 
 
 4.92 
 
 4.88 
 
 4.84 
 
 4.81 
 
 4.78 
 
 4.75 
 
 4.73 
 
 4.71 
 
 4.68 
 
 93.4 
 
 93.3 
 
 
 5.23 
 
 5.15 
 
 5.09 
 
 5.03 
 
 4.98 
 
 4.93 
 
 4.89 
 
 4.85 
 
 4.82 
 
 4.79 
 
 4.76 
 
 4.74 
 
 4.72 
 
 4.69 
 
 93.3 
 
 93.2 
 
 
 5.25 
 
 5.17 
 
 5.10 
 
 5.04 
 
 4.99 
 
 4.95 
 
 4.90 
 
 4.87 
 
 4.83 
 
 4.80 
 
 4.78 
 
 4.75 
 
 4.73 
 
 4.70 
 
 93.2 
 
 93.1 
 
 
 
 5.19 
 
 5.12 
 
 5.06 
 
 5.01 
 
 4.96 
 
 4.92 
 
 4.88 
 
 4.85 
 
 4.82 
 
 4.79 
 
 4.76 
 
 4.74 
 
 4.72 
 
 93.1 
 
 93 
 
 
 
 5.21 
 
 5.14 
 
 5.08 
 
 5.02 
 
 4.07 
 
 4.93 
 
 4.89 
 
 4.86 
 
 4.83 
 
 4.80 
 
 4.77 
 
 4.75 
 
 4.73 
 
 93.0 
 
 92.9 
 
 
 
 5.22 
 
 5.15 
 
 5.09 
 
 5.04 
 
 4.99 
 
 4.94 
 
 4.91 
 
 4.87 
 
 4.84 
 
 4 81 
 
 4.79 
 
 4.76 
 
 4.74 
 
 92.0 
 
 92 8 
 
 
 
 5.24 
 
 5.17 
 
 5.11 
 
 5.05 
 
 5.00 
 
 4.96 
 
 4.92 
 
 4.89 
 
 4.85 
 
 4.82 
 
 4.80 
 
 4.77 
 
 4.75 
 
 92.8 
 
 92.7 
 
 
 
 5.26 
 
 5.19 
 
 5.12 
 
 5.07 
 
 5.02 
 
 4.97 
 
 4.93 
 
 4.90 
 
 4.87 
 
 4.84 
 
 4.81 
 
 4.78 
 
 4.76 
 
 92 7 
 
 92.6 
 
 
 
 
 5.20 
 
 5.14 
 
 5.08 
 
 5.03 
 
 4.99 
 
 4.95 
 
 4 91 
 
 4.88 
 
 4.85 
 
 4.82 
 
 4.79 
 
 4.77 
 
 92.6 
 
 92.5 
 
 
 
 
 5.22 
 
 5.16 
 
 5.10 
 
 5.05 
 
 5.00 
 
 4.96 
 
 4.92 
 
 4.89 
 
 4.86 
 
 4.83 
 
 4.81 
 
 4.78 
 
 92.5 
 
 92.4 
 
 
 
 
 5.24 
 
 5.17 
 
 5.11 
 
 5.06 
 
 5.02 
 
 4.97 
 
 4.94 
 
 4.90 
 
 4.87 
 
 4.84 
 
 4.82 
 
 4.79 
 
 92.4 
 
 92.3 
 
 
 
 
 5.26 
 
 5.19 
 
 5.13 
 
 5.08 
 
 5.03 
 
 4.99 
 
 4.95 
 
 4.91 
 
 4.88 
 
 4.85 
 
 4.83 
 
 4.80 
 
 92.3 
 
 92 2 
 
 
 
 
 
 5.21 
 
 5.14 
 
 5.09 
 
 5.04 
 
 5.00 
 
 4.96 
 
 4.93 
 
 4.90 
 
 4.87 
 
 4.84 
 
 4.82 
 
 92.2 
 
 92.1 
 
 
 
 
 
 5.22 
 
 5.16 
 
 5.11 
 
 5.06 
 
 5.01 
 
 4.98 
 
 4.94 
 
 4.91 
 
 4.88 
 
 4.85 
 
 4.8S 
 
 92.1 
 
 93 
 
 
 
 
 
 5.24 
 
 5.17 
 
 5.12 
 
 5.07 
 
 5.03 
 
 4.99 
 
 4.95 
 
 4.92 
 
 4.89 
 
 4.86 
 
 4.84 
 
 92.0 
 
 
 
 
 
 
 5.25 
 
 5.19 
 
 5.14 
 
 5.09 
 
 5.04 
 
 5.00 
 
 4.96 
 
 4.03 
 
 4.00 
 
 4.87 
 
 4.85 
 
 01.0 
 
 
 
 
 
 
 
 5.20 
 
 5.15 
 
 5.10 
 
 5.06 
 
 5.01 
 
 4.98 
 
 4.94 
 
 4.91 
 
 4.88 
 
 4.86 
 
 01.8 
 
 
 
 
 
 
 
 5.22 
 
 5.17 
 
 5.11 
 
 5.07 
 
 5.03 
 
 4 99 
 
 4.90 
 
 4.92 
 
 4.90 
 
 4.87 
 
 01.7 
 
 
 
 
 
 
 
 5.24 
 
 5.18 
 
 5.13 
 
 5.08 
 
 5.04 
 
 5.00 
 
 4.07 
 
 4.04 
 
 4.01 
 
 4.88 
 
 01.6 
 
 
 
 
 
 
 
 5.25 
 
 5.20 
 
 5.14 
 
 5.10 
 
 5.05 
 
 5.02 
 
 4.08 
 
 4 95 
 
 4.92 
 
 4.89 
 
 01.5 
 
 
 
 
 
 
 
 
 5.21 
 
 5.16 
 
 5.11 
 
 5.07 
 
 5.03 
 
 4.00 
 
 4.96 
 
 4.93 
 
 4.90 
 
 01.4 
 
 
 
 
 
 
 
 
 5.23 
 
 5.17 
 
 5.12 
 
 5.08 
 
 5.04 
 
 5.00 
 
 4.97 
 
 4.91 
 
 4.91 
 
 01.3 
 
 
 
 
 
 
 
 
 5.24 
 
 5.19 
 
 5.14 
 
 5.09 
 
 5.05 
 
 5.02 
 
 4.98 
 
 4.95 
 
 4.92 
 
 91.2 
 
 
 
 
 
 
 
 
 5.26 
 
 5.20 
 
 5.15 
 
 5.11 
 
 5.07 
 
 5.03 
 
 4.99 
 
 4.06 
 
 4.94 
 
 91.1 
 
 
 
 
 5.21 
 
 5.16 
 
 5.12 
 
 5.08 
 
 5.04 
 
 5.01 
 
 4.97 
 
 4.95 
 
 91.0 
 
 
 Rates of Interest 
 
 
 5.23 
 5.24 
 
 5.18 
 5.10 
 
 5.13 
 5.15 
 
 5.09 
 5.10 
 
 5.05 
 5 06 
 
 5.02 
 5.03 
 
 4 99 
 5.00 
 
 4.96 
 4.97 
 
 90.9 
 90 8 
 
 
 realized above 5.25% 
 
 
 5.26 
 
 5.21 
 5.22 
 
 5.16 
 5.17 
 
 5.12 
 5.13 
 
 5. OS 
 5.09 
 
 5.04 
 5.05 
 
 5 01 
 5.02 
 
 4.98 
 4.09 
 
 90.7 
 90.6 
 
 
 not figured 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 5.23 
 5.25 
 
 5.19 
 5.20 
 
 5.14 
 5.15 
 
 5.10 
 5.11 
 
 5.07 
 5.08 
 
 5.03 
 5.04 
 
 5.00 
 5.01 
 
 90.5 
 90.4 
 
 i 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 5.21 
 
 5.17 
 
 5.13 
 
 5.09 
 
 5. 06 
 
 5.03 
 
 90.3 
 
 
 
 
 
 
 
 
 
 
 
 5.23 
 
 5.18 
 
 S . 14 
 
 5.10 
 
 5.07 
 
 5.04 
 
 90.2 
 
 
 
 
 
 
 
 
 
 
 
 5.24 
 
 5.19 
 
 5.15 
 
 5.11 
 
 5.08 
 
 6.05 
 
 90.1 
 
 
 
 
 
 
 
 
 
 
 
