View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

1

State and Municipal Bonds

R. W. PRESSPRICH & CO.
40 Wall Street
OFFERINGS SOLICITED

New York

2

IRedmond&do.
Members New York Stoc-k Exchange

Wc own and offer Government,
State, Municipal, Railroad, Public
Utility and Industrial Bonds.
Inquiries incited

31-33 Pine Street, New York
Philadelphia

Baltimore

Washington

Albany

BARR BROTHERS & CO.
INC.

MUNICIPAL BONDS
14 WALL STREET

NEW YORK

We purchase and distribute at wholesale
issues of Municipal Bonds and short
term notes of Cities, Counties and States

GEORGE H. BURR & COMPANY
Chicago




57 William Street
NEW YORK
Boston
St. Louis

Philadelphia

3

Over

$800,000,000

in bonds issued by upwards of 850 cities, towns and counties
have been prepared and certified by this Company.
Our plan provides safeguards against over-issue, forgery and
the payment of fraudulent coupons, and relieves Municipal
officials of much detail and responsibility in connection with
bond issues.
Inquiries are invited and we shall be glad to
send a copy of booklet, “Municipal Bonds,”
fully describing this service, upon request.

United States
Mortgage & Trust Company
Capital, Surplus and Undivided
Profits_____________ $7,500,000

New York
Complete Banking and Trust Service

J. A. DE CAMP & COMPANY
INCORPORATED

MUNICIPAL BONDS
120 BROADWAY

NEW YORK

MUNICIPAL BONDS
Exempt from the Federal Income Tax
Send for our latest revised list

William R.fompton Company
New York
44 Wall Street
Chicago
105 S. La Salle St.




INVESTMENT BONDS

New Orleans
602 Hibernia Bank Bldg.

Kansas City
Commerce Bldg.

St. Louis
Compton Bldg.
Cincinnati
Boston
305 Union Trust Bldg. 73 Water Street




4

BONDS
SHORT TERM NOTES
ACCEPTANCES
Our latest investment recommen­
dations will be sent upon request

The National City Company
Main Office National City Bank Building
Uptown Office 42nd St. and Madison Ave.
[NATIONAL

-CITY

BUILDING]

Offices in more than fifty cities

State
and Municipal

Bonds

Bankers Trust Company
DOWNTOWN OFFICE
AT 16 WALL STREET

PARIS

FIFTH AVE. OFFICE
AT 42nd STREET

57th STREET OFFICE
AT MADISON AVE.

LONDON

STATE

MUNICIPAL COMPENDIUM
A SECTION OF THE

(Commercial & Financial (Chronicle
Copyrighted in 1926, according to Act of Congress, by WILLIAM B. DANA COMPANY, in office of Librarian of Congress, Washington, D. C.

NEW YORK, JUNE 26 1926.

Vol. 122.

State

and

Municipal

compendium

J

No. 3183.’

DATE OF ISSUE OF THIS PUBLICATION.

As explained in previous numbers, this periodical, owing to the great
The State and Municipal Compendium, issued semi-annually on the
last Saturday of June and December, is furnished without extra charge to pressure for space, is now issued in two parts. The first part, comprising
|
the
New England and the Middle and Central States (the latter emevery annual subscriber of the Commercial & Financial Chronicle.
The Railway and Industrial Compendium, issued semi-annually in ! bracing Ohio, Indiana, Illinois and Michigan) appears to-day. The
May and November, is also furnished without extra charge to every annual second part, comprising the rest of the country, will be published towards
i the close of the year—that is, on Dec. 25 1926.
Chronicle subscriber.
The change has been forced upon us by the constant addition to the
The Public Utility Compendium, issued twice a year, in April and
October, is also furnished without extra charge to every annual subscriber number of municipal bond issues and the inability to compress the infor­
mation concerning the same within the limits of a single number. Not
of the Chronicle.
The Railway Earnings Section, issued monthly, containing the sworn only are the older and more important civic corporate bodies uninterrup­
tedly
putting out further bonded obligations, but many of the minor
returns of earnings and expenses filed each month with the Inter-State
Commerce Commission, is likewise furnished without extra charge to every places, previously free from debt, have also entered the ranks of borrowing
communities and are constantly creating new issues. Besides this, in the
annual Chronicle subscriber.
The Bank and Quotation Section, issued monthly, is also furnished newer sections of the country, where expansion and development are such
noteworthy characteristics of affairs, new civil divisions are all the time
without extra charge to every annual subscriber of the Chronicle.
The Bankers’ Convention Section, issued yearly, giving the detailed springing up. The result is that the demands for additional space have
proceedings of the annual convention of the American Bankers Association, outgrown our ability to provide for them in a single number, leaving no
alternative but to issue the Supplement in two parts and to assign a portion
is likewise furnished without extra charge to Chronicle subscribers.
Terms for the Chronicle, including the six supplements above named, of the country to each part.
are Ten Dollars per annum within Continental United States except
Alaska; Eleven Dollars and Fifty Cents to Canada: Thirteen Dollars and
Fifty Cents to other foreign countries and also to United States Territories
and Possessions: these amounts in all cases including postage.
ABBREVIATIONS USED IN DESIGNATING WHETHER BONDS
File covers for the Chronicle are sold at $1.00 each; postage, 15 cents
ARE COUPON OR REGISTERED.
additional. File covers for Supplements can be had at same price.
“r” means fully registered bonds (no coupons).
CHICAGO OFFICE.—208 South La Salle Street.
LONDON OFFICE.—Edwards & Smith, 1 Drapers’ Gardens, E. C.
“c” means coupon bonds without privilege of registration.
“c*” means coupon bonds, but may be registered as to principal.
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York.
“r*” means “registered” and “coupon” interchangeable.

Municipal Bond Sales in the Calendar Year 1925.
The most obvious comment, in any analysis of the
municipal bond sales for the calendar year 1925, is
that they corroborate the view that offerings of se­
curities of this kind must be regarded as having been
permanently established, in point of magnitude, on
an extensive scale. In the previous calendar year
(1924) great ease in money, together with a pro­
nounced slump in trade incidental to the Presiden­
tial election which served to accentuate the ease,
had been extremely favorable to the flotation of mu­
nicipal obligations, as well as of new capital issues
generally, and the grand aggregate of municipal
bonds finding their way to market had increased
over 30%, as compared with the calendar year 1923,
rising from $1,063,119,823 to $1,398,953,158. In
1925, on the other hand, growing firmness marked
the course of the money market, as evidenced by the
advances in the rediscount rates of the Federal
Reserve banks, and this interfered somewhat with
the ready marketability of municipal securities, at
least during the middle of the year. Trade, too, was
of larger volume than during the period of the slump
in business in the previous year, augmenting some­
what the mercantile demand for money, though in­
dustrial activity was by no means maintained at
uniformly high levels throughout the year. Never­
theless, in face of the firmer money market, the
grand aggregate of municipal bonds disposed of dur­
ing the twelve months of 1925 ran a little larger even |




(according to our revised figures) than that for
1924, reaching $1,399,637,992, thus again establish­
ing a new high record by a small margin. There
seems no mistaking the significance of such results.
Before proceeding further with our analysis and
discussing the conditions and characteristics of the
year 1925, it seems proper to repeat what we have
said in previous annual reviews of the same kind
that in speaking of municipal bond sales we are
using the term “municipal” in its widest and broad­
est sense as covering obligations put out by States
and counties, as well as those issued by municipali­
ties per se, and by school and other districts and by
the various minor civil divisions.

This is the mean­

ing the word “municipal” has in its general accept­
ance and use. We wish also to direct attention to
the fact that the year 1925 makes the twenty-fifth
year that we have been tabulating and analyzing
these municipal bond sales and that therefore there
is now available a continuous and uninterrupted an­
nual record of the municipal bond disposals in this
country covering the whole past quarter of a cen­
tury.
With awards of bonds by municipalities in 1925
aggregating only slightly less than $1,400,000,000,
it is worth noting, on the one hand, that 1925 was
the fifth successive year in which the sales amounted
to $1,000,000,000 and over and, on the other hand,
that prior to 1919 the total had not in any year

6

STATE AND MUNICIPAL COMPENDIUM

reached even $500,000,000. Such a contrast fur­
nishes impressive testimony to the great change that
has occurred in the space of a very few years. In
the four years from 1914 to 1917, inclusive, the
yearly totals ran close to $500,000,000 without ever
quite reaching it, the sales having been $474,074,395
in 1914, $498,557,993 in 1915, $457,140,955 in 1916
and $451,278,762 in 1917. In this last-mentioned
year the total would doubtless have risen in excess
of the half-billion mark, except that that was the
year when American participation in the European
war began, from which time on everything in this
country had to be subordinated to the necessities
®f carrying that great conflict to a successful con­
clusion. The United States entered the war in April
1917 and during a considerable part of that year,
and the whole of 1918, borrowing by municipalities
was restricted like that of other forms of borrowing.
The money and investment markets had to be re­
served for the various Liberty Loan issues which
came in rapid succession and were of prodigious
amounts. The policy pursued was that of limiting
new capital issues strictly to those essential for the
conduct of the war. The full effect of this appeared
in 1918 when the new municipal issues dwindled to
small proportions, the total for that year reaching
no more than $296,520,458. With the restrictions
removed, municipal borrowing once more proceeded
in a normal way, though greatly intensified in de­
gree, since necessarily much municipal work had
been held in abeyance during the period of restric­
tion in borrowing, and in 1919 new municipal issues
aggregated $691,518,914 and in 1920 $683,188,255.
It was not until 1921 that the billion-dollar era per
year began, the new issues put out that year being
$1,208,768,274. This, however, proved the peak for
the time being. In 1922 the total dropped to $1,101,917,313 and in 1923 there was a further decline to
$1,063,119,823. In the two years since then, as we have
already seen, the totals have been rapidly moving up
again. In 1924 the aggregate at one spurt rose to
$1,398,953,158 and for 1925 we find a further small
advance to $1,399,637,992. The fact that in both of
the last two years the grand aggregate of the mu­
nicipal bond disposal so closely approached $1,400,000,000 is very suggestive as to the probabilities for
the immediate future. Apparently no considerable
shrinkage is likely to occur for the time being. In
the past there has been a disposition to attribute
the expansion in municipal issues in no inconsider­
able degree to the circumstance that they consti­
tute especially desirable forms of investment by
reason of the immunity from Federal taxation which
they enjoy. Income from municipal obligations is
exempt both from the normal tax on incomes ex­
acted by the United States and from the graduated
surtaxes. In previous annual reviews we have given
our reasons for thinking that an entirely exagger­
ated importance has been given to the part played
by Federal tax exemption in swelling the volume of
municipal sales. But whatever its influence, it ob­
viously becomes of diminishing importance with the
reduction in the rates of the surtaxes. Under the
Revenue Act of 1926 the maximum of the surtaxes
is 20%, and while this rate was not in effect in 1925
it was known all through the latter year that the
surtax rates were to be reduced and that the reduc­
tion, whatever it might be, would be made retroac­
tive and be applied to 1925 incomes just as it actu­
ally was. Under the 1924 Revenue Act the maxi­




[Vol. 122.

mum of the surtaxes was 40% and under earlier
laws it at one time was 65%.
As indicated on former occasions, while Federal
tax exemption has unquestionably served to widen
the market for municipal issues, the true reason for
the great expansion in municipal sales is to be found
in other causes and circumstances. And there are
enough of these to explain the rising level of new
municipal issues without much regard to the influ­
ence played by tax exemption. In the first place
the country itself is growing, and municipal needs
are growing even faster. Even though immigration
is restricted and the alien additions to population
are small, population itself is steadily increasing
year by year. Then, also, municipal costs now are
vastly higher than they were before the war. Wages
are very much higher, particularly in building and
construction work, which constitutes such a large
part of the activity of municipalities for which pro­
vision has to be made through new bond issues.
Prices of materials and supplies likewise rule much
above what they did in the period preceding the war.
The dollar does not go as far as it formerly did, and
it follows that a given amount of money outlays rep­
resents very much less work than before. In other
words, not only has the need of new school houses,
new streets and pavements, new sewers, new water
mains, and the like, greatly increased by reason of
the expansion in population and the advance in the
standard of civic and social life, but the cost of sup­
plying all these things has concurrently risen in a
marked degree. Hence there would seem little oc­
casion for solicitude in the mere fact that the vol­
ume of the new municipal bond issues is much larger
than it was ten years ago. Virtually everything else
is also larger.
Furthermore, we wish again to emphasize the
point that as against the new issues allowance must
be made for the redemptions and retirements of old
issues of municipal bonds. This is a growing item.
The subject is dealt with in a subsequent article. It
is only quite recently that we have begun to compile
the amounts of these redemptions and retirements
and which constitute an extinguishment of pre-ex­
isting municipal indebtedness. We began with the
figures for the calendar year 1923 and have con­
tinued the process of collecting and compiling the
statistics in the two calendar years since then. As
the subject is dealt with at length in a subsequent
article of this publication we will say here only that
in 1923 we found that a total of $234,480,299 of mu­
nicipal indebtedness had been paid off or retired,
that in 1924 we ascertained in similar manner that
the aggregate of old debt wiped out was even larger,
being $261,520,657, and now find that for 1925 the
amount was increased still further, and reached
$284,278,408. In other words, while in 1925, as we
have seen, $1,399,637,992 of new municipal indebt­
edness was created, $284,278,408 of old indebtedness
was expunged, leaving the net addition $1,115,359,584. Similarly, while in 1924 the amount of new
indebtedness was $1,398,953,158 the net increase in
debt is found to have been only $1,137,432,501, if
allowance is made for the $261,520,657 of old debt
extinguished. On that basis it will be seen the net
addition in 1925 was actually somewhat smaller
than in 1924, the reason being the greater amount
of the retirements. In 1923, with the gross increase
of municipal indebtedness $1,063,119,823, the net
increase was only $828,639,524. In tabular form

June, 1926.]

the net increase, as distinguished from the gross in­
crease, for the last three years is shown in the fol­
lowing :
GROSS AND NET INCREASE IN MUNICIPAL
INDEBTEDNESS.
1925.

$

1924.

$

1923.

$

New issues_____ 1,399,637,992 1,398,953,158 1,063,119,823
Retirements____ 284,278,408 261,520,657 234,480,299
Net additional, 115,359,584 1,137,432,501

828,639,524

While the foregoing makes it apparent that the
net additions to municipal indebtedness in this
country are very substantially less than the gross
additions, which in the past have always been taken
as the measure of the growth in municipal indebted■Tiess, the general conclusion that the level of new
debt now is very much larger than it was a few
years ago and that there is no reason for looking for
any great change in that respect, at least for the
time being, remains unchanged. Some of the con­
siderations that go to support this view have al­
ready been mentioned. There are some others, how­
ever, and one of the most important of these is, as
heretofore, the widespread nature of the increases
in new issues from year to year. The additions are
larger now than formerly in virtually all parts of
the country and in every leading civil division—
States, counties, school districts and cities and
towns—while increases also appear in the contribu­
tions under the heads of nearly all the different pur­
poses for which municipal bonds are put out. This
does not mean necessarily uninterrupted increases
from year to year, but increases over more extended
periods as compared with former similar periods.
In the case of the issue of bonds by the States, the
circumstance that soldier bonus payments, financed
mainly through new bond issues, have become largely
a thing of the past, has served to reduce the totals
under this head. Accordingly we find that the ag­
gregate of new bonds put out in 1925 by the States
was only $161,919,410, as against $249,516,730 in
1924 and $232,725,090 in 1923. At the same time it
appears that the amount of State bonds marketed
to meet soldier bonus payments in 1925 was only
$7,650,000, as against no less than $72,050,000 in
1924 and $92,000,000 in 1923. The amount of county
bonds, however, issued in 1925 was $229,414,382,
against $206,823,108 in 1924 and $170,486,574 in
1923; the amount of school district bonds $198,054,464 in 1925, against $174,407,180 and $152,048,127,
respectively, in 1924 and 1923, and the amount of
city, town and village bonds $810,249,736, against
$768,206,140 and $507,860,032. In like manner, the
different leading geographical divisions also show
increases except where the result has been affected
by the elimination of soldier bonus issues. In 1924
we found that there had been an increase in each of
the leading geographical divisions of the country
with the single exception of the North Central
group, which showed a large contraction in the vol­
ume of new issues, and the same group records for
1925 a further considerable contraction, the total of
the new issues for 1925 being $369,940,917, as against
$404,949,082 for 1924 and $430,323,196 for 1923—a
falling off for the two years combined of somewhat
over $60,000,000. But the soldier bonus issues in
this group aggregated only $2,650,000 in 1925, against
$21,100,000 in 1924 and no less than $87,000,000 in
1923. In the following table we furnish a compari­
son of the bond disposals for the different geograph­
ical divisions for all the years back to 1914.




1

STATE AND MUNICIPAL COMPENDIUM

BONDS DISPOSED OF BY STATES AND MUNICIPALITIES ACCORDING
TO GEOGRAPHICAL DIVISIONS.
Cal. Years.

1925.

1924.

1923.

1922.

1921.

1920.

$
1
I
S
$
3
$
North Atl. 489,288,590 488,783,505 204,406,445 306,712,631322,026,979 164,021.803
Nor. Cent. 369,940,917 404,949,082 430,323,196 371.698,048442,168,535 266,312,587
I
Total... 859,229,507 893,732,587 634,729,641 678,410,679 764,195,614 429,334,390
South Atl. 222,140,971 164,662,102 161,798,000 152,847,050 133,964,275 60,811,524
Sou. Cent. 136,668,084 137,341,971 107,798,426 121,996.043 108,192,441 77,357,114
Western or
Pac. Dlv. 181,599,430 203,216,498 158,793,756 148,663,541 202,416,044 115,685,227

Total... 540,408,485 505,220,571 428,390,282 423,506,634 444,672,760 253,853,865

Grand tot. 1399637992 1398953158 1063119823 1101917313 1208768274 683,188,255
Cal. Years.

1919.

1918.

1917.

1916.

1915.

1914.

$
S
1
«
3
3
3
North Atl. 126,787,408 62,418,032 175,977,685 174,405,716 208,213,654 228,783,498
Nor. Cent. 190,876,129100,312,269 141,313,068 128,078,530 137,208,751 108,924,972
Total... 317,663,537162,730,301 317,290,753 302,484,246 345,422,406 337,708,470
South Atl. 53,096,148' 19,867,178 31,434,837 40.984,531 41,916,520 33,782,300
Sou. Cent. 165,984,142 55,476,941 52,957,073 56,942,261 55,312,624 39,476,448
Western or
Pac. Dlv. 154,775,087j 58,446,038 49,596,099 56,729,917 65,906,444 63,107,177

Total. .. 373,855,377133,790,157 133,988,009 154,656,709 153,135,588 136,365,925
Grand tot. 691,518,914 296,520,458 451,278,762 457,140,9551498,557,993 474,074,395

As already noted, conditions for the floating and
distribution of new municipal bond issues during
1925 were not so extremely propitious as they had
been during 1924 and yet prices of municipal bonds
during the early part of 1925 reached the highest
level since the war and in many instances higher
than for many years preceding the war. This fol­
lowed from the projection into 1925 of the plethoric
state of the money market which had been such a
distinctive feature of the year 1924. In this
last-mentioned year conditions were just the
reverse of those that had characterized the munici­
pal bond market in the year preceding. In 1923, as
the year progressed, municipalities had to pay stead­
ily rising rates of interest on their borrowings, due
to the fact that trade was active and lenders found
it more profitable to employ their funds in mercan­
tile channels than in making security investments.
This was the situation until the closing months of
that year, when trade noticeably slackened and
money was again released from trade channels and
once more found investment in security issues. Mu­
nicipal bonds naturally shared in the improvement.
In 1924, on the other hand, municipalities found it
possible to place new bond issues at steadily declin­
ing rates of interest. There was a great slump in
trade, as already stated, in the middle of that year,
the outgrowth of the campaign for the election of a
President involving very important issues and occa­
sioning a condition of profound ease in the money
market until towards the very close of the year,
when money rates once more gradually stiffened
and banks found it more profitable again to employ
their funds in trade channels. Even this slight stif­
fening of money rates, however, found reflection in
the municipal bond market, and the best prices for
municipal bonds in 1924, as a rule, were reached in
the autumn, after which small downward reactions
occurred.
In 1925 ease in money was again a feature during
the early months, and, as already stated, during the
first half of the year municipal bonds reached the
highest levels since the war, and in many cases the
highest figures since many years before the war.
As the year progressed, however, the situation as
regards the money market changed very essentially.
Increased firmness marked the course of the money
market. Industrial activity again slackened in
the middle of the year, though there was no such
slump as occurred in 1924, but speculation on the
Stock Exchange became rampant and absorbed an

8

STATE AND MUNICIPAL COMPENDIUM

enormous amount of funds. Money rates accord­
ingly advanced and credit was much less easy to
obtain. Not only municipal bonds, but bond issues
generally, reflected the influence of the change. In­
vestors looked for a higher rate of return and bond
prices accordingly declined. All bond prices moved
towards lower levels, but values of municipal obli­
gations suffered most, since these yield the smallest
rate of return and are in least demand at such a
time. It is also claimed by some municipal dealers
that the prospective reduction in Federal surtaxes
served to accentuate the decline, it having been an­
nounced that early action in the preparation of a tax
reduction measure would be taken far in advance of
the meeting of the new Congress in regular session
in December and tax reduction, therefore, having
been a foregone conclusion. The low points in the
market were reached in the period from August to
October, while in the last two months of 1925 the
course of bond prices again changed for the better
and municipal bond values did not fail to share in
the improvement. As was pointed out by Stacy C.
Mosser, in an article in the issue of the “Chronicle”
of Jan. 30 1926, at the peak of the year the highest
grade issues of States and cities sold on an interest
basis of 3.75%, and many of the State and larger
city issues moved freely on a 4% basis. After that,
very few issues commanded a better basis than 4%,
and most of the larger city and States issues sold to
yield 4.15 to 4.25%.
Some specific instances of bond disposals during
the year will furnish the best indication of the course
of municipal bond values in the year 1925. Boston,
Mass., on May 12 disposed of $2,955,000 4s on an in
terest basis of 3.93%. But on Dec. 4, in placing
$1,450,000 4s and $2,525,000 4^8, the city had to pay
an average of 4.12% on its borrowings. Worcester,
Mass., on Jan. 13 sold $375,000 4s on a basis of
3.82%, and on June 26 did even better in disposing
of $385,000 4s on a basis of 3.76%, but on Dec. 23
had to pay 3.96% in selling $630,000 4s. Providence,
R. I., on June 16 placed $2,500,000 4s on a basis of
3.98%, but had to pay 4.20% when selling $2,500,000
4s on Dec. 15. Norwich, Conn., sold $100,000 l^s
May 12 on a basis of 4.04%, but Nov. 23 could do no
better than 4.22% in selling $210,000 4*4s. Buffalo,
N. Y., placed $4,000,000 4^s April 15 on a basis of
3.93%; $1,450,000 4'%s July 20 at 4.005% and
$3,000,000 434s Oct. 14 at 4.23%. Philadelphia was
in the market with new issues many times during
1925 and the prices obtained at these different sales
furnish an excellent illustration of the course of the
municipal bond market generally during the year—
at first at steadily improving prices and then at
sharply depreciating values. On Jan. 5 the city sold
$12,000,000 4s on a basis of 3.985%; on Feb. 24
$7,000,000 4s at 3.96%; on April 22 $3,750,000 4s at
3.86%, though to its own Sinking Fund Commis­
sion; on June 17 $10,000,000 4s at 3.99%; on July
13 $4,660,000 4s, again to the Sinking Fund Commis­
sion, at 3.93%. After that, however, the course
promptly changed and on Sept. 21 $15,000,000 434s
sold on a basis no better than 4.23%; on Nov. 2 the
city had to pay 4.24% in selling $15,000,000 4%s and
on Dec. 7, in coming into the market with $23,900,000 4%s it had to pay as high as 4.41%. Pittsburgh,
Pa., placed $1,050,000 4*48 at 3.99%; on Aug. 24
$150,000 414s at 4.01%, and $300,000 4s at 4%, and
on Sept. 14 $306,000 434s at 4.17%. Newark, N. J.,
disposed of $1,777,000 4%s on June 23 at 4.19% and




[Vol. 122.

$3,600,000 4%s Dec. 2 at 4.24%. Albany, N. Y., was
able to sell $1,711,000 4s on June 9 on a basis of
3.88%, but had to pay 4.21% in selling $1,887,500
414s on Oct. 14.
For other parts of the country the 1925 record is
the same. Cleveland, Ohio, on May 15 placed $5,173,000 414:s on a basis of 4.05% and July 9 had to pay
4.18% in selling $1,800,000 4%s. In the case of
Detroit, Mich., the fluctuation in the price of its
borrowing is less marked, since it was in the market
just twice, first at near tlie beginning of the year and
the second time at near the year’s close and thus
was free of the changes that came in between. On
Jan. 26 it disposed of $10,555,000 4}4s and $9,000,-^
000 434s on a basis of 4.32%; on Dec. 10 it sold
$3,000,000 4s and $10,410,000 4%s on an average
basis of 4.38%. Toledo, Ohio, borrowed at 4.15%
April 14; at 4.36 on May 19 and at 4.40 and 4.45%
on Dec. 3. Kansas City, Mo., sold $5,200,000 4^%s
on Jan. 8 on a basis of 4.24%; $3,000,000 4}4s June
15 at 4.09%, and $4,523,000 4%s July 8 at 4.15%.
St. Paul, Minn., was in the market only during the
last half of the year and borrowed at 4.05% July 1,
at 4.15% July 15, at 4.21% July 29 and at the same
figure Dec. 16. Omaha, Neb., got its money at
4.33% Jan. 19, at 4.15% April 20 and at 4.13% May
25, but had to pay 4.37% Nov. 2. ' Out on the Pacific
Coast, Los Angeles, Cal., like Detroit, escaped any
great changes in rates by appearing in the market
very early in the year and not again thereafter until
towards the year’s end. It negotiated a sale on Jan.
20 of $7,000,000 434s, $3,500,000 4i/2s and $1,000,000
4s on a basis of 4.67%, and on Dec. 2 disposed of
$7,500,000 4%s and $7,325,000 4%s on a basis of
4.62%. Long Beach, Cal., got $500,000 on a 4.24%
basis on Feb. 17 and paid 4.40% in borrowing a
small amount in July. Portland, Ore., sold $1,000,000 4s May 5 at 4.17%; $879,000 5s on June 17 at
4.25% and $500,000 4s Sept. 22 at 4.42%.
In the South, Richmond, Va., placed $900,000 43^s
Feb. 3 at 4.20%, and $4,300,000 4%s Dec. 29 on a
basis of 4.37%. Hendersonville, N. C., sold $500,000 534s June 15 on a basis of 5.05% and $475,000
53%s Dec. 15 on a basis of 53^%. Arcadia, Fla., on
June 23 disposed of $350,000 53%s on a basis of 5.05%
and Sept. 21 put out $560,000 6s on a basis of 5.45%.
It will have been gathered from the foregoing
illustrations that the chief cities of the country were
rather conspicuous for the extent of their appeals
to the municipal bond market. The illustrations
given are confined to cases where there were two

or more sales during the year and where it was pos­
sible to show the changes in interest rates and the
rate of return to the investor. There are other in­
stances, however, of large sales in 1925 where there
was only a single offering during the year, or where,
for some other reason, it was not possible to make
proper comparison of the rate of yield. New York
City belongs in the first mentioned class. It made
one public offering during the year, namely $60,000,000 434s on May 5. The bonds went on an interest
basis of 4.045%. The previous year (1924) the pub­
lic offering made June 3 consisted of $67,400,000
414s, which sold on an interest basis of 4.19%. In
addition, the sinking and pension funds in that year
took no less than $69,106,747 of bonds; in 1925 only
$29,233,000 were taken by the sinking funds. In
1923 the City put out no new bonds whatever of a
permanent character. Philadelphia sales during
1925 have already been referred to; it and its school

June, 1926. j

district disposed of an aggregate of no less than
$91,521,000, which compares with $25,000,00.0 in
1924 and $15,000,000 in 1923. Chicago and its Sani­
tary and Park districts came into the market with
$30,980,000 new issues, against $27,669,500 in 1924
.and $19,610,000 in 1923. Detroit placed $35,965,000
new issues in 1925, against $19,680,000 in 1924 and
$12,218,000 in 1923. Los Angeles marketed alto­
gether in 1925 $31,825,000 of new issues, against
$30,433,000 in 1924 and $12,926,000 in 1923. The
Florida cities have also come into notice during the
last few years. Miami sold altogether $3,293,000 of
bonds in 1925 and $2,611,000 in 1924.
Changes in the rates of interest at which munici­
palities do their borrowing in any period of twelve
months are not always reflected in changes in the
interest rates in the bonds themselves, but where the
tendency is strongly in the one direction or the
other, and continues year after year, this tendency
clearly appears in an advance or a decline in the
coupon rates in the bonds. The tendency now for
several years has been strongly in the direction of
lower interest rates, just as during the war it was
pronouncedly in the direction of higher interest
rates. Classification of the yearly bond issues ac­
cording to the coupon interest rate reveals both ten­
dencies. In 1925, as in 1924, more bonds were put
nut at the lower rates and fewer bonds at the higher
rates. More than the whole of the increase in the
sales of 1925 as compared with 1923 occurred in
bonds bearing 4%, 4% and U/2% interest. $240,445,751 of 4s were issued in 1925, against only $98,413,033 in 1923; $301,745,971 4%s, against $101,944,418, and $318,328,692 of 4^s in 1925, against $271,985,084 in 1923. On the other hand, the aggregate
of the issues put out at the higher rates have all de­
creased, the amount of the 4%s for 1925 being only
$76,397,727, against $137,851,597 in 1923, and the
total of the 5% obligations $202,131,305, against
$236,714,927. In Massachusetts even $3,949,000
31/ks found a market in 1924. To afford a graphic
illustration of the course of coupon rates over a long
period of time we insert again the following table
with the figures for 1925 added to show the amounts
of new bonds put out at the various rates of inter­
est in 1906 and in 1923, 1924 and 1925. We ex­
clude the New York City sinking fund takings, as
these in the past have been very low rate issues and
could not be accepted as affording any criterion of
market conditions, though the practice now is dif­
ferent. These particular years are here shown be­
cause they mark periods of changes in the trend and,
because the width of the column will not admit of
the inclusion of other years. On a subsequent page
of this issue (see page 12) we print a complete
table covering all the years from 1901 to 1925.
COMPARATIVE INTEREST RATES, EXCLUDING NEW YORK CITY
SINKING FUND TAKINGS.

1925.
$

9

STATE AND MUNICIPAL COMPENDIUM

PCof
Total

1924.
$

PCof
Total

1923.
$

PCof
Total

1906.
$

PCof
Total

5,257,456 2.77
3 per cent..
19,169,650 10.09
800,000 .06 3,949,000 .30
3J4 per cent
4 per cent-. 240,445,751 17.55 150,118,528 11.29 98,413,033 9.257. 120,130,280 63.22
254,000 0.13
4J< per cent 301,745,971 22.01 269,960,412 20.30 101,944,418 9.589
4J^ per cent 318,328,692 23.24 291,179,050 21.89 271,985,084 25.58 14,598,010 7.68
4J£ per cent 76,397,727 5.57 109,163,059 8.31 137,851,597 12.96
5 per cent.. 202,131,305 14.75 280,893,996 21.12 236,714,927 22.26 17,436,088 9.18
HJgher than
5 per cent 200,602,247 14.64 202,817,609 15.25 203,272,358 19.12 7,146,959 3.76
Unknown &
Unusual.. 29,953,299 2.18 21,764,756 1.64 12,938,406 1.217 6,027,828 3.17

Total ____ 1370404992 100.0 1329846410100.0 1063119823 100.0190,020,27110.00
*In years previous to 1921 Issuance of 4^ % bonds was so rare that their classi­
fication under separate heading was not practicable.
Note.—New York City Sinking Fund t akings were formerly very low-rate Issues
and could not be accepted as affording any criterion of market conditions. We
therefore then eliminated them entirely In this table. We are continuing the prac­
tice, even though the interest rates on bonds so issued are now nearly on a level
with market prices, in order to keep the table uniform. In 1925 these sinking fund




transidions totaled 529,233,000, in 1924 the amount was $69,106,748, In 1923
no bonds went to the sinking fund, in 1906 the amount was $11,723,075, and in
1901, $9,313,919.

It remains to make one further comparison,
namely, to show the different purposes for which
the bonds have been issued from year to year. Such
a classification appears in the table which we now
introduce. The feature of this table is that while
decreases are recorded under a number of minor
headings, and a large decrease in the soldier bonus
payments, to which reference has already been made,
virtually all the major purposes for which munici­
pal bond issues are put out show for 1925 the high­
est totals in all the years given and that, of course,
is what would be expected. For instance, more was
spent for streets, roads, bridges, etc., than in any
previous year, more for schools, more for sewers and
more for general improvements. The following is
the table referred to, showing the bond disposals for
each of the last four years according to the purpose
for which the bonds were issued:
Calendar
Year.

1925.
$

PCof
Total

1924.
$

PC of
I Total

1923.
$

PCof
Total

1922.
$

PCof
Total

Grand total.; 1399637992 100.0 1398953 158 100.0 1063119 823 100.01101917313100.0
Refunding..! 47,544,926 3.40 19,315,270 1.38 20,002,0851.882 29,816,256 2.71
Net add’n..11352093066 96.60 1379637 88898.62 1043117 738 98.11107210105797.29
Water..........117, 262.869, 8.38144,213,96510.31 86,831,3958.168, 93,693,315 8.50
Sts., roads
I
brldges,&c392, 675,628 28 06 380. 770,58127 .22 314 465,826 29.58 343, ,902,123 31.21
Sewers____ 130 485,755 9 32 94 456,492 6 ,75 89 219,4138.392 91, 440,749 8.30
Schools.__ 323 920,740 23 14 288 522,750 20 .62 208 ,328,96019.59 237, 230,106 21.53
Buildings__ 58. 218,293i 4 16 88 661,962 6 .34 47 249,988 4.444, 40, 168,547 3.64
Parks_____ 20. 366,782; 1 45 30, 739,567 2 .20 29 879,8552.8111 19, 380,661 1.76
Light & gas. 19, 969,972, 1 43 20, 501.310 1 .46, 15 795,111 1.486! 27, 665,874 2.51
Funding__ ■ 15, 137,101! 1 08 16 277,691 1 .16 19 425.5601.827 21, 298,457 1.93
Improvem’t 191, 611,63013 69 107 652.317 7 .70 63 488,928 5.972 54, 990,643 4.99
Soldier bon’s 7, 650,000
55 72 050,000 5 .15 92 000.000 8.654 40, 800,000 3.70
Flood prev.! 9, 807,300
70 16, 071.000 1 .15, 4 053,600 .381 4, 581,718 .416
Harbor and
I
waterfront 15, 328,000
09 26, 388,800, 1.89, 19,539,5601.837 44,686,100 4.055
Rap. trans.,I
ferries and
Canals ..
,857,000 .92 25.831,000 1.85 18,116,5001.704 10,894,500' .989
Irrigation ..
,696,550 1.62 19,357,700 1.38 14,474,6251.361 24,257.495 2.201
Miscellan’s.
,105,446 1.01 48,142,753 3.44 20,248,4171.905! 17,110,7691.553
Total net . 1352093066 96.60 1379637 888 98.62 1043117 738 98.111072101 057 97.29

It will be seen from the foregoing that after appor­
tioning the amounts under the different heads, an
aggregate of $14,105,416 remains for 1925 under the
designation “miscellaneous.” Reference to one of
the footnotes in our detailed tabular statements on
pages 13 and 14 will show that the $14,105,446
consists in the main of bonds issued for purposes
which we are unable to classify under our headings.
In conclusion, we will reiterate what we have said
in previous years, namely that our figures deal only
with issues of a permanent character such as, by
their nature, constitute a real addition to the debts
of the municipalities. We rigidly exclude floating
debt obligations and everything of a temporary na­
ture, and we are careful also to avoid duplication or
the inclusion of loans that do not belong in the foot­
ings. As the best explanation of our reasons for
excluding floating-debt obligations, we may refer
to the case of ‘New York City, which during 1925
issued no less than $371,739,000 of temporary obli­
gations in anticipation of taxes, and redeemed $359,220,000 of the same class of obligations, and also
issued $320,550,000 of corporate stock notes (a new
form of obligation since 1912), and retired $307,750,000.
In order that the reader may know what the grand
aggregate of sales for the twelve months would be
with all these various items included, we will say
that the total in that event would be in excess of
$2,600,000,000. The actual municipal bond sales for
the twelve months within the territorial limits of the
United States were, we have seen, $1,399,637,992, the
temporary loans reached $857,168,702, sales of
permanent securities of Canada were $300,771,019, including Dominion loans of $70,000,-

10

STATE AND MUNICIPAL COMPENDIUM

[Vol. 122.

000 and $75,000,000 floated in August and Septem­ limits of the United States for the late year appears
ber, respectively; general fund bonds of New York on pages 13 and 14.
City $41,000,000; besides which bonds were issued FuU Cal. Year 1925.
1921.
1922.
1924.
1923.
by United States territories and possessions as fol­ Loans—
$
S
$
$
$
1,399,637,992 1,398,953,158 1,063,119,823 1,101,917,313 1,208,768,274
lows: Philippine Islands, $1,000,000; Territory of Perm.(U.S.)
*Tem.(U.S.) 857,168,702 902,032,475 625,819,991 453.431,823 730,596,914
Canada(per.) 300,77-1,019 329,307,124 360,271,503 299,139,917 209,669,857
Hawaii, $2,590,000, Honolulu, $1,000,000; Cordova, Bonds
U. S.
possessions .
8,715,000
8,186,000 47,023,000
27,145,000
8,830,000
Alaska, $50,000, and Porto Rico $4,075,000, making Gen.fund
bds.
(N.Y.Clty).
41,000,000
37,500,000
34,000,000
39,500,000 38,500,000
a grand total of $2,607,292,713. In the following we N.Y.pens
’n &
S. F. exch..
None
None
None 51,115,500
None
furnish a five-year tabular comparison of the various Total
allloans
months) 2,607,292,713 2,678,622.757 2,095,897,317 1,939,012,053 2,261,295,545
classes of new issues. A two-page tabular presenta­ (12
♦Includes temporary securities (revenue bonds and corporate stock notes) issued
New York City, 35692,289,000 in 1925, 35730,876,940 in 1924, $491,692,800 In
tion of the sales of a permanent character within the l by
1923, $329,474,281 in 1922 and $635,612,150 in 1921.

The Redemption and Retirement of State and Municipal Bonds
during 1925—The Extent of the Totals,
We have again undertaken compilation of the
municipal bond retirements, our figures this time
covering the calendar year 1925. For the past
twenty-five years we have been publishing each year
very extended and comprehensive analyses of the
sales of State and municipal bonds arranged to fur­
nish a variety and body of data which we believe we
are correct in saying has never been equaled either
in this country or elsewhere. These elaborate an­
nual compilations not only undertake to show the
disposals during each calendar year, according to
States and geographical divisions, but they also in­
dicate, within the same groupings, the kinds of the
different issues—how much representing State
bonds, how much County bonds, how much school
districts and how much City, town and village bonds.
The tables also give for each State and geographical
division the amounts of bonds disposed of at the dif­
ferent coupon rates of interest and furthermore de­
fine the purposes for which the bonds have been
issue, whether for schools, or for streets, or for sew­
ers, or for water, or for any of a number of other dif­
ferent purposes, the amounts under each of these
different heads being stated. In the elaborate table
appearing immediately above we furnish a summary
of the grand totals for the whole twenty-five years,
in convenient form for record and consultation, for
the benefit of our readers and as a contribution to
the study of the subject.
But while having thus fully covered the new issues
from year to year, which since the war have been
assuming growing dimensions, up to 1923 we had
never undertaken to compile statistics regarding the
bond redemptions and the bond retirements that are
steadily going on, year in and year out. It is almost
needless to say, for the fact is self-evident, that the
new issues made from year to year do not represent
to the same extent additions to the total indebted­
ness of the municipalities, for debt is being paid off
as well as being created, and the true measure of the
growth of such indebtedness is to be found only in
taking the difference between the two amounts. But
one of the two main factors necessary for the deter­
mination of the growth in net indebtedness has al­
ways been lacking, for, as far as our knowledge goes
—and we can truthfully aver that it is very exten­
sive on the subject—no attempt has ever been made
in this country to arrive at even an approximate
idea, year after year, of the amount of the bond
issues being taken up and which to that extent form
an offset to the new bonds being put out.
There should be no confusion on the part of the
reader as to what we have in mind when we speak




of the municipal obligations being issued and the
municipal obligations being taken up. In both cases
we have reference only to long-term and more or less
permanent forms of issues. We do not have in con­
templation temporary indebtedness of any kind.
Temporary borrowings in anticipation of taxes, or
for other purposes, have always been rigidly ex­
cluded from our compilations of new bond issues.
Nearly all municipalities are obliged at one time or
another to borrow in anticipation of taxes and in
the New England States the practice of borrowing
on temporary notes has become quite common and
these notes, too, are in many cases publicly offered,
and discounted at very low rates of interest. Such
borrowing is often repeated several times in a year,
but its transient character is never changed, and
while temporary borrowings of this kind reach sev­
eral hundred million dollars a year in the aggregate,
the amounts of the temporary borrowings paid off
are of equal magnitude and little or no change in per­
manent indebtedness ensues; and from their very
nature such borrowings have no place in compila­
tions and discussions dealing with the yearly dispos­
als of new bond issues. We have always observed
tliis rule in our compilations of the bond sales and
for the same reason, in dealing with the bond re­
demptions and bond retirements, we confine our­
selves strictly to long-term indebtedness.
We were previously deterred from entering upon
the work of making up the figures to show the bonds
redeemed or taken up because of the appalling mag­
nitude of the task. A moment’s consideration will
show that the use of the word ‘‘appalling” is not an
exaggeration. Retirements are effected in a number
of different ways. The simplest form is when the
whole issue matures at a given date in a given year.
But the most common method, and that which is now
almost exclusively used throughout New England
and a good many other large Northern States, is that
of issuing bonds in serial form with a certain amount
of the loan maturing each year. There are thou­
sands upon thousands of cities, towns, villages,
school districts and other civil divisions that have
bonds outstanding in serial form and while each of
the minor units may not be very important by itself
the grand total of them all reaches a very consider­
able aggregate. Moreover, the different municipali­
ties and other civil divisions, large and small, have
a multiplicity of different issues outstanding. Even
in the case of the very smallest places there may be
half a dozen or more different issues of serial bonds
outstanding, the amounts being in relation to the
size of the place itself, namely very small and of lit-

June, 1926.]

tie consequence except as part of a general aggregate
of large dimensions. On the other hand, in the case
of the places of greater magnitude, the number of
different issues being paid off may run up into the
hundreds and for the very largest cities instances are
not lacking where the number actually exceeds a
thousand. Buffalo, for instance (as may be seen by
reference to that city’s statement on a subsequent
page), has 376 separate issues outstanding; Lynn,
Mass., 167; Fall River, 182; New Bedford, 187; Cam­
bridge, 196; Brockton, Mass., 189; Boston, 419, and
Cincinnati 721. This makes an aggregate of 2,437
separate issues for only eight places. Hence it is the
literal truth to say that in the matter of separate
issues, computing the redemptions involves consid­
eration of tens of thousands upon tens of thousands
of cases.
But even this does not portray fully the difficul­
ties confronting the investigator in the work. The
bonds with a straight maturity date are one thing.
Here the amount and the date of maturity are
usually known, though even in these cases it may be
necessary to deal with amounts as small as $1,000 or
with sums running up into the millions. The bonds
issued in serial form and payable in yearly install­
ments are the ones that present the most formidable
task. They constitute by far the most numerous
class. Payment may extend over five years, or ten
years, or fifteen years, or thirty or forty years, and
inasmuch as generally the records available show
only the total amount issue and the number of
years over which payment extends, computations
have to be made in each instance as to just how much
is payable each year. Here again the work is the
same, whether the issue is large or small; $50,000 or
more may fall due each year or only $1,000 or $2,000.
Altogether it will be seen that the task is an hercu­
lean one, at least for a private investigator, and
hence is correctly described as “appalling” in mag­
nitude.
However, after long hesitation, and at the in­
stance of high public officials, we finally took up the
work, beginning with the calendar year 1923 in our
State and Municipal Compendium for June 1924, re­
peating the operation in our State and City Com­
pendium for June 1925, in which we dealt with the
results for the calendar year 1924, and are now pre­
senting the figures for twelve months later—that is
showing the bond retirements for the calendar year
1925. The pressing need for information on the sub­
ject has seemed to make it incumbent upon us to
compile the figures and the public importance of the
matter has prompted us to waive the objections we
have so long entertained on the score of labor and
cost involved. The results of our investigation ap­
pear in the tabular statement further below.
A few words as to the methods pursued by us in
the compilation of the figures are desirable. Owing
to the magnitude of the task, as outlined in what
has been said above, we have sought to minimize our
labors as much as possible and have tried to obtain
reports from the municipalities themselves in the
case of all the more important cities, the purpose
being to avoid the necessity, at least in the case of
these larger places, of making separate computations
for each of their numerous issues. These appeals
have been successful in about 60% of the cases. For
the remaining 40% of the places the basis of the
computation has been the statements given in our
State and Municipal Compendium—both Part I and




11

STATE AND MUNICIPAL COMPENDIUM

Part II, the former issued in June and the latter in
December. The State and Municipal Compendium
has also been the source of our information in the
case of the thousands of minor civil divisions, where
we knew a direct appeal would prove of little avail.
Our State and Municipal Compendium has thus bee i
the basis for the greater part of our work.
The result of our labors is that we find that during
the calendar year 1925 an aggregate of $284,278,408
of State and Municipal bonds was paid off or retired.
This compares with $261,520,657 in the calendar
year 1924 and with $234,480,299 in 1923, showing
that the retirements are growing larger with each
succeeding year. Of the amount $174,126,102 bonds
consisted of the obligations of cities, towns and vil­
lages, as against $164,308,925 in 1924 and $149,574,299 in 1923; $27,108,171 were school district bonds,
against $24,261,721 in 1924 and $17,198,000 in 1923;
$43,958,805 were county bonds, against $43,468,303
in 1924 and $33,729,500 in 1923; and $39,085,330
were State bonds, against $29,481,708 in 1924 and
$33,978,500 in 1923. In the table below we show the
amounts for each of the different States separately.
AMOUNT OF STATE AND MUNICIPAL BONDS RETIRED IN 1925.
Grand
Total.
Maine____________
New Hampshire.__

Vermont____ _____

Massachusetts_____
Rhode Island______
Connecticut_______
New York________
New Jersey_______
Pennsylvania______
Delaware....... ............
Maryland_________
Ohio......................
Indiana___________
Illinois____________
Michigan_________
Wisconsin_________
Minnesota.................
Iowa............. .............
Missouri__________
North Dakota...........
South Dakota_____
Nebraska_________
Kansas___________
Montana__________
Wyoming_________
Idaho____________
Colorado..... ..............
Utah.........................
New Mexico_______
Arizona___________
Oklahoma_________
California_________
Oregon_________ _
Washington_______
Nevada___________
Virginia___________
West Virginia_____
Kentucky_________
Tennessee_________
North Carolina____
South Carolina..__
Georgia___________
Florida___________
Alabama__________
Mississippi________
Louisiana_________
Arkansas__________
Texas____________
Island Territories and
Possessions______

Total 1925.
Total 1924.
Total 1923.

S

1,688,731
1,774,820
690,431
22,836,480
2.213.500
4,086,330
46,067,745
16,239,007
10,011,701
437,300
7,934,560
35,270,755
6.251.200
12,292,000
13,293,900
4.505.100
10,278,853
4.261.600
3.283.500
1,078,900
1.702.200
1.850.500
3,277,308
1,688,950
111.500
1,588,700
1.384.100
1.223.400
100.500
509.500
1.528.500
14,786,218
5.913.400
3,446,900
224,000
1,051,300
1.905.600
541,200
2.957.200
5,079,700
4.338.500
4,951,139
2.114.300
434,600
2.589.300
3,016,380
4,274,800
5,056,200

441,100

State
Bonds.

S

469,000
799,000
506,031
2,346,500
2,535,000

5,000
3,874,960
2,361,000
25,000
2,526,000
3,000,000

2,000,000
1,695,000
50,000
1,350,000
1,000,000
54,000
9,000
1,417,000
125,000

10,000
11,000
311,200
400,000
2,885,000

90,000

675,000
12,000
410,000
193,000
3,500,000
3,441,939
289,200
659,500
50,000

County
Bonds.

School

District
Bonds.

S

7,125
37,000
4,000
358,780
27,000
2,314,600
5,523,000
2,469,000
124.200
279.100
7,760,100
1.147.400
1,522,500
2,055,500
1,711,900
2.276.700
1,142,300
679,000
937,600
14,300
333.100
373.200
1.401.700
12,000
82,600
47,900
51,000
69,000
298.100
233,000
1,568,800
667.700
424.400
73,400
143,000
575.700
288.400
500.800
1.763.400
470.800
383.100
712.100
240,000
1,071,200

281,500
1,501,500

City, Town
and Village
Bonds, Ac.
S

27,000
6,000
59,500
1,482,416
681,100
1,813,000
44,900

6,763,355
1,485,400
967,200
1,061,200
137.600
608,000
1,871,200
1,351,700
7,000
166.600
336,500
548.700
116,600
82,900
18,100
54,000
83,100
5,800
138.700
378.800
3,867,300
63,500
691.800
20,600
230,800
38,400
50,200
105,500
28,000
9,500
73,700
45,500
234,800
997,300
354,900

1,212,606
911,820
174,400
20,131,200
2,213,500
3,999,830
39,735,729
10,034,707
5,729,701
263,200
3.780.500
18,386,300
3.593.400
7,276,300
7.177.200
2.655.600
5,394,153
1,248.100
1,252,800
84,300
171,300
1,180,900
1,355,408
116,650
7,600
71,000
1.157.200
1,089,300
15.700
61.700
605,500
8,950,118
2.297.200
2,330,700
40,000
908,200
424,100
202,400
1.996.200
3,017,800
339,700
1.116.600
1.328.500
194,600
1.183.400
2,122,080
2,946,000
3,199 800

441,100

284,278,408 39,085,330 43,958,805 27,108,171 174,126,102
261,520,657 29,481,708 43,468,303 24,261,721 164,308,925
234,480.299 33,978,500 33,729,500 17,198.000 149,574,299

In the nature of the case we cannot claim exactness
either for the figures of the separate States, or for
the grand total. One thing we can affirm with ab­
solute positiveness and that is that the totals are
unquestionably below the mark, not above it. The
statements in our State and Municipal Compendium
contain not a few instances of serial issues outstanding where, notwithstanding efforts continued year
by year to get the information, we have never been
able to obtain particulars regarding the amounts of
the yearly installments. These of course we had to
ignore in making our computations. A much mere
important matter is that the returns in our State
and Municipal Compendium are limited as a rule to
civil divisions having an indebtedness of $25,030 or
more, while there are numerous places having bonds
outstanding to an aggregate of less than $25,000.

12

[Vol. 122.

STATE AND MUNICIPAL COMPENDIUM

How much these latter would add to the total of the
retirements in the different years, if they were in­
cluded, we are unable to state. We think it safe to
say that if we could have an absolutely compute
statement of the 1925 retirements the total might
reach $300,000,000. As the years go on and we
acquire increased facility for doing the work and
gain wider experience, we will no doubt be able to
attain greater exactness in our results. Our present
compilations possess great value, nevertheless, as
affording some idea of the extent of these retire­
ments which now at, say, $300,000,000 a year are as
large as the entire total of new issues only a little
over a dozen years ago, the amount of the yearly

sales as recently as 1910 having been only slightly
above $320,000,000.
With these facts before us, too, it is obvious that
allegations of municipal extravagance will hereafter
have to be based not on the gross total of 1,400 mil­
lion dollars of new issues a year, but upon the net
total as diminished by the $300,000,000 of retire­
ments, while criticism regarding the growth in the
volume of tax exempt securities will have to be
modified in like manner. It is proper to add that in
our compilations we have of course taken no account
whatever of accretions of cash in sinking fund. The
effect of these will appear in the bond retirements
of subsequent years.

Municipal Bond Sales in United States for the Years 1901-1925,
In the following we furnish a record of the municipal bond issues in the United States for each of the
years from 1901 to 1925, both inclusive. We have no space to comment at length on the numerous interesting
features brought out by this comparison, and will direct attention here only to the increasing part played by
State and county bonds in the totals and the rise in the rate of interest. In 1901 the 3% issues formed
8.42% of the total, the 3^2% bonds 52.41% and the 4% issues 20.96%. In 1925, on the other hand, there
were no issues of 3% bonds and the 3J^% bonds formed but 0.06% of the total. The 4s, however, which
in 1921 contributed only 2.72% of the total, are again assuming growing importance under the reduction in
the rate of return which has become a feature of all classes of investments in more recent years and in 1925
constituted 19.27% of the aggregate. State and county bonds constituted only 22.77
of the whole in
1901 and but 15.41% in 1902, while in 1919 they contributed 43.54%, though for 1925 the ratio is back
to 32.61%.
Two ciphers (00) omitted from each amount.

Rates of Interest.

Year.

State
Bonds.

County
Bonds.

School
District
Bonds

City,
Town,
&c..
Bonds.

Grand
Total.

1901.--5 13,572,8 16.379,4 7,672,0 93,925,1 131,549,3
71.40
100
10.32
12.45
5.83
%
6,908,0 15,975,4 8.429,9 117,150,3 148.463.6
1902..
100
10.76
5.68
78.91
4.65
%
1903.. -S 8,974,7 16,024,7 9.274,9 118,006.8 152,281,1
100
10.52
6.09
77.49
5.90
%
1904.. .$ 7,850,0 20,968,7 11,659,3 210,277,0 250,755,0
4.65
83.86
100
8.36
3.13
%
1905.. .$ 7,369,5 21,837,0 11,701,2 142,172,3 183,080,0
100
6.39
77.66
4.02
11.93
%
1906.. .$ 16,983,0 24,129,6 12,826,7 147,804,0 201,743,3
73.26
100
8.42
11.96
6.36
%
1907.. $ 10,134,1 22,759,5 15,153,1 179,596,5 227,643,2
100
10.00
6.66
78.89
4.45
%
1908
$ 20,018,7 33,417,1 21,257,8 239,104,0 313,797,6
6.77
too
6.38
10.65
76.20
%
1909.. .5 20,801,9 43,074,8 23,193,0 252,354.9 339,424,6
74.35
100
12.69
6.83
6.13
%
1910.. .$ 31,318,0 29,768,3 26,172,2 232,777,7 320,036,2
9.31
8.15
72.75
100
9.79
%
1911.. .$ 46,935,0 48,277,1 30,589,3 271,058,3 396,859,7
7.71
68.30
100
12.16
11.83
%
1912.. .$ 34,010,5 50,725,8 31,627,0 270,188,5 386,551,8
8.18
69.90
100
13.12
8.80
%
1913...$ 52,193,0 61,563,1 33,987,3 255,503,2 403,246,5
15.27
8.43
63.36
100
12.94
%
1914...$ 72,858,5 65,233,1 39,383,7 296,599,1 474,074,4
8.30
100
13.77
62.56
15.37
%
1915...$ 60,970,5 78,268,1 54,688,3 304,631,1 498,558,0
100
15.70
10.97
61.10
12.23
%
1010...$ 42,593,5 104,418,5 51,594,7 258,534,3 457,141,0
100
9.32
22.84
11.29
56.55
%
1917...$ 52,636,1 82,253,5 44,851,9 271,537,2 451,278,7
9.94
60.17
100
11.66
18.23
%
1918-..$ 38,687,0 61,547,5 25,201,1 171,084,8 296,520,4
8.53
100
20.73
57.69
13.05
%
1919--.$ 74,407,3 226,677,7 77,419,9 313,014,0 691,518,9
32.78
11.19
45.27
100
10.76
%
1920..-$ 87,607,3 134,361,9 101,568,1 359,650,9 683,188,2
14.87
52.64
100
12,82
19.67
%
1921.. .$ 290,892,9 204,320,5 141,769,6 571,785,3 1,208,768,3
47.34
24.11
16.76
11.79
100
%

Higher Unknown
and
Than
3
5
Unusual
3^
4
4J<
4^
4’4
5
Per Cent. Per Cent. Per Cent Per Cent. Per Cent. Per Cent. Per Cent. Per Cent. Rates.

11,079,9 68,948,4 27,576,5
8.42

52.41

5,215.0

X

3.97

20.96

7.07

2,758,8

6,668,7

2.10

5.07

12,162,3 76.823,9 34,444,1

—

4,316,0

X

10,491,9

2,005,4

8,220,0

17,447,6 54,700,5 47,478,0

—

8,953,4

X

13,622,9

4,609,2

5,469,5

8.19

11.46

51.75

35.92

23.20

7.07

2.91

5.88

31.18

8.94

1.35

3.03

5.53

3.59

13,119,4 122,627.8 74,787,9

12,067,2

19,620,6

4,081,0

4,451,1

5,887,4 80,592,1 55,340,3

13,929,1

30.23

7.61

18,641,4

5,601,0

3,088,7

16,730,5 19.419,6 120,130,3

14,598,0

17,436,1

7,142.0

6,281,8

8,302,9 98,251,9

69,121,2

26,194,0

8,081,3

9,061,2

8,436,6 10,148,7 123,984,5

104,272,1

4.28

3.63

21,407,6 17,182,4 163,306,6

48,926,8

X

55,059,9 24,981,9

9,559,4

14,749,5 17,298,1 95,332,9

— 52,768,1

X

45,487,0 31,238,9 63,161,7

1,787,5

6,682,9 126,924,2

— 89,030,9

X

65,092,2 29,303,1 78,038,9

3,401,0

4,777,7 101,191,7 80,148,2 87,010,0

X

67,942,2 31,598,8 10,482,2

18,985,0

3.968,8 79,904,7 19,687,2 131,651,2

X

107,726,2 31,081,3 10,242,1

14,522,5

246,5 71,522,1 76,766,2 152,775,8

X

107,192,6 39,748,9 11,299,8

2,059,9

30,0 85.203,1 46,369,1 192,310,2

X

117,287,7 43,526,0 11,772,0

2,425,0

1,265,5 125,433,2 79,520,9 104,890,8

X

92,489,7 38,380,2 12,735,7

9,000.0

730,0 95,563,6 15,612,3 150,416,9

X

119,626,2 41,869,3 18,460,4

X

98,401,3 73,769,0 30,066,0

5.23

3.22

8.29

8,630,7
3.79
2.68

6.31

4.61

0.45

0.88

4.70

3.07

0.41

0.53

1.99

2,476,0
0.80

4,250,0
0.61

48.90

44.02
9.63

3.65

3.23

5.07

5.41
1.69

1.23

0.99

0.05

0.01

0.28

0.16

29.83

43.16

19.82

15.09

17.09

27.44

21.17

2,0 18,681,8
0.05

6.30

0.00

13.45

14.41

16.22

14.21

16.49

22.43

20.73
4.88

16.19
9.30

17.38
3.46

1.48

16.40

22.51

17.58

32.65

26.71
22.61

32.23

38.57

23.53

22.95

20.23

33.35

4,414,5 68,709,8

3.06
3.54
3.55

1.78

1.68

3.11

3.98

26.51

23.17

30.18

7.36

9.76

7.38

8.18

7.71

8.38
8.73
8.40

9.27

24.88

2.81

19.73

19.67
2.71

2.54
2.38

2.36
2.79

4.09

10.14

5,0 19,310,8 21,641,7 132,161,2 27,674,2 278,322,9 149,596,5 58,556,5

0.01

2.79

331,5 14,500,0 24,232,7

—

11.51

1.63

42,229,4 13,420,4 11,305,9

33.22

47.82

26.18

8.64

30.36

39.51

31.98

10.18

7.24

59.55

29.79

7.82

4.81

2.17

3.55

— 32,892,2

2.72

3.13

19.11

3,373,0 70,549,9
0.49

10.33

4 01

40.25

21.63

8.46

8,903,0 194,245,8 332,701,7 34,350,6
1.30

28.43

48.70

5.03

3,312,0 125,009,7 36,393,1 329,651,6 655,828,8 25,680,9
0.27

10.34

3.01

1922.. .$ 147,159,3 211,478,0 164,628,7 578,651,3 1,101,917,3
530,0
84,0 105,015,6 130,693,9 218,822,6 56,131,6
14.94
100
0.05
13.36
19.19
52.51
0.01
9.53
11.86
19.86
5.09
%
—
— 98,413,0 101,944,4 271,985,1 137,851,6
1923.. -$ 232,725,1 170,486,6 152,048,1 507,860,0 1,063,119,8
21.89
14.30
16.04
47.77
100
9.26
9.59
25.58
12.97
%
3,949,0 150,118,5 339,067,2 291,179,1 109,163,1
1924.. .$ 249,516,7 206,823,1 174,407,1 768,206,2 1,398,953,1
12.47
54.92
100
14.78
0.2b
10.73
24.25
17.83
20.81
7.80
%
1925---$ 161,919,4 229,414,4 198,054,5 810,249,7 1,399,638,0
800,0 269,678,7 301,746,0 318,329,0 76,397,0
14.15
57.89
100
11.571
16.39
—
0.06
19.27
21.56
22.74
5.45
%
x 4% % bonds in these years, if there were any, are included in the amount under the head “Unknown and Unusual.”




