When was it published?

June 15, 1830 in Rhode Island American, Statesman And Providence Gazette

Domestic News June 15, 1830

Rhode Island American, Statesman And Providence Gazette

Q: What keywords are associated?

Town Loan, Debt Funding, New York Capitalists, Savings Bank, Local Investment

Providence, Providence County, Rhode Island

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What is this article about?

In March last, the town's debt was funded by issuing new 5% interest stock, with $100,000 initially subscribed by New York capitalists, but now the stock is entirely held by local citizens, half in the savings bank and the rest by private individuals.

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The Town Loan. In March last, when the town's debt was funded by creating new stock bearing 5 per cent interest, it was stated that $100,000 had been subscribed for by capitalists in New York, and the payment of interest abroad was regarded by many as a loss to the town. It is gratifying to learn from the Town Treasurer's report that this stock (though it was originally subscribed for out of town,) is now wholly in the hands of our citizens. About half is invested in that invaluable institution the savings bank, and the rest has been taken by private individuals.

What sub-type of article is it?

Economic

What keywords are associated?

Town Loan Debt Funding New York Capitalists Savings Bank Local Investment

What entities or persons were involved?

Town Treasurer

Domestic News Details

Event Date

In March Last

Key Persons

Town Treasurer

Outcome

this stock ... is now wholly in the hands of our citizens. about half is invested in ... the savings bank, and the rest has been taken by private individuals.

Event Details

when the town's debt was funded by creating new stock bearing 5 per cent interest, it was stated that $100,000 had been subscribed for by capitalists in New York, and the payment of interest abroad was regarded by many as a loss to the town. It is gratifying to learn from the Town Treasurer's report that this stock (though it was originally subscribed for out of town,)