 5.25 
 
 5.21 
 
 5.16 
 
 5.13 
 
 5.09 
 
 5.06 
 
 90.0 
 
 114
 
 4 % Bond — Interest payable semi-annually 
 
 RATES OF INTEREST REALIZED 
 
 if purchased at prices indicated and held to maturity 
 
 Price 
 
 YEARS TO RUN 
 
 Price 
 
 21 
 
 4.37 
 
 21H 
 
 4.36 
 
 22 
 
 22Y 2 
 
 23 
 4.35 
 
 23H 
 4.34 
 
 24 
 4.34 
 
 24H 
 
 25 
 
 25^ 
 
 26 
 
 26H 
 4.32 
 
 27 
 4.31 
 
 2734 
 
 28 
 4.31 
 
 95 
 
 4.36 
 
 4.35 
 
 4.33 
 
 4.33 
 
 4.32 
 
 4.32 
 
 4.31 
 
 95.0 
 
 94.9 
 
 4.37 
 
 4.37 
 
 4.36 
 
 4.36 
 
 4.35 
 
 4.35 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.33 
 
 4.33 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.31 
 
 94.9 
 
 94.8 
 
 4.38 
 
 4.37 
 
 4.37 
 
 4.37 
 
 4.36 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.34 
 
 4.34 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.32 
 
 4.32 
 
 94.8 
 
 94.7 
 
 4.39 
 
 4.38 
 
 4.38 
 
 4.37 
 
 4.37 
 
 4.36 
 
 4.36 
 
 4.35 
 
 4.35 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.33 
 
 4.33 
 
 4.33 
 
 94.7 
 
 94.6 
 
 4.40 
 
 4.39 
 
 4.38 
 
 4.38 
 
 4.37 
 
 4.37 
 
 4.36 
 
 4.36 
 
 4.36 
 
 4.35 
 
 4.35 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.33 
 
 94.6 
 
 94.5 
 
 4.40 
 
 4.40 
 
 4.39 
 
 4.39 
 
 4.38 
 
 4.38 
 
 4.37 
 
 4.37 
 
 4.36 
 
 4.36 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.34 
 
 4.34 
 
 94.5 
 
 94.4 
 
 4.41 
 
 4.40 
 
 4.40 
 
 4.39 
 
 4.39 
 
 4.38 
 
 4.38 
 
 4.37 
 
 4.37 
 
 4.36 
 
 4 36 
 
 4.36 
 
 4.35 
 
 4.35 
 
 4.35 
 
 94.4 
 
 94.3 
 
 4.42 
 
 4.41 
 
 4.41 
 
 4.40 
 
 4.40 
 
 4.39 
 
 4.39 
 
 4.38 
 
 4.38 
 
 4.37 
 
 4.37 
 
 4.36 
 
 4.36 
 
 4.36 
 
 4.35 
 
 94.3 
 
 94.2 
 
 4.43 
 
 4.42 
 
 4.41 
 
 4.41 
 
 4.40 
 
 4.40 
 
 4.39 
 
 4.39 
 
 4.38 
 
 4.38 
 
 4.37 
 
 4.37 
 
 4.37 
 
 4.36 
 
 4.36 
 
 94.2 
 
 94.1 
 
 4.43 
 
 4.43 
 
 4.42 
 
 4.42 
 
 4.41 
 
 4.40 
 
 4.40 
 
 4.40 
 
 4.39 
 
 4.39 
 
 4.3S 
 
 4.38 
 
 4.37 
 
 4.37 
 
 4.37 
 
 94.1 
 
 94.0 
 
 4.44 
 
 4.43 
 
 4.43 
 
 4.42 
 
 4.42 
 
 4.41 
 
 4.41 
 
 4.40 
 
 4.40 
 
 4.39 
 
 4.39 
 
 4.38 
 
 4.38 
 
 4.38 
 
 4.37 
 
 91.0 
 
 93.9 
 
 4.45 
 
 4.44 
 
 4.44 
 
 4.43 
 
 4.42 
 
 4.42 
 
 4.41 
 
 4.41 
 
 4.41 
 
 4.40 
 
 4.39 
 
 4.39 
 
 4.39 
 
 4.38 
 
 4.38 
 
 93.9 
 
 93.8 
 
 4.46 
 
 4.45 
 
 4.44 
 
 4.44 
 
 4.43 
 
 4.43 
 
 4.42 
 
 4.42 
 
 4.41 
 
 4.41 
 
 4.40 
 
 4.40 
 
 4.39 
 
 4.39 
 
 4.39 
 
 93.8 
 
 93.7 
 
 4.46 
 
 4.46 
 
 4.45 
 
 4.44 
 
 4.44 
 
 4.43 
 
 4.43 
 
 4.42 
 
 4.42 
 
 4.41 
 
 4.41 
 
 4.40 
 
 4.40 
 
 4.40 
 
 4.39 
 
 93.7 
 
 93.6 
 
 4.47 
 
 4.47 
 
 4.46 
 
 4.45 
 
 4.45 
 
 4.44 
 
 4.44 
 
 4.43 
 
 4.43 
 
 4.42 
 
 4.42 
 
 4.41 
 
 4.41 
 
 4.40 
 
 4.40 
 
 93.6 
 
 93.5 
 
 4.48 
 
 4.47 
 
 4.47 
 
 4.46 
 
 4.45 
 
 4.45 
 
 4.44 
 
 4.44 
 
 4.43 
 
 4.43 
 
 4.42 
 
 4.42 
 
 4.41 
 
 4.41 
 
 4.41 
 
 93.5 
 
 93.4 
 
 4.49 
 
 4.48 
 
 4.47 
 
 4.47 
 
 4.46 
 
 4.46 
 
 4.45 
 
 4.45 
 
 4.44 
 
 4.43 
 
 4.43 
 
 4.42 
 
 4.42 
 
 4.42 
 
 4.41 
 
 93.4 
 
 93.3 
 
 4.50 
 
 4.49 
 
 4.48 
 
 4.48 
 
 4.47 
 
 4.46 
 
 4.46 
 
 4.45 
 
 4.45 
 
 4.44 
 
 4.44 
 
 4.43 
 
 4.43 
 
 4.42 
 
 4.42 
 
 93.3 
 
 93.2 
 
 4.50 
 
 4.50 
 
 4.49 
 
 4.48 
 
 4.48 
 
 4.47 
 
 4.47 
 
 4.46 
 
 4.45 
 
 4.45 
 
 4.44 
 
 4.44 
 
 4.43 
 
 4.43 
 
 4.43 
 
 93.2 
 
 93.1 
 
 4.51 
 
 4.50 
 
 4.50 
 
 4.49 
 
 4.48 
 
 4.48 
 
 4.47 
 
 4.47 
 
 4.46 
 
 4.46 
 
 4.45 
 
 4.45 
 
 4.44 
 
 4.44 
 
 4.43 
 
 93.1 
 
 93 
 
 4.52 
 
 4.51 
 
 4.50 
 
 4.50 
 
 4.49 
 
 4.49 
 
 4.48 
 
 4.47 
 
 4.47 
 
 4.46 
 
 4.46 
 
 4.45 
 
 4.45 
 
 4.44 
 
 4.44 
 
 93.0 
 
 92.9 
 
 4.53 
 
 4.52 
 
 4.51 
 
 4.51 
 
 4.50 
 
 4.49 
 
 4.49 
 
 4.48 
 
 4.48 
 
 4.47 
 
 4.46 
 
 4.46 
 
 4.45 
 
 4.45 
 
 4.45 
 
 92.9 
 
 92.8 
 
 4.54 
 
 4.53 
 
 4.52 
 
 4.51 
 
 4.51 
 
 4.50 
 
 4.49 
 
 4.49 
 
 4.48 
 
 4.48 
 
 4.47 
 
 4.47 
 
 4.46 
 
 4.46 
 
 4.45 
 
 92.8 
 
 92.7 
 
 4.54 
 
 4.54 
 
 4.53 
 
 4.52 
 
 4.51 
 
 4.51 
 
 4.50 
 
 4.50 
 
 4.49 
 
 4.48 
 
 4.48 
 
 4.47 
 
 4.47 
 
 4.46 
 
 4.46 
 
 92.7 
 
 92.6 
 
 4.55 
 
 4.54 
 
 4.54 
 
 4.53 
 
 4.52 
 
 4.51 
 
 4.51 
 
 4.50 
 
 4.50 
 
 4.49 
 
 4.48 
 
 4.48 
 
 4.47 
 
 4.47 
 
 4.47 
 
 92.6 
 
 92.5 
 
 4.56 
 
 4.55 
 
 4.54 
 
 4.54 
 
 4.53 
 
 4.52 
 
 4.52 
 
 4.51 
 
 4.50 
 
 4.50 
 
 4.49 
 
 4.49 
 
 4.48 
 
 4.48 
 
 4.47 
 
 92.5 
 
 92.4 
 
 4.57 
 
 4.56 
 
 4.55 
 
 4.54 
 
 4.54 
 
 4.53 
 
 4.52 
 
 4.52 
 
 4.51 
 
 4.50 
 
 4.50 
 
 4.49 
 
 4.49 
 
 4.48 
 
 4.48 
 
 92.4 
 
 92.3 
 
 4.58 
 
 4.57 
 
 4.56 
 
 4.55 
 
 4.54 
 
 4.54 
 
 4.53 
 
 4.52 
 
 4.52 
 
 4.51 
 
 4.51 
 
 4.50 
 
 4.49 
 
 4.49 
 
 4.48 
 
 92.3 
 
 92.2 
 
 4.58 
 
 4.58 
 
 4.57 
 
 4.56 
 
 4.55 
 
 4.54 
 
 4.54 
 
 4.53 
 
 4.52 
 
 4.52 
 
 4.51 
 
 4.51 
 
 4.50 
 
 4.50 
 
 4.49 
 
 92.2 
 
 92.1 
 
 4.59 
 
 4.58 
 
 4.58 
 
 4.56 
 
 4.56 
 
 4.55 
 
 4.54 
 
 4.54 
 
 4.53 
 
 4.53 
 
 4.52 
 
 4.51 
 
 4.51 
 
 4.50 
 
 4.50 
 
 92.1 
 
 93.0 
 
 4.60 
 
 4.59 
 
 4.58 
 
 4.57 
 
 4.56 
 
 4.56 
 
 4.55 
 
 4.64 
 
 4.54 
 
 4.53 
 
 4.53 
 
 4.52 
 
 4.51 
 
 4.51 
 
 4.50 
 
 92.0 
 
 91.9 
 
 4.61 
 
 4.60 
 
 4.59 
 
 4.58 
 
 4.57 
 
 4.56 
 
 4.56 
 
 4.55 
 
 4.55 
 
 4.54 
 
 4.53 
 
 4.53 
 
 4.52 
 
 4.52 
 
 4.51 
 
 91.9 
 
 91.8 
 
 4.62 
 
 4.61 
 
 4.60 
 
 4.59 
 
 4.58 
 
 4.57 
 
 4.57 
 
 4.56 
 
 4.55 
 
 4.55 
 
 4.54 
 
 4.53 
 
 4.53 
 
 4.52 
 
 4.52 
 
 91.8 
 
 91.7 
 
 4.62 
 
 4.61 
 
 4.61 
 
 4.60 
 
 4.59 
 
 4.58 
 
 4.57 
 
 4.57 
 
 4.56 
 
 4.55 
 
 4.55 
 
 4.54 
 
 4.54 
 
 4.53 
 
 4.52 
 
 91.7 
 
 91.6 
 
 4.63 
 
 4.62 
 
 4.61 
 
 4.60 
 
 4.60 
 
 4.59 
 
 4.58 
 
 4.57 
 
 4.57 
 
 4.56 
 
 4.55 
 
 4.55 
 
 4.54 
 
 4.54 
 
 4.53 
 
 91.6 
 
 91.5 
 
 4.64 
 
 4.63 
 
 4.62 
 
 4.61 
 
 4.60 
 
 4.60 
 
 4.59 
 
 4.58 
 
 4.57 
 
 4.57 
 
 4.56 
 
 4.56 
 
 4.55 
 
 4.54 
 
 4.54 
 
 91.5 
 
 91.4 
 
 4.65 
 
 4.64 
 
 4.63 
 
 4.62 
 
 4.61 
 
 4.60 
 
 4.60 
 
 4.59 
 
 4.58 
 
 4.57 
 
 4.57 
 
 4.56 
 
 4.56 
 
 4.55 
 
 4.54 
 
 91.4 
 
 91.3 
 
 4.65 
 
 4.65 
 
 4.64 
 
 4.63 
 
 4.62 
 
 4.61 
 
 4.60 
 
 4.60 
 
 4.59 
 
 4.58 
 
 4.58 
 
 4.57 
 
 4.56 
 
 4.56 
 
 4.55 
 
 91.3 
 
 91.2 
 
 4.66 
 
 4.65 
 
 4.64 
 
 4.63 
 
 4.63 
 
 4.62 
 
 4.61 
 
 4.60 
 
 4.60 
 
 4.59 
 
 4.58 
 
 4.58 
 
 4.57 
 
 4.56 
 
 4.56 
 
 91.2 
 
 91.1 
 
 4.67 
 
 4.66 
 
 4.65 
 
 4.64 
 
 4.63 
 
 4.63 
 
 4.62 
 
 4.61 
 
 4.60 
 
 4.60 
 
 4.59 
 
 4.58 
 
 4.58 
 
 4.57 
 
 4.57 
 
 91.1 
 
 91.0 
 
 4.68 
 
 4.67 
 
 4.66 
 
 4.65 
 
 4.64 
 
 4.63 
 
 4.63 
 
 4.62 
 
 4.61 
 
 4.60 
 
 4.60 
 
 4.59 
 
 4.58 
 
 4.5S 
 
 4.57 
 
 91.8 
 
 90.9 
 
 4.69 
 
 4.68 
 
 4.67 
 
 4.66 
 
 4.65 
 
 4.64 
 
 4.63 
 
 4.63 
 
 4.62 
 
 4.61 
 
 4.60 
 
 4.60 
 
 4.59 
 
 4.59 
 
 4.58 
 
 90.9 
 
 90.8 
 
 4.69 
 
 4.68 
 
 4.67 
 
 4.67 
 
 4.66 
 
 4.65 
 
 4.64 
 
 4.63 
 
 4.62 
 
 4.62 
 
 4.61 
 
 4.60 
 
 4.60 
 
 4.59 
 
 4.59 
 
 90.8 
 
 90.7 
 
 4.70 
 
 4.69 
 
 4.68 
 
 4.67 
 
 4.66 
 
 4.66 
 
 4.65 
 
 4.64 
 
 4.63 
 
 4.62 
 
 4.62 
 
 4.61 
 
 4.61 
 
 4.60 
 
 4.59 
 
 90.7 
 
 90.6 
 
 4.71 
 
 4.70 
 
 4.69 
 
 4.68 
 
 4.67 
 
 4.66 
 
 4.66 
 
 4.65 
 
 4.64 
 
 4.63 
 
 4.62 
 
 4.62 
 
 4.61 
 
 4.61 
 
 4.60 
 
 90.6 
 
 90.5 
 
 4.72 
 
 4.71 
 
 4.70 
 
 4.69 
 
 4.68 
 
 4.67 
 
 4.66 
 
 4.66 
 
 4.65 
 
 4.64 
 
 4.63 
 
 4.63 
 
 4.62 
 
 4.61 
 
 4.61 
 
 90.5 
 
 90.4 
 
 4.73 
 
 4.71 
 
 4.70 
 
 4.70 
 
 4.69 
 
 4.68 
 
 4.67 
 
 4.66 
 
 4.65 
 
 4.65 
 
 4.64 
 
 4.63 
 
 4.63 
 
 4.62 
 
 4.61 
 
 90.4 
 
 90.3 
 
 4.73 
 
 4.72 
 
 4.71 
 
 4.70 
 
 4.69 
 
 4.69 
 
 4.68 
 
 4.67 
 
 4.66 
 
 4.65 
 
 4.65 
 
 4.64 
 
 4.63 
 
 4.63 
 
 4.62 
 
 90.3 
 
 90.2 
 
 4.74 
 
 4.73 
 
 4.72 
 
 4.71 
 
 4.70 
 
 4.69 
 
 4.69 
 
 4.6814.67 
 
 4.66 
 
 4.65 
 
 4.65 
 
 4.64 
 
 4.63 
 
 4.63 
 
 90.2 
 
 90.1 
 
 4.75 
 
 4.74 
 
 4.73 
 
 4.72 
 
 4.71 
 
 4.70 
 
 4.69 
 
 4.68 
 
 4.68 
 
 4.67 
 
 4.66 
 
 4.65 
 
 4.65 
 
 4.64 
 
 4.64 
 
 90.1 
 
 90.0 
 
 4.76 
 
 4.75 
 
 4.74 
 
 4.73 
 
 4.72 
 
 4.71 
 
 4.70 
 
 4.69 
 
 4.68 
 
 4.68 
 
 4.67 
 
 4.66 
 
 4.65 
 
 4.65 
 
 4.64 
 
 90.0 
 
 115
 
 4^4 % Bond — Interest payable semi-annually 
 
 RATES OF INTEREST REALIZED 
 if purchased at prices indicated and held to maturity 
 
 
 YEARS TO RUN 
 
 Price 
 
 8 
 
 sy 2 
 
 9 
 
 9H 
 
 10 
 
 10H 
 
 11 
 
 HH 
 
 12 
 
 12H 
 
 13 
 
 13H 
 
 14 
 
 liH 
 
 15 
 
 100 
 
 4.25 
 
 4.25 
 
 4.25 
 
 4.25 
 
 4.25 
 
 4.25 
 
 4.25 
 
 4.25 
 
 4.25 
 
 4.25 
 
 4 . 25 
 
 4.25 
 
 4.25 
 
 4.25 
 
 4.25 
 
 99.9 
 
 4.27 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 99. S 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 99.7 
 