9,302,0

27.27

54.26

2.13

306,860,6 251,785,3 31,993,7
27.85

22.85

2.90

236,714,9 203,272,3 12,938,4
22.27

19.12

1.21

280,894,0 202,817,5 21,764,7
20.07

14.50

1.56

202,131,3 200,602,0 29,953,3
14.44

14.33

2.14

MUNICIPAL BOND SALES FOR YEAR 1925 ANALYZED ACCORDING TO INTEREST RATES AND PLACES ISSUING.
States and Geographical
Divisions.

North Atlantic Division.
Delaware .. .
__
Maryland_________ . . ..
Virginia_________________
West Virginia- ..__ ____
North Carolina.. . ____
South Carolina____ -____
Georgia________ _________
Florida__________________

$

State
Bonds.

$
600,000

County
Bonds.

School
District
Bonds.

Citu, Town
ana Village
Bonds.

3H
Per Cent.

4
Per Cent.

$

$

$

$

$

2,208,000
1,608,000
2,273,500
530,000 1,743,500
2,709,000
45,000 2,664,000
29,652,190 2,923,000
334,290
26,394,900
8,056,000
8,056,000
15,654,000
1,702,000 13,952,000
169,889,756
11,318,000 10,606,880 147,964,87t
73,618,763 10,000,000 17,788,720 5,469,300 40,360,743
185,227,381 40,000,000 20,049,000 28,148,466 97,029,815
489,288,590 53,523,000 49,490,010 46,501,646 339,773,934
2,821,000 1,235,000
797,000
9,000
17,468,500 2,840,000 4,025,000
12,464,000
1,809,000
224,000
21,132,000 11,000,000 2,920,500 3,081,000
59,648,900 29,125,000 12,616,400 1,667,500
9,035,800
1,672,000
938,800
4,581,300
1,690,000
444,000
94,989,471
32,758,248 14,783,500

780,000
10,603,500
10,431,000
4,130,500
16,240,000
6,425,000
2,447,300
47,447,723

South Atlantic Division-_

222,140,971 44,200,000 58,288,148 21,147,800 98,505,023

Ohio____________________
Indiana______ ...
__
Illinois. ______________ .
Michigan_____ __________
Wisconsin-__ _____ - . Minnesota., _.______ __
Iowa___________ -.
Missouri___ _____________
North Dakota_____
South Dakota..________
Nebraska___ ..
__ __
Kansas_____ __ . ______

75,268,210
16,207,002 20,238,747 38,822,461
23,108,456
8,319,254 8,777,175 6,012,027
73,326,960 21,650,000 4,375,000 3,408,800 43,893,160
85,294,482 4,419,000 11,355,771 12,599,750 56,919,961
11,389,000
3,715,000
641,500 7,032,500
16,532,787
2,156,059 2,095,000 12,281,728
12,817,313
4,676,426 4,797,600 3,343,287
41,153,013 15,000,000
582,000 6,561,000 19,010,013
2,580,050 2,000,000
57,500
334,750
187,800
771,500
50,000
572,000
149,500
17,346,038
903,662 7,327,295 9,115,081
10,353,108
1,605,829 1,243,834 7,503,445

North Central Division..

369,940,917 43,069,000 54,003,503 68,597,451 204,270,963

Kentucky_______ ___ __
Tennessee__ ____
Alabama________________
Mississippi__ ___ ______
Louisiana________________
Texas__ ____
Oklahoma____ ...
Arkansas___ __
__ __

4,555,804
14,879,293
17,853,400
9,820,600
11,976,800
61,294,944
5,024,578
11,262,665

South Central Division..

136,668,084

Montana___ __ _ ______
Wyoming____
__ __
Colorado________________
New Mexico__ ____ ___
Arizona___________ .
Utah____________________
Nevada_____ __ _________
Idaho.. ____ __ _______
Washington_____ __ _____
Oregon___
_______ _____
California_____ ________

4,110,805
2,504,394
16,921,070
815,900
4,027,500
5,552,500
317,000
5,051,713
16,443,940
20,228,450
105,626,158

Western Division______

Per Cent.

5«
Per Cent.

6
Per Cent.

$

$

$

$

$

$

Higher than
6
Unknown.
Per Cent.

$

$

Unusual.

$

22,500
160,000
1,499,195
5,948,877
195,000

112,000

804,304
172,000
9,500

94,150
375,000
865,000

3,337,504

'255,666

7,803,072 15,524,575

583,000

840,200

112,000

985,804

255,000

1,334,150

8,687,504

1,397,000
9,000
7,470,000
5.447.500
8,374,000 1,155,000 1,501,000
4,150,000 3,050,000
4,143,000
9,000,000 24,515,000 12,189,000 6,443,000
2,641,000 1,220,000 3.151.500
58,000 2,001,500
1,939,300
753,353 29,307,000
5,328,000

224,000
1,734,500
363,000

404,000
3,206,500
3.,052,500
477,000
115,500
4,606,000 18,396,395

525,000
1,390,500
100,000
209,000
175,000
2,018,000

75,000

518,000
125,000

10,029,000 14,123,000 54,776,500 15,317,353 51,941,300

6,927,500 25,651,895

867,000 38,014,923

4,417,500

75,000

7,074,095
19,187
79,500
7,911,200
50,000
119,000

5,000
27,000
80,806

1,378,128
2,430,626
1,536,100
1,428,871
7,000
391,270
110,000
51,513
56,100
7,000
74,300

75,000
380,000
255,660
3,102,593
15,000
236,699
752,582
356,500
29,000
35,000
1,142,131
39,466

55,000
27,428

333,806

7,470,908

6,419,631

82,428

800,000 172,764,218 191,979,436 87,619,631

1,000,000
4,051,000
4,950,000
28,000

415,000
500,000

12,236,000 20,108,263
1,112,000 2,928,000 11,980,675
63.130.00C
490,000 4,732,500
3,190,000 26,714,400 34,242,683
350,000 5,665,000 3,052,500
3,582,000 4,749,084 5,534,848
1,120,000 3,009,500 6,433,600
300,000 19,139,000 16,929,000
1,007,500
1,075,000
229,000
540,000 5,759,500 4,081,770
420,533 1,985,661 5,577,236

8,036,643 24,350,756
276,400 3,981.568
12,500 3,086,200
3,506,324 4,678,911
358,000 1,891,500
576,150 1,200,736
752,22(
639,405
792,000 2,800,000
373,250
173,000
250,000
2,117,441 3,034,373
1,178,418 1,114,366

— 74,752,033 82,676,145 113,977,075 17,779,102 47,401,065

2,000,000

9,200,000 43,803,424 22,360,978 61,303,682

5,542,500

963,500
500,000
4,224,910
4,000,000

5R
Per Cent.

177,200
641,000
22,000

30,666
37,500

90,000

2,945,000
265,000
15,000
2,276,000
1,000,000

2,009,325
314,500

121,000
415,000

50,500
281,906

370,666
25,000
178,811
10,000

3,192,231 15,836,793

430,000
18,000
2,068,900
849,300
292,000
224,000 34,356,723

205,000

16,000

200,000 1,539,000
4,400,000 4,064,796
937,000 3,980,000
337,000 2,027,000
1,800,000 2,613,300
5,974,500 18,903,200
300,000 2,384,000
400,000 5,196,915

18,000
172,000
220,000
812,000
300,000
325,000
4,414,500 1,036,000
1,221,000
75,000
478,500 16,844,434
320,000
234,500
352,400 1,467,000

7,600,000 18,563,500 14,348,500 40,708,211

7,324,400 20,965,934

350,000 14,973,014

115,000
70,000
2,573,500

2,344,099
545.500
607.500
246,000
1,395,000
1,153,000
279,000
253,000 1,426,450
35,000 4,674,143
44,000 2,012,953
12,607,758

734,566

291,339 2,492,900
625,500 1,878,894
215,000 5,299,400 9,906,670
141,000
30,900
497,000
203,000 1,584,000 2,240,500
352,500
706,000 4,494,000
107,000
40,000
170,000
1,038,247
379,500 2,670,466
4,567,000 2,200,000 9,176,940
3,457,484 3,494,200 9,051,856
13,013,500 24,795,750 63,816,908

5
Per Cent.

2,000
581,000

700,000
4,900,000

592,000

4«
Per Cent.

7,282,894
6,773,26t
1,445,915

2,000,000
475,000
3,000,000

1,500,000
147,000

4M
Per Cent.

$
$
145,000
287,000
1,948,000
1,899,000
6,473,290
56,500
1,776,000
130,000
10,668,000 2,166,000
104,139,226 14,042,465
22,813,420 31,092,200
42,117,500 39,845,466

1,475,000
91,000 2,989,804
4,621,000
955JW 8,653,293
2,190,000 5,758,900 2,004,500
7,136,500
74,500 2,609,600
3,689,300 3,298,500 4,989,000
18,361,159 10,709,725 32,224,060
2,016,000
520,353 2,488,225
650,000 4,314,465
953,000 5,345,200

650,000
7,900,000

181,599,430 11,927,410 23,829,297 39,446,589 106,396,134
Grand Total___________ 1,399,637,992 161,919,410 229,414,382 198,054,464 810,249,736

Percentage --............. ..........

2,063,000
16,000
810,000
23,122,400
6,150,000
2,660,000
38,510,818
800,666 4,310,000
95,122,000

4W
Per Cent.

317,000

3,116,000
1,733,000
600,000
4,099,500
5,500,000
400,000
3,115,000

816,566
250,000
6,055,500

330,000
133,000
2,089,300
100,000

762,000

144,000

663,500
115,000
540,500
1,215,000 5,627,000
397,000
2,671,890 6,604,520 • 945,900
500,000 23,161,400 16,470,000

313.500
366,000
2,511,770
53,000
1,277,000
335.500
38,000
395,000
858,200
3,970,084
36,438,100

81,000

123,240
980,846
2,307,500
111,900
928,500
195,000

148,305
3,297,000
311,660
716,537
1,983,000 13,397,900
439,500

6,591,000 5.367,390 43,391,986 21,149,700 46,556,154 5,573,000 22,206,728
-......... ..
800,000 269,678,751 301,745,971 318,328,692 76,397,727 202,131,305 23,600,131 85,501,550
.057%
19.268%
21.558%
22.745%
5.458%
14.441%
1.686%
6.109%

85,000

115,666
150,000

144,929
849,797
2,154,400
1,084,000
1,441,000
8,283,810
746,578
268,500

—

4,500
6,000
9,200

19,700

24,500
49,000
162,000

235,500

16,000

348,000 27,291,403
2,010,806 88,736,052

125,000

5',350',666

481,875
156,700
499,500
322,100
563,000
2,968,500
602,000
462,850

6,056,525

68,400
159,048
353,000
305,000
221,000
18,000

86,911
31,597

683,547
294,000
655,566
68,000

243,508

2,825,561

55,000

753,708 21,053,367

8,899,932

35,000
20,000

100%
11.567%
16.388%
14.148%
57.897%
.054%
1.504%
.144%
6.340%
.636%
Unusual.—In the column headed “Unusual” the total Is made up entirely of odd rates which we are unable to classify under our headings, such as $859,000 4.30% bonds of Schenectady, N. Y., and $5,000,000 4.10% bonds of Pittsburgh, Pa..
School District.




S T A T E A N D M U N IC IP A L C O M P E N D IU M

Maine__ ._______ ____
New Hampshire__ _______
Vermont_____ _____ ______
Massachusetts_____
Rhode Island-_____ ____
Connecticut____ _________
New York______ __ _
New Jersey______________
Pennsylvania______ ______

Grand
Total.

J u n e , 1926.]

ANALYSIS OF MUNICIPAL BOND SALES FOR CALENDAR YEAR 1925—TABLE NO. 1.

ANALYSIS OF MUNICIPAL BOND SALES FOR CALENDAR YEAR 1925—TABLE NO. 2,
MUNICIPAL BOND SALES FOR YEAR 1925 ANALYZED ACCORDING TO PURPOSE OF ISSUE.

STATES AND GEOGRAPHICAL
DIVISIONS.

North Atlantic Division ..

____

Delaware__________ ..
__
Maryland___
___
_______
Virginia___________________ _______
West Virginia-- ____ ___________
North Carolina_____ ________ __
South Carolina____
__
.
Georgia_______________________
Florida____________________ _____
South Atlantic Division .

Ohio-_____________________________
Indiana________________ _
_____
Illinois ___________________ Michigan____________ __
...
Wisconsin________ ___________
Minnesota_______ _____ __ _______
Iowa. . _
.. _ ____ __ _____
Missouri __ ...
__
North Dakota_______ ____ ______
South Dakota.____
_ ___
Nebraska____________
Kansas_______________
_ _

North Central Division _. _

__

Montana_____________________
Wyoming_____________ ______ ___
Colorado_____________
.... __
New Mexico___________ . _
___
Arizona_______________
___
Utah______________________________
Nevada_______________
.
____
Idaho__________ ____
.. .. __
Washington_________________ __
Oregon_____________ ____
___ __
California__________
__
______

Roads,
Sewers Schools and General
Elec. Light
Parks
Streets and
and
School
and
Buildings
and Gas. Funding.
Bridges. Drainage. Buildings. and Fire. Museums.

489,288,590 6,981,720

482,306,870 32,484,085 106,193,805 19,068,998 138,505,346 21,505,500 7,875,387

2,821,000
17,468,500
12,464,000
767,666
21,132,000
194,000
59,648,900
245,400
9,035,800
67,000
4,581,300
88,000
94,989,471 9,917,000

75,268,210
23,108,456
73,326,960
85,294,482
11,389,000
16,532,787
12,817,313
41,153,013
2,580,050
771,500
17,346,038
10,353,108

762,240
1,086,000
154,000
1,503,000
70,000
487,839
1,838,565
97,000
10,000
31,000
5,016,400
541,322

4,555,804
13,000
14,879,293
226,500
17,853,400
69,000
9,820,600
106,100
11,976,800
61,294,944 5,879,200
5,024,578
11,262,665
462,450

$
S
$
$
85,000
695,000
230,000
410,000
367,500
787,000
45,000
799,000
600,000
47,500
7,500
535,000
5,322,500 6,196,790 4,109,500 4,864,500
5,200,000
613,000
313,000 1,610,000
2,157,000 1,967,000
850,000 8,652,000
7,427,100 16,443,015 9,433,498 79,892,880
9,654,485 18,409,500 2,348,500 12,390,500
1,251,000 61,454,500 1,732,000 29,351,466

1,750,000
2,821,000
609,000
282,000
17,468,500 *1,029,500 3,265,000 *1,640,000 5,811,000
840,000
11,697,000
979,500 1,472,000 1,070,000 1,698,000
465,500
20,938,000
128,000 15,385,000
900,000 2,987,000
250,000
59,403,500 1,627,000 34,968,000 1,399,000 9,770,500 6,720,000
8,968,800 2,704,000 3,605,500
495,500
994,800
60,000
4,493,300
149,500 3,016,000
123,000 1,042,800
40,000
85,072,471 3,651,000 37,919,895 4,255,353 15,582,500 2,027,000
210,862,571 10,268,500 101,381,395 9,882,853 38,495,600 10,684,500

74,505,970
22,022,456
73,172,960
83,791,482
11,319,000
16,044,948
10,978,748
41,056,013
2,570,050
740,500
12,329,638
9,811,786

3,995,759
3,185,000
1,402,900
6,056,900
341,000
1,298,700
462,500
5,848,500
100,000
86,500
270,050
1,113,082

$

$

Soldier
Bonus.

$

$

4,110,805
2,504,394
16,921,070
815,900
4,027,500
5,552,500
317,000
5,051,713
16,443,940
20,228,450
105,626,158

3,657,305
106,700
1,916,394
311,000
15,758,070 1,004,500
369,900
192,000
3,955,500 1,595,000
2,251,000 1,367,000
167,000
3,397,213
429,000
16,224,940 1,771,19?
17,344,760 2,870,000
105,626,158 21,301,500

41,500
2,584,270
147,000

192,748
358,000

200,000
187,000
94,000
72,000
74,666
641,000
4,801,004
774,014
6,182,217
557,20?
4,422,708 11,738,000

6,122,000

871,839
562,500
5,117,500
30,900
1,634,000
50,000
588,000
95,000
257,000
445,000
2,186,000
626.700
3,637,200
199,500
24,795,750 3,121,000

$

$

$

$
52,000

150,000
8,595,000 2,375,000
1,355,000
64,000

465.400
220,000
63,000
431.400
4,073,000
917,500

367,000 5,050,816 132,494,633

9,950,000 2,589,000

6,222,300

80,000
275,000

75,000

491,666
39,000
22,000
818,000

656,500
225,000

4,883,000
2,862,000
1,288,000
3,423,500
60,000

400,000 2,400,000

140,000 19,089,723

970,185
105,800
795,700 1,650,000
4,346,900
400,000
3,649,500
96,040

884,000 2,544,000

1,445,000

27,000

119,250
255,000
175,000
808,450

1,000,000

50,000
600,000

45,000 3,500,000

105,092
99.000
30,000
1,034,800
57,000
17,000
134,466

47,300
270,000

27,666

2,124,070

154,000

402,000
7,000

744,500
23,500

103,666
190,000
194.000

20,000
280,000
446,725
3,903,500

260,000
2,528,100
1,880,400
75,000
220,000
777,000
7,500
114,000

768,000

719,000 5,059,225

5,862,000

78,666

144,000

348,000
635,000
90,000
372,000

484,000

849,000 1,645,000 1,176,500 31,606,223

358,343,551 24,160,891 121,497,123 77,208,379 80,248,527 15,464,093 10,458,895 3,638,280 3,127,810 12,515,195 2,650,000

136,668,084 6,756,250

$

Miscel­
laneous.

786,000
200,000
408,816 30,486,660
162,000
2,484,000 10,662,058
1,372,000 a87,100,915

14,767,041 20,233,447 1,893,117 1,648,000 1,218,400
185,850
808,993 7,988,975 1,328,600
667,382
22,980
63,500
x20001000 3,279,800 1,750,100 7,274,000
8,000
268,000
25,149,347 22,086,750 3.136,000
18,000 1,380,500
100,000
4,301,000 3,447,500
464,000
241,500
326,500
1,880,400 3,115,000 1,907,000
125,000
193,000
312,000
749,126 3,917,100
32,000
33,900 1,511,800
184,900
8,186,000 6,856,000 4,264,000
16,513
45,000
22,500
334,750
5,000
73,000
25,000
572,000
920,373 6,858,795
3,816,920
140,000
157,000
10.000
112,500
2,912,123
397,599 1,558,410
556,376
74,000
338,000
603,660

375,000
1,175,000
1,000,000
225,000
125,000
3,145,500
76,500

Harbor Rap. Tran.
Flood
and
Ferries Irrigation.
Prevention. Waterfront and Canal.

130,000
65,000
3,850,000

185,666
20,000

100,000

150,666
10,000
589,000

$

29,397,921
6,996,226
36,568,460
17,163,635
1,797,500
3,459,256
3,845,082
15,540,000

4,542,804
170,000 1,268,804 2,102,000
167,000
14,652,793 2,448,000 4,498,693
324,000 3,037,000
17,784,400
300,000 9,115,000
85,000 4,042,000
9,714,500
120,000 6,028,500
374.500
891,500
11,976,800
231.500 5,109,800
660,000 3,898,500
55,415,744 14,115,500 15,022,959 3,850,560 12,593,725
5,024,578 1,492,000 1,915,000
607,853
261.500
10,800,215
524.500 1,565,850 2,680,000 1,658,000
129,911,834 19,401,500 44,524,606 10,337,560 26,895,578

453,500
588,000
1,163,000
446,000
72,000
3,301,500
150,000
1,654,500
219,000
2,883,690

$

100,000
750,000
1,972,000 1,851,500
100,000
iob,666
559,000
10,596,500 3,330,887
5,599,000 2,538,000
1,829,000
55,000

Improve­
ment.

967,300

2,000,000
709,000
1,712,000

45,000 3,527,000

2,835,058
200,000
162,000
301,000

900,000

500,666
284,000

300,000

400,066
700,000 1,700,000

— 4,615,000 1,684,000

300,000

700.000 2,923,365

—

160,365

194,666

2,000,000

134,566
5,500

30.700
20,000
1,300,000

472,000
118.900
40,000

226,500
15,000

50,000

125,000

75,000

40,500
12,492
15,000
95,000
265,000 11,996,000

6.850
35,000

21,216
1,465,750
944,687
3,225,000 1,650,000
72,000
140,000
1,137,730 1,000,000
615.000
175,000
400,000
500,000 1,150,000 17,705,800
4,630,40'' 4,000,000

440,910

705,746
1,693,800

y1,000,000

2,500,000

160,666

23,747

. _____
181,599,430 10,931,190 170,668,240 30,947,893 19,078,699 13,987,965 39,775,689 4,442,200
679,723
722,750 9,133,579 5,000,000 4,225,000 2,765,000 3,897,000 21,996,550
415,500 13,600,692
Grand Total_____________________ 1,399,637,992 47,544,926 1,352,093,066 117,262,869 392,675,628 130485,755 323,920,740 58,218,293 20,366,782 19^969,972 15,137,101 191,611,630 7,650,000 9,807,300 15,328,000 12,857,000 22,696.550 144 05446
percentage____
___ _____ ____
100%
3.397%
96.603%
13.690%
.547%
1.095%
.919%
1.621%
1.008%
1.081 %
1.427%
9.323%
4.160%
.701 %
8.378%
28.055%
23.143%
1.455%
Note.—Miscellaneous (as to purpose of issue) amounting to $14,105,446, consists, in the main, of bonds issued for purposes which we are unable to classify under our headings. For instance, Jersey City, N. J., issued $3,800,000 Tax Revenue
bonds, the State of North Dakota placed 1,000,000 Real Estate Series bonds, and the State of Oregon sold $224,910 District Interest bonds, an obligation of the State used in raising funds to pay interest on various improvement district bonds, x Includes
$10,000,000 bonds of Chicago, Ill., Sanitary District.
y $1,000,000 bonds of Pueblo Conservancy District, Colo.
* $500,000 of water and $500,000 of sewer bonds, comprising a $1,000,000 issue by the Metropolitan District of Baltimore. Md.
a Includes $82,410,000 improvement bonds issued by the City of Philadelphia, Pa.




[V o l . 122.

•Western Division.

Water.

$
1,472,000
2,228,500
2,190,000
28,652,190
8,056,000
15,484,000
169,582,756
69,514,043
185,127,381

369,940,917 11,597,366

Kentucky_ ______
. ___
Tennessee. _______
.. _ _____
Alabama.____ ______
....
Mississippi________
.. ______
Louisiana_____________
____ __
Texas_________ _____ . _.L.__
Oklahoma..-_______________
Arkansas___________ __ _____

Leaving
Net
Additions.

$
$
2,208,000
736,000
2,273,500
45,000
2,709,000
519,000
29,652,190 1,000,000
8,056,000
15,654,000
170,000
169,889,756
307,000
73,618,763 4,104,720
185,227,381
100,000

222,140,971 11,278,400

__

South Central Division_____

Of Which
for
Refunding.

S T A T E A N D M U N IC IP A L C O M P E N D IU M

Maine___ _______
______________
New Hampshire________
______
Vermont
_____________________ _
Massachusetts .. _____
_ . ..
Rhode Island_________ . ___
Connecticut________ ___________ __
New York_____ ._
___
New Jersey_______
__ .
Pennsylvania..
. .. ____

Total of
Bonds.

15

Debts and Resources
OF

THE

IN

NEW ENGLAND
INDEX FOR THE NEW ENGLAND STATES, CITIES, &c
MAINE—State, Cities, &c______________ Pages 15 to 20 MASSACHUSETTS—State, Cities, &c
NEW HAMPSHIRE—State Cities, &c____ Pages 20 to 23 RHODE ISLAND—State, Cities, &c_.
VERMONT—State, Cities, &c___________ Pages 23 to 28 CONNECTICUT—State, Cities, &c__

State of Maine.
ITS

DEBT, RESOURCES, &c.
Admitted as a State (Act March 3 1820)____ March 15 1820
Total area of State (square miles)_______________ 29,895
State Capital_________________ ___ ________ ..Augusta
Governor (term exp. 1st Wed. Jan. 1927).Ralph O. Brewster
Secretary of State (term exp. *Jan. 1927)__ Frank W. Ball
Treasurer (term exp. *Jan. 1 1927)________ Wm. L. Bonney
Auditor (term expires Jan. 1 1927)____ Elbert D. Hayford
Attor.-Gen. (term exp.*lst Wed. Jan.’27).Raymond Fellows
LEGISLATURE meets biennially ln odd years on the first Wednesday

in January, and there Is no limit to length of sessions.

• Is chosen by Legislature.

Pages 28 to 48
Pages 48 to 53
Pages 53 to 61

The 1923 Legislature fixed the State tax rate for that year at $6.25 per
$1,000 and $5.75 per $1,000 for 1924. Also provided by the Legislature
was an additional levy in each of the two years of $1.00 per $1,000 for the
War Bond Sinking Fund to take care of the War bonds and the Soldiers’
Bonus bonds. The 1925 Legislature fixed the total State tax rate for
1925-26 at $6.00 per $1,000 and $6.00 for 1926-27. It also authorized as
in 1923 a tax of $1.00 per $1,000 for the next two years for the war bonds
and the Soldiers’ Bonus bonds.
POPULATION OF STATE.—According to United States Census.
1920_____ 768.014 880... --648.936
-----------------1840...-.501.793)
-----------------1910.......... 742.371 1870— -.626.915 1830—...399.455
1900......... 694.466 I860--. -.628,279 1820—--298,3351
1890____ 661.086 1850-- -.583,169
DEBT LIMITATIONS.—STATE.—The debt of the State is now limited
by Secs. 14, 15, 17, 18 and 19, Article 9, of the State constitution. Sec. 17
was added and Sec. 14 amended in Sept. 1912. V. 95, p. 766. Sec. 18
was added in March 1919. Further amendments to Sections 14 and 17
were made in Sept. 1919 and to Section 14 in Sept. 1920. See “Chronicle”
of Jan. 15 1921, page 281. Section 17 was again amended in Sept. 1925
see below).
At a special session in Nov. 1919 the Legislature passed a resolution
proposing to amend Article 9 of the Constitution by adding to Section 14
after word “war” the words “to provide for the payment of a bonus to Maine
soldiers and sailors in the war with Germany,” and adding a new section
No. 19) to Article 9, which would provide for a bond issue of $3,000,000 to
pay the bonus. The voters approved this amendment Sept. 13 1920.
Section 14 now reads as follows:
“SECTION 14. The credit of the State shall not be directly or indirectly
loaned in any case. The Legislature shall not create any debt or debts,
liability or liabilities, on behalf of the State, which shall singly, or in the
aggregate, with previous debts and liabilities hereafter incurred, at any one
time exceed $800,000, except for the purposes of building State highways,
intra-State, inter-State and international bridges, to suppress insurrec­
tion, to repel invasion, or for purposes of war; to provide for the payment of
a bonus to Maine soldiers and sailors in the war with Germany; or for the
purposes of building and maintaining public wharves and for the estab­
lishment of adequate port facilities in the State of Maine; but this amend­
ment shall not be construed to refer to any money that has been, or may be,
deposited with this State by the Government of the United States, or to
any fund which the State shall hold in trust for any Indian tribe.”
Section 15, adopted after the Civil War, authorized the issuance of
$3,500,000 bonds for payment to the cities, towns and plantations the sum
of $300 for each man furnished to the United States for three years’ service
in the Civil War, and proportionate amounts for shorter terms of service,
the money to be considered reimbursement to the cities, towns and planta­
tions for expenses incurred by them. The bonds were issued for twenty-one
years and have all been paid off, except for one $500 bond, which has not
been presented for payment.
At the 1925 session of the Legislature two resolutions were passed amend­
ing Section 17- These were submitted to voters on Sept. 14 and both were

HISTORY OF DEBT.—For history of Maine State debt up to 1889, see
“State and City Supplement” of April 1895, page 9.
At present the debt stands as follows:
LO A N S—
------ Interest---------------- Outstanding-----------Name and Purpose.
Bate.Payable.
When Due.
Principal
eAugusta State Hospital_________
____
a 1947
$50,000
University of Maine_____________
51947
100,000
University of Maine_____________
___
118,300
500
M-S Sept 1 ’26-’53
Highway bonds. 1913
216,000
do 1914
Do
J-J
4
July 1 ’27-’54
345,000
do 1915
A-O
Do
4g
Apr 1 '27-’33
175,000
Apr 1 '34-’35
100,000
do 1916
Do
.C 4g
M-S
Mar 1 ’27-’33
175,000
Mar 1 ’34-’36
45,000
do
M-N May 1 ’37-’46
Do
1917
4g
200,000
War Loan 1917.
4
M-N
May 1 1937
500,000
War loan , 1918.
4g J-D
Dec 1 ’26-’32
§350,000
Apr 1 ’30-’54 2.500.000
A-O
State Bridge 1920______________ 5g A-O
200,000
Apr 1 ’27-'3O
Soldiers’ Bonus 1920 ________ Stag ,T-r»
Dec 1 ’26-’30 1,500 000
Soldiers’ bonus bonds______ 1922c 4
J-D
Dec 1 1932
300,000
M-S
Pier bonds, 1922----------------------- 4
1933-1912
500,000
Pier bonds. 1922---------------------c 4
MS
1933-1942
650,000
Kennebec bridge bonds,1926c----- 4
J-J
July 1 ’31-’4O
500,000
Highway and Bridge bonds, 1921c 5
F-A fAug 1 ’27-’31
500.000
lAug 1 ’32-’41 1.250,000
.1922c
J-J
do do
July 1 1943-52
650,000
.1922c
do do
J-J
July 1 1943-52
600,000
.1923c
do do
J-J
July 1 1941-50
800.000
The first resolves that Section 17 of Article 9 be amended by adding to
.1924c
J-J
do do
July 1 1949-58 1,800,000
section the following: “The Legislature may authorize, in addition to
.1925c
M-N Nov 1 ’26-’40
do do
600,000 the
the
bonds hereinbefore mentioned, the issuance of bonds not exceeding
,1926c
do do
A-O Apr 1 ’27-’41 1,500,000
§SubJect to call at 103 and Int. on Dec. 1 1923 or any int. period thereafter, $3,000,000 in amount at any one time, payable within 51 years, at a rate of
a Under Chapter 89, Public Laws 1917, this bond was renewed for interest not exceeding 4% per annum, payable semi-annually, which bonds
or their proceeds shall be devoted solely to the building of a highway or
30 years.
6 Under Chapter 47. Resolves of 1917. this bond was renewed for 30 yrs. combination highway and railroad bridge, across the Kennebec River, be­
tween the city of Bath and the town of Woolwich,” so that said section,
e Name of hospital changed from Maine Insane Hospital.
Note.—Although the bonded debt figures below are as of July 1 1925 as amended, shall read as follows (we place the new matter in italics):
the amount of principal of each serial bond issue above is given as of July
SECTION J7. The Legislature may authorize the issuing of bonds not
1 1926.
exceeding $10,000,000 in amount at any one time, payable within 41 years,
at a rate of interest not exceeding 5% per annum, payable semi-annually,
INTEREST Is payable at the State Treasury, Augusta, Me.
bonds or their proceeds shall be devoted solely to the building of State
TOTAL DEBT.—The subjoined statement shows Maine's total funded which
highways and intra-State, inter-State, and international bridges; provided,
debt on each of the dates named
however,
that bonds issued and outstanding under the authority of this
July 1 1925. July 1 1924. July 1 1923. *July 1 1922
shall never, in the aggregate, exceed $10,000,000; the expenditure
Bonded debt---------------$14,076,300 $13,545,300 $12,414,300 $11,283,300 section
said money to be divided equitably among the several counties of the
On July 1 1925 the assets of the State were as follows: Cash on hand, of
State. The Legislature may authorize, in addition to the bonds hereinbefore
$2,612,484.51: securities, funds, taxes due, &c., $1,678,805.84. The total mentioned,
the issuance of bonds not exceeding $3,000,000 in amount at any
liabilities of the State on July 1 1925, including bonded debt, were $17,400,- one time, payable
within '51 years, at a rate of interest not exceeding 4% per
785.66.
annum,
payable
semi-annually, which bonds or their proceeds shall be denoted
ASSESSED VALUATION.—Valuations are taken only ln even years.
to the building of a highway or combination highway and railroad bridge
Assessed ValuationState tax solely
across the Kennebec River between the city of Bath ana the town of Woolwich.
Years.
Real
Personal.
Total. peri 1.000
The second resolves that Section 17 of Article 9, as amended by Article
1924..........................................................$551,425,937$149,013,360
$700,439,297 $6.75
43 of the Constitution, be “further amended by striking out all of said sec­
1922................................ 525,434,387 147.333,355
672,767,742
6.00
tion
and inserting in the place thereof the following, so that said section,
1920....................
484.754.706 152,648,727 637,403,433
7.25
as amended, shall read as^follows:__
1918...................................451.910,817 125,531,712
577,442,529
6.00
“
"SECTION
17^The Legislature may authorize the issulngoFEonefsnot
1916-.............................. 418,442,815 102,960,118
521,402,933
5.00
exceeding $16,000,000 in amount at any one time, payable within 41 years,
1914...........
401.279,430
97,208,419
498,487,849
4.50
except that all bonds issued under authority of this resolve during and after
1912................................. 388.551.157
89.640.887
478,192,044
4.00
the year 1925 shall be payable within 15 years, at a rate of interest not ex­
1910................................ 366.132,326
85,647,793
451.780.119
5.00
ceeding 5% per annum, payable semi-annually, which bonds or their pro­
1908 ................................ 345,572,709
82,679,756
428,252,465
3.00
ceeds shall be devoted solely to the building of State highways and inter­
1906 ................................ 316,053,787
78.679,203
394.732,990
2.50
state, intra-State and international bridges; provided, however, that bonds
1904............................... 292,464,911
74.049.103
366,514,014
2.75
and outstanding under the authority of this section shall never, in
Years—
Total Valu’n. Tax rate. YearsTotal Valu’n. Tax rate. issued
aggregate, exceed $16,000,000, which said bonds issued during or after
1902................. $352,228,897
$2.75 1860.................$164,714,168
$1.25 the
year 1925 shall be serial and when paid at maturity, or otherwise retired,
1900 ................ 336,699,649
2.75 1850 ............... 100,157,573
2.00 the
not be reissued; the expenditure of said money to be divided equitably
1890 ............... 309,096.041
2.25 1840 ............... 69,246,288
2.90 shall
1880 ................ 235,978,716
5.00 1830 ............... 28,807,687
1.90 among the several counties of the State.
1870 ................ 224.812,900
6.00 1820 ............... 20.962.77S
----- Sections 18 and 19 read:




16

MAINE—DEBT OF STATE

[Vol. 122.

SECTION 18. The Legislature may authorize the issuing of bonds not to
(c) In the bonds or other interest-bearing obligations of anyjquasiexceed the amount of one million one hundred and fifty thousand dollars, municipal corporation, other than an irrigation or drainage district, within
payable within twenty years at a rate of interest of four per centum per the territorial limits of any city or town whose obligations are eligible under
annum payable semi-annually; which bonds shall be issued serially under the provisions of sub-section b, of this section, or comprising within its
the direction of the Governor and Council. The said bonds or their pro­ limits one or more such municipalities: provided, however, that the popula­
ceeds shall be devoted exclusively to the building and maintaining of public tion and valuation of any such quasi-municipal corporation incorporated
■wharves and the establishment of adequate port facilities in the State of within, a single city or town shall be at least 75% of the population and
Maine.
valuation of the city or town in which it is located; and provided, further,
SECTION 19.—The Legislature may authorize the issuing of bonds not that such obligations shall be enforceable by a direct tax levied on all theto exceed the amount of three million dollars, payable within ten years, taxable property within such corporation.
(d) The term “net debt” as applied to a municipality shall be construed
which bonds or their proceeds shall be devoted exclusively to paying a
to include not only all bonds which are a direct obligation of the municipality
bonus to Maine soldiers and sailors in the war with Germany.
but also all bonds of quasi-municipal corporations within the same, exclusive
MUNICIPAL.—At an election held Sept. 11 1911 the voters adopted of
any such debt created for a water supply and of the amount of any sinking
Article XXXIV, which amended Article XXII, originally adopted in 1877. fund
available in reduction of such debt. The securities of any municipality
by increasing the debt limit of cities of 40,000 or more (which concerns or quasi-municipal
corporation shall not be held to be a direct obligation on
Portland alone) from 5% to 7}ft% of the assessed valuation. We print all the taxable property
thereof within the meaning of the foregoing pro­
below Article XXII as amended in 1911:
in any State which by statute or constitutional provision prevents
No city or town having less than forty thousand inhabitants, according visions
the levying of sufficient taxes to meet such obligation.
to the last census taken by the United States, shall hereafter create any debt
V. Federal Land Banks.
or liability, which, single or in the aggregate, with previous debts or liabili­
In the bonds or other interest-bearing obligations of any Federal Land
ties, shall exceed five per centum of the last regular valuation of said city or
town; provided, however, that cities having a population of forty thousand bank or Joint Stock Land bank organized under any Act of Congress
or more, according to the last census taken by the United States, may create enacted prior to the passage of this Act.
VI. Obligations of Steam Railroads.
a debt or liability which, single or in the aggregate, with previous debts or
liabilities, shall equal seven and one-half per cent of the last regular valua­
(a) In the bonds, notes or other interest-bearing obligations of any
tion of said city, that cities of forty thousand inhabitants, or over, may. by Maine corporation owning and operating a steam railroad located prin­
a majority vote of their city government, increase the present rate of five cipally within this State, having a mileage of not less than 500 miles of road,
per centum by one-fourth of one per cent in any one municipal year, until, in exclusive of sidings, including all obligations assumed or guaranteed by
not less than ten years, the maximum rate of seven and one-half zpr cent is such railroad. and issued by subsidiary or lessor steam railroad corporations.
(b) In the bonds or notes issued, or assumed, by any steam railroad
reached, that any city failing to take the increase in any one municipal year
then the increase for that year is lost and no increase can be made until corporation organized under the laws of any other State in the United
the next year as provided above; and provided further, that the adoption States; provided
1. Such corporation shall own in foe not less than 500 miles of standardof this article shall not be construed as applying to any fund received in
trust by said city or town, nor to any loan for the purpose of renewing gauge railroad, exclusive of sidings, within the United States, or shall
existing loans, or for war or to temporary loans to be paid out of the money own not less than 100 miles and have received each year for a periot of five
successive years next preceding the investment a gross operating income
raised by taxes during the year in which they were made.
The issuance of short-term notes is regulated by Sec. 62, Chap. 4, Revised of not less than ten million dollars.
2. Such obligations shall be secured (a) by a first mortgage, or a mort­
Statutes. The 1921 Legislature passed an amendment to the section
authorizing the amount and term of such temporary loans. Section 62 gage or trust indenture which is in effect a first mortgage, on at least
75% of all the mileage of such corporation owned in fee. or (b) by a refunding
now reads as follows:
“Sec. 62. Providing for temporary loans in anticipation of payment of mortgage provid ng for the retirement of al! prior lien bonds outstanding
taxes of current year. Cities and towns may issue and negotiate their at the date of issue and covering at least 75% of the mileage owned in fee
notes, bonds or scrip for refunding or paying in whole or in part any indebt­ by said corporation; provided, however, that all bonds secured by said
edness thereof, which has or may hereafter become due, and for any purpose refunding mortgage shall mature at a later date than any bond which it is
for which the city or town can raise money or incur debt, and may issue and given to refund, or if any such bonds are to mature at an earlier date the
negotiate their notes, to an amount which shall not exceed in the aggre­ mortgage must provide that such bonds shall be retired by a like amount
gate the total tax levy of the preceding municipal year, for temporary re-issued under said mortgage, or (c) by a mortgage prior to a refunding
loans to be paid during the year in which they were made, out of the mortgage above described covering some part of the railroad property
money raised during such current year by taxes, provided that the vote included in such refunding mortgage, if the bonds secured by such prior
authorizing such notes states that they are to be paid out of money so raised. mortgage are to be refunded by said refunding mortgage and the property
If a city or town votes to issue bonds, notes or certificates of indebtedness covered by such prior mortgage is operated by the corporation issuing the
In accordance with the provisions of law, the officers authorized to issue the refunding mortgage, or (d) by a first mortgage on the property of a leased
same may, in the name of such city or town, make a temporary loan for a road forming a substantial portion of the system of the operating company.
period of not more than one year in anticipation of the money to be derived
3. Such corporation shall have earned and received for a period fo five
from the sale of such bonds, notes or certificates of indebtedness and may successive calendar or fiscal years next preceding the investment a net
issue notes therefor; but the time within which such securities shall become income of not less than one and one-half times the annual interest on its
due and payable shall not be extended by reason of the making of such debts outstanding during that period and secured by the mortgage under
•temporary loan beyond the time fixed in the vote authorizing the issue of which the bonds in question are issued and all prior liens, and also shall
such bonds, notes or certificates of indebtedness; and notes issued under the have earned and received for a period of twelve consecutive months within’
rovisions of this section for a shorter period than one year may be refunded the fifteen months next preceding investment a net income of not less than
y the Issue of other notes maturing within the required period; provided, one and one-half times the annual interest on its debt outstanding at the
however, that the period from the date of issue of the original loan and the time of investment, secured as aforesaid The time during which any
date of maturity of the refunding loan shall be not more than one year; and railroad may have been operated by the Government of the United States
provided further, that no notes shall be refunded under the provisions of under the provisions of any Act or Acts of Congress heretofore enacted,
this section except under the authority of such vote as is required for the and a period of two years thereafter, may be excluded in determining
whether the bonds of any railroad corporation are able to qualify under
orlglna ) borrowing.”
the provisions of this paragraph.
EXEMPT FROM TAXATION.—The Legislature of 1909 approved
In d -termining the income of any corporation for the purposes of the
an Act exempting from taxation all bonds issued after Feb. 1 1909 by the foregoing paragraph there shall be included the ncome of any corporation
State or any county, municipality, village, corporation or water district or corporations out of which it shall have have been formed through con­
therein. Banks and trust companies holding such securities are alio we
solidation or merger, and of any corporation whose business and incometo deduct the same from the assessment of their shares. By Chapter 221 producing property has been wholly acquired by the corporation issuing,
of the laws of 1919 the exemption was extended so as to make it apply to assuming or guaranteeing the bonds in question.
“notes and other obligations,” as well as bonds, and so as to cover light and
The net income of a railroad for the purpose of the foregoing paragraph
power district fas well as water districts. See V. 108, p. 2257, for amended shall be determined after deducting all operating expenses, maintenanceAct in full. At a special session in Nov. 1919 the Legislature further ex­ charges, depreciation, rentals, taxes and guaranteed Interest and dividends
tended the exemption so as to make it apply to sewerage district bonds.
paid by or due from it.
.■ ,
4. The total of the bonds and notes issued under the mortgage securing
SAVINGS BANKS’ INVESTMENTS—POWERS AND RESTRIC­
bonds in question and all prior liens, exclusive of those issued for refund­
TIONS.—The provisions regulating the investment and loans of savings the
or otherwise retiring prior lien obligations, shall not exceed three timesbanks and institutions for savings in the State of Maine prior to the year ing
capital stock of such corporation at the date of investment.
1923 were contained In Sections 27 to 35, inclusive, of Chapter 52 of the the(c)outstanding
1. In equipment bonds or notes issued under the Philadelphia plan,
Revised Statutes of 1916, as amended. At the 1923 session of the Legisla­ so-called,
and
secured
by standard equipment leased to any steam railroad
ture these sections were completely revised. The principal changes made corporation in the United
States any of whose mortgage bonds are eligible
In the revision were mentioned by us in V. 116, p. 2542. The text of the under the provisions of this
section: provided, however, that the amount
new law, which went into effect on July 7 1923, reads:
of
such
securities
outstanding
shall at no time’exceed 80% of the cost of
Sec. 27.—Investment of Deposits.—Savings banks and institutions fo
by which they are secured.
savings may hereafter invest their funds as follows, and not otherwise: * the2.equipment
In the prior lien equipment obligations or equipment trust certifi­
I. Government Obligations.
cates issued by the National Railway Service Corporation in pursuance of
(a) In the bonds and other interest-bearing obligations of the United any equipment trust financed in whole or in part through a loan or loans
States, including those for the payment of the principal and interest of made or approved by the Inter-State Commerce Commission, provided
such securities are issued for not exceeding in par value 60% of the cost of
which the faith and credit of the United States Government is pledged.
(b) In bonds constituting a direct and primary obligation of the Dominion standard railway equipment and that such obligations shall nature in approxi­
of Canada, the principal and interest of which are payable in United States mately equal annual or semi-annual installments over a period not exceeds
ing 15 years; provided, however, that not more than 2% of the deposit­
funds.
or any bank be invested in the foregoing obligations.
II. Obligations of States.
(d) In the first mortgage bonds of any terminal or bridge company guar­
In bonds or other interest-bearing obligations of any State in the United
as to principal and interest by any railroad corporation any of whose
States that has not, for a period of more than ninety days, defaulted in the anteed
mortgage
obligations are eligible under the provisions of this section.
payment of the principal or interest of any obligation within a period of
(c) Not more than 25% of the deposits of any one bank shall be Invested
ten years immediately preceding the investment.
in steam railroad obligations and not more than 2% of such deposits in
III. Obligations of Counties.
the obligations of any single railroad corporation whose mileage is located
(a) In the bonds or other interest-bearing obligations of any county in principally outside the State of Maine.
this State.
VII. Public Utility Obligations.
(b) In the bonds or other interest-bearing obligations of any county in
(а) In the bonds or notes issued or assumed by any Maine corporation
any other State in the United States which at the date of the investment
has more than fifty thousand inhabitants and whose net debt does not ex­ subject to the jurisdiction of the Maine Public Utilities Commission and
ceed 3% of the last preceding valuation of the taxable property therein; carrying on in this State the business for which it was organized; provided
provided, however, that neither such county nor the State in which it is however, that such securities shall first have been duly authorised by said
situated shall have defaulted for more than ninety days in payment of prin­ Commission under the laws of Maine, if at the time of their issue such au­
cipal or interest of any obligation within a period of ten years immediately thorization was required by law.
(б) In the mortgage bonds, or other interest-bearing obligations secured
preceding the investment, that all issues.for highway purposes shall be
payable serially to mature in not more than twenty years, and that the by mortgage, issued or assumed by any corporation, at least 75% of whose
principal and interest are payable from a direct tax to be levied on all the gross income is derived from the operation of an electric railroad, electric
taxable property within such county; provided, however, that only such light and power business, artificial gas business or a combination thereof,
portion of such highway issue shall be legal as will be due and payable in or from furnishing municipal and domestic users with a water supply; pro­
vided,
not more than fifteen years from date of issue.
1. Such corporation shall be subject to the jurisdiction of a public utilities
(c) The term “net debt” shall be construed to include all bonds which
are a direct obligation of the county, less the amount of any sinking fund commission, public service commission or some other tribunal exercising
supervisory functions, ordinarily incident to such commission, and the issu­
available in the reduction of such debt.
ance of the securities in question shall have been duly authorized by such
IV. Municipal Obligations.
commission, if at the time of their issue cush authorization was required
(a) In the bonds or other interest-bearing obligations of any municipal by law.
or quasi-municipal corporation of this State, provided such securities are a
2. At least 51% of the corporation’s property shall be ocated in, and
direct obligation on all the taxable property thereof.
51% of its business transacted within, the United States.
(b) In the bonds or other interest-bearing obligations of any city or town
3. Such corporation shall own in fee not less than 51% of the property
In any other State in the United States, incorporated at least twenty-five used by it in the carrying on of its business.
years prior to the date of investment, and having, according to each of the
4. Such corporation shall have received average gross earnings of at lexst
last two censuses of the Federal Government, a population of not less than $500,000 per year in each of its three fiscal years, or three nearer periods
ten thousand; provided that neither such municipality nor the State in of one year next preceding investment.
which it is situated shall, for more than ninety days, have defaulted in the
5. Such corporation shall have earned and received an average net in­
payment of principal or interest of any obligation within a period of ten come, including income from investments, for a period of three fiscal years,
years immediately preceding the investment, that the net debt of any such or a nearer period of three years next preceding such investment, of not less
municipality whose population is less than five hundred thousand shall not than twice the annual interest on its debt outstanding during that period
exceed five per cent of the assessed valuation of the taxable property and secured by the mortgage under which the bonds in question are issued
therein, and that the net debt of any such municipality whose population and all prior liens, and also shall have earned and received for a period of
is in excess of five hundred thousand shall not exceed 8% of the assessed 12 consecutive months within the 15 months next preceding investment a
valuation of the taxable property therein. The obligations of any munici­ net Income of not less than 1H times the annual interest on its debt out­
pality which comply with the provisions of this section except for the standing at the time of investment, secured as aforesaid, and shall not have
fact that such municipality has been incorporated within twenty-five defaulted on any of its obligations during the same period. The net income
years of the date of the investment shall be held to be legal for the purposes of such corporation for the purposes of this section shall be determined after
of this section if the territory comprising such municipality shall for more deducting all operating expenses, maintenance charges, depreciation, rent­
than twenty years have had a population of not less than ten thousand, and als, taxes and guaranteed interest and dividends paid by or due from it.
have been during said time a part of one or more towns or cities having a
6. Such obligations shall mature at least three years before the expiration
population of not less than ten thousand, or have contained within its limits of the principal franchise or franchises under which such corporation is
a municipality having a population of not less than ten thousand.
operating, or there shall exist some statute or definite agreement or contract

E




June, 1926.]

MAINE—CITIES AND TOWNS

with the grantors whereby such franchise or franchises may be renewed or
extended frem time to time throughout and beyond the life of the bonds in
question, under which statute, agreement or contract the security of such
obligation is adequately protected, except where such company is operating
under an indeterminate franchise grantedby a public utilities commission
or public service commission.
7. Such obligations shall be secured (a) by a first mortgage, or a mortgage
or trust indenture which is in effect a first mortgage, on at least 75% of
all the property of such corporation owned in fee, or (b) by a refunding
mortgage providing for the retirement of all prior lien bonds outstanding
at the date of investment and covering at least 75% of the property owned
in fee by said corporation; provided, however, that all bonds secured by
said refunding mortgage shall mature at a later date than any bond which
it is given to refund, or if any such bonds are to mature at an earlier date
the mortgage must provide that such bonds shall be retired by a like amount
reissued under said mortgage, or (c) by a mortgage prior to a refunding
mortgage above described covering some part of the public utility
property included in such refunding mortgage, if the bonds secured by
such prior mortgage are to be refunded by said refunding mortgage and the
property covered by such prior mortgage is operated by the corporation
issuing the refunding mortgage, or (d) by a first mortgage on the property
of a lessor public utility forming a substantial portion of the system of the
operating company.
8. The total of the bonds and notes issued under the mortgage securing
the bonds in question and all prior liens, exclusive of those authorized for
refunding or otherwise retiring prior lien obligations, shall not exceed
three times the outstanding capital stock of such corporation at the date
of investment.
(c) Not more than 35% of the deposits of any one bank shall be invested
in the obligations of the above specified public utility corporations and
not more than 2% of such deposits in the obligations of any single utility
whose business is transacted principally outside the State of Maine.
VIII.—Obligations of Telephone Companies.
(a) In the mortgage bonds, and other interest-bearing obligations secured
by mortgage, issued or assumed by any telephone company incorporated
under the laws of any State of the United States whose property is located
chiefly in the United States; provided.
1. Such corporation shall have received gross revenues of at least $5,000,000 per year in each of its three fiscal years, or three nearer periods of one
year, next preceding such investment.
2. Such corporation shall have earned and received a net income, includ­
ing income from investments, in each of its three fiscal years, or three
nearer periods of one year, next preceding such investment, not less than
twice the annual interest on its debt secured by the mortgage under which
the bonds in question are issued and all prior liens, and shall not have
defaulted on any of its obligations during the same period. The net income
of such corporation for the purpose of this section shall be determined after
deducting all operating expenses, including maintenance and depreciation
charges, rentals, taxes and guaranteed interest and dividends paid by or
due from it.
3. Such obligations shall be secured (a) by a first mortgage on at least
75% of all the property of such corporation owned in fee, or (b) by a
refunding mortgage providing for the retirement of all prior lien bonds
outstanding at the date of investment and covering at least 75% of the
property owned in fee by said corporation; provided, however, that all
bonds secured by said refunding mortgage shall mature at a later date
than any bond which it is given to refund, or if any bonds are to mature
at an earlier date the mortgage must peovide that such bonds shall be
retired by a like amount re-issued under said mortgage, or (c) by a mort­
gage prior to a refunding mortgage above described covering some part
of the telephone company property included in such refunding mortgage,
if the bonds secured by such prior mortgage are to be refunded by said
refunding mortgage and the property covered by such prior mortgage is
operated by the corporation issuing the refunding mortgage, or (d) by a
first mortgage on the property of a lessor company forming a substantial
portion of the system of the operating company.
(b) Collateral trust bonds of any such telephone company secured by
the deposit with a trust company or national bank of bonds and (or) of
shares of stock of subsidiaries or other telephone companies, under an
indenture of trust which limits the amount of bonds so secured to not
more than 75% of the value of the securities deposited as stated and deter­
mined in said indenture, and provided that the company issuing such
collateral trust bonds shall have received average gross revenues of not
less than $75,000,000 in each of its three fiscal years, or three nearer periods
of one year, next preceding such investment, and provided, further, that
such telephone company shall for the same period have earned and re­
ceived a net income, including income from investments, not less than
three times the annual interest on the bonds in question and all prior liens.
(c) Not more than 10% of the deposits of any one bank shall be invested
in obligations of telephone companies, and not more than 2% in the obliga­
tions of any single telephone company.
IX. Bonds of Maine Corporations.
In the bonds or other interest-bearing obligations of any Maine cor­
poration, other than those hereinbefore specifically mentioned, actually
conducting in this State the business for which such corporation was
created, which for a period of three successive fiscal years, or three nearer
periods of one year, next preceding the investment, has earned and received
an average net income of not less than twice the interest on the obligations
in question and all prior liens. Not more than 25% of the deposits of
any one bank shall be invested in the obligations of such corporations
and not more than 2% of such deposits in the obligations of any single
corporation.
X. Stocks of Maine Corporations.
(a) In the stock of any Maine corporation other than a banking cor­
poration actually conducting in this State the business for which such
corporation was created, provided such corporation has for a period of
three years next preceding the investment earned and received an average
net income equivalent to at least 6% upon the entire outstanding issue
of the stock in question.
(b) The aggregate of all investments made by any bank in stock shall
at no time exceed 5% of its deposits and not more than 1% of the deposits
of such bank shall be invested in the stock of any single corporation.
No such bank shall hold by way of investment or as security for loans,
or both, more han one-fifth of the capital stock of any corporation; but
this limitation shall not apply to assets acquired in good faith upon judg­
ments for debts or in settlements to secure debts.
XI. Mortgage Loans.
In notes or bonds secured by first mortgages of real estate in Maine and
New Hampshire to an amount not exceeding 60% of the market value
of such real estate. No bank shall have more than 60% of its deposits
invested in such mortgages.
XII. Collateral Loans.
(a) In notes with a pledge as collateral of any securities which the insti­
tution itself may lawfully purchase under the provisions of this section,
provided the market value of such collateral is at least 10% in excess of
the amount of the loan.
(b) In notes with a pledge as collateral of any savings deposit book issued
by any savings bank, trust company or national bank in this State or in
any of the other New England States or the State of New York, or of a
passbook or share certificate issued by any Ioan and building association
in this State.
(c) In notes with a pledge as collateral of the stock of any trust company
organized under the laws of Maine, or any national bank having its principal
place of business in this State, the market value of such collateral to be at
all times at least 20 % in excess of the amount of the loan.
(d) In notes with a pledge as collateral of the stock or honds of any
manufacturing, steam railroad, telephone, telegraph, or any other public!
utility corporation, providing such corporation shall, for each of the three
years next preceding the time when such loan is made, have paid dividends
upon such stock or any issue junior thereto at a rate of not less than 6%
por annum, or interest upon such bonds at a rate of not less than 5%
per annum; the market value of such collateral to be at all times at least
20% in excess of the loan.
(e) The aggregate of all collateral loans made by any bank, other than
those secured by obligations of the United States Government, shall at
no time exceed 10% of its deposits and not more than 1% of its deposits
shall be loaned on the obligations and stock of any single corporation.
XIII. Loans to Municipal Corporations.
In loans to any municipal or quasi-municipal corporation in this State
when duly authorized by such municipality or corporation.
XIV. Loans to Maine Corporations.
In loans to any religious, charitable, educational or fraternal corporation
organized under the laws of this State, or to the trustees of any unin­




17

corporated religious, charitable, educational or fraternal association in
this State, or to any log-driving company incorporated under the laws of
this State, and in loans to any corporation whose stock may be purchased
under the provisions of sub-section X of this section; provided, however,
that the total amount of loans to any corporation and of the par value of
its stock owned by the bank shall at no time exceed 2% of the deposits
of said banks.
XV. Acceptances.
(a) In bankers' acceptances and bills of exchange of the kind and maturi­
ties made eligible by law for rediscount with Federal Reserve banks, pro­
vided the same are accepted by a trust and banking company incorporated
under the laws of this State, or a member of the Federal Reserve System
located in any of the New England States or the State of New York.
(b) In bills of exchange drawn by the seller on the purchaser of goods
sold and accepted by such purchaser of the kind and maturities made
eligible by law for rediscount with Federal Reserve banks, provided the
same are indorsed by a trust and banking company incorporated under
the laws of this State, or a member of the Federal Reserve System located
in any of the New England States or the State of New York.
(c) Not more than 10% of the assets of any savings bank or Institution
for savings shall be invested in such acceptances. The aggregate amount
of the liability of any trust and banking company or of any national bank
to any savings bank or institution for savings, whether as principal or
indorser, for acceptances held by such savings bank or institution for
savings, shall not exceed 20% of the paid-up capital and surplus of such
trust and banking company or national bank, and not more than 5% of
the assets of any savings bank or institution for savings shall be invested
in the acceptances of a trust and banking company or of a national bank of
which a trustee of such savings bank or institution for savings Is a director.
XVI.—Department Certificates of Legality.
The Bank Commissioner shall ascertain what bonds and other interestbearing obligations are legal investments under the provisions of Sub­
sections I to VIII, inclusive, of this section, and within the first ten days
of May and November of each year snail send to each savings bank a
certificate stating, over his signature, tnat upon investigation, he finds the
obligations specified in said certificate are legal investments under the
provisions of this section. Said certiiicate shall be prima facie evidence
of the correctness of the findings of said Commissioner and shall so continue
until the issuance of the next certificate of said Commissioner, or of an
intermediate certificate correcting ana changing the list of legal invest­
ments in the certificate last issued. Nothing herein contained shall be
construed to require any action by the Bank Commissioner as a condition
precedent to the right of any savings bams to purchase any security conform­
ing to the requirements of the provisions of this section at the time of
investment.
Any person or corporation financially interested in any such finding of the
Bank Commissioner may take an appeal therefrom to any Justice of the
Supreme Judicial Court, who, after sucn notice and hearing as he deems
proper, may inquire into and render a judgment whether such obligation
is a legal investment for savings banks under the provisions of this section.
The proper and necessary expenditures incurred by the Bank commis­
sioner in carrying our the provisions of this section, including the compen­
sation of any person or persons specially employed for that purpose, shall
be chargeable to the fund created by the payment of registration fees by
dealers in securities and their agents and salesmen.
The latest list of legal investments compiled by the State Bank Commis­
sioner will be given in the State and City Department in the July 3d issue
of the “Chronicle.”
Sec. 28. May acquire and hold stocks, bonds and other securities not au­
thorized by law, to avoid loss. Savings bank and institutions for savings
may acquire and hold stocks, bonds and other securities not authorized by
law, hereafter acquired in settlements and reorganizations and accepted to
reduce or avoid loss on defaulted loans and investments held by said banks
and institutions, and may continue to bold such stocks, bonds and other
securities heretofore so acquired, and all other investments lawfully ac­
quired, and shall not be obliged to sell of dispose of the same except at such
times and in such manner as will prevent unnecessary loss or embarrass­
ment to the business of the bank or institution. All outstanding collateral
loans which could not lawfully be made hereafter under the provisions of Sub­
section XII of Section 27 of this Act, may be renewed, without requiring
additional collateral, for a period not to exceed two years from the date
when this Act shall take effect.
CITIES, COUNTIES AND TOWNS IN THE

STATE OF MAINE.
ANDROSCOGGIN COUNTY.
I *Refunding Water Bonds.
The county seat is Auburn.
4s '13 ---- $30,000c Jan 20 1933
4s due 1930_____________ $10,000; Consolidated Bonds.
4sduel931-_____ _____
30,000'4s’25 F-A $52,000c-Aug 1 '26-45
4s due 1947.......................
25,0001 CITY DEBT Jan 1 1926- $367,180
5s due 1926- 1943______
135,000 I Assess, val., real estate—14,599,335
BOND. DEBT Jan 1'26.
200.000 ! Assess, val., personal------ 4,267,460
Assess, val. real estate__ 48,385,408 Total assessed val. 1925-.18.866 695
Assess, val. personal____ 12,844,331 Total tax (per $1,000) 1925—$33.00
Total assessed val'n 1925 .61,229,739 Pop’n 1910, 15.064; 1920.......... 16,985
♦Debt incurred by purchase of
County tax rate (per$1 .000) '26.$2.10
Pop'n 1910. 59.822; 1920......... 65.796 water works, on which interest is
paid by Auburn Water Commis’
sioner’s Water Loan.
ANSON.
INTEREST at Treasurer’s office
This town is in Somerset County.
TOTAL DEBT May 17 '26 $72,903 ond First National Bank, Boston.
Assessed val., real estate_.l,043,965
Assess, valuation personal._235,753 AUGUSTA.
This city is in Kennebec County.
Total valuation 1926-------- 1,279,718
Tax rate (per $1,000) 1926—$55.00 Incorp. 1849.
Population 1910. 2.209; 1920. 2.593 4s '24 M-S $40,000c...Sept 1 1944
School Bonds.
4J^s’17 J-J $33,600.--July 15 1927
ANSON WATER DISTRICT.
4j^s’19 --- 54,000—Oct 1 ’26-’52
Water Bonds.
Road Improvement Bonds.
4F»
M-S $75.000—- Mar 1 1941
BOND. DEBT Apr 5 1923--$75,000 Is '08 F-A $40,000c. ..Feb 1 1933
Refunding Bonds.
Floating debt (add’l)---------- 3,000
A-sess. val. real est., '25____625,000 4s '25 A-O$120,000c-Oct 15 ’26-’55
Fire Station Bonds.
Population 1923 (est.)------------ 2,200
5^s’2O J-J $66,500___ July 1 1940
Refund. Cotton Mill Bonds.
AROOSTOOK COUNTY.
4s
F-A $45,000.Feb 15 ’37-’39
Holton is the county seat.
4J^s’15 F-A 16,000c..Feb 15 1940
Highway and Bridge Bonds.
' '09
— “
F-A• 40,000c. „Feb 1 1934
4Ms
M-N$64,000c ... 1926-1941 4s
BOND. DEBT Jan 1 '25- $68,000 4s 'll J-J 30,000c.-Jan 2 1936
Ass’d val.’25(abt. Vi act.)61,717,996 4s '16 F-A 16,000c..Feb 15 1941
Population 1910, 74,664; 1920-81,728 4s '17 F-A 16.000c. _Feb 15 1942
Refund. Highway & Bridge Bds
4J^s’22 M-N$64.000c.Nov 1 '26-'41
ASHLAND
Sewer and Highway Bonds.
This town is in Aroostook County.
4’4s'22 A-O $34,000c___ 1926-1942
Refunding Bonds.
4-Vs’24 M-N$46,000c-May 1 27- 49 CITY DEBT May 1925-. $484,048
BOND. DEBT May 1 '26. $46,000 Assess, val. real estate.__ 7,838,168
Assess, valuation 1926------- 948,584 ..ssessed val. personal____ 3,553,910
Tax rate (per $1,000) 1926-.-$64.00 Total assess, val. 1924—11,392,078
Population, estimated, 1926__ 2,000 Tax rate (per $1,000) 1924—.$41.00
INT. at the Ashland Trust Co. Pop'n 1910.13 211:1920......... 14,114
INT. at Old Colony Tr. Co., First
of Ashland.
Nat. Bk., Boston, and city treasury.
AUBURN.
Auburn Is in Androscoggin County. AUGUSTA WATER DISTRICT.
Inc. Feb. 221869.
Organized March 26 1903.
Webster Grammar Schoo!.
g '04 F-A $700,000c.-Aug 1 1934
4s 15 I-J $50.000c_July 1 '36-'41 4s
BOND.
DEBT Apr 7 '26—-$700,000
4s 16 J-J
50,000c.Jan 1'46 &’51
Sinking fund_____ _______ 234,309
Refunding Bonds.
.
3J^s'06J-J $ 18,000c.-.July 1 1926 INT. at Nat. Shawmut Bk.. Boston.
4s 10 i-J 10,000. July 1 1930
4s 11 I-J 13.000c..-July 1 1931
BAILEYVILLE.
. School Ronds.
This town is in Washington Co.
4s '23 M-N$140,000--Nov 1 ’26-’53
BOND.
DEBT May 1 '26- $74,500
Municipal Building Notes.
5s '20 M-N $6,000--May 1 '27-32 Assess, val. real estate.__ 1.701,252
Assess, val. personal_____ 759,352
Refunding and School Loan.
4s '12 J-J $70,000-—July 1 1932 Other assessable property. - 38,900
Refunding and Paving Bonds. Total valuation 1926.:____ 2,499,504
4)^s l9 J-J ($27,000c.-Jan 1 '27-’29 Tax rate (per $1,000) 1926...$43.00
1 60,000c.-Jan 1 '30-39 Pop'n in 1910, 1,137; 1920, 2,243

18
BANGOR.
Tula city Is In Penobscot County.
Incorp, as a town Feb. 25 1791: as s
City Feb. 12 1834.
Municipal Purpose Bonds.
4s ’ll F-A$250,000c. ..Aug 1 1931
Water-Works Bonds.
4s ’23 M-S $135,000cSept 1 ’36-’4O
Refunding Bonds.
4s ’08 F-A$125,000c. ..Aug 1 1928
4s ’14 M-N 45.000c.Nov 2 ’26-’34
Funding Bonds.
4s ’16 J-J $75,000c..Jan 1 ’27-’3O
Refunding Water Bonds.
4s ’05 J-J $500.000c.-July 1 1935
School-House Bonds
($15,000cDec 1 ’26-'28
4^s’19 J-D (10,000c.--Dec 11929
140,000c. Dec I ’30-’31
4s '25 J-J f 10,000c...July 1 1932
(40,000c.July 1 ’33-’34
Highway Loan.
4s ’22 J-J $60,000cJuly 1927-1932
BON’D. DEBT Apr 1 ’26-$l,307,000
Water debt (incl.)______
635,000
Floating debt___________
60,416
Water sinking fund_____
268,847
Assessed val'n, real estate.20,825,601
Assessed val’n, personal.. 8,037.340
Tot. assess, val. 1925___ 28,862,941
Total tax rate(per$l,000) ’25-S37.90
Pop’n 1910. 24,803: 1920_____25.978
INT. at Merchants’ Nat. Bank
Boston, or by City Treasurer.
CITY PROPERTY.—Real estate
and personal property owned by city
is valued at $3,918,745 incl. water­
works estimated at $1,000,000.
BAR HARBOR?
This town (formerly Eden) Is in
Hancock County. Inc. Feb. 23
1796. Pop. 1910. 4.441:’20,3.622.
Park Bonds.
4s T2 M-S $21.000r...Sept 1 1921
Refunding Bonds.
4Xs’25 M-S ($30,000c .Sept 1’29-’3O
t 15,500c-..Sept 1 1931
BOND. DEBT Apr 1 ’26.. $66,500
Floating debt (additional). 21,500
Assessed val., real_________ 6,090.205
Assessed val., personal.... 757,828
Totl val. ’25 (abt. % act.).6,448,033
Total tax rate (per $1,000) ’24 $45.00
INTEREST on park bonds at
Augusta Savings Bank, Augusta: on
4Xs of 1925 at First National Bank,
Boston.
______
BATH.
Bath is in Sagadahoc County.
Town Incorp. Feb. 17 1781: city.
June 4 1847. Population 1910, 9,396:
1920, 14,731.
Housing Project Bonds.
4Xs’23 J-D ($25,000c. June 1 1933
( 50.060c.June 1 ’34-’43
Sidewalk Bonds.
4s ’16 J-J $20.000c...July 1 1931
Refunding Bonds.
4s g '07 J-J ilO.OOuc__ Jan 1 1927
4s ’ll J-D 116.000c June 1 1941
Refunding Sewer Bonds.
4s '07 .J-J saO.OiMle _JaD 1 to**’
BOND. DEBT Mar 29 ’26 $271,000
Casn sinking fund______
76,085
Assess, val. real estate__ 7,034,112
Assess, val. personal____ 2,120,301
Other assessable property.
7,233
Total vald ’25 (75% act.). 9,161,646
Tax rate (per $1 000) 1925. - .$37.00
INT. on 4Xs of 1923 at the Mer­
chants Nat. Bank, Boston: on others
in Boston at First Nat. Bank and
Old Colony Trust Co.

