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Gazette Of The United States
New York, New York County, New York
What is this article about?
Hartford report on August 16: Foreign debt interest paid this year; treasury surplus to aid duties and quarterly interest via bank operations. Regret over past undervaluation of public paper; new loan stocks expected to yield 4.5% profit, surpassing real estate and approaching safe deposit rates.
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The interest on the foreign debt has this year been paid; and there will remain in the Treasury at the end of the year a sum which, employed in a bank operation, may be very convenient in facilitating at once the payment of the duties and a prompt discharge of the quarterly interest.
It is sincerely to be regretted that so much of the public paper has heretofore been trifled away for the want of a criterion to ascertain its value, or indeed evidence that it would continue to be of any value at all. There are now data for calculation, which men of foresight will regard, and which, after a few payments of interest shall have been made, all will attend to: The stocks created by the new loan will average a profit of about four and an half per cent. which is more than real estate produces, and which in a shorter period of time probably than is generally imagined, will be near the rate which money in this country ought to produce in deposits unaccompanied with trouble and risk.
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Where did it happen?
Domestic News Details
Primary Location
Hartford
Event Date
August 16
Outcome
foreign debt interest paid; treasury surplus for bank operations to facilitate duties and quarterly interest payments; new loan stocks projected to average 4.5% profit, exceeding real estate yields.
Event Details
Interest on foreign debt paid this year with treasury surplus remaining for bank use in payments. Regret expressed over past devaluation of public paper due to lack of value assessment. Current data indicate new loan stocks will profit about 4.5%, more than real estate, approaching safe deposit rates soon.