 4.30 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 99.6 
 
 4.31 
 
 4.31 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 99.5 
 
 4.33 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.30 
 
 4.30 
 
 4 30 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.30 
 
 99.4 
 
 4.34 
 
 4.34 
 
 4.33 
 
 4.33 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 99.3 
 
 4.36 
 
 4.35 
 
 4.35 
 
 4.34 
 
 4.34 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.31 
 
 99.2 
 
 4.37 
 
 4.36 
 
 4. 30 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.32 
 
 99.1 
 
 4.39 
 
 4.38 
 
 4.37 
 
 4.37 
 
 4.36 
 
 4.36 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.33 
 
 4.33 
 
 99 
 
 4.40 
 
 4.39 
 
 4.39 
 
 4.38 
 
 4.37 
 
 4.37 
 
 4.37 
 
 4.36 
 
 4.36 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.34 
 
 4.34 
 
 98.9 
 
 4.42 
 
 4.41 
 
 4.40 
 
 4.39 
 
 4.39 
 
 4.38 
 
 4.38 
 
 4.37 
 
 4.37 
 
 4.36 
 
 4.36 
 
 4.36 
 
 4.36 
 
 4.35 
 
 4.35 
 
 98.8 
 
 4.43 
 
 4.42 
 
 4.41 
 
 4.41 
 
 4.40 
 
 4.39 
 
 4.39 
 
 4.38 
 
 4.38 
 
 4.38 
 
 4.37 
 
 4.37 
 
 4.37 
 
 4.36 
 
 4.36 
 
 98.7 
 
 4.45 
 
 4.44 
 
 4.43 
 
 4.42 
 
 4.41 
 
 4.41 
 
 4.40 
 
 4.40 
 
 4.39 
 
 4.39 
 
 4.38 
 
 4.38 
 
 4.37 
 
 4.37 
 
 4.37 
 
 98.6 
 
 4.46 
 
 4.45 
 
 4.44 
 
 4.43 
 
 4.42 
 
 4.42 
 
 4.41 
 
 4.41 
 
 4.40 
 
 4.40 
 
 4.39 
 
 4 39 
 
 4.38 
 
 4.38 
 
 4.38 
 
 98.5 
 
 4.48 
 
 4.46 
 
 4.46 
 
 4.45 
 
 4.44 
 
 4.43 
 
 4.42 
 
 4.42 
 
 4.41 
 
 4.41 
 
 4.40 
 
 4.40 
 
 4.39 
 
 4.39 
 
 4.39 
 
 98.4 
 
 4.49 
 
 4.48 
 
 4.47 
 
 4.46 
 
 4.45 
 
 4.44 
 
 4.44 
 
 4.43 
 
 4.42 
 
 4.42 
 
 4.41 
 
 4.41 
 
 4.40 
 
 4.40 
 
 4.40 
 
 9S.3 
 
 4.51 
 
 4.49 
 
 4.48 
 
 4.47 
 
 4.46 
 
 4.45 
 
 4.45 
 
 4.44 
 
 4.43 
 
 4.43 
 
 4.42 
 
 4.42 
 
 4.41 
 
 4.41 
 
 4.41 
 
 98.2 
 
 4.52 
 
 4.51 
 
 4.50 
 
 4.49 
 
 4.47 
 
 4.47 
 
 4.46 
 
 4.45 
 
 4.44 
 
 4.44 
 
 4.43 
 
 4.43 
 
 4.42 
 
 4.42 
 
 4.42 
 
 98.1 
 
 4.54 
 
 4.52 
 
 4.51 
 
 4.50 
 
 4.49 
 
 4.48 
 
 4.47 
 
 4.46 
 
 4.46 
 
 4.45 
 
 4.44 
 
 4.44 
 
 4.43 
 
 4.43 
 
 4.42 
 
 98 
 
 4.55 
 
 4.54 
 
 4.52 
 
 4.51 
 
 4.50 
 
 4.49 
 
 4.48 
 
 4.47 
 
 4.47 
 
 4.46 
 
 4.45 
 
 4.45 
 
 4.44 
 
 4.44 
 
 4.43 
 
 97.9 
 
 4.57 
 
 4.55 
 
 4.54 
 
 4.53 
 
 4.51 
 
 4.50 
 
 4.49 
 
 4.49 
 
 4.48 
 
 4 47 
 
 4.46 
 
 4 46 
 
 4.45 
 
 4.45 
 
 4.44 
 
 97.8 
 
 4.58 
 
 4.57 
 
 4.55 
 
 4.54 
 
 4.53 
 
 4.51 
 
 4.51 
 
 4.50 
 
 4.49 
 
 4.48 
 
 4.47 
 
 4.47 
 
 4.46 
 
 4.46 
 
 4.45 
 
 97.7 
 
 4.60 
 
 4.58 
 
 4.67 
 
 4.55 
 
 4.54 
 
 4.53 
 
 4.52 
 
 4.51 
 
 4.50 
 
 4.49 
 
 4.49 
 
 4.48 
 
 4.47 
 
 4.47 
 
 4.46 
 
 97.6 
 
 4.61 
 
 4.59 
 
 4.58 
 
 4.56 
 
 4.55 
 
 4.54 
 
 4.53 
 
 4.52 
 
 4.51 
 
 4.50 
 
 4.50 
 
 4.49 
 
 4.48 
 
 4.48 
 
 4.47 
 
 97.5 
 
 4.63 
 
 4.61 
 
 4.59 
 
 4.58 
 
 4.56 
 
 4.55 
 
 4.54 
 
 4.53 
 
 4.52 
 
 4.51 
 
 4.51 
 
 4.50 
 
 4.49 
 
 4.49 
 
 4.4S 
 
 97.4 
 
 4.64 
 
 4.62 
 
 4.61 
 
 4.59 
 
 4.58 
 
 4.56 
 
 4.55 
 
 4.54 
 
 4.53 
 
 4.52 
 
 4.52 
 
 4.51 
 
 4.50 
 
 4.50 
 
 4.49 
 
 97.3 
 
 4.66 
 
 4.64 
 
 4.62 
 
 4.60 
 
 4.59 
 
 4.58 
 
 4.56 
 
 4.55 
 
 4.54 
 
 4.54 
 
 4.53 
 
 4.52 
 
 4.51 
 
 4.51 
 
 4.50 
 
 97.2 
 
 4.67 
 
 4.65 
 
 4.63 
 
 4.62 
 
 4.60 
 
 4.59 
 
 4.57 
 
 4.56 
 
 4.55 
 
 4.55 
 
 4.54 
 
 4.53 
 
 4.52 
 
 4.51 
 
 4.61 
 
 97.1 
 
 4.69 
 
 4.67 
 
 4.65 
 
 4.63 
 
 4.62 
 
 4.60 
 
 4.59 
 
 4.57 
 
 4.57 
 
 4.56 
 
 4.55 
 
 4.54 
 
 4.53 
 
 4.52 
 
 4.52 
 
 97.0 
 
 4.70 
 
 4.68 
 
 4.66 
 
 4.64 
 
 4.63 
 
 4.61 
 
 4.60 
 
 4.59 
 
 4.58 
 
 4.57 
 
 4.56 
 
 4.55 
 
 4.54 
 
 4.53 
 
 4.53 
 
 96.9 
 
 4.72 
 
 4.70 
 
 1 68 
 
 4.66 
 
 4.64 
 
 4.62 
 
 4.61 
 
 4.60 
 
 4.59 
 
 4.58 
 
 4.57 
 
 4.56 
 
 4.55 
 
 4.54 
 
 4.54 
 
 96.8 
 
 4.74 
 
 4.71 
 
 4.69 
 
 4.67 
 
 4.65 
 
 4.64 
 
 4.62 
 
 4.61 
 
 4.60 
 
 4.59 
 
 4.58 
 
 4.57 
 
 4.56 
 
 4.55 
 
 4.55 
 
 96.7 
 
 4.75 
 
 4.73 
 
 4.70 
 
 4.68 
 
 4.67 
 
 4.65 
 
 4.63 
 
 4.62 
 
 4.61 
 
 4.60 
 
 4.59 
 
 4.58 
 
 4.57 
 
 4.56 
 
 4.56 
 
 96.6 
 
 4.77 
 
 4.74 
 
 4.72 
 
 4.70 
 
 4.68 
 
 4.66 
 
 4.65 
 
 4.63 
 
 4.62 
 
 4.61 
 
 4.60 
 
 4.59 
 
 4.58 
 
 4.57 
 
 4.57 
 
 96.5 
 
 4.78 
 
 4.76 
 
 4.73 
 
 4.71 
 
 4.69 
 
 4.68 
 
 4.66 
 
 4.65 
 
 4.63 
 
 4.62 
 
 4.61 
 
 4.60 
 
 4.59 
 
 4.58 
 
 4.58 
 
 96.4 
 
 4.80 
 
 4.77 
 
 4.75 
 
 4.72 
 
 4.71 
 
 4.69 
 
 4.67 
 
 4 66 
 
 4.64 
 
 4.63 
 
 4.62 
 
 4.61 
 
 4.60 
 
 4.59 
 
 4.59 
 
 96.3 
 
 4.81 
 
 4.79 
 
 4.76 
 
 4.74 
 
 4.72 
 
 4.70 
 
 4.68 
 
 4.67 
 
 4.66 
 
 4.64 
 
 4.63 
 
 4.62 
 
 4.61 
 
 4.60 
 
 4.60 
 
 96.2 
 
 4.83 
 
 4.80 
 
 4.77 
 
 4.75 
 
 4.73 
 
 4.71 
 
 4.70 
 
 4 68 
 
 4.67 
 
 4.65 
 
 4.64 
 
 4.63 
 
 4.62 
 
 4 61 
 
 4.60 
 
 96.1 
 
 4.84 
 
 4.82 
 
 4.79 
 
 4.76 
 
 4.75 
 
 4.73 
 
 4.71 
 
 4.69 
 
 4.68 
 
 4.67 
 
 4.65 
 
 4.64 
 
 4.63 
 
 4.62 
 
 4.61 
 
 96 e 
 
 4.86 
 
 4.83 
 
 4.80 
 
 4.78 
 
 4.76 
 
 4.74 
 
 4.72 
 
 4.70 
 
 4.69 
 
 4.6S 
 
 4.66 
 
 4.65 
 
 4.64 
 
 4.63 
 
 4.62 
 
 96.9 
 
 4.88 
 
 4.84 
 
 4.82 
 
 4.79 
 
 4.77 
 
 4.75 
 
 4.73 
 
 4.72 
 
 4.70 
 
 4.69 
 
 4.67 
 
 4.66 
 
 4.65 
 
 4.64 
 
 4.63 
 
 95 8 
 
 4 89 
 
 4.86 
 
 4.83 
 
 4.81 
 
 4.78 
 
 4.76 
 
 4.74 
 
 4.73 
 
 4.71 
 
 4.70 
 
 4.69 
 
 4.67 
 
 4.66 
 
 4.65 
 
 4.64 
 
 95 7 
 
 4 91 
 
 4 87 
 
 4.84 
 
 4.82 
 
 4.80 
 
 4.78 
 
 4.76 
 
 4.74 
 
 4 72 
 
 4 71 
 
 4.70 
 
 4.68 
 
 4.67 
 
 4.66 
 
 4.65 
 
 95.0 
 
 4 92 
 
 4.89 
 
 4.86 
 
 4.83 
 
 4.81 
 
 4.79 
 
 4.77 
 
 4.75 
 
 4.74 
 
 4.72 
 
 4.71 
 
 4.69 
 
 4.68 
 
 4.67 
 
 4.66 
 
 95.5 
 
 4 94 
 
 4.90 
 
 4 87 
 
 4.85 
 
 4.82 
 
 4.80 
 
 4.78 
 
 4.76 
 
 4.75 
 
 4.73 
 
 4.72 
 
 4.70 
 
 4.69 
 
 4.68 
 
 4.67 
 
 95.4 
 
 4.95 
 
 4.92 
 
 4.89 
 
 4.86 
 
 4.84 
 
 4.81 
 
 4.79 
 
 4.77 
 
 4.76 
 
 4.74 
 
 4.73 
 
 4.71 
 
 4.70 
 
 4.69 
 
 4.68 
 
 95.3 
 
 4 97 
 
 4 93 
 
 4 90 
 
 4.87 
 
 4.85 
 
 4.83 
 
 4.81 
 
 4.79 
 
 4.77 
 
 4.75 
 
 4.74 
 
 4.72 
 
 4.71 
 
 4.70 
 
 4.69 
 
 95.2 
 
 4.98 
 
 4.95 
 
 4.92 
 
 4.89 
 
 4.86 
 
 4.84 
 
 4.82 
 
 4.80 
 
 4.78 
 
 4.76 
 
 4.75 
 
 4.74 
 
 4.72 
 
 4.71 
 
 4 70 
 
 95.1 
 
 5.00 
 
 4.9G 
 
 4.93 
 
 4.90 
 
 4.88 
 
 4.85 
 
 4.83 
 
 4.81 
 
 4.79 
 
 4.78 
 
 4.76 
 
 4.75 
 
 4.73 
 
 4.72 
 
 4.71 
 
 95.0 
 
 5.02 
 
 4.98 
 
 4.94 
 
 4.91 
 
 4.89 
 
 4.80 
 
 4.84 
 
 4.82 
 
 4.80 
 
 4.79 
 
 4.77 
 
 4.76 
 
 4.74 
 
 4.73 
 
 4.72 
 
 116
 
 4r/4 % Bond — Interest payable semi-annually 
 RATES OF INTEREST REALIZED 
 
 if purchased at prices Indicated and held to maturity 
 
 Price 
 
 100 
 
 99.9 
 99.8 
 99.7 
 99.6 
 
 99.5 
 99.4 
 99.3 
 99.2 
 99.1 
 
 99 
 
 98.9 
 98.8 
 98.7 
 98.6 
 
 98.5 
 98.4 
 98.3 
 98.2 
 98.1 
 
 98 
 
 97.9 
 97.8 
 97.7 
 97.6 
 
 97.5 
 97.4 
 97.3 
 97.2 
 
 YEARS TO RUN 
 
 XbYt 16 16H 17 17^ 18 18H 19 19H 20 20y 2 21 21]^ 22 22}^ 
 
 97.1 4.51 
 
 97 
 
 96.9 
 96.8 
 96.7 
 96.6 
 
 96.5 
 96.4 
 96.3 
 96.2 
 96.1 
 
 96 
 
 95.9 
 95.8 
 95.7 
 95.6 
 
 95 5 
 95.4 
 95.3 
 95.2 
 95.1 
 
 4.25 
 4.26 
 4.27 
 4.2S 
 4.29 
 
 4.30 
 4.30 
 4.31 
 4.32 
 4.33 
 
 4.34 
 4.35 
 4.36 
 4.37 
 4.38 
 
 4.39 
 4.39 
 4.40 
 4.41 
 4.42 
 
 4.43 
 4.44 
 4.45 
 4.46 
 4.47 
 
 4.48 
 4.49 
 4.49 
 4.50 
 
 4.52 
 4.53 
 4.54 
 4.55 
 4.56 
 
 4.57 
 4.58 
 4.59 
 4.60 
 4.61 
 
 4.62 
 4.63 
 4.63 
 4.64 
 4.65 
 
 4.66 
 4.67 
 4.68 
 4.69 
 4.70 
 
 4.25 
 1.26 
 4.27 
 4.28 
 4.29 
 
 4.29 
 4.30 
 4.31 
 4.32 
 4.33 
 
 4.34 
 4.35 
 4.36 
 4.36 
 4.37 
 
 4.38 
 4.39 
 4.40 
 4.41 
 4.42 
 
 4.43 
 4.44 
 4.44 
 4.45 
 4.46 
 
 4.47 
 4.48 
 4.49 
 4.50 
 4.51 
 
 4.52 
 4.53 
 4.53 
 4.54 
 4.55 
 
 4.56 
 4.57 
 4.58 
 4.59 
 4.60 
 
 61 
 
 62 
 
 63 
 
 4.64 
 
 4.64 
 
 4.65 
 4.66 
 4.67 
 4.68 
 4.69 
 
 4.25 
 4.26 
 4.27 
 4.2S 
 4.28 
 
 4.29 
 4.30 
 4.31 
 4.32 
 4.33 
 
 4.34 
 4.34 
 4.35 
 4.36 
 4.37 
 
 4.38 
 4.39 
 4.40 
 4.40 
 4.41 
 
 4.42 
 4.43 
 4.44 
 4.45 
 4.46 
 
 4.47 
 4.47 
 4.48 
 4.49 
 
 4.25 
 4.26 
 4.27 
 4.28 
 4.28 
 
 4.29 
 4.30 
 4.31 
 4.32 
 4.33 
 
 .33 
 
 .34 
 4.35 
 4.36 
 4.37 
 
 4.38 
 4.38 
 4.39 
 4.40 
 4.41 
 
 4.25 
 4.26 
 4.27 
 4.27 
 4.28 
 
 4.29 
 4.30 
 4.31 
 4.32 
 4.32 
 
 4.33 
 4.34 
 4.35 
 4.36 
 4.37 
 
 4.37 
 4.38 
 4.39 
 4.40 
 4.41 
 
 4.424.42 
 4.43 4.42 
 
 4.504.50 
 
 4.51 
 4.52 
 4.53 
 4.54 
 4.55 
 
 4.56 
 
 4.56 
 
 4.5 
 
 4.58 
 
 4.59 
 
 4.60 
 4.61 
 4.62 
 4.63 
 4.64 
 
 4.64 
 
 4.65 
 
 66 
 
 67 
 
 4.68 
 
 4.44 
 4.44 
 4.45 
 
 46 
 4.47 
 4.48 
 4.49 
 
 4.50 
 4.51 
 4.52 
 4.53 
 4.54 
 
 4.55 
 4.56 
 4.57 
 4.57 
 4.58 
 
 59 
 
 60 
 4.61 
 4.62 
 4.63 
 
 4.64 
 4 64 
 4.65 
 
 4.43 
 4.44 
 4.45 
 
 4.46 
 4.47 
 4.47 
 4.48 
 4.49 
 
 4.50 
 4.51 
 4.52 
 4.53 
 4.53 
 
 4.54 
 4.55 
 4.56 
 4.57 
 4.58 
 
 4.25 
 4.26 
 4.27 
 4.27 
 4.28 
 
 4.29 
 4.30 
 4.31 
 4.31 
 4.32 
 
 4.33 
 4.34 
 4.35 
 4.35 
 4.36 
 
 58 
 
 59 
 
 4.60 
 
 4.61 
 
 4.62 
 
 4.63 
 4.64 
 4.65 
 
 4.66 4.65 
 4.674.66 
 
 4.41 
 4.42 
 4.43 
 
 4.44 
 4.44 
 
 4.45 
 4.46 
 4.47 
 4.48 
 4.49 
 
 4.49 
 4.50 
 4.51 
 4.52 
 4.53 
 
 4.54 
 4.54 
 4.55 
 4.56 
 4.57 
 
 4.58 
 4.59 
 4.60 
 4.60 
 4.61 
 
 4.25 
 4.26 
 4.27 
 4.27 
 4.28 
 
 4.29 
 4.30 
 4.30 
 4.31 
 4.32 
 
 4.33 
 4.34 
 4.34 
 4.35 
 4.36 
 
 4.37 
 4.38 
 4.38 
 4.39 
 
 4.41 
 4.42 
 4.42 
 4.43 
 4.44 
 
 4.45 
 4.46 
 4.47 
 4.47 
 4.48 
 
 4.49 
 4.50 
 4.51 
 4.51 
 4.52 
 
 02 
 
 63 
 
 4.64 
 
 4.65 
 
 4.66 
 
 4.53 
 4.54 
 4.55 
 4.56 
 4.56 
 
 4.57 
 4.58 
 4.59 
 4.60 
 4.61 
 
 61 
 
 62 
 
 4.63 
 
 4.64 
 
 4.65 
 
 4.25 
 4.26 
 4.27 
 4.27 
 4.28 
 
 4.29 
 4.30 
 4.30 
 4.31 
 4.32 
 
 4.33 
 4.34 
 4.34 
 4.35 
 4.36 
 
 4.37 
 4.37 
 4.3S 
 4.39 
 4.40 
 
 4.41 
 4.41 
 4.42 
 4.43 
 4.44 
 
 4.45 
 4.45 
 4.46 
 
 4.47 4.47 
 
 4.48 4.47 
 
 4.49 
 4.49 
 4.50 
 4.51 
 4.52 
 
 4.53 
 4.53 
 4.54 
 4.55 
 4.56 
 
 4.57 
 4.57 
 4.58 
 4.59 
 4.60 
 
 4.61 
 4.62 
 4.62 
 63 
 4.64 
 
 4.25 
 4.26 
 4.27 
 4.27 
 4.28 
 
 4.29 
 4.30 
 4.30 
 4.31 
 4.32 
 
 4.33 
 4.33 
 4.34 
 4.35 
 4.36 
 
 4.37 
 4.37 
 4.38 
 4.39 
 4.40 
 
 4.40 
 4.41 
 4.42 
 4.43 
 4.44 
 
 4.44 
 4.45 
 4.46 
 
 4.25 
 4.26 
 4.27 
 4.27 
 4.28 
 
 4.48 
 4.49 
 4.50 
 4.51 
 4.51 
 
 4.33 
 4.33 
 4.34 
 4.35 
 4.36 
 
 52 
 
 53 
 
 4.54 
 
 4.54 
 
 4.55 
 
 4.56 
 4.57 
 4.58 
 4.58 
 4.59 
 
 4.60 
 4.61 
 4.62 
 4.63 
 4.63 
 
 4.40 
 4.41 
 4.42 
 4.42 
 4.43 
 
 4.44 
 4.45 
 4.46 
 4.46 
 4.47 
 
 4.48 
 4.49 
 4.49 
 4.50 
 4.51 
 
 4.52 
 4.52 
 4.53 
 4.54 
 4.55 
 
 4.56 
 4.56 
 4.57 
 4.58 
 4.59 
 
 95.0 4.71 4.704. 69|4. 684. 67 4.66 4.66 4. 65]4. 64 4.64 4.63 4.62 4.62 4.61 4.61 
 
 00 
 
 60 
 
 4.61 
 
 4.62 
 
 4.63 
 
 4.25 
 4.26 
 4.26 
 4.27 
 4.28 
 
 4.29 
 4.29 
 4.30 
 4.31 
 4.32 
 
 4.32 
 4.33 
 4.34 
 4.35 
 4.35 
 
 4.36 
 4.37 
 4.38 
 4.38 
 4.39 
 
 4.40 
 4.41 
 4.41 
 4.42 
 4.43 
 
 4.44 
 4.44 
 4.45 
 4.46 
 4.47 
 
 4.47 
 4.48 
 4.49 
 4.50 
 4.51 
 
 4.51 
 4.52 
 4.53 
 4.54 
 4.54 
 
 4.55 
 4.56 
 4.57 
 4.58 
 4.58 
 
 4.59 
 
 4.60 
 
 4.61 
 
 61 
 
 62 
 
 4.25 
 4.26 
 4.26 
 4.27 
 4.28 
 
 4.29 
 4.29 
 4.30 
 4.31 
 4.32 
 
 4.32 
 4.33 
 4.34 
 4.35 
 4.35 
 
 4.36 
 4.37 
 4.37 
 4.38 
 4.39 
 
 4.40 
 4.40 
 4.41 
 4.42 
 4.43 
 
 4.43 
 4.44 
 4.45 
 4.46 
 4.46 
 
 4.47 
 4.48 
 4.49 
 4.49 
 4.50 
 
 4.51 
 4 52 
 4.52 
 4.53 
 4.54 
 
 4.55 
 4.56 
 4.56 
 4.57 
 4.58 
 
 4.59 
 4.59 
 4.60 
 4.61 
 4.62 
 
 4.25 
 4.26 
 4.26 
 4.27 
 4.28 
 
 4.29 
 4.29 
 4.30 
 4.31 
 4.31 
 
 4.32 
 4.33 
 4.34 
 4.34 
 4.35 
 
 4.36 
 4.37 
 4.37 
 4.38 
 4.39 
 
 4.39 
 4.40 
 4.41 
 4.42 
 4.42 
 
 4.43 
 4.44 
 4.44 
 
 4.45 4.45 
 
 4.46 4.46 
 
 4.25 
 4.26 
 4.26 
 4.27 
 4.28 
 
 4.29 
 4.29 
 4.30 
 4.31 
 4.31 
 
 4.32 
 4.33 
 4.34 
 4.34 
 4 35 
 
 4.36 
 4.36 
 4.37 
 4.38 
 4.39 
 
 4.39 
 4.40 
 4.41 
 4.41 
 4.42 
 
 4.43 
 
 4.44 
 
 44 
 
 4.25 
 4.26 
 4.26 
 4.27 
 4.28 
 
 29 
 
 29 
 
 4.30 
 
 4.31 
 
 4.31 
 
 4.32 
 4.33 
 4.33 
 4.34 
 4.35 
 
 4.36 
 4 36 
 4.37 
 4.38 
 4.38 
 
 4.47 
 4.47 
 4. 48 
 4.49 
 4.50 
 
 4.51 
 4.51 
 4.52 
 4 53 
 4.54 
 
 4.54 
 4.55 
 4.56 
 4.57 
 4.57 
 
 4.58 
 4.59 
 4.60 
 4.60 
 4.61 
 
 4.46 
 4.47 
 4.48 
 4.49 
 4.49 
 
 4.50 
 4.51 
 4.52 
 4.52 
 4.53 
 
 4.54 
 4.55 
 4.55 
 4.56 
 4.57 
 
 4.58 
 4.58 
 4.59 
 4.60 
 4.61 
 
 4.39 
 4.40 
 4.40 
 4.41 
 4.42 
 
 4.43 
 4.43 
 4.44 
 4.45 
 4.45 
 
 4.46 
 4.47 
 4.48 
 4.48 
 4.49 
 
 4.50 
 4.51 
 4.51 
 4.52 
 4.53 
 
 4.54 
 4.54 
 4.55 
 4.56 
 4.57 
 
 4.57 
 4.58 
 4.59 
 4.60 
 4.60 
 
 117
 
 4^/4 % Bond — Interest payable semi-annually 
 RATES OF INTEREST R: ALIZED 
 
 if purchased at prices indicated and held to maturity 
 
 Price 
 
 YEARS TO RUN 
 
 Price 
 100 
 
 23 
 
 4.25 
 
 23 H 
 1.25 
 
 24 
 4.25 
 
 24 H 
 
 4.25 
 
 25 
 
 25H 
 4.25 
 
 26 
 4.25 
 
 26<4 
 4.25 
 
 27 
 4.25 
 
 -'7', 
 4.25 
 
 28 
 4.25 
 
 28K 
 4.25 
 
 29 
 4.25 
 
 29)/ 2 
 4.25 
 
 30 
 
 4.25 
 
 100 
 
 4.25 
 
 99.9 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4 26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 99.9 
 
 99.8 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 1 JO 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 4.26 
 
 99.8 
 
 99.7 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 i.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 99.7 
 