BATH WATER DISTRICT.
Commenced business Jan. 1 1916.
4= '16 J-J $560,000c....Jan 1 1946
TOTAL DEBT Jan 1 1926 $560,000
Hunt. fd. (water;__________ 69,576
Assessed valuation (book
value)......... ...................
660,643
Population in 1925 (est.)____ 9.000
INT. at Merch. Nat. Bk.. Boston.
BELFAST.
This city Is in Waldo County. In­
corp. June 22 1773. Charter adopted
in 1853. Belfast owns $500,000 of
Belfast $ Moosehead RR. stock, of
which 1,396 shares pref. & 3.604 com.
Refunding Bonds.
’ 25,000 _____ 1926-1930
30,000 _____ 1931-1935
35,000 _____ 1936-1940
45,000 _____ 1941-1945
4Ks’25 -.- 50,000 _____ 1946-1950
55,000 _____ 1951-1955
65,000 _____ 1956-1960
52,000 _____ 1961-1964
(120,000__________ 1965
BOND. DEBT April 1 26- $590,000

Water debt (incl.)_______
155,500
Total valuation 1925_____ .3,411,313
Total tax (per $1,000) 1925__ $44.00
Population 1910 4 618: 1020 5 083
INT. at City National Bank, Bel­
fast, and First Nat. Bank, Boston.
BERWICK.
This town is in York County.
TOWN DEBT May 1 1926 $40,000
Floating debt (additional)18,939
Total assess, val. 1925____1,169,997
Tax rate (per $1,000) 1925---$42.50
Population in 1920___________ 2,l60

BIDDEFORD.

City is In York Couuty. ine. 1855

Streets and Si lewalks.
4s T5 M-N$15,000-May 15 ’27-’29
4s T6 M-N 25,000-_May 1 ’30-’34
High School Bonds.
4s ’25 A-O$160,000c_Apr 1 ’27-’42
Street Construction Bonds.
4>4s’22 J-J $25,000c..July 5’27-’31
Sewer Bonds.
4s T4 M-N$15,000-May 16 ’26-’28
Js T6 J-J 25,000c_July 1 ’29-’33
4J4s’22 J-J 5 50,000c.July 5 ’27-’36
bridge mn is
tts ’2Q M-S t35,Q0Q„Stpt 1 ’26 '32




MAINE—CITIES AND TOWNS
Refunding Bonds.
4s T7 J-J $45,000___ July 1 1937
5s ’20 M-N 25.000c--.May 1 1940
54£s’21 J-J 25,000c. ..July 1 1941
4s ’25 M-N 75,000___ May 1 1945
TOT. BD. DT. Feb 1 1926 $595,000
Assess, val. real estate__ 10,050,394
Assess, val. personal____ 2,956,942
Total valuation 1925____ 13,007,336
Tax rate (per $1,000) 1924-,--$36.66
Population 1910, 17.079; 1920 18.00s
INT. at City Treas. office In Bid­
deford or First Nat. Bank. Boston.

BOOTHBAY HARBOR
This town is in Lincoln County
Incorporated Feb. 16 1889.
Library Bonds.
4^s’22 A-O ($1,000c-..Apr 1 1927
( 2,500c...Apr 1 1932
Water Bonds.
4s’ 08 A-O $6,660c_..Apr 9 1928
4s ’04 J-J 25,000c...July 1 1934
4s T5 A-O 15,000c...Apr 1 1935
BOND. DEBT Feb. 4 ’26- $50,160
Floating debt___ ■________
15,000
Assess, val. real estate____1,397,635
Assess, val. personal_____ 276,783
Assess, val. 1924_________ 1,674,418
Total tax rate (per $1,000) ’24_$37.o6
Population 1910, 2,021; 1920, 2,025

BREWER.
This city Is in Penobscot County.
Incorp, as a city Feb. 8 1889Funding Bonds.
4s '09 M-S 30,000c. —Sept 1 1929
Refunding Bonds.
($12,000c-Nov 1 ’26-’31
4s '22 M-Nl 12,000c...Nov 1 1932
15,000c...Nov 1 1937
I 30,000c...Nov 1 1942
BOND. DEBT Apr 9 ’25— $128,000
Total valuation 1925_____ 4,882,930
Total tax (per $1,000) 1925__ $38.40
Pop. 1910.5,667:1920............ —6,064
INT at Merch. Nat. B.. Boston
and First Nat. Bank, Bangor.
BRUNSWICK?

This town is in Cumberland Co.
School House Bonds.

4s ’93 J-J $3,000..July 1 ’26-’28
4s T5 J-D 20,000..Dec 1 ’29-’48
4Xs’23 J-D 28,000—Dec l ’26-’53
Funding Notes.
5>£s’21 A-O $12,OOO..Oct 1 ’26-’31
Alms House Notes.
4J4s’25 J-D $12,000.-Dec 1 ’26-’29
Post Office Impt. Notes.
4J4s’26 J-D $5,000__Dec 1 ’26-’3O
Funding & Street Impt. Bonds.
4J4s’22 J-D f$30,000.Dec 1 ’28-’4O
I 1,000. ..Dec 1 1941
Funding Bonds.
4s '15 J-D $2a,800..Dec 1 ’26-‘38
5s’20 J-D 56,500___ June 1 1930
BOND. DEBT Apr 1 1926- $163,300
Floating debt (additional)- 49,920
Assess, val. real estate___ 4,433 895
Assessl val. personal_____ 882 829
Tot.ass’d val.’25(abt.)^act)5,296,724
Tax rate (per $1,000) 1925-__$37.75
Population 1910, 6,621: 1920, 7,261
INT. on bonds of 1925 at First
Nat. Bank, Brunswick; on bonds of
1920 at First Nat. Bank, Boston,
Mass.; on notes at the Brunswick
Savings Institution, Brunswick; on
others at the Merchants Nat. Bank,
Boston, Mass.
BRUNSWICK AND TOPSHAM
WATER DISTRICT.
Supplies Brunswick and Topsham
with water. Incorp. Mar. 11 1903
4s g'06 J-Jz$J25,000c__ Jan 1 1936
4s g’09 J J *42.000c. ..July I 1936
4s g 12 J-J *46,000c—.July 1 1942
4s g 15 l-j *20,0O0c___ July 1 1942
4Ks g J-J 18,000 _____ 1926-1944
Refunding Bonds.
4s ’25 J-J $55,000c___ Jan 1 1946
BOND. DEBT Apr 9 ’25-- $307,000
Sinking fund------------------18,500
Assess.val.'25(Brunswick .5,296,724
(abt>4 actual) jTopsham__ 1,817,601
Tax per
(Brunswick___ $37.75
$1,000 '25 (Topsham____ 33.33
Population, 1925 (est.)________8.000
• Tax-free. zTaxable.
INT.at OldColonyTr. Co.. Boston.
CALAIS.
This city is in Washington County
inc. 1851 Population 1910, 6.116;
1920 6 084
Building Bonds.
4s
J-D $13.000c. ..Dec 11928
Refunding Bonds.
4s
J-D $85.000c. .. Dec 1 1926
BOND. DEBT Mar 31 '23. $98,000
Floating debt____________
42 000
Assess, val., real estate___ 2,157,874
Assess, val.. personal____ 1,021,635
Total value 1925_________ 3,179.509
Tot. tax rate (per $1,000) ’25_$46.56
INT. at Nat. Shawmut Bank. Bos
CAMDEN.
This town is in Knox County.
Bonds.
--S
... $13,000....May 1 1932
__s
...
9,900--..May 1 1933
--s
...
25.000
Dec 1 1933
School Building Bonds.
4s ’25 J-J $70,000c__Jan 1 ’28-’41
BOND. DEB J' Mar. 1 ’.6 *117.900
Notes outstanding_______
20,556
Other indebtedness______
24.599
Assessed valuation, real__ 3,132,101
Assessed val., personal___ 650 031
Total valuation 1924_____ 3 782.132
Tax rate (per $1,000) 1925___ .$ W.40
Population iu 1916. 3,015; ’20, 3,403

CARIBOU.
This town is in Aroostook County
Incorporated 1859.
(a) Refunding Bonds.
4Ks’23 J-J ($3,000c--.July 1 1933
(45,000c.-July l’34-’42
Sch 4« M-Nr$25,6()0c_____ .192s
TOWN DEBT April 1925- $108,000
Floating debt (additional). 62,266
Assessed value, real estate.3,097,375

Assessed value, personal__ 505,151
Total assessed value 1926
(about 1-3 actual)_____ 3,602,526
Total tax rate (per $1,000) ’25 $47.00
Pop’n 1910, 5,377; 1920______6,018
INT. on bonds marked (r) at
Androscoggin Sav. Bank. Lewiston;
(u) at Fidelity Trust Co., Portland.

CUMBERLAND COUNTY.
Portland is the county seat. In<
1760. Population 1910. 112,014
1920, 124,358.
Bridge Bonds.
4s T5 M-N$250,000c..May 1 1936
4s T5 A-O 200,000c...Oct 1 1936
414sT9 J-J 200,000c...July 1 1939
4p’22 J-J 100.000c__.July 1 1942
County Farm Bonds.
4s ’14 F-A $25,000c-..Feb 1 1929
4s T5 J-J 25,000c...July 1 1930
Court House Refunding Bonds.
5s ’21 F-A $110,000c..Aug 1 1931
4s ’22 J-J 160,000c...July 1 1942
4s’24 J-J 125.000c-. .July 1 1944
BOND. DEBT Apr 7 ’26 $1,195,000
Floating debt (add’l)___
15,006
Sinking fund___________
100,713
Total assess, val. 1926.-169,566,844
Co. tax (per $1,000) 1926------- $14.70
INT. at County Treasurer's office

DEXTER.
This town is in Penobscot County
Funding Bonds.
4s ’24 M-N ($60,000cNov 1 ’29-’40
( 12,000cNov 1 ’41-’42
Water Bonds.
3Hs
June $46,000c.........
1934
TOWN DEBT April'24--. $110,783
Assess, val. real estate___ 1,943,166
Assess, val. personal_____ 635,377
Tot. assess, val. ’24 (about
55% actual)__________ 2,578,537
Tax rate (per $1,000) 1924-__ $46.00
Pop’n 1910, 3,530; 1920......... .4.113
INT. payable at Boston.

DOVER-FOXCROFT WAT. DIST.
This district (P. O. Dover-Foxcroft) is in Piscataquis County.
Plant Purchase Bonds.
3>£s’O3 A-O($10,000c_________ 1928
(100,000c_________ 1933
Water Extension Bonds.
4Ks’22 J-D $35,000c_________ 1942
Gravity Supply Bonds.
4)<s’26 J-J $85,000c___Jan 11946
BOND. DEBT Apr 22 ’26- $230,000
Total assess, val. ’25 (abt.
3-5 actual)-- ________ 2,302,588
District tax (per $1,000)’25--$4.35
Total tax rate (per $1,000) ’25-$40.00
Population (estimated)______ 3,500
INT. payable at Old Colony
Trust Co., Boston.
EAST LIVERMORE.
This town is in Androscoggin Co.
BOND. DEBT May 1 ’26- $60,000
Assess, val., real estate___ 1,796,034
Assess, val., personal____ 429,653
Total assess, val. 1926------2,225,687
Total tax rate (per $1,000) ’26-$41.60
Population 1910, 2,641; 1920. 2,636

E. LIVERMORE WATER DIST.
4s 09 F-A $119 000C...Feb. 1 1929
BOND. DEBT May 1 '26- $119,000
Assessed valuation 1923-— 2 322.368
Tax rate (per $1,000) 1926---- $41.00
INT. at Eliot Nat. Bk.. Boston.
EASTPORT.
This city is in Washington Co. Inc
March 3 1893. Population 1910.
4,961: 1920. 4,494.
Refunding Bonds.
4s 07 J-J 525 000c— July 1 1937
School Bonds
4U»’I5.I-J $ T8.000-—.Jan. 1 ’27-’35
CITY DEBT Apr 15 1921. $15,000
Floating debt (add’l)_____
56,000
Assess. val. real estate____ 1,491,200
Assessed val. personal____ 868,500
Total valuation 1925______2,359,700
Total tax rate (per $1,000) '25 $41.26
INT on bonds marked (a) at
First Nat. Bank, Boston’ ethers at
Eastport Sav. T'^nk
ELLSWORTH.
This city Is In Hancock County
Inc. io 1869. Population 1910.3.549:
1920. 3.058.
School, Bridge & Ref. Bonds.
4^s’24 F-A $75,000c.Aug 1 ’28-’40
Refunding Bonds.
4s T7 J-D $28.000c...June 1 1937
War Debt (/»<• al Treas. Office).
4s
J-D $30.000c-..June 1 1932
CITY DEBT Feb 9 ’26-— $133,000
Assessed val’n. real estate. .2,375,529
Assessed val’n. personal- - 878,548
Total assessed val’n 1925
()^ to 2-3 actual)______ 3,254,077
Total tax rate (per $1,000) '25 $45.00
INT. on bonds of 1924 at the
First National Bank, Boston.

[Vol. 122.
Assess, val. personal_____ 489,010
Total val. 1925.................... 1.390,460
INT. at Franklin Sav. Bank and
First Nat. Bank, Farmington.

FORT FAIRFIELD.
This town is in Aroostook County.
BOND. DEBT Apr 1 ’26-- $122,000
Note debt (add’l)_________
6,000
Temporary debt (add’l)__ 100,6()6
Assessed value, real_______ 3,315,585
Assessed value, personal__ 813,673
Other assess, prop-______ 271,480
Total assess, value 1924__ 3,768,658
Total tax rate (per $1,000) ’25-$46.O0
Population 1910. 4,381; 1920, 4,551
GARDINER. _
This city is In Kennebec County,
incorp, in 1844. Commission gov­
ernment adopted Sept. 12 1911
Bridge Construction Bonds.
4s ’25 A-O ($2,000___ Oct 1 1929
(48,000--Oct 1 ’30-’45
Bridge bonds, 4)4s__________$8,466
School bonds, 5s__________ 66,060
Refunding Loans,
ts '08 A-O $76.0imc .Apr 16 1933
CITY DEBT Apr 17 ’26— $197,600
Floating debt (add’l)_____
20,600
Sinking fund.____ _______
20,318
Assess, val., real estate___ 3,338,094
Assess, val., personal____ 1,932,435
Total valuation 1925_____ 5,265.529
Tax rate (per $1,000) 1925-—$38.50
Population in 1910, 5,311; ‘20, 5,475
INT. at First Nat. Bank. Boston.
OARDINER WATER DISTRICT.
Organized July 1 1903.
Is 14 J-J $ 180,500c.—Jan 11934
4s T4 J-J 75,000c...July 1 1944
BOND. DEBT Apr 9 ’26-. #255.500
Assessed valuation 1924
5,265,529
Tax rate (per $1,060i 1925
$38.50
INT. at Maine Tr. & Bkg Co.,
Gardiner.
______
GORHAM.
This town is in Cumberland Co.
School Bldg. Bonds.
4J4s’24 J-J f$36,000c—Jan 1 ’26-’32
1 28,000c.-Jan 1 ’33-’36
BOND. DEBT Mar 1 ’26- $64,000
Assessed value, real estate.2,394,516
Assessed value, personal__ 360,495
Assessed valuation 1925__ 2,755,005
Tax rate (per $1,000) 1925__ $32.00
Population, 1910, 2,822; 1920, 2,870
INT. at Fidelity Trust Co., Port­
land.

HALLOWELL.
This city Is In Kennebec County
Inc. 1850. Population 1910. 2,864;
1920, 2,764.
4 t$sg’19 J-J $88.000............................
CITY DEBT Apr 1924____ $101,291
Assess, val., real estate____1,689,095
Assess, val., personal____ 643,952
Total valuation 1924____ 2,233,647
Total tax (per $1,000) 1924. - $ (6.00
INT. at Hallowell Tr. & Bk. Co.
and on 4)4s of 1919 at the First
National Bank, Boston.

HOULTON.
This town is in Aroostook County.
Incorp. Meh. 8 1831. Town owns
1,995 shares stock—value $49,875 —
of the Houlton Water Co.
School Bonds.
4s
J-D $27,000____Dec 1 1934
Bridge Bonds.
5s
J-D $15,000 .......... 1926-1928
Refunding Bonds.
4s TO M-N$32,000r_„Nov 1 1930
4Xs’22 M-N 72,000c.--Nov 1 1937
Water Bonds.
3Hs M-N $6.000c.May 1 ’27-’32
314s M-N 17,000c. ..May 1 1932
(Subject to call May 1 1918.1
School, Bridges, Town imp.Bds.
4s
M-N$10.000c—-Nov 1 1931
BOND. DEBT Mar 1 1926 $180,000
Assessed value, real estate.3.416,265
Assessed value, personal. . 922,405
Tot. ass’d val. ’25(14 act.).4,332,676
Total assessed value 1924 .4,308,366
Tax rate (per $1,000) 1925.__ $43.50
Population 1910, 5,845; 1920, 6.191
INT. at First Nat. Bank. Boston.
HOWLAND.
This town is in Penobscot County.
TOWN DEBT Mar 1 ’26-- $70,000
Assessed value, real estate. 1,321,252
Assessed value, personal__ 2(6.321
Total assessed val. 1925__ 1,527 573
Tax rate (per $1,000) 1926__ $48.00
Population (est.), 1925______ 1,560
KENNEBEC COUNTY.

Augusta is thr county seat.
4s ’07 ... $21,500............ i»28-1938
Funding Bonds.
4s T5 F-A $2(1,000c
Aug 1 1930
BOND. DEBT Mar 29’26 $41,500
Floating debt (add’l)___
21,810
Sinking fund____________
16,167
Assess, val. real estate.__ 38,89 (,295
FAIRFIELD. ~
Assess, val. personal____ 12,441,810
Total valuation 1925
51,336,105
This town Is in Somerset Co.
County tax (per $1,000) 1926.-$1.6 I
Refunding Bonds.
4s
... ($6,000......... 1933-1935 Pop’n 1910, 62,863; 1920. 63,844
INT. at 1st Nat. Bank. Boston
(18,000_____ 1936-1941
BOND. DEBT April 1924- $40,153 or Augusta Trust Co
Assess, val., real estate___ 1,993,325
Assess, val., personal____ 699,290 KENNEBEC WATER DISTRICT.
Incorporated March 17 1899.
Total value 1924.................. 2,692,615
The District is composed of the
Tax rate (per $ 1,000) 1924___ $34.00
Population 1910, 4.435: 1920. 4.235 City of Waterville and the Fairfield
Village Corporation and serves the
FARMINGTON?
population of the City of Waterville
This village, which is part of the and the towns of Fairfield, Benton,
town of the same name, is in Franklin Winslow and Vassalboro, comprising
County. Inc. I860. New charter a population of about 25,000.
Refunding Loans.
Jan. 1912. Population 1910, 1.240;
4s g T5 M-S $100.000c*_Mar 1 1930
1920. 1,650.
5s g ’20 M-Nl 50,000c*.. May 1 1040
Water-System Ext- Bonds.
4s ’14 M-N $40,000c-.May 1 1944 4s ’25 M-N612,000c*.-May 1 1950
Improvement Loan.
Water Refunding Bonds.
5s ’10 J-J $35,0nf)c. — Jan 11032 5s g ’22 M-S $88,000c*. .Mar 1 1947
5s
-.- 25,000____ Apr 1 1936 BOND. DEBT Dec 31 '25- $950,000
BOND. DEBT Jan 1 ’26-. $105,000 Total valuation 1925____ 15 132,685
Assess, val. real estate.__ 901,450 INT. at Nat. Shawmut Bk.. Boston.

June, 1926.]
KENNEBUNK.
This town is in York County.
School Bonds.
5s 21 ... $60.000.............. ............
BOND. DEBT May 1 ’26- $92,000
Sinking fund____________
15,858
Assess, val., real estate___ 2,580,365
Assess, val., personal____ 653,904
Total assess, val. 1926------3,239.269
Tax rate (per $1,000) '26_____$38.60
Population 1910, 3,099; 1920.-3,138

KENNEBUNKPORT.
This town is in York County.
TOWN DEBT April 1924. $77,500
Assessed val., real estate. .1,785,750
Assessed val., personal___ 155,845
Total assessed value, 1924.1,939,595
Tax rate (per $1,000), 1924__ $41.00

/KITTERY.
This town is in York County.
School Bonds.
5s ’22 J-D $42,640 ____ 1926-1949
TOWN DEBT Feb 5 ’26.. $60,202
Floating debt (add’l)_____
3 59 1
Assess, value, real estate.. 1,779 467
Assess, value, personal.__ 327,454
Total assess, value 1925 2,106,921
Total tax rate (per$l,000) ’25-$51.00
Population 1910, 3,533: 1920, 4.763

NEW HAMPSHIRE—DEBT OF STATE
MARS HILL.

\ town In Aroostook Countv

TOWN DEBT Mar 29 ’26- $23,000
Floating debt (add’l)_____
4,660
Assess, val real estate____
855,515
Assess, val personal. _
142,334
Total valuation 1925 (about
2-3 actual)___________ 997,859

Tax rate i.per $1,000? 1925 .-$48.00
Population In 1910 1,5i 1: ’20. 1.783

MILLINOCKET.
This town is In Penobscot Co.
Incorp. Mar

16 1901

TOTAL DEBT May 12 ’26 $174,000
Assess, val. real estate.
3 072,385
Assess, val. personal prop. 1,444,065
Total value 1926____ 4,516,450
Tax rate (per $1,000) 1926..$46.00
Population 1910. 3.368; 1920, 4.528

MILO.
A town in Piscataquis County.
TOWN DEBT April 1924. $81,279
Assess, val. real estate___ l,5l3,435
Assess, val. personal_____ 651,057
Total valuation 1924______ 2,064,492
Tax rate (per $1,000) 1924__ $46.00
Population 1910, 2,556; 1920, 2,894

MOUNT DESERT.
(P. O. Northeast Harbor.)
This Iiowii is hi Hancock County
KITTERY WATER DISTRICT.
GEN. BD. DT. Apr 1’26..
None
This district is located in the town Notes outstanding_______
86,420
of Kittery, York County, and sup Assess, val. real estate___ 2,923,181
plies water to about 5,000 Inhabi Assess, val. personal_____ 397,412
tants. District authorized by Legis Total valuation 1925______3,320,573
latureln Jan. 1907.
Total tax ratelper $1,000) ’25-$44.50
5s ’OS J-J $74,300c..Jan I ’26-’3>> Population 1910, 1,569; 1920, 1,497
5s’18 J-J 45,000............... ..........
BOND. DEBT Jan 1 ’26- - $121,000 NEWPORT.
Floating debt (add’l)_____
38,131
A town in Penobscot County.
Population 1920____________ 4,638
Sewer Town-Hall & Bridge Bds.
INT. at Old Colony Tr. Co.. Bost. 4s ’97 Dec $15,800c.............. ..........
School-House Bonds.
4s ’10 Oct $ 15.000c................. ........
LEWISTON.
This city Is In Androscoggin TOWN DEBT April 1924. $35,755
County. Incorp, in 1863. Popula­ Assess, value real estate__ 935.296
Assessed value personal__ 363.250
tion 1910. 26,247; 1920, 31.791
Total assessed val. 1924___ 1,286,545
City Debt Bonds.
Tot.
tax rate (per $1,000> ’24. .$44.00
5s ’21 A-O $220,000c.$10,000 yrly.
5s
A-O 210,000_____________ Population 1910, 1.747; 1920, 1,709
INT. payable in Newport.
Armory Bonds (int. at City 'l'reas.
office.)
4 J-£s’23J-J15 $180,000cJuly 15’26-’43 OLD ORCHARD.
A town in York County.
City Building Bonds.
3tfsg J-J $183,000c...July 1 1931 BOND. DEBT Mar 27 ’26- $143,000
Ref. Bds. (Int. at 1st N. Bk., Bus.) Assess, val. real estate.__ 3,396,620
4s’00 J-J $51,000c...Jan 11930 Assess, val. personal_____ 234,640
4s ’07 A-O 158,000c...Oct 1 1937 Tot. assval. ’25(66 2-3 % act)3,631,260
4s ’97 A-O 100,000c...Oct 1 1927 fax rate (per $1,000) 1926__ $40.00
4s ’13 J-J 100,000c..-July I 1933 Population 1910, 961; 1920, 1,164
4^s’23 J-J 90,000c___ 1926-1943
4Hs’24 J-J 75,000c ....1926-1940 OLD TOWN.
This city is In Penobscot County,
School Bonds.
4J^s’24 J-J J$80,000c.Jan 1 ’27-’34 tncorp. as a city Meh. 30 1891.
Refunding and Funding Bonds.
1 5.000c.Jan
1 1935
4s ’OS J-I) $65,000c. ..June 1 1928
Water-Works Bonds.
4s ’17 A-O $160,000c------------------ CITY DEBT Mar 31 ’26-- $183,500
Note debt (add’l)________
22,500
($5,000 yearly on Oct. 1.)
BOND. DEBT Apr 7 ’26. $1,392,000 Total val. ’25 (2-3 actual).5,576,904
Tax
rate
(per
$1,000)
1925.
—
$43.00
Water debt (incl.)______
444,000
Sinking funds___________ 225,000 Population 1910, 6,317; 1920, 6,630
INT. payable at the Merrill Trust
Ass’d val. ’25 (3-5 act.)—
Real.................................. 26,384,909 Co., Bangor. _____
Personal_____________ 5,512,8 ’0 ORONO.
Total_____ ______
31,897,709
This town is in Penobscot County.
Tax rate (per $1,000) 1924___ $30.50 TOWN DEBT April 1925. $99,000
Assessed
val., real estate,.1,966,276
CITY PROPERTY.—The prop
erty of this city on March 1 1926 was Assessed val., personal___ 574,607
valued at $1,450,000 including, Total assessed value 1925.-2,529.883
among other things, stock of the Tax rate (per $1,000) 1925—$40.00
Lewiston & Auburn Branch RR. Population 1925 (estimated)__3,200
valued at $225,000. and water-works PARIS.
valued at $1,012,000.
This town is in Oxford County.
TOWN DEBT April 1 ’26. $102,000
Floating debt (additional). 16,500
LINCOLN.
9,000
This place is In Penobscot County. Sinking fund------------------TOWN DEBT June 9 1924 $54,000 Assessed val., real estate..1,826,245
Assess, val. real estate----- 1.153,348 Assessed val., personal___ 556,165
Assess, val. personal-------- 582.886 Tot. ass’d val. ’25(2-3 act.)2,382,410
Total assess, value 1924—1,736,234 Tax rate (per $1,000) 1925__ $48.00
Tax rate (per $1,000) 1924. -.$49.00
Population 1910, 1,167; 1920, 1,586 PITTSFIELD “
A town in Somerset County.
TOWN DEBT Apr. 1 ’26.. $30,000
LISBON.
debt (add’l)-------37,480
Town in Androscoggin Co. Inc: Floating
value real estate..1,649,445
June22 1799 Population *10. 4,116; Assessed
Assessed value personal__ 698,185
1920, 4,091.
Total valuation 1925______2,349,630
Water Bonds
rate (per $1,000) 1925 __ $46.00
4s ’09 A-O $74,000c. ..Oct 1 1929 Tax
TOWN DEBT Apr 1924.. $137,386 Population 1910, 2,891; 1920. 2,700
Assess, val., real estate___ 3,870,865 PORTLAND.
Assess, val., personal____ 653,450
Portland (City) Is In Cumberland
Total assess, val. 1924___ 4,524,315
Incorporated Mar. 26 1832.
Tax rate (per $1,000) 1924__ $39.00 County.
Council Manager plan of government
INT. at Old Colony Tr. Co.. Bost. adopted
Sept. 10 1923. Bonds issued
after Feb. 1 1909 are non-taxable in
LUBEC.
Maine; prior issues are taxable.
This town is in Washington Co.
Fire Station Bonds.
BOND. DEBT June 1 ’26- $49,500 4s ’24 M-N$70,000c. Nov 1 ’26-’39
Ass’d val. 1925 (actual)—
High-School Refunding Bonds.
Real................................. 743,188 5J4s’21 F-A$200,000c. Aug 1 ’32-’41
Personal_______
616,650
School Building Bonds.
Total......... ........
1,359,838 4s ’17 M-S$700,000c...Mar 1 1937
Tax rate (per $1,000) 1925__ $41.00 5s ’20 J-D 200,000cDec 15 ’31-’40
Population 1910, 3,363; 1920, 3,371 5s ’21 J-D 200,000c.Dec 1 ’32-’41
4}£s’22 J-J 90,000c...July 1 1947
4)4s’22 M-N 700,000c.Nov 1 ’27-’46
MADISON.
Funded Debt Bonds.
This town is in Somerset County.
Madison Memorial House School 4s g ’09 F-A$245,000c. ..Aug 1 1929
4s g’12 J-J 350,000c...July 1 1932
Bonds.
5s ’21 M-S $90,000c.Sept 1 ’26-’43 4s ’13 M-S 200,000c...Meh 1 1963
BOND. DEBT Mar 29 ’26. $114,000 4s ’14 M-S 180,000c.Sept 1 ’26-’43
City Hall Bonds.
Assessed val. real estate__ 3,014,030
Assessed value personal__ 920,127 4s ’ll A-O $950.000Apr 1 ’27-’45
Refunding Bonds
Total assessed val. 1925__ 3,954.167
Tax rate (per $1,000) 1925----$39.00 5s ’20 M-S $99,000c...Mar 1 1935
Population 1910,3,379; 1920- T_3,700 4J4s’22 J-J 600,000c.July 1 ’43-’52
4Xs’24 A-O 105.000c.Apr 1 ’27-’47
INT. at Town Treasurer’s office.
School & Street Widening Bds.
4s ’25 M-N2$120,000cNov 2’26-’55
MADISON WATER DISTRICT
CITY OF DECKING BUNDS.—
This district (P. 0. Madisoh) is In
Annexed Feb. 6 1899.
Somerset County.
High School Loan4s ’16 M-S $161,000c ...1926-1916 48 ’24 M-N$182,000c.Nov 1 ’26-’51
<Due part everv 5 years >
Sewer Bonds.
TOTAL DEBT Mar 26 ’26. $161,000 4s ’97 A-O *$2,000c...Apr 1 1917
Sinking fund____________
I 6,000
» Matured but not presented for
Assessed valuation 1925
3.360,946 payment.
Total tax rate (per $l,000)’25.$5.00
INTEREST on 4Xs of 1924 pay­
Population 1925 (estimated).3,000 able at City Treasurer’s office; on
INT. payable in Boston.
others in Boston at First National




19

Bank and at the Casco Mercantil®
Refunding Bonds.
Trust Co. in Portland.
3 t^s’OO M-N $5,000c. ..Nov ’26-’3O
TOTAL DEBT, SINK FD„ ETC. 4s ’07
" A-O
’ * 17,000c..Oct 1 ’26-’42
6,250c.Sept 1 ’26-’3O
March 31 1926.
3 t$s’O9 M-S
Bonded debt_________ $5,248,000.00 4s ’14 A-O 50,000c.... Apr 1 1939
Is ’17 J-J *30,000c.. .Jan 1 1942
Other obligations_________________ '0,672.28
Assets_______________
912,6’3.<10 5s ’21 M-S 15,000c_________ 1941
NET DEBT........... ..
4,426 058.88 BOND. DEBT Feb. 1 ’26. $256,000
Available Assets.—City’s available Assess, val. real__________ 5,749,815
assets consist of cash ($147,817.56) Assess, val. personal_____ 2,568,697
and Liberty and municipal bonds Total valuation 1925____ 8,318.512
($764,795.84) reserved for payment Tax rate (per $1,000) 1925__ $40.50
of city debt; borrowing capacity
* INT. at Fidelity Trust Co., Port­
land; on other bonds at York Nat.
March 31 1926, $249,472.72.
Bank. Saco.
ASSESSED VALUATIONSANFORD.
--------1925.
1924.
1923.
This town Is in York County.
$
$
$
R.E.81847,150 75086,550 71495,325
Sewer Bonds.
Pers.29915,750 33271,725 32749,350 3!^s'O4 J-D $34,000c__ .$2,000 yrly
Tot 111762,900 108858275 104244675
Municipal Bonds.
Tax p.
4s ’14 J-D $45.000c.Dec 1 ’26-’33
$1,000 $32.80
$33.60
$34.00 BOND. DEBT Mar 25 '26. $354,000
Populat’n 1910, 69,272; 1920, 58,751 Assessed val., real______ 7,782,248
Assessed val., personal__ 3,276,725
’d val. ’25(^ act.) 11,058,973
PORTLAND BRIDGE DISTRICT. Tot.ass
$37.00
This district comprises the entire Tax rate (per $1,000) 1925
cities of Portlnld and South Portland Population 1910, 9,049: 1920, 10,691
INT.
on
3J^s
payable
in
Sanford
and was orgarlzed In 1905 to build
Vaughan’s Bhdge, connecting the on 4s In Portland.
two cities. Te entire property of 8KOWHEGAN.
the two cities Is liable In proportion
This town is in Somerset County.
to assessed valuation.
3Hr’O5 J-J $210 500c.July 1 ’26-’47 Incorporated in 1823 as Milburn:
BOND. DEBT April 1 ’26.$220,000 name changed to Skowhegan in 1836.
High School Bonds.
Popul’n 1910, 58,571; 1920, 69,196
... $10,000...$2,000 yrly.
INT. at First Nat. Bank, Boston, 4s
Bonds.
and at the Canal Nat. Bank. Port­ 4s Building
... $79,000.............................
land.
BOND. DEBT Apr 10 ’24. $100,000
Floating debt____________
60,000
PORTLAND WATER DISTRICT. Assessed
val., real________ 4,258,170
Water Co. Bonds (assumed).
4s ’87
*$75,000....Aug 1 1927 Assessed val., personal____ 1,372,926
valuation 1924____ 5,631:096
4s ’87
*800,000....Aug 1 1927 Total
4s ’87
*200,000....Aug 1 1927 Total tax rate(per $1,000) ’24.$35.00
4s ’87
*200,000....Aug 1 1927 Population 1910, 5.341; 1920, 5,981
4s ’87
*225,000____ Aug 1 1927 SOUTH BERWICK.
4s ’97
*200,000._..Nov 1 1928
This town is in York County.
4s’01
all5,000...May 1 1929
School Bonds.
4s 05
a60.000--.Nov 1 1926
($18,000c. .Jan 1 ’27-’35
Funding Bonds.
4s’08 J-D+$3.000.000c..Dec 1 1928 4J^s’24 J-J | 30,000c..Jan 1 ’36-’45
4s ’14 M-S *100,000...Mar 1 19341 T!nvn dfrtTVh^bo'ofi11 \fisnnn
4s ’15 J-J *200,000___ Jan 1 1935
V.?, -5?,ar 29 26-,
Assessed val., real_______ 1,181,359
4s ’16 A-0*150,000___ Apr 1 1936 Assess,
personal____ 282,627
4^s’2O M-S *200,000...Mar 1 1940 Tot.ass’val.,
d val. ’25(2-3 act.).1,463,986
Water Bonds.
rate (per $1,000) 1925__ $36.50
4s’23 M-S$*300,000c__.Mar 1 1943 Tax
1910, 2,935; 1920, 2,955
4s ’22 M-N*300,000...May 1 1942 Population,
INT. at Fidelity Trust Co., Port­
4s ’24 F-A*400,000c...Aug 1 1944 land.
3^s’25 J-J 400,000c...July 1 1945
BD. DEBT Jan. 1 ’2o.. $6,925,000 SOUTH PARIS.
Water sinking fund_____ 1,494,495
This village Is In Oxford County.
Assessed valuation 1925.111,762,900
Bonds.
Population (est.)___________ 100,000 4s Water-System
'09 A-O $55.000c. . .Oct 1 1929
INT. on bonds marked (*) at BOND.
Apr 1 ’26.. $55,000
Fidelity Tr. Co., Portland; (t) at Old Assessed DEBT
val., real_______ 873 025
Colony Tr. Co., Boston; and (a) at Assessed val.,
personal,__ 352,895
the Union Safe & Deposit Co., in Total
ass’d val. ’25 (about
Portland.
2-3 actual)____________ 1,225,920
Tax rate (per $1,000) 1925____ $5.40
PRESQUE ISLE?
1910, 1.542; 1920. 1.793
This town is in Aroostook County. Population
INT. payable at Paris Trust Co.
High School Bonds.
($50,000.. July 1 ’27-’32 SOUTH PORTLAND.
4^s’22 J-J 50,000.-July 1 ’37-’42
I’his city is in Cumberland Co.
I 20,000___ July 1 1947
’10 A-O 55,000c.—Apr 1 1930
BOND. DEBT Apr 1 ’26-. $174,500 4s
000c. Apr 1 ’27-’28
Assessment debt (add’l)-.
20,000 4s '15 A-O 1(20,
8,450c.—Apr 1 1929
Floating debt_ ._________
25,000 4s ’16 J-J
(30,000c—Jan 1 ’31-’33
Sinking fund____________
60,719
5,000c___ Jan 1 1934
Assess, val. real estate__ 3,237,805 5s ’21 F-A 1 14,500c—Aug 1 1941
Assess, vai. personal____
626,860
Permanent Improvt. Bonds.
Total valuation 1925______3,864.665 4J-£s
’
18
M-S
$32,
500c
—
.Mar 1 1935
Tax rate (per $1,000) 1925...$43.50
Bonds.
Population 1910, 5,179; 1920. 5,581 5s School
’19 M-N$24,500c...May 1 1939
4>£s’23 F-A 50.0005.Feb 1 ’34-’43
RICHMOND.
F-A 75,000c.Aug 1 ’44-’48
This town is in Sagadahoc County. 4W23
___ Aug 1 1939
TOWN DEBT April 1926- $32,000 4J^s’24 F-A/$4,000c
000c—Aug 1 ’40-’54
Assessment debt (add’l)__
11,000 4Ks’25 A-O (75,
__ Apr ’34-'45
Assessed val., real estate.. 814,885 BOND. DEBT60,000c
Apr 1 ’26— 503,950
Assessed val., personal----- 341,175 Assessed val., real
________ 8.205,520
Total assessed val. 1926-.1,156,050 Assessed val., personal
___ 2,370,805
Tax rate (per $1,000) 1926—$47.00 Other assess. property____
15,040
Tot. val. ’25 (abt. (4 act.) 10,591,365
ROCKLAND. ~
Tax
rate
(per
$1,000)
1925
.$36.00
This city is In Knox County. Inc Population 1910. 7.471: 1920. 9.254
In 1854. Bonds are tax-free.
INT. on bonds of 1910 at Harris,
Refunding Bonds.
& Co., Boston; on bonds of
4s ’17 J-J $32,500_____Jan 1 1932 Forbes
and 1915 at First National
4s ’18 J-J 20,900_____ Jan 1 1928 1911
Bank, Boston; on others at the Canal
4>£s’22 J-J 13,000____ July 1 1937 National
Bank, Portland.
5s ’21 J-J 40,350____ July 1 1936
4s ’12 J-J
13,000c..-July 1 1927
4^s’ 18J-J 27,600____ July 1 1933 SOUTH PORTLAND SEW. DIST.
4)^s’19 J-J 23,200____ July 1 1934
This district is in Androscoggin
5s '20 J-J 20,800____ July 1 1935 County.
J4^s’23J-J 25,000____ July 1 1938 4s’25 M-N$200,000c ...1931-1950
4J4s'24 J-J 16,500____ July 1 1939 BOND. DEBT Apr 1 ’26. $200,000
4Xs’24 A-O 77,000_____ Oct 1 1939 Total assessed value 1926
BOND. DEBT Jan. 1925.. $335,050
(about
actual)-------- 10,500,000
Floating debt------------------ 40,482 Dist. tax rate (per $l,000)’25.$1.80
Assess, val. real estate----- 5,112,165 Total tax rate (per$l,000) ’25.$36.00
Assess, val. personal______ 1,731,426 Population (estimated)______ 14,000
Total valuation 1924---------- 6,843,691
INT. payable at United States
Tax rate (per $1,000) 1924—$42.00 Trust Co., Portland.
Population 1910, 8,174; 1920, 8,109
TURNER.
This town is in Androscoggin Co.
RUMFORD.
TOWN DEBT Mar 29 ’26. $1,500
This town is in Oxford County.
4s ’12 J-J $33,000___ Jan 1 1932 Assessment debt (add’l)— 60,000
4s ’12 J-J
5,000___ Jan 1 1932 Assessed val., real estate.. 719,650
4s’16 J-J 57,000...Jan 1 ’27-’46 Assessed val., personal___ 179,730
38,620
5Hs’21 J-J 145,000--July 1 ’27-’55 Other assess, property____
BOND. DEBT June 16 ’26. $286,500 Total Assessed val. 1925.-1,410,750
Note debt (additional)___
25,500 Tax rate (per $1,000) 1925—$44.00
Assessed val’n, real estate. .4,883,7.50 Population 1920 (est.)________ 1,200
Assessed val’n, personal__ 2,228,485
Total assess, val. 1926___ 7,112,235 VAN BUREN. “
This place is in Aroostook County.
Tax rate (per $1,000) 1926 —$41.00
Population 1910, 6.777: 1920. 8.576 TOWN DEBT April 1924 - $111,266
INT. on bonds of 1912 at Portland Assessed value, real estate.2,048,630
National Bank; on bonds of 1916 at Assessed value, personal__ 581,925
Rumford Falls Trust Co., and on Total value 1924------------- 2,630,555
bonds of 1921 at First National Bank, Tax rate (per $1,000) 1924------$43.00
Boston.
WALDOBORO?
This town is in Lincoln County.
SACO.
This city Is In York County
Inc. BOND. DEBT Apr 9’26_. $23,500
Feb. 18 1867. Population 1910. Assessed val., real estate.. 908,245
Assessed val., personal___ 283,487
6,583; 1920, 6,817.
Other assess, property___
24,725
Paving Bonds.
5J4s’21 M-S $12,150c____ 1926-1934 Tot.ass’d val.’25(2-3 act.).l,222,321
Tax rate (per $1,000) 1925___ $44.00
School Bonds.
4Jis’22 F-A$12,000c. Aug 1 ’26-'49 Population 1910. 2,656; 1920—2,426

20

NEW HAMPSHIRE—DEBT OF STATE

WASHINGTON COUNTY.
County seats are Machias and
Calais. Incorp, ln 1789.
Washington Co. RR. Bonds.
4s ’93 J-J $475,000c... Jan 1 1928
(Subject to call Jan. 1 1923 to 1925.)
BOND. DEBT May 1925 $475,000
Assess, val., real estate..17,097,854
Assess, val., personal___ 5,734,633
Total assess, val. 1924__ 22,832,487
Total tax (per $1,000) 1924__ $42.83
Pop. ’10. 42,905; 1920______ 41,709
INT. at Boylston Nat. Bk.. Boston.

WELLS.
This town is in York County.
TOWN DEBT May 15 ’26- $62,000
Assess, value, real estate..2,200,000
Assess, value, personal.__ 124,853
Tot. ass’d vat. ’26_______ 2,424.853
Total tax rate (per $1,000) ’28-$44.00
Population 1910, 1,908; 1920..1.943

[Vol. 122,

POPULATION OF STATE—
1920.. ...443,083 1880___ .346,991 1840.. .. .284,574 1800____ 183,858
1910- ...430,572 1870___ -318,300 1830.. .--269,328 1790____ 41,881
1900-- ..-411,588 1860___ -326,073 1820-- ..-244,165
1890-- ...376,530 1850___ .317,976 1810-- ...214,460
FISCAL YEAR.—Chap. 19, Laws of 1921, provides that the fiscal year
of State reports shall close on June 30 and that biennial reports shall be
issued on June 30 in even years.
PROPOSAL FOR REVISION OF STATE CONSTITUTION DE­
WESTBROOK.
FEATED.—On Nov. 4 1924 a proposal calling for a convention to revise the
Westbrook Is ln Cumberland Co
State Constitution was voted down. The count was 22.520 for to 42.616
Incorporated March 1891. Popula­ against.
tion 1910, 8.281; 1920, 9,453.
DEBT LIMITATION.—There Is no restriction in the constitution of New
Funding and Imnt. Bonds.
WATERVILLE.
Hampshire upon the debt-making power of the people through the “General
’21 M-N $44, OOOc .Nov 1 ’31-'35 Court,
This city Is In Kennebec County 5Hs
” except the following, which is the last clause of Article 5 of Part
Sewer
and
Funding
Bonds.
Incorp. ,1802; city. 1888.
of that instrument.
4s '16 F-A $12,000c.Aug 1 ’26-’29 Second
Bridge & Pavement Loan.
Provided, That the General Court shall not authorize any town to loan
Refunding
Bonds.
4J^s’24 F-Az$28,500-.Aug 1 ’26-’44 4s ’ll J-D J 12,000c June 20 ’27-’32 or give its money or credit directly or Indirectly for tne benefit of any
zStreet Bonds.
having for its object a dividend of profits or in any way aid
1,000c..June 20 1933 corporation
4s ’16 A-O $12,OOOc...Oct 1 1936 4s ’14 F-A 145.000c..Aug
same by taking its stocks or bonds.
15 1934 theThe
Funding Bonds.
above
is an amendment to the constitution which was ratified in
’15J-J 25,000c_..Jan 1 1935 1877. The amendment
4s '97 J-J $35,000c... July 1 1927 '<^s
would appear to be intended as a complete estoppel
4s ’17 J-J
20,000c___ Jan 1 1937 to municipal loaning of money
3>$s’O5 M-S 35,000c_ ..Sept 1 1935 5s
or credit to railroad and industrial corpora­
’
18
J-D
20,000c.June
1
'27-'46
4s '09 F-A
9,000c...Aug 1 1929 4s’ 22 A-O 20,000.................... 1937 tions. It is to be noticed, however, that by Its terms the restriction does
4s’ll M-S 20,000___ Sept 11931 BOND. DEBT Jan. 1 1926 $217.000 not specifically mention “cities,” the words being “any town.”
4s’12 M-S 20,000___ Sept 1 1932 Floating debt____________
By Chap. 16 of the Public Statutes (1901) which chapter defines the
5.898 duties
4s’13 M-S 20,000___ Sept 1 1933 Assess, val., real estate___ 7,267,840
of the State Treasurer, that official was authorized, at the direction
4s ’14 M-S 20,000.-.Sept 15 1934 Assess, val., personal____ 1,815,380 of the Governor and Council to borrow in an amount not to exceed $55,000
43^s’18 J-D x25,000___ Dec 1 1938 Tot.assess. vaL’25(55%act.) 9,083,220 for the purpose of refunding debts, the interest rate and the term of bond
4J^s’19 A-O z25,000___ Oct 10 1949 Total tax rate (per $1,000) ’25.$32.10 not to exceed 6% and 5 years, respectively. In 1905 an amendment raised
Refunding Bonds.
the amount that could be borrowed under authority of the Act to $300,000,
INT. at 1st Nat. Bk., Bos., West­ and in 1921 it was raised to $600,000, and the 6% iiiterest limit struck out.
3^s’01 M-S $10,000____ Sept 1 1926
3^s’O2 M-S 10,000__ Sept 1 1927 brook Tr. Co.: CaDal Nat. Bank
The Section now reads:
4s ’07 F-A
10,000__ Feb 1 1927 Portland, and Fidelity Trust Co.,
Sec. 6. If money due from the State is demanded, and there are not
4s ’08 F-A
10,000__ Feb 1 1928 Portland.
sufficient funds in the treasury available for the payment of the same, the
4s '09 J-J 105,000c...July 1 1939
Treasurer, under the direction of the Governor and Council, is hereby
4s ’09 F-A
10,000__ Feb 1 1939
authorized to borrow, on the State's credit, for a period of not more than
4s ’17 J-J 220,000c...July 1 1937 WINSLOW.
years, at the lowest rate of interest obtainable, such sums as may be
This town is in Ken'nebec County. 5necessary;
4^s’23 M-S 210,000___ Sept 1 1943 TOWN
but the entire indebtedness incurred under this authority shall
DEBT
April
1926$30,000
4^s’24 F-Az/10,000____ Feb 1 1934 Assessed val., real estate..2,852,150 not exceed the sum of $600,000 per annum.
{10,000----- Aug 1 1944 Assessed val., personal___ 437,145
In addition to the foregoing is the “Municipal Bond Act of 1895“ as
4^s’25 F-A 210,000____ Feb 2 1945 Tot.ass’d val.’25(1-3 act.).3,289,295 amended by Chapter 129, Laws of 1917. It tells in the matter of issuing
Street and Sewer Bonds.2
what a municipal corporation may do, what it must do, and what
Tax rate (per $1,000) 1925__ $43.00 bonds
4^s’19 F-A $25,000-—Aug 15 1949 Population
do. As passed in 1895 the law provided:
1925 (est.)_______ 3,400 t cannot
5^s’2O M-N 20,000c-.Nov 15 1940
Sec. 1. The term “municipal corporation” means town, city, school dis­
4^s’23 F-A 30,000. ..Aug 20 1942
trict, village district and village precinct. Sec. 2. Bonds issued must be
4s '25 J-J (45,000c.July 1 ’26-’4O YORK.
payable within 20 years, interest semi-annual, not exceeding 6%, may
This town is in York County.
120,000c.July 1 ’41-45
be payable in gold coin. If made payable In less than 20 years, may be
rSchool Bonds.
TOWN DEBT Apr 9’26-- $79,500 extended, but never beyond 20 years from time of issue. Sec. 3. Bonds
30,930 (except of cities) must be authorized by a vote of two-thirds of all voters
4Jfs’22 J-D $50,000-.-Dec 15 1942 Note debt (additional)___
BOND. DEBT June 8 ’26. $654,500 Assess, value, real estate..3,873,613 present and voting at an annual meeting of such corporation, or at a snecial
Total assessed value 1926.13,637,850 Assess, value, personal.__ 418,630 meeting properly called, &c. (for which see Act). Bonds must be signed
Tax rate (per $1,000) 1926...$38.00 Tot.ass’d yal.’25(2-3 act.).4,292,243 by a majority of the Governing Board, countersigned by Treasurer and
Population 1910, 11,458: ’20, 13.351 Total tax rate (per $1,000) ’25-$38.50 have seal of corporation. Time and place of payment and rate of interest,
2INT. at First Nat. Bk.. Boston Population 1910, 2,802; 1920 ..3,727 &c., may be delegated to Governing Board. Sec. 4. City bonds must be
authorized by resolution of City Council passed by at least two-thirds of
members elected to each branch, taken by yeas and nays, signed by Mayor,
countersigned by Treasurer, seal of city affixed Place of payment, rate
of interest and sale may be delegated to Treasurer. Sec. 5. Bonds shall be
payable to bearer or to registered holder by name, and must be In form set
out in Act—which see. In case bonds be made subject to call, they must
oontaln statement to that effect as given ln Act. “The validity of any bonds
ITS
shall not be affected by any variation from the forms herein prescribed.”
Sec. 6. Treasurer to keep a book ln which he shall register bonds Issued, &o.
DEBT. RESOURCES. &c.
Sec. 7. “All bonds purporting to be Issued by virtue or in pursuance of this
Act and signed and sealed as hereinbefore provided shall, ln favor of bonaAdmitted as a State____________ One of Original Thirteen fide
holders, be conclusively presumed to have been duly and regularly
Total Area of State (square miles)________________ 9,305 authorized
and issued in accordance with the provisions herein contained,
and no holder thereof shall be obliged to see to the existence of the purpose
State Capital_______________________________ Concord of
or to the regularity of any of the proceedings or to the applica­
Governor (term expires Jan. 1927)______ John G. Winant tiontheofissue
the proceeds. All such bonds shall be negotiable ln all respects and
Secretary of State (chosen by Legislature).Hobart Pillsbury to the same extent as securities negotiable by the law merchant.” Sec. 8.
Annual tax must be levied and collected sufficient to pay Interest and pro­
Treasurer (term expires Jan. 1927) Henry E. Chamberlin vide
a sinking fund sufficient to pay principal within 20 years. Sec. 9. No
Attorney-General__________________ Jeremy R. Waldron bonds can be issued which shall increase the net debt of corporation to an
amount exceeding 5% of the value of the taxable property therein as last
LEGISLATURE meets biennially in odd years on the first Wednesday in appraised
for assessing taxes. To ascertain net debt, all debts must be in­
January, and length of session is not limited.
cluded except the following, which must be deducted—water debt, ‘cash
HISTORY OF DEBT.—New Hampshire's debt history Is very brief and other means’ in treasury and sinking funds applicable to payment of
This State has always been extremely conservative, and no bonds were debt so included; “but nothing contained in this section shall prevent the
Issued until after the breaking out of the Civil War. In 1866 New Hamp­ Issue of bonds for the purpose of refunding an equal principal amount of
shire reported her funded Indebtedness at $4,169,816, contracted exclusively other bonds of such corporation.” Sec. 10. Corporation seal. Sec. 11
for war purposes. June 1 1869 the total outstanding was $3,213,962.22, Act to take effect on passage. Approved March 19 1895.
The amendment of 1917, repealing, among others, Secs. 2 and 9 of the
against which the Treasurer reported an asset of $77,082.89 The State
above Act, abolished sinking funds in municipalities and counties; the
debt at the present time is as follows:
exception, however, being made that those established at the time the
-Interest---------------- Princip .1---------LOANS—
amendment was adopted were to be continued, and provided for a serial
Name and Purpose—
% Payable. When Due. ' Outstand’o
of amortization of these bonds, the first payment to be made
Hospital, 1907_________________ 3 M J&J July 1 1927 $150,000 method
two years from the date of issue. Provision is also made that
do
1909_______________ o 314 J&J July 1 1929
85,000 within
counties
municipalities, for buildings and permanent public improve­
/July 1 ’30-’35 450.000 ments, forand
the acquisition of land, for the purchase of departmental equip­
War loan bonds______________ c 414 J&J (July 1 1936
50.000 ment of a lasting
character, and for the payment of judgments, may issue
Loan of 1873 (overdue)
500 serial bonds maturing
within 20 years. New limitations upon the per­
centage (of assessed valuations) of debt that might be incurred were fixed
PAR VALUE OF BONDS.—The bonds are ln $500 and $1,000 pieces.
INTEREST Is payable at the National Shawmut Bank of Bostonand at as follows: Counties, cities and towns, 3%; school districts, 2%; village
precincts, 1%; the debt upon any territory shaU not, combining county,
State Treasurer’s office.
town, district, &c., Indebtedness, be in excess of B% of the assessed valua­
TAX-EXEMPT.—Bonds are tax exempt as to principal; interest taxable tion of property. The conditions bearing on water debt, sinking fund,
to an individual, partnership or fiduciary if issued subsequent to May 4 1923. “cash and other means” remain the same as in Sec. 9 of the 1895 Act.
Exceptions have been made to this law from time to time In special In­
TOTAL DEBT.—There was no net debt on June 30 1925, but a surplus
of 8637,339.51. The subjoined statement shows New Hampshire’s total stances. For example, in 1923 the Legislature passed an Act (Chapter
227) allowing the City of Nashua, operating as a single corporation, to incur
debt on the dates named. Assets June 30 1925 were $3,316,851,06.
June 30 ’25. June 30 '24. June 30 ’23. June 30 '22. debts to the amount of 6% of its valuation.
Total funded debt---------- $1,535,500 $1,619,500 $2,404,500 $2,489,500
TAXATION OF STATE AND MUNICIPAL BONDS.—Chap. 55 of the
Trust funds----------------- 1,143,911
1,134,435
1,129,252 1,127,904 Laws
of 1907 provides that any city, town, precinct or village district may
Floating debt--------------100
100
100
100 exempt
from taxation any future issue of its bonds, provided such exemp­
tion
shall
apply only to bonds owned and held by citizens of said city,
Total debt_________ $2,679,511 $2,754,035 $3,533,852 $3,617,504
town, precinct or village district. State bonds were left subject to taxation
STATE AND MUNICIPAL INDEBTEDNESS.—We give below a unless exempted by the terms of the Act under which they are issued.
table showing the net State, county, city, town, school and precinct
In 1913 the privilege of exemption was extended by Chapter 51 of the
indebtedness for a series of years:
Acts for that year to future bond issues by school districts when held by
1924____ $13,687,987.71 1919____ $12,817,489 93 1914---------- $10,085,05845 residents. Another Act of 1913 (Chapter 112) exempts from taxation all
1923___ 15,329,744 66 1918___ 11,947,429 71 1913--------- 9,884,81493 the bonds or notes of the State or any of its minor civil divisions bearing
1922___ 12,799,571 47 1917____ *11,345,089 06 1912---------- 9,978,68235 not exceeding 5% interest.
1921___ 11,950,881 52 1916____ 10,902,223 35 1911---------- 10,106,06755
1920___ 12,683,313 05 1915____ 10,680,954 68
SAVINGS BANKS INVESTMENTS—PRIVILEGES AND RESTRIC
♦Thirty-one school districts not included.
TIONS.—The savings bank investment laws of New Hampshire were com­
ASSESSED VALUATION.—The State's total assessed valuation was pletely revised and materially altered in many respects at the Legislative
as below. The average tax rate (State, county and local) for 1920 (per session of 1917. An explanation of the changes made was published by
in the "Chronicle” of May 19 1917, pages 2028 to 2030, inclusive. The
$1,000) was $23.70; for 1921 it was $24.80; in 1922 and 1923 it was $24.40 us
law was again revised in 1921 (see the Chronicle” of May 21 1921, pages
for 1924, $24.90, and for 1925 $26.90.
2214
to 2216, inclusive). The principal changes were the reduction of the
Years— Assessed Val I Years— Assessed Val. Years— Assessed Val. amount
of the railroad, public utility and industrial stocks that a savings
1925-------- $597,035,634 1916............ $410,150,583 1904______$220,624,307 bank may hold, from 25% to 10%, and the new paragraphs 4 and 5 under
-----------------l91g
...............
398,845,480
1924........... 588,422,877
1902_______ 214,616,655 Section 4 in relation to equipment securities of railroads. The full text of
1923........... 574,352,051 1914........... 390.877,626 1900........... 209,670,845 the new law as it now stands follows:
1922.......... 566,469,344 1912___ * 390,086,029 1898-------- 204,734,731
Section 1. On and after the passage of this act savings banks and savings
1921_____ 531,154.014 1911_____ 263,074,386 1896_____ 200,957,600 departments
of banking and trust companies shall make investment of their
1920........... 511,456,583 1910........... 255,085,571 1894.......... 197,839,543 funds
in the following classes of securities only:
1919........... 469,858,171 1908_____ 244,971,264 1893........... 196,117,060
Sec. 2. For the purposes of this act a note shall be construed as a written
1918........... 453,327,679 1906_____ 231,641,571 1881........... 168,964,903
romise of an Individual, firm, corporation or voluntary association, signed
1917........... 428,107,097 1905.......... 225,082,628
y the maker, to pay a specified sum of moneyx>n demand or at a fixed or
The preceding values are simply the aggregate of the inventories of the
future time, but not issued under indenture or deed of trust.
various towns in the State. In addition, the State taxes at different rates Adeterminable
bond shall be construed as a note issued under indenture or deed of
savings banks and trust companies, insurance capital, railroads, building trust.
and loan associations, telegraph and telephone companies, parlor car and
1. In notes or bonds directly secured by first mortgage on real estate
express companies. These, less exemptions allowed by statute, in 1922
amounted to $155,052,210, in 1923 to $151,337,443, in 1924, $146,825,319, situated within the State of New Hampshire; but no such investment shall
be
in a loan that exceeds 70% of the value of the real estate by which it is
and in 1925 to $148,898,857.
•Chapter 169, Laws of 1911, created a permanent tax commission, one secured and not exceeding 75% of the deposits shall be so invested, except
of whose duties it is to equalize valuations in the year 1912 and every second by permission of the bank commissioners
year thereafter, so that the same shall represent the “true and market
2. In notes or bonds directly secured by first mortgage on real estate
value” of property. This accounts for the large Increase in the valuation situated outside of New Hampshire but entirely within the United States,
of 1912.
which at the time of such investment is Improved, occupied and productive;

New Hampshire.




C

June, 1926.]

NEW HAMPSHIRE—DEBT OF STATE

but not exceeding 40% of the deposits shall be so invested, and no such
investment shall be In a loan that exceeds 50% of the value of the real
estate by which it Is secured.
3. In notes cr bonds directly secured by first mortgage on timber lands
"ituated within the States of Maine and Vermont; but not exceeding 5%
of the deposits shall be so Invested, and no such investment shall be in a
loan that exceeds 50% of the value of the real estate by which it Is secured.
4. In notes secured by collateral in which the bank is at liberty to in­
vest, of a value at least 10% in excess of the value of the note, and in
bonds secured by collateral in which the bank is at liberty to invest under
paragraphs 1,2, 3, 4 and 8 of Section 4, of a value of at least 10% in excess
of the value of the note. The amount of any one class of securities so
taken as collateral, added to that which the bank may own at the time,
shall not exceed the total limit of investment in that class of security; but
not exceeding 25% of the deposits shall be so Invested.
5. In notes secured by collateral securities which are dealt In on the
Stock Exchanges of Boston or New York, the Stock Exchange price of
which shall at all times be at least 20% In excess of the amount due upon
the note, while held by the bank; but not exceeding 25% of the deposits
shall be so invested.
6. In notes secured by any savings bank deposit book Issued by any
savings bank chartered under the laws of any New England State; or in
notes secured by the depositor’s pass-book of any building and loan asso­
ciation of this State, provided that the investment shall not be in excess of
the withdrawing value of said pass-book.
7. In notes with two or more (signers, or one or more Indorsers, or in
acceptances of member banks of the Federal Reserve System of the kinds
and maturities made eligible for rediscount or purchase by Federal Reserve
banks, or in notes of makers whose net assets are not less than $250,000
and whose total indebtedness does not exceed 50% of their quick assets;
but not exceeding 5% of the deposits shall be loaned to any one borrower
on this class of security; and not exceeding 30% of the deposits shall be
Invested under the provisions of this paragraph, provided that, except in
notes with two or more signers, or one or more indorsers, or in said ac­
ceptances. no savings bank shall invest under this paragraph unless its
uaranty fund is full and unimpaired and the total value of its assets as
etermined by the Board of Bank Commissioners shall exceed the amount
of its deposits by at least 10%.
8. In bonds issued under the provisions of the Federal Farm Loan Act,
but not more than 5% of the deposits shall be so invested.
MUNICIPAL BONDS.
Sec. 3. for tne purposes of this section a Municipality shall be con­
strued as a county, city, town, village, district, precinct or other municipal
corporation; a Municipal Bond shall be construed as an interest-bearing
obligation of a government. State, province or municipality, to provide for
the interest and principal requirements of which taxes may be levied on all
taxable property within the confines of the obligor; Net Debt shall be con­
strued as debt after deducting sinking funds available for the payment of
such debt and the net outstanding debt created for supplying the inhabi­
tants with water; Assessed Valuation shall be construed as the nearest
preceding valuation of property for purposes of taxation; and population
shall be construed as the number of inhabitants in accordance with the
nearest preceding census taken under Federal or State authority.
Not exceeding 5% of the deposits shall be invested in the bonds of any
one municipality; and not exceeding in the aggregate 10% of the deposits
shall be invested in the bonds of the Dominion of Canada, its provinces
and cities.
1. In the public funds of the United States, or those for which the faith
of the United States is pledged to provide for the payment of the interest
and principal.
2. In the authorized bonds and notes of this State, or of any of its munici­
palities.
3. In the authorized bonds or notes of any State or territory of the
United States; and in the authorized bonds or notes of any city of the
States of Maine, Vermont, Massachusetts, Rhode Island, Connecticut, or
New York, whose net indebtedness does not exceed 7% of the last pre­
ceding valuation of the property therein for taxation; or or any municipality
In said States whose net indebtedness does not exceed 5% of such valua­
tion.
4. In the authorized bonds of any municipality of any other of the United
States or territories whose net indebtedness does not exceed 5% of the last
preceding valuation of the property therein for taxation; and in the au­
thorized bonds of any city of 50,000 inhabitants of any of said States whose
net indebtedness does not exceed 7% of the last preceding valuation of the
property therein for taxation. Provided, that the bonds of any county,
city, or town of less than 10,000 inhabitants, or of any school district or
other municipal corporation of less than 2,000 inhabitants in any State or
territory other than those named in paragraph 3 of this section shall not be
authorized investments.
5. In the authorized bonds or notes of the Dominion of Canada and in
bonds or notes the principal and interest of which are guaranteed by the
Dominion of Canada.
6. In the authorized bonds of any province of the Dominion of Canada.
7. In the authorized bonds of any city of the Dominion of Canada, with
a population of not less than 50,000, whose net debt does not exceed 7 %
of the last preceding valuation of the property therein for taxation.
OTHER BONDS, NOTES AND STOCKS.
Sec. 4. For the purposes of this section a Company shall be construed
as a corporation or voluntary association organized under the laws of the
United States or any State thereof and locaced and doing business prin­
cipally within the United States; a Public Service Company shall be con­
strued as a company doing principally a gas, electric light or electric
power business; Mortgage Bonds shall be construed as bonds secured
primarily by direct and foreclosable lien on physical property owned
by the obligor; Years shall be construed as calendar years, fiscal years
or nearer periods of twelve months next preceding such investment; Net
Income shall be construed as income after deducting operating ex­
penses, taxes, insurance, rentals, guaranteed interest and guaranteed
dividends, and expenditures for maintenance; and Annual Interest shall be
construed as interest actually paid in each year except that for the' latest
year it shall be construed as one year’s interest on the total amount out­
standing at the time of the investment.
Not exceeding 65% of the deposits shall be invested in securities au­
thorized under this section; and not exceeding 5% of the deposits shall be
invested in the securities of any one company, and not exceeding 10% of
the deposits shall be invested in securities authorized by this section other
than in bonds, notes, equipment securities, and receiver’s certificates.
No investment shall be made in securities authorized under this section
unless the net income of the company in question in each of the three years
next preceding such investment shall have been not less than one and
one-quarter (134) times the annual interest on the entire funded debt.
In the case of a company formed by the consolidation of two or more
nriatinv companies, the net income and annual interest for the years pre­
ceding such consolidation shall be the combined net income and annual
Interest of the consolidated companies.
The change of motive power by any steam railroad company, whether
wholly or in part, shall not affect the eligibility for investment of any steam
railroad obligations.
Subject to the foregoing, investments may be made as follows;
STEAM RAILROAD SECURITIES.
1. In bonds or notes Issued or assumed by steam railroad companies and
in mortgage bonds of companies controlled by such companies for the re­
funding of which mortgage bonds of such companies are specifically re­
served, provided that in each of the three years next preceding such invest­
ment the net Income of such companies shall have been either (1) not less
than ten million dollars ($10,000,000) and not less than one and one-half
(1)4) times the annual interest on the obligations in question and all other
obligations of corresponding or prior lien, or (2) not less than two million
dollars ($2,000,000) and not less than one and three-quarters (1)4) times
the annual interest on the obligations in question and all other obligations
of corresponding or prior lien.
2. In mortgage bonds guaranteed as to principal and interest by such
companies, provided that in each of the three years next preceding such
investment the net income of the obligor company shall have been not
less than five hundred thousand ($500,000) and not less than one and
one-half (1)4) times the annual interest on the obligations in question and
all other obligations of corresponding or prior lien.
3. In the mortgage bonds of terminal or bridge companies guaranteed as
to principal and interest, by two or more such companies.
4. In equipment securities issued or guaranteed as to principal and
Interest by such companies, or by the Canadian National Railways or con­
stituent corporations of the system owned or controlled by the Canadian




2L

National Railways, or secured as to principal and interest through the
medium of a trustee by a prior lien on equipment leased to such companies
or the Canadian National Railways or its constituent corporations, provided
such securities are issued for not exceeding in par value 85% of the cost of
standard equipment and wither (1) mature in approximately equal annual
or semi-annual installments over a period beginning not more than six years
and ending not more than fifteen years' rom tne aace oi ineiri snue, or (2)
mature not more than fifteen years from date of issue and their payment at
maturity is provided for by a like series of installment payments to be used
for the purchase and retirement of certificates or as a sinking fund.
5. In the prior lien equipment obligations or equipment trust certificates
issued by the National Railway Service Corporation or by any such corpora­
tion organized under Act of Congress in pursuance of any equipment trust
financed in whole or in part through a loan or loans made or approved by
the Inter-State Commerce Commission, provided such securities are issued
for not exceeding in par value sixty per cent (60%) of the cost of standard
equipment and either (1) mature in approximately equal annual or semi­
annual installments over a period beginning not more than six years and
ending not more than fifteen years from date of their issue, or (2) mature
not more than fifteen years from date of issue and their payment at maturity
is provided for by a like series of installment payments to be used for the
purchase and retirement of certificates or as a sinking fund.
6. In certificates of indebtedness, commonly termed “receiver’s cer­
tificates,’’ issued by a receiver of any steam railroad under authorization
of the court having jurisdiction over such receiver.
7. In the dividend-paying capital stock of steam railroad companies of
which the net income in each of the five years next preceding such invest­
ment shall have been either (1) not less than ten million dollars ($10,600.0661
and not less than two times the annual Interest on the entire funded debt,
or (2) not less than two million dollars ($2,000,000) and not less than
two and one-half times the annual interest on the entire funded debt,
provided that the income of such companies applicable to dividends in at
least four of the five years next preceding such investment shall have been
not less than the current annual dividend requirements on the class of stock
in question and all other classes of stock of prior preference; and that such
companies in each of the five years next preceding such investment shall
have paid dividends at the rate of not less than 4% per annum on the class
of stock in question and all other classes of stock of prior preference; or in
the dividend-paying stock of any steam railroad company that is leased to
such company and whose dividends are guaranteed by such company.
PUBLIC SERVICE COMPANIES.
8. In mortgage bonds issued or assumed by public service companies
and in mortgage bonds of companies controlled by such companies for the
refunding of which mortgage bonds of such companies are specifically re­
served, provided that in each of the three years next preceding such invest­
ment the net income of such companies shall have been either (1) not less
than five hundred thousand dollars ($500,000) aud not less than one and
three-quarters times the annual interest on the oblig j cions in question and all
other obligations of corresponding or prior lien, or (2) not less than two
hundred and fifty thousand dollars ($250,000) and not less than twice the
annual interest on the obligations in question and all other obligations of
corresponding or prior lien and in bonds or notes issued or assumed by
public service companies, provided that in each of the three years next
preceding such investment the net income of such companies shall have
been not less than five hundred thousand dollars ($500,000) and not less
than two times the annual interest on the obligations in question and all
other obligations of corresponding or prior lien; provided that in all cases
the principal franchise or franchises of such corporations shall not mature
prior to the maturity of the obligations in question or that such companies
operate under indeterminate franchises or permits and are subject to the
regulatory supervision of a State commission of competent jurisdiction or
that such companies operate under a franchise or permit in which the
capital or Investment value of the company’s property Is fixed or deter­
mined when such investment or capital value is in excess of the Indebted­
ness represented by the above obligations.
9. In the dividend-paying capital stock of senior preference of public
service companies of which the net income in each of the five years next
preceding such investment shall have been not less than five hundred
thousand dollars ($500,000) and not less than twice the annual interest on
the entire funded debt, provided that the income applicable to the payment
of dividends shall during such period of five years have averaged not less
than twice the dividend requirement of such stock, and that such com­
panies in each of the five years next preceding such investment shall have
paid dividends at the rate of not less than 4% per annum on the class of
stock in question, and provided that the issue of such stock has been autho­
rized by a State commission of competent jurisdiction.
NEW HAMPSHIRE COMPANIES.
10. In the bonds or notes of public service and water companies organized
under the laws of and located and doing business principally within the
State of New Hampshire; provided the net income of such companies in
each of the three years next preceding such investment shall have been not
less than twice the annual interest on the obligations in question and all
other obligations of corresponding or prior lien; and in the dividend-paying
capital stock of senior preference of such companies, provided that the in­
come of such companies applicable to dividends in at least four of the five
years next preceding such investment shall have been not less than one
and one-eighth times the current annual dividend requirements on the
class of stock in question, and that such companies in each ot the five
years next preceding such investment shall have paid dividends at the rate
of not less than 4% per annum on the class of stock in question.
TELEPHONE AND TELEGRAPH COMPANIES
11. In bonds or notes issued or assumed by telephone, telegraph, or
telephone and telegraph companies of which the net income in each of the
five years next preceding such investment shall have been either (1) not
less than ten million dollars ($10,000,000) and not less than two times the
annual interest on the entire funded debt, or (2) not less than two million
dollars ($2,000,000) and not less than two and one-half (2)4) times the
annual interest on the entire funded debt.
12. In the dividend-paying capital stock of senior preference, of tele­
phone, telegraph, or telephone and telegraph companies of which the net
income in each of the five years next preceding such investment shall have
been either (1) not less than ten million dollars ($10,000,000) and not less
than twice the annual interest on the entire funded debt, or (2) not less
than two million dollars ($2,000,000) and not less than two and one-half
(234) times the annual interest on the entire funded debt, provided that the
income of such companies applicable to dividends in at feast four of the
five years next preceding such investment shall have been not less than the
current dividend requirements of the class of stock in question, and that
all companies to be eligible under this paragraph in each of the five years
next preceding such investment shall have paid dividends at the rate of
not less than 4% per annum upon the class of stock in question
BONDS OR NOTES.
13. In bonds or notes issued or assumed by companies of which the net
Income in each of the five years next preceding such investment shall have
been either (1) not less than ten million dollars ($10,000,000) and not less
than two times the annual interest on the entire funded debt, or (2) not
less than two million dollars ($2,000,000) and not less than four (4) times
the annual interest on the entire funded debt.
CAPITAL STOCK.
14. In the dividend-paying capital stock of senior preference, of com­
panies of which the net income in each of the five years next preceding such
investment shall have been either (1) not less than ten million dollars
($10,000,000) and not less than twice the Interest on the entire funded
debt, or (2) not less than two million dollars ($2,000,000) and not less than
four times the annual interest on the entire funded debt, provided that the
income of such companies applicable to dividends in at least four of the
five years next preceding such investment shall have been not less than the
current dividend requirements of the class of stock in question; or if such
companies have no funded debt then the income applicable to dividends in
at least four of the five years next preceding such investment shall have
been not less than one and one-fourth (1)4) times the current dividend
requirements of the class of stock in question; and that all companies to be
eligible under this paragraph in each of the five years next preceding such
Investment shall have paid dividends at the rate of not less than 4% per
annum upon the class of stock in question.
Sec. 5. In the bonds or notes or any manufacturing company organized
and doing business in the New England States with an unimpaired capital
of two hundred and fifty thousand dollars ($250,000) and in the stock or
certificates of interest of such company; provided always that the company
has earned and paid in each of the five years preceding such Investment
dividends of at least four per cent on its entire capital stock, and that its
net indebtedness does not exceed fifty per cent on its unimpaired capital
stock. In case of the issue of new stock the earnings of the company in

22

[Vol. 122,

NEW HAMPSHIRE—CITIES & TOWNS

addition to the foregoing requirements must have been sufficient in the next
year preceding such investment to have paid the average rate of dividend
for that year on both the outstanding stock and the new issue to make the
stock of tne company a legal investment. Not exceedingfi ve per cent of the
deposits shall be invested under the provisions of this paragraph; and no
bank shall hold more than five per cent of the stock of any such company.
Sec. 6 In the capital stock of any banking or trust company, or special
deposits of guaranty savings banks incorporated under the laws of the
State of New Hampshire and doing business therein; but the amount of
such stock held by any savings bank as an investment and as collateral
for Ioans shall not exceed one-tenth of the total capital stock or special
deposits of such banking or Crust company or guaranty savings bank, and
not exceeding 10% of the deposits shall be so invested.
Sec. 7. In the stock of any national bank or trust company located In
the New England States or the State of New York, but not exceeding 10%
of the deposits of a savings bank shall be invested in such stock; the amount
of stock In any national bank or trust company in this State which may be
held by any savings bank as an investment or as collateral security for
Ioans shall not exceed 25% of the capital stock of said national bank or
trust company; and the amount of stock in any national bank or trust
company outside of this State which may be held by any savings bank as
an investment or as collateral for loans shall not exceed one-tenth of the
capital stock of said national bank or trust company.
,
Sec. 8. Unless the guaranty fund of a bank is full and unimpaired and
the value of its assets as determined by the Board of Bank Commissioners
shall exceed the amount of the deposits by at least 5%. it shall be unlawful
for it to invest in any stocks of paragraphs 7, 9,10,12 and 14 of section 4 or in
any securities of Section 5 of this Act without the written permission of the
Board of Bank Commissioners; and whenever in the opinion of the Board
of Bank Commissioners the condition of any bank or general financial
conditions are such that the board deems it unwise for said bank to invest
in said securities, it may by written order forbid such bank to make such
Investment, and it shall not thereafter be legal for said bank to make such
investment until such order shall be revoked in writing.
Sec. 9. No savings bank shall expend in the purchase, construction
or remodelling of any building and the construction of vaults, for the pur­
pose, in whole or in part, of accommodating the business of such bank, a
greater sum than the amount of its unimpaired guaranty fund and surplus
except it is authorized to do so by the Bank Commissioners.
Sec. 10. Deposits of cash on call or subject to check shall be made in some
national bank located in the New England States or in the cities of New York
City and Philadelphia, or in some trust company incorporated under the
laws of this State or Massachusetts, or in such company incorporated under
the laws of the State of New York and located in New York City.
Sec. 11. In determining the percentage of deposits invested under the
provisions of this act, previous investments held by the banks shall be in­
cluded.
Sec. 12. A11 Acta and parts of Acts inconsistent with this Act are hereby
repealed; and this Act shall take effect upon its passage.
INVESTMENT OP TRUST FUNDS.—(1895) Chapter 71, Sec. 1.
Trustees and guardians shall be authorized to invest funds in their hands
In the bonds or direct obligations of any county, city, town, school, fire
or water district in New England, when the net debt of said municipality
does not exceed five per cent of the last assessment of taxes for the purpose
of taxation. The term “net debt” shall be construed to denote the in­
debtedness of any municipality, omitting debt created for supplying the
Inhabitants with water and deducting the amount of sinking funds avail­
able for the payment of the indebtedness of the municipality

CITIES, COUNTIES AND TOWNS IN THE

STATE OF NEW HAMPSHIRE.
ASHLAND.

CLAREMONT.

NOTE DEBT Apr 1 ’26-- $75,250
Assessed value, real_______ 1,291,548
Assessed value, personal__
65,276
Other assess, property____ 738,625
Total assess, val. '25 (act.)_2,095,449
Tax rate (per $1,000) 1925 — $25.60
Population in ’10, 1.412: ’20, 1,325.

Water Bonds.
4s 13 J-J $32,309—#3.700 yearly
4s ’23 M-N$67,509c_Nov 1 ’26-'43
4^s '25 J-J / 3,000--Jan 1 1927
136,000--Jan 1 ’28-’45
School Bonds.
4J^s’23M-sT $8,000—Sept 1 ’26-’27
t 48,000.-Sept 1 ’28-’43
Refund.
4s '14 J-J $24.850c.July 1 ’26-'34
Trust Fund Bonds.
4s
... $38,686.78............. 1936
Bridge Bonds.
is '15
$21,400___ Part yearly
High-School Bonds.
4s '15
$60,100___ Part yearly
Fire Station Bonds.
4s ’17 --- $15,000--$l,250 yearly
4s ’18 --1 000--$1,000 yearly
Street Bonds.
4>£s’18---- $2,000--$1,000 yearly
4s '17 __
2 (,800___ Part, vearlv
BOND. DEBT Apr 1925. $388,550
NOTE DEBT (add’I)___
82,136
Cash on hand__________
19,610
Total assess, val. 1925__ 15,975,990
Tax rate (per $1,000) 1925__ $22.00
Population 1910, 7,529; 1920, 9,524
INT. on water bonds of 1913 and
1923 and refunding at Claremont
Nat. Bank; on water bonds of 1925 at
Old Colpny Trust Co., Boston.

This town is In Grafton Countv.
This town Is tn Sullivan County.
BONDED DEBT_________
None Incorporated 1764.

BERLIN.
This city is In Coos County. In­
corp. Feb. 6 1897. New city charter
was adopted by the voters May ll’O9.
Water Bonds.
f$40,000c.Apr 1 ’27-’3O
4J£s ’25A-O{150,000c.Apr 1 ’31-’4O
200,000c.Apr 1 ’41-’5O
[300,000c. Apr 1 ’51-’6O
School Bonds48 ’16 J-J $20,000c. July 1 ’27-’36
4^s’22 F-A *68,000c-Aug 1 ’26-’42
Public Improvement Bonds.
($42,OOOc.July 1 ’26-'31
5s ’21 J-J 54,OOOc.July 1 '32-’4O
[
300c...July 1 1941
4j^s’24 J-J *70,000c.-July 1 ’26-’39
Bridge & Refunding Bonds.
4s|U5 A-O $40,500c.Apr 1 ’27-’35
School & Refunding Bonds.
4Hs’10M-N $5,000c.-.Nov 1 1926
High School Bldg. Bonds.
5s ’21 M-N $320.000c Nov 1 ’26-’41
4>£s’25 J-D/*150,000cDec 1 ’26-’4O
t *25,000c.Dec 1 ’41-’45
City Hall Bonds.
41$s’13 J-J $54,OOOc.July 1 ’26-'33
BOND. DEBT Apr 1’26. $861,300
Water debt (incl.)______
700,000
Total assess, val. ’25_____21,500,000

Tax rate (per $1,000) 1925___ $32.00

Pop. ’10, 11,780; 1920 _____ 16,104
*INT. at Old Col. Tr. Co., Boston

BRISTOL UN. S. D. NO. 2.
This district (P. O. Bristol) is
in Grafton County.
4^s’23 J-J $52 OOOc.July 1 ’26-’43
BOND.. DEBT April 1925.-$54,000
INT. at First Nat. Bk., Boston.

CARROLL COUNTY.
The county seat is Ossipee.
Court-House Bonds.
4s '15 M-N$15.000c.Nov 1 ’26-’3O
BOND. DEBT Dec 31 ’25 $15,000
Floating debt__________
63,000
Total assessed’25'__ .___ 17,622,112
Tax rate (per $1,000)’25_____$27.00
Population 1910.. 16.316: ’20. 15.017
INT. payable at the Conway Nat.
Bank, Conway.

CHARLESTOWN.
This town is In Sullivan County.
Water Bonds.
4s ’07 J-J $14,800c................. 1927
Sewer Bonds.
4s ’13 A-O $8,200c........
1933
BOND. DEBT Jan 1 ’26-- $22,200
Floating debt (add’I)_____
3,000
Sinking fund (water)_____
3,986
Assess, val. real estate____ 1,371,270
Assessed val. personal____
95,567
Other assess, property___ 241,630
Assess, val. '25 (act.).____ 1,708,467
Tax rate (per $1,000) '25_____$25.00
Population In 1910, 1,496; ’20, 1,505




CLAREMONT SCHOOL DIST
This district (P. O. Claremont) is
in Sullivan County.
4>5s
__ $56,000c________ Serially
4Xs’25 J-J 50,000--July 1 ’26-’45
BOND. DEBT Mar. 23 ’26-$106,500
School tax rate (per $1,000) ’25-$7.56
Population (est)___________ 11,000
Int. payable at Old Colony Trust
Co., Boston. _____
CONCORD.
Concord (Incorp. 1853) Is the capi­
tal of the State and the county seat
of Merrimack County. Its water­
works more than take care of the
interest on the water bonds
4Ks’25 J-D 160,000c____ 1927-1965
Public Improvement Bonds.
4^s’24 M-N$56,000 _____ 1927-1934
4^s’25 M-N 63,000_____ 1927-1935
Street Bonds.
4J^s’23 M-N$30,000—Nov 1 ’26-’28
♦Bridge Bonds.
4s ’15 J-D /32,000c.June 1 ’27-’34
110,000c-..June 1 1935
♦Sewer Bonds
3 J^s’08 M-N $25,000c_..May 1 1928
4s 14 J-D T 5,000—.Dec 1 1930
120,000.Dec 1 ’32 & '34
♦Waterworks Bonds.
4J4s'22 -.- $198,000-Jan 1 ’27-’37
♦Union School District Bonds.
3>£s’O6 J-J $35,000___ July 1 1927
3>Ss ’06f-J
4,000____ July 1 1928
3J^s '06I-J 20,000 .July 1 ’29-'3O
3 «s 06I-J
9,000____ July 1 1931
4s 14M-N 1 6,000____May 1 19 >8
J30.000—May 1 ’32-’34
4s 22 A-O 3 i.000-.Oct 1 ’2'-’42
4J4s’25 J-D 78,000c-Dec 1 ’27-65
♦City-Hall Bonds.
3t$s’04J-J $36,000-.July 1 ’?6-’29
3^s’O4 J-J ($20,000—July 1 ’27-’28
1 5,000___ July 1 1929

♦Public Park Bonds.
4s ’14 J-D $15.000..Dec 1 ’31-’33
Departmental Equip. Bonds.
4J4s’26 M-N$80,000_____ 1927-1946
BOND. DEBT Jan 1 ’25- $669,000
Soucook River notes (add’I)
9,000
Assess, val. ’25__________ 28,895,631
Tax rate (per 1,000) ’25___ $25.30
Popul’n 1910, 21,497; 1920. 22,167
♦ Exempt from tax when owned
by Concord residents.
INT. at Claremont Nat. Bank.
CITY PROPERTY.—The city
valued its buildings and other oroo
erty on Dec. 31 1924 at $1,819,400.46
Incl. water works valued at $1,173.
357.79 which are the property of
the “precinct."
COOS COUNTY*
-s
__
$5,000___________
Funding Bonds.
5s ’21
--.$30,000___ $ 000 yrly
BOND. DT. Mar 31 ’26— $30,000
Assessed valuation 1925 — 63,431,237
Tax rate (per $1,000) 1925___ $29.90

DERRY.
This town Is In Rockingham Co
Inc. 1827. Population 1910. 5.123
1920. 5.382.
Refunding Bonds
4s '13 A-O $12,500c-.Nov 1 1928
30,000c.-Nov 1 1933
12,500c__Nov 1 1928
4^s’23 A-O
I 30,000c__Nov 1 1933
Water Bonds.
3)^s’O7 J-J
52,000___ July 1 1927
3)4s’10 M-N$44.000c...Nov I I93<(
5s120 A-O 37 500 _ 6pr l ’26-'4O
BOND DEBT May 10 ’26- $85,000
Assess, debt (add l>
...
15,000
Assess, val. 1925 (act.)----- 5,692,189
Tax rate (per Si,000) 1925—$29.50
INT.payable In Boston, on bonds
of 1907 at Harris, Forbes & Co., Inc.
on bonds of 1910 at First. Nat. Bank

DOVER.
This city is the county seat of
Stratford County. Incorp, as a city
in 1855. Pop. '10, 13.247?20, 13,029
x City Hall Refunding Bonds.
3MJs’12 J-D $75,000c—Dec 1 ’28-’32
x Bridge Bonds.
4s’13 J-J $40,000c—July 1’27-’33
Water Works Notes.
3)4s’88J-J $10,000—Apr 2 1927
3) 4s’89 F-A
5,000........ 1926-1927
Highway Note.
4!4s
M-S $30.000_____ 1927-1931
4J4s
M-N 22,100_________ 1933
4) 4s’25 J-D
20,000____
1934
BOND. DEBT Apr 1 ’26- $192,100
Water debt (add’I)______
15,000
Assessed value, real_____ 9,068,854
Assessed value, personal-. 5,625,039
Assessed val. 1925 (act.) —14,693,893
Tax rate (per $1,000) 1925__ $26,40
INT. on bonds marked (x) at
First Nat. Bank, Boston; others at
Shawmut Nat. Bank, Boston.

HENNIKER.
A town in Merrimack Countv.
BOND. DEBT Jan 31 1926 $50,000
Floating debt (additional).
5,390
Sinking fund_____________ 14,872
Assessed val. 1925________ 1,338,749
Tax rate (per $1,000) 1925---$24 50
HILLSBOROUGH COUNTY.

County seats, Manchester and
Nashua.
Funding Bonds.
4s ’23 A-O$160,000c -.-1926-1933
BOND. DEBT Jan 1 ’26 $160,000
Assessed valuation 1925. $ 195,518,149
Tot. tax rate (per $1,000) ’25-$25.60
Pop. in ’10, 126,072; ’20. 135,512.
INT. on 3)4s at Old Colony Trust
Co., Boston.
JAFFREY.

This town is in Cheshire County
incorp. in 1773. Population 1910.
1.895: 1920, 2.303.
Water Bonds.
3s ’02 J-J ( 9,000r.Jan. 1 ’27-'29
1 l.OOOr—Jan. 1 1930
4Hs
J-J f 3,000—-Jan 1 ’27-29
[56,000-..Jan 1 '30-’43
Water ex.notes 4s(on demand) $3,000
Reservoir Bonds.
5s ’24 J-J $6,000r—Jan 1 ’27-’32
Road Notes.
5s
$2,500c__ On demand
Bridge Bonds.
4s ’16 J-J $10,000—-Jan 1 ’27-’33
3%s’16 J-J
8,000---Jan 1 ’34-’36
State Road Trunk Line Bonds.
5s '24 J-J ($2,000r-„Jan 1 1927
1 l,000r-—Jan 1 1928
Sewer note 5s (on demand) $50 I
BOND. DEBT Mar 29 ’26- $102,000
Water debt (included)___
72,000
Floating debt (add’ 1)_____
16,600
Assess, val. real estate___ 2,504,322
Assess, val. personal- —___ 1,012,108
Total assessed val. 1925__ 3,516,430
Tax rate (per $1,000) 1925__ $29.00
INT. in Jaffrey.

JAFFREY SCH. DIST.
School Bonds
Is
A-Of$18,OOOc-Oct 1 ’26-’34
1 1,000c. ..Oct 1 1935
BOND. DEBT May 1924- $23,000
Floating debt______________ 2,000
Total valuation 1922_____ 3,661,005
School tax rate(per $l,000)’22_$5.00
(NT. at Monadnock Nat. Bank,
East Jaffrey.

KEENE.
County seat of Cheshire Co. In­
com. as a town 1753: city, 1874.
Water Loan Notes.
4Xs’24M-S$140,000—Sept 1 ’26-’35
Refunding Bonds.
4s ’16 F-A $10,000—Aug l ’26-’26
Highway Bonds.
4Xs’22 M-S $17,500-Mar 31 ’27-’33
4^25^— e$16,000—Aug 1 ’26-’33
BOND. DEBT Apr 1’26. $43,500
Water debt (add’I)......... —
150,000
Floating debt (add’I)____
3,000
Assessed val., real estate. _ 13,082,602
Assessed val., personal__ 3,956,924
Total valuation (Act) '26-17,039,526
Tax rate (per $1,000) 1926----- $25.60
Population ’10, 10,068; ’20 11.240
INT. at Ashuelot-Citizens Nat. Bk.

EXETER.
This town is in Rockingham Co.
incorp. 1638. Pop’n 1910, 4,897;
1920, 4,604.
Street (Int. at Exeter Banking Co.)
4Hs
M-S $29,000c.$l,000 yearly
Seminary (Int. at Exeter Bank.Co.)
4!4s'O9 J-J $72,000c-$l.000 yearly
BOND. DEBT April 1925. $117,100
Cash on hand
-_______
32,229
UNION SCHOOL DIST.
Assessed value 1925--------- 6,156,840 KEENE
School Bonds.
Tax rate (per $1,000) 1925—$25.50 3J^s
’12 M-N$20,000c-May 1 ’26-’27
5s ’21 F-A 30,000c.Aug 1 ’26-’31
FRANKLIN.
’24 F-A 99,000c.Aug 1 ’26-’34
This city is in Merrimack County. 4j4s
4J<s’25 J-D 20,000c_June 1 ’26-’29
Tnc. as a town 1828; a city, 1895.
School Note.
Sch. Park & Heat Plant Bonds. 3^s’ll A-O $19,500-...Oct 1 1961
3)4s'07 J-D $30,000c„-June 11927 BOND. DEBT May 1 ’28-$150,000
Memorial Hall, Refund.& Sewer Note debt (additional)___ - - 19,500
3J4s’O8 A-O $50,000c—_Oct 1 1928 Total val, of sch. prop. '25.- 567,000
School population 1920______ 2,334
Refunding Water Bonds.
I $6,000c..Oct 1 1926
5s 21 A-O} 50,000c.-Oct 1’27-’36 LACONIA.
Laconia (cltv) is In Belknap Co
GEN. BD. DT. Apr 1 ’26-- $136,000
Water debt (Incl.)------------ 60,000 Incorp. May 3 1893. Population
Floating debt (add’I)------- 113,250 1910, 10,183: 1920, 10.897.
School Building Bonds.
Assess, val. real estate___ 3,451,525
Assess, val. personal_____ 1,548,254 4J^g'22M-N$191,250c-May 1 ’27 '42
School Notes.
Other assessable property—2,727,642
Tot.assess.val. '25________ 7,727,421 4}£s’23J-J 15 $30,OOOc.July 15’26-'31
Refunding Bonds.
Tax rate (per $1,000) 1925__ $26.00
Population In 1910, 6,132; ’20, 6,318 4>£s ’18—$40,000-$5,000 y'ly June 1
Street and Sewer Bonds.
INTEREST payable at First Na­
’25 A-O $60,000 _____1926-1945
tional Bank, Boston, or Treasurer’s 4J4s
Sewer and Funding Bonds.
office.
4s ’94 A-O$103,000—$7,000 yearly
BOND. DEBT Apr 1926. $423,250
GORHAM.
debt (additional)__
70,815
This town Is In Coos County. Inc. Note
Cash
on hand__________
62,842
1836. Population 1910, 2,155; 1920 Assessed
value 1925--------- 15,935,302
2,734.
Tax
rate
(per
$1,000)
1925
—
$2580
Municipal Building Bonds.
INT. at First Nat. Bank. Bostor.
— $30.000.......................... and
Old Colony Trust Co.. Boston.
Water Bonds.
4s
... $56,000.................... 1939
BOND. DEBT Feb 12 '26. $86,000 LEBANON.
This town Is in Grafton County.
Note debt (add’I)________
8,000
Highway Bonds.
Sinking funds (incl. cash on
5s
F-A $14,000c_________ 1930
hand)____ _____
40,778
Bonds.
Assessed value 1926_______4,765,150 5s Bridge
J-J $55,000c...................1940
Tax rate (per $1,000) 1925—$31.00
Ton Hall Bonds.
INT. at Manchester Safety & De­ 4J^s M-N$240,000.......... -----1943
posit & Trust Co., Manchester.
BOND. DEBT Mar 31 ’26-$285,000
Assessed value, real______ 4,879,756
Assessed value, personal__ 2,419,460
GORHAM SCHOOL DISTRICT.
This district (P. O. Gorham) is Tot. assess, val.(act.) 1925-7,299,216
Tax rate (per $1,000) 1925__ $31.10
in Coos County.
($56,000 .......... 1926-1933 Population 1910, 5,718; 1920, 6,162
4^s’23 J-J J 30,000 _____ 1934-1938
I 25,000 _____ 1939-1943 LEBANON SCHOOL DISTRICT
BOND. DEBT June 30 ’25- $128,000
This district (P. O. Lebanon) is in
Note debt (add’I)________
27,000 Grafton County.
Total assessed value, 1925-4,765,150 4Ks’25 F-A/$90,000c.Aug. 1 ’26-’35
[ . 85,000c.Aug. 1 ’36-’45
HAMPTON.
BOND. DEBT Aug. 1 '25- $175,000
This town is in Rockingham Co.
Total assessed value 1925—6,422.195
BOND. DEBT Mar 30 ’26- $143,000 School tax rate (per $l,000)’25-$1.10
Note debt (additional)----19,031 Population (est.)____________ 5,000
Assessed value 1926______ 4,941,755
Int. payable at First National
Tax rate (per $1,000) 1924____$28.00 Bank, Boston.

June, 1926.]
LITTLETON.
This village is in Grafton County
BOND. DEBT Feb 1 1926- $68,000
Sinking fund____________
63,759
Assessed valuation 1925 -2,964,915
Tax rate (per $1,000) 1925—$29.50
Population 1910. 3.059; 1920, 2,308

LITTLETON UNION SCH. DIST.
_s ’13 J-J $25,000___ July 1 1933
4}£s’25 M-S 160,000c-Sept 1 ’26-’45
BOND. DEBT April 6 ’26- $185,000
Sinking fund______________ 11,814
Total assess, value 1925 4,443,357
School tax rate(per$l,000)’25-$11.25
Population in 1920__________ 4,239
INT. on 4Ks payable at Manches­
ter Safety Deposit & Trust Co.,
Manchester.
LITTLETON, TOWN.

This town is in Grafton County
Incorporated in 1874.
Water and Light Bonds.
3«s
J-D$200,000......... .......... 1933
3 Ks’07 J-D *60.000c. ..June 1 1927
Funding Bonds.
4J4s’23 J-D ($49,000--June 1 ’27-’33
1 60,000--June 1 ’34-’43
BOND. DEBT Feb 1 1926- $260,000
NOTE DEBT (add’l)____ 115,000
Sink, fund (incl. cash on hd) 193,318
Total ass’d val’n 1925____ 4,443,358
Tax rate (per $1,000) 1925____$23.50
Pop. In 1910, 4.069; 1920..........4,239
*INT. at Atlantic Nat. Bk.. Bost
MANCHESTER^
This city is one of the county seats
of Hillsborough County, incorp
July 10 1846. Population 1910, 70.
063; 1920, 78,384.
Drill Tower—Fire Bonds.
5s '21 A-O $8,000..Apr 1 ’27-'80
Fire-Department Bonds.
3 Ks’12 M-S ($30,000--Sept 1 ’26-’31
1 10,000-.--Sept 1 1932
4s ’22 A-O 51,000..-Oct 1 ’26-’42
4s '23 A-O *54.000.-Oct 1 ’26-’43
Street & Sewer Bonds.
4s T3 A-O $40,000-..0ct 1 ’26-’33
4s T4 J-J 40,500—July 1 ’26-’34
4s 16 F-A 55,000.-Aug 1 ’26-'36
4s '19 M-S ( 75,000-Mar 1 ’27-’29
I 50,000-Mar 1 ’30-’39
Sewer Bonds.
5s ’21 J-J ($15,000--July 1 ’27-’3l
I 20,000—July 1 ’32-’41
4s ’21 A-O 80.000—Oct 1 ’26-’41
4s ’22 J-J 240,000..July 1 ’27-’42
4s ’23 A-O 85,000.-Apr 1 ’27-’43
4s ’23 F-A 85,0)0..Feb 1 ’27-’43
4s ’23 J-J (*42,500..July 1 ’27-’43
1*32,000--July 1 ’27-’43
4s '24 F-A 28.500-.Aug 1 ’26-’44
4s ’25 J-D 200,000.-June 1 ’26-’45
, Permanent Impt. Bonds.
S^s’lO A-0$100,000— -Apr 1 1930
3^s’12 J-J 30,000--July 1 ’27-’32
4s ’15 M-S 90,000.-Mar 1 ’27-’35
4s '17 F-A 120,000—Aug 1 ’26-’37
Refunding Loan.
3^s’03 A-O $50,000___ Apr 1 1927
3J^s’O9 A-O 50,000___ Apr 1 1929
Hospital Bonds.
4s ’15 J-D $20,000.-.Jan 1 ’27-30
School Bonds.
3^s’ll J-J ($20,000.-July 1 ’27-’3O
1 8,000___ July 1 1931
4s ’16 F-A $55,000..Aug 1 '26-'36
5s '20 F-A 252,500.-Aug 2 ’26-’4O
5s ’21 J-J 225,000.—Jan 1 ’27-’41
5s ’21 A-O 45,000-.Apr 1 ’27-’41
5s ’21 M-N 225,000-.May 1 ’27-^41
5s ’21 A-O 240,000.—Oct 1 ’26-’41
4^s’22 J-J
16,000..-Jan 1 ’27-'42
4s ’22 M-S 480,000..Mar 1 ’27-’42
4s ’22 M-S 255,000—Sept 1 ’2G-’42
4s '22 J-D 255,000.-Dec 1 ’26-'42
4s ’23 J-D *9t),000-.Dec 1 ’26-143
4s’24 J-D 34,000.-Dec 1 26-’44
4s ’25 F-A 16,000c.Aug 1 ’26-’33
Refunding Cemetery Loan.
4s 17 J-J
$6,000-.July 1 ’27-’28
Bridge & Sewer Bonds.
4s ’15 F-A $25,000..Aug 1 ’26-’3O
Bridge Bonds.
4s 13 J-J $35,000.-July 1 ’27-’33
5s ’21 J-D 100.000-.June 1 ’27-’36
4s '23 M-N*774,000.-May 1 ’26-43
Culvert Bonds.
5s ’20 M-S $12.500..Sept 1 ’26-’3O
Highway Bonds.
5s ’21 F-A $30,000___ Aug 1 1926
4s '22 J-J 30,000.. July 1 1927
4s'23 J-J *50,000--July 1’27-’28
4s '24 F-A 90,000.-Aug 1 ’26-’34
4s’25 J-D 100,000--June 1’26-’35
Water Bonds.
4s'26 M-S ($120,000c.Sept 1 ’26-’4O
1 30,000c-Sept 1 ’41-’45
BOND. DEBT Apr 1 192 j$5.367,00)
Water debt (included)__
20,000
Sinking funds__________
173,863
Total val. ’25 (abt.act.).118,869,769
Tax rate (per $1,000) 1925____$28.50
All bonds carry coupons.
INT. on bonds marked (*) at the
Amoskeag Trust Co., Manchester; or
the National Shawmut Bank, Boston;
on some of the others at Second Nat.
Bank, Boston and the National Shaw­
mut Bank, Boston.

School-Building.
4s ’09 M-S $16,000
Sept 1 1929
4s T5 M-S 60,000c--.Sept 1 1935
4s T6 F-A 18,000c-. _Aug 1 1936
4s ’16 J-J
4.500'-.. Dec 1 1O3«
4Hsg’18J-J 180,000.-Jan 1 ’27-’38
4^s’19 F-A(*25.000-.Aug 1 ’26-’29
1 50,000..Aug 1 ’30-’,39
5s ’20 M-S 10,000--Sept 1 ’26-’35
4^s’23 J-D 198.000c.Dec 1 ’26-’43
4j£s’24 J-J ♦( 99,000cJuly 1 '26-’34
(lOO.OOOcJuly 1 ’35-’44
4J^s’26 A-O 40,000c-Apr 1 ’27-’46
Fire Bonds.
4s g'14 J-D $10.000c.--June 1 1934
4^s’18 J-D
6,000--June 1 ’27-’2R
49(sg’22 M-S 31,000c. Sent 1 ’26-’37
4J£s’25 F-A *95,000c.Feb 1 ’27-’45
Sewer Bonds.
5s g '20 A-O $l4,000c..Apr 1 ’27-’4O
5s ’20 J-D 110,000c-Dec 1 ’26-’35
ll^s’22 A-O 36.000 .Apr 1 ’26-’37
4J£s’24 M-N*(45,000cNov 1 '26-34
120,000cNov 1 ’35-’39
Refunding Bonds.
4s g '07 J-J$60,000c. — July 1 1927
4s ’ll J-D 40,000____ June 1 1931
4s ’12 J-D 40,000____ June 1 1932
4s ’13 J-D 40,000____ June 11933
4s’14 J-J 40,000c...June 1 1934
4s T5 J-D 40,000c..-June 1 1935
Road Bonds.
4^s’18 J-D $6,000..June 1 ’27-’28
5s’21 F-A 28,000--Aug 1 ’26’36
(For maturity see V. 113, p. 442)
Sewer Bonds.
4s ’13 J-D $10,000___ June 1 1933
4Hs’19 A-O 12,000---0ct 1 ’26-’39
4^s’19 M-N *8,000-.May 1 ’27-’34
4^s’23 F-A 50,200..Aug l’26-’38
4Xs’25 M-N 65,000--Nov 1 ’26-’39
Highway Bonds.
4Jisg'22M-S$72,000c-Sept 1 ’26-’37
4^s’23 F-A Jfl5,000._Aug 1 ’26-’28
140.000.-Aug 1 ’29-’38
4s ’24 A-O *95,000c.Oct 1 ’26-’44
BOND. DEBT Mar 1 ’26-$2,189,000
General sinking fund.__
2 <7,818
Assessed value 1925_____ 43,414.437
Tax rate (per $1,000) 1924...$24.20
Popul’n 1910, 26,009; 1920, 28,379
INT. on bonds marked (*) at the
City Treas.’s office or at First Nat.
Bank, Boston: on 4Xs of 1922 at City
Treasurer’s office or at First National
Bank, Boston, at option of holder: on
all others at City Treasurer’s office.

PITTSFIELD.
This town is In Merrimack Co.
314s’17 M-S $33.000...Mar 1927-37
BOND .DEBT Apr 1 1926 . $36,000
Total assessed value 1926.-1,873,371
Tax rate (per $1,000) 1926___ $26 00
Population in 1910, 2,222; '20. 1,914
PLYMOUTH SCH. DIST.
This district (P. O. Plymouth) Is
In Grafton County.
BOND. DEBT Apr 3’26-. $32,800
Total ass’d val.’25(act’l)--2,582,482
Tax rate (per $1,000) 1925__ $35.00
Ponulatlon in 1920 __________ 2,200

PORTSMOUTH.
This city. Incorporated in 1849, Is
one of the county seats of Rocking­
ham County. Bonds marked (*) are
not taxed in Portsmouth.
Refunding Sewer Bonds.
4s ’14 M-N$16.000c..May 1 ’27-’34
Refunding School Bonds.
4s ’14 M-N $27 OOOc.Nov 1 ’26-'34
Street & Sewer Bonds.
4)<Csg’25J-D $27,000c.June 1 ’27-’35
Refunding Bonds.
4s ’09 J-J *$10,000c-.Jan 1 ’27-’28
Public Improvement Bonds.
4 y s’24 F-A($27,000c.Aug 1 ’26-’34
1 20.000c. Aug 1 ’35-’44
Paving Bonds.
4s’11 F-A $26,000c. Aug 1 ’26-’31
4s ’17 M-N(3O,000c.May 1 ’27-’31
1 5,000c.,-May 1 1932
5s '20 J-D 36,OOOc_July 1 ’27-’38
Paving & Improvement Bonds.
4>£s’23 J-D $91,000c.June 1 ’27-’39
Fire Station Bonds.
5s ’20 J-D $35,000c. June 1 ’27-’37
High-School Bonds.
4Xs’19 A-O $37.500c. .Oct 1 ’26-’3O
4J£s’24 M-N/18,OOOc.Nov 1 ’26-’34
(10.000c.Nov 1 ’35-’44
Water Bonds.
4J£sg’25J-D $28,000c.June 1 27-’4O
Refunding Water Bonds.
4s g’07 J-J $160.000c. ..Jan 11927
4s ’12 J-J *156.000c ..Jan 1 1932
Pierce Island Notes.
4>£s’23 F-A $6,000--Aug 1’26-’27
Bridge Approach Bonds.
5s ’21 F-A $124,500c.Aug 1 ’26-40
TOT. BD. DT. June 1 ’26 $892,000
Water debt (incl.)______
344,000
Sinking funds__________
270,942
Assess, val., real estate__ 14,986,751
Assess, val., personal___ 1,755,201
Total assess, value 1925 -16,741,952
Tax rate (per $1,000) 1925-.$28.00

NEWPORT.
This town is in Sullivan Countv
Incorp. In 1761. Pop. 1910, 3.765: Ponul n 1910. 11.26b- 19?o ,3 560
1920, 4.109.
INT. payable at First Nat. Bank
Fire Department Bonds.
or Old Colony Trust Co. or Mer­
3Hs
... $14.500____ _____ 1932 chants’ Nat. Bank, Boston.
Soldiers’ Monument Bonds.
3^s
... $5,000___________1932 ROCHESTER.
Bridge Bonds.
This city Is In Strafford County
4s
... $1,500_____ 1926-1927 Incorp, 1891.
Highway Bonds.
Highway Bonds.
4s
$1,000............1926-1927 -s
... $5,000c_________ 1927
Library Note.
City-Hall Bonds
6s
... $10.000_____
1929 4sg ’08 J-J $4.000c. __ Jan 1 1927
Refund Bds.
Municipal Bonds.
4s
... $9.000.............. ...1936 -s -. J-J $154.000c_June 1 1932
4s
...
5,700 .......... 1926-1933 TOT. BD. DT. Mar 27 ’26- $107,000
5s
... 55,800-................ 1933 Assess, val., real estate___ 6,269,712
Water Bonds
Assess, val., personal____ 3,456,464
4s
... $23.000.....................1936 Total valuation (act.) ’25-9,726,176
5s
__
36.000 .. .. 19.33 Total tax (per $1,000) 1925. .$25.08
4^s
...
50,000__________ 1944 Pop’n. 1910. 8,868; 1920 . 9.673.
Funding Notes.
INT.on4s '08 at Harris, Forbes
5s
... $13,150_____ 1928-1929 & Co., Inc., Boston; on municipal
Highway Notes.
bonds at the City Treasurer's office,
44£s
...
$3,500_____ 1926-1927 Rochester Trust Co.
5s
...
4,000.......... 1927-1928
COUNTY.
BOND. DEBT Mar 30 ’26- $202,500 ROCKINGHAM
County 3eat Is Exeter.
Note debt (Long term____________ 30,650
Alms-House Bonds.
(Short term____________ 21,000
’18J-D $25,000c.Dec 1 '26-’3O
Cash on hand___________
13,222 4Xs
Refunding Bonds.
Assess, val., real_________2,866,925
Assess, val., personal_____ 1,571,326 5s '21 A-O $15,000-.0ct 1 ’26-'36
Tot.ass’d val.’25(act.val.).4,438,251
Tax (per $1,000) 1925_______ $30.50
INTEREST at office of Town Treas

NORTHUMBERLAND.
A town in Coos County.
Improvement Bonds.
41^ s’25 F-A $45,000c_Feb 1 ’27-’35
BOND. DEBT Apr 13 ’26- $121,500
Floating debt___________
41,500
Assess, val. (abt. act.) ’26-2,770,790
Tax rate (per $1,000) 1925__ $30.80
Population 1920___ _________ 2,565
PEMBROKE.
This town is In Merrimack County
incorporated 1759.
Water Bonds.
4s ’14 F-A $1.3,000c...Feb ’27-’34
4s ’15 F-A
7,500c...Feb ’27-’34
4s ’14 F-A 75,500c.Feb 1 ’27-’34
4h ’15 F-A 44.000c. Feb 1 ’27-'34
BONDED DEBT (water)
April 1 1926.............
$157,500
Floating debt (add’l)___
5,000
Sinking fund___________
2,677
Assessed value—
Real estate........................ 1,134,105
Personal_____________
76,774
Other................
1,151,370
Assessed valuation 1925.. 2,362,249
Tax rate (per $1,000) 1924.___$19.00
MEREDITH VILLAGE FIRE DIS. Population in 1910, 3,062; ,20, 2.563
Meredith is in Belknap County
INT. at National State Capital
Water Bonds 1893 (taxable}.
18s
J-J $69.O00c____ July 1926 Bank, Concord.
BOND. DEBT May 23 ’24-.$30,000
Sinking fund_____________
4,500 PETERBOROUGH.
Assessed valuation 1924 ____ 983,013
A town in Hillsborough County
Tax rate (per $1,000) 1924—-$2.89 BOND. DEBT Apr 1 ’26.. $ 65,000
Population in 1920___________ 1,090 Water debt (included)____
.32,000
Total assess, val. 1926___ 3,185,554
NASHUA.
Tax rate (per $1,000) 1926__ $32.20
This city is In Hillsborough Co Population 1920_____________ 2.700
Incorporated June 28 1853.
City Bonds.
4^s’2O J-J $14,000c_.Jan 1 ’26P39 PETERBOROUGH SCH. DIST.
This district (P. O. Peterborough)
Bridge BoAds.
4 g 14 M-N $ 15.i500c
Mav 1 1934 is in Hillsborough County.
4- 15 M-N 15.000c. ..Nov 1 1035 4s ’26 M-N$100,000c.May 1 ’27-’46
I 17 ... 10.000___ $2,000 yrly BOND. DEBT Mav 15 ’26-$100,000
Funding Floating Debt.
Assessed valuation 1925__ 3,107,355
’16 J-D$145,000c...Dec 1 1935
Int. at the First National Bank,
5s ’21 F-A 10.000.......... 1927-1936 Petersborough.