 99.6 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 4.27 
 
 99.6 
 
 99.5 
 
 4.29 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 4.28 
 
 99.5 
 
 99.4 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 99.4 
 
 99.3 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 4.29 
 
 99.3 
 
 99.2 
 
 4.31 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.30 
 
 99.2 
 
 99.1 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.30 
 
 4.30 
 
 4.30 
 
 4.30 
 
 99.1 
 
 99 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 4.31 
 
 99 
 
 98.9 
 
 4.33 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.32 
 
 98.9 
 
 98.8 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.32 
 
 4.32 
 
 98.8 
 
 98.7 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.33 
 
 4.33 
 
 98.7 
 
 98.6 
 
 4.35 
 
 4.35 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.33 
 
 4.33 
 
 98.6 
 
 98.5 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.34 
 
 4.34 
 
 98.5 
 
 98.4 
 
 4.36 
 
 4.36 
 
 4.36 
 
 4.36 
 
 4.36 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.35 
 
 98.4 
 
 98.3 
 
 4.37 
 
 4.37 
 
 4.36 
 
 4.36 
 
 4.36 
 
 4.36 
 
 4.36 
 
 4.36 
 
 4.36 
 
 4.36 
 
 4.36 
 
 4.35 
 
 4.35 
 
 4.35 
 
 4.35 
 
 98.3 
 
 98.2 
 
 4.37 
 
 4.37 
 
 4.37 
 
 4.37 
 
 4.37 
 
 4.37 
 
 4.37 
 
 4.36 
 
 4.36 
 
 4.36 
 
 4.36 
 
 4.36 
 
 4.36 
 
 4.30 
 
 4.36 
 
 98.2 
 
 98.1 
 
 4.38 
 
 4.38 
 
 4.38 
 
 4.38 
 
 4.38 
 
 4.37 
 
 4.37 
 
 4.37 
 
 4.37 
 
 4.37 
 
 4.37 
 
 4.37 
 
 4.37 
 
 4.37 
 
 4.36 
 
 9S.1 
 
 98 
 
 4.39 
 
 4.39 
 
 4.38 
 
 4.38 
 
 4.38 
 
 4.38 
 
 4.38 
 
 4.38 
 
 4.38 
 
 4.38 
 
 4.38 
 
 4.37 
 
 4.37 
 
 4.37 
 
 4.37 
 
 98 
 
 97.9 
 
 4.40 
 
 4.39 
 
 4.39 
 
 4.39 
 
 4.39 
 
 4.39 
 
 4.39 
 
 4.38 
 
 4.38 
 
 4.38 
 
 4.38 
 
 4.38 
 
 4.38 
 
 4.38 
 
 4.38 
 
 97.9 
 
 97.8 
 
 4.40 
 
 4.40 
 
 4.40 
 
 4.40 
 
 4.40 
 
 4.39 
 
 4.39 
 
 4.39 
 
 4.39 
 
 4.39 
 
 4.39 
 
 4.39 
 
 4.39 
 
 4.38 
 
 4.38 
 
 97.8 
 
 97.7 
 
 4.41 
 
 4.41 
 
 4.41 
 
 4.40 
 
 4.40 
 
 4.40 
 
 4.40 
 
 4.40 
 
 4.40 
 
 4.40 
 
 4.39 
 
 4.39 
 
 4.39 
 
 4.39 
 
 4.39 
 
 97.7 
 
 97.6 
 
 4.42 
 
 4.41 
 
 4.41 
 
 4.41 
 
 4.41 
 
 4.41 
 
 4.41 
 
 4.40 
 
 4.40 
 
 4.40 
 
 4.40 
 
 4.40 
 
 4.40 
 
 4.40 
 
 4.39 
 
 97.6 
 
 97.5 
 
 4.42 
 
 4.42 
 
 4.42 
 
 4.42 
 
 4.42 
 
 4.41 
 
 4.41 
 
 4.41 
 
 4.41 
 
 4.41 
 
 4.41 
 
 4.41 
 
 4.40 
 
 4.40 
 
 4.40 
 
 97.5 
 
 97.4 
 
 4.43 
 
 4.43 
 
 4.43 
 
 4.42 
 
 4.42 
 
 4.42 
 
 4.42 
 
 4.42 
 
 4.42 
 
 4.41 
 
 4.41 
 
 4.41 
 
 4.41 
 
 4.41 
 
 4.41 
 
 97.4 
 
 97.3 
 
 4.44 
 
 4.44 
 
 4.43 
 
 4.43 
 
 4.43 
 
 4.43 
 
 4.43 
 
 4.42 
 
 4.42 
 
 4.42 
 
 4.42 
 
 4.42 
 
 4.42 
 
 4.41 
 
 4.41 
 
 97.3 
 
 97.2 
 
 4.44 
 
 4.44 
 
 4.44 
 
 4.44 
 
 4.44 
 
 4.43 
 
 4.43 
 
 4.43 
 
 4.43 
 
 4.43 
 
 4.43 
 
 4.42 
 
 4.42 
 
 4.42 
 
 4.42 
 
 97.2 
 
 97.1 
 
 4.45 
 
 4.45 
 
 4.45 
 
 4.45 
 
 4.44 
 
 4.44 
 
 4.44 
 
 4.44 
 
 4.44 
 
 4.43 
 
 4.43 
 
 4.43 
 
 4.43 
 
 4.43 
 
 4.43 
 
 97.1 
 
 97 
 
 4.46 
 
 4.46 
 
 4.45 
 
 4.45 
 
 4.45 
 
 4.45 
 
 4.45 
 
 4.44 
 
 4.44 
 
 4.44 
 
 4.44 
 
 4.44 
 
 4.43 
 
 4.43 
 
 4.43 
 
 97.0 
 
 96.9 
 
 4.47 
 
 4.46 
 
 4.46 
 
 4.46 
 
 4.46 
 
 4.45 
 
 4.45 
 
 4.45 
 
 4.45 
 
 4.45 
 
 4.44 
 
 4.44 
 
 4.44 
 
 4.44 
 
 4.44 
 
 96.9 
 
 96.8 
 
 4.47 
 
 4.47 
 
 4.47 
 
 4.47 
 
 4.46 
 
 4.46 
 
 4.46 
 
 4.46 
 
 4.46 
 
 4.45 
 
 4.45 
 
 4.45 
 
 4.45 
 
 4.44 
 
 4.44 
 
 96.8 
 
 96.7 
 
 4.48 
 
 4.48 
 
 4.48 
 
 4.47 
 
 4.47 
 
 4.47 
 
 4.47 
 
 4.46 
 
 4.46 
 
 4.46 
 
 4.46 
 
 4.46 
 
 4.45 
 
 4.45 
 
 4.45 
 
 96.7 
 
 96.6 
 
 4.49 
 
 4.48 
 
 4.48 
 
 4.48 
 
 4.48 
 
 4.47 
 
 4.47 
 
 4.47 
 
 4.47 
 
 4.47 
 
 4.46 
 
 4.46 
 
 4.46 
 
 4.46 
 
 4.46 
 
 96.6 
 
 96.5 
 
 4.50 
 
 4.49 
 
 4.49 
 
 4.49 
 
 4.48 
 
 4.48 
 
 4.48 
 
 4.48 
 
 4.48 
 
 4.47 
 
 4.47 
 
 4.47 
 
 4.47 
 
 4.46 
 
 4.46 
 
 96.5 
 
 96.4 
 
 4.50 
 
 4.50 
 
 4.50 
 
 4.49 
 
 4.49 
 
 4.49 
 
 4.49 
 
 4.48 
 
 4.48 
 
 4.48 
 
 4.48 
 
 4.47 
 
 4.47 
 
 4.47 
 
 4.47 
 
 96.4 
 
 96.3 
 
 4.51 
 
 4.51 
 
 4.50 
 
 4.50 
 
 4.50 
 
 4.49 
 
 4.49 
 
 4.49 
 
 4.49 
 
 4.49 
 
 4.48 
 
 4.48 
 
 4.48 
 
 4.48 
 
 4.48 
 
 96.3 
 
 96.2 
 
 4.52 
 
 4.51 
 
 4.51 
 
 4.51 
 
 4.50 
 
 4.50 
 
 4.50 
 
 4.50 
 
 4.49 
 
 4.49 
 
 4.49 
 
 4.49 
 
 4.49 
 
 4.48 
 
 4.48 
 
 96.2 
 
 96.1 
 
 4.52 
 
 4.52 
 
 4.52 
 
 4.51 
 
 4.51 
 
 4.51 
 
 4.51 
 
 4.50 
 
 4.50 
 
 4.50 
 
 4.50 
 
 4.49 
 
 4.49 
 
 4.49 
 
 4.49 
 
 96.1 
 
 96 
 
 4.53 
 
 4.53 
 
 4.52 
 
 4.52 
 
 4.52 
 
 4.51 
 
 4.61 
 
 4.51 
 
 4.51 
 
 4.51 
 
 4.50 
 
 4.50 
 
 4.50 
 
 4.50 
 
 4.49 
 
 96.0 
 
 95.9 
 
 4.54 
 
 4.54 
 
 4.53 
 
 4.53 
 
 4.53 
 
 4.52 
 
 4.52 
 
 4.52 
 
 4.51 
 
 4.51 
 
 4.51 
 
 4.51 
 
 4.50 
 
 4.50 
 
 4.50 
 
 95.9 
 
 95.8 
 
 4.55 
 
 4.54 
 
 4.54 
 
 4.53 
 
 4.53 
 
 4.53 
 
 4.53 
 
 4.52 
 
 4.52 
 
 4.52 
 
 4.52 
 
 4.51 
 
 4.51 
 
 4.51 
 
 4.51 
 
 95.8 
 
 95.7 
 
 4.55 
 
 4.55 
 
 4.55 
 
 4.54 
 
 4.54 
 
 4.54 
 
 4.53 
 
 4.53 
 
 4.53 
 
 4.53 
 
 4.52 
 
 4.52 
 
 4.52 
 
 4.52 
 
 4.51 
 
 95.7 
 
 95.6 
 
 4.56 
 
 4.56 
 
 4.55 
 
 4.55 
 
 4.55 
 
 4.54 
 
 4.54 
 
 4.64 
 
 4.53 
 
 4.53 
 
 4.53 
 
 4.53 
 
 4.52 
 
 4.52 
 
 4.52 
 
 95.6 
 
 95.5 
 
 4.57 
 
 4.56 
 
 4.56 
 
 4.56 
 
 4.55 
 
 4.55 
 
 4.55 
 
 4.54 
 
 4.54 
 
 4.54 
 
 4.54 
 
 4.53 
 
 4.53 
 
 4.53 
 
 4 53 
 
 95.5 
 
 95.4 
 
 4.58 
 
 4.57 
 
 4.57 
 
 4.56 
 
 4.56 
 
 4.6C 
 
 4.65 
 
 4 . 55 
 
 4.55 
 
 4.55 
 
 4.54 
 
 4.54 
 
 4.54 
 
 4.53 
 
 4.53 
 
 95.4 
 
 95.3 
 
 4.58 
 
 4.68 
 
 4.57 
 
 4.67 
 
 4.57 
 
 4.50 
 
 4.56 
 
 4.56 
 
 4.55 
 
 4.65 
 
 4.55 
 
 4.54 
 
 4.54 
 
 4.54 
 
 4.54 
 
 95.3 
 
 95.2 
 
 4.59 
 
 4.50 
 
 4.58 
 
 4.58 
 
 4.67 
 
 4.67 
 
 4.57 
 
 4.56 
 
 4.56 
 
 4.56 
 
 4.65 
 
 4.55 
 
 4.55 
 
 4.55 
 
 4.55 
 
 95.2 
 
 95.1 
 
 4.60 
 
 4.59 
 
 4.68 
 
 4.58 
 
 4.58 
 
 4. 58 
 
 4.57 
 
 4.57 
 
 4.57 
 
 4.57 
 
 4.56 
 
 4.56 
 
 4.56 
 
 4.55 
 
 4.55 
 
 95.1 
 
 95.0 
 
 4.60 
 
 4.6C 
 
 4.6C 
 
 4.51) 
 
 4.59 
 
 4.5S 
 
 4.68 
 
 4.58 
 
 4.57 
 
 4.57 
 
 4.57 
 
 4.56 
 
 4.56 
 
 4.56 
 
 4.56 
 
 95.0 
 
 118
 
 
 4^4 % Bond — Interest payable semi-annually 
 
 
 RATES OF INTEREST REALIZED 
 
 
 if purchased at prices indicated and held to maturity 
 
 Price 
 
 YEARS TO RUN 
 
 Price 
 
 8 
 
 w% 
 
 9 
 
 9H 
 
 10 
 
 10J* 
 
 11 
 
 11H 
 
 12 
 
 12H 
 
 13 
 
 13>* 
 
 14 
 
 14H 
 
 15 
 
 95 
 
 5.02 
 
 4.98 
 
 4.94 
 
 4.91 
 
 4.89 
 
 4.86 
 
 4.84 
 
 4.82 
 
 4.80 
 
 4.79 
 
 4.77 
 
 4.76 
 
 4.74 
 
 4.73 
 
 4.72 
 
 95 
 
 94.9 
 
 5.03 
 
 4.99 
 
 4.96 
 
 4.93 
 
 4.90 
 
 4.88 
 
 4.85 
 
 4.83 
 
 4.82 
 
 4.80 
 
 4.78 
 
 4.77 
 
 4.75 
 
 4.74 
 
 4.73 
 
 94.9 
 
 94.8 
 
 5.05 
 
 5.01 
 
 4.97 
 
 4.94 
 
 4.91 
 
 4.89 
 
 4.87 
 
 4.85 
 
 4.83 
 
 4.81 
 
 4.79 
 
 4.78 
 
 4.76 
 
 4.75 
 
 4.74 
 
 94.8 
 
 94.7 
 
 5.06 
 
 5.02 
 
 4.99 
 
 4.96 
 
 4.93 
 
 4.90 
 
 4.88 
 
 4.86 
 
 4.84 
 
 4.82 
 
 4.80 
 
 4.79 
 
 4.77 
 
 4.76 
 
 4.75 
 
 94.7 
 
 94.6 
 
 5.08 
 
 5.04 
 
 5.00 
 
 4.97 
 
 4.94 
 
 4.92 
 
 4.89 
 
 4.87 
 
 4.85 
 
 4.83 
 
 4.81 
 
 4.80 
 
 4.78 
 
 4.77 
 
 4.76 
 
 94.6 
 
 94.5 
 
 5.10 
 
 5.05 
 
 5.02 
 
 4.98 
 
 4.95 
 
 4.93 
 
 4.90 
 
 4.88 
 
 4.86 
 
 4.84 
 
 4.82 
 
 4.81 
 
 4.79 
 
 4.78 
 
 4.77 
 
 94.5 
 
 94.4 
 
 5.11 
 
 5.07 
 
 5.03 
 
 5.00 
 
 4.97 
 
 4.94 
 
 4.92 
 
 4.89 
 
 4.87 
 
 4.85 
 
 4.83 
 
 4.82 
 
 4.80 
 
 4.79 
 
 4.78 
 
 94.4 
 
 94.3 
 
 5.13 
 
 5.08 
 
 5.05 
 
 5.01 
 
 4.98 
 
 4.95 
 
 4.93 
 
 4.90 
 
 4 88 
 
 4.86 
 
 4.85 
 
 4.83 
 
 4.81 
 
 4.80 
 
 4.79 
 
 94.3 
 
 94.2 
 
 5.14 
 
 5.10 
 
 5.06 
 
 5.03 
 
 4.99 
 
 4.97 
 
 4.94 
 
 4.92 
 
 4.90 
 
 4.88 
 
 4.86 
 
 4.84 
 
 4.83 
 
 4.81 
 
 4.80 
 
 94.2 
 
 94.1 
 
 5.16 
 
 5.11 
 
 5.08 
 
 5.04 
 
 5.01 
 
 4.98 
 
 4.95 
 
 4.93 
 
 4.91 
 
 4.89 
 
 4.87 
 
 4.85 
 
 4.84 
 
 4.82 
 
 4.81 
 
 94.1 
 
 94 
 
 5.18 
 
 5.13 
 
 5.09 
 
 5.05 
 
 5.02 
 
 4.99 
 
 4.96 
 
 4.94 
 
 4.92 
 
 4.90 
 
 4.88 
 
 4.86 
 
 4.85 
 
 4.83 
 
 4.82 
 
 94 
 
 9.3.9 
 
 5.19 
 
 5.15 
 
 5.10 
 
 5.07 
 
 5.03 
 
 5.00 
 
 4.98 
 
 4.95 
 
 4.93 
 
 4.91 
 
 4.89 
 
 4.87 
 
 4.86 
 
 4.84 
 
 4.83 
 
 93.9 
 
 93.8 
 
 5.21 
 
 5.16 
 
 5.12 
 
 5.08 
 
 5.05 
 
 5.02 
 
 4.99 
 
 4.96 
 
 4.94 
 
 4.92 
 
 4.90 
 
 4.88 
 
 4.87 
 
 4.85 
 
 4.84 
 
 93.8 
 
 93.7 
 
 5.22 
 
 5.18 
 
 5.13 
 
 5.10 
 
 5.06 
 
 5.03 
 
 5.00 
 
 4.98 
 
 4.95 
 
 4.93 
 
 4.91 
 
 4.89 
 
 4.88 
 
 4.86 
 
 4.85 
 
 93.7 
 
 93.6 
 
 5.24 
 
 5.19 
 
 5.15 
 
 5.11 
 
 5.07 
 
 5.04 
 
 5.01 
 
 4.99 
 
 4.96 
 
 4.94 
 
 4.92 
 
 4.90 
 
 4.89 
 
 4.87 
 
 4.86 
 
 93.6 
 
 93.5 
 
 5.26 
 
 5.21 
 
 5.16 
 
 5.12 
 
 5 09 
 
 5.06 
 
 5.03 
 
 5.00 
 
 4.98 
 
 4.95 
 
 4.93 
 
 4.92 
 
 4.90 
 
 4.88 
 
 4.87 
 
 93.5 
 
 93.4 
 
 
 5.22 
 
 5.18 
 
 5.14 
 
 5.10 
 
 5.07 
 
 5.04 
 
 5.01 
 
 4.99 
 
 4.97 
 
 4.94 
 
 4.93 
 
 4.91 
 
 4.89 
 
 4.87 
 
 93.4 
 
 93.3 
 
 
 5.24 
 
 5.19 
 
 5.15 
 
 5.11 
 
 5.08 
 
 5.05 
 
 5.02 
 
 5.00 
 
 4.98 
 
 4.96 
 
 4.94 
 
 4.92 
 
 4.90 
 
 4.88 
 
 93.3 
 
 93.2 
 
 
 5.25 
 
 5.21 
 
 5.16 
 
 5.13 
 
 5.09 
 
 5.06 
 
 5.04 
 
 5.01 
 
 4.99 
 
 4.97 
 
 4.95 
 
 4.93 
 
 4.91 
 
 4.89 
 
 93.2 
 
 93.1 
 
 
 