23

VERMONT—DEBT OF STATE

BOND. DEBT Apr 1 ’26- $40,000
Cash balance___________
61,223
Assessed valuation 1925..62,995.633
Tax -ate (per $1,000) 1925__ $27,90
Pop’n 1910. 52.188: 1920....52.498
INT. on jail bonds at New Hamp­
shire Nat. Bank of Portsmouth or
First Nat. Bank, Boston; others
Portsmouth.
SALEM.
This town Is in Rockingham Co.
Incorporated in 1750.
Water Bonds
4s’07 J-D $22,000c_._June 1 1927
41<s’24 A-O 28,000c..Oct 1 ’26-’39
4J4s’25 J-J
15.000c.July 1 ’26-’4O
School Bonds.
4Ks’24 A-O $57,000.-.Oct 1 ’26-’44
-s ’25 A-O
9,500.-Apr 1 ’27-’45
BOND. DEBT Apr 1 ’26-. $132,000
Water debt (incl.)_______
65,000
Floating debt____________
19,200
Sinking fund_____________
16,192
Assessed val., real_______ 2,771 950
Assessed val., personal___ 410,570
Total value 1925_________ 3,182,520
Total tax rate (per $1,000) ’25 $35.40
Pop’n 1910. 2,117; 1920............ 2,318
INTEREST is payable in Salem.

SOMERSWORTH.
This city Is in Strafford County
Inc. 1893. Population 1910, 6,704:
1920. 6.688

BOND. DEBT Apr 15 '26. $122,500
Water debt (incl.)_______
95,500
Assess, val. 1925_________ 7,195.165
Tax rate (per $1,000) 1925___ $25.00
INT. at Harris, Forbes & Co.,
Inc., Boston.
STRATFORD.

A town in Coos County.

BOND. DEBT Apr 1 ’26.. $105,000
Assess, val. 1925________ 2,354,1-57
Taxrate (per $1.000) 1925____ $35 00
Population 1920_______________794
WHITEFIELD.

This town, is in Coos Countv
BOND. DEBT Feb 1 ’26-- $39,000
Cash bn hand___________
3,669
Assessed valuation 1925___1,583,050
Taxrate (per $1,000) 1925____$25.80
Population 1910. 1,635; 1920-.1,935
WHITEFIELD FIRE PRECINCT.
Refunding Bonds.
4^s’25 J-J ($30,000c-July 1 ’26-’4O
1 15,000c_July 1 ’41-’45
BOND. DEBT Mar 28 ’26- $45,000
Assess, val. 1925_________ 974,680

WOLFEBORO.
A town in Carroll County. Incor.
1770.
Water Bonds.
4^s’24 J-D $55.600___ Dec ’26-’44
GEN. BD. DT. Jan 31’26- $11,000
Water debt______________
55,600
Total assess, val. 1925___ 3,120,936
Tax rate (per $1,000) ’26_____$27.40
Pop’n 1910. 2.224; 1920............2.178

WOODSVILLE FIRE DISTRICT.
This district Is in Grafton County.
Water Bonds.
($18,000c. July 1 ’27-’32
4s '22 J-J
10,000c.July 1 ’33-’37
I
5,000c.July 1 ’38-’42
4J£s’24 M-N 14.000c.May 1 ’27-’4O
Electric Bonds48’22 J-J $11,000c. July 1 ’27-’37
4M«’24 M-N(22,000c.May 1 ’27-’37
1 1,000c... May 1 1938
BOND. DEBT M«r 29’26- $88,000
Floating debt (add’l)_____
3,000
Assessed valuation 1925___1,914,706
Total tax rate (per $1,000) '25 $33.20
Population 1922____________ 2.000
INT. at First Nat. Bank, Boston.

State of Vermont.
ITS

DEBT, RESOURCES. &c.
Admitted as a State (Act Feb. 18 1791)........ March 4 1791
Total area of State (square miles).... ............................ 9,564
^tate Capital__________ ____ ___ _____ ____ Montpelier
Governor (term expires Jan. 1927)____ Franklin S, Billings
Lieut.-Gov. (term exp. Jan. 1927) Walter K. Farnsworth
Secretary of State (term expires Jan. 1927)._Aaron H. Grout
Treasurer (term expires Jan. 1927)_____ Thomas H. Cave
LEGISLATURE had been meeting biennially since 1870 In even yearsthe first Wednesday In October. On March 4 1913 an amendment was
adopted providing for the convening of the Legislature in odd years on the
first Wednesday after the first Monday in January. V. 96, p. 810. Length
of session Is not limited.
HISTORY OF DEBT.—For a brief outline of the early history of the
Vermont State debt see “State and City Supplement” of April 1895, pages
15 and 16.
The bonded indebtedness of the State on July 1 1925 was as follows:
Agricultural College fund bonds, 6s due 1932_____________ $135,500 00
Certificates of indebtedness 4s, due 1945__________________ 234,900 44
Certificates of indebtedness 6s, due 1945__________________ 211,131 46
Public building bonds 1917 4s (M. & N.) May 1 1926-1935..
110,000 00
Vermont State loan of 1919 4}£s (A.-O.) due Oct. 1 1926-1949. 1,161,000 00

Total.......... .................................... ............................................. .$1,852,531.90
Cash on hand and in banks July 1 1925___________________ 1,491,033.16
INTEREST on public building bonds is payable at State Treasurer's
office or Sherman National Bank, New York; and on others at the State
Treasury.
At the 1915 session of the State Legislature the Treasurer was authorized
to issue on July 1 1915, to the Trustees of the Permanent School Fund, cer­
tificates of registered loans of this State to the amount of $234,900 44 re­
deemable in 1925 on which the interest must be 4% annually on July 1 to
the Trustees of the Permanent School Fund. At the 1919 session of the
Legislature the State Treasurer was authorized to issue bonds not to exceed
$1,500,000 in amount, to be known as tha Vermont State Loan of 1919,
in denomination of $1,000 each, payable serially in equal amounts, the
last payment to be not later than 30 years after date and bearing interest
at not to exceed 4
. All these bonds have been issued, of which there
are $1,161,000 now outstanding.

24

VERMONT—DEBT OF STATE

STATE TRUST FUNDS.—Statement of several funds held In trust by
the State Treasurer July 1 1925 shows balances as follows: Agricultural
College fund, $135,500, Bennington Battle Monument fund, $1,065
Permanent school funds, $1 158-358.79: Carrie P. Underwood fund, $10,000:
Teachers’ Retirement System fund. $276 360.36: State insurance sinking
fund, $89,597 64; Committee of Public Safety fund, $1,654.53; sanatorium
fund, $200,000; deposits under Section 5549, General Laws, $380,000, and
deposits under Section 5623, General Laws, $5,000.
ASSESSED VALUATION ANOTAX RATE.—In addition to the valua­
tions below, the State received for the fiscal year ending June 30 1925,
$1,098,585.26 as taxes on deposits in savings banks, national banks and
trust companies which are taxed at the rate of 7-10 of 1%; also the State
received $540,837.50 as taxes on the appraised value of railroad property,
such property paying a tax of IK % on valuation.
Valuation
Net Valuation 1% of Val. Valuation
of
of Personal
of Real and of Taxable
Grand
Real Estate.
Property.
Pers'l Prop.
Polls.
List.
1900 -118,547,454 00 40,881,676 00 ......... !.......... 174,056 00 1,768,347 00
1902 .120,448,185 00 41,936,454 00 ................
178,688 00 1,802,543 00
1904 -126,064,526 00 41,525,354 00 ..............
178,216 00 1,854,114 00
1906 .128,998,848 00 42,953,812 00 ___________ 182,120 00 1,901,647 00
1908 .140,581,947 00 43,369,964 00 ___________ 183,500 00 2,023,019 00
1910 -143,386,564 00 45,106,982 00 . ..........
185,470 00 2,070,405 46
1911 -155,997,976 16 46,046,602 02 2,020,435 72 187,236 00 2,207,671 72
1912 -157,227,015 31 45,113,472 27 2,033,404 81 191,074 00 2,214,478 81
1913 .158,675,533 01 64,280,061 04 2,229,555 94 191,470 00 2,421,025 93
1914 -160.092,892 70 64,663,154 79 2,247,560 46 193,916 00 2,441,476 46
1915 -168,918,137 39 62,653,739 93 2,315,718 78 198,772 00 2,514,490 78
1916 -170,566,493 53 58,951,971 21 2,295,184 58 198,662 00 2,493,846 58
1917 .172,324,761 87 61,154,885 33 2,334,796 00 196,064 00 2,530,860 40
1918 .173,380,861 06 66,059,545 24 2,394,403 97 187,012 00 2,581,415 97
1919 -184,898,748 60 67,083,846 52 2,519,825 90 189,884 00 2,709,709 90
1920 .187,364,577 79 74,736,570 22 2,621,011 41 195,550 00 2,816,561 41
1921 .191,237,469 71 69,633,574 22 2,608,710 39 188,216 00 2,796,926 39
1922 .193,886,723 73 63,984,476 38 2,578,711 98 188,653 00 2,767,364 98
1923 .205,679,160.36 61,066,967.98 2,667,461.28 186,152.00 2,853,613.28
1924 .209,537,742.35 60,679,954.68 2,702,174.27 190,138.00 2,892,312.27
1925 -211,812,110 06 60,907,081 77 2,699,828 40 186,831 00 2,886,659 40
There was no direct tax for State purposes levied in any of the years
from 1903 to 1911, both inclusive. A tax of $1.30 per $1,000, however,
consisting of a State shool tax of $.80 and a State highway tax of $.50, was
collected and re-distributed to towns on a basis of the number of schools
and road mileage, the State, for the sake of equalizing its distribution
acting as agent in the matter. Prior to 1902 this tax was $1.00 per $1,000.
The Legislature of 1915 increased the State school tax from 80c. to $1.00.
to be levied annually, but this change did not take effect until the assess­
ment of 1916. In 1912 the Legislature levied a direct tax of 10 cents on the
dollar of the grand list (method of compiling grand list explained below),
one-half payable Nov. 10 1913 and one-half June 10 1914. The 1915
Legislature levied a direct tax of 5 cents on the dollar of the grand list for
the year 1916. The 1917 Legislature provided for the levying of a tax of
20 cenis on the dollar of the grand list for the years 1917 and 1918. The
1919 Legislature provided for the levying of a tax of 40 cents on the dollar
of the grand list for the years 1919 and 1920. The 1921 Legislature pro­
vided for the levying of a tax of 20 cents on the dollar of the grand list for
the year 1921 and a tax of 40 cents on the dollar for the year 1922. In 1923
the Legislature assessed a State tax of 25c. per dollar of the grand list for
1923 and 15c. for 1924. No provision was made for such a tax covering
the years 1925 and 1926 by the 1926 Legislature.
GRAND LIST.—How Constituted.—Section 779 of the General Laws
of Vermont 1917 reads: "One per cent of the appraised value of real estate
taxable to a person shall be added to the list of his personal estate; and the
sum so obtained, with the amount of his taxable poll, if any, shall con­
stitute his grand list.”
POPULATION OF STATE.—United States Census:
217.89t
1920____ 352,42811880____ 332,286 1840------ 291.94811810.
1910........ 355,95611870..........330,551 1830........ 280,652 1800.
154.46E
.343,641 1860.........315,098 1820........ 235.98111790.
, 85,42-f
1900.332.42211850____ 314,120
1890DEBT LIMITATIONS.—There appears to be nothing in the constitution
providing for a general limit to the debt-making power of municipalities
Whatever in each case the Legislature authorizes, the city, town, countj
or other civil division can issue.
In 1917 the Legislature enacted a law, which was approved on April 12
1917 repealing Chapter 157 of the Public Statutes, No. 84 of the Acts of
1908 and No. 126 of the Acts of 1912, in relation to the issuance of municipal
bonds, and providing generally for the issuance of such bonds for any pur­
pose if the proper formalities are complied with. We publish in part the
text of the law herewith which part comprises Sections 4076 to 4104 inclusive
of the General Laws. The Legislature in 1919 amended Sec. 4081 and
Sec. 4085 increasing the interest rate to 5% and limiting the period of
advertising the sale. Sec. 4081 was again amended by the 1921 Legislature,
the amendment making special provisions for the maturity of forest devel­
opment bonds. In 1925 the legislature further amended Sections 4081 and
4085 and also amended Sections 4077, 4078, 4083, 4084, 4086, 4088 and
4103. We enumerated the more important changes in the law in the
“Chronicle" on May 30 1925, page 2841. Below, in the case of Sections
4077 and 4103 we show the matter added in 1925 in italics and in Section
4078 we show the matter dropped in boldface brackets as well as the new
matter in italics. The law in part as the result of the latest amendments
now reads:
MUNICIPAL BONDS.
Section 4076. The term “municipal corporation” as used in this Act shall
Include a city, town, village, town school district, graded school district
or other school district and a fire district and a lighting district organized
under the laws of the State.
Sec. 4077. The term “legislative branch” of a municipal corporation
as used in this chapter shall mean the mayor and board of aldermen of a
city, the board of selectment of a town, the trustees of a village, the board
of school directors of a town school district and the trustees or prudential
committee of a graded or other school, fire or lighting district.
The word "improvement” as used in this chapter shall include, apart from
its ordinary signification, the acquiring of land for municipal purposes, the
construction of, extensions of, additions to, or remodeling of buildings or other
improvements, also furnishings, equipment or apparatus to be used for or in
connection with any existing or new improvement, work, department or other
corporate purpose.
Debt may be incurred and bonds issued under this Act for any improvement,
but no bonds shall be issued for the purpose of providing funds for ordinary
expenses of any municipal corporation.
Sec. 4078. When the legislative branch of any municipal corporation at
any regular meeting or at a special meeting called for that purpose shall by
resolution passed by a vote of two-thirds of all its members determine that
the public Interest or necessity demands improvements and that the cost of
[which] the same will be too great to be paid out of the ordinary annual
Income and revenue, it may at any subsequent regular meeting of such
legislative branch or at a special meeting called for that purpose, by a vote
of two-thirds of all its members, order the submission of the proposition of
making such public improvements, and of incurring a bonded debt to pay
for the same, to the qualified voters of such municipal corporation at [an
election] a meeting to be held for that purpose. The [ordinance or]
warning calling such [election ] meeting shall state the object and purpose
for which the indebtedness is proposed to be incurred, estimated cost of
the improvements, amount of bonds proposed to be issued therefor and the
maximum rate of interest to be paid, and shall fix the place where and the
date on which such election shall be held, the ho,us of opening and closing
the polls, the manner of holding said [election] meeting, the questions to
be submitted, and the form of ballot to be used. . . .
Sec. 4079. The clerk of the municipal corporation shall cause notice of
such election to be published in a newspaper published in said municipal
corporation once a week for three consecutive weeks on the same day of the
week, the last publication to be not less than five days nor more than ten
days before said election. If no newspaper is published in said municipal
corporation, then publication shall be made in some newspaper published in
this State that has general circulation in said municipal corporations.
Notice of said election shall also be posted in five public places within said
municipal corporation for the two weeks immediately preceding said elec­
tion. If two-thlrds of all the voters voting at said election shall vote to
authorize said public improvements and the issuance of bends to pay for the
same, the legislative branch shall be authorize to make said public improve­
ments and to issue bonds as hereinafter provided.




[Vol. 122,

Sec. 4080. Elections in municipal corporations under this Act shall be
conducted in the same manner as the annual city and town meetings are con­
ducted, and the qualifications of voters at such elections shall be the same
as the qualifications of voters at annual city and town meetings.
Sec. 4081. All bonds issued under this chapter shall be of a denomination
of not less than one hundred dollars nor more than one thousand dollars,
and shall draw interest at a rate not to exceed five per cent per annum,
payable semi-annually; such bonds shall be payable serially, the first
payment to be deferred not later than from one to five years after the issu­
ance of the bonds and subsequent payments to be continued annually in
equal or diminishing amounts so that the entire debt will be paid in not
more than twenty years from the date of issue. In the case of bonds
issued for the purchase or development of a municipal forest, the first
payment may be deferred not more than thirty years from the date of
issuance thereof, and thereafter such bonds shall be payable annually in
equal or diminishing amounts so that the entire debt will be paid in not
more than sixty years from the date of issue.
Sec. 4082. No municipal corporation shall incur an indebtedness for
public improvements which with the previously contracted indebtedness,
shall in the aggregate exceed ten times the amount of the last grand list of
such municipal corporation.
Sec. 4083. The legislative branch shall determine the rate of interest,
the denominations, tho time and place of payment, and the form of such
bond to be used. If bonds are to be registered, they shall be registered as
provided by this chapter.
Sec. 4084. The legislative branch shall annually at the time of assessing
the general tax levy, in addition to all other taxes, provide for the assessment
and collection each year, until such bonds are paid, of a tax sufficient to
pay, and to be applied to the payment of the interest on such bonds and
such part of the principal as shall become due prior to the time the taxes
are due in the next following year.
Sec. 4085. The bonds issued under this chapter shall be sold to the
highest bidder after being advertised once at least not less than five nor
more than thirty days before the date of sale in a newspaper published in
the county or within fifty miles of the municipal corporation issuing said
bonds and in case of issues exceeding ten thousand dollars also in some
financial paper published in Boston, Massachusetts, or New York, New
York. The advertisement shall state the amount and denomination of the
bonds, date of maturity, rate of Interest, and the time and place where the
bonds are to be sold. The legislative branch may reject any and all bids
and in case all bids are so rejected they may advertise and call for new
bids in the manner hereinbefore provided or in case after the bonds have
been advertised for sale as provided in this chapter and no bids have been
received, or all bids have been rejected and the whole or any part of the
bonds remain unsold, those unsold may be sold by the legislative branch
at private sale at not less than par and accrued interest.
Sec. 4086. Such bonds shall be signed by the mayor and treasurer of
an incorporated city, by the treasurer and selectmen or trustees, as the
case may be, of a town or village, by the treasurer and trustees or prudential
committee, as the case may be, of an Incorporated school district, lighting
district, or of a fire district, and by the treasurer and board of school
directors of a town school district, and the coupons to said bonds shall be
signed by or bear the facsimile signature of the treasurer. If such municipal
corporation has a corporate seal, such seal shall be affixed to such bonds,
otherwise such bonds need not be sealed.
Sec. 4087. In determining the amoufat of municipal indebtedness per­
mitted by the preceding sections, obligations created for current expenses,
for a water supply, or for electric lights, and temporary loans created in an­
ticipation of the collection of taxes and necessary for meeting current ex­
penses shall not be taken into account; provided that no such temporary loan
shall be extended beyond the fiscal year for which it is made and shall not ex­
ceed in amount 90% of the amount of taxes levied for such year; and pro­
vided further that sinking funds and other moneys set aside for the sole pur­
pose of paying outstanding bonds or other evidences of indebtedness
permitted under the provisions of the preceding sections; nor shall the provi­
sions of this and the preceding sections apply when the charter of a municipal
corporation limits its indebtedness.
Section 4088. [This section simply describes the form of bond to be issued
under the Act.]
REFUNDING BONDS
Sec. 4089. A municipal corporation that has outstanding and unpaid
orders, notes, bonds, or coupons, lawfully issued, may issue other nego­
tiable notes or bonds to pay or retire the same.
Sec..4090. Such municipal corporation by its legislative branch, by reso­
lution or ordinance, shall determine the necessity for issuing refunding bonds,
the amount of legal outstanding Indebtedness to be refunded, what amount
of new notes or bonds shall be issued, at what time and place they shall be
payable, the rate of interest thereon and when payable, the form of bond,
which shall be substantially in the form provided in this Act, and whether
the bonds shall be registered or have interest coupons attached. Such
new notes or bonds shall not exceed in amount such outstanding obligations,
nor shall they be used or sold except to provide means for paying or retiring
said outstanding indebtedness.
Sec. 4091. Such bonds shall be signed, sold, made payable, and mature
in the same manner as an original issue of bonds of a municipal corporation
are signed sold made payable, and mature, as provided in this Act
Sec. 4092. The treasurer of the municipal corporation shall keep a record
of every note or bond issued under this Act, stating th^ein the number and
denomination of each note or bond, when issued, and the rate of interest
hereon, and shall also keep a record of payments of interest or principal,
and. if coupons are taken up, shall record the fact and deface the same.
Sec. 4093. When old notes or bonds are taken up, as provided in this
Act, the treasurer of the municipal corporation shall keep a record of the
same, and such old notes and bonds shall be canceled.
Sec. 4094. All ordinances or resolutions required- by this Act to be
enaced by the legislative branch of a municipal corporation shall be duly
recorded in the office of the clerk of said municipal corporation.
REGISTERED OBLIGATIONS
Sec. 4095. A municipal corporation, as herein defined, may issue regis­
tered bonds, and if an original issue of bonds by such municipal corporation is
registered, they shall be registered as hereinafter provided.
Sec. 4096. A municipal corporation may, at the written request, duly
acknowledged, of the owner or holder of one or more bonds, promissory
notes or certificates of indebtedness issued by it and payable to bearer or
to a person or corporation named, or bearer, change such bonds, notes or
certificates into registered obligations, payable only to the person or
corporation whose name is properly endorsed thereon, as hereinafter
provided.
Sec. 4097. If it shall be determined by a municipal corporation to issue
registered bonds, then and in that event the legislative branch of the munici­
pal corporation shall direct the treasurer of such municipal corojration,
as the case may be, to endorse upon the back of each of such bonds over his
official signature a certificate of registration in substantial'/ the form
hereinafter provided, inserting in the appropriate places the date of such
registration, the name and address of the registered holder, and his own
signature as transfer agent, and thereafter such bond shall be transferable
only upon the books of such municipality upon presentation to tne treasurer
thereof with a written assignment duly acknowledged or proved.
Sec. 4098. In case a municipal corporation shall have issued coupon
bonds and the owner or holder thereof has requested that said bonds be
changed to registered bonds, as herein provided, then upon written request
for such change, duly acknowledged, the treasurer of such a municipal cor­
poration shall, if directed by the city council of the city, selectmen of the
town, school directors of the town school district, or other corresponding of­
ficers of the municipal corporation of which he is such treasurer, as the case
may be, cut off and destroy the coupons on the bonds presented for registra­
tion and endorse upon the back of each of such bonds over his official signa­
ture a certificate of registration in substantially the following form, inserting
in the appropriate places the date of such registration, the name and address
of the registered holder, and his own signature as transfer agent, and there­
after such bond shall be transferable only upon the books of such munici­
pality upon presentation to the treasurer thereof with a written assignment
duly acknowledged or proved.
Sec.-4099. [This section shows the certificate of registration to be used
where bonds are registered.]
Sec. 4100. The indorsement of such certificate of registration upon any
bond, note or certificate by such treasurer shall be conclusive evidence that

June, 1926.]

VERMONT—DEBT OP STATE

such treasurer was directed by the proper officers of the municipal corpora­
tion of which he was treasurer to convert such bond into a registered
obligation.
Sec. 4101. The treasurer of every such county or municipal corporation
shall keep a register showing t|ie number, date, amount, rate of interest,
time when payable, and the name of the registered holder of the bonds,
notes, and certificates originally registered or changed to registered obli­
gations.
Sec. 4102. Such conversion shall in no respect or degree weaken or im­
pair the obligation of such municipal corporation to pay such bond, note or
certificate so converted.
Sec. 4103. Notes, bonds or Orders issued as evidences of obligations for
money loaned to a county, town, town school district, village or incorporated
school or fire district of this State shall be deducted in determining the
average amount of deposits and accumulations under the provisions of
•Section 1, of No. 35 or the Acfts of 1910. Bonds or obligations given or
created in excess of the limit authorized by this Act and contrary to its
provisions shall be void.
The existing power of a municipal corporation to authorize public improve­
ments by a majority vote in a meeting duly called and held and to finance the
same temporarily by the issue of orders or notes and to issue bonds therefor is
not repealed or affected by the provisions of this chapter and the municipality
may refund all or any portion of such temporary orders, notes or bonds m the
method provided by sections 4089 to 4091 provided, however, that no public
improvement which has been voted upon- in the manner provided in sections
4078 and 4079 shall be voted upon in any such meeting except in cases of
emergency in which the vote stating the emergency shall be conclusive evidence
of the existence of the emergency \ The existing powe$ of a municipal corpora­
tion to refund obligations representing indebtedness accumulated in the ordinary
administration of the affairs of such municipality whether incurred for public
improvements or for current expanses and with or without vote of such munici­
pality is not repealed or affected by the provisions of this chapter except that
the method of such refunding be, as provided in said sections 4089 to 4091.
Sec. 4104. This Act shall not affect rights now allowed any municipal
corporation by its charter provisions, nor any rights now or hereafter
granted by special Act of the legislature.
EXEMPTION FROM TAXATION.—Subdivision XII. of Section 496 o1
the Public Statutes of 1906, as amended by Act 23 of the Laws of 1908
and Act 25 of the Laws of 1919. provides that the following municipal securi­
ties shall be tax-exempt:
XII. Notes, bonds or orders issued after Dec. 4 1912 as evidences of
obligations for money loaned tio the State, a county, town, town schoo
district, village or incorporated school or fire district, at a rate of interest
not exceeding 4% per annum, and notes, bonds or orders issued afte
March 1 1919 as evidences of Obligations for money so loaned as aforesaid
at a rate of interest not exceeding 5%: for the purpose of constructing,
purchasing, or repairing water, sewer, or lighting systems, permanent high­
ways, bridges, walks or public buildings, or for the purpose of refunding a
debt contracted for any of the foregoing purposes.
SAVINGS BANK INVESTMENTS—PRIVILEGES AND RESTRIC­
TIONS.—Several amendatory Acts to the Laws of Vermont regarding the
investments of savings institutions were passed by the Vermont Assembly
of 1919 One of these permit^ investments in Farm Loan bonds issued by
Federal Land banks; another authorizes investments in bankers’ acceptances
and bills of exchange under certain restrictions; another broadens the pre­
visions concerning investments in the bonds of the United Kingdom of
Great Britain and Ireland and the bonds of the Republic of France by re­
moving the qualifying clause Reading “provided they are secured by col­
lateral deposited in this country and approved by the Bank Commissioner”;
still another changes the provision for investment in this latter class of
bonds [which are grouped under the designation (h)] and for investment in
the bonds of the Dominion of Canada and the various Provinces of Canada
[which are grouped under the designation (i)], so as to enlarge the limitations
upon such investments which under the old law were expressed in the words
“Banks may invest in bonds ^escribed in subdivisions (h) and (i) not to
exceed thirty thousand dollar^ by any one bank, and in addition thereto
one per cent of the deposits of such bank in excess of one million dollars,”
the new words used, and printed below, permitting greatly increased invest­
ments; a further amendment adds a provision at the end of subdivision (e)
bearing upcn the issue of county bonds, which says that bonds issued for
building or improving roads shall not be legal unless they are payable ser­
ially, the entire issue payable iin not to exceed twenty years, the principal
and interest payable from a direct tax levied upon all of the taxable prop­
erty within the county—not alone that, but only such portions of such
bond issue are legal as fall due in not more than fifteen years from date of
issue; finally, the status of the railroads during Federal operation was fixed
by providing that railroad bonds, which were legal investments for savings
banks at the time when the Government of the United States took over the
operation of the roads issuing the bonds, shall not become illegal invest­
ments by reason of the operation of the roads by the Federal Government.
Sub-div. VI was amended in 1921 (1) extending investment limit in bank
stock from $35,000 to $50,000, and (2) permitting banks to deposit up to
4% of their assets on call in chartered banks of Canada. The same session
amended paragraph c, Subdiy. I., inserting the words “or husband” after
“wife” in the sixth line. In 1923 the first paragraph of subdivision VII,
which concerns loans on personal security, was amended. At the 1925 ses­
sion of the Legislature, Paragraph II, was amended by adding thereto a new
subdivision (j) under which banks may invest in certain additional foreign
government bonds. The act also amended, further, the last paragraph of
Paragraph II last amended, in 1919, reference to which is‘made above, so
as to permit any one bank to invest in the bonds under subdivision (j) up to
the same limit prescribed for the bonds under subdivision (h). The same
legislature also passed an act adding to Paragraph V a new sub-division (o)
which adds to the securities leigal for investments equipment notes of steam
railroads. All these amendments have been incorporated below, as they
now form part of Section 5363 of the General Laws of Vermont.
INVESTMENTS.
SECTION 5363.—Assets, nkay be invested how and in what, limitations.
The assets of banks shall be invested as follows:
FIRST MORTGAGES ON REAL ESTATE.
I. (a) In first mortgages of unincumbered real estate, not to exceed in
each case sixty per cent of the value of such real estate, if located in Ver­
mont, and not to exceed fifty per cent of the value of such real estate if
located elsewhere. Not less than a sixth of the amount of such mortgages
shall be upon real estate in this State, treating mortgages made on lands in
an adjoining State within twenty miles of the bank making such loan as
Vermont mortgage loans, and I not more than eighty per cent of the amount
of the assets shall be invested In mortgages of real estate; provided that not
exceeding sixty per cent of the amount of such assets may be invested in
mortgages of real estate outride this State An investment shall not be
made on mortgages of real estate outside of Vermont which is unimproved
and unproductive and the aihount of such investments on mortga'ges in
Vermont shall not be more than forty per cent of the value thereof. A
bank shall not loan to any person, partnership, association or corporation
upon real estate mortgage (treating loans to the individual members of a
partnership as loans to the partnership) more than thirty thousand dollars,
and in addition thereto one per cent of the deposits of such bank in excess
of one million dollars. Provided, however, that upon the approval in writing
of all the trustees of the bank who are physically able to act, a bank may
increase a loan of thirty thousand dollars on Vermont real estate, as stated
in this section, to one and one-half per cent of the deposits in excess of one
million dollars. A mortgage Investment shall not be made except upon the
written approval of at least three trustees of the board of investment, who
shall certify in writing, according to their best judgment, the value of the
premises mortgaged or to be mortgaged. At the expiration of every
mortgage loan made for a period of five years or more, such loan shall not
be extended or renewed unless three members of the board of investment
certify in writing the value, in their best judgment, of the mortgaged
premises and unless such value meets the requirements above prescribed.
(b) When buildings are included in the valuation of real estate upon which
an Investment is made, theyj shall be insured by the mortgagor in such
company as thg trustees or board of investment direct, and the policies of
ansurance shall be duly assigned or the loss made payable to such bank,
and such bank may renew such policies in the same or another company
is said trustees or board of investment elect, from year to year, or for a
longer or shorter period, if the mortgagor neglects so to do; and, when neces­
sary, the treasurer may sign premium notes, and may charge the amount
paid for such insurance to the mortgagor.
(c) When a bank takes an accruing mortgage, the only debt which shall
be secured thereby or become a lien upon the property described therein




25

shall be the debt described in the mortgage and existing at the time of its
execution, and any subsequent direct Indebtedness of the mortgagor to
such bank; provided, that when the mortgage includes a homestead, the
written consent of the wife or husband of the mortgagor to the creation of
such subsequent direct indebtedness shall be required.
MUNICIPAL BONDS.
II. (a) In the public funds of the United States or any of tne States or
the District of Columbia, or in public funds for the payment of principal
and interest of which the faith of the United States is pledged.
(b) In the legally authorized bonds or notes of counties, cities, towns, vil­
lages, school districts and water districts of the New England States and of
any municipal corporation in Vermont having the right to levy and collect
taxes in payment of its indebtedness.
(c) In the legally authorized bonds or notes of towns, cities and school
districts, having a population according to the last preceding United States
or State census of at least one thousand in towns and cities, and five hun­
dred in school districts, and an indebtedness not exceeding five per cent
cf the last preceding valuation for the assessment of taxes, at the time of
the investment in New York, Pennsylvania, Ohio, Michigan, Illinois, In­
diana, Iowa, Wisconsin and Minnesota.
(d) In the legally authorized bonds or notes of towns, cities, and school
districts having a population according to the last preceding United States
or State census of at least four thousand and an indebtedness not exceed­
ing five per cent of the last preceding valuation for the assessment of taxes
at the time of the investment in New Jersey, Kansas, Nebraska, North
Dakota, South Dakota, Missouri, Oregon, Washington, California, Dela­
ware, Montana, Wyoming, Idaho, Maryland and Utah;
(e) County Bonds.—In the legally authorized bonds of counties in any of
the above mentioned States having a population according to the last preced­
ing United States or State census of at least twenty thousand and an indebt­
edness not exceeding five per cent of the last preceding valuation for the
assessment of taxes, at the time of the investment. To this there was
added in 1919 the following: Bonds issued under this subdivision for
building or improving roads, shall not be legal unless they are payable ser­
ially; the entire issue payable in not to exceed twenty years; the principal
and interest payable from a direct tax levied upon all of the taxable prop­
erty within the county, and only such portion of such bond issue shall be
legal as will be due and payable in not more than fifteen years from date of
Issue.
(f) In the legally authorized bonds or notes of a city in any of the States
above named having a population according to the last preceding United
States or State census or at last twenty-five thousand and an indebtedness
not exceeding five per cent, or a population of fifty thousand and an in­
debtedness not exceeding seven per cent of the last preceding valuation for
the assessment of taxes, at the time of the investment.
(g) In the legally authorized bonds or notes of a city in any of the States
above named having a population according to the last preceding United
States or State census of at least one hundred thousand;
(h) Foreign Bonds.—In the bonds of the United Kingdom of Great Britain
and Ireland, and the bonds of the Republic of France. [As amended in
1919.1
(i) In the bonds of the Dominion of Canada and the various Provinces of
Canada.
(j) In the bonds of the kingdoms of Sweden, Norway, Denmark, Belgium
and the Netherlands and of the Swiss Confederacy when payable in United
States currency.
In subdivisions (c) and (d) the word“indebtedness" shall mean the gross
debt less debts created in anticipation of taxes to be paid within one year
an-1 the amount of any sinking funds available for the payment of such
indebtedness; and in subdivisions (e) and (f) the word “indebtedness”
shall mean the gross debt less debts created In anticipation of taxes to be
paid within one year, the amount of any sinking funds available for the
payment of such indebtedness and debts created for supplying the inhabi­
tants of the municipality with water.
Banks may invest in bonds described in each of subsidivisions (h) and (j)
not to exceed thirty thousand dollars by any one bank, and in addition
thereto two per cent of the deposits of such bank in excess of one million
dollars; and in bonds described in subdivision (i) not to exceed thirty
thousand dollars by any one bank, and in addition thereto five per cent
of the deposits of such bank in excess of one million dollars; but nothing
hereinbefore contained shall authorize investments in railroad aid bonds,
except such as are issued by municipalities in the State of Vermont or in
bonds which are not direct obligations of a municipality or in bonds of
municipalities which have within twenty years repudiated or compromised
the payment of any debt or defaulted for more than ninety days in the
payment of any indebtedness, and the purchase of such securities is hereby
prohibited. ]As amended in 1925.[
PUBLIC SERVICE COMPANY BONDS.
III. For the purposes of this subdivision:
“Company” shall be construed as a corporation or voluntary association
organized under the laws of the United States, or any State thereof, located
in and doing business principally within the United States;
“A public service company” shall be construed as a company doing prin­
cipally a gas, electric, light, electric power or electric railway business
serving the public generally:
“Mortgaged bonds” shall be construed as bonds secured primarily by
direct and foreclosurable lien upon physical property owned by the obli­
gator in fee;
“Years” shall be construed as calendar years; fiscal years or nearer periods
of twelve months next preceding such investment;
“Net income” shall be construed as income after deducting operating
expenses, taxes, insurance, rentals, guaranteed interest and guaranteed
dividends, and expenditures for maintenance; and
“Annual interest” shall be construed as interest actually paid In each
year, except that for the latest year, which shall be construed as one year’s
interest on the total amount outstanding at the time of the investment.
Not exceeding twenty-five per cent of the deposits of a bank shall be
Invested in securities authorized under this subdivision and not exceeding
two and one-half per cent of such deposits shall be invested in the securities
of any one company, if such percentage be in excess of five thousand dollars.
No investment shall be made in the securities authorized under this
subdivision of a company or a public service company which is in default
on any of its debt, or in the hands of a receiver.
No investment shall be made in the securities authorized under this sub­
division unless the net income of the company or public service company in
question in each of the three years next preceding such investment shall
have been not less than one and one-quarter times the annual interest on
the entire funded debt, rentals, guaranteed interest, guaranteed dividends
and all fixed charges, and for the purpose of this paragraph “net income”
shall be construed as income after deducting operating expenses, taxes.
Insurance and expenditures for maintenance.
Subject to the foregoing, investments may be made as follows:
In first mortgage bonds and first and refunding mortgage bonds issued
or assumed by public service companies and in mortgage bonds of the
companies controlled by such public service companies; for the
refunding of which mortgage bonds of such companies are specif­
ically reserved., provided that in each of the three years next pre­
ceding such investment the net income shall have been either
(a) not less than five hundred thousand dollars and not less than one and
three-quarters times the annual interest on the bonds in question and all
other obligations of corresponding or prior liens, or (b) not less than one
hundred fifty thousand dollars and not less than twice the annual interest
on the bonds in question and all other obligations of corresponding or prior
lien; provided that such bonds are in fact secured either by first lien on the
major portion of the mortgaged premises, or by a first and refunding mort­
gage, or by a lien for the refunding of which bonds which are legal are
specifically reserved; and provided that the principal franchise or fran­
chises of such companies extend beyond the maturity of the bonds in ques­
tion or that such companies operated under indeterminate franchises or
permits subject to the regulatory supervision of a State commission of com­
petent jurisdiction, or that in the case of electric railways not less than
seventy-five per cent of the mileage owned is located on private right of
way owned in fee.
TELEPHONE COMPANIES’ BONDS.
IV. (a) In the bonds of telephone companies located in the United
States, when such bonds are in fact secured by a first mortgage or a first
and refunding mortgage, whether or not the bonds are so designated In
their title;
(b) Provided: That gross earnings of any such company shall have been
at least one million dollars for each of the last three fiscal years next pre­
ceding such investment, and provided further that gross earnings for the
fiscal year next preceding such investment shall have been at least forty

26

VERMONT—DEBT OF STATE

per cent of the total mortgage debt outstanding at the end of such fiscal
year; and
(c) Provided: That net earnings for each of the said last three fiscal
years, after deducting all operating expenses, maintenance and deprecia­
tion charges, rentals and taxes, shall have been at least two and one-half
times the annual interest charge on the entire mortgage debt outstanding
at the end of each of the said last three fiscal years next preceding such
investment; and provided further that in case additional bonds are issued
under the above mentioned mortgages during an incompleted fiscal year,
net earnings, as provided above, for the last available twelve months next
preceding such investment shall have been at least two and one-half times
the interest on all mortgage debt outstanding, including such additional
bonds issued.
In the case of the consolidation by a merger of two or more such companies
the first mortgage and the first and refunding mortgage bonds of the con­
solidated company and of the separate companies that composed the con­
solidated company, when such bonds are secured as provided in sub­
division (a), shall be legal investments provided that the combined earnings
of the separate companies shall have complied with the requirements in re­
spect to gross earnings in subdivision (b), and provided that the combined
net earnings of the separate companies shall have complied with the re­
quirements of subdivision (c).
(d) In the bonds of telephone companies located in the United States,
when such bonds are secured by the deposit of collateral having a market
value of at least twenty-five, per cent in excess of the par value of such
bonds; and
(e) Provided: That gross earnings of any such company shall have been
at least forty million dollars for each of the last three fiscal years next pre­
ceding such investment; and
(f) Provided: That net earnings for each of the said last three fiscal
years, after deducting all operating expenses, maintenance and deprecia­
tion charges, rentals and taxes, shall have been at least three times the an­
nual interest charge on the entire funded debt outstanding at the end of
each of the last three fiscal years next preceding such investment, and pro­
vided further that in case additional bonds are issued during an incompleted
fiscal year, net earnings as provided above for the last available twelve
months next preceding such investments shall have been at least three
times the interest on all funded debt outstanding, including such additional
bonds issued.
(g) In the bonds of telephone companies doing a general telephone busi­
ness in this State.
(h) Provided: That gross earnings of any such company shall have been
at least fifteen million dollars for each of the last three fiscal years next
preceding such investment; and
(I) Provided: That net earnings for each of the said last three fiscal
years, after deducting all operating expenses, maintenance and deprecia­
tion charges, rentals and taxes, shall have been at least three times the
annual interest charge on the entire funded debt outstanding at the end of
each of the last three fiscal years next preceding such investment, and pro­
vided further that in case additional bonds are issued during an incompleted
fiscal year net earnings, as provided above, for the last available twelve
months next preceding such investment shall have been at least three times
the interest on all funded debt outstanding, including such additional bonds
issued.
(j) Provided: That no investment shall be made in the bonds of any
such company mentioned in this section, which is in default on any of its
debt or which is in the hands of a receiver.
But not more than ten per cent of the deposits shall be so invested.
BONDS OF VERMONT AND NEW ENGLAND RAILROADS.
V. (a) In the notes or bonds of a railroad corporation incorporated
under the laws of Vermont, irrespective of the length of such road or the
motive power thereof, when issued in accordance with the laws of this
State and in compliance with the provisions hereinafter set forth relating to
bonds of New England railroads.
(b) In the bonds or assumed bonds of a railroad corporation incorporated
In any of the New England States at least one-half of the railroad of whose
is located in said States whether such corporation is in possession of and is
operating its own road or is leased to another railroad corporation; provided,
either that such bonds shall be secured by a first mortgage of the whole or a
part of the railroad and railroad property of such corporation, or by a re­
funding mortgage as described in paragraphs (3) or (4) of sub-division (g)
or that if the railroad and railroad property of such corporation are uninnumbered by mortgage, such bonds shall be issued under the authority of
one of said States, which provides by law that no such railroad corporation
which has issued bonds shall subsequently execute a mortgage upon its
road, equipment and franchise, or upon any of its real or personal property,
without including in and securing by such mortgage all bonds previously
issued, and all its pre-existing debts and liabilities, which provision, so
enacted in such State, shall have been accepted by the stockholders of such
corporation; and provided, that such corporation has paid in dividends in
cash an amount equal to not less than 4% per annum on all its cutstanding
issues of capital stock in each fiscal year for the five years next preceding
such investment:
(c) In the first mortgage bonds or assumed first mortgage bonds or in the
bonds secured by a refunding mortgage as described in paragraph (3) or
(4) of sub-division (g) of a railroad corporation incorporated n any of the
New England States the railroad of whose is located wholly or in part
therein, which have been guaranteed as to principal and interest by a rail­
road corporation described in sub-divisions (a) or (b) which is in possession
of and is operating its own road;
(d) No bond shall be made a legal investment by sub-division (b) unless
the corporation which issued or assumed such bond has, during its fiscal
year next preceding the date of such investment paid in dividends on its
capital stock an amount equal to one-third of the total amount of interest
paid on all its direct and assumed funded indebtedness.
No bond shall be made a legal investment by sub-division (c) unless the
corporation which guaranteed such bond has, during its fiscal year next
preceding such investment, paid in dividends on its capital stock an amount
equal to a third of the total amount of interest paid on all its direct
assumed and guaranteed funded indebtedness.
No bond shall be made a legal investment by sub-division (b) or (c) un­
less the corporation owns in fee not less than 100 miles of standard-gauge
railroad (exclusive of sidings) within the United States.
BONDS OF OTHER RAILROADS,
fe) Description of Corporation. In the mortgage bonds, as describedin any
of the following subdivisions of this clause, of any railroad corporation in­
corporated under the laws of any of the United States;
Provided that during each of the ten fiscf 1 years of such railroad corpora­
tion next preceding the date of such investment—
(1) Such railroad corporation owned m fee not less than 500 miles of
standard-gauge railroad, exclusive of sidings, within the United States, or,
if such corporation owned in fee less than 500 miles of such railroad, the
gross earnings of such corporation.-reckoned as hereinafter provided, shall
have been not less than $15,000,000:
(2) Such railroad corporation shall have paid the matured principal and
interest of all its mortgage indebtedness;
(3) Such railroad corporation shall have paid in dividends in cash to its
stockholders an amount equal to at least 4% upon all its outstanding
capital stock:
(4) The gross earnings from the operation of the property oi such rail­
road corporation, including therein the gross earnings of all railroads leased
and operated or controlled and operated by said corporation, and the gross
earnings from the sale of coal from mines owned or controlled by it, shall
not have been less in amount than five times the amount necessary to pay
the interest payable upon its entire outstanding indebtedness, the rentals
of all leased lines and the interest on all the outstanding indebtedness of
railroads, controlled and operated, which is not owned by said corporation,
after deducting from said interest and rentals interest and dividends re­
ceived from the stocks, bonds or notes of railroad corporations not operated
by such corporation, which have been deposited with a trustee as the only
security to secure the payment of bonds or notes issued by such corporation
but not in excess of the interest on such last-named bonds or notes;
And further provided, that—
(5) No bonds shall be made a legal investment by sub-division (g) in
case the mortgage securing the same shall authorize a total issue of bonds
which, together with all outstanding prior debts of the issuing or assuming
corporation, including all bonds not issued that may legally be issued under
any of its prior mortgages or of Its assumed prior mortgages, after deducting
therefrom, in case of a refunding mortgage, the bonds reserved under the
provision of said mortgage to retire prior lien debts at maturity, shall ex­
ceed three times the outstanding capital stock of said corporation at the
date of such investment:
(6) A bond shall not be made a legal investment byi ubdivision (i) or (J)
In case the mortgage securing the same shall authorize a total issue of bonds




[Vol. 122.

which, added to the total debt of the guaranteeing corporation as defined
in paragraph 5, including therein the authorized amount of all previously
guaranteed bond issues, shall exceed three times the capital stock of such
guaranteeing corporation outstanding at the date of such investment; nor
in case at such date the total debt of the corporation which issued such bonds
shall exceed three times its outstanding capital stock;
In the case of a mortgage executed prior to the twenty-seventh day of
January nineteen hundred and eleven, under which the total amount of
bonds which may be issued is not specifically stated, the amount of bonds
outstanding thereunder at the date of such investment shall be considered,
for the purposes of paragraph 5 and of this paragraph, as the total auth­
orized issue.
(f) Definition of frst mortgage. Whenever the term “first mortgage” is
used in the followingzsub-divisions, it shall, unless otherwise qualified, mean,
a first mortgage on not less than 75% of the railroad owned in fee at the
date of the mortgag e by the railroad corporation on the railroad of which
such mortgage is a lien, but in no case on less than 100 continuous miles of'
standard-gauge railroad, exclusive of sidings; provided that:
(1) Seventy-five per cent of the railroad subject to the lien of such mort­
gage is connected;
(2) For five years prior to the date of investment therein all the railroad
subject to the lien of such mortgage at the date of execution thereof has been
operated by. and its operations included in, the operations of the railroad
corporation which issues, assumes or guarantees such bonds; and
(3) The date of such mortgage is at least five years prior to the date of such
investment; except that a first mortgage given in substitution for and not
greater in amount than such a first mortgage, and covering the same rail­
road property, shall be considered to be in accordance with this requirement.
(g) Direct Obligations* In bonds issued or assumed by a railroad cor­
poration described in sub-division (e) which are secured by a mortgage
which was at the date thereof, or is at the date of such investment:
(1) A first mortgage on a railroad owned in fee by the corporation issuing
or assuming such bonds except that, if it is not a first mortgage on 75%
of all such railroad owned in feeby such corporation, it shall be a first mort­
gage on at least 75% of the railroad subject to the lien of such mortgage at
the date thereof; but if any stocks or bonds are deposited with the trustee
of such mortgage as part security therefor, representing or covering railroad
mileage not owned in fee, the bonds secured by such mortgage shall not be­
come legal investments unless such corporation owns in fee at least 75%
of the total mileage which is subject to the lien of such mortgage and which
is represented or covered by such stocks or bonds:
(2) A first mortgage, or a mortgage or trust indenture, which is in effect
a first mortgage upon all the railroad subject to the lien of such mortgage or
trust indenture by virtue of the irrevocable pledge with the trustee thereof
of an entire issue or issues of bonds which are a first lien upon the railroad
of a railroad corporation which is owned and operated, controlled and op­
erated or leased and operated by the corporation issuing or assuming such
bonds;
(3) A refunding mortgage which covers at least 75% of the railroad
owned in fee by such corporation at the date of such mortgage and provides
for the retirement of all outstanding mortgage debts which are a prior lien
upon such railroad owned in fee and covered by such refunding mortgage at
the date thereof; but if any of the bonds which such refunding mortgage is
given to refund are secured on a railroad not owned in fee by the corpora­
tion executing such refunding mortgage, there shall be conveyed and assigned
to the trustee of such refunding mortgage either—
First. At least 75% of the railroad on which each issue of bonds to be re­
funded is secured, free from any mortgage lien except that of the mortgage
or mortgages securing the bonds to be refunded, or
Second. At least 75% of the outstanding bonds of each issue which is se­
cured by a mortgage lien upon such railroad; and all of such railroad not
owned in fee which is so subjected to the lien of such refunding mortgage shall
be the railroad of
or more railroad corporations which are o .vned and op­
erated, controlled and operated or leased and operated by the corporation
issuing or assuming said refunding mortgage bonds; but in no case shall the
bonds secured by such refunding mortgage become a legal investment unless
they mature at a later date than any bonds which such refunding mortgage is
given to refund, nor unless the total mileage subjected to the lien of such
refunding mortgage in accordance with the requirements of this paragraph
is at least 25% greater than the mileage covered by any one of the mort­
gages securing bonds which such refunding mortgage is given to refund; or
(4) A mortgage upon not less than 10% of the railroad exclusive of sid­
ings, owned in fee at the date of such mortgage by the corporation issuing
or assuming such bonds, but in no case on less than 500 continuous miles
of standard-gauge railroad; provided, that:
First. Such mortgage is a first or second lien upon not less than 75% of the
total railroad covered by such mortgage at the date thereof, and which pro­
vides for the retirement of all mortgage debts which are a prior lien upon such
railroad owned in fee and covered by such mortgage, at the date of the
execution thereof;
Second. The bonds secured by such mortgage mature at a later date than,
and cover a mileage at least 25% greater than is covered by, any of the bonds
sacured by a prior lien mortgage so to be retired; and
Third. The date of said mortgage shall be at least five years prior to the
date of such investment.
(h) Bonds underlying refunding mortgages. Mortgage bonds or bonds se­
cured by mortgage bonus which are a direct obligation of, or which have
been assumed, or which have been guaranteed by endorsement as to both
principal and interest, by a railroad corporation whose refunding mortgage
bonds are made a legal investment under paragraphs (3) or (4) of sub­
division (g); provided, that:
(1) Said bonds are prior to and are to be refunded by such refunding
mortgage;
(2) Said refunding mortgage covers all the real property upon which the
mortgage securing said underlying bonds is a lien; and
(3) In the case of bonds so guaranteed or assumed, the corporation issuing
said bonds is owned and operated, controlled and operated or leased and
operated, by said railroad corporation.
(i) Guaranteed obligations. Bonds which have been guaranteed by en­
dorsement as to both principal and interest by a railroad corporation which
has complied with all the provisions of sub-division (e); provided, that:
(1) Such bonds are secured by a first mortgage on the railroad of a railroad
corporation which is owned and operated, controlled and operated or leased
and operated by the corporation guaranteeing such bonds.
(2) In the case of a leased railroad, the entire capital stock of which, ex­
cept shares qualifying directors, is not owned by the lessee, the rental includes
an amonnt to be paid to the stockholders of said leased railroad equal to at
least 4% per annum upon that portion of the entire capital stock thereof
outstanding which is not owned by the lessee.
(j) Same. In first mortgage bonds of a railroad corporation which during
each of its ten fiscal years next preceding the date of such investment has
complied with all the requirements of paragraphs (2), (3) and (4) of sub­
division (e), provided that such bonds are guaranteed by endorsement as to
both principal and interest by a railroad corporation which has complied
with all the requirements of sub-division (e) preceding paragraph (5) thereof,
notwithstanding that the railroad of such issuing corporation is not operated
by such guaranteeing corporation.
CORPORATION NOT TO LOSE CREDIT BY TEMPORARY DIS­
TURBANCE OF RELATION OF GROSS EARNINGS TO
FIXED CHARGES.

(k) Bonds which have been or shall become legal investments under any
of the provisions of this Act shall not be rendered illegal, although the cor­
poration issuing, assuming or guaranteeing such bonds shall fail for a
period not exceeding two successive fiscal years to comply with the require­
ments of paragraph (4) of sub-divisiorf (e); but no further investment in the
bonds issued, assumed or guaranteed by such corporation shall be made
during such period. If, after the expiration of such period, such corporation
complies for the following fiscal year with all the requirements of sub­
division (e), it shall be regarded as having complied therewith during
such period.
BONDS NOT ILLEGAL ON ACCOUNT OF CONSOLIDATION.
,1) Bonds which have been or shall become legal investments under any
of the provisions of this Act shall not be rendered illegal, although the prop­
erty upon which they are secured has been or shall be conveyed to or legally
acquired by another railroad corporation, and although the corporation
which Issued or assumed such bonds has been or snail be consolidated with
another railroad corporation, if the consolidated or purchasing corporation
shall assume the payment of such bonds, and so long as it shall continue to
pay regularly interest or dividends, or both, upon the securities issued
against, in exchange for, or to acquire the stock of, the corporation consoli­
dated, or the property purchased, or upon securities subsequently issued
in exchange or substitution therefor, to an amount at least equal to 4%
per annum upon the capital stock outstanding at the time of such consoli
dation or purchase of such corporation which 'ssued or assumed such bonds

June, 1926.]

VERMONT—CITIES AND TOWNS

CREDIT OF CORPORATION NOT LOST BY CONSOLIDATION.
(m) If a railroad corporation which has complied with all the requirements
of sub-division (e) preceding paragraph (5) thereof, except that the period of
compliance is less than ten, but not less than five successive years,) shall be
or shall have been, thereupon consolidated or merged with, or its railroad
purchased and all of the debts of such corporation assumed by, another
railroad corporation incorporated under the laws of any of the United States,
such corporation so succeeding shall) be considered as having complied with
all the provisions of sub-division (e) preceding paragraph (5) during those
successive years next preceding the date of such consolidation, merger or
purchase, in which all such consolidated, merged or purchased corporations.
If considered as one continuous corporation in ownership and possession,
would have so complied; provided, (that such succeeding corporation shall
continue so to comply for a further period which shall make such compliance
equivalent to at least ten successive years, but which shall be in no case
less than the two fiscal years next following such consolidation, merger or
purchase.
STATUS FIXED DURING FEDERAL OPERATION OF RAILROADS
[Added in 1919.]
(n) Railroad bonds which were legal investments for savings banks at
the time when the Government of the United States, under the Act of
Congress, approved Mar. 21 1918, took over the operation of the railroads
Issuing such bonds, shall not becohie illegal investments by reason of the
operation of the railroads by the federal Government. The time during
which any such railroad is operated by the Federal Government shall be
excluded, including the year in which the Government operation ends, in
determining the compliance of any such railroad with the provisions of this
section; provided, however, that in case a railroad corporation the mortgage
bonds of which would become legal for investment under subdivision (e)
of part V of this section upon its colmpliance with the requirements of said
subdivision shall have complied with the requirements of said subdivision
during the ten years or more next preceding Jan. 1 1918, such railroad
corporation shall be deemed to have complied with the requirements of said
subdivision during the period of the Government operation of its railroad.
Including the year in which such Government operation ends, in computing
the time of compliance with the requirements of said subdivision.
EQUIPMENT NOTES OF STEkM RAILROADS (ADDED IN 1925).
(o) In the equipment notes of any steam railroad corporation, whose
mortgage bonds are a legal investfnent under this section; Provided (1)
said notes are secured by a first lienj on or by a lease and conditional sale of
railroad equipment, new at the time of issue of such notes; (2) the principal
amount of such notes does not exceed 80 % of the purchase price of equip­
ment which is security; (3) the indenture by which such notes are secured
provides for proper maintenance of jthe equipment constituting the security
and that an amount of such notes shall be paid annually until all are retired
without the release of any of said I equipment from the provisions of said
indenture until all are paid and that the entire amount of any issue shall be
retired within fifteen years of the date of issue.
BANK STOCKS AND DEPOSITS IN BANKS.
VI.
(a) In the stock of any national bank in the New England States
or the State of New York; or in (the stock of any banking association
or trust company incorporated under the authority of and located in this
State; but a bank shall no hold bahk stock both by way of investment and
as security for loans in excess of 10% of its deposits, nor, in any one bank,
mare than 5% of its deposits, or mpre than $50,000, or more than 10% of
the capital stock of any one bank.
(b) A bank may deposit on call in banking associations or trust com­
panies, approved by the Bank Coihmissioner of this State, and under the
supervision of the State or Federal authority, in this State or in the cities
of New York, Boston, Chicago, Albany, Philadelphia or Concord, New
Hampshire, or in any other bank designated as a depository under the laws
of the United States or in national)banks in the cities of St. Paul, Minne­
apolis and Kansas City, or in the chartered banks of the Dominion of
Canada, with or without interest as (may be agreed upon, sums not exceeding
in the aggregate 20% of the assets of such depositing banks; but at no time
shall the deposits in Canadian banks exceed 4% of the assets of such depositng bank.
LOANS ON PERSONAL SECURITY. INCLUDING COLLATERAL
LOANS.
VII. In loans or renewals of loans of the class hereinafter described, pay­
able and to be paid or renewed at altime not exceeding six months from the
date thereof; but not more than a third of the assets of a bank shall be so
invested, nor shall a bank loan to a[ person, partnership, association or cor­
poration upon personal security (treating loans to the individual members of
a partnership as loans to the partnership), more than twenty thousand
dollars until a bank’s deposits amount to one million dollars, after which
the sums so loaned may be increased two per cent of the deposits in excess
of one million dollars up to, but not exceeding fifty thousand dollars, or
(in cases where ten per cent of the capital and surplus exceeds fifty thousand
dollars) up to, but not exceeding, ten per cent of the capital, if any, and
surplus; but this limitation shall not apply to the purchase of municipal
or railroad bonds, or to notes with such bonds as collateral.
(a) A note bearing as makers, sureties, or indorsers, the signature of at
least two approved names of residents of this State, or of persons who re­
side within fifty miles of the bank [making the loan;
(b) A note or accepted draft given by individuals, firms, or corporations
residing without this State, for goods manufactured within this State and
payable to individuals, firms or corporations located within this State and
Indorsed by at least one responsible citizen of this State;
(c) A note of a corporation incorporated under the laws of this State,
with one or more substantial sureties resident in this State, or approved col­
lateral at not more than eighty per cent of its market value;
(d) A note of a responsible borrower with a pledge as collateral, in such
form as the bank commissioner shall approve, of;
(1) One or more first mortgages of real estate such as might be lawfully
purchased by a bank, as in cases of mortgages bought by the bank, pro­
vided the amount of such note is not in excess of the amount which the bank
might loan on a note secured by mortgage on said land; or
(2) Municipal bonds in which the bank might legally invest, at not more
than ninety per cent of their market value; railroad bonds in which the bank
might legally invest, at not more than eighty per cent of their market value;
and bank stocks in which the bank might legally invest, at not more than
eighty per cent of their market value; or
(3) Deposit books or certificates of deposit of depositors in banks of this
State, including national banks, at, their full value, and in banks of any of
the New England States and of New York, under State or Federal super­
vision, at not more than ninety per cent of theamount of deposits therein
shown, provided written notice of such assignments has been given to the
bank carrying the deposit; or
(4) Acceptances based on export^, imports or domestic commercial trans­
actions, when the accepting bank is one that the law permits an account
with.and when such acceptances are drawn for not longer than ninety days:or
(5) Other collateral approved by the directors and bank commissioner,
at not more than eighty per cent of its market value, which shall be main­
tained during the life of the note;
(e) Commercial paper indorsed hiy banks in which the law allows deposits
on call to be made, to mature in npt more than ninety days, the aggregate
amount of such paper in any one bank not to exceed the capital of a trust
company, and in the case of a savings bank not to exceed the amount of the
surplus which is in excess of five per cent of the deposits and other liabilities
except surplus; and a bank to which commercial paper is pledged as collat­
eral security shall forthwith notify the maker and indorsers of such paper
that it has been so pledged;
(f) A note of a responsible borrower; provided, however, that the aggre­
gate amount of such loans shall not exceed the average amount of the com­
mercial deposits Of a trust company for the six months next preceding, or
exceed fifty per cent of the surplus of a mutual savings bank or exceed the
capital and surplus of trust companies having no commercial deposits.
BANK | BUILDING.
VIII. Five per cent of the deposits of a bank may be invested in the
purchase of a suitable building fop the convenient transaction of its busi­
ness, or a site therefor and the ejection or repairs of a building thereon,
from portions of which not required for its use a revenue may be derived.
REAL ESTATE TAKEN BY FORECLOSURE.
IX. A bank may hold real estate acquired by the foreclosure of a
mortgage thereon, owned by or pledged to such corporation, or by purchase
at sales made under the provision^ of such mortgage, or upon judgment for
debts due, or in settlements effected to secure such debts; and such real




27

estate shall be sold by such corporation as soon as a reasonable price can
be obtained therefor and within five years after the same is vested in such
• corporation, except when a majority of the trustees of such corporation
shall make application in writing to the Bank Commissioner, stating that.
In their opinion, the interests of such corporation require that such real
estate be held for a longer period than live years; in which event said Com­
missioner may extend the time of holding such real estate not to exceed
five years.
SECURITIES ACQUIRED IN SETTLEMENT OF INDEBTEDNESS.
X. A bank may hold stocks, bonds, notes or other securities not
the subject of legal investment acquired in settlements effected to secure
or adjust loans; but unless the length of time such securities may be held is
extended, as provided in the preceding clause, they shall be sold within
five years after being acquired.
FARM LOAN BONDS AND BANKERS’ ACCEPTANCES.
XI. Farm Loan Bonds.—In Farm Loan bonds issued by Federal Land
banks in accordance with the provisions of an Act of Congress approved
July 17 1916, known as “The Federal Farm Loan Act.” Approved
Feb. 27 1919.
XII. Bankers’ Acceptances; Bills of Exchange; Notes. A bank may invest
in bankers’ acceptances and bills of exchange, provided the same are
accepted by an incorporated savings bank or a savings bank and trust
company, or a national bank doing business in this State, or by a bank
Incorporated in Boston, New York, or Philadelphia, to an amount not to
exceed 20% of its deposits; and a bank may invest in notes endorsed or
guaranteed by any of the above named banks to an amount not to exceed
20% of its deposits. Approved Anril 8 1919.
LIST OF RAILROAD BONDS PREPARED.
Section 5364. By Bank Commissioner.—Not later than the first of March
In each year, the Bank Commissioner shall prepare a list of the railroad se­
curities which ire then legal investment for banks, which list shall at all
times be open to public inspection, and shall send a copy thereof to every
bank coming within his jurisdiction.
The latest list of nilroad bonds which are considered legal investments for
savings banks was issued by the Bank Commissioner on March 26 1926.
This list appeared in the “Chronicle” of May 8 in the State and City
Department, on pages 2688 and 2689.

CITIES. COUNTIES AND TOWNS IN THE

STATE OF VERMONT.
3ARRE.
BRISTOL.
This city is in Washington Co
This village is in Addison County.
Incorporated 1895.
Incorporated Fea. 26 1903.
aMemorial Refunding Bonds.
Water Bonds.
4s ’24 F-A $47 500c.Aug 15 ’26-’44 4s’05 J-J $39,000c..$1,000 yrly.
aPaving Bonds.

on Tuly

4J£s’24 F-A $45,000c..Aug 1 ’26-’34 BD. DT. (water) Mar 30’26. $39,000
Floating debt__________
21,050
uSchool Bonds.
4s ’14 A-O $36 OTTc.Apr 1 ’27-’34 Grand list 1925_________ 10.508.54
4s’14 A-O 65,500c...Oct 1 1934 Tax (per $1 grand list) 1925:_$1.00
Pop’n 1910. 1,180; 1920_______1,251
Water Bonds.
INT. at the First Nat.Bk.,Boston.
4s ’10 J-D'/$l0.000c Dec 1 ’26-’27
BOND. DEBT Ap" 5 1925- $237,500
Water debt (included)____
15.000 BURLINGTON.
Floating debt_______________
62675 This city is in Chittenden bounty
Incorporated Feb. 21 1865. All
Assess, value, real___________ 6,048340
Assess, value, personal___ 1,576,484 bonds are coupon in form but may
Other assess, property___
6,023 be registered on request.
Total valuation 1924_________ 7,c30847 Electric-Light Bonds.
Grand list, 1924..-.......... ..82,271.74 4s ’04 J-J $58.000____ July 1 1934
1 1936
Total tax (per $1 of gr. list) ’24 $3.50 4s ’06 J-J39.000 ...July
Populat’n 1910. 10.734: 1920. 10,008 4s ’10 J-D 53,000____ Dec 1 1935
4s
’
10
M-N
50,000
___
Nov
2
1934
INT. on bonds marked (a) at City
Improvement Bonds.
Treasurer’s office: others at Granite 434Street
s’22 A-O $50.000____ Apr 1 1937
Savings Bank & Trust Co.
434s’23 A-O 50.000____ Apr 1 1938
434s’24 A-O $50,000____ Apr 1 1939
4J<s’25 A-O 50,000____ Apr 1 1940
BENNINGTON, TOWN.
School Bonds.
A shire town in Bennington Coun­
4s ’04 J-J $38.000....July 1 1934
ty. Incorporated Feb 11 1762
Refunding (Int at Trees, office.) 4s ’09 J-J 36.000____ July 1 1939
4s ’17 J-J $50.000c.$5,000 yearly 4s '14 J-J 20.000____ July 1 1934
BOND DEBT \p-ul 1 1926 $50,000 4s ’15 A-O 25,000_____Oct 1 1935
Assessed value 1925______ 6,658‘033 4J£s’24 J-J 350,000--July 1 ’50-’54
School Refunding Bonds.
Grand list 1925_________ 66,580 33
4s ’15 A-O $25.000___ Oct 1 1935
Gen. town tax (per $1 of
Water Bonds,
grand list )1925____________$1.86
4s 08 A-O $51.000___ Oct 1 1928
Total town tax (per $1 of
grand list )1925____________ $3.25 4s ’06 J-J 100,000___July 1 1926
Railroad (Red. heg. Apr. 1 'll).
Population 1910. 8.698: 1920, 9,982
4s ’01 A-O $50,000——Apr 1 1931
Refunding
Bonds.
BRANDON GRADED SCH DIST 4s ’04 A-O $87,000
___ Sept 1 1929
This district (P. O Brandon) is In
City Hall Bonds.
Rutland Countv
4Ks’25 J-D$750,000—Dec 1 ’26-’55
4Ks’25 M-N($24,000c.Nov 1 ’26-’49 BD. DEBT Mar 30 ’26— $1,907,000
1 21,000c..Nov 1 1950 Water debt (incl.)______
151,000
♦Refunding Bonds
Sinking fund___________
134,172
4Xs’22 M-N ($20,000cNov 1 ’27-’46 Tot.ass’d val.’25(?< act.)24.807,466
1 40,000c-.Nov 1 1947 Grand list 1925_________ 249,680.86
BOND. DEBT Apr 4 ’25- $60,000 Tax (per $1 of grand list) ’25.-$2.80
Floating debt (add’l)______
10,000 Pooul’n 1910. 20.468; 1920, 22,779
Grand list 1924___________ 12,620.79
INT. at Fourth Nat. Bank, N. Y.t
District tax (per $1 of grand
and at City Treasurer’s office.
list) 1921_________________ $1.70
Population 1910, 2,712; 1920, 2,874- CAMBRIDGE.
* These bonds were issued to take
This town is in Lamoille County.
up a like amount of bonds bearing
Refunding Bonds.
4% interest and dated 1917.
4)^s’22 J-D f $70,000c.June 1 ’27-’4O
1 1,100c__ June 1 1941
BRATTLEBORO
This town is in Windham County. BOND. DEBT May 20’26 $76,100
Assessed value 1926—■
Water Bonds.
Real_________
781,775
4s ’25 M-S $540,000c&r.Mar 1 ’27-55
Personal______________ 232,515
(For maturity see V. 120, p. 1117.)
Other
assessable
property
190,617
Refunding Bonds
Total____________
1,204,907
4s ’15 J-J $9,000c__ Jan 1 1935
4s ’18 J-J
3,000c__ Jan 1 1932 Grand list 1925___________ 10,676.80
16.000c.Jan 1 ’27-’3O Tot. tax (per $1 of Grd.List) ’25 $4.50
4s ’17 J-J
f 6,000c__ Jan 1 1927 Population__________________ 1,593
4s '24 J-J 1119,000c.Jan 1 ’28-’44
4s ’18 J-J
10,000c. July 1 •27-’31 ENOSBURG FALLS.
This village is in Franklin County.
Sidewalk Bonds.
$ 4.000c—Jan 1 1935
4s 15 J-J
Water Bonds.
4t£s’24 F-A $69.000c—F-A 1926-49
Work at Railway Station.
4s ’15 J-J 8I5.000C.
Tan 1 1933 Other water bonds__________ $5,000
BOND. DEBT May 1 ’26 $724,000 Light bonds_______________ 3,500
Water debt (incl.)______
540,000 Light bonds_______________ 17,000
Floating debt___________
45,<00 TOT. BD. DT. Feb 1 1926—$93,000
Assess, val., real estate___ 6,262,494 Floating debt (add’l)---------- 32,400
Assess, val., personal____ 2,328,030 Assessed valuation'25______942,547
Total assess, val. 1924___ 8,590,524 Grand list 1924____________ 9,532.51
Grand list 1924__________ 91,278.24 General village tax (per $1 of
Tax (per $1 grand list) 1925:
grand list) 1926____________ $1.25
General town_____ ■________$1.46 Population 1910, 1,153; 1920, 1,236
Total town________________3.06
INT. at Boston Safe Deposit &
Population 1910. 7,541: 1920. 8 332 Trust Co., Boston.
INT. on bonds of 1924 at First
Nat. Bank of Boston; on 1925 bonds ESSEX JUNCTION.
at Nat. Shawmut Bank, Boston, or
This village ts in Chittenden Co.
City Treasurer’s office; on some of Inc. 1892. Population 1910, 1,245;
the others at Brattleboro Trust Co. 1920, 1,410
in Brattleboro.
Sewer Bonds.
4)<s’24 M-N($49,500cMay 1 ’29-’61
BRATTLEBOROSCH. DIST.
1
500c. .May 1 1962
This district (P. O. Brattleboro)
Village Building Bonds.
is in Windham County.
4s ’13 J-J
$7.000...-July 1 1933
4Ks’24 M-N$165,000c.Nov 1 ’27-’41 School bonds______________ 27,000
BOND. DEBT July 1 ’25.- $177,000
Water Bonds.
Tot.ass’d val.’25(80% act.).7,764,674 -s
...$31,000______________
Sch. tax rate (per $l,000)’25-$12.00 4Xs’25 J-J 50,000c.July 1 ’31-’55
Population 1925_____________7,500 BOND. DEBT Mar 3 ’24...$90,625

28
Floating debt____________
2,900
Sinking fund_____________
2,461
Grand list 1924___________ 11,157.87
Tax (per $1 grand list) 1924:
General village____________ SO.40
Total village_______________ 0.90
x INT. at First Nat. Bank, N. Y.;
others at First Nat. Bank, Boston.

FAIR HAVEN.
This village is In Rutland County.
Incorporated Oct. 1865.
1 Highway Bonds.
4J4s’24 M-N/$32,000cNov 1 ’26- 41
i 1,000c..Nov 1 1942
BOND. DEBT Apr 16 ’26 $77,000
Water debt (incl.)---------44,000
Floating debt (add’l)------14,492
Grand list 1924--------------- 14,674,83
Tax (per $1 grand list) 1925—$1.15

BOND. DEBT May 1 ’26- $33,000
Assess, val. ’24 (abt.
act) 1,397,700
Grand list 1924___________ 13,977.30
Tax (per $1 grand list) 1925:
General village____________ $0.55
Total village_______________ 0.95
Population 1910, 1.918: 1920. 1,916
INTEREST payable at Northfield
Nat. Bank.

ORLEANS GRADED SCH. DIST.
This district is in Orleans County.
$8,000c.Nov l’26-’29
4>4s’23 M-N 24,000c-Nov 1 ’30-'37
16,000c-Nov 1 ’38-'41
5,000c.--Nov 1 1942
BOND. DEBT Apr 14 ’26 $53,000
Grand List 1925_________$10,764.20
Total tax (per $1 of Gr. List),
1925—District____________ $2.00
Population 1910. 2,554; 1920. 2,182
Total________________ 2.51
INT. at First Nat. Bk..Fairhaven. Population 1920_____________ 1,358
INT. at First Nat. Bank, Boston.
HARDWICK.
This village "is in Caledonia County.
Inc. Nov. 15 1890 Pop. '10. 2,094; PITTSFORD.
This village is in Rutland County.
19°0. 1 550.
Refunding Bonds.
School Bonds.
J-D $90,000c-Dec 1 ’26-’43
4s & 5s J-J $2,000c......... 1926-1927 414s
BOND. DEBT Apr 15 ’25- $95,000
Electric-Light Bonds.
4 ’11-’12 J-J $65,OOOc.Jan 31 1931 Grand list 1924___________ 2,978.26
4s ’13
J-J 41.000c......... ...1933 Village tax (per $1.00 grand
list) 1924_________________ $0.40
BOND. DEBT May 24 '23 $123,000
Sinking fund_____________
10.700 Population in 1920_____________ 562
INT. at Old Colony Trust Co. of
Grp,nd list 1924__________ 11,677.77
Boston.
General village tax (per $1
grand list) 1924____________ $0.60
INT. payable at Hyde Park Bank PROCTOR.
This village is In Rutland County.
and C. D. Parker & Co., Boston,
Procter Trust Co., Procter, and Inc. 1884. Population 1910, 2,758;
1920, 2,692.
Village Treasurer’s office.
Water and Sewer Bonds.
3s
J-J $40,000-.Jan 1 ’27-’36
HARTFORD.
Ref. & School Bonds.
This town is in Windsor County.
6s
A-O $60,000____ Apr 1 1937
Refunding Bonds (tax-free').
4s ’10 A-O S40.000c.-Apr 1 ’27-'34 BOND. DEBT Apr 1 1923- $113,000
53,000
BOND. DEBT Dec 31 ’25. $45,000 Water debt (included).___
Floating debt.. ------------28,701 Grand list 1924__________ 20,773.89
Village tax (per $1 grand list)’24.$0.35
Assessed value 1925:
INT. at Village Treasurer’s office
Real__________________ 3,251,280
Personal______________ 1,144,947
RICHFORD.
Total_________________ 4,396,227
This town is in Franklin County.
Grand list 1925---------------- 46,512.02
Town Hall Bonds.
Total tax (per $1 of grand list)
1925______________________ $1-25 4s ...s-a $13,000c ....1926-1932
School Bonds.
Population 1910, 4,179; 1920, 4,739
INT. payable at Treasurer’s office. 4s '17 M-S _( $8,OOOc.Sept 1 26-’27
1 2,000c-.-Sept 1 1928
BOND. DEBT Mar 31’26. $23,000
LUDLOW.
This village is in Windsor County. Floating debt_____________ 12,314
Assessed valuation 1925__ 1.839,746
Refunding Bonds.
4Xs’25 F-Af$54,000c—Feb 1 ’27-’35 Grand list 1925__________ 19,853.46
1 70,000c. .Feb 1 ’36-’45 Total tax (per $1 grand list)’25 $3.10
BOND. DEBT Dec 31 ’24- $127,460 Population 1910. 2.907; 1920. 2.842
INT. at First Nat. Bank, Boston.
Grand list 1924___________ 17,556
Tax rate (per $1,000) 1924----- $4.00
Population, 1910, 1,621; 1920, 1,732 ROCKINGHAM.
This town is in Windham County.
INT. at Old Colony Trust Co.
Town Hall Refunding Bonds.
Boston.
4s
— $2,500c $2,500 yrly
School Bonds.
MIDDLEBURY.
A village in Addison Co. Inc. 4s '16 J-J $115,00c-$2.500 yearly
Refunding Bonds.
1816. Pop'n 1910, 1,866; 1920. 1,993.
4s ’14 J-J $12,000c.July 1 ’27-’31
Sewer Bonds.
5s
Var $10,500r.(Sub] to call) 4>4s’22 J-J 50,000c-July 1 ’27-’42
(Due $3,500 in 1930, 1934, 1938
Water Bonds.
„
4s
M-N $50,000c. ..May 1 1941 and 1942, and $3,000 in each of the
other years.)
(Subject to call May 1 1921.)
BOND. DEBT Jan 1 1926- $60,500 BOND. DEBT Apr 1 ’26-- $72,000
Assessment debt (add’l)— 46,100 Assessed value 1925;
Real--------------------------- 4,466,327
Sinking fund (water)- ------28,391
Personal______________ 1,314,218
Grand list 1925-----16,620.00
Total_________________ 5,780,545
Tax (per $1 grand list) 1925:
General village____________ $1.00 Grand list 1925___________ 60,777.39
Total village_______________ 1.25 Tax (per $1 grand list) 1924:
Total town________________ $2.61
INT. at Nat. Park Bank, New York.
Population, 1910, 6,207; 1920, 6,231.
INT. on 414s of 1922 at First
MONTPELIER.
The city is situated in Washington National Bank, Boston.
County. On March 5 1895 the town, RUTLAND.
village and school district were con­
This city is In a town and a county
solidated under a city charter.
of the same name. Inc. as a town
Fire Station Bonds.
Sept. 7 1761: city Nov. 19 1892.
4s ’24 J-D $95,000c.Dec 1 ’26-’44
General Debt.
^School Bonds.
.__ _ 4s ’08 M-N $21,000c- Nov 1938
4s ’12 A-O$ 100,000c----- Apr 11932
Refunding Water Debt.
Street & Construction Bonds. 3Hs '99J-J $30,000c......... Jan 1929
5s ’21 J-J $5,000c-. July 1 1927
Sewer & Sidewalk Bonds.
5s ’21 F-A 55,000c.Aug 1 ’29-’39 414s’24 M-N$15,000c..-May 1 1944
4^s’22 J-D 40,000c.June 4 ’33-’4O 4Ms’26 J-D 15,000___ June 1 1946
City-Hall Bonds.
^ewer Debt
3 J4s'O7 M-N a$30,000c.—May 11927 4s ’08 M-N $16,000c___ May 1938
4s ’09 F-A 2:120,000c...Aug 11929
Street Improvement Bonds.
BOND. DEBT Feb 1 ’26- $455,000 5s ’21 J-D $40,000c.June 1 ’27-’3O
Cash on hand__________
62,244 4^s’22 M-N 50,000c-May 1 ’31-’35
Assessed value, real-------- 6,302,978 4W22 M-N 25,000c_-_May 1 1942
Assessed value, personal-- 1,818,782 4Xs g’23 M-N50,000c.May 1 ’36-’40
Other assessable property. 423,960 4Ks’24 M-N 50.000c-May 1 ’41-’45
Total assessed value 1925.-8,545,720 4Ms’25 J-J
30,000c--Jan 1 ’46-’48
Grand list 1925---------------85,457.20 4Ks’26 J-D 20,000--June 1 ’49-’5O
Total tax (per $1 grand list) ’25-83.25
Armory Bonds.
Population 1910, 7,856; 1920, 7,125 5s ’20 F-A$114,000c-— Aug 1 1940
x Subj. to call lOyrs. bef. maturity.
City-Hall Bonds.
a 15 years before maturity.
3J4sg’01M-S $20,000c-..Sept 1 1931
INT. at Treas. office. Old Colony
School Debt.
Trust Co., Boston, Montpelier Sav. 4s g ’07 M-N $50,OOOc„_May 1 1937
Bk. & Tr. Co. and Capital Sav. Bk 4s '08 M-N 20,000c___ May 1938
& Tr. Co., Montpelier.
4s ’16 J-J 16,000c-July 1 26-’33
4^s’22 M-N 32,000c.__May 1 1942
MORRISVILLE.
TOT. BD. DT. Apr 1 ’26- $705,000
This village is in Lamoille County. Water debt (included)___
30,000
Electric Light Bonds (tax-free). Sinking fund general____
178,450
4s ’09 F-A $61,000c —-Feb 1 1929 Sinking fund water______
61,216
4s ’25 F-A(180,000c.Feb 1 ’31-’48 NET DEBT Apr 1 ’26--- 465,333
1 5,000c. ..Feb 1 1949 Assess, val. real________ 9,230,760
BOND. DEBT Apr 3 ’26-- $246,000 Assess, val. personal_ 3,813,813
Assess, val. ’25 (60% act.).1,458,879 Total value ’25 (M act.)--13,044,573
Village tax (per $1 grand list)’25$0.50 Grand list 1924__________ 130,445.73
Population 1910 1,445: 1920. 1.707 Total tax (per $1 grand list) ’25-$3.10
INT. at First Nat. Bank.. Boston. Populat’n 1910, 13,546; 1920, 14,954
INT. at First Nat. Bank, Boston
NEWPORT.
This city is in Orleans County.
ST. ALBANS.
This city is in Franklin County.
School Bonds.
4J4s’25 J-J $90,000c—.July 1 1945 This city was organized March 2 1897
BD. DEBT Mar 31 '26-- $220,000 and comprises the most populous
Floating debt (add’l)------61,561 portion of the town of St. Albans.
Total assessed value 1925- 3,911,330
Street Bonds.
Grand list 1924__________ 37,549.13 4s ’15 J-D $7,500___ June 1 1927
Total tax (per $1 grand list) ’25_$3.65 4s ’23 F-A 20.000c.Aug 1 ’33-’36
Pop’n., 1910, 3,657; 1920, 4,976.
4s ’23 M-S 50,000c-Sept 1 ’28-’32
4s '24 F-A 35,000c.Aug 1 ’26-’32
NORTHFIELD^
Sidewalk Bonds.
This village is in Washington Co.
4s 25 J-J $10,000c.July 1 ’28-’32
School District Bonds.
Water Bonds.
314s
M-S $33,000c.Mch 1 ’2-’377 4s ’ll J-J $5,000c_—July 1 1927




[Vol. 122,

MASSACHUSETTS—DEBT OF STATE
Water Bonds.
4s '12 M-S $50,000c..Oct 1 ’28-’31
4s '21J-D15J 5,000c..June 15 1929
110,000c-..June 15 1932
Refunding Bonds.
($40,000cNov 1 ’33-’36
4s ’23 M-N 30,000cNov 1 ’37-’38
I 9,000c__Nov 1 1939
Public Improvement Bonds.
4s ’25 M-S f$64,OOOc.Sept 1 ’29-’44
i 1,000c—-Sept 1 1945
BOND. DEBT Mar 31 ’26- $314,000
Water debt (included)___

65,000

Assess, val., real estate___ 3,721,621
Assess, val., personal____ 1,406,313
T ot .assess .val. '25 (act .val.) 5,127,934
G rand list 1925........... .......... 55,849.34
Total tax (per $1 gr. list)’25
$2.50
Population 1910, 6,381; 1920, 7,588
INT. at First Nat. Bank. Boston
ST. JOHNSBURY.
This village is in Caledonia Co.
Water Bonds.
4Xs’24 A-O$250,000c.Apr 1 ’27-’44
Refunding Bonds.
4Xs’25F-A($114,000c-Aug 1 ’26-’44
1
5,000c.-.Aug 1 1945
BOND. DEBT Apr 1 ’26-- $369,000
Water debt (incl.)_______ 250,000
Grand list 1925_________ 58,851.09
Vil. tax (per $1 grand list) ’26 -$1.15
Population 1910, 6,693; 1920, 7,164
INT. at First Nat. Bank, St
Johnsbury.
SPRINGFIELD.
This village is in Windsor County.
Inc. 1866. Population 1910. 3,250;
19*20. 5.283.
Water Bonds.
4s ’95 M-N*$90,000c-$5,000 yearly
3s
M-N
25,000c.............. 1930
BOND. DEBT Apr 1 ’26-- $115,000
Sinking fund_____________
9,000
Total assessed value 1925
(about 2-3 actual)_____ 7,413,255
Total tax(per $1 gr. list) ’26--$0.70
*1NT. at Harris. Forbes & Co.. Inc.,
Bost.; others at 1st Nut. Bk., Spgfd.

SPRINGFIELD (TOWN).
This town is in Windsor County.
Included in town is the school dis­
trict of the same name.
School Bonds.
5s '20 A-O $42,500c--Oct 1 ’26-’3O
Refunding Bonds.
5s ’21 J-D $96,000c.Dec 1 ’26 ’41
TOT. DEBT Apr 1 ’26--- $155,800
Assess, val., real & pers’1’25 8,685,343
Total tax (per $1 Grd. List) ’26 $2.49
INT. at Old Colony Trust Co.,
Boston, and First Nat. Bank, Springfield.
SWANTON, TOWN.
This town is in Franklin County
Population 1910, 3,628; 1920, 3,343
Railroad Bonds.

3^s
J-J $3,400c. ..July 1 1926
School Bonds.
3><s
J-J I $l,500c___ 1926-1927
I 25,000c----- 1928-1932
Refunding Bonds.
4Hs’22 A-O $30,000c—Oct 1 '27-41
BOND. DEBT Apr 1925-- $67,000
Floating debt (add’l)_____
19,600
Sinking fund_____________
2,000
Assessed valuation 1924___ 1,930,439
Grand list 1924__________ 20,998.39
Tax (per $1 grand list) 1925:
General town______________ $1.21
Total town_________________ 2.86
INT. on 4)^s at Old Colony Trust
Co., Boston.
SWANTON, VILLAGE.
This village is in Franklin County
Population 1910, 1,236; 1920, 1,371
Funding Bonds.
4>£s’23 J-D$132,000c-June 1 ’27-’48
"“Refunding Bonds.
4s T6 F-A J$12.000c-Aug 1|’26-'31
130,000c-Aug 1 ’32-’41
Water Bonds.
-s
... ( $6,000 __„1926-1928
1 65,000__________ 1929
TOT. BD. DT. Mar 31 ’26- $378,000
Water debt (incl.)_______ 110,000
Grand list 1925_________ 9,200.00
Tax (per $1 grand list) 1925:
General village____________ $0.85
Total village_______________ 1.00
•INT. at Old Colony Trust Co.
Boston.

Water Bonds.
4s ’08 J-J $25,000c.—Jan 1 1929
Refunding Water Bonds.
4s ’14 M-S $20,000r__.Sept 1 1934
TOTA. DEBT Feb 1’26-— $45,000
Floating debt (add’l)_____
30,781
Sinking fund (water)_____
16,438
Grand list 1925__________ 11.255.00
Total tax (per $1 gr. list) ’25-$3.20
INT. at First Nat. Bank, Boston.
WASHINGTONCOUNTY.
Montpelier is the county seat.
Hospital Bonds.
5s ’21
$60.000—$2,000 yearly
5s ’21 F-A 60,000—Feb 1 ’27-’56
BOND. DEBT Apr 3 1926 $122,000
Total assessed value 1925-29,842,797
Grand list 1924________ $318,084.99
Co. tax (per $1 gr’d list) ’25--$.04?<
Pop’n 1910, 41,702; 1920___ 38,921
WATERBURY^
This village is in Washington Coun­
ty. Incorp. Nov. 20 1882. Popula­
tion 1910. 1.377: 1920, 1,515.
Refunding Bonds.
4Xs’26 J-J $40,000c___ 1927-1946
Water Bonds.
4s ’15 J-D $13.000c_June 1 ’27-’34
BOND. DEBT April 1926. $18,000
Floating debt____________ 46.933
Assessed valuation 1925__ 1,046,096
Grand list 1925________ $10,460 96
Tax (per $1 grand list) 1925:
General village___________ $0.85
Total village_____________ 1.49
INT. at Waterbury Sav. Bank &
Trust Co.
WINDSOR.
This town is in Windsor County.
4s
J-J $40,000--$1,000 yrly Janl
BOND. DEBT Feb 1 '25. $41,000
Floating debt___________
37,715
Total assess, val. 1924___ -4,969,705
Grand List 1924_________ 51,615.05
Total tax (per $1 Gr.List) '25-$2.85
Population 1920_____________ 3,687
Payable at Old Colony Trust Co..
Boston.

WINDSOR (TOWN) SCH. DIST.
4>£s’2O F-A $56,000—Aug 1 ’26-’39
BOND. DEBT May 20 ’25 $60,000
Floating debt___________
8,781
Grand List 1924_________ 51,615.05
Tax rate (per $1 grand list) ’24-$1.05
INT. at First Nat. Bank, Boston.

WINDSOR VILLAGE.
This village is in Windsor County
Inc. 1884. Population 1910, 1,906;
1920, 3,061.
Highway Improvement Bonds.
5s ’22 A-O $30,000c—Oct 1 ’26-’31
aStreet Bonds.
4s ’15 J-J $15,000c___ 1926-1940
Sewer Bonds.
4s ’ll J-J $11.000c-.-.Janl 1931
aRefund. & St. Impt. Bonds
4s ’15 J-J f$ 9,000c___ 1926-1934
1 8,000c_________ 1935
♦Refunding Water & Sewer Bds.
4s ’09 J-J f$2,OOOc.July 1 ’27-’28
1 5,000c_--July 1 1929
BOND. DEBT Feb 1’26-- $91,000
Floating debt____ _______
20,000
Water debt (included)____
9,000
Assessed valuation 1925__ 4,173,715
Grand list 1925___________ 41,737.15
Tax (per $1 grand list) 1925:
General village____________ $0.65
Total village_______________ 0.90
INT. on bonds marked (*) at Old
Colony Tr. Co., Boston; (a) at State
Nat. Bk., Windsor; on 5s of 1922 at
the Windsor Co. Tr. Co., Windsor;
on other issue at the Village Treas­
urer’s office.

WINOOSKI.
This city is in Chittenden County.
Pop’n 1910, 4,520; 1920, 4,932.
City Bonds.
4^s
J-D $88,000-Dec 31 ’26-’47
Refunding Bonds.
4s ’14 J-J $70.000___ Jan 1 1934
($1,000 yearly on July 1.)
Water bonds____________ $17,000
Sewer bonds (mature 1928)
14,000
BOND. DEBT Jan 9 ’26-- $189,000
Note debt (add’l)________
14,000
Cash on hand__________
67,182
Assessed val. 1924—
Real___________
.$1,965,850
Personal______________ 400,955
Total_________________ 2,366,805
VERGENNES.
Grand list 1924___________ 26,550.05
This city is situated in Addison Total tax (per $1 grand list) ’24 $4.40
Co. Incorp, in 1788. Pop’n 1910,
INT. at Winooski Savings Bank
1,483; 1920, 1,609.
and Champlain Trust Co.

State of Massachusetts.
ITS

DEBT, RESOURCES, &c.
Admitted as a State____________ One of Original Thirteen
Total area ot State (square miles)_________________8,093
State Capital_________________________________ Boston
Governor (term exp. 1st Wed. Jan. 1927)-_Alvan T. FulleLieut.-Gov. (term exp. 1st Wed. Jan. |1927)_Frank G. Allen
See. of State (term exp. 3d Wed. Jan. ’27) Fred’k W. Cook
Treasurer (term exp. 3d Wed. Jan. 1927)_Wm. S. Youngman
Auditor (term exp. 3d Wed. Jan. 1927)__Alonzo B. Cook
Attorney-General (term exp. 3d Wed. Jan. 1927)-Jay R.
Benton.
LEGISLATURE meets annually the first Wednesday in January, and
sessions are not limited as to length of time.
HISTORY OF DEBT.—For early history of the State debt see “State
and City Supplement” of April 1895, page 18. The debt at present Is
given in detail In the following table. All loans are payable, both prin­
cipal and interest, in gold.

June, 1926.]
Abolition of Grade Crossings.
3j-£g’98M-N$l,500,000r.May 1 192
3g’99 M-N 1,500,OOOr .May 1 192!
3J^g’02M-N 500
3OO.OO0r.May
000r Nov 1t 192'
193(
3^g’07M-N
3)^g
____’08M-N
500.000r.Nov 1 193
3^g
* 2g’09M-N
250.000r.Nov 1 193!
5a>no
250.000r.Nov 1 193!
3g’O9 1X4-.XT
M-N
3^g’10M-N 500.000._Nov 1 1939
3^g’HM-N (170,000-Novl ’26-’35
1 75,000-Nov 1’36-’40
3)^g’12M-N 1187,000-Nov 1 ’26-’36
1 75,000-Nov 1’37-’41
Armory Bonds.
3g’97-’O2 M-S 312,OOOr.Mar 1 1927
3g’02 M-S
38.000r.Sept 1 1931
3^g’01-’04M-S140,000r.Sept 1 1931
3g’O2 M-S
75,OOOr.Mar 1 1932
3s ’03 M-S
8,000--Mar 1 1927
3Xg’04M-S
60.OOOr.Sept 1 1934
3g’04-’05M-S
65.000r.Sept 1 1934
--- - 33,OOOr .Mar 1 1935
3^g
’05M-S
3Xg’05M-S
10,OOOr.Sept 1 1935
3Jig’05M-S
5,000r.Sept 1 1934
l.OOOr.Mar 1 1927
3^g’05M-S
35,000--Sept 1 1935
3 y2 ’06 M-S
2,000--Sept 1 1934
3 >3’06 M-S
20',000r.8ept 1 1935
3 y2 ’07 M-S
3Hg’06M-S
45.000r.Mar 1 1936
3^g’07M-S
230,OOOr.Mar 1 1937
3)^g’07M-S
22.000r.Sept 1 1937
3^s’07M-S
19,000.-Mar 1 1936
420.500r.Mar 1 1938
3^g’08M-S
3^g’09M-S
20,000r.Sept 1 1938
5,OOOr.Mar 1 1938
3g’O9 M-S
3g’O9 M-S
40,OOOr.Sept 1 1938
3 y2 ’09 M-S
500.-Mar 1 1938
40,000--Sept 1 1938
3 >6’09 M-S
6,000..Sept 1 1935
3 J4’10 M-S
40,000.-Sept 1 1938
3>4 "10M-S
100,000.-Sept 1 1939
3% ’10 M-S
3^’ll M-S I 30,000-Sept l’26-’28
1108,000-Sept l’29-’4O
(44,000-Sept l’26-’36
3 Yi ’12 M-S
(12,000.Sept l’37-’4O
I 1,000--Sept 1 1941
130,000.Sept l’26-’35
48,000-Sept l’36-’39
4s ’13 M-S
27,000.Sept l’40-’42
26,000..Sept 1 1926
4s ’14 M-S
384,000.Sept l’27-’42
17,500..Sept 1 1943
4s ’15 M-S
,'72,000-Sept l’26-’34
145,000-Sept l’35-’43
4s ’16 M-S
95,000-Sept l’26-’44
4s ’17 M-S
60,000.Sept l’26-’37
5s ’18 M-S
120,000. Sept l’26-’35
1 1.000--Sept 1 1936
Defense of Commonwealth Loain
Act of 1919.
5s’20 J-D $1,080,000-Dec 1 ’26-’29
Highways.
3^g’97A-O $700,000r. Apr 1 1927
----------*
3OO.O00r.Apr 1 1928
3)4g
’98A-O
3gf99-’00A-O 800,OOOrApr 1 ’29-’3O
350,OOOr.Apr 1 1931
3g’01 A-O
10,000r.Apr 1 1932
3g’O2 A-O
3^g’02-04A-0 665,000r.Apr 1 1932
400,000r.Apr 1 1933
3^g’03A-O
84.000.0ct 1 ’26-’39
3s ’09 A-O
3)4’05 A-O
40,000. Apr 1 ’27-’8O
100,000-Aprl ’27-’36
3)4’06 A-O
132,000-Aprl ’27-’37
3 M ’07 A-O
197,000-Apr 1 ’27-’38
3)4’08 A-O
70,000-0ct 1 ’26-’39
3)4’09 A-O
128,OOO.Oct 1 ’26-’39
3)4 TO A-O
150.000.0ct 1 ’26-’4O
3)4’11 A-O
17,000.—Oct 1 1926
3)4’12 A-O
120,000. Oct 1 ’27-’36
55,OOO.Oct 1 ’37-141
4s ’13 A-O
120,000-0ct 1 ’26-27
177,000-0ct 1 ’26-28
4s ’14 A-O
142,500-Oct 1 ’26-28
4s ’15 A-O
210,000.0ct 1 ’26-130
4s ’16 A-O
89,000 ..Oct 1 1926
4s ’17 A-O
' * 1 ’26-29
K->9
140,000-0ct
4s ’16 A-O
36,000.-Oct 1 1926
4s ’17 A-O
,140,000-0ct 1 ’27-’30
4JT19 A-O f 108,000. Oct 1 ’26- 28
ll40.000.0ct 1 ’29-’32
4)4’18 A-O f 72,000-0ct 1 ’26-’27
1140,000. Oct 1 ’28-131
Harbor Improvements.
3>4g’97J-J
$500,000r_ .Jan 1 1937
4g’15 J-J
80,OOOr.Jan 1 ’27130
4g’16 J-J
100,OOOr.Jan l’27-’3O
5s’18 J-J
35,000--Janl’27-33
♦Charles River Basin.
3)4g’04J-J
$250,OOOr .Jan 1 1944
3)4g’05J-J
400,000r*. Jan 1 1945
3)4g’06-’07J-J 600,000r-_Jan 1 1946
3)4g’07J-J 1,150,
Jan 1j 1947
4Q0 000r*.
000r Jan
1948
3)4g’07J-J
425,OOOr ..Jan 1 1949
3g’O9 J-J
425,000r_ _Jan 1 1949
3)4g’09J-J
475,000--Jan 1 1050
3)4gT0J-J
(144,000-Jan 1 ’27-’44
3)4’11 J-J
1 36,000-Jan 1 ’45-’5O
28,000-Jan 1 ’27-’54
4g’14 J-J
25,OOOrJan 1 ’27-’51
4g’16 J-J
Prisons and Hospital Loans.!
3)4g’01-02M-N$721,600rNov 1 1931
3g’01 M-N 200.000r.Nov 1 1031
3)4g’03M-N 746.650r.May 1 1033
3)4g’04M-N 507,250r.May 1 1034
3)4g’05M-N 300,000r*.May 1 1034
3)4g’06M-N 404,OOOr.Nov 1 1935
3)4g’06-07M-N166,000r.Nov 1 1936
3)4g’07-08M-N237,200r.Nov 1 1937
3g’09 M-N 125,OOOr.Nov 1 1938
3)4g’09M-N 130.800r.Nov 1 1038
3 )4g’09-10M-N2149000 -Nov 1 1939
3)4g’HM-N (156,000rNov 1 ’26-38
1 22,OOOr Nov 1 ’39-40
5s ’07 M-N 219,000___ Jan 1937
(or before, at option of State.)
♦Metropolitan Sewer.
3s g
M-S $6,100,000r - . Jan 1 1930
M-S 500,OOOr.Mar 1 1935
3s s
495,OOOr.Jan 1 1930
3^sg M-S
335,OOOr.Mar 1 1935
3)4s g M-S
3s g
M-S 1,024,912r.July 1 1939
65.000r.Mar 1 1936
3s g
M-S
3Ms g M-S 3,586,000r.July 1 1940
3Msg M-S 1,046,OOOr. Jan 1 1943
305,OOOr.Jan 1 1943
3)4s g M-S
3)4g’04M-S
392,000r. July 1
3)4g’06M-S 1,175,000--Jan 1
150,000c. Jan 1
3g’O9 M-S
3)4s g M-S
263,OOOc.Jan 1
9 1/r, ’1O r.
3j4s
r12 g M-S 30,OOOr.Jan 1’2
4s ’13 J-J
J140,000r.Jan 1’2
ll08,000r.Jan 1’4
4g’15 J-J
145, OOOr. Jan 1’2‘




MASSACHUSETTS—DEBT OF STATE
J-J
J-J
J-J
M-S
M-S
M-S

50,000-Sept l’26-’5O
120,000-Sept l’26-’37
135,000-Sept l’38-’52
217,000-Sept l’26-’56
31,000-Sept l’26-’56
f 20,000-Sept l’26-’27
1225,000. Sept l’28-’52
4s ’22 M-S
148,OOOr Sept 1’26-’41
140,OOOr Sept 1’42-’61
4)4’20 M-S (114,000.Sept l’26-’44
I 75,000-Sept l’45-’59
4s ’23 M-S 1108,000-Sept l’26-’52
1 30.000-Sept l’53-’62
4s ’23 M-S 74,000. .Sept 1 ’26-’62
4s ’25 M-S
585,000rSept l’26-’34
Massachusetts War Loans.
3s g A-O $1,240,OOOr.Apr 11928
4 M ’19 M-N 105,000. Nov 1 >26-’28
Hospital Loans.
3g’99-’00M-N $110,450- .May 1 1929
3 )4g’01-’02M-N 73,OOOr .May 1 1929
3)4g’03M-N 150,OOOr. .May 1 1933
3)4’03 M-N
50,floe­ .May 1 1933
s'g’06M-N
75,OOOr. .Nov 1 1935
3)4g’06-’07M-N 80,OOOr .Nov 1 1936
3)4g’08M-N 300,OOOr. .Nov 1 1937
3)4 TO M-N 118,000. .Nov 1 1939
3)4’10 M-N
15,000- .Nov 1 1939
State-House Construction.
4g’14 A-O $200,OOOr.Oct l’26-’33
4s ’15 A-O 135,OOOr.Oct l’26-’34
4g’16 A-O
50,OOOr.Oct l’26-’35
4g’16 A-O 350,000r.0ct l’26-’39
4s ’17 A-O (160,000.0ct l’26-’29
(245,000-Oct l’30-’36
•Water Loan (Metropolitan).
3)4g J-J $13,000,000c.July 1 1935
3)4’98 J-J 4,000,000c.Jan 1 1938
3g’99-’00J-J 4,000,000c.July 1 1939
3g’01 J-J 6,900,OOOr*. Janl 1941
...’-------3)4g
01J-J 3,100,OOOr. Jan 11941
3)4g’02J-J 3,500,OOOr.Jan 1 1941
3Hsg J-J 4,000,000r.Jan l’43-’44
650,OOOr*. Jan 1 1945
3J4g’05J-J
3J4sg J-J 1,350,000c. Jan
1946
199.OOOc.Jan
1949
3Hg’09J-J
199,000c.Jan 1 1949
3sg’O9 J-J
500,000.-Jan 1 1950
3)4g’10J-J
125,000-Jan 1 ’27-’51
3 ^s’11 J-J
100,000-Jan 1 ’27-’46
3)4s’12J-J
20,000.Jan 1 ’47-’51
154,000-Jan 1 ’27-’48
4sg’14 J-J
20,000-Jan 1 ’49-’52
247,000r.Jan l’27-’45
4sg’15 J-J
lOO.OOOr.Jan l’46-’55
32,OOOr_Jan l’27-’42
4sg’16 J-J
14.000r.Jan l’43-’56
105,000-Jan 1 ’27-’47
4s ’17 J-J
J24.000.Jan 1 ’27-’3O
4)£s’19J-J
(95,000-Jan 1 ’31-’49
28,000-Jan 1 ’27-’54
4Xs’20J-J
(208,000-Jan 1 ’27-’42
4s ’22 J-J
1240,000-Jan 1 ’43-’62
J 51,000.Jan 1 ’27-’43
4s ’23 J-J
1 40,000-Jan 1 ’44-’63
950,000-Jan 1 ’27-’64
4s ’24 M-N
4s ’25 J-J (1,050, OOOrJan 1 ’27-’61
t 58,OOOrJan 1 ’62-’63
Port of Boston Bonds.
$1,350,000. Aug 1 ’26-’43
55,000.-Aug 1 1944
4s ’13 F-A
525,000-Aug 1 ’45-’51
50,000.-Aug 1 1952
1,275,000-Aug 1 ’26-’42
65,000. .Aug 1 1943
75,000.-Aug 1 1944
4s ’14 F-A
62,000.-Aug 1 1945
525,000-Aug 1 ’46-’52
74,800.-Aug 1 1953
4s ’15 F-A
25,000.. Aug 1 1926
1,000. .Aug 1 1927
650,000-Aug 1 ’29-’54
4s ’17 F-A
550,000-Aug 1 ’26-’36
4)4sT8F-A
675,000-Aug 1 ’26-’53
I
25,000.-Aug 1 1957
Cambridge Subway.
5sg’2O M-N $748,000rMay l’27-’38
4)4g’20M-N 6,860,000rMay l’39-’7O
(See V. 110, p. 1555, for maturity.)
4s’24 M-N (88,000-May 1’27-’7O
1 4,000-May l’71-’74
♦Court House Bonds.
3)4s’07M-S $66,000.Mar l’27-’37
...’--------72.000.Mar l’27-’38
3J^s
08M-S
224,000-Sept l’26-’39
3^s’10M-S
16,000-Sept l’26-’33
3>£s’llM-S
Medfield Insane Asylum.
3)4sg A-O $174,300r..Apr 1 1927
o,y„.no*
«
165,500r..Apr 1 1933
3)^g
’03A-O
108,OOOr. .Apr 1 1934
3^g’04A-O
22,000r. .Apr 1 1936
3^g’07A-O
♦Parks (Metropolitan).
3Hsg J-J $1,800,000r..Jan 1 1934
---------3)^g
’96J-J 2,600,000r.-Jan 1 1936
3^g’97J-J 2,400,OOOr.. Jan 1 1937
3>£g’98J-J 1,100,OOOr.July 1 1938
3s
J-J 1,605,000.-July 1 1939
325.000r.July 1 1940
3sg’00 J-J
450,OOOr.-Jan 1 1940
3Xg’02J-J
750,000r.-Jan 1 1941
3sg’01 J-J
100,OOOr.. Jan 1 1943
3.20g’03J-J
135,000r.-Jan 1 1943
3^g’03J-J
640,000r.July 1 1943
3)^g’03J-J
600,000r_ .Jan 1 1944
3^g’04J-J
3^g’05J-J 670,000c&r*.Jan 1 1945
3^g’06J-J 600,000c&r*.Jan 1 1946
600,000r_. Jan 1 1947
3^g’07J-J
125,000r_. Jan 1 1928
3Mg’08J-J
60,000r--Jan 1 1949
3s ’09 J-J
60,000...Jan 1 1949
3^s’09J-J
135.000.Jan 1 ’27-’53
4sg’13 J-J
140,000-Jan 1 ’27-’54
4s g
J-J
25,000-Jan 1 ’27-’51
3 Jig’ll J-J
4,500-Jan 1 ’27-’32
3>£s’12J-J
20,000.Jan 1 ’27-’31
4s ’13 J-J
j3,000. Jan 1 ’27-’29
4s ’14 J-J
(2,500-Jan 1 ’30-’34
190.000r.Jan l’27-’45
4sg’15 J-J
30,000. Jan 1 ’27-’5 6
4s ’16 J-J
210.000.Jan 1 ’27-’56
4s ’16 J-J
(140,000r.Jan l’27-’33
4sg’16 J-J
1 10,OOOr.-Jan 1 1934
5,000— Jan 1 1927
4s ’17 J-J
23,000.. Jan 1 1927
4s ’17 J-J
190,000-Jan 1 ’27-’45
4Xs’20J-J
(196,000. Jan 1 ’27-’33
4s ’23 J-J
(270,000-Jan 1 ’34-’43
950,000rJan 1 ’27-’45
4s ’25 J-J
4s ’25 J-J f 98,000i Jan 1 ’27-’4O
I 30,OOOrJan 1 ’41-’45
4s
675,000 —.1927-1946

4g’16
4g’16
4g’16
4s ’17
4s ’17
5s ’18

29

• Nominal or contingent debt except "parks,” of which $3,765,750
is a direct State obligation. Two-thirds ($259,999.98) of the Court-house
loans contingent debt. See below.
PUBLIC SALES OF BONDS.—A bill passed the Legislature in 1904
directing the Treasurer to advertise all future sales of State bonds Instead
of disposing of them at private sale, as had been the previous practice.
(V. 78, p. 1565.)
INTEREST is payable at State Treasury in Boston.
TOTAL DEBT, SINKING FUNDS, &C.—
Dec. 11925. Dec. 1 1924. Dec. 1 1923. Dec. 1 1922.
Total funded debt. .$126,568,212 $125,050,962 $126,396,912 $133,416,162
Sinking funds, &c-. 57,651,732
55,746,199
53,873,739
56,420,165

Netdebt......... ..
$68,916,479 $69,304,763 $72,523,173 $76,995,997
The above debt is of two classes: the Direct Debt, for the payment of
which the Commonwealth is directly and entirely responsible; and the
Nominal or Contingent Debt, for which the Commonwealth has loaned its
credit to sundry cities and towns for various purposes, the payment of which
is guaranteed by sinking funds (sufficient to pay the debt at maturity)
provided by a direct annual tax on the cities and towns for which the debt
has been incurred. On Dec. 1 1925 these classes and the sinking funds
applicable thereto were as follows:
Direct Debt.
Contingent Debt. Grand Total.
Bonded debt___________ $36,477,800.02 $90,090,411.98 $126,568,212.00
Sinking funds__________ 18,822,102.55
38,829,630.18 57,651,732.73

Netdebt------------------ $17,655,697.47 $51,260,781.80 $68,916,479.27
ASSESSED VALUATION.—The State's assessed valuation follows:
Years—
Real Estate.
Personal Property.
Total.
1924.............. ..$5,249,628,907
$1,046,215,516
$6,295,844,423
1923............... . 4,968,716.451
1,009,435,977
5,978,152,428
1922........... .. .. 4,706,612,305
1,008,765,039
5,715,377,344
1921_______ .. 4,525,853,852
1,020,792,388
5,546,646,240
1920_______ .. 4.368.363.457
975.790.200
5.344,153.657
1919_______ „ 3,979,836,078
919,024,221
4,898,860,299
1918............... — 3.885.495,341
853,481,248
4,738,976,589
1917_______ — 3,808,405.899
730,592,172
4,538,998,071
1916............... — 3,686,483,258
1.275,754,750
4,962,238,008
2,500,599.981
6,074,281,951
1915............... — 3.573,681,970
1914.............. .. 3,467,560,721
2,537,852,080
6,005.412,801
1912............... .. 3,216,714,460
2.262,565,233
5,479.279,693
1910----------- - 2,977,075,471
2,050,079,335
5,027,154,806
1905............... .. 2,600,445.146
4,222,281,054
1,621,835,908
1900----------- .. 2,315,687,381
1,562,983.689
3,878.671,070
1890............... - 1,600,137,807
1,013,077,330
2,613,215,137
1880............... - 1.111,160.072
816.695,358
1,927,855,430
Under the provisions of the Income Tax Law, which became effective
In 1917, the intangible personal property is no longer taxable by local board
of assessors, which accounts for the decrease in valuation of the assessed
personal property in 1917 and thereafter.
The larger portion of the State's revenue Is derived from corporations,
national bank stocks, savings banks, income taxes and inheritance taxes.
In 1925 the tax assessed aggregated $42,025,861.31, of which $12,006,221.57
accrued to the Commonwealth and the balance is apportioned to cities and
towns. Of the total of $42,025,861.31, $3,184,641 was assessed upon public
service corporations, $10,345,057.42 upon domestic business corporation,
$3,049,507 upon foreign business corporations, $2,041,823.19 upon savings
banks, $597,524.87 upon national banks, $16,742,790.55 upon incomes, and
$6,064,517.28 upon inheritances.
POPULATION OF STATE.—
1920—.3,852,356 1900...2,805,346 1860.-1,231,066 1820 ... 523.287
1915 —3,693.310 1890 ...2,238,943 1850... 994,514 1810... 472,040
1910...3,366,416 1880.-.1,783,080 1840 — 737,699 1800... 422,845
1905 ...3,003,635 1870 —1.457,351 1830.— 610.408 1790 ... 378.787
DEBT LIMITATIONS.—The only provision in the constitution of Mas­
sachusetts limiting the power of the Legislature to create State indebted­
ness is contained in a constitutional amendment adopted in Nov. 1918,
which constitutes Article 62, Articles of Amendment, the text of which
follows:
Sec. 1. The credit of the Commonwealth shall not in any manner be
given or loaned to or in aid of any individual, or of any private association,
or of any corporation which is privately owned and managed.
Sec. 2. The Commonwealth may borrow money to repel invasion, sup­
press insurrection, defend the Commonwealth or to assist the United States
in case of war, and may also borrow money in anticipation of receipts from
taxes or other sources, such loan to be paid out of the revenue of the year
in which it is created.
Sec. 3. In addition to the loans which may be contracted as before pro­
vided, the Commonwealth may borrow money only by a vote, taken by
the yeas and nays, of two-thirds of each House of the General Court present
and voting thereon. The Governor shall recommend to the General Court
the term for which any loan shall be contracted.
Sec. 4. Borrowed money shall not be expended for any other purpose
than that for which it was borrowed or for the reduction or discharge of
the principal of the loan.
Note.—In 1923 we gave the above sections as having constituted
Articles 112, 113, 114 and 115 of the Rearranged Constitution, ratified by
the voters Nov. 4 1919, but which was later declared void by the State
Supreme Court (see V. 113, p. 751).
MUNICIPAL INDEBTEDNESS.—There appears to be no constitu­
tional limit upon municipal indebtedness, but legislation governing the
creation of debts of cities, towns and districts has been passed from time
to time, and it might safely be said that this subject is treated more
thoroughly in Massachusetts than in any other State. The legal limita­
tions placed upon the borrowing power of cities, towns and districts may
be found in Chapter 44 of the General Laws. In the following paragraphs
we endeavor to summarize the provisions of this Chapter as to municipal
debts, long and short term, sinking funds and maturities.
Long Term Debts, Limit of.
Under Section 10 debts of cities, except Boston, are limited to 2)4%,
and towns to 3% of the average assessed valuation for three years, less
abatements of the preceding year. In computing the debt subject to
these limitations, debts authorized outside the limit, as provided in Section
8, are to be deducted from the total debt, leaving the debt inside the limit,
as described in Section 7. From this is to be deducted the sinking funds
applicable to it, giving the net debt subject to the limitation. We give
below the text of Sections 2, 3, 7, 8 and 10, which contain these provisions:
Sec. 2. Except in Boston and except as otherwise expressly permitted
by law, cities and towns shall incur debts only in the manner of voting
and within the limitations as to amount and time of payment prescribed
in this chapter; but this section shall not be construed as prohibiting
any city, town or district from placing additional restrictions, consistent
with this chapter, upon the manner of incurring debt, nor as affecting the
right of any city, town or district to incur debt under any special Act;
but no debt may be authorized under a special Act except by a two thirds
vote, unless the Act so provides.
Sec. 3. The indebtedness of a city or town for a specific purpose shall
be its net indebtedness which shall be the total indebtedness for that
purpose after deducting the. amount of sinking funds applicable to the
same. The indebtedness to which the debt limit imposed by Section 10
shall be applied shall be the total net indebtedness of the city or town
after excluding debts exempted from the operation of said Section.
Sec. 7. Cities and towns may incur debt, within the limit of indebtedness
prescribed in Section 10, for the following purposes, and payable within
the periods hereinafter specified, provided that as to each such purpose,
except those described in paragraphs (15), (16), and (17), only such sum
may in any year be authorized to be borrowed as exceeds 25 cents per
$1,000 of the valuation of the city or town for the preceding year.
(1) For the construction of sewers for sanitary and surface drainage pur­
poses and for sewage disposal, thirty years,
(2) For acquiring land for public parks or public domain under chap­
ter 45, thirty years; but no indebtedness incurred for public domain shall
exceed )4 of 1% of the last preceding assessed valuation of the city or town.
(3) For acquiring land for any purpose for which a city or town is or
may hereafter be authorized to acquire land, not otherwise herein specified,
and for the construction of buildings which cities and towns are or may
hereafter be authorized to construct, including the cost of original equip­
ment and furnishing, twenty years.
(4) For the construction of additions to school houses or buildings to be
used for any municipal purpose, including the cost of original equipment

30

MASSACHUSETTS—DEBT OF STATE

and furnishings, where such additions increase the floor space of said
buildings, twenty years.
(5) For the construction of bridges of stone or concrete, or of iron super­
structure, twenty years.
(6) For the original construction of public ways or the extension or widen­
ing thereof, including land damages and the cost of pavement and sidewalks
laid at the time of said construction, ten years.
(7) For the construction of stone, block, brick or other permanent pave­
ment of similar lasting character, ten years.
(8) For macadam pavement or other road material under specifications
approved by the Division of Highways, five years.
(9) For the construction of walls or dikes for the protection of highways
or property, ten years,
(10) For the purchase of land for cemetery purposes, ten years.
(11) For the cost of additional departmental equipment, five years.
(12) For the construction of sidewalks of brick, stone, concrete or other
material of similar lasting character, five years.
(13) For connecting dwellings or other buildings with common sewers,
when the cost is to be assessed in whole or in part on the abutting property
owners, five years.
(14) For the abatement of nuisances in order to conserve the public
health, five years.
(15) For extreme emergency appropriations involving the health or
safety of the people or their property, five years.
(16) For the payment of final judgments rendered after the fixing of
the tax rate for the current year, one year.
(17) For such other emergency appropriations as shall be approved by a
board composed of the Attorney-General, the State Treasurer and the
Director, one year.
Sec. 8. Cities and towns may incur debt, outside the limit of indebtedness
prescribed in Section 10, for the following purposes and payable within the
periods hereinafter specified:
Debts may be authorized under this section only by a two-thirds vote.
(1) For temporary loans under Sections 4, 5, 6 or 17, one year.
(2) For maintaining, distributing and providing food, other common
necessaries of life and temporary shelter for their inhabitants upon the
occasions and in the manner set forth in Section 19 of Chapter 40, two years.
(3) For establishing or purchasing a system for supplying the inhab­
itants of a city or town with water, for the purchase of land for the pro­
tection of a water system, or for acquiring water rights, thirty years.
(за) For the construction of filter beds, standpipes and reservoirs,
twenty years.
(зб) For laying and relaying street water mains of six inches or more
in diamater, fifteen years.
(4) For the extension of water mains and for water departmental equip­
ment, five years.
(5) For establishing, purchasing, extending, or enlarging a gas or electric
lighting plant within the limits of the territory within which such gas or elec­
tric lighting plant is authorized to distribute its product, twenty years; but
the outstanding indebtedenss so incurred shall not exceed in a town 5%
and in a city 2 % % of the last preceding assessed valuation of such town
or city.
(6) For acquiring land for the purposes of a public playground, as
specified in Section 14 of Chapter 45, thirty years; but the indebtedness
so incurred shall not exceed 'A of 1 % of the last preceding assessed valuation
of the city or town.
(7) For acquiring land or constructing buildings or other structures,
including the cost of original equipment, as memorials to soldiers, sailors
and marines, twenty years; but the indebtedness so incurred shall not
exceed >6 of 1% of the last preceding assessed valuation of the city or town.
(8) For payment of an assessment for a proportionate share of the
expense of construction of a county tuberculosis hospital under Section
83 of Chapter 111, twenty years.
(9) For acquiring street railway property under Sections 143 to 158
inclusive, Chapter 161, operating the same, or contributing toward the
sums expended by a transportation area for capital purposes, ten years;
but the indebtedness so incurred shall not exceed 2% of the last preceding
assessed valuation of the city or town.
Debts mentioned in clause (1) of this section shall be payable as pro­
vided for in Sections 4, 5, 6 and 17. Debts for all other purposes men­
tioned in this section shall be payable within the periods above specified
from the date of the first issue of bonds or notes on account thereof, and
may be incurred in accordance with the laws relating to such purposes,
so far as they are consistent with this chapter. Debts, except for tem­
porary loans, may be authorized under this section only by a two-thirds
vote.
Debts mentions in clauses (3) and (4) of this section shall not be author­
ized to an amount exceeding 10% of the last preceding assessed valuation
of the city or town.
Sec. 10. Except as otherwise authorized by law, a city shall not authorize
indebtedness to an amount exceeding 2)^ %, and a town shall not authorize
indebtedness to an amount exceeding 3%, on the average of the assessors’
valuations of the taxable property for the three preceding years, the valua­
tions being first reduced by the amount of all abatements allowed thereon
previous to Dec. 31 of the preceding year. All debts, except those ex­
pressly authorized by law to be incurred outside the debt limit, shall be
reckoned in determining its limit of indebtedness under this section.
Section 9 provides that fire, water, light and improvement districts
may, by a two-thirds vote of the electors, authorize debt for the purposes
prescribed, and payable within the periods specified in Sections 7 and 8.
Temporary Loans.
Sections 4, 5, 5a, 6, 6a, and 17 authorize the issuance of temporary loans
payable in not more than one year from date, in anticipation of revenue,
for current expenses, for the payment of any land damages or expenses of
altering grade crossings or any proportion of expenses of constructing a
highway in anticipation of reimbursement by the Commonwealth or
county, and for highway improvements in anticipation of reimbursement
by the county, and in anticipation of the sale of bonds. Section 18 permits
the sale of these notes at discount.
Sinking Funds Abolished—Serial Payments.
Section 47, part of an Act adopted in 1913, abolished sinking funds in
cities and towns, excepting Boston, but allowed the continuation of funds
established prior to May 28 1913. The establishment of sinking funds
in districts after March 20 1915 was prohibited by an Act passed in 1915.
Section 19 provides a serial method for paying off obligations. The first
lay men t. is to be made not later than one year from date of issue, but the
irst payment on bonds issued for the purchase or establishing of a water
supply system may be delayed to three years from date.
EXEMPTION FROM TAXATION.—Clause 15. Sec. 5. Part I. Chapter
490, of the Acts of 1909, as amended by Chapter 83, Laws of 1914 (now
Clause 25 of Section 5 of Chapter 59, General Laws of 1921), provides that
the following securities shall be exemptfrom taxation: “Bonds or certificates
of indebtedness of the Commonwealth issued since the first day of January
in the year 1906, and bonds, notes and certificates of indebtedness of any
county, fire district, water supply district, light district, watch district
or improvement district, city or town in the Commonwealth which may
be issued on or after the first day of May in the year 1908, stating on their
face that they are exempt from taxation in Massachusetts.”
.TAXATION OF MORTGAGES.—Chapter 761, Laws of 1914 pro­
vided that a bond secured by mortgage on tangible property located within
or without the. Commonwealth which is subject to taxation wherever
located, and which is there actually taxed, shall be exempt from taxation
within the Commonwealth of Massachusetts upon registration of the same
with the Tax Commissioner and upon the payment to him of a fee of $3
per $1,000 annually.
This tax was declared unconstitutional, Perkins vs. Westwood, 226.
Massachusetts 268, and as a result the act was later repealed. However
the objective sought by Chapter 761 was afterward accomplished in the
passing of the State Income Tax Law, referred to below, under which the
income from such bonds then became taxable to the holders and the bond
Itself, as a property exemption, from any further tax.
INCOME TAX.—The 1916 Legislature passed a bill since amended
and which now constitutes Chapter 62, General Laws of 1921, providing
for a tax on incomes in accordance with a constitutional amendment
adopted in Nov. 1915. The law has been declared constitutional oy the
State Supreme Court. V. 104, p. 2664.
In Oct. 1922, the U. S. Supreme Court held that revenues from taxes
on incomes could be used for educational purposes. V. 115, p. 1964.
SAVINGS BANK INVESTMENTS—POWER AND RESTRICTIONS.
—The provisions regarding savings bank investments in Massachusetts
are found in Sec. 54, Chapter 168 of the General Laws of 1921, as since
amended. The statute as it now stands is the result of numerous changes
made from time to time. The amendments of 1908 are referred to in V. 87,

J




[Vol. 122.

p. 257, and in an editorial article on pages 5 and 6 of the "State and City
Supplement” for May 29 1909. The law was further amended in 1909 and
1912 (see “Chronicle” of May 25 1912, “State and City Department");
Clause Fourteenth was added in 1913; the last two paragraphs of the section
relating to street railways were added in 1915, and in 1918 the Legislature
authorized savings banks and savings departments of trust companies in
Massachusetts to invest in Farm Loan bonds issued by Federal Land banks,
and also the investment by savings banks in bankers’ acceptances and bills of
exchange. In 1919 a law was passed providing that railroad bonds, which
were legal investments for savings banks at the time when the U. 8. Govern­
ment took over the operation of the roads issuing such bonds, shall not be­
come illegal investments by reason of the operation of the roads by the
Government. In 1920 a law was passed extending this provision for a period
of two more years. Paragraph (3) of subdivision (e), Clause 9, was amended
by the 1924 Legislature, by changing the amount that may be loaned to
depositors, secured by deposit books, from 90% to the full amount of the
deposits shown in said deposit books. In 1925 a law was passed amending
sub-divisions (a), (e) and (f) of Clause 2. Sub-division (a) now makes
legal investments for savings banks bonds of any State which has not within
the 20 years prior to the making of such investment defaulted in the pay­
ment of any part of either principal and interest; under sub-division (e)
as amended, investments can be made in the legally authorized bonds for
municipal purposes or in refunding bonds issued to take up at maturity
oonds which have been issued for other than municipal purposes, but on
which interest has been fully paid of any city (in any State) which has
been incorporated for 25 years, which has a population ranging from
30,000 to 100,000 and whose net indebtedness does not exceed 5%; and
sub-division (f) as amended carries the same provisions as sub-division (e)
except that a city must have a population of more than 100,000, and its
net indebtedness must not exceed 7%. Clause 5, deals with the investment
in bonds of telephone companies, was also amended in 1925. It strikes
out the words “In the bonds of any telephone company subject to provi­
sions of Section 53 of Chapter 63, and of which a majority of the directors
are residents of the Commonwealth” and subsitutes a new introduction
which is placed in italics below.
In 1926 Section 54 was again amended. The change adds a new clause
(6A) and amends subdivisions (c) of Clause 9 as a result of which savings
banks are now permitted to invest in bonds of certain public service com­
panies in addition to those heretofore authorized. The same amendment
also affects Clause 15 in regard tq the publication of a list annually by the
Bank Commissioner of securities considered legal investments for savings
banks. The clause, as amended, now provides, among other things, that
the Bank Commissioner in his preparation of the list may obtain expert
assistance. Section 54, Chapter 168, of the General Laws now reads:
SECTION 54. Deposits and the income derived therefrom shall be
tnvested only as follows:
FIRST—First Mortgages of Real Estate.—In first mortgages of real estate
located in this Commonwealth not to exceed 60% of the value of such real
estate; but not more than 70% of the whole amount of deposits shall be so
invested. If a loan Is made on unimproved and unproductive real estate,
the amount loaned thereon shall not exceed 40% of the value of such real
estate. [For conditions that must be observed in making such loans see
law in full in V. 87. p 257.]
SECOND—Public Funds.—(a) In the public funds of the United States
or of this commonwealth, or in the legally authorized bonds of any other
state of the United States, but not including a territory, which has not
within the twenty years prior to the making of such investment defaulted
in the payment of any part of either principal or interest of any legal debt.
(b) In the bonds or notes of a county, city or town of this Commonwealth.
(c) In the bonds or notes of an incorporated district in this Common­
wealth whose net indebtedness does not exceed 5% of the last preceding
valuation of the property therein for the assessment of taxes.
(d) In the bonds or notes of any city of Maine, New Hampshire, Vermont,
Rhode Island or Connecticut whose net indebtedness does not exceed 5%
of the last preceding valuation of the property therein for the assessment
of taxes; or of any county or town of said States whose net indebtedness
does not exceed 3 % of such valuation; or of any incorporated water district
of said States which has within its limits more than five thousand inhabit­
ants, and whose bonds or notes are a direct obligation on all the taxable
property of such district and whose net indebtedness does not exceed 3%
of such valuation. Provided, that there is not included within the limits
of such water district, either wholly or in part, any city or town the bonds
or notes of which are not a legal investment.
(e) In the legally authorized bonds for municipal purposes or in refunding
bonds issued to take up at maturity bonds which have been issued for other
than municipal purposes, but on which the interest has been fully paid, of
any city of any state of the United States, other than a territory or de­
pendency thereof, which was incorporated as such at least twenty-five
years prior to the date of such investment, which has at such date not less
than thirty thousand nor more than one hundred thousand inhabitants, as
established by the last national or state census, or city census certified to
by the city clerk or treasurer of said city and taken in the same manner as
a national or state census, preceding such date, and whose net indebtedness
does not exceed five per cent of the valuation of the taxable property
therein, to be ascertained by the last preceding valuation of property
therein for the assessment of taxes.
(f) In the legally authorized bonds for municipal purposes or in refunding
bonds issued to take up at maturity bonds which have been issued for other
than municipal purposes, but on which the interest has been fully paid,
of any city of any state of the United States, other than a territory or
dependency thereof, which was incorporated as such at least twenty-five
years prior to the date of such investment, which has at such date more
than one hundred thousand inhabitants, established in the same manner
as is provided in subdivision (e) of this clause, and whose net indebtedness
does not exceed seven per cent of the valuation of the taxable property
therein, to be ascertained as provided in said subdivision (e).
[The Attorney-General on April 28 1914 held that bonds of the City of
Minneapolis, Minn., were legal investments. V. 98, p. 1629.]
(g) In subdivisions (d), (e) and (f) of this clause the words ‘net indebted­
ness” mean the indebtedness of a county, city, town or district omitting
debts created for supplying the inhabitants with water and debts created in
anticipation of taxes to be paid within one year, and deducting the amount
of sinking funds available for the payment of the indebtedness included.
RAILROAD BONDS.