 5.22 
 
 5.18 
 
 5.14 
 
 5.11 
 
 5.08 
 
 5.05 
 
 5.02 
 
 5.00 
 
 4.98 
 
 4.96 
 
 4.94 
 
 4.92 
 
 4.90 
 
 93.1 
 
 93.0 
 
 
 
 5.24 
 
 5.19 
 
 5.15 
 
 5.12 
 
 5.09 
 
 5.06 
 
 5.03 
 
 5.01 
 
 4.99 
 
 4.97 
 
 4.95 
 
 4.93 
 
 4.91 
 
 93 
 
 92.9 
 
 
 
 5.25 
 
 5.21 
 
 5.17 
 
 5.13 
 
 5.10 
 
 5.07 
 
 5.05 
 
 5.02 
 
 5.00 
 
 4.98 
 
 4.96 
 
 4.94 
 
 4.92 
 
 92.9 
 
 92.8 
 
 
 
 
 5.22 
 
 5.18 
 
 5.15 
 
 5.11 
 
 5.08 
 
 5.06 
 
 5.03 
 
 5.01 
 
 4.99 
 
 4.97 
 
 4.95 
 
 4.93 
 
 92.8 
 
 92.7 
 
 
 
 
 5.23 
 
 5.19 
 
 5.16 
 
 5.13 
 
 5.10 
 
 5.07 
 
 5.04 
 
 5.02 
 
 5.00 
 
 4.98 
 
 4.96 
 
 4.94 
 
 92.7 
 
 92.6 
 
 
 
 
 5.25 
 
 5.21 
 
 5.17 
 
 5.14 
 
 5.11 
 
 5.08 
 
 5.06 
 
 5.03 
 
 5.01 
 
 4.99 
 
 4.97 
 
 4.95 
 
 92.6 
 
 92.5 
 
 
 
 
 
 5.22 
 
 5.19 
 
 5.15 
 
 5.12 
 
 5.09 
 
 5.07 
 
 5.04 
 
 5.02 
 
 5.00 
 
 4.98 
 
 4.97 
 
 92.5 
 
 92.4 
 
 
 
 
 
 5.24 
 
 5.20 
 
 5.16 
 
 5.13 
 
 5.10 
 
 5.08 
 
 5.06 
 
 5.03 
 
 5.01 
 
 4.99 
 
 4.98 
 
 92.4 
 
 92.3 
 
 
 
 
 
 5.25 
 
 5.21 
 
 5.18 
 
 5.15 
 
 5.12 
 
 5.09 
 
 5.07 
 
 5.04 
 
 5.02 
 
 5.00 
 
 4.99 
 
 92.3 
 
 92.2 
 
 
 
 
 
 
 5.22 
 
 5.19 
 
 5.16 
 
 5.13 
 
 5.10 
 
 5.08 
 
 5.05 
 
 5.03 
 
 5.01 
 
 5.00 
 
 92.2 
 
 92.1 
 
 
 
 
 
 
 5.24 
 
 5.20 
 
 5.17 
 
 5.14 
 
 5.11 
 
 5.09 
 
 5.07 
 
 5.04 
 
 5.02 
 
 5.01 
 
 92.1 
 
 92 
 
 
 
 
 
 
 5.25 
 
 5.21 
 
 5.18 
 
 5.15 
 
 5.12 
 
 5.10 
 
 5.08 
 
 5.05 
 
 5.03 
 
 5.02 
 
 93.0 
 
 91.9 
 
 
 
 
 
 
 
 5.23 
 
 5.19 
 
 5.16 
 
 5.14 
 
 5.11 
 
 5.09 
 
 5.06 
 
 5.04 
 
 5.03 
 
 91.9 
 
 91.8 
 
 
 
 
 
 
 
 5.24 
 
 5.21 
 
 5.18 
 
 5.15 
 
 5.12 
 
 5.10 
 
 5.08 
 
 5.05 
 
 5.04 
 
 91.8 
 
 91.7 
 
 
 
 
 
 
 
 5.25 
 
 5.22 
 
 5.19 
 
 5.16 
 
 5.13 
 
 5.11 
 
 5.09 
 
 5.07 
 
 5.05 
 
 91.7 
 
 91.6 
 
 
 
 
 
 
 
 
 5.23 
 
 5.20 
 
 5.17 
 
 5.14 
 
 5.12 
 
 5.10 
 
 5.08 
 
 5.06 
 
 91.6 
 
 91.5 
 
 
 
 
 
 
 
 
 5.24 
 
 5.21 
 
 5.18 
 
 5.16 
 
 5.13 
 
 5.11 
 
 5.09 
 
 5.07 
 
 91.5 
 
 91.4 
 
 
 
 
 
 
 
 
 5.26 
 
 5.22 
 
 5.19 
 
 5.17 
 
 5.14 
 
 5.12 
 
 5.10 
 
 5.08 
 
 91.4 
 
 91.3 
 
 
 
 
 
 
 
 
 
 5.24 
 
 5.21 
 
 5.18 
 
 5.15 
 
 5.13 
 
 5.11 
 
 5.09 
 
 91.3 
 
 91.2 
 
 
 
 
 
 
 
 
 
 5.25 
 
 5.22 
 
 5.19 
 
 5.16 
 
 5.14 
 
 5.12 
 
 5.10 
 
 91.2 
 
 91.1 
 
 
 
 
 
 
 
 
 
 
 5.23 
 
 5.20 
 
 5.17 
 
 5.15 
 
 5.13 
 
 5.11 
 
 91.1 
 
 91.0 
 
 
 
 
 
 
 
 
 
 
 5.24 
 
 5.21 
 
 5.18 
 
 5.16 
 
 5.14 
 
 5.12 
 
 91.0 
 
 90.9 
 
 
 
 
 
 
 
 
 
 
 5.25 
 
 5.22 
 
 5.20 
 
 5.17 
 
 5.15 
 
 5.13 
 
 90.9 
 
 90.8 
 
 
 
 
 
 
 
 
 
 
 
 5.23 
 
 5.21 
 
 5.18 
 
 5.16 
 
 5.14 
 
 90.8 
 
 90.7 
 
 
 
 
 
 
 
 
 
 
 
 5.25 
 
 5.22 
 
 5.19 
 
 5.17 
 
 5.15 
 
 90.7 
 
 90.6 
 
 
 
 
 
 
 
 
 
 
 
 
 5.23 
 
 5.20 
 
 5.18 
 
 5.16 
 
 90.6 
 
 90.5 
 
 
 
 
 
 
 
 
 
 
 
 
 5.24 
 
 5.21 
 
 5.19 
 
 5 17 
 
 90.5 
 
 90.4 
 
 
 
 
 
 
 
 
 
 
 
 
 5.25 
 
 5.22 
 
 5.20 
 
 5.18 
 
 90.4 
 
 90.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 5.24 
 
 5.21 
 
 5.19 
 
 90.3 
 
 90.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 5.25 
 
 5.22 
 
 5.20 
 
 90.2 
 
 90.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 5.23 
 
 5.21 
 
 90.1 
 
 90.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 5.24 
 
 5.22 
 
 90.0 
 
 119
 
 4^ % Bond — Interest payable semi-annually 
 
 
 RATES OF INTEREST REALIZED 
 
 
 if purchased at prices indicated and held to maturity 
 
 
 
 YEARS TO RUN 
 
 Price 
 9.5 
 
 95 
 
 15M 
 
 4.71 
 
 16 
 
 16H 
 
 4.60 
 
 17 
 
 1732 
 
 4.67 
 
 18 
 4.66 
 
 1V_, 
 
 19 
 4.6.5 
 
 19J4 
 4.04 
 
 20 
 
 20 1 '. 
 
 21 
 
 4.62 
 
 21 •, 
 4.62 
 
 22 
 4.61 
 
 22 Vi 
 
 4.70 
 
 4.68 
 
 4.66 
 
 4.64 
 
 4.63 
 
 4.61 
 
 94.9 
 
 4.72 
 
 4.71 
 
 4.70 
 
 4.69 
 
 4. OS 
 
 4.67 
 
 4.66 
 
 4.66 
 
 4.65 
 
 4.64 
 
 4.64 
 
 4.63 
 
 4.63 
 
 4.62 
 
 4.62 
 
 94.9 
 
 94.8 
 
 4.73 
 
 4.72 
 
 4.71 
 
 4.70 
 
 4.69 
 
 4.68 
 
 4.67 
 
 4.66 
 
 4.66 
 
 4.65 
 
 4.65 
 
 4.64 
 
 4.63 
 
 4.63 
 
 4.62 
 
 94.8 
 
 94.7 
 
 4.74 
 
 4.73 
 
 4.72 
 
 4.71 
 
 4.70 
 
 4.69 
 
 4.68 
 
 4.67 
 
 4.67 
 
 4.66 
 
 4.65 
 
 4.65 
 
 4.64 
 
 4.64 
 
 4.63 
 
 94.7 
 
 94.6 
 
 4.75 
 
 4.74 
 
 4.72 
 
 4.72 
 
 4.71 
 
 4.70 
 
 4.69 
 
 4.68 
 
 4.67 
 
 4.67 
 
 4.66 
 
 4.66 
 
 4.65 
 
 4.64 
 
 4.64 
 
 94.6 
 
 94.5 
 
 4.76 
 
 4.75 
 
 4.73 
 
 4.73 
 
 4.72 
 
 4.71 
 
 4.70 
 
 4.69 
 
 4.68 
 
 4.68 
 
 4.67 
 
 4.66 
 
 4.66 
 
 4.65 
 
 4.65 
 
 94.5 
 
 94.4 
 
 4.77 
 
 4.75 
 
 4.74 
 
 4.73 
 
 4.72 
 
 4.72 
 
 4.71 
 
 4.70 
 
 4.69 
 
 4.68 
 
 4.68 
 
 4.67 
 
 4.66 
 
 4.66 
 
 4.65 
 
 94.4 
 
 94.3 
 
 4.78 
 
 4.76 
 
 4.75 
 
 4.74 
 
 4.73 
 
 4.72 
 
 4.71 
 
 4.71 
 
 4.70 
 
 4.69 
 
 4.68 
 
 4.68 
 
 4.67 
 
 4.67 
 
 4.66 
 
 94.3 
 
 94.2 
 
 4.78 
 
 4.77 
 
 4.76 
 
 4.75 
 
 4.74 
 
 4.73 
 
 4.72 
 
 4 72 
 
 4.71 
 
 4.70 
 
 4.69 
 
 4.69 
 
 4.68 
 
 4.67 
 
 4.67 
 
 94.2 
 
 94.1 
 
 4.79 
 
 4.78 
 
 4.77 
 
 4.76 
 
 4.75 
 
 4.74 
 
 4.73 
 
 4.72 
 
 4.72 
 
 4.71 
 
 4.70 
 
 4.69 
 
 4.69 
 
 4.68 
 
 4.68 
 
 94.1 
 
 94 
 
 4.80 
 
 4.79 
 
 4.78 
 
 4.77 
 
 4.76 
 
 4.75 
 
 4.74 
 
 4.73 
 
 4.72 
 
 4.72 
 
 4.71 
 
 4.70 
 
 4 70 
 
 4.69 
 
 4.68 
 
 94 
 
 93.9 
 
 4.81 
 
 4. SO 
 
 4.79 
 
 4.78 
 
 4.77 
 
 4.76 
 
 4.75 
 
 4.74 
 
 4.73 
 
 4.72 
 
 4.72 
 
 4.71 
 
 4.70 
 
 4.70 
 
 4.69 
 
 93.9 
 
 93.8 
 
 4.82 
 
 4.81 
 
 4.80 
 
 4.79 
 
 4.78 
 
 4.77 
 
 4.76 
 
 4.75 
 
 4.74 
 
 4.73 
 
 4.72 
 
 4.72 
 
 4.71 
 
 4.71 
 
 4.70 
 
 93.8 
 
 93.7 
 
 4.83 
 
 4.82 
 
 4.81 
 
 4.80 
 
 4.79 
 
 4.78 
 
 4.77 
 
 4.76 
 
 4.75 
 
 4.74 
 
 4.73 
 
 4.73 
 
 4.72 
 
 4.71 
 
 4.71 
 
 93.7 ■ 
 
 93.0 
 
 4.84 
 
 4.83 
 
 4.82 
 
 4.81 
 
 4.80 
 
 4.79 
 
 4.77 
 
 4.77 
 
 4.76 
 
 4.75 
 
 4.73 
 
 4.74 
 
 4.73 
 
 4.72 
 
 4.71 
 
 93.6 
 
 93.5 
 
 4.85 
 
 4.84 
 
 4.83 
 
 4.82 
 
 4.80 
 
 4.79 
 
 4.78 
 
 4.77 
 
 4.77 
 
 4.76 
 
 4.75 
 
 4.74 
 
 4.74 
 
 4.73 
 
 4.72 
 
 93.5 
 
 93.4 
 
 4.86 
 
 4.85 
 
 4.84 
 
 4.82 
 
 4.81 
 
 4.80 
 
 4.79 
 
 4.78 
 
 4.77 
 
 4.77 
 
 4.76 
 
 4.75 
 
 4.74 
 
 4.74 
 
 4.73 
 
 93.4 
 
 93.3 
 
 4.87 
 
 4.86 
 
 4.84 
 
 4.83 
 
 4.82 
 
 4.81 
 
 4.80 
 
 4.79 
 
 4.78 
 
 4.77 
 
 4.77 
 
 4.76 
 
 4.75 
 
 4.74 
 
 4.74 
 
 93.3 
 
 93.2 
 
 4.88 
 
 4.87 
 
 4.85 
 
 4.84 
 
 4.83 
 
 4.82 
 
 4 81 
 
 4.80 
 
 4 79 
 
 4.78 
 
 4.77 
 
 4.77 
 
 4.76 
 
 4.75 
 
 4.74 
 
 93.2 
 
 93.1 
 
 4.89 
 
 4.88 
 
 4.86 
 
 4.85 
 
 4.84 
 
 4.83 
 
 4.82 
 
 4.81 
 
 4.80 
 
 4.79 
 
 4.78 
 
 4.77 
 
 4.77 
 
 4.76 
 
 4.75 
 
 93.1 
 
 93 
 
 4.90 
 
 4.89 
 
 4.87 
 
 4.86 
 
 4.85 
 
 4.81 
 
 4 83 
 
 4.82 
 
 4.81 
 
 4.80 
 
 4.79 
 
 4.78 
 
 4.77 
 
 4.77 
 
 4.76 
 
 93 
 
 92.9 
 
 4.91 
 
 4.90 
 
 4.88 
 
 4.87 
 
 4.86 
 
 4.85 
 
 4.83 
 
 4.82 
 
 4.82 
 
 4.81 
 
 4.80 
 
 4.79 
 
 4.78 
 
 4.77 
 
 4.77 
 
 92.9 
 
 92.8 
 
 4.92 
 
 4.91 
 
 4.89 
 
 4.88 
 
 4.87 
 
 4.86 
 
 4.84 
 
 4.83 
 
 4.82 
 
 4.81 
 
 4.81 
 
 4.80 
 
 4.79 
 
 4.78 
 
 4.78 
 
 92.8 
 
 92.7 
 
 4.93 
 
 4.91 
 
 4.90 
 
 4.89 
 
 4.S8 
 
 4.86 
 
 4.85 
 
 4.84 
 
 4 83 
 
 4.82 
 
 4.81 
 
 4.81 
 
 4.80 
 
 4.79 
 
 4.78 
 
 92.7 
 
 92.6 
 
 4.94 
 
 4.92 
 
 4.91 
 
 4.90 
 
 4.8S 
 
 4.87 
 
 4.86 
 
 4.85 
 
 4.84 
 
 4.83 
 
 4.82 
 
 4.81 
 
 4.81 
 
 4.80 
 
 4.79 
 
 92.6 
 
 92.5 
 
 4.95 
 
 4.93 
 
 4.92 
 
 4.91 
 
 4.89 
 
 4.88 
 
 4.87 
 
 4.86 
 
 4.85 
 
 4.84 
 
 4.83 
 
 4.82 
 
 4.81 
 
 4.81 
 
 4.80 
 
 92.5 
 
 92.4 
 
 4.96 
 
 4.94 
 
 4.93 
 
 4.92 
 
 4.90 
 
 4.89 
 
 4.88 
 
 1.87 
 
 1 . 86 
 
 4.85 
 
 4.84 
 
 4.83 
 
 4.82 
 
 4.81 
 
 4.81 
 
 92.4 
 
 92.3 
 
 4.97 
 
 4.95 
 
 4.94 
 
 4.92 
 
 4.91 
 
 4.90 
 
 4.89 
 
 4.88 
 
 4.87 
 
 4.86 
 
 4.85 
 
 4.84 
 
 4.83 
 
 4.82 
 
 4.81 
 
 92.3 
 
 92.2 
 
 4.98 
 
 4.96 
 
 4.95 
 
 4.93 
 
 4.92 
 
 4 91 
 
 4.89 
 
 4.88 
 
 4.87 
 
 4 86 
 
 4.85 
 
 4.85 
 
 4.84 
 
 4.83 
 
 4.82 
 
 92.2 
 
 92.1 
 
 4.99 
 
 4.97 
 
 4.96 
 
 4.94 
 
 4.93 
 
 4.92 
 
 4.90 
 
 4.89 
 
 4.88 
 
 4.87 
 
 4.86 
 
 4.85 
 
 4.85 
 
 4.84 
 
 4.83 
 
 92.1 
 
 92 
 
 5.00 
 
 4.98 
 
 4.97 
 
 4.95 
 
 4 94 
 
 4.93 
 
 4.91 
 
 4.90 
 
 4.89 
 
 4.88 
 
 4.87 
 
 4.86 
 
 4 85 
 
 4. 85 
 
 4.84 
 
 92.0 
 
 91.9 
 
 5.01 
 
 4.99 
 
 4.98 
 
 4.96 
 
 4.95 
 
 4.94 
 
 4.92 
 
 4.91 
 
 4.90 
 
 4.89 
 
 4.88 
 
 4.87 
 
 4.86 
 
 4.85 
 
 4.85 
 
 91.9 
 
 91.8 
 
 5.02 
 
 5 . 00 
 
 4.99 
 
 4.97 
 
 4.96 
 
 4.94 
 
 4.93 
 
 4.92 
 
 4.91 
 
 4.90 
 
 4.89 
 
 4.88 
 
 4.87 
 
 4.86 
 
 4.85 
 
 91.8 
 
 91.7 
 
 5.03 
 
 5.01 
 
 4 99 
 
 4.98 
 
 4.97 
 
 4.95 
 
 4.94 
 
 4.93 
 
 4.92 
 
 4.91 
 
 4.90 
 
 4.89 
 
 4.88 
 
 4.87 
 
 4.86 
 
 91.7 
 
 91.0 
 
 5.04 
 
 5.02 
 
 5.00 
 
 4.99 
 
 4.97 
 
 1.96 
 
 4.95 
 
 4.94 
 
 4.92 
 
 4.91 
 
 4.90 
 
 4.89 
 
 4.89 
 
 4.88 
 
 4.87 
 
 91.6 
 
 91.5 
 
 5.05 
 
 5.03 
 
 5.01 
 
 5 00 
 
 4.98 
 
 4 97 
 
 4.96 
 
 4.95 
 
 4.93 
 
 4 92 
 
 4.91 
 
 4.90 
 
 4.89 
 
 4.89 
 
 4.88 
 
 91.5 
 
 91.4 
 
 5.06 
 
 5.04 
 
 5.02 
 
 5.01 
 
 4.99 
 
 1 US 
 
 4.97 
 
 4.95 
 
 4 94 
 
 4 93 
 
 4.92 
 
 4.91 
 
 4.90 
 
 4.89 
 
 4.88 
 
 91.4 
 
 91.3 
 
 5.07 
 
 5.05 
 
 5.03 
 
 5.02 
 
 5.00 
 
 t 99 
 
 1 98 
 
 4.96 
 
 4.95 
 
 4.94 
 
 4.93 
 
 1.92 
 
 4 91 
 
 1.90 
 
 4.89 
 
 91.3 
 
 91.2 
 
 5 08 
 
 5.00 
 
 5.04 
 
 5 03 
 
 5.01 
 
 5.00 
 
 4.98 
 
 4.97 
 
 4.90 
 
 4 . 9.5 
 
 4.94 
 
 4.93 
 
 4.92 
 
 4.91 
 
 4 90 
 
 91.2 
 
 91.1 
 
 5.09 
 
 5.07 
 
 5.05 
 
 5.04 
 
 5.02 
 
 5.01 
 
 4.99 
 
 4.98 
 
 4.97 
 
 4.96 
 
 4.95 
 
 4.94 
 
 4.93 
 
 4.92 
 
 4.91 
 
 91.1 
 
 91 
 
 5.10 
 
 5.08 
 
 5.06 
 
 5 05 
 
 5 . 03 
 
 5.02 
 
 5.00 
 
 4.99 
 
 4.98 
 
 4.96 
 
 4.95 
 
 4.94 
 
 4 93 
 
 4.92 
 
 4.92 
 
 91 
 
 90.9 
 
 5.11 
 
 5.09 
 
 5 07 
 
 5.06 
 
 5.01 
 
 5.03 
 
 5.01 
 
 5.00 
 
 4.98 
 
 4.97 
 
 4 96 
 
 4.95 
 
 4.94 
 
 4.93 
 
 4 92 
 
 90.9 
 
 90.8 
 
 5.12 
 
 5.10 
 
 5.08 
 
 5.06 
 
 5.0.5 
 
 5 03 
 
 5.02 
 
 5.01 
 
 1 99 
 
 4.98 
 
 4.97 
 
 1.96 
 
 4.95 
 
 4.94 
 
 4.93 
 
 90.8 
 
 90.7 
 
 5.13 
 
 5.11 
 
 5.09 
 
 5.07 
 
 5 06 
 
 5.04 
 
 5.03 
 
 5 01 
 
 5 OH 
 
 4.99 
 
 4.98 
 
 4.97 
 
 4 96 
 
 4.95 
 
 4.94 
 
 90.7 
 
 90.6 
 
 5 . 14 
 
 5.12 
 
 5.10 
 
 5.08 
 
 5.07 
 
 5.05 
 
 5.04 
 
 5.02 
 
 5.01 
 
 5.00 
 
 4.99 
 
 4.9S 
 
 4.97 
 
 4.96 
 
 4.95 
 
 90.6 
 
 90.5 
 
 5.15 
 
 5.13 
 
 5.11 
 
 5.09 
 
 5.08 
 
 5.06 
 
 5.05 
 
 5.03 
 
 5.02 
 
 5.01 
 
 5.00 
 
 4.99 
 
 4.98 
 
 4.96 
 
 4.96 
 
 90.5 
 
 90.4 
 
 5.10 
 
 5.14 
 
 5.12 
 
 5.10 
 
 5 O'J 
 
 5.07 
 
 5.00 
 
 5.04 
 
 5.03 
 
 5.02 
 
 5.00 
 
 4.99 
 
 4.98 
 
 4.97 
 
 1.96 
 
 90.4 
 
 90.3 
 
 5.17 
 
 5.15 
 
 5.13 
 
 5.11 
 
 5.09 
 
 5.08 
 
 5.07 
 
 5.05 
 
 5.04 
 
 5 . 02 
 
 5.01 
 
 5.00 
 
 4.99 
 
 4.98 
 
 1.97 
 
 90.3 
 
 90.2 
 
 5.18 
 
 5.16 
 
 5.14 
 
 5.12 
 
 5.10 
 
 5.09 
 
 5.07 
 
 5.00 
 
 5.05 
 
 5.03 
 
 5.02 
 
 5.01 
 
 5.00 
 
 4.99 
 
 4 . 98 
 
 90.2 
 
 90.1 
 
 5.19 
 
 5.17 
 
 5 . 15 
 
 5.13 
 
 5.11 
 
 5.10 
 
 5.08 
 
 5.07 
 
 5.06 
 
 5.04 
 
 5.03 
 
 5.02 
 
 5.01 
 
 5.00 
 
 4.99 
 
 90.1 
 
 90 
 
 5.20 
 
 5. 1S| 
 
 5.16 
 
 5.14 
 
 5.12 
 
 5.11 
 
 5.09 
 
 5.08 
 
 5.06 
 
 5.05 
 
 5.04 
 
 5.03 
 
 5.02 
 
 5.00 
 
 4.99 
 
 90 
 
 120
 
 4^4 % Bond — Interest payable semi-annually 
 
 RATES OF INTEREST REALIZED 
 if purchased at prices indicated and held to maturity 
 