Massachusetts Railroads.
THIRD.—(a) In the bonds or notes, issued in accordance with the laws of
this Commonwealth, of a railroad corporation incorporated therein the rail­
road of which is located wholly or in part therein, which has paid in dividends
in cash an amount equal to not less than 4% per annum on all its outstand­
ing issues of capital stock in each fiscal year for the five years next preceding
such investment, or in the first mortgage bonds of a terminal corporation
incorporated in this Commonwealth and whose property is located therein,
which is owned and operated, or the bonds of which are guaranteed as to
principal and interest, or assumed, by such railroad corporation. Any
shares of the capital stock of a railroad corporation leased to such railroad
corporation, which are owned by said lessee corporation, shall not be con­
sidered as outstanding within the meaning of this subdivision.
New England Railroads.
(b) In the bonds or assumed bonds of a railroad corporation incorporated
in any of the New England States at least one-half of the railroad of which is
located in said States, whether such corporation is In possession of and is
operating its own road or is leased to another railroad corporation; provided
either that such bonds shall be secured by a first mortgage of the whole or
a part of the railroad and railroad property of such corporation or by a
refunding mortgage as described in paragraph (3) or (4) of subdivision g; or
that if the railroad and railroad property of such corporation are unincum­
bered by mortgage, such bonds shall be issued under the authority of one of
said States which provides by law that no such railroad corporation which
has issued bonds shall subsequently execute a mortgage upon its road, equip­
ment and franchise or upon any of its real or personal property, without in­
cluding in and securing by such mortgage all bonds previously issued and
all its pre-existing debts and liabilities, which provision, so enacted in such
State, shall have been accepted by the stockholders of such corporation;
and provided, that such corporation has paid in dividends in cash an amount
equal to not less than 4% per annum on all its outstanding issues of capital
stock in each fiscal year for the five years next preceding such investment.
(c) In the first mortgage bonds or assumed first mortgage bonds or in
the bonds secured by a refunding mortgage as described in paragraphs (3)
or (4) of subdivision g, of a railroad corporation incorporated in any of the
New England States the railroad of which is located wholly or in part
therein, which have been guaranteed as to principal and Interest by a
railroad corporation described in subdivisions a or 6 which is in possession
of and is operating its own road.

Junk, 1926.]

MASSACHUSETTS—DEBT OF STATE

(d) No bond shall be made a legal Investment by subdivision & unless
the corporation which issued or assumed such bond has, during its fiscal
year next preceding the date ofj such investment, paid in dividends on its
capital stock an amount equal 4) one-third of the total amount of interest
paid on all its direct and assumed funded indebtedness.
No bond shall be made a legal investment by subdivision c unless the
corporation which guaranteed such bond has, during its fiscal year next
preceding such Investment, paid in dividends on its capital stock an amount
equal to one-third of the total! amount of interest paid on all its direct,
assumed and guaranteed funded indebtedness.
Other Railroads.
(e) In the mortgage bonds, as described in any of the following sub­
divisions of this clause, of any Railroad corporation incorporated under the
laws of any of the United States:
Provided, that during each of the ten fiscal years of such railroad cor­
poration next preceding the dat,e of such investment—
(1) Such railroad corporation owned in fee not less than five hundred
miles of standard-gauge railroad, exclusive of sidings, within the United
States, or if such corporation owned in fee less than five hundred miles of
such railroad, the gross earnings of such corporation, reckoned as herein­
after provided, shall have beenjnot less than fifteen million dollars:
(2) Such railroad corporation shall have paid the matured principal and
Interest of all its mortgage indebtedness;
(3) Such railroad corporation shall have paid in dividends in cash to its
stockholders an amount equal J to at least four per cent upon all its out­
standing capital stock.
(4) The gross earnings from I the operation of the property of such rail­
road corporation, including therein the gross earnings of all railroads leased
and operated or controlled and [operated by said corporation, and the gross
earnings from the sale of coal from mines owned or controlled by it, shall
not have been less in amount than five times the amount necessary to pay
the interest payable upon its entire outstanding indebtedness, the rentals
of all leased lines, and the interest on all the outstanding indebtedness of
railroads controlled and operated which is not owned by said corporation
after deducting from said interest and rentals interest and dividends
received from the stocks, bonds or notes of railroad corporations not
operated by said corporation, which have been deposited with a trustee as
the only security to secure the payment of bonds or notes issued by said
corporation, but not in excess of the interest on said last-named bonds or notes.
And further provided, that—!
(5) No bonds shall be made a legal investment by subdivision g in case
the mortgage securing the same shall authorize a total issue of bonds
which, together with all outstanding prior debts of the issuing or assuming
corporation, including all bonds not issued that may legally be issued
under any of its prior mortgages or of its assumed prior mortgages, after
deducting therefrom, in case pf a refunding mortgage, the bonds reserved
under the provisions of said mortgage to retire prior lien debts at maturity,
shall exceed three times the outstanding capital stock of said corporation
at the date of such investment^
(6) No bonds shall be made a legal investment by subdivision i or ) in
case the mortgage securing the same shall authorize a total issue of bonds
which, added to the total debit of the guaranteeing corporation as defined
in paragraph five, including therein the authorized amount of all previously
guaranteed bond issues, shall exceed three times the capital stock of such
guaranteeing corporation outstanding at the date of such investment; nor
in case at said date the total debt of the corporation which issued said bonds
shall exceed three times its outstanding capital stock.
In the case of a mortgage Executed prior to June 8 1908, under which
the total amount of bonds which may be issued is not specificially stated,
the amount of bonds outstanding thereunder at the date of such invest­
ment shall be considered, for the purposes of paragraph five and of this
paragraph, as the total authorized issue.
DESCRIPTION OF BONDS.
(1) Definition of First Mortgage.—Whenever the term ‘first mortgage”
is used in the following subdivisions, it shall mean, unless otherwise quali­
fied, a first mortgage on not less than seventy-five per cent of the railroad
owned in fee at the date of the mortgage by the railroad corporation on
the railroad of which said mortgage is a lien, but in no case on less than
one hundred continuous miles of standard-gauge railroad, exclusive of
sidings; provided, that seventy-five per cent of the railroad subject to the
lien of said mortgage is connected;
For five years prior to thq date of investment therein all the railroad
subject to the lien of said mortgage at the date of execution thereof has
been operated by, and its operations included in, the operations of the
railroad corporation which issues, assumes or guarantees said bonds;
The date of said mortgage }s at least five years prior to the date of such
Investment; except that a first mortgage given in substitution for and not
greater in amount than such a first mortgage, and covering the same rail­
road property, shall be considered to be in accordance with this require­
ment.
(g) Direct Obligations.—Bohds issued or assumed by a railroad corpora­
tion described in subdivision e, which are secured by a mortgage which was
at the date thereof or is at the date.of such investment—
(1) A first mortgage on railroad owned in fee by the corporation issuing
or assuming said bonds, except that, if it is not a first mortgage on seventyfive per cent of all such railroad owned in fee by said corporation, it shall be
a first mortgage on at least jseventy-five per cent of the railroad subject
to the lien of said mortgage ait the date thereof; but if any stocks or bonds
are deposited with the trustee of said mortgage as part security therefor,
representing or covering railifoad mileage not owned in fee, the bonds se­
cured by said mortgage shajll not become legal investments unless said
corporation owns in fee at least seventy-five per cent of the total mileage
which is subject to the lien pf said mortgage and which is represented or
covered by said stocks or bonds;
(2) A first mortgage, or a mortgage or trust indenture which Is in effect
a first mortgage, upon all the railroad subject to the lien of said mortgage
or trust indenture, by virtue of the irrevocable pledge with the trustee
thereof of an entire issue or issues of bonds which are a first lien upon the
railroad of a railroad corporation which is owned and operated, controlled
and operated or leased and operated by the corporation issuing or assuming
said bonds:
(3) A refunding mortgage which covers at least seventy-five per cent of
the railroad owned in fee by I said corporation at the date of said mortgage
and provides for the retiremept of all outstanding mortgage debts which are
a prior lien upon said railroad owned in fee and covered by said refunding
mortgage at the date thereof.) But if any of the bonds which said refunding
mortgage is given to refund are secured on a railroad not owned in fee by
the corporation executing said refunding mortgage, there shall be conveyed
and assigned to the trustee of said refunding mortgage either—
At least seventy-five per cent of the railroad on which each issue of bonds
tc be refunded is secured, free from any mortgage lien except that of the
mortgage or mortgages securing the bonds to be refunded; or
At least seventy-five per [cent of the outstanding bonds of each issue
which is secured by a mortgage lien upon such railroad; and all of said
railroad not owned in fee which is so subjected to the lien of said refunding
mortgage shall be the railroad of one or more railroad corporations which
are owned and operated, cohtrolled and operated, or leased and operated,
by the corporation issuing or assuming said refunding mortgage bonds:
But in no case shall the bonds secured by said refunding mortgage become
a legal investment unless they mature at a later date than any bonds which
said refunding mortgage is given to refund, nor unless the total mileage
subjected to the lien of said refunding mortgage in accordance with the
requirements of this paragraph is at least twenty-five per cent greater that
the mileage covered by any one of the mortgages securing bonds which said
refunding mortgage is given) to refund.
(4) A mortgage upon not less than ten per cent of the railroad, ex­
clusive of sidings, owned in fee at the date of said mortgage by the corpora­
tion issuing or assuming said! bonds, but in no case on less than five hundred
continuous miles of standard-gauge railroad; provided, that
Said mortgage is a first dr second lien upon not less than seventy-five
per cent of the total railroad covered by said mortgage at the date thereof,
and which provides for the! retirement of all mortgage debts which are a
prior lien upon said railroap owned in fee and covered by said mortgage,
at the date of the execution thereof;
The bonds secured by said mortgage mature at a later date than, and
cover a mileage at least twenty-five per cent greater than is covered by,
any of the bonds secured, by! a prior lien mortgage so to be retired;
The date of said mortgage shall be at least five years prior to the date of
such investment.
(h) Bonds Underlying Refunding Mortgages.—Mortgage bonds or bonds
secured by mortgage bonds which are a direct obligation of, or which have
been assumed, or which have been guaranteed by endorsement as to both
principal and Interest by, a railroad corporation whose refunding mortgage




31

bonds are made a legal investment under paragraphs three or four of sub­
division g; provided, that—
Said bonds are prior to and are to be refunded by such refunding mortgage:
Said refunding mortgage covers all the real property upon which the
mortgage securing said underlying bdnds is a lien.
In the case of bonds so guaranteed or assumed, the corporation issuing
said bonds is owned and operated, controlled and operated, or leased and
operated, by said railroad corporation.
(!) Guaranteed Obligations.—Bonds which have been guaranteed by en­
dorsement as to both principal and interest by a railroad corporation which
has complied with all the provisions of subdivision e: provided, that—
Said bonds are secured by a first mortgage on the railroad of a railroad
corporation which is owned and operated, controlled and operated, or
leased and operated, by the corporation guaranteeing said bonds;
In the case of a leased railroad, the entire capital stock of which, except
shares qualifying directors, is not owned by the lessee, the rental includes
an amount to be paid to the stockholders of said leased railroad equal to at
least four per cent per annum upon that portion of the entire capital stock
thereof outstanding which is not owned by the lessee.
(j) First mortgage bonds of a railroad corporation which during each of
its ten fiscal years next preceding the date of such investment has complied
with all the requirements of paragraphs two, three and four of subdivision
e; provided, that said bonds are guaranteed by endorsement as to both
principal and interest by a railroad corporation which has complied with
all the requirements of subdivision e preceding paragraph five, notwith­
standing that the railroad of said issuing corporation ip not operated by
said guaranteeing corporation.
CORPORATION NOT TO LOSE CREDIT BY TEMPORARY DISTURB­
ANCE OF RELATION OF GROSS EARNINGS TO FIXED CHARGES.
(k) Bonds which have been or shall become legal investments under any
of the provisions of this Act shall not be rendered illegal although the cor­
poration issuing, assuming or guaranteeing such bonds shall fail for a period
not exceeding two successive fiscal years to comply with the requirements of
paragraph four of subdivision e; but no further investment in the bonds
issued, assumed or guaranteed by said corporation shall be made during
said period. If after the expiration of said period said corporation complies
for the following fiscal year with all the requirements of subdivision e, it
shall be regarded as having complied therewith during said period.
BONDS NOT TO BECOME ILLEGAL ON ACCOUNT OF
CONSOLIDATION.
(l) Bonds which have been or shall become legal investments under any
of the provisions of this Act shall not be rendered illegal, although the
property upon which they are secured has been or shall be conveyed to or
legally acquired by another railroad corporation, and although the corporaton which issued or assumed said bonds has been or shall be consolidated
with another railroad corporation, if the consolidated or purchasing cor­
poration shall assume the payment of said bonds, and so long as it shall
continue to nay regularly interest or dividends, or both, upon the securities
issued against, in exchange for or to acquire the stock of the corporation
conso dated, or the property purchased, or upon securities subsequently
issued in exchange or substitution therefor, to an amount at least equal to
4 % per annum upon the capital stock outstanding at the time of such consol­
idation or purchase, of said corporation which issued or assumed said bond.
CREDIT OF A CORPORATION NOT TO BE LOST BY
CONSOLIDATION.
(m) If a railroad corporation which has complied witn ail the require­
ments of subdivision e preceding paragraph five, except that the period of
compliance is less than ten, but not less than five successive years, shall be,
or shall have been, thereupon consolidated or merged into, or its railroad
purchased and all of the debts of such corporation assumed by, another
railroad corporation incorporated under the laws of any of the United States,
such corporation so succeeding shall be considered as having complied with
all the provisions of subdivision e preceding paragraph five during those
successive years next preceding the date of such consolidation, merger or
purchase in which all said consolidated, merged or purchased corporations,
if considered as one continuous corporation in ownership and possession,
would have so complied: provided, that said succeeding corporation shall
continue so to comply for a further period which shall make such compliance
equivalent to at least ten successive years, but which shall be in no case
less than the two fiscal years next following said consolidation, merger or
purchase.
STREET RAILWAY CORPORATIONS ARE NOT RAILROAD
CORPORATIONS.
(n) In this Act, unless the context otherwise requires, ‘‘railroad corpora­
tion” means a corporation which owns or is in possession of and operating
a railroad or railway of the class usually operated by steam power. Street
railway corporations are not railroad corporations within the meaning of
this clause

STATUS OF RAILROADS UNDER FEDERAL CONTROL.
o Railroad bonds, which were legal investments for savings banks at the
time when the Government of the United States, under the Act of Congress
approved Mar. 21 1918, took over the operation of the railroads issuing
such bonds, shall not become illegal investments by reason of the operation
of the railroads by the Federal Government. The time during which’ any
such railroad is operated by the Federal Government shall be excluded,
including the year in which the Government operation ends, in determining
the compliance of any such railroad with the provisions of this section:
provided, however, that in case a railroad corporation the mortgage bonds
of which would become legal for investment under sub-division e of this
section upon its compliance with the requirements of said sub-division
siial) have complied with the requirements of said sub-division during the
two years or more next preceding Jan. 1 1918, such railroad corporation
shall be deemed to have complied with the requirements of said sub-division
during the period of the Government operation of its railroad, including
the year in which such Government operation ends, in computing the time
of compliance with the requirements of said sub-division.
The time during which any railroad is operated by the Government of the
United States under the provisions of an Act of Congress approved Aug. 29
1916, of an Act of Congress approved March 21 1918, or of any other Act
or Acts of the Congress of the United States, and for two years thereafter,
and the earnings made and dividends paid during said time and for said
two years thereafter shall not be taken into consideration in determining
whether the bonds of the railroad corporation comply with any of the pro­
visions of this section. Any railroad corporation, which, at the time when
tne operation of its railroad by the Government of the United States under
the provisions of the said Act or Acts began, had complied with the provi­
sions of subdivision e of this clause, for one or more years next preceding the
commencement of such Government operation and control shall be entitled
to include, in computing tne period of ten years prescribed by the provisions
of said subdivision e every year during any part of which its railroad shall
have been operated by the Government or the United States under the
provisions of said Act or Acts, and the two years succeeding the termination
of such operation, in determining whether such corporation has complied
with the provisions of said subdivision e each year for ten years. Except
as hereinbefore provided, whenever a reference is made in said subdivision e
to a period of ten years preceding the date of an investment in the bonds of
any railroad corporation, such period shall be deemed exclusive of any time
during which the property of such railroad corporation has been operated
by the Government of the United States under the provisions of the said
Acts and of the two years succeeding the termination of such operation.
Any bonds acquired by savings banks or institutions for savings prior to
May 7 1920, or at any time hereafter, which comply with the provisions of
this clause, may, so long as they continue to comply therewith, be retained
as investments authorized by law.
STREET RAILWAY BONDS.
FOURTH.—In the bonds of any street railway company incorporated in
this Commonwealth the railway of which is located wholly or in part
therein, and which has earned and paid in dividends in cash an amount
equal to at least five per cent upon all its outstanding capital stock in each
of the five years last preceding the certification by the Board of Railroad
Commissioners hereinafter provided for. No such investment shall be
made unless said company appears rom returns maae by it to the Board of
Railroad Commissioners to have properly paid said dividends without im­
pairment of assets or capital stock and said board shall on or before the
fifteenth day of January in each year certify and transmit to the Bank
Commissioner a list of such street railway companies.
Dividends paid by way of rental to stockholders of a leased street railway
company shall be deemed to have been earned and paid by said company
within the meaning of this clause, provided that said company shall have
annually earned, and properly paid in dividends in cash, without impair­
ment of assets or capital stock, an amount equal to at least five per cent

32

MASSACHUSETTS—DEBT OF STATE

upon all its outstanding capital stock in each of the five fiscal years next
preceding the date of the lease thereof.
If two or more street railway companies have been consoli lated by pur­
chase or otherwise during the five years prior to said certification, the pay­
ment severally from the earnings of each year of dividends equivalent In
the aggregate to a dividend of five per cent on the aggregate capital stocks
of the several companies during the years preceding such consolidation
shall be sufficient for the purpose of this clause.
Bonds which have been or shall become legal investments under the
rovisions of this clause shall not, except as hereinafter provided, be
eemed to be an illegal investment by reason of the fact that the corporation
Issuing such bonds shall hereafter fail or shall have heretofore failed for a
period not exceeding two successive fiscal years to earn and pay dividends in
accordance with the requirements of this clause, but no further investments
in the bonds issued by the corporation shall be made during said period.
If after the expiration of said period the corporation earns and pays or has
earned and paid dividends during the following fiscal year in accordance
with the requirements of this clause, it shall be regarded as having complied
therewith during said period; provided, that it shall not have so failed to
comply during any other period within the next preceding five years; and
provided, that during said period of non-compliance its annual earnings
shall have at least been sufficient to provide for the payment of the interest
upon its outstanding indebtedness and all other fixed charges in addition
to its operating expenses. The said department shall certify and transmit
to the Bank Commissioner a list of any street railway companies whose
bonds become legal investments by virtue of this paragraph.
TELEPHONE COMPANY BONDS.
FIFTH.—In the bonds of any telephone company incorporated under the laws
of, and doing business in, any state of the United States on the continent of North
America.
Provided, that during each of the five fiscal years of such telephone com­
pany next preceding the date of such Investment—
(1) The gross income of such telephone company shall have been not less
than ten million dollars per annum.
(2) Such telephone company shall have paid the matured principal and
interest of all its indebtedness.
(3) Such telephone company shall have paid in dividends in cash an
amount equal to not less than six per cent per annum on all its outstanding
issues of capital stock.
(4) The dividends paid on the capital stock of such telephone company
shall not have been less than the total amount necessary to pay the interest
upon Its entire outstanding Indebtedness.
And further provided that such bonds shall be secured either (a) by a
first mortgage upon at least seventy-five per cent of the property of such
telephone company or (6) by the deposit with a trust company incorporated
under the laws of this Commonwealth of bonds and shares of stock of other
telephone corporations, under an indenture of trust which limits the amount
of bonds so secured to seventy-five per cent of the value of the securities
deposited as stated and determined in said indenture, and provided that
during each of the five years preceding such investment the annua!
interest and dividends paid in cash on the securities deposited have
amounted to not less than fifty per cent in excess of the annual interest on
the bonds outstanding and secured by said deposit. Not more than two
per cent of the deposits of any savings bank shall be invested in the bonds
of telephone companies.
GAS, ELECTRIC OR OTHER PUBLIC SERVICE BONDS.
SIXTH.—In the bonds of a gas, electric or water company secured by
a first mortgage of the franchise and property of the company; provided,
that the net earnings of the company, after payment of all operating
expenses, taxes and interest, as reported to, and according to the require­
ments of, the proper authorities of the commonwealth, have been in each
of the three fiscal years preceding the making of such investment equal to
not less than 4% on all its capital stock outstanding in each of said years;
and, provided, that the gross earnings of the company in the fiscal year
preceding the making of the investment have been not less than one hundred
thousand dollars. A list of the companies whose securities prima facie
comply with the requirements of this clause , shall be furnished to the
Commissioner annually, at such time after June 16 in any year as he shall
designate, by the proper authorities of the Commonwealth having super­
vision over such companies.
SIXTH A.—In the bonds, maturing not later than thirty years subse­
quent to such investment, issued or assumed by any corporation incorpor­
ated under the laws of the United States or of any State thereof, which is
operating under the supervision of a public service or other similar com­
mission of the United States or of any State thereof exercising regulatory
jurisdiction therein and is engaged in the sale and distribution of electricity,
or in such sale and distribution and also in some other form of public service
enterprise, or in the manufacture and distribution of artificial gas, and is
doing at least 80% of its business within the territorial limits of the United
States; provided, that—
(1) The gross operating revenue of the corporation issuing or assuming
such bonds shall be not less than one million dollars for its fiscal year im­
mediately preceding the time of making such investment, and of such
revenue at least 75% shall be derived from the sale and distribution of elec­
tricity or artificial gas, or both, and not exceeding 20% from the operation
of a transportation system.
(2) Such corporation shall operate under a franchise or franchises under
which at least 75% of its gross operating revenue is earned and extending
at least three years beyond the maturity of any such bond, or under an
indeterminate franchise or permit from, or agreement with, a public service
commission or other competent public authority, which franchise, permit
or agreement equally protects the security of the bondholders.
(3) The capital stock of such corporation shall be equal to at least twothirds of the total funded debt thereof; provided, that, in the case of a cororation having shares without par value, the value of its property as shown
y its books shall exceed by at least two-thirds its total mortgage indebt­
edness.
(4) For the period of five years immediately preceding the time of making
any investment authorized by this clause, the officially reported net earnings
available for interest charges of such corporation, as shown by its annual
reports or other sworn statements to the municipal, State or Federal au­
thorities, shall have been equal to at least twice the interest charges for the
same period of the corporation’s total outstanding funded debt.
(5) Such bonds, plus the total amount of any underlying bonds, shall
be outstanding in an amount not exceeding 60% of the actual value of the
fixed property securing such bonds, as shown by the books of the corpor­
ation.
(6) Such bonds shall be (a) a closed underlying mortgage bond secured
by property owned and operated by the corporation issuing or assuming
such bonds; provided, that such bond is to be refunded by a junior mortgage
providing for the retirement of such bond, and that such underlying mort­
gage may remain open solely for the purpose of issuing additional bonds to
be pledged under such junior mortgage or for refunding at par prior lien
bonds; or
(6) a first mortgage bond constituting the only mortgage debt of such
corporation. If such mortgage is not closed it shall by its terms prevent
the issuance of additional bonds for extensions, improvements and property
acquisitions, unless such additional bonds are issued either (1) for an amount
not exceeding 75% of the actual cost of such extensions, improvements and
property acquisitions, when net earnings available for interest charges,
for twelve months out of the fifteen months preceding the application to
the trustee under such mortgage for authentication of such additional bonds
have been equal to at least one and three-quarters times the interest charges
for one year on the total amount of bonds outstanding under such mort­
gage and the proposed additional bonds, or (2) for an amount not exceeding
80% of the actual cost of such extensions, improvements and property
acquisitions, when net earnings available for interest charges for twelve
months out of the fifteen months preceding the application to the trustee
under such mortgage for authentication of such additional bonds have been
equal to at least twice the interest charges for one year on the total amount
of bonds outstanding under such mortgage and the proposed additional
bonds; or
(c) a refunding mortgage bond providing for the retirement of all prior
lien or divisional mortgage bonds of such corporation outstanding at the
time of making the investment, such bond being secured by a lien on prop­
erty owned and operated by such corporation; provided, that any mortgage
prior in lien to such refunding mortgage shall be closed unless such prior
mortgage remains open solely for the purpose of issuing additional bonds
to be pledged under such refunding mortgage; and provided, further, that
if a mortgage junior in lien to such refunding mortgage bond exists, such
refunding mortgage bond shall by its terms be refunded by such junior
mortgage; and provided, further, that in case such refunding mortgage is
not closed, it shall by its terms prohibit the issue of additional bonds for




[Vol. 122.

extensions, improvements and property acquisitions by said corporation
unless such additional bonds are issued in accordance with the provisions
of subdivision (1) or (2) of paragraph (6) thereof, and shall further provide
that the net earnings available for interest charges as therein stated shall
respectively equal at least one and three-quarters times or at least twice
the interest charges for one year on the total amount of bonds outstanding
under such mortgage, of bonds secured by equal or prior liens, and of the
proposed additional bonds.
(7) In this clause, unless the context otherwise requires, “funded debt”
shall be construed to mean all interest-bearing debt maturing more than one
year from its date of issue, but excluding bonds of the company held simply
as collateral to secure other of its outstanding obligations, and “net earn­
ings” shall be construed to mean the amount available for interest charges
after deduction has been made for all operating expenses, including current
maintenance, all taxes except income taxes, and all rentals and guaranteed
interest or dividends.
(8) If, during any of the periods mentioned in this clause, such corpor­
ation has been consolidated by purchase or otherwise, the aggregate oper­
ating figures of the corporations so consolidated, exclusive of inter-com­
pany charges, shall be sufficient for the purpose of this clause.
(9) Not more than 15% of the deposits of any such bank shall be invested
in bonds under this clause, nor shall more than 2% of such deposits be in­
vested in the bonds of any such corporation.

BANK STOCKS AND DEPOSITS IN BANKS
SEVENTH.—In the stock of a banking association located in the New
England States and incorporated under the authority of the United States,
or in the stock of a trust company incorporated under the laws of and doing
business within this Commonwealth, but such corporation shall not hold
both by way of Investment and as security for loans more than twenty per
cent of its deposits in the stock of such associations or companies, nor in any
one such association or company more than three per cent of its deposits
in, nor more than one hundred thousand dollars nor more than one-quarter
of the capital stock of, such association or company. Such corporation
may deposit not more than two and one-half per cent of its deposits in any
banking association Incorporated under the authority of the United States
and located in this Commonwealth, and in any trust company incorporated
In this Commonwealth, but such deposit shall not in any case exceed five
hundred thousand dollars nor twenty-five per cent of the capital stock and
surplus fund of such depositary.
EIGHTH—In bankers’ acceptances and bills of exchange of the kinds
and maturities made eligible by law for rediscount with Federal Reserve
banks, provided the same are accepted by a bank, banking association or
trust company incorporated under the laws of the United States or of
this Commonwealtn, and having its principal place of business within the
Commonwealth. Not more than 10% of the deposits and of the income
derived therefrom shall be invested by any savings bank in bankers’ ac­
ceptances or bills of exchange, nor shall any savings bank invest in the
acceptances and bills of exchange eligible by law for rediscount with Fed­
eral Reserve banks of any one accepting bank or trust company to any
amount in excess of 5% of its deposits and of the income derived therefrom.
The aggregate amount of bankers’ acceptances and bills of exchange of
any bank, banking association or trust company held by any savings bank
shall not exceed 25% of the paid up capital and surplus of such bank,
banking association or trust company.
NINTH—Loans on personal security.—In loans-of the classes hereinafter
described, payable and to be paid or renewed at a time not exceeding one
year from the date thereof; but not more than one-third of the deposits
and income shall so be invested, nor shall the total liabilities to such cor­
poration of a person, partnership, association or corporation for money bor­
rowed upon personal security, including in the liabilities of a partnership or
company not incorporated the liabilities of the several members thereof,
exceed 5% of such deposits and income; but said limitations, except as to
time in which said loans shall be paid or renewed, shall not apply to loans
made under paragraph (2), subdivision (e) of this clause.
(а) Note of three citizens.—A note which is the joint and several obligation
of three or more responsible citizens of this Commonwealth: provided, that
the total liabilities to such corporation of a person, partnership or associa­
tion, for money borrowed under this subdivision, including in the liabilities
of a partnership or company not incorporated the liabilities of the several
members thereof, shall not exceed 1 % of the deposits of such corporation.
(б) Corporation note.—A note, with one or more substantial sureties or
endorsers; (1) of a corporation incorporated in this Commonwealth; of
(2) of a manufacturing corporation with a commission house as sutety or
endorser, provided that such commission house is incorporated in this
Commonwealth, or has an established place of business and a partner resi­
dent therein; or (3) of an association or corporation at least one-half of the
real and personal property of which is located within the New England
States, if at least one such surety or endorser is a citizen of or corporation
incorporated in this Commonwealth: provided, that no such loan shall be
made or renewed unless within eighteen months preceding the making or
renewing of such loan an examination of the affairs, assets and liabilities
of the borrowing corporation or association has been made, at the expense
of such borrowing corporation or association, by an accountant approved
by the Commissioner. The report of such examination shall be made in
such form as the Commissioner may prescribe. A copy of the report
certified to by the accountant shall be delivered by the borrowing corpor­
ation or association to the savings bank before such loan or a renewal
thereof Is made, and a copy so certified shall be delivered by the accountant
to the Commissioner within thirty days after the completion of said
examination.
c) Notes of certain public service companies.—(1) A bond or note of a
gas, electric light, telephone or street railway corporation incorporated or
doing business in this Commonwealth and subject to the control and super­
vision thereof; provided, that the net earnings of said corporation, after
payment of all operating expenses, taxes and interest as reported to, and
according to the requirements of, the proper authorities of the Common­
wealth, have been in each of the three fiscal years preceding the making
or renewing of such loan equal to not less than 4% on all its capital stock
outstanding in each of said years; and provided, that the gross earnings of
said corporation in the fiscal year preceding the making or renewing of
said loan have been not less than one hundred thousand dollars. A list of the
companies whose securities prima facie comply with the requirements of
this subdivision shall be furnished to the Commissioner annually, at such
time after June 16 in any year as he shall designate, by the proper authorities
of the Commonwealth having supervision over such companies.
(2) Other bonds or notes issued, assumed or guaranteed by endorsement
as to both principal and interest by a public utility corporation whose
securities are authorized for investment by clause Sixth A.
(d) Notes issued or guaranteed by railroad companies.—A bond or note
Issued, assumed or guaranteed by endorsement as to both principal and
interest, by a railroad corporation which complies with all the requirements
of subdivision (5) or of subdivision (e) preceding paragraph (5) of clause
Third: provided, that the principal of such bond or note described in either
this or the preceding subdivision is payable at a time not exceeding one year
after the date of investment therein.
(e) Notes secured by collateral.—A note of a responsible borrower in such
form as the Commission may approve, with a pledge as collateral of—
(1) One or more first mortgages of real estate situated in this Common­
wealth: provided, that the amount of such note is not in excess of 60%, or
in the case of unimproved or unproductive real estate in excess of 40%,
of the value of the property or properties mortgaged; that the value of each
of said properties has been certified in accordance with the provisions of
clause First; and that the assignment of each of said mortgages has been
recorded in the proper registry of deeds; or
(2) Bonds or notes authorized for investment by clause Second, Third,
Fourth, Fifth or Seventeenth at no more than 90% of the market value
thereof, at any time while such note is held by such corporation; or
(3) Deposit books of depositors in savings banks up to the amount of
deposits shown therein and unpledged shares of co-operative banks at not
more than 90% of their withdrawal value; or
(4) Shares of railroad corporations described in subdivision (a), (6) or (e)
of clause Third at no more than. 80% of the market value thereof, at any
time while such note is held by such corporation; or
(5) Such other bonds, notes or shares of corporations or associations and
at such percentages of their market values as the board of investment shall
approve: provided, that, if tne Commissioner shall disapprove any such
bonds, notes or shares, he shall make such written recommendations to the
board of investment of such corporation as the case inay require, and shall
include in his annual report a statement of the facts in each case in which
such board of investment has not complied with his recommendations in
a manner satisfactory to him; or
(6) Policies issued by life insurance companies approved by the Commis­
sioner and properly assigned to the bank, but not exceeding 90% of the cash

June, 1926.]

MASSACHUSETTS-CITIES & TOWNS

surrender value of such policies; but the aggregate of such loans made by
any savings bank shall not exceed 1% of its deposits.
(/) "Association” defined.—Whenever used in this clause, the word
“association” means an association the business of which is conducted or
transacted by trustees under a written instrument or declaration of trust.
TENTH—Farm loan bonds.—In farm loan bonds lawfully issued by Fed­
eral Land Banks incorporated under the Act of Congress approved July 17
1916, entitled “An Act to provide capital for agricultural development, to
create standard forms of investment based upon farm mortgage, to equalize
rates of interest upon farm loans, to furnish a market for United States
bonds, to create Government depositaries and financial agents for the United
States, and for other purposes.
ELEVENTH—Bank building.—A sum not exceeding the guaranty fund
and undivided earnings of such corporation, nor in any case exceeding 5%
of its deposits or $200,000, may, subject to the approval of the Commis­
sioner, be invested in the purchase of a suitable site and the erection or
preparation of a suitable building for the convenient transaction of its
business. Extraordinary alterations in, or additions to, a bank building
owned by a savings bank, involving an expense exceeding $10,000, shall not
be made without the approval of the Commissioner, and the cost of such
alterations or additions shall not exceed the sum specified in this clause.
TWELFTH—Real estate acquired by foreclosure.—Such corporation may
hold real estate acquired by the foreclosure of a mortgage owned by it, or
by purchase at sales made under the provisions of such mortgages or upon
judgments for debts due to it, or in settlements effected to secure such
debts. Such corporation shall sell all such real estate within five years
after the title thereof is vested in it, and notwithstanding the provisions
of clause First may take a mortgage thereon from a bona fide purchaser
to secure the whole or a part of the purchase price; but the Commissioner
may, on petition of the board of investment of such corporation, and for
cause, grant an additional time for the sale of the same or of the securities
mentioned in the following clause.
THIRTEENTH—Securities acquired in settlement of indebtedness.—Such
corporation may hold stocks, bonds, notes or other securities acquired in
settlements effected to secure loans or indebtedness; but unless the time
during which such securities may be held is extended as provided in the pre­
ceding clause, they shall be sold within five years after being acquired.
FOURTEENTH—Pledges of securities as collateral to remain valid.—The
provisions of this chapter shall not invalidate or impair the title of a cor­
poration to securities which have been or may be held by it in pledge or
or as security for a loan or indebtedness; and the same shall be held for the
purposes for which they were pledged.
FIFTEENTH—List of bonds to be prepared.—Annually, not later than
February 1 the Commissioner shall prepare a list of all the bonds and notes
which are then legal investments under the provisions of clause Third,
Fourth, Fifth, Sixth A or Seventeenth. Said list shall at all times be open
to public inspection and a copy thereof shall be sent to every savings bank.
In the preparation of any list which the Commission is required to furnish, he
may employ such expert assistance as he deems proper or may rely upon
information contained in publications which he deems authoritative in
reference to such matters; and he shall be in no way held responsible for the
omission from such list of the name of any State, municipality or corporation
the bonds of which conform to the provisions of this section, or of any bonds
which so conform, nor shall heibe held responsible for the inclusion in such
list of any such names or bonds which do not so conform.
The Bank Commissioner issued a report in Feb. 1926 containing a list of
bonds considered legal under clauses Second, Third, Fourth, Fifth, Sixth and
Seventeenth of the above Act.—This list appeared in the "State and City De­
partment of the “Chronicle" ori March 20 1926, page 1660.
SIX.TEENTH—Bonds not to become illegal by reason of temporary failure
to meet legal requirements.—Bonds which at any time have been for ten suc­
cessive years legal investments under the provisions of subdivision (a), (6),
(c) or (a) of clause Third or clause Fifth of this section shall not be rendered
illegal, although the corporation issuing, assuming or guaranteeing such
bonds shall fail for a period not exceeding two successive years to comply
as to dividends on its capital stock, with the requirements of the clauses
specified above; but no further investment in the bonds issued, assumed or
guaranteed by such corporation shall be made during said period. It after
the expiration of said period, such croporation complies for the following
fiscal year with the requirements of the clauses specified above, it shall be
regarded as having complied therewith during said period: provided, that
it shall not have so failed to comply during any other period within the next
preceding ten years.
SEVENTEENTH—Certain investments previously authorized.—This sec
tion shall not render illegal the Investment in any mortgages of real estate
held by such corporation on June 8 1908. nor the investment before or after
said date in any issue of bonds or notes dated before said date in which such
corporation might then invest, so long as such bonds or notes continue to
comply with the laws then in force.
[Opinion of Attorney-General Regarding Legality of N. Y. N. H. & Hart­
ford RR. Bonds as Savings Banks Investments.]—The Attorney-General
rendered an opinion in Feb. 1911 with reference to the Act passed by
the Legislature in June l9l0 to validate bonds and stocks of the New
York New Haven & Hartford RR. Co., and for the purpose of determining
whether or not the assets were sufficient to show the road a solvent cor­
poration. As noted in V. 92, p. 462, the report of the Commission ap­
pointed under the Act referred to was died with the Legislature on Feb 17
1911 The Act stated that "nothing herein contained shall authorize the
investment by savings banks in the securities aforesaid unless they are other­
wise legal investments under the provisions of Chapter 590, Acts of 1909.”
and the Attorney-General finds that “no matter what the finding of the
Commission appointed under the Act with reference to assets and liabilities
was, it would not in and of itself make any change in the standing of securi­
ties for savings bank investments.” See V. 92, p. 541.
CITIES.

COUNTIES AND TOWNS IN

THE

STATE OF MASSACHUSETTS.
ABINGTON.
This town is in Plymouth County.
Incorporated in 1712.
County Hospital Notes.
5s
A-O $6,000.-Apr 5 ’27-'31
Water Loan.
4s
M-N $63,000c.May 1 ’27-’46
4s ’10 J-J
2,000r .July 1 ’27-’28
Pumping Station Bonds.
5s
J-J $3,000.July 10 ’26-’27
School Bonds.
4s
J-D $14,OOOc&r June 1'27-33
BD. DT. Jan 1 1925_____ $103,400
Water debt (included) ___
70,000
Floating debt (additional). 52,000
Tot .assess .val. '25----------- 4,915.998
Total tax (per $1,000) 1925.£$33 90
Pop’n 1910. 5,646; 1920............. 5.787

ADAMS.
This town is in Berkshire County.
Inc. Oct. 15 1778.
High School Bonds.
4s ’22 J-D ($100,000--June 1 ’27-’32
1 170,000 June 1’33-’42
Improvement Bonds.
4s ’25 M-N$41,400c.May 1 ’27-’35
4s ’26 M-S 65,000c.May 1 ’27-’5O
Street Impt. Bonds.
4^s’17 M-N $500___ May 1 1927
4J^s’17 M-N 2,000___ Mayl 1927
5s ’18 M-N 5,000.-May 1 ’27-’28
5s ’19 M-N 3,000___ May 1 1927
5)^s’21 M-N 3,750--May 1’27-’29
4^s’22 M-N (30,000.-May 1 ’27-’31
1 3,500___ Mayl 1932
4Xs’23 M-N 42,000—May f ’27-’33
Sewer Bonds.
5J4s’21M-N $22,500-.May 1 ’27-’35
4Ks’24 -._ 52,000____ 1927-1952
TOT. BD. DT. Jan 1 ’24. $525,000
Cash in banks Jan 1 ’24__
109,808




Total assessed val. 1925.-14,734,415
Tax rate (per $1,000) 1925__ $27.00
Value of town property,
Jan 1 1924 ________ 1.473,559.03
Population 1910, 13,026; 1920,12,967
INT. on $1,000 street bonds
of 1917 at F. S. Moseley & Co.,
Boston; on other 4>£s of 1917
at the Natick 5c. Sav. Bank; on
school bonds at First Nat. Bank,
Boston; on 4Xs of 1922 and 1923 at
Merch. Nat. Bank, Boston; on others
at Old Colony Trust Co., Boston.

AGAWAM.
This town is in Hampden County.
Incorporated June 15 1855.
Bridge Loan Act of 1915 Bonds.
4s ’24 A-O ($20,000c. _Oct 1 ’26-’3O
1 42.000c..Oct 1 ’31-’44
Water Loan.
4s '12 A-O $17,OOOc.Oct 1 ’26-’42
4s ’17 A-O 17,000c..Oct 1 ’26-’42
High School Loan Act of 1920.
5s ’21 M-S( 78,000c.Sept 1 ’26-’31
(120,000c. Sept 1 ’32-’41
Highway Loan (all notes).
5s
M-N6$2,000___ Nov 5 1926
4^s
J-D $3,500c ..Dec 15 1926
4^s
... §4,000...Dec 15 1926
4s ’24 A-O 16,000c..Oct 1 ’26-’33
School Loan.
4s '16 J-J
$8,OOOc.July 1 ’27-’34
4^s’17M-S 7,000c._.Sept’26-’32
4J<s’24 J-D (12,000c.June 1 ’27-’3O
(28,000c.June 1 ’31-’44
Water Loan Act. of 1913 Bonds.
4J^s’13 J-J $55,000c..July 1 ’26-’43
Sewer Bonds.
4s ’16 J-D $18,000c.
1 ’26-’43

GEN. BD. DT. Dec 31 ’25- $514,500
Water debt (included)____
92,000
Temporary loans (add’l)__
80,000
Assessed value, real_______ 6,668,255
Assessed value, personal__ 1.200,773
Tot. ass’d val. 1925 (actual)7,869,028
Tax rate (per $1,000) 1925. .$29.00
Population 1910. 3,501: 1920, 5.023
Payable (6) to West Springfield
Trust Co., Springfield; (§) to C. D.
Parker & Co., Boston; others to
the Old Colony Trust Co., Boston
AMESBURY.

This town is in Essex County.
Water-Plant Bonds.
4s '06 J-Jx S90.000c.July 1 ’27-’35
4s ’10 J-J ol4,OOOc.July 1 ’27-’4O
a Sewer Bonds.
4s’12 J-J $27,000c
1926-1934
4s ’13 J-J 25,000............. 1935-1942
4J4s’12 J-J 13,000............. 1926-1938
School Bonds.
4s ’16 A-O $71,500—Oct 1 ’28-’36
4^s’17 A-O 9,000......................
4«zfs’18 J-J
8,000____________
BOND. DEBT Mar 31 ’26 $304,250
Assess, val. real estate__ 7,361,570
Assess, val. personal___ 2,094,635
Total valuation 1925____ 9,455,605
Total tax (per $1,000) 1925..$27.10
Population 1910,9,894; 1920,10,036
INT. on bonds marked (x) at Old
Colony Tr. Co., Boston; (a) at First
Nat Bank, Boston.

AhJU. KRST.
This town is In Hampshire County.
Inc. 1759. Population 1910, 5,112'
1920. 5.550.
x High-School Bonds.
4s ’15 J-J $36,700c.July 1 ’26-’35
x Sewerage Bonds.
4s ’15 J-J $19,000c.July 1 ’27-’45
Mill Valley bridge bonds__ $18,000
Refunding loan__________
6,000
Sewer loan______________ $10,000
Conn. River sewer loan__
28,606
Conn River bridge loan__
4,320
Refunding school loan____
3,200
BOND. DEBT Ap# 1 ’23.. $114,400
Total assessed val. 1925.-8,679,746
Total tax (per $1,000) 1925.-.*24 .00
x INT. at First Nat. Bank, Boston;
on others in Amherst.

ANDOVER.
This town is in Essex Co. Inc
May 6 1646. Pop’n 1910. 7,301:
1920, 8,268.
School Bonds.
4s '16 A-O $55,000c.Oct 1 ’26-’36
4^s’17 F-A
2,000..Aug 1 ’26-'27
4W23A-O f 96,000.-Oct 1 ’26-’33
ill0.000..Oct 1 ’34-’43
Hospital Bonds.
4Xs’23 ... $63,000____ 1926-1934
Sewer Bonds.
4s
J-D $30,000c.. June 1 1928
4s’15 J-J
5.000 ____ July 1927
4s '16 J-J 15,000___ July ’28-’30
5s ’20 A-O 30,000.-Oct 1 ’26-’40
4Xs’23 J-J 135,OOOc.July 1 ’27-’53
Bridge Bonds.
4J4s
J-D $2,500 ...Dec 15 1926
Water Bonds.
4s
J-D $5,000c__ June 1 1928
3J4s
A-O
6,000c. Apr 1 ’27-’32
3 )4s’O8 J-D 14,000c. June 1 ’27-’33
4s ’10 A-O 14,000c.Apr 1 ’27-’4O
4s’ll M-S 6.000.-Sept 1 ’27-’31
4?<s'22 ... 28,000____ 1926-1942
Highway Bonds.
4J^s’22 F-A $4,000c.Aug 1 ’26-’27
BOND. DEBT Apr 22 ’26 $670,500
Water debt (included)__
77,000
Sinking fund—General___
28,309
Water________________
5,607
Assessed val. 1925—
Real.................................. 12,591,175
Personal______________ 4,937,488
Total........... ..................17,528.663
Tax rate (per $1,000) 1925----- $27.20
Value town property-------1,340,144
INT. payable at Old Colony Trust
Co., Boston.

ARLINGTON
This town is in Middlesex County
Incorporated by Act of Feb. 27 1867
effective June 1807.
4s
... $85,000 ____ 1926-1942
4Xs
... 73,000 ____ 1926-1935
Park Loan.
4s '96 M-N $15.000c. ..Nov 1 1946
Water Works.
4s ’96 A-O $5,000c...Oct 11926
4s ’98 A-O 15,000c. ..Oct 11928
4s ’97 A-O 10,000c. .-Oct 11927
4Xs’22 J-D
4,500.. June 30 1927
4s ’25 J-D (40,000..Dec 1 ’26-’35
(15,000.-Dec 1 ’36-’4O
Sewer Bonds.
4s ’96 J-D$ 100,000c..-June 1 1936
4s ’17 J-D
2,000... June 1 1927
5s ’20 J-D
4 000.June 30 '27-’28
4)4s’22 J-J
6,000... July 1 1927
4s '24 ... 30,000_____ 1926-1935
4Xs’25 ... 20,000 _____ 1926-1935
Street Bonds.
4s ’24 ... $25,000 _____ 1926-1935
4Xs’25 A-O 36,000..Oct 1 ’26-’29
Highway Loans.
4J<s’22 J-D $3,000.Dec 15 ’26-’27
Town-Hall-Site Loan.
4J4s’99 A-O $52,000c. — Apr 1 1939
School Loans.
4s ’08 J-D $2,500c...Dec31 1926
4J4s’14M-N I 80,000--.Nov ’29-’32
( 6.000___ Nov 1 1933
4s ’14 J-J
7,000..Jan 1 ’27-’33
4s T5 J-D
7.000-June 15 ’27-’33
5s ’20 A-Of 50,000...Oct 1 ’26-’3O
1110,000—-Oct 1 ’31-’4O
4Hs’21 J-D
3,000.. Dec 15 1926
4^s’23 M-N (66,000--Nov 1 ’26-’36
110.000c.Nov 1 ’37-’38
4s ’25 J-J 120,000c.July 1 ’26-’45
TOT. DEBT June 10 ’26-$l,100,900
Water debt (included)___
101,666
Sinking fund_______ •___
18,776

33
Total ass’d val. (act.) '25.41,949,149
Tax rate (per $l,6o6) 1925__ $36.00
Pop’n 1910, 11,187; 1920, 18,646
INT. coupons payable at First
National Bank, Boston.
ATHOL.
This town is situated in Worcester
County. Incorp. Meh. 6 1762.
Sewer Dept. Debt (outside limit).
4s
J-J $60,200c* ...1933-1938
4>$s’22 A-O 34,000c*.Oct 1 ’26-’42
Water Bds. (outside debt limit).
($11,000c*______ 1926
4s
F-A{190,000c* ...1927-1936
I 5,000c* ...1937-1941
♦Street Railway Bonds.
4s ’24 M-S $27,000c* ...1928-1934
Bridge Bonds.
4s ’23 M-S $21 J)00c*.8«pt 1 ’26-'28
School Loans.
4s '19 A-O $5,000c*.......... 1926
4s
A-O 15.000c* ...1926-1928
Town Hall & Menior. Bldg. Loan
4s
A-O*$51,000c* .-.1926-1940
4s
A-O 105,000c* ...1926-1952
4Ks’24 A-O 40,000c* ...1926-1943
GEN. BD. DT. Jan 1 ’26.. $564,200
Water debt (included)___ 206,000
Sinking fund_____________ 46,291
Assessed value, real estate.7,470,665
Assessed value, personal__ 2,779,052
Total ass’d val.’25(actual)lt,249,717
Total tax rate (per $1,000) ’25.$32.00
Pop’n 1910, 8,536; 1920.......... 9,792
INT. in Boston at Commonwealth
Atlantic Nat. Bank, First Nat.
Bank, Merchants’ Nat. Bank, R. M.
Grant & Co., Harris, Forbes A Co.,
Inc., and Old Colony Trust Co.
* Outside debt limit.