 Price 
 
 YEARS TO RUN 
 
 Price 
 
 23 
 
 4.60 
 
 23K 
 
 24 
 
 24^ 
 4.59 
 
 25 
 
 4.59 
 
 25H 
 
 4.58 
 
 26 
 
 26^ 
 4.58 
 
 27 
 
 27^ 
 
 28 
 4.57 
 
 28^ 
 4.56 
 
 29 
 
 29^ 
 
 30 
 
 95 
 
 4.60 
 
 4.60 
 
 4.58 
 
 4.57 
 
 4.57 
 
 4.56 
 
 4.56 
 
 4.56 
 
 95 
 
 94.9 
 
 4.61 
 
 4.61 
 
 4.60 
 
 4.60 
 
 4.60 
 
 4.59 
 
 4.59 
 
 4.58 
 
 4.58 
 
 4.58 
 
 4.57 
 
 4.57 
 
 4.57 
 
 4.57 
 
 4.56 
 
 94.9 
 
 94.8 
 
 4.62 
 
 4.61 
 
 4.61 
 
 4.61 
 
 4.60 
 
 4.60 
 
 4.59 
 
 4.59 
 
 4.59 
 
 4.59 
 
 4.58 
 
 4.58 
 
 4.57 
 
 4.57 
 
 4.57 
 
 94.8 
 
 94.7 
 
 4.63 
 
 4.62 
 
 4.62 
 
 4.61 
 
 4.61 
 
 4.61 
 
 4.60 
 
 4.60 
 
 4.59 
 
 4.59 
 
 4.59 
 
 4.58 
 
 4.58 
 
 4.58 
 
 4.58 
 
 94.7 
 
 94.6 
 
 4.63 
 
 4.63 
 
 4.62 
 
 4.62 
 
 4.62 
 
 4.61 
 
 4.61 
 
 4.60 
 
 4.60 
 
 4.60 
 
 4.59 
 
 4.59 
 
 4.59 
 
 4.59 
 
 4.58 
 
 94.6 
 
 94.5 
 
 4.64 
 
 4.64 
 
 4 63 
 
 4.63 
 
 4.62 
 
 4.62 
 
 4.62 
 
 4.61 
 
 4.61 
 
 4.61 
 
 4.60 
 
 4.60 
 
 4.59 
 
 4.59 
 
 4 59 
 
 94.5 
 
 94.4 
 
 4.65 
 
 4.64 
 
 4.64 
 
 4.63 
 
 4.63 
 
 4.63 
 
 4.62 
 
 4.62 
 
 4.61 
 
 4.61 
 
 4.61 
 
 4.60 
 
 4.60 
 
 4.60 
 
 4.60 
 
 94.4 
 
 94.3 
 
 4.66 
 
 4.65 
 
 4 65 
 
 4.64 
 
 4.64 
 
 4.63 
 
 4.63 
 
 4.63 
 
 4.62 
 
 4.62 
 
 4.61 
 
 4.61 
 
 4.61 
 
 4.60 
 
 4.60 
 
 94.3 
 
 94.2 
 
 4.66 
 
 4.66 
 
 4.65 
 
 4.65 
 
 4.64 
 
 4.64 
 
 4.64 
 
 4.63 
 
 4.63 
 
 4.62 
 
 4.62 
 
 4.62 
 
 4.61 
 
 4.61 
 
 4.61 
 
 94.2 
 
 94.1 
 
 4.67 
 
 4.66 
 
 4.66 
 
 4.66 
 
 4.65 
 
 4.65 
 
 4.64 
 
 4.64 
 
 4.64 
 
 4.63 
 
 4.63 
 
 4.62 
 
 4.62 
 
 4.62 
 
 4.62 
 
 94.1 
 
 94 
 
 4.68 
 
 4.67 
 
 4.67 
 
 4.66 
 
 4.66 
 
 4.65 
 
 4.65 
 
 4.65 
 
 4.64 
 
 4.64 
 
 4.63 
 
 4.63 
 
 4.63 
 
 4.62 
 
 4.62 
 
 94.0 
 
 93.9 
 
 4.69 
 
 4.68 
 
 4.67 
 
 4.67 
 
 4.67 
 
 4.66 
 
 4.66 
 
 4.65 
 
 4.65 
 
 4 64 
 
 4.64 
 
 4 64 
 
 4.63 
 
 4.63 
 
 4.63 
 
 93.9 
 
 93.8 
 
 4.69 
 
 4.69 
 
 4.68 
 
 4.68 
 
 4.67 
 
 4.67 
 
 4.66 
 
 4.66 
 
 4.66 
 
 4.65 
 
 4.65 
 
 4.64 
 
 4.64 
 
 4.64 
 
 4.64 
 
 93.8 
 
 93.7 
 
 4.70 
 
 4.69 
 
 4.69 
 
 4.08 
 
 4.68 
 
 4.68 
 
 4.67 
 
 4.67 
 
 4.66 
 
 4.66 
 
 4.65 
 
 4.65 
 
 4.65 
 
 4.64 
 
 4.64 
 
 93.7 
 
 93.6 
 
 4.71 
 
 4.70 
 
 4.70 
 
 4.69 
 
 4.69 
 
 4.68 
 
 4.68 
 
 4.67 
 
 4.67 
 
 4.67 
 
 4.66 
 
 4.66 
 
 4.65 
 
 4.65 
 
 4.65 
 
 93.6 
 
 93.5 
 
 4.72 
 
 4.71 
 
 4.70 
 
 4.70 
 
 4.69 
 
 4.69 
 
 4.68 
 
 4.68 
 
 4.68 
 
 4.67 
 
 4.67 
 
 4.66 
 
 4.66 
 
 4 66 
 
 4.66 
 
 93.5 
 
 93.4 
 
 4.72 
 
 4.72 
 
 4.71 
 
 4.71 
 
 4.70 
 
 4.70 
 
 4.69 
 
 4.69 
 
 4.68 
 
 4.68 
 
 4.67 
 
 4.67 
 
 4.67 
 
 4.66 
 
 4.66 
 
 93.4 
 
 93.3 
 
 4.73 
 
 4.73 
 
 4.72 
 
 4.71 
 
 4.71 
 
 4.70 
 
 4.70 
 
 4.69 
 
 4.69 
 
 4.69 
 
 4.68 
 
 4.68 
 
 4.67 
 
 4.67 
 
 4.67 
 
 93.3 
 
 93.2 
 
 4.74 
 
 4.73 
 
 4.73 
 
 4.72 
 
 4.72 
 
 4.71 
 
 4.70 
 
 4.70 
 
 4.70 
 
 4.69 
 
 4.69 
 
 4.68 
 
 4.68 
 
 4.68 
 
 4.67 
 
 93.2 
 
 93.1 
 
 4.75 
 
 4.74 
 
 4.73 
 
 4.73 
 
 4.72 
 
 4.72 
 
 4.71 
 
 4.71 
 
 4.70 
 
 4.70 
 
 4.70 
 
 4.69 
 
 4.69 
 
 4.68 
 
 4.68 
 
 93.1 
 
 93 
 
 4.75 
 
 4.75 
 
 4.74 
 
 4.74 
 
 4.73 
 
 4.72 
 
 4.72 
 
 4.71 
 
 4.71 
 
 4.71 
 
 4.70 
 
 4.70 
 
 4.69 
 
 4.69 
 
 4.69 
 
 93 
 
 92.9 
 
 4.76 
 
 4.76 
 
 4.75 
 
 4.74 
 
 4.74 
 
 4.73 
 
 4.73 
 
 4.72 
 
 4.72 
 
 4.71 
 
 4.71 
 
 4.70 
 
 4.70 
 
 4.70 
 
 4.69 
 
 92.9 
 
 92.8 
 
 4.77 
 
 4.76 
 
 4.76 
 
 4.75 
 
 4.74 
 
 4.74 
 
 4.73 
 
 4.73 
 
 4.72 
 
 4.72 
 
 4.72 
 
 4.71 
 
 4.71 
 
 4.70 
 
 4.70 
 
 92.8 
 
 92.7 
 
 4.78 
 
 4.77 
 
 4.76 
 
 4.76 
 
 4.75 
 
 4.75 
 
 4.74 
 
 4.74 
 
 4.73 
 
 4.73 
 
 4.72 
 
 4.72 
 
 4.71 
 
 4.71 
 
 4.71 
 
 92.7 
 
 92.6 
 
 4.78 
 
 4.78 
 
 4.77 
 
 4.77 
 
 4.76 
 
 4.75 
 
 4.75 
 
 4.74 
 
 4.74 
 
 4.73 
 
 4.73 
 
 4.73 
 
 4.72 
 
 4.72 
 
 4.71 
 
 92.6 
 
 92.5 
 
 4.79 
 
 4.79 
 
 4.78 
 
 4.77 
 
 4.77 
 
 4.76 
 
 4.76 
 
 4.75 
 
 4.75 
 
 4.74 
 
 4.74 
 
 4.73 
 
 4.73 
 
 4.72 
 
 4.72 
 
 92.5 
 
 92.4 
 
 4.80 
 
 4.79 
 
 4.79 
 
 4.78 
 
 4.77 
 
 4.77 
 
 4.76 
 
 4.76 
 
 4.75 
 
 4.75 
 
 4.74 
 
 4.74 
 
 4.73 
 
 4.73 
 
 4.73 
 
 92.4 
 
 92.3 
 
 4.81 
 
 4.80 
 
 4.79 
 
 4.79 
 
 4.78 
 
 4.78 
 
 4.77 
 
 4.76 
 
 4.76 
 
 4.76 
 
 4.75 
 
 4.75 
 
 4.74 
 
 4.74 
 
 4.73 
 
 92.3 
 
 92.2 
 
 4.81 
 
 4.81 
 
 4.80 
 
 4.80 
 
 4.79 
 
 4.78 
 
 4.78 
 
 4.77 
 
 4.77 
 
 4.76 
 
 4.76 
 
 4.75 
 
 4.75 
 
 4.74 
 
 4.74 
 
 92.2 
 
 92.1 
 
 4.82 
 
 4.81 
 
 4.81 
 
 4.80 
 
 4.80 
 
 4.79 
 
 4.78 
 
 4.78 
 
 4.77 
 
 4.77 
 
 4.76 
 
 4.76 
 
 4.76 
 
 4.75 
 
 4.75 
 
 92.1 
 
 93.0 
 
 4.83 
 
 4.82 
 
 4.82 
 
 4.81 
 
 4.80 
 
 4.80 
 
 4.79 
 
 4.79 
 
 4.78 
 
 4.78 
 
 4.77 
 
 4.77 
 
 4.76 
 
 4.76 
 
 4.75 
 
 92.0 
 
 91.9 
 
 4.84 
 
 4.83 
 
 4.82 
 
 4.82 
 
 4.81 
 
 4.81 
 
 4.80 
 
 4.79 
 
 4.79 
 
 4.78 
 
 4.78 
 
 4.77 
 
 4.77 
 
 4.76 
 
 4.76 
 
 91.9 
 
 91.8 
 
 4.85 
 
 4.84 
 
 4.83 
 
 4.82 
 
 4.82 
 
 4.81 
 
 4.81 
 
 4.80 
 
 4.79 
 
 4.79 
 
 4.78 
 
 4.78 
 
 4.78 
 
 4.77 
 
 4.77 
 
 91.8 
 
 91.7 
 
 4.85 
 
 4.85 
 
 4.84 
 
 4.83 
 
 4.83 
 
 4.82 
 
 4.81 
 
 4.81 
 
 4.80 
 
 4.80 
 
 4.79 
 
 4.79 
 
 4.78 
 
 4.78 
 
 4.77 
 
 91.7 
 
 91.6 
 
 4.86 
 
 4.85 
 
 4.85 
 
 4.84 
 
 4.83 
 
 4.83 
 
 4.82 
 
 4.81 
 
 4.81 
 
 4.80 
 
 4.80 
 
 4.79 
 
 4.79 
 
 4.78 
 
 4.78 
 
 91.6 
 
 91.5 
 
 4.87 
 
 4.86 
 
 4.85 
 
 4.85 
 
 4.84 
 
 4.83 
 
 4.83 
 
 4.82 
 
 4.82 
 
 4.81 
 
 4.81 
 
 4.80 
 
 4.80 
 
 4.79 
 
 4.79 
 
 91.5 
 
 91.4 
 
 4.88 
 
 4.87 
 
 4.86 
 
 4.85 
 
 4.85 
 
 4.84 
 
 4.84 
 
 4.83 
 
 4.82 
 
 4.82 
 
 4.81 
 
 4.81 
 
 4.80 
 
 4.80 
 
 4.79 
 
 91.4 
 
 91.3 
 
 4.88 
 
 4.88 
 
 4.87 
 
 4.86 
 
 4.85 
 
 4.85 
 
 4.84 
 
 4.84 
 
 4.83 
 
 4.83 
 
 4.82 
 
 4.81 
 
 4.81 
 
 4.80 
 
 4.80 
 
 91.3 
 
 91.2 
 
 4.89 
 
 4.88 
 
 4.88 
 
 4.87 
 
 4.86 
 
 4.86 
 
 4.85 
 
 4.84 
 
 4.84 
 
 4.83 
 
 4.83 
 
 4.82 
 
 4.81 
 
 4.81 
 
 4.81 
 
 91.2 
 
 91.1 
 
 4.90 
 
 4.89 
 
 4.88 
 
 4.88 
 
 4.87 
 
 4.86 
 
 4.86 
 
 4.85 
 
 4.84 
 
 4.84 
 
 4.83 
 
 4.83 
 
 4.82 
 
 4.82 
 
 4.81 
 
 91.1 
 
 91 
 
 4.91 
 
 4.90 
 
 4.89 
 
 4.88 
 
 4.88 
 
 4.87 
 
 4.86 
 
 4.86 
 
 4.85 
 
 4.85 
 
 4.84 
 
 4.83 
 
 4.83 
 
 4.82 
 
 4.82 
 
 91 
 
 90.9 
 
 4.92 
 
 4.91 
 
 4.90 
 
 4.89 
 
 4.88 
 
 4.88 
 
 4.87 
 
 4.87 
 
 4.86 
 
 4.85 
 
 4.85 
 
 4.84 
 
 4.84 
 
 4.83 
 
 4.83 
 
 90.9 
 
 90.8 
 
 4 92 
 
 4.92 
 
 4.91 
 
 4.90 
 
 4.89 
 
 4.88 
 
 4.88 
 
 4.87 
 
 4.87 
 
 4.86 
 
 4.85 
 
 4.85 
 
 4.84 
 
 4.84 
 
 4.83 
 
 90.8 
 
 90.7 
 
 4.93 
 
 4.92 
 
 4.91 
 
 4.91 
 
 4.90 
 
 4.89 
 
 4.89 
 
 4.88 
 
 4.87 
 
 4.87 
 
 4.86 
 
 4.80 
 
 4.85 
 
 4.85 
 
 4.84 
 
 90.7 
 
 90.6 
 
 4.94 
 
 4.93 
 
 4.92 
 
 4.91 
 
 4.91 
 
 4.90 
 
 4.89 
 
 4.89 
 
 4.88 
 
 4.87 
 
 4.87 
 
 4.86 
 
 4.86 
 
 4.85 
 
 4.85 
 
 90.6 
 
 90.5 
 
 4.95 
 
 4.94 
 
 4.93 
 
 4.92 
 
 4.91 
 
 4.91 
 
 4.90 
 
 4.89 
 
 4.89 
 
 4.88 
 
 4.88 
 
 4.87 
 
 4.86 
 
 4.86 
 
 4.86 
 
 90.5 
 
 90.4 
 
 4.95 
 
 4.95 
 
 4.94 
 
 4.93 
 
 4.92 
 
 4.91 
 
 4.91 
 
 4 90 
 
 4.90 
 
 1.89 
 
 4.88 
 
 4 88 
 
 4.87 
 
 4.87 
 
 4. SO 
 
 90.4 
 
 90.3 
 
 4.96 
 
 4.95 
 
 4.95 
 
 4.94 
 
 4.93 
 
 4.92 
 
 4.91 
 
 4.91 
 
 4.90 
 
 4.90 
 
 4.89 
 
 4.88 
 
 4.8S 
 
 4.87 
 
 4.87 
 
 90 3 
 
 90.2 
 
 4.97 
 
 4.96 
 
 4.95 
 
 4.94 
 
 4.94 
 
 4.93 
 
 4.92 
 
 4.92 
 
 4.91 
 
 4.90 
 
 4.90 
 
 4.89 
 
 4.89 
 
 4.88 
 
 4.88 
 
 90.2 
 
 90.1 
 
 4.98 
 
 4.97 
 
 4.96 
 
 4.95 
 
 4.94 
 
 4.94 
 
 4.93 
 
 4.92 
 
 4.92 
 
 4.91 
 
 4.90 
 
 4.90 
 
 4.89 
 
 4.89 
 
 4.88 
 
 90.1 
 
 90 
 
 4.99 
 
 4.98 
 
 4.97 
 
 4.96 
 
 4.95 
 
 4.94 
 
 4.94 
 
 4.93 
 
 4.92 
 
 4.92 
 
 4 91 
 
 4.91 
 
 4.90 
 
 4.89 
 
 4.89 
 
 90 
 
 121
 
 4% % Bond — Interest Payable semi-annually 
 
 RATES OF INTEREST REALIZED 
 If purchased at prices indicated and held to maturity 
 
 Price 
 
 100 
 
 99.9 
 99.8 
 99.7 
 99.6 
 
 99.5 
 99.4 
 99.3 
 99.2 
 99.1 
 
 99 
 
 98.7 
 98.6 
 
 98.5 
 98.4 
 98.3 
 98.2 
 98.1 
 
 98 
 
 97.9 
 97.8 
 
 YEARS TO RUN 
 
 1 2 4 6 8 10 
 
 mo. mos. mos. mos. mos. mos 
 
 4.70 
 5.63 
 
 4.71 
 5.32 
 
 4.73 
 5 04 
 5.34 
 
 4.75 
 4.95 
 5.16 
 5.37 
 
 4.74 
 4.89 
 5.05 
 5.20 
 5.36 
 
 5.36 
 
 4.75 
 
 4.85 
 
 4 
 
 5.06 
 
 5.17 
 
 5.27 
 
 m 
 
 4.75 
 4.82 
 4.89 
 4 96 
 5.03 
 
 5.10 
 5.17 
 5.24 
 5.31 
 
 4.75 
 4.80 
 4.86 
 4.91 
 4.96 
 
 5.02 
 5.07 
 5.12 
 5.18 
 5.23 
 
 5.28 
 
 ZH 
 
 4.75 
 4.79 
 4.84 
 4.88 
 4.92 
 
 5.18 
 5.23 
 5.27 
 
 4.75 
 4.79 
 4.82 
 4.86 
 4.90 
 
 4.93 
 4.97 
 5.00 
 5.04 
 5.08 
 
 5.11 
 
 5.15 
 5.19 
 5.22 
 5.26 
 
 3H 
 
 4.75 
 4.78 
 4.81 
 4.84 
 4 
 
 4.91 
 4.94 
 4.97 
 5.00 
 5.03 
 
 5.07 
 5.10 
 5.13 
 5.16 
 5.19 
 
 5.22 
 5.26 
 
 4.75 
 4.78 
 4.81 
 4.83 
 4. 
 
 4.89 
 4 92 
 4.95 
 4.97 
 5.00 
 
 5.03 
 5.06 
 5.09 
 5.11 
 5.14 
 
 5.17 
 5.20 
 5.23 
 5.26 
 
 m 
 
 4.75 
 4.78 
 4 80 
 4.83 
 4. 
 
 4 88 
 4.90 
 4.93 
 4.95 
 4 
 
 5.13 
 5.15 
 5.18 
 5.20 
 5.23 
 
 5.25 
 
 4.75 
 4.77 
 4.80 
 4.82 
 4.84 
 
 4.86 
 
 4. 
 
 4.91 
 
 4.93 
 
 4.96 
 
 4. 98 
 5.00 
 5.02 
 5.05 
 5.07 
 
 5.09 
 5.12 
 5 14 
 5.16 
 5.19 
 
 5.21 
 5.23 
 5.26 
 
 122
 
 4^4 % Bond — Interest payable semi-annually 
 
 RATES OF INTEREST REALIZED 
 
 if purchased at prices indicated and held to maturity 
 
 Price 
 
 YEARS TO RUN 
 
 Price 
 
 1 
 
 2 
 
 4 
 
 6 
 
 8 
 
 10 
 
 1 
 
 
 
 
 
 
 
 
 105.0 
 
 mo. 
 
 mos. 
 
 mos. 
 
 mos. 
 
 mos. 
 
 mos. 
 
 yr. 
 
 m 
 
 2 
 
 2H 
 
 3 
 
 2.99 
 
 3H 
 3.23 
 
 4 
 3.40 
 
 4M 
 3.54 
 
 5 
 3.65 
 
 105 
 
 
 104.9 
 
 
 
 
 
 
 
 
 
 
 
 3.03 
 
 3.26 
 
 3.43 
 
 3.56 
 
 3.67 
 
 104.9 
 
 104.8 
 
 
 
 
 
 
 
 
 
 
 
 3.06 
 
 3.29 
 
 3.45 
 
 3.59 
 
 3.69 
 
 104.8 
 
 104.7 
 
 
 
 
 
 
 
 
 
 
 
 3.10 
 
 3.32 
 
 3.48 
 
 3.61 
 
 3.71 
 
 104.7 
 
 104.6 
 
 
 
 
 
 
 
 
 
 
 
 3.13 
 
 3.35 
 
 3.51 
 
 3.63 
 
 3.73 
 
 104.6 
 
 104.5 
 
 
 
 
 
 
 
 
 
 
 
 3.17 
 
 3.38 
 
 3.53 
 
 3.66 
 
 3.75 
 
 104.5 
 
 104.4 
 
 
 
 
 
 
 
 
 
 
 
 3.20 
 
 3.41 
 
 3.56 
 
 3.68 
 
 3.78 
 
 104.4 
 
 104.3 
 
 
 
 
 
 
 
 
 
 
 
 3.23 
 
 3.44 
 
 3.59 
 
 3.70 
 
 3.80 
 
 104.3 
 
 104.2 
 
 
 
 
 
 
 
 
 
 
 2.99 
 
 3.27 
 
 3.47 
 
 3.61 
 
 3.73 
 
 3.82 
 
 104.2 
 
 104.1 
 
 
 
 
 
 
 
 
 
 
 3.04 
 
 3.30 
 
 3.50 
 
 3.64 
 
 3.75 
 
 3.84 
 
 104.1 
 
 104.0 
 
 
 
 
 
 
 
 
 
 
 3.08 
 
 3.34 
 
 3.53 
 
 3.67 
 
 3.78 
 
 3.86 
 
 104 
 
 103.9 
 
 
 
 
 
 
 
 
 
 
 3.12 
 
 3.37 
 
 3.56 
 
 3.69 
 
 3.80 
 
 3.88 
 
 103.9 
 
 103.8 
 
 
 
 
 
 
 
 
 
 
 3.16 
 
 3.41 
 
 3.59 
 
 3.72 
 
 3.82 
 
 3.91 
 
 103.8 
 
 103.7 
 
 
 
 
 
 
 
 
 
 
 3.20 
 
 3.44 
 
 3.62 
 
 3.75 
 
 3.85 
 
 3.93 
 
 103.7 
 
 103.6 
 
 
 
 
 
 
 
 
 
 
 3.24 
 
 3.48 
 
 3.65 
 
 3.77 
 
 3.87 
 
 3.95 
 
 103.6 
 
 103.5 
 
 
 
 
 
 
 
 
 
 
 3.28 
 
 3.51 
 
 3.68 
 
 3.80 
 
 3.89 
 
 3.97 
 
 103.5 
 
 103.4 
 
 
 
 
 
 
 
 
 
 2.99 
 
 3.32 
 
 3.54 
 
 3.71 
 
 3.82 
 
 3.92 
 
 3.99 
 
 103.4 
 
 103.3 
 
 
 
 
 
 
 
 
 
 3.04 
 
 3.36 
 
 3.58 
 
 3.74 
 
 3.85 
 
 3.94 
 
 4.01 
 
 103.3 
 
 103.2 
 
 
 
 
 
 
 
 
 
 3.09 
 
 3.40 
 
 3.61 
 
 3.77 
 
 3.88 
 
 3.97 
 
 4.04 
 
 103.2 
 
 103.1 
 
 
 
 
 
 
 
 
 
 3.14 
 
 3.44 
 
 3.65 
 
 3.80 
 
 3.91 
 
 3.99 
 
 4.06 
 
 103.1 
 
 103.0 
 
 
 
 
 
 
 
 
 
 3.19 
 
 3.49 
 
 3.68 
 
 3.83 
 
 3.93 
 
 4.01 
 
 4.08 
 
 103.0 
 
 102.9 
 
 
 
 
 
 
 
 
 
 3.24 
 
 3.53 
 
 3.72 
 
 3.86 
 
 3.96 
 
 4.04 
 
 4.10 
 
 102.9 
 
 102.8 
 
 
 
 
 
 
 
 
 
 3.29 
 
 3.57 
 
 3.75 
 
 3.89 
 
 3.99 
 
 4.06 
 
 4.12 
 
 102.8 
 
 102.7 
 
 
 
 
 
 
 
 
 
 3.34 
 
 3.61 
 
 3.79 
 
 3.92 
 
 4.01 
 
 4.09 
 
 4.15 
 
 102.7 
 
 102.6 
 
 
 
 
 
 
 
 
 2.97 
 
 3.39 
 
 3.65 
 
 3.82 
 
 3.95 
 
 4.04 
 
 4.11 
 
 4.17 
 
 102.6 
 
 102.5 
 
 
 
 
 
 
 
 
 3.03 
 
 3.45 
 
 3.69 
 
 3.86 
 
 3.98 
 
 4.07 
 
 4.13 
 
 4.19 
 
 102.5 
 
 102.4 
 
 
 
 
 
 
 
 
 3.10 
 
 3.50 
 
 3.74 
 
 3.90 
 
 4.01 
 
 4.09 
 
 4.16 
 
 4.21 
 
 102.4 
 
 102.3 
 
 
 
 
 
 
 
 
 3.17 
 
 3.55 
 
 3.78 
 
 3.93 
 
 4.04 
 
 4.12 
 
 4.18 
 
 4.23 
 
 102.3 
 
 102.2 
 
 
 
 
 
 
 
 
 3.24 
 
 3.60 
 
 3.82 
 
 3.97 
 
 4.07 
 
 4.15 
 
 4.21 
 
 4.26 
 
 102.2 
 
 102.1 
 
 
 
 
 
 
 
 
 3.30 
 
 3.65 
 
 3.86 
 
 4.00 
 
 4.10 
 
 4.17 
 
 4.23 
 
 4.28 
 
 102.1 
 
 102 
 
 
 
 
 
 
 
 
 3.37 
 
 3.70 
 
 3.90 
 
 4.04 
 
 4.13 
 
 4.20 
 
 4.26 
 
 4.30 
 
 103.0 
 
 101.9 
 
 
 
 
 
 
 
 
 3.44 
 
 3.76 
 
 3.94 
 
 4.07 
 
 4.16 
 
 4.23 
 
 4.28 
 
 4.32 
 
 101.9 
 
 101.8 
 
 
 
 
 
 
 
 2.91 
 
 3.51 
 
 3.81 
 
 3.99 
 
 4.11 
 
 4.19 
 
 4.26 
 
 4.30 
 
 4.35 
 
 101.8 
 
 101.7 
 
 
 
 
 
 
 
 3.01 
 
 3.58 
 
 3.86 
 
 4.03 
 
 4.14 
 
 4.22 
 
 4.28 
 
 4 33 
 
 4.37 
 
 101.7 
 
 101.6 
 
 
 
 
 
 
 
 3.11 
 
 3.64 
 
 3.91 
 
 4.07 
 
 4.18 
 
 4.25 
 
 4.31 
 
 4.35 
 
 4.39 
 
 101.6 
 
 101.5 
 
 
 
 
 
 
 2.91 
 
 3.21 
 
 3.71 
 
 3.96 
 
 4.11 
 
 4.21 
 
 4.28 
 
 4.34 
 
 4.38 
 
 4.41 
 
 101.5 
 
 101.4 
 
 
 
 
 
 
 3.03 
 
 3.32 
 
 3.78 
 
 4.02 
 
 4.15 
 
 4.25 
 
 4.31 
 
 4.37 
 
 4.40 
 
 4.43 
 
 101.4 
 
 101.3 
 
 
 
 
 
 
 3.15 
 
 3.42 
 
 3.85 
 
 4.07 
 
 4.20 
 
 4.28 
 
 4.35 
 
 4.39 
 
 4.43 
 
 4.46 
 
 101.3 
 
 101.2 
 
 
 
 
 
 2.91 
 
 3.27 
 
 3.52 
 
 3.92 
 
 4.12 
 
 4.24 
 
 4.32 
 
 4.38 
 
 4.42 
 
 4.45 
 
 4.48 
 
 101.2 
 
 101.1 
 
 
 
 
 
 3.06 
 
 3.39 
 
 3.62 
 
 3.99 
 
 4.17 
 
 4.28 
 
 4.35 
 
 4.41 
 
 4.45 
 
 4.48 
 
 4.50 
 
 101.1 
 
 101 
 
 
 
 
 
 3.22 
 
 3.52 
 
 3.72 
 
 4.06 
 
 4.22 
 
 4.32 
 
 4.39 
 
 4.44 
 
 4.47 
 
 4.50 
 
 4.52 
 
 101.0 
 
 100.9 
 
 
 
 
 2.92 
 
 3.37 
 
 3.64 
 
 3.82 
 
 4.13 
 
 4.28 
 
 4.37 
 
 4.43 
 
 4.47 
 
 4.50 
 
 4.53 
 
 4.55 
 
 100.9 
 
 100.8 
 
 
 
 
 3.13 
 
 3.52 
 
 3.76 
 
 3.93 
 
 4.19 
 
 4.33 
 
 4.41 
 
 4.46 
 
 4.50 
 
 4.53 
 
 4.55 
 
 4.57 
 
 100.8 
 
 100.7 
 
 
 
 
 3.33 
 
 3.67 
 
 3.88 
 
 4.03 
 
 4.26 
 
 4.38 
 
 4.45 
 
 4.50 
 
 4.53 
 
 4.56 
 
 4.58 
 
 4.59 
 
 100.7 
 
 100.6 
 
 
 
 2.92 
 
 3.53 
 
 3.82 
 
 4.00 
 
 4.13 
 
 4.33 
 
 4.43 
 
 4.49 
 
 4.53 
 
 4.56 
 
 4.58 
 
 4.60 
 
 4.61 
 
 100.6 
 
 100.5 
 
 
 
 3.22 
 
 3.73 
 
 3.97 
 
 4.13 
 
 4.23 
 
 4.40 
 
 4.49 
 
 4.54 
 
 4.57 
 
 4.59 
 
 4.61 
 
 4.63 
 
 4.64 
 
 100.5 
 
 100.4 
 
 
 
 3.52 
 
 3.93 
 
 4.13 
 
 4.25 
 
 4.34 
 
 4.47 
 
 4.54 
 
 4.58 
 
 4.61 
 
 4.63 
 
 4.64 
 
 4.65 
 
 4.66 
 
 100.4 
 
 100.3 
 
 
 2.91 
 
 3.82 
 
 4.14 
 
 4.28 
 
 4.37 
 
 4.44 
 
 4.54 
 
 4.59 
 
 4.62 
 
 4.64 
 
 4.66 
 
 4.67 
 
 4.68 
 
 4.68 
 
 100.3 
 
 100.2 
 
 2.31 
 
 3.51 
 
 4.12 
 
 4.34 
 
 4.43 
 
 4.50 
 
 4.54 
 
 4.61 
 
 4.64 
 
 4.66 
 
 4.68 
 
 4.69 
 
 4.69 
 
 4.70 
 
 4.70 
 
 100.2 
 
 100.1 
 
 3.50 
 
 4.11 
 
 4.43 
 
 4.55 
 
 4.59 
 
 4.62 
 
 4.65 
 
 4.68 
 
 4.70 
 
 4.71 
 
 4.71 
 
 4.72 
 
 4.72 
 
 4.73 
 
 4.73 
 
 100.1 
 
 100 
 
 4.70 
 
 4.71 
 
 4.73 
 
 4.75 
 
 4.74 
 
 4.74 
 
 4.75 
 
 4.75 
 
 4.75 
 
 4.75|4.75 
 
 4.75 
 
 4.75 
 
 4.75 
 
 4.75 
 
 100.0 
 
 123
 
 Index 
 
 Adams, John: Concludes treaty of peace 
 with France — 1800, 10 
 
 Bank notes: Depreciation of, enhances 
 cost of War of 1812, 16 
 
 Bank of the United States, First: Pro- 
 posed by Hamilton, 6; Congress fails to 
 renew charter, 16; Loans to Govern- 
 ment, 7 
 
 Bank of the United States, Second: Be- 
 gins business 1817, 20; Jackson's oppo- 
 sition to, 24: United States takes $7,- 
 000,000 of stock, 21 
 
 Banks and United States bonds, 83; Cir- 
 culation, 83; Public deposits, 85; Loans, 
 
 Barbary powers: Tribute paid to, 9; 
 Purchase of vessels to protect commerce, 
 7; War with, 11 
 
 Bond values tables. 107 
 
 Budget, First national, nearly all for debt, 
 6 
 
 Certificates of Indebtedness, use in Great 
 War, 57, 58, 70, 75. 85, 87 
 
 Circulation: Federal reserve bank notes, 
 83; Under Pittman Act, 84; National 
 bank notes, 83 
 
 Civil War: Banking conditions unsatis- 
 factory, 35; Cost, 38; Currency, demor- 
 alized status, excuse for issue of legal 
 tender notes, 35; Financing— Secretary 
 Chase's policy like Gallatin's in 1812, 34; 
 Industrial expansion during and follow- 
 ing, 41; Interest rates on debt at gold 
 value?, 39; (1869-1878). 42; Liquidat- 
 ing the war debt, 40-45; Maximum debt 
 for, 37; Rapid decrease in debt follow- 
 ing, 42, 43; Tax policy and receipts, 34, 
 38, 42; The national banks, 36; The two 
 great war loans, 37; United States notes 
 (legal tenders or "Greenbacks"), 35, 39 
 
 Confederation, debt of, 1 
 
 Coupon bonds, 92 
 
 Credit, Public defined by Hamilton, 5 
 
 Crisis, Financial — First in 1792, 6; of 
 1819,21; 1837.25; 1857.27,32 
 
 Cunency crisis, 1894-1897, 46-52, 106; 
 expansion, 1812, 16; 1862-1865, 40; and 
 politics, 46 
 
 Debt — See Public Debt 
 
 Deficits: An empty treasury in 1837, 27; 
 1820 and 1821 met by bond sales, 21; 
 Deficit financing — 1837-1861, 26-33 
 
 Denominations ot all bond issues, 102 
 
 District of Columbia : The pi ice of South- 
 ern States cooperation in Hamilton's 
 policy funding State debts, 3 
 
 Embargoes and non-Intercourse with Eng- 
 land and France, 12 
 
 England — See Great Britain 
 
 Federalist government: Ended 1801, 8; 
 Financial problems, 9 
 
 Federal Reserve Banks: Circulation, 84; 
 Importance of aid in financing Great 
 War, 56; Loans to member banks on U. 
 S. bond collateial, 86 
 
 Florida: Purchased from Spain in 1824 
 for 55,000,000, 22 
 
 Foreign governments: Debts compared 
 with that of U. S., 65; Loans to in Great 
 War, 59, 62 
 
 Foreign trade: Disorganized 1805 to 
 1812, 12 
 
 France: ' Controversies with, 7, 10, 12, 14; 
 Debt and wealth, 1919, 67; Interest 
 charge and income, 66, 67, 68; Loan on 
 account possible war, 7; Our debt to, 9; 
 Re-acquires Louisiana from Spain, 11; 
 Seizes our ships, 13; Treaty of peace 
 with in 1800, 10, 11; Value of vessels 
 seized by, 13 
 
 Gallatin, Albert: Financier of Jefferson's 
 administration, 8; Results of adminis- 
 tration of Treasury foi ten years, 15; Sec- 
 retary of Treasury, 8; Theory of war 
 financing, 14; Views in regard to effect 
 of war with France or England, 15 
 
 Germany: Debt and wealth, 1919. 66, 
 67; Interest charge and income, 66, 67; 
 
 Great Britain: Controversies with, 9; 
 Debt and wealth, 1919, 66, 67, 68; Inter- 
 est charge and income, 66, 67, 68; Jay's 
 treaty with, 10; Strained relations 1805 
 to 1812, 12; War declared with, 1812, 13 
 
 Greenbacks— See United States notes 
 
 Gold reserve: Authority to maintain, 43, 
 44, 52; History of, 43, 44; Sale 01 bonds 
 to create in 1878, 43; To maintain, 50 
 
 124
 
 INDEX 
 
 [ 125 
 
 Hamilton, Alexander: First Secretary of 
 Treasury, 1; For twelve years guided 
 policy of treasury, 8; Mint and coin- 
 age, formulated plans for, 6; Report on 
 manufactures, 4; Report on public 
 credit, 1 ; Second report on public credit, 
 4; Sequestration of debt, opposed to, 6; 
 Taxing debt, opposed to, 5 
 
 Income tax, 36 
 
 Income, National: Compared with in- 
 terest charge, 64; Compared with that 
 of Foreign Nations, 65, 67 
 
 Independent treasury inaugurated in 
 1846, 31; merits, 31; dangers, 31, 32 
 
 Italy: Debt and wealth, 1919, 66, 67, 68; 
 Interest charge and income, 66, 67, 68 
 
 Jay's treaty, 10 
 
 Jefferson, Thomas: Debt payment his 
 policy, 10; Excise duties repealed, 10 
 
 Legal-tender notes — See also United 
 States notes ; Arg ument for by Secretary 
 Spencer in 1843, 28-30; Use of Treasury 
 notes in 1812-17 nearly developed into, 
 
 Liberty Bond3 — See Public Debt 
 
 Louisiana: Bond issue to pay France, 12, 
 15; Purchased from France in 1804 for 
 $14,000,000, 12; Spain retrocedes to 
 France, n 
 
 Market prices of bonds, trend after criti- 
 cal periods, always upward, 60, 105 
 
 Mediterranean fund, 11 
 
 Mexican War, 1846-1848, 26; cost 31; 
 How financed, 31 
 
 Mississippi stock, 19 
 
 Napoleon, ambitions, 12; need of funds, 
 12; Treaty of peace with, in 1800, 10 
 
 National Banking System: A Civil War 
 measure, 36, 47; Circulation: Bond is- 
 sues available for, 71, 83; high bond 
 prices induce retirement, 48; profitable, 
 85; Conversion of 2s, 55, 72, 84 
 
 Navy Department organized April 30, 
 1798, 10 
 
 Non-intercourse act complications, 12 
 
 Pacific railroads subsidy bonds, 41 
 
 Panama Canal financing, 54 
 
 Pittman Act, certificates issued under se- 
 cure Federal Reserve Bank Notes, 84 
 
 Postal-Savings Bonds, 55, 73 
 
 Postal-Savings deposits, 73 
 
 Public Credit, adequate tax policy neces- 
 sary to maintain: Hamilton's course, 
 6; Gallatin's mistake corrected by un- 
 expected customs receipts, 17; effective 
 toward close and after Civil War, 38; ad- 
 equate Spanish War, 53; satisfactory 
 Great War, 57; Defined by Hamilton, 5 
 
 Public Credit Act, 41 ; Second Credit Act, 
 
 52 
 
 Public Debt: Amount, 1789. i,9;i795. 4; 
 1 81 2, 15; 1815, Dec. 31, maximum prior to 
 CivilWar, 19; all paid, 183s, 23;amount 
 1851, 32; 1865, 37; 1017. 55; 1919. 59, 
 62, 101; Bond issues to secure and main- 
 tain currency parities, 43, 49, 50; Cer- 
 tificates of indebtedness, 57, 70, 75, 87; 
 Circulation bonds, 55, 71; Civil war is- 
 sues, 37, 106; Comparative statement 
 for critical periods, 63; with other na- 
 tions, 65; Conversion bonds, 55, 72, 84; 
 Conversion privileges, 76, 77, 78, 104; 
 Confiscation, time of war, Hamilton op- 
 posed to, 6; Coupon bonds, 92; Denom- 
 inations, 102; Deficits covered by bond 
 sales, 1820-1821, 21; Domestic, 1789, 1, 
 3; Enemy holdings, sequestration against 
 public interest, 6; Foreign, 1789, r, 3; 
 Gold coin, bonds payable in, 69; Gold 
 reserve, sale of bonds to create and main- 
 tain, 43, 44; Interest charge and national 
 income, 64; Interest rates: During Civil 
 War, 39; following Civil War, 42; 
 on various issues, 100; Liberty 
 Bonds, 59, 76, 87; Louisiana stock, 12, 
 15; Lost, destroyed and defaced bonds, 
 99; Market, method of dealing, 69; Mar- 
 ket purchases, 1 791-1792, 6; Market 
 values: 1789-1811, 6, 105; 1812-1818, 
 17, 105; 1843-1850, 105; 1860-1880, 43, 
 6o, 106; i894-'97, 106; 1898, 106. 
 Mississippi stock, 19; Old debt: defined, 
 69; described, 71; outstanding, 100; 
 Origin of debt, 1; Panama Canal 
 financing, 54; Per capita debt, 63; in- 
 terest charge, 64; Postal-Savings bonds, 
 55, 73; Prices — See market; Reduction, 
 rapidly as possible traditional policy, 4, 
 59, 60; Reductions, 1816-1835, 20 to 25; 
 1853-1856, 32; rapid, 1865-1893, 40-45; 
 Refunding operations, 1877-1881 43, 44; 
 1900, 53, 54; Twos, 53, 72; Registered 
 bonds, assignments, interest, how to col- 
 lect, 94; Revenue system, standing of 
 debt dependent upon proper, 6; Revolu- 
 tionary, how funded, 3; Resumption 
 specie payments, bonds sold for, 43; 
 Sinking fund, 4, 21, 63; Spanish War 
 financing, 53; Speculation in, 1792, 6; 
 State debts, assumed, 1, 3; Taxation of; 
 Hamilton opposed to, 5; Liberty bonds 
 and notes, 87; Certificates, 87; State tax- 
 ation, 91; Thrift cards and stamps, 59, 82; 
 Transfer books, open and close, 98, 102 ;
 
 126 
 
 BANKERS TRUST COMPANY 
 
 Treasury notes, 1812-1816, 18, 19; 
 1837-1860, 27, 33; — Two's-Conversion 
 privilege, 55, 72, 84; United States notes, 
 35, 72; Victory Liberty Notes, 79, 90 ; 
 War debt: defined, 69; described, 75; 
 how taxed, 87; outstanding, 101; War 
 Savings Certificates, 59, 70, 80, 87 
 
 Revenue: Customs, 17, 20, 22 23,24,46; 
 Excise taxes, 10; Income taxes, 56; 
 Land sales, 10, 24, 38 
 
 Silver craze, 1878-1897: 46-52 Silver legis- 
 lation ,47,48; The depreciated silver coin- 
 age driving the gold out. President 
 Cleveland's determined effort to main- 
 tain the paiity, 1894-1897, 49-52 
 
 Spain: Retrocedes Louisiana to France, 
 1 1 ; Right of deposit at New Orleans, 1 1 ; 
 United States purchases Florida in 1824, 
 22; War with, 1898, how financed, 53 
 
 Specie payments: Suspended August, 
 1814, 16; 1837, 25; 1861, 35; Resumed, 
 1879,42,43, 47 
 States: Debts of assumed, 2, 3 
 Stoddert, Benjamin: First Secretary of 
 Navy, 10 
 
 Surplus: Distribution to the States, in 
 1 8, 37, 24, 25; Financing, 1816-1836,20 to 
 25; Revenues, 1865-1893, 40 to 45, 48; 
 Prevent depletion of gold reserve, 49; 
 from 1899-1905, 53', Secretary McLean 
 discusses disposition to be made of, 22; 
 Purchase of bonds in order to unlock 
 Treasury accumulations, 1851-1857. 3 T I 
 p. and redemption of bonds to absorb 
 surpluses, 1865-1892, 40-45, 53 
 
 Taxation: Federalist policy, 10; Galla- 
 tin's policy, 14, 15; inheritance taxes, 90; 
 of public debt, 5. 87,91 ; for great war 60, 
 
 Temporary loans: Use in financing War 
 of 1 81 2, 19; in Civil War, 37; in Great 
 War, 58 
 
 Thrift stamps, 82 
 
 Transfer books, close and open, 98, 102 
 
 Treasury notes — See Public Debt 
 
 United States: Debt and wealth, 1919, 
 66, 67, 68; Interest charge and income 
 66, 67. 68 
 
 United States Notes: Civil War issues, 
 35, 36, 72; Extent of depreciation during 
 and after Civil War, 39, 42; How justi- 
 fied in 1862, 35, 36, 47. See also Legal- 
 tender notes. 
 
 War of 1812, 14 to 19; Cost of, 17; Pei 
 cent, paid from taxation, 17; doubled 
 because of depreciation of bank notes, 
 16; Financed by Treasury Notes, bonds, 
 temporary loans, taxation, 17; Increase 
 in debt because of, 17; Loans issued, 17; 
 Taxation for, Gallatin opposed to, 14, 16; 
 Congress opposed to, 16 
 
 War: The Great War, 1914 (U. S. 1917). 
 56-61; Cost, 57; Per cent, raised from 
 taxes and per cent, from debt, 57; 
 How financed, 56-59; Loans to foreign 
 governments, 59, 62; Securities issued, 
 57-59. 75-82; Statement of debt in detail, 
 105; Amount being carried by banks, 86 
 
 War Savings Certificates, 59. 70, 80, 87 
 
 Washington: Counsels definite plan for re- 
 duction of debt, 4 
 
 Wealth, National, U. S. A. and debt, 63; 
 and foreign compared, 65, 67
 
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 The aim of this pamphlet is to determine a fair distri- 
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 THE WAR FINANCE BILL OF 1919 
 
 Carefully annotated for the convenience of taxpayers. 
 
 OUR PUBLIC DEBT 
 
 A history and description. 
 
 LIBERTY BOND VALUE TABLES 
 
 These tables give income yields for Liberty bonds at 
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 3K%, 4^% and 4^%- 
 
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