ATTLEBORO.
This town is in Bristol Ceunty.
Incorporated as city June 17 1914.
Chap. 680. Laws 1914, changing
town government to city government
and name “Attleborough to “Attle­
boro,’’accepted by voters Nov. 3 T4.
Hospital Bonds.
5s ’20 A-O $20,000c.Apr 1 ’27-’30
Street Bonds.
5^s’21 A-O $10,000c__ Oct 1 1926
4s
... 48,000_____ 1927-1930
4s ’25 A-O 10,000. .Aug 1 ’26-’3O
Norton & Taunton St. Ry.Note.
5s ’22 M-S $4,000cSept 10 ’26-’29
Water Bonds
4s ’96 J-J $25,000c.„July 1 1926
~ 10,000c—.July 1 1927
13,000c...July 1 1928
3^sg’99 J-J 15,000r_..July 1 1929
3>£sg’00 J-J 12,000r___ July 1 1930
3^s’O2 A-O 30,000c...Apr 1 1932
4s ’03 A-O 30,000c—.Oct 1 1933
4s ’04 A-O 20,000c.—Oct 1 1934
3Hs’05 M-S 100,000c.—Meh 1 1935
3 14s’05 M-N 50.000c...Nov 1 1935
4s ’08 A-O 16,000c. .Apr 1’27-’34
~ ' 46,000c.July 1 ’26-’41
4,OOOc.July 1 ’27-’3O
4s '25 J-D 55,000.-Dec 1 ’26-’36
School Bonds.
4s '12 F-A $59,500c.Aug 1 ’26-’32
434s’19 A-O 52.OOOc.Oct 1 ’26-’29
4s ’24 M-S 90,000c. Sept 1 ’26-’34
4s’25 F-A 75,000c..Aug 1’26-’40
(60,000c.Aug 1 ’26-’40
4J<s’25 A-O (36,000c.Aug 1’41-’44
( 4,000c---- Aug 1 1945
Railway Bonds.
43Ss
A-O $6,750c.Oct 1 ’26-’28
4)^s’19 M-N ( 8,000c.Nov 15 ’26-’29
(lO.OOOc.Nov 15'30-'39
Sewer Bonds.
4s '10 J-J $84,000..July 1 ’27-’4O
4s’12&’13J-J 96 OOOc.July 1 ’27-’42
4s ’ll A-O 48.OOOc.Oct 1 ’26-’41
4s '24 M-S (25,000c.Sept 1 ’26-’3O
t 4,000c...Sept 1 1931
Surface Drainage Bonds.
4s '20 M-S $12.000c_Sept 1 ’26-’37
Bridge Bonds.
4J4s’23 J-D$24,000c..Dec 1 ’26-’37
BOND. DEBT May 1 1926—
Inside_______________
336,500
Outside______________
903,750
Sinking funds (outside)__
276,260
Borrowing capacity_____
179,038
Assess, val., real________ 17,673,005
Assess, val., personal.__ 5,538,800
Total valuation 1925_____ 23,211,805
Total tax (per $1,000) 1925...$34.70
Pop’n 1910, 16,215; 1920____ 19,731
INT. at Boston Safe Deposit &
& Trust Go., Boston, First Nat.
Bank and Atlantic Nat. Bank, of
Boston.
_____
AYER.
This town is in Middlesex County.
Incorporated in 1871.
Water Loans.
4p
M-S $26,000 .. ...1928-1934
($5,000 biennially.)
4s
M-S 16,000... ______ 1936
Park Notes.
4s
... $1.259—. __ $250 yrly
GEN. DEBT April 1926.. $25,000
Water debt (additional)__
26,000
Assess, val. real estate___ 2,965,425
Assess, val. personal_____ 662,625
Total val. ’25 (M act.)___ 3,628,050
Tax rate (per $1,000) 1925__ $26,80
Pop’n 1910, 2,797; 1920............. 3.052
BARNSTABLE^
This town is in Barnstable County.
High School Bonds.
4s ’24 J-D3132.000 ____ 1926-1934
BOND. DEBT Dec 31 ’25 $143,000
Assessed val’n, real estate. 12,798,620
Assessed value, personal.. 1,918,840
Total val. 1925 (actual)..14,717,460
Tax rate (per $1,000) 1925__ $36.50
Population 1910, 4,676; 1920—4,836

BARNSTABLE COUNTY.
The county seat is Barnstable.
Court House Bonds.
4>£s
J-D $90,000—Dec 1 ’26-’38
4Xs’23 M-S (40,000—Mar 1 ’27-’34
140,000—Mar 1 ’35-’44
Court House Notes.
3.90s ... $5,000-- Dec 4 1926

34
Bridge Bonds.
F-A $25,OOO..Aug 1 '26-’3O
5s
J-D
25,000..Dec 1 '26-’3O
4)£s J-J
8,400-Jan 19 ’27-’32
Infirmary Bonds.
4s *16 A-O $2 500... Apr 20 1927
5s
J-D
5.000. .June 1 ’27-’30
5s
__
5,000--June 1 ’27-’28
5.40s’20J-J
6. OOOc.July 1 ’27-'3O
BOND. DEBT Jan 1 '26..*$267,112
Total valuation 1925___ 61,577,093
Population 1910,27.542; 1920,26.610
♦Includes $2,311.95 the amount
due State of Massachusetts on ac­
count of State highways.
5Xs

BELMONT.
This town (P. O. Boston) Is Id
Middlesex County. Incorp. in 1859
School-House Bonds.
4s '13 J-D $24,000c.Dec
’26-'33
4s '16 J-J 20.000c.Jan i '27-’36
5s '20M-N J 84,000c.May 1 ’27-'38
1 2,000c.. May 1 1939
4Xs
... 100,000 ___ 1930-1939
High-School Loan.
4s T6 A-O $70,000c.Apr 1 '27-'36
Water Loans.
4s
J-J
$6,000e. -July 1 1926
4s
J-D 5,000c.—Dec 1 1926
4s
J-D 7,000c.—June 1 1929
4s '09 A-O 10,000c. ..Apr 11939
4^s'13 A-O 8,500c..Apr 1 '27-'43
4Xs'22 M-N 4,000c.. May 1 1927
4)£s’22 J-D 15.400c.June 1 ’27-’37
4Xs
... 10,000............. ..............
Sewer Loan.
4s
J-J J9.000C... July 1 1926
4s
J-D
6,000c. ..June 1 1927
3Hs
J-D 20,000c__ June 2 1932
3Hs
A-O 10,000c.—Oct 2 1930
4s '07 M-S 10,000c...Meh 1 1937
4s'08 J-D 10,000c.—June 1 1938
4s ’ll J-D 10,000c...June 1 1941
4s '12 F-A 10,000c...Feb 1 1943
4s '15 J-J
4.500c.July 1 ’27-'35
4s '16 A-O 5,000c.Apr 1 '27 '36
4s '16 M-S 500... Sept 1 1926
4)£s’17 F-A 4,000c.Aug 1 ’26-'29
5s '20 A-O 14,000..Apr 1 '27-'40
4J4s’22 M-N 8,000c.May 1 '27-’34
Street Loans.
4)$sT7 A’O $500c...Apr 1 1927
4)$s'18 A-O 1,000.. Aprl '27-'28
4Xs’22 J-D
1,000c.. June 1 *927
4)4s'22 J-D
5,000c.June 1 '27 '31
Electric-Light Bonds.
4s
J-D $14.000c. ..June 1 1928
4s '16 A-O
1,500—Sept 1 '26-'28
3J^s’25 M-N 12,000—Mar 1 ’26-’29
4s '25 M-S 18,000.-Mar 1 ’30-’35
Construction hoods.
5^s’21 A-O $3,000—Apr 1 ’27-’29
Surface Drainage Bonds.
5^s
A-O $10,00 ic.Apr 1 '27-’46
4J4s’22 M-N 10,000c-May 1 '27-37
Macadam Bonds.
4Xs’22M-N $3,000c ..May 1 1927
School Bonds.
4Xs'22 M-N $8,000c.May 1 ’27-’34
4s ’26 ... 158,000 _____ 1932-1941
4Xs’26 ... 85,000 _____ 1927-1931
Water and Sewer Bonds.
($30,000c.Aug 1 ’26-35
4Xs’25 F-A
8,000c.Aug 1 ’36-’39
I 1,000c—.Aug 1 1940
BOND. DEBT Jan. 1'25 $1,166,000
Assessed val., real_______23,933,690
Assessed Val., personal__ 2,145,485
Total valuation 1925_____26,079,175
Total tax (per 51,000) 1924 — $30.70
Population 1910, 5,542; ’20. 10,740.
INT. at Beacon Trust Co.. Boston

BERKSHIRE COUNTY.
Pittsfield is the county seat.
CO. DEBT Jan 1'26___ *$439,115
Total assessed val. 1925.149,144,417
* This debt consists entirely of
obligations due the Commonwealth
of Massachusetts for the construc­
tion and maintenance of highways.
BEVERLY.
This city is in Essex County
Founded 1626; a town, 1668; in­
corporated as a city March 23 1894.
Library Loan.
4s 11 J-D $30.000c.Dec 1 '26-'31
School Loans.
4s TO F-A $20,000c.Aug 1 '26-’3O
4s T2 M-N 110,000c.Nov 1 '26-’27
120,000c. Nov 1 ’26-’32
4Xs’19 M-N 15,000c.May 1 ’27-’29
4)$sT9 M-S 50,000c.Sept 1 '26-'35
5Xs’2O F-A J40,000c.Aug 1 T6-’3O
l70.000c.Aug 1 ’31-’4O
4s’22 F-A*f21,000c.Aug 1 ’26-’32
120,000c.Aug 1 ’33-'42
4s '23 M-N*255,000c.May 1 '27-’43
4s '23 J-J 288,OOOc.July 1 ’26-’43
(44,000c.May 1 ’27-'37
4s '25 M-N( 14,000c.May 1 '38-’44
I 1,000c.. .May 1 1945
4s’25 F-A 190,000—Feb 1’26-’45
4s '25 M-N190.000c.May 1 ’27-’45
♦Water Loans.
3Xs’O5 A-O l$4,000c—Oct 1 '26-’27
1 1,000c. ..Oct 1 1928
4s ’05 A-O I 1,000c ——Octi 1928
t 4,000c..Oct 1 ’29-’30
4s '15 A-O 18.000c.Apr 1 '27-’35
4Xs’18 F-A
3,000c.Aug 1 ’26-’28
4Xs’22 M-S 4,500c.—Mar 1 1927
Park Loan.

4s T2 M-N $2,000c—.Nov 1 1926
Hospital Loan.
4s’24 A-O/ $88,OOOcApr 1’27-’3O
1 80.000cApr 1 '31-’34
Sewer Loans.
4s ’03 A-O *$16,000c.Apr 1 ’27-’34
4s ’06 A-O *j 35,000c.Apr 1 ’27-’31
125,000c.Apr 1 ’32-'36
4s T2 J-D 60,000c.Dec 1 ’26-’35
4)£sT8 J-D 114,000c—June ’27-'33
I 5.000c .June ’34-’38
5J£s’2O ,T-D 12.090c—June ’27-’32
4Xs’22 M-S 3,000c—.Mar 1 1927
Street Loans.

4Xs'22 M-S $8,500c—.Mar 1 1927
Harbor Loan.
5Xs’2O F-A $10,000c.Aug 1 ’26-’30




MASSACHUSETTS—CITIES & TOWNS
Bridge Loan.
ihif.T» J-D J$5.000c..Dec 1 1926
I 3.500c—Dec 1 1927
♦Loans outside the debt limit.
BOND. DEBT {Inside. . $762,000
Jan. 1 1926
{Outside 1,042,500
Assessed val., real_______ 38,854,050
Assessed val., personal__ 6,832,675
Total valuation 1925____ 45,688,725
Tax rate (per 51,000) 1925 —$27.40
Pop'n 1910, 18,650; 1920. 22.566
INT. on all issues since 1911
(except 1915) is payable at Old
Colony Tr. Co., Boston; 1915 issues

payable at Atlantic Nat. Bank, Bos­
ton; on other loans at First Nat.
Bank, Boston,
BILLERICA. _
This town is in Middlesex County
Inc. 1655. Population 1910, 2,797;
1920. 3.646.
Water Bonds.
4s
M-N 590,000c.—May 1 1928
School Bonds.
s
$24.000.......... 1926-1929
BOND. DEBT May 1 1926 $90,000
Floating debt (add’I)_____ 215,500
Water debt (included)____ 170,000
Assessed val., real________ 6,500,006
Assessed val . personal___ 1,729,456
Tot.val.’25 (abt. % act.)..8,229,462
Tax rate (per $1,000) 1925__ $26.0J
INT. payable in Boston on water
and school bonds at Old Colony
Trust Co.

BOSTON.—Malcolm E. Nichols,
Mayor; Frank L. Brier, City Treas;
Rupert S. Carven, City Auditor.
City was Incorporated Feb.23 1822.
On Nov 2 1909 a charter amendment
was adopted under which municipal
nominations are to be made only
upon petition of 5,000 voters. The
Mayor serves for four years, subject
to recall after two years. V.89,p.1234
In 1918 the legislature rescinded the
recall and made 3.000 the number
for petition for Mayor. On Nov. 7
1911 the voters accepted an Act
passed by the Legislature annexing
the town of Hyde Park, which be­
came a part of the city Jan. 1 1912.
V. 93. p. 1337.
The county of Suffolk, in which
Boston is situated, contains also the
cities of Chelsea, and Revere, and the
town of Winthrop. Boston, how­
ever, receives all the county income,
pays all the county expenses, owns
the county buildings, and is responsi­
ble for the county debt, which
amounted on Feb. 28 1926 to $1.583,999.98. The details of this county
debt are Included in the following
financial report for this city.
Sinking Fund Debt.
4s
J-J
$649,300.. .July 1926
3^8
A-O
24,000.. .Oct 1926
315s
J-D
4,350— .Dec 1926
J-J 1,025,250.. .Jan 1927
3 Xs
A-O
4s
33,000— .Apr 1927
4s
J-J
958.700— .July 1927
4s
A-O
50,000— -Oct 1927
J-J 2.192,000— .Jan 1928
3^8
A-O
3^8
50,000— .Apr 1928
A-O
4s
17,000— .Apr 1928
4s
J-D 1,381,000— .June 1928
3>$s
J-J
605,000— .July 1928
A-O 1,131.000- .Oct 1928
3)^
J-J
3Hs
650— .Jan. 1929
3Hs
A-O 1,445,800— .Apr 1929
J-J 1,574.000.. -July 1929
3^s
A-O
300,000— -Oct 1929
3
31£s
J-J 1.627,000-. -Jan 1930
A-O
109,000— .Apr 1930
3148
179,200— .July 1930
3s
J-J
314s
J-J 1.628.000 — .July 1930
3s
A-O
203,750— -Oct 1930
J-J
38
250 000— -Jan 1931
3s
A-O
270,000 — .Apr 1931
3)48
J-J 1,821 ,000— -July 1931
3s
A-O
318,000— .Oct 1931
3s
J-J
436,800.. .Jan 1932
3s
A-O
56,300.. .Apr 1932
3/4s
J-D 2,986,000— .June 1932
3)4s
J-J
10,000— -July 1932
3)4s
A-O
55.001 — .Oct 1932
J-J
896,000 — .Dec 1932
3)4s
3)4s
J-J
25,000— .Jan 1933
J-D 1,500,000— -June 1933
3)4s
3)4s
J-J 1,800,000— .Jan 1934
J-D
3V4s
900,000— .June 1934
A-O
4s
60,000.. .Oct 1934
3)4s
A-O
100,000— -Oct 1934
J-J
741.500— .Jan 1935
3)4s
4s
A-O 1,000,000— -Apr 1935
is
J-J 1,500.000.. -July 1935
J-J
3)4s
819.000— -July 1935
3)4s
A-O
9,500— .Oct 1935
4s
A-O
10,000.. .Oct 1935
J-D 1.298,000— .Dec 1935
3)4s
3)4s
J-J
304,500.. .Jan 1936
A-O
3)48
500,000— .Apr 1936
J-D
3)4s
170,000.-. -June 1936
4s
J-J 2,764,000.. .July 1936
4s
A-O
100.000— -Oct 1936
3)4s
A-O 1,500,000— .Oct 1936
3)4s
J-J
550.000— .Jan 1937
4s
A-O
352,050— .Apr 1937
4s
J-J 1.493.600— -July 1937
3s
J-J
865,000... July 1937
3J4s
J-J
635,000... July 1937
4s
A-O
4,350— .Oct 1937
3)4s
J-J
435,000— .Jan 1938
A-O
3)48
200,000.. -Apr 1938
4s
J-D 1,055,000— .June 1938
3)4s
J-J
19,000— -July 1938
4s
A-O
8,900— .Oct 1938
3)4s
A-O
50,000— -Oct 1938
3)4s
A-O 1,083,000.. .Apr 1939
J-J
3V4s
628.000— .July 1939
3)4a
J-J
400,000.. .Jan 1940
3)4s
J-J
250,000.. .July 1940
3s
A-O
250,000— .Oct 1941
3s
J-J
201,000— .Jan 1942
3)48
J-D
700,000— .June 1942
3)4s
J-J
300,000— .Jan 1943
3)4s
J-D 1.500,000— June 1943
3)4s
J-J
50,000— .Jan 1944
3)48
J-D 4,186.000— .June 1944
3)4s
J-J
559,000— .Jan 1945
3)4s
A-O
610,700.. -Apr 1945
J-J 3,100,000.. -July 1945
3)4s

3)£s
A-O
11,000—Apr 1946
3)$s
J-D
489.000—.June 1946
4s
J-J
1,150,000... July 1946
3) $s
J-J
88,150...Jan 1947
4s
A-O
486,850—-Apr 1947
4s
J-J
1,000,000—.July 1947
4s
A-O
5,000...Oct 1947
4s
J-D
49,000...Dec 1947
4s
J-D 2.000,000...June 1948
4s
A-O
315,000...Oct 1948
314s
J-J
3,900—-Jan 1949
314s
A-O
650,000...Apr 1949
4s
J-J
2,000—.Jan 1949
4s
J-J
1.000,000—-July 1950
314s
J-J
46.000—.J ly 1956
4s
M-N
404,000...Nov 1956
4s
J-J
500,000—..Jan 1957
4s
M-N
31,000...May 1957
4s
J-J
50,000... July 1957
4s
A-O 2.819,000...Oct 1957
4s
J-J
2,100,000...Jan 1958
414s
M-N l.SOu,1)00...Nov 1958
4s
J-J
2.500,000.—July 1959
4s
J-J
2.815,000—-Jan 1960
4s
A-O
37.000. —Apr I960
4s
J-J
163,000—-July 1960
414s’15 A-O 1,750,000r..Oct 1960
4s T6 J-J
10,000...Jan 1961
4s T6 J-J
15.000...Jan 1961
4s '16 A-O
350,000...Apr 1961
4s '16 J-D l,400.000r—June 1961
4s
A-O
88,000.-Apr 1962
414s’17 M-N 1,400,000..May 1962
4Ks
A-O
27.000--.0ct 1962
414s
A-O
300,000—Apr 1963
414s
A-O
153,000. .. Oct 1963
414s
M-N
47.000--.Nov 1963
414s
J-J
188.000... Jan 1964
414s’19 A-O
125,000...Apr 1964
414s A-O
87,000.—Oct 1961
414s J-J
10.000—Jan 1965
4s
J-J
26,000---Jan 1965
414s. J-J
9,000...Jan 1966
414s M-N
150,000...Nov 1966
4s
J-J
97,000...Jan 1968
4s
J-J
200,000—July 1968
414s
J-J 1,053,000..-July 1968
4s
J-J
465,000. ..Jan 1969
414s
A-O
150.000...Oct 196 »
414s
J-J
80,000—Jan 1970
5s '20 J-D
1.000 June 1965
5s
A-O
50.000. ..April 1965
4s
J-J
510,000—-Jan 1970
5s
A-O
170 000—-April 1970
4J4s’21 J-J
9,000—.Jan 1966
414s'21 J-J___ 425.000. ..Jan 1971
414s’21 M-N 325,000r..May 1971
414s
M-N
35,000...Nov 1971
4Xs’21 J-D
60,000...Dec 1971
4s ’22 M-N 1.000 000r_.May 1967
4s ’22 A-O 565,OOOr___ May 1967
4s '24 J-J
400,000.. Jan 1969
4s '24 M-N 390,OOOr..May 1969
414s
A-O
150,000. ..Oct 1969
4s ’24 A-O 250,000r_..Oct 1 1969
4s ’24 J-J
25,000____ Jan 1 1969
4s '24 ...
17,000____ Oct 1 1941
4s ’24 ...
2,000____ Jan 1 1949
4s ’24 ...
5,000____ Jan 1 1969
4s '24 ...
35,000____ Jan 1 1969
4s ’26 A-O2,000,OOOr...Apr 1 1971
4s ’26 A-O 150,OOOr—.Apr 1 1971
Serial Debt.
3Xs’10J-J
$35,000 — Jan '27-'30
314s'10 J-J
144.000 —Jan 27-'5O
4s TO J-J
404,000-July '27-'3O
4s TO J-J
140.000.July ’27-’40
4s TO J-J
308.000.July ’27-'40
48 TO J-J
/ 4,000-July '27-'28
1 1,000 —-July 1929
4s TO J-J
/ 1,000-July... 1927
1
500—.July 192$
4s 'll J-J
15,000—Jan '27-’31
3Jus’ll J-J
15,000..Jan 27-'2$>
3Xs’ll J-J
4,000.—July 1926
4s 'll M-N 336.000.Nov ’26-’31
4s ’ll M-N 110.000.Nov 26-’36
4s 'll M-N
10,000.Nov
1926
4s'll M-N 208.000.Nov '26 41
4s'12 A-O
21.000..Oct '26 '32
4s '12 A-O
28.000 —Oct '26 ’32
4s '12 A-O
28,000—Oct ’26 '27
4s '13 A-O
148,750.-Oct '26-'32
4s '13 A-O
396,000..Oct '26-'37
4s '13 A-O
20,000.-Oct ’26-'27
4s '13 J-J
595,000—Jan '27-’33
4s T3 A-O
16,000—Oct '26-’33
4Xs'13 M-N 520,000-Nov '26 ’38
4Xs’13 M-N I 27.000.Nov ’26-’28
I 40.000.Nov '29-'33
4) £sT3 M-N
15,000-Nov '23-'28
4Xs’13 M-N
40,500-Nov '28-’28
4XsT3 M-N
12,000.Nov '28-’28
4J4sT3 M-N
21,000-Nov '28-’28
4X8 13 M N 136.000.Nov '26-’33
4Xs’13 J4-N 240.000.Nov '26 ’33
4Xs'13 M-N I 90,000.Nov ’26 ’31
1 28.000. Nov ’32 ’33
4s 14 J-J 1,063,000.July ’27-’34
4s '14 J-J
520.000.July 27- 39
4s 14 J-J
69,000.July 27 '29
4s 14 J-J
12,000.July ’27-30
4s '14 A-O
18.000 —Oct ’26 '34
4s '15 J-J
40.000..Jan ’27-'30
4s T5 J-J
126.000-.Jan '27-'35
4s '15 J-J
180,000—Jan '27-'35
4s '15 J-J
1.000—Jan 1927
4s '15 J-J
1,000-July 1927
4s 15 A-O
600.000r.0ct '26 40
4s T5 A-O
200,000r.0ct '26-'33
4s '15 A-O
150 OOOr.Oct 26- 35
4s '16 J-J
18.000.Jan 1’27-’35
4s '16 J-J
4,000—Jan 1927
4s '16 J-J
2,500—Jan 1928
4s '16 J-J
60,000..Jan '27-’36
4s'16 J-J
1,000.—July 1926
4s T6 J-J
4 000-July '27-’28
4s T6 J-J
2,000.July '27-’28
4s T 6 J-J
1,000. July 6 1923
4s '16 J-D 600,000r_..June’27-’41
4s '16 J-D 500,OOOr...June'27-’36
4s'16 J-D 170,000r...June’27-’36
4s '16 J-D 70,OOOr__ June ’27-’33
4s '16 J-D 70,000r__.June '27-’36
4s '16 J-D
10,000-June ’27-'31
4s '16 J-J
12,000..Oct ’28-’29
4s '16 J-J
4,000.-Oct '23-’27
4s T6 J-J
I 300,000—Oct '28-'35
1 29,000—-Oct 1936
4)£s’16 M-N 275,000-Nov ’23-’36
4s '17 M-N770.000___ May’27-’37
4s '17 M-N 10,000___ May’27-’28
4s T7 J-D 32,000. .June l927-'34
4s T7 J-J 30,000...July ’27-’32
4s T7 M-N 27,000—-May '27-’29
4n T7 J-D
8,000____ June 1927

[Vol. 122.
4s '17 M-N 2,000____ May 1927
4s '17 J-D {150,000—June 1927-’36
1 12,000____ June 1937
4s '17 J-D 110,000..June 1927-’37
4Xs '17A-O 12,000 —.Oct 1926-’31
4s T 7 J-J / 21,000—July 1927-’33
2,000____ July 1934
4s '17 J-J 32,400. ..July 26- ’34
110,000. July 27- ’37
4s '17 J-J
20,000.Jan 27-'30
4^s’18 J-J
60.000. Apr 27-’32
4Xs’18 A-O
4Xs'18 A-O 10,000__ Apr 27-’28
4Xs’18 A-O 10,000__ Apr 27-’31
8,000—Apr 27-’3O
4Xs’18 A-O
1,000__ Apr
1927
4Xs’18 A-O
14.000. Apr 27-'33
4^s'18 A-O
4Xs’18 A-O 360,000—.Apr 27-’38
4Hs’18 A-O 250.000.Apr 27-’36
4Xs’18 J-J 120,000.July 27-’38
4Xs’19 J-D {24,000-June 27-’29
170,000. June 30-'39
4Xs'19 J-D 520,000.June 27-’39
4Xs’19 J-D 720,000.June 27-’44
4)$s'19 J-D /48,000-June 27-’34
{25,000. June 35- '39
4)£sT9 J-D
90,000.June 27-'44
4XsT9 J-J
65,000-July 27-'39
4{<sT9 J-J
54,000.July 27-'44
4J4s’19 J-J
18.000. July 27-’44
4Ks’19 A-O
2,OOO.Oct 26-’27
4Xs’19 A-O
1,000. Oct 1926
4Xs’19 A-O
16,000-0ct 26-'33
4Xs’19 A-O
10,000.Oct 26-’30
4Xs’19 A-O
6,OOO.Oct 26-’31
4Xs'19 A-O
44.000-Oct 26- '47
4Xs’2O J-J
4,000-Jan
27- ’3O
4Xs’2O J-J
I 6.000-Jan 27-’29
144.000. Jan 27-’37
5s ’20 J-J 25,000...July 27-’31
5s '20 J-J 560,000...July 27-’4O
5s ’20 J-J 124,000—-July 27-’3O
5s ’20 J-J 200,000_ July 27-’3O
4Xs’21 J-J 300,000_ Jan
27-’41
4Xs’21 J-J
75,000_ Jan
27-’41
27-’31
4Xs’21 J-J
5,000_ Jan
4Xs'21 J-J
9,200..-Jan
27-’31
5s’21 M-N 22,OOOr..May 27-’36
5s ’21 M-N 20,000r._May 27-’31
5s ’21 M-N250,000r..May 27-’31
5s ’21 M-N/15,000r.. May 27-’31
120,000r..May 32-’41
5s '21 M-N 150,OOOr__ May 27-’41
5s’21 M-Nf 170,OOOr..May 27-’31
1660,000r. .May 32-’51
5s '21 M-N 640,000r_.May 27-’41
5s ’21 M-N/ 30,000r..May 27-’36
1 10,OOOr__ May 37- ’41
5s '21 M-N 45,000__ May 27-’31
5s '21 J-J 150,000.—July 27-’41
5s ’21 J-J 45,000..-July 27-’41
5s ’21 J-J 22,500... July 27-’41
l, 500____ July 1926
5s ’21
4Xs’21 A-O
6,000...Oct 26-’31
4Xs’21 M-N 16,000..-Nov 26-’41
4Xs’21 M-N 32,000—.Nov 26-’41
4)£s’21 M-N 96,000___ Nov 23-’41
4Xs’21 M-N 32,000____Nov 26- ’41
4Xs’21 M-N/ 7,000____Nov 1926
190,000.—Nov 27- ’41
4Xs’21 M-N (48,000—-Nov 26-’31
170,000...Nov 32-’41
4Xs’21 J-D 800,000...Dec 26-’41
4Xs’21 J-D /18,000—.Dec 26-’31
120,000...Dec 32- ’41
4Xs’21 J-D /30,000—.Dec 26- ’35
{12,000--. Dec 36- ’41
4s '22 M-N800.000r._May 27- ’42
4s '22 M-N400,000r__ May 27-’42
4s ’22 M-N/224,OOOr May 14 27-’42
ll20,OOOr May 14 43-’52
4s '22 M-N 320,OOOr...May 27-’42
4s ’22 M-N 160,OOOr-..May 27-'42
4s’22 M-N 160.000r_..May 27-’42
4s ’22 M-N/ 99,000—.May 27-'37
1 40,000----May 38- ’42
4s ’22 M-N 128,OOOr...May 27-’42
4s'22 M-N /36,OOOr._.May 27-’32
150,OOOr.May 1 33- ’42
4s ’22 J-D 208,000..June 1 27-’42
4s '22 M-N /56,OOOr...May 27- ’4O
1 6,OOOr May 41-’42
4s’22 A-O / 91,000r...Oct 26-’32
1120,OOOr...Oct 33-’42
4s’22 A-O /161,000r_..Oct 26-’32
1220,000___ Oct 33-’42
4s '22 A-O 85,OOOr... Oct 26-’42
4s ’22 A-O /56,OOOr...Oct 16-’32
170,OOOr...Oct 33-’42
4s ’22 A-O/238,OOOr...Oct 26-’42
1120,000r...Oct 43-’52
4s ’22 A-O 170,000___ Oct 26-’42
4s .’22 A-O 510,000r...Oct 26-’42
4s ’22 A-O/ 91,000r...0ct 26-’32
U20,OOOr...Oct 33-'42
4s ’22 A-O
17,000.. Oct 26-’42
4s ’22 A-O
4,000..Oct 2fi-’27
15,000 —Oct 28- ’42
4s ’22 A-O
21,000..Oct 26-’32
20,000—Oct 33-’42
4s ’22 A-O
48,000..Oct 26-’37
115.000..Oct 38-’42
4s ’22 A-O /48.000___ Oct 26-’37
15,000----- Oct 38- ’42
4s '22 A-O
'21,000..Oct 26-'32
20,000..Oct 33-'42
4s '22 A-O
8,000.. Oct 26-'27
45,000..Oct 28- ’42
4s '22 A-O
28,000..Oct 26-’32
30,000.-Oct 33- ’42
2,500—Oct
1926
4s '22 A-O
18,000..Oct 26- ’31
m, 000—Oct 32-'42
306,000___ July 27- ’43
72,000___ July 27-’38
25,000___ July 39- ’43
4s ’23 J-J 51,000___ July 27-’43
48,000___ July 27-’38
15,000___ July 39-’43
126,000___ July 27-’33
170,000___ July 34- ’43
4s ’23 J-J / 85,000___ July 27-’43
{170,000___ July 27-’43
4s ’23 J-J /14.000___ July 27-’33
110,000___ July 34-’43
4s ’23 J-D / 8,000_ June 27-’28
145,000__ June 29- ’43
4s ’23 J-D 221,000_ June 26- ’43
4s '24 J-J
7,000__ Jan 27- ’33
4s ’24 J-J
14,000__ Jan 27-'4O
4s ’24 J-J 812,000___ Jan 27-’54
36,OOOr.May 1 27-’44
6,OOOr .May 1 27-'29
4Xs’24M-N 15,OOOr.May 1 30- ’44
180,OOOr.May 1 27-’44
54,OOOr.May 1 27-’44

June, 1926.]
BOSTON (Concluded).
$90,000-.
65,000..
20,000—
65,000..
70,000—
64,000..
120,000-.
90,000-.
24,000—
20,000-.
434s’24 J-J 450,000-.
54,000-.
54,000..
54,000—
459,000-.
32,000..
30,000—
24,000..
20,000—
18,000..
40,000..
80,000—
434s’24M-N 64,000r_:
70,000r_:
434s’24M-Nf 64,000r_l
1 70,000r_]
420,000r.l
450,000r_l
6,000r.l
15,000r_l
434s’24M-N 72,000r.l
90,000r_I
18,000r_I
89,000r.l
54,000r_I
54,000r_l
4s ’24 J-J (32,000-..
130,000...
16,000r_.
15,000r_.
. 20,000r__
4s ’24 A-O-I 60,000r_.
228.000P-.
45,000r__
40,000r_.
8.000P..
15,000r_.
4s ’24 A-O-j 95,000r_.
16,000r_.
45,000r__
475,000r__
228,000r__
HO.OOOr—
126,000r__
4s ’24 A-Oj 40,000r_.
95,000r__
20,000r__
60,000r_.
4s ’24 A-O 14,000...
4s '24 A-O 76,000...
1 500...
4s ’24 A-O 14,000...
4s ’24 A-O 16,000...
4s ’25 J-J 950,000...
4s '25 J-J 772,000...
170,000--.
4s ’25 J-J 120,000...
160,000...
4s ’25 J-J 1133,000-..
1 60,000...
4s 25 J-J 95,000...
4s ’25 J-J /18,000—.
110,000...
4s ’25 J-J
17,000...
4s ’25 J-J
1,500...
f 9,000...
4s ’25 M-N
8,000—.
I 6,000...
(2,170,000r.I
4s’25M-N-( 470,000r_J
85,000r.l
75,000r_l

MASSACHUSETTS—CITIES & TOWNS

35

Sinking Funds &c.
Net Debt.
Years—
Gross Debt.
$46,252,646.60 $94,050,554.38
1928 (May 31)_____ $140,303,200.98
90,982,717.22
45,321,483.76
1926 (Jan. 31)_______ 136,304,200.98
87,829,694.75
1925 (Jan. 31-............ 129,393,700.98
41,564,006.23
85,502,172.90
43,125,228.08
1924 (Jan. 31).............. 128,627,400.98
83,530,587.17
43,046,213.82
1923 (Jan. 31)______ 126,576,800.99
79.913,010.56
44,787,940.43
1922 (Jan. 31)______ 124,700,950.99
80,682,847.86
1921 (Jan. 31)______ 124,112,350.99
43.429,503.13
80,908,397.00
43,501,704.00
1920 (Jan 31)________ 124,410,101.00
82,446,903.00
44,657,315.00
1919 (Jan. 31)............. 127,124,218.00
84,570,177.00
44,028,187.00
1918 (Jan. 31)______ 128,598,364.00
84,543,194.14
1917 (Jan. 31)______ 128,438,881.02
43.893.686.88
85,621,402.32
41,773,295.36
1916(JaD.31).............. 127,394,697.68
81,974,576.95
42.83,0.937.39
1915 (Jan. 31)............ 124,805,514.34
78,961,370.21
1914 (Jan. 31)............. 120,525,581.01
41.564,210 80
73.474.232.65
43,567,856.68
1912 (Jan. 31)............. 117,042,089.33
71.345.972.58
39.370.433.42
1910 (Jan. 31)______ 110.716.406.00
62,427,219.12
31.694.386.88
1905 (Jan. 31)............. 94,121,606.00
58.333.337.59
28,663.641.39
1900 (Jan. 31)............. 86,996.978.98
31,075,832.24
1890 (April 30)_____
53,930.095.22
22,854,262.98
26.005,620.59
1881 (April 30)........... 40.949,332.18
14.943,711.59
ASSESSED VALUATION.—The city’s assessed valuation of real estate
»nd personal property and tax rate have been as followsRate of Tax
■Assessed ValuationTotal
•per $1,000.
Personal.
Years—
Real.
$1,862,799,900
$26.70
1925______
_________
24.70
1924______ 1,632,731,200
175,838,098
1,808,569,298
24.70
1,714,104,300
160,146,800
1923______ 1,553,957,500
24.70
1922............. 1,501,628,400
176,081,306
1,677,709,706
24.70
1,595,748.943
J921_____ 1,420,979,600
174.767.343
24.10
1.572,458,780
176,385,480
1920______ 1,396,073,300
23.60
198,860,978
1,528,151,078
1919-........... 1,329,290,100
21.20
1,498.131,804
1918______ 1,313,553,600
184,578,204
17.70
1,467,166,143
162.545.343
1917 ........... 1,304,620,800
17.80
1,608,707,979
328,929,679
1916 ........... 1.279,778 300
17.50
1,541,351,409
303,902,900
1914 ........... 1.237,448.500
16.40
1,481,819,920
295,345,020
1912 ........... 1,186,474,900
16.40
1,393,760,423
274,771,323
1910 ........... 1,118,989,100
16.00
1,259,745,682
1905 _____ 1,021,431,200
238,314,482
14.70
1,129,175,832
1900 ...........
902,490,700
226,685,132
12.80
951,367,928
206,616,878
1895 ...........
744,751,050
13.30
202,051,525
822,041,800
1890 _____
619,990,275
15.20
639,462,495
1880 ...........
437,370,100
202,092,395
15.39
584,089,400
1870 ...........
365,593,100
218.496,300
DEBT AND TAX LIMITATIONS.—Taxes in Boston, exclusive of
the State tax, county tax and sums required by law to be raised on account
of the city debt, are limited by Chapter 521 of the Acts of 1910 and amend­
ments thereto, to $20.11 on every $1,000 of the assessor’s valuation of the
taxable property therein for the preceding year, said valuation being first re­
duced by the amount of ail abatements allowed thereon previous to the
thirty-first day of December in the year preceding said assessment.
Sec. 2, Chap. 312, Laws of 1885 (Sec. 3, Chap. 27, of the 1902 edition, Re­
vised Statutes), places the debt limitation of the city of Boston at 2 34 % of
the average assessors’ valuations of the taxable property for the preceding
three years.
The foregoing limitation is of course exclusive of debts created for water
supply, and further exceptions have been made from year to year by differ­
ent legislatures authorizing bonds outside of the debt limit for various
purposes, especially enumerated.
It is proper to state that under Chapter 93, Acts of 1891, the city is
authorized to anticipate its authority to borrow money within its debt limit
for anv current municipal year.
POPULATION.—1920. 748,030: 1915, 745,439; 1910, 670,585; 1905,
593,598: 1900, 560,892; 1890, 448.477; 1880. 362.839: 1870. 250.526.
Refund! ngBonds.
BOURNE.
This town is in Barnstable County. 434s’14 M-S $18,000c.Sept 3 ’26-’34
4s 15 J-D 18.000c.June 2 ’27-'35
Incorporated April 2 1884.
4s T5 M-S 10.000c.Sept 3 '26-’35
School Notes.
4s ’24 J-J $65,000c-July 1 ’27-’39 4s T6 A-O 50,000c.Apr 15 ’27-’36
4s T6 J-D 10,000c-J’ne 30 ’27-’36
Town Hall Notes.
-s
J-J $9,000--July 1 ’27-’33 434s’17 J-J 36,000c.July 23 ’26-37
School Bonds.
Bridge Loan.
-s
J-J $14,000-July 15 ’26-’32 434s’22 J-J $2,000c-..July 1 1927
4Xs’24 M-N 40,000_____ 1926-1929
School Notes.
-s
M-S $1,000 --Mar 15 1927 BOND. DEBT Jan 1 ’26 $298,000
110,000
1,000 ..Mar 15 1927 Temporary debt (add’l).
s
Other indebtedness____
*338,400
Road Notes.
_s
J-J $3,000-July 15 ’2 i-’28 Total ass’d value 1925 .767,099,396
INT. on 434s of 1922 at the First
-s
J-J
9,000-July 15 '26-’27
Note debt Jan 1 1925____ $127,250 Nat. Bank, Boston; on others at
Cash on hand___________
78,$58 First Nat. Bank, Boston, or by check
Assessed valuation, real__ 6,261,588 to holders of bonds.
Assessed val’n, personal__ 1,140,839
* Amount due State of Massa­
The following is a statement of debt, inside and outside, sinking funds Total valuation 1921_____ 7,402,397 chusetts on account of State high­
Tax rate (per $1,000) 1924—$19.20 ways.
and net indebtedness within the ifimit, as of May 31 1926:
Population 1910. 2,474; 1920. 2,530
Total funded debt, city and county____________________ *$140,303,200.98
BROCKTON.
Funded debts, outside the debt limit (debts exempted from
This city is in Plymouth County.
BRAINTREE.
the operation of the law limiting municipal indebtedness):
This town (P. O. So. Braintree) is Incor. April 9 1881 Population
City debt___________________________ $37,800,300.00
In Norfolk County. Incorporated 1910. 56,878; 1920. 66,254.
Fire Department.
May 13 1640.
Water debt__________________________ 1,124,000.00
$5,000 ......... 1926 1930
4s ’24 J-J $40,000___ July ’26-’29 4s ’10
County debt_________________________ 1,151,999.98
4s ’22 J-J 32,000—July 1 ’27-’42
School Bonds
Rapid transit debt____________________ 45,735,700.00
434s’23 J-J 28,000r*-.July 1 ’27-’33
4s
’
ll
J-J
$15,000c.July
1
’
27’
31
85,811,999.88 ♦ 34s’19 J-D
4,000c.Dec 1 ’26-’29
Sewer Bonds.
4s ’22 M-S 68,000_____ 1926-1942
’95 M-N $l,000r ..May 1 1527
Funded debt within the debt limit_____________________ $54,491,201.00 434s’25 A-O/ 11,500__________ 1926 34s34s
4,200r.Apr 10 ’26-’29
’95 A-O
(140,000_____ 1927-1940 3 34s’Ol A-O
4,000c--Apr 1927-’3O
Offsets to funded debt:
Town-Hall Bonds.
9.000r..Feb 1 ’27-’35
3 34s’Ol F-A
Is' 12 J-D $12.000c-June l ’27-’32 334s'O6 A-O
Sinking funds________________________ $43,223,482.25
4,000r____1926-1929
Tuberculosis Hospital Bonds.
l,000r..........
1926
4s ’06 A-O
Less sinking funds for debt outside the
434s’19 J-D $10.000c.Dec 1 '26-'35 4s ’06 A-O ll.000r-.Apr 1’27-’37
debt limit:
BOND. DEBT Mar 30’26 $305,500 4s '06 A-O 13,000r----- 1926-1938
City sinking funds______ $19,903,352.60
Assess, val., real estate__ 14,971,675 4s ’10 F-A IS.OOOr ....... 1926-1940
Assess, val., personal.__ 1,702,575 4s '12 M-S 16.000r.Mar 1 '27-'42
County sinking fund____
517,600.59
Total assess, val. 1925__ 16,674,250 434s’13 J-D 12.000r.June 1 ’27-’38
Rapid transit sinking funds 8,4^45,869.52
Total tax (per J1.000) 1925. $28.83 4s '14 A-O 13 000.-Apr 1 ’27-’39
----- \------------ 28,866,822.71
’n 1910, 8,066; 1920 ---------10,580 4s '15 A-O 14.000-.Apr 1 ’27-’4O
Offsets to funded debt within the) debt limit_____
14,356,659.54 Pop
INT. on the 434s of 1919 at the 4s '17 M-N 16.000-.May 1 ’27-’42
First
National Bank, Boston.
434s'18 M-N 2,000——May'27-’28
Net indebtedness within the debt limit_________________ $40,131,745.81
4 34s'19 — .
8,000 .......... 1926-1929
434ST9 J-J 95.000 ------- 1926-1944
* Includes $251,999.98 issued j by the Commonwealth under Chapter BRIDGEWATER.
’21 M-S 140 OOO.Sept 1 ’26-’45
This town is in Plymouth County. 5s
534 of the Acts of 1906.
’21 M-S 20 OOOc.Mar 1 ’27-’36
Town buys water plant for $175,- 5s
5s '21 M-S (10.OOOc.Mar 1 ’27-’31
The debt-incurring power of the city on May 31 1926 was estimated at 000, see V. 120, p. 608.
4 5.OOOc.Mar I ’32 '36
High School Bonds.
$2,419,903.94.
000c. July 1 ’27-’31
’18 J-J $49,500r-July 1 ’27-’35 534s’21 J-J 25,
40,000c.July 1 ’32-’41
In the following table the total debt and sinking funds as of May 31 1926 434s
Water Bonds.
3,000c___ Oct 1 1926
are analyzed according te purposes and according to whether it is inside or 4s ’25M-S / $2 28,OOOc.Mar
27-’45 5s ’21 A-O 10,000c.
.Oct 1 ’27-’31
j UO.OOOc.Mar
46-’55 434s
outside the debt limit:
J-J 49,000--July 1 ’27-’32
School Bonds.
’22A-O
6,000-—Oct 1'27-’32
Gross Debt.
Sink. Funds, &c.
Net Debt.
4s ’25M-N. ($l?,000c-May 1 ’27-’28 4.s3<s
’23 M-N 43,000.-May 1 ’27-’43
City debt______________ $91,873,501.00 $37,287,187.49 $54,586,313.51
1 60,000c.May 1 ’29-’4O
1 ’27-’42
County debt___________
1,569,999.98
517,600.59
1,052,399.39 GEN. BD. DT. Apr 5 1926 $142,750 434s’24 M-N/48,000r*May
1 ’43-’44
Water debt____________
1,124,000.00
1,989.00
1,122,011.00 Floating debt (add’l)_____
90,000 4s ’25 A-O ( 4,OOOr*May
4,000r*Apr
27-’3O
Water debt (add’l)_______ 350,000 4s ’26 A-O /24,000c.Apr 11 ’’27’28
$94,567,500.98 $37,806,777.08 $56,760,723.90 Assess, val., real estate___ 4,145,625
(33,000c. Apr 1 ’29-’31
Rapid transit debt___
45,735,700.00
8,445,869.52 37,289,830.48
Assess, val., personal____ 1,155,421
Departmental
Equipment
Loan
Total assess, value '25____ 5.301,046
$140,303,200.98 $46,252,646,60 $94,050,554.38 Total tax rate (per $1,000) '25 $35 83 434s’Bonds.
22 J-J $5,000___ July 1 1927
Street-Improvement Bonds.
TOTAL DEBT, &c.— May 31 1926.
Jan. 31 1924.^ Population 1910, 7,668; 1920, 8.438
Jan. 31 1925.
4s 16 J-D $1,000__________ 1926
City debt proper________ $91,873,501.00 $85,394,501.00 $85,362,701.00
434s'17 M-N 3.000___ May 1 1927
Water debt____________
1,124,000.00
625,000.00 BRISTOL COUNTY.
250,000.00
County seat at Taunton. Incor­ 434s’19 ... 2.000 .......... 1926-1929
County debt___________
1,569,999.98
1,712,999.98
1,652,499.98
Rapid transit debt_____ 45,735,700.00
42,096,700.00 porated 1685. Pop’n 1910, 318,573; 534s’21 M-S 9,000c. Mar 1 ’27-’3l
42,096,700.00
1920 359.005.
434s’23 J-J 18,000—July 1 ’27-’27
Bridge Notes and Bonds.
434s’22 J-J 222,000.-July 1 ’27-’32
Total bonded debt___ $140,303,200.98 $129,393,700.98 $128,627,400.98
Sinking funds, &c-------- 46,25?,646.60
41,564,006.23
43,125,228.08 4J4s’17 F-A $2,000c.Aug 15’26-’27 4s '22 J-J I 2,000___ July 1 1927
1 5,000.-July 1 ’28-’32
Court-House Notes & Bonds.
4s’13 J-J $10.000c---July 23 1926 .s ’23 M-N 10.000--May 1 ’27-’28
Net debt............ ........ $94,05(j),554.38 $87,829,694.75 $85,502,172.90
Agricultural School Bonds.
434s’23 A-O 64,OOOr*Oct 1 ’26-’33
The following table shows the Amount of the gross funded debt, sinking 4s ’14 J-J $12,000c.July 15’26-’29 434s’24 M-N/ 3,000r-..*May 127
funds and the net debt for the following years:
U4,000r*May 1 ’28-’34
434s’23 J-D 70,000c.July 1 ’27-’33




($7,000- _ Oct 1 25-31
1 500. ..Oct 1 1932
15,000. ..Oct 1 '25-’39
140,000. -July 1 ’25-’34
130,000. -July 1 ’35-’44
’25-’54
... 870,000. .Jan
’25-’33
9,000. .Jan
’25-’4O
— 16,000. .Jan
434s’25M-N 500,000. .Nov 1 ’26-’45
434s’25 M-N 20,000. .Nov 1 ’26-’45
434s’25M-N (20,000. .Nov 1 ’26-’3O
130,000. .Nov 1 ’31-’45
4Ms’25 M-N 60,000. .Nov 1 ’26-’45
434s’25M-N 100,000. .Nov 1 ’26-’45
434s’25 M-N 20,000. .Nov 1 r6-’45
434s’25M-N (20,000. .Nov 1 ’26-’35
110,000. .Nov 1 ’36-’45
434s’25M-N 100,000. .N<?v 1 ’26-’45
43<s’25M-N /20.000- .Nov 1 ’26-’3O
30,000...Nov 1 ’31-’45
434s’25M-N 25,000...Nov 1 ’26-’3O
60,000...Nov 1 ’31-’45
4Ks’25M-N 60,000...Nov 1 ’26-’4O
15,000...Nov 1 ’41-’45
434s’25M-N 60,000...Nov 1 ’26-’4O
15,000...Nov 1 ’41-’45
434s’25M-N 20,000...Nov 1 ’26-’3O
30,000...Nov 1 ’31-’45
4Ks’25M-N 600,000...Nov 1 ’26-’4O
4Ms’25M-N 600,000...Nov 1 ’26-’4O
434s’25 M-N 60,000.. Nov 1 ’26-’4O
4s ’25 M-N 800,000.. Nov 1 ’26-’3O
4s ’25 M-N 100,000.. Nov 1 ’26-’3O
4s ’25 M-N 500,000.. Nov 1 ’26-’35
4s ’25 M-N 50,000.. Nov 1 ’26-’35
4s ’25 J-J 43,000-- July 1 ’26-’45
J-J 25,000-. July 1 ’26-’45
J-J 15,000-. July 1 ’26-’45
A-O (32,000.. Oct 1 ’26-’41
1 4,000-. Oct 1 ’42-’45
A-O 450,000r- .Apr 1 ’27-’56
A-O 300,000r_ -Apr 1 ’27-’46
A-O 80,000r. -Apr 1 ’27-’46
A-O 100,000r- .Apr 1 ’27-’46
A-O /25,000r. -Apr 1 ’27-’31
(60,000r_ -Apr 1 ’32-’46
A-O 200,000r. .Apr 1 ’27-’46
A-O 80,000r_ -Apr 1 ’27-’46
A-O 100,000r- -Apr 1 ’27-’46
A-O 180,000r_ -Apr 1 ’27-’41
A-O 90,000r. -Apr 1 ’27-’41
A-O 500,000r_ -Apr 1 ’27-’36
A-O 80,000r. .Apr 1 ’27-’34
Water Debt—Cochituate Water
$5.000--July
33a® 99
Other Hyde Park Debt.
$J,000-May 1927
4s
M-N
8,000-May
18
M-N
6,000-May
4s
M-N
1,500--Jan 1927
4s
J-J
Hyde Park Water Debt.
4s ’10 A-O$224,000c.-Apr 1 ’27-’4O
Suffolk County Court House,
j
A-O $156,000--Oct ’26-'35
34 s
A-O
800,000-—Apr 1937
34s
J-J
100,000---July 1938
Suffolk Co. Pow. & Heat. Plant.
4s ’17 J-J
$4,000—_Jan 1927
Suffolk County Jail, Hospital.
434s’18J-D J $21,000.—June ’27-’29
1 60,000—-June ’30-’39
5s ’19 M-N 105,000-May 1 ’27-’41
Jail Plumbing System Bonds.
434s'21 M-N ($J8,000-Nov ’2o-’31
( 20,000-Nov '32-’41
Suffolk Co. Jail, Sheriff’s H’se
($3,000____ Oct 1926
4s
A-O j 4,500___ Oct ’27-’29
[13,000____ Oct '30~’42

4s .‘24

...

...
...

36
BROCKTON (Concluded)—
School Bonds.
4s ’06 J-J $l,250r.................. 1926
4s '07 A-O 3,OOOr ..Apr 1 1927
4s ’08 M-N 8.OOOr___ 1926-1927
4s ’10 F-A 18,000 .......... 1926-1930
4s ’12 M-S 15,000..Mar 1 ’27-’32
4)$s’13 A-O 14 OOO-.Apr 1 '27-’33
4^s’13 A-O 14,000—Apr 15 ’27-’33
4)$s’13 J-J 21,000..July 1 ’27-’33
4 14 M-S 24.000..Mar 1 '27-’34
4s’14 A-O 8.000..Apr 1 1929
4)$s’14 F-A 18.000._Aug 1 ’26-’34
4s ’15 F-A $32,400..Feb 1 ’27-’35
4s'16 M-N (5,000.................... 1926
„ ,
140.000.......... 1927-1936
4s '16 M-N180.000.......... 1926-1935
4J4s*17 J-J
2,000r... July 1 1927
„
2,OOOr ..July 1 1927
4)$s 17 J-J 44,000r.July 1 '27-’37
4) 4s’17 M-N 22,000—May 1 ’27-’37
4^s'17 M-N 12.000—Nov 1 '26-’37
5s ’20 M-S 170 000—Sept 1 '26 '35
130,000c. Sept 1 ’36-’4O
5) $s’21 ...
1,900__________ 1926
444s 21 M-N 1,000___ Nov 1 1926
4s'23 F-A. 3,500--Aug 1 '26-’32
4s '26 F-A 20,000r*_Feb 1 ’27-’46
Playgrounds.
4s '12 M-S $16,000.Mar 1 '27-'42
444s'13 M-N 3,500-May 15 ’27-'33
4s'15 A-O
500 _..Oct 1 1926
4s '16 M-N 3,000—Nov 1 ’26-’28
5s’21 A-O ( 3,000c--.Oct 1 1926
llO.OOOc.Oct 1 ’27-’31
4s '22 F-A f 1,000 ...Aug 1 1926
1 500----- Aug 1 1927
Water Bonds.
4s’96<St’97M-N $25,000c —May 1 1927
4s '97 F-A 15,000c.—Aug 1 1927
4s'98 F-A 10,000c.—Aug 1 1928
4s '02 M-N llO.OOOr. ..Nov 1 1932
4s '03 J-J 27,000r. ..July 1 1933
3 44s'99 J-D 10,000c. —June 1 1929
3 44s’99 M-N 12,000c. ..Nov 1 1929
3 44s’OO M-S 15,000c. ..Meh 1 1930
3 44s’Ol A-O 13,000c.-Apr 11931
3 44s’Ol J-D 15,000c. - June 1 1931
3 448*02 A-O 75,000c...Apr 11932
3 44s’O2 F-A 15,000c.—Aug 1 1932
344s’02 M-N190,000r*__Nov 1 1932
3 44s’O3 J-J
3,000c...July 1 1933
3 44s’O4 F-A 165,000c.—Feb 1 1934
3 44s’O4 J-J 25,000c.—July 1 1934
3 44s’05 F-A 50,000c.—Feb 1 1935
3 44s’05 F-A 25,000r...Aug 1 1935
3 44s'06A-O 25,000c... Apr 1 1936
3s ’06 J-D 20,000r_.. June 1 1936
3s ’07 M-S 25,000c.-Meh 1 1937
4s ’07 J-J 30,000r. „July 1 1937
4s ’08 A-O 22,000r..Apr 1 ’27-’37
4s ’08 F-A 32,000r___Aug 1 1937
444s’09 A-O 18,000r_.Apr 1 ’27-’,38
444s’09 M-N 13.000r„Nov 1 ’26-’38
4s '10 F-A
8,OOOr___ 1926-1933
4s ’10 A-O
5,000r____ 1926-1930
4s ’ll A-O 30,000r.0ct 1 ’26-’4O
4s ’ll
J-J 28.000r.July 1 ’27-’4O
4s ’ll M-S 49,500r.Mch 1 ’27-’35
444s’13 M-S 16.000-Mar 15 '27- 43
4s ’14 F-A 18,000..Feb 1 ’27-’44
4s 14 J-D 16,000.. June 1 ’27-’41
4s 15 A-O 14,000—Apr 1 '27-’40
4s ’15 A-O
5.000—Oct 1 ’26-’3O
4s’16 A-O 21,000_____ 1926-1946
4s 17 ... 22,000.......... 1926-1947
444s’18 M-N 4,000..May 1 ’27-’28
444s’19 A-O
6,000..Apr 1 ’27-’29
544s’2O M-S 21,000—Mar 1 '27-’40
544s’21 J-J (10.000c.July 1 ’27-’31
110,000c. July 1 ’32-’41
444s’22 A-O 48,000--Apr 1 ’27-’42
4J4s’22 A-O ( 4,000—-Oct 1 ’26-'27
„ i 5,000...Oct 1 ’28-’32
_s ’23 M-S 28,000.-Mar 1 ’27’33
4J£s’23 A-O fl6,000r*0ct 1 ’26-’33
I 9,OOOr*Oct 1 ’26-’43
4Xs’24 M-N(18,000r*May 1 ’27-’29
,
~ (25.000r*May 1 ’30-’34
4s 25 A-O 42,000r*Apr 1 ’27-’4O
4s 25 A-O 2f),000r*Apr 1 ’27-’30
4s '26 A-O 30,000c.Apr 1 ’27-’31
-,Tu^er.culosis Hospital Bonds.

MASSACHUSETTS—CITIES & TOWNS
Tax rate (per $1,000) 1925—$39.00
* Bonds outside of debt limit con­
sist of $1,551,800 water, $590,600
sewer, $1,800 drainage dept. debt,
$222,500 high school, $243,500 and
playgrounds, $39,000, $107,000 hos­
pital, and $362,000 street.
The city owns real estate valued at
$4,002,515.
INT. at City Treasurer’s office.

BROOKLINE.
This town is in Norfolk County
Inc. 1705. Population 1910, 27,792; 1920, 37,478.
Public Buildings & Sites.
3) 4s’09 J-J $18,300r..Jan 1 ’27-’29
3.8s’O9 J-J
18.300r._Jan 1 ’27-’29
4) 4s’15 J-J
7,875c.Jan 1 ’27-’35
4J4s’17 J-J 20.000r*Jan 1 ’27-’36
4>4s’17 J-J
7,OOOr*Jan 1 ’27-’33
4s*22 J-J
15,000..-Jan 1 ’27-’32
4Xs’23 J-J 10,500—Jan 1 ’27-’33
Hospital Bonds.
4s '14 J-J $8,000c-Jan 1 ’28-’34
Sewers and Drains.
4s ’06 J-J
$9,000r_.Jan 1 ’27-26
4s ’14 J-J 22.400c..Jan 1 ’27-'34
4s '15 J-J 18,000c..Jan 1 ’27-'35
4s ’16 J-J 20,000c..Jan 1 ’27-’36
4)4s'15 J-J
5.400—Jan 1 ’27-’35
4J4s’2O J-J 54,000--Jan 1 ’27-’35
4s '16 Sj-J $8,000r..Jan 1 ’27-’34
Playgrounds (outside debt limit).
3.45s’09J-J $10,260r__Jan 1 ’27-’29
4s ’14 J-J 32 000c..Jan 1 ’27-'34
Paving Bonds.
4s ’25 M-S $20,000___ Sept 1 1929
Streets and Bridges.
4s ’07 J-J $4,000r___ Jan 1 1927
4Hs’17 J-J
2,000r*_ .Jan 1 1927
4 J4s’2O J-J 48,000c.Jan 1 ’27-’3O
4s ’22 J-J 18,000—Jan 1 ’27-’32
4)£s’23 J-J„ 70,000--Jan 1 '27-’33
4s ’24 M-S 56,000c.Mar 1 ’27-’34
4s ’25 M-S 20,000..Sept 1 ’26-’45
Schools and Sites.
3.6s’10 J-J $4,000r..Jan 1 ’27-’3O
4s ’13 J-J '48,390c. .Jan 1 ’27-’33
4Ks’21J-J
5,000c.Jan 1 ’27-’31
4&s’21 J-J
13,000c. Jan 1 ’27-’39
4Xs’21 J-J
82,500c.Jan 1 ’27-’41
4s '21 J-J 247,500-..Jan 1 ’27-’41
4)<s’21 J-J 82,500--Jan 1 ’27-’41
4)Js’22 J-J
9,000 ...Jan 1 1927
4s ’24 M-S ll76,000cMar 1 ’27-’42
1 20,000cMar 1 ’43-’44
4s ’24 M-S f 20,000cMar 1 ’27-’28
1144,000cMar 1 ’29-’44
Water (outside debt limit).
3)$s’09 J-J $15.000r_.Jan 1 ’27-’29
4s ’15 J-J 90,000r__Jan 1 ’27-'35
4Xs’2O J-J
8.000c.--Jan ’29-’44
4Xs’22 J-J
6,400c.Jan 1 ’27-'3O
4s ’22 J-J
15.000-._Jan 1 ’27-’32
4s ’25 M-S 387,000..Mar 1 ’27-’55
Debt Jan. 1 1926.
TOTAL DEBT________ $1,918,235
Deduct debt outside limit. 570,660
NET DEBT, as defined by
law..______ _________ 1,347,575
Net debt allowed by law.. 3,823,892
Available balance______ 2,476,317
Assessed valuation, real-118,880,800
Assess, val., personal__ 17,916,300
Total valuation 1925___ 136,797,100
Tax rate (per $1,000) 1925. .,$19.20
INT. on coupon bonds payable at
First Nat. Bank of Boston: on other
bonds by Town Treasurer.
ASSETS.—The water-works are
valued at $1,272,100 and municipal
real estate and buildings, $6,665,200.
CAMBRIDGE.
This city is in Middlesex County.
Inc. Mar. 17 1846. Population 1910,
104,839: 1920, 109,494. Bonds is­
sued prior to Jan. 1 1914 for which
sinking funds are established:
Street Loans.
4s ’06 F-A $22,OOOr. ..Aug 1 1926
4s’07 A-O 40,000r_..Apr 11927
4s’07 J-D 19,000r..-June 1 1927
4s'07 M-S 25,OOOr. ..Sept 1 1927
4s'07 M-N lO.OOOr.—Nov 1 1927
4s’08 J-J 34,000c...Jan 11928
4s’08 F-A 42,OOOr...Aug 1 1928
3 44s'09 M-N 20,000r. ..Meh 1 1929
4s’10 J-J
12,000r. ..July 1 1930
3)4s'll M-S 27,000r_ ..Meh 1 1931
Sis’ll J-J 45.OOOr ...July 1 1931
3)£s’12 M-S 6,200r*__Sept 1 1932

5^s 20 J-J $48,000..July 1 ’27-'3O
5)js 21 M-S 42.000—Mar 1 ’27-’31
Sidewalk Bonds.
4Ks’22 J-J $11,000..July 1 ’27-’37
.s 23 M-N 2,000. May 1 ’27-’28
4)£s’23 J-J
4,000r*July 1 ’27-’28
Drainage Bonds
3) 4s’O2 J-D $3.500r----- 1926-1932
4HS.17 M-N
500 ...May 1 1927
4^sl7M-N 1,000 ...May 1 1927
4) $sl9
16,000.......... 1926-1929
414s 19 J-J
6,000—July 1 ’27-’29
5}4s 20 J-J 40,000—July 1 ’27-’30
’13 F-A
6,250c...Feb 1 1933
514s 21 M-S 15 OOOc.Mar 1 ’27-’31 3)Ss
J-J 13,500——Jan 1 1930
5s ’21
36,000------- 1927-1931 3)£s
4s
J-J
4,000
___ July 1 1933
4s 22 F-A ( 6,000--Aug 1 ’26-’27 4s 13 F-A 18.000___
Aug 1 1933
,—
7,000—Aug 1 ’26-’32
Sewer Bonds (Inside Limit).
-■23 M-N 17,500. .May 1 '27-33 3)$s
’0l F-A $10,OOOr...Aug 1 1931
Surface Drain Bonds.
3!4s’03 A-O 20,OOOr. ..Oct 11933
trJ20-000------- 1926-1933 3)£s’O4 M-N 40,000r_..May 1 1934
4J4s24 M-N(21,000r*May 1 ’27-’29 3)^s’O4 M-N 5,000r...Nov 1 1934
,
.
l30,000r*May 1 ’30-’34 3^s’O5 M-N 15,000___ May 1 1935
4s 25 S.A-O (84,000r*Apr 1 ’27-’38 3!^s
J-J
10,000.—July 1 1941
l42,000r*Apr 1 ’39-’45 4s’07 A-O 35,OOOr. ..Apr 11937
Paving Bonds.
4s’08 J-D
5,OOOr. ..Dec 11938
4#s;22 .
10,000 ...July 1 1927 3^s
’10 J-J 23,000r*__Jan 1 1940
4)£s 22 A-O 10.000...Oct 1 ’26-’27 4s’10
15,OOOr. ..May 1 1940
-s 23 M-N 30,000.-May 1 ’27-’28 3)4s’ll J-J
M-S 10.OOOr. ..Meh 1 1941
4s ’25iA-O (2S,000r*Apr 1 ’27-’28 3Jus’ll J-J
10.OOOr...July 1 1941
191,000r*Apr 1 ’29-’35 3Hs'13 F-A l0.000c.__Feb 1 1943
.
~ (54,000c.Apr 1 ’27-’28 4s '13 J-J 25.000c...July 1 1943
4s 26 A-O l78.000c.Apr 1 ’29-’31 3)4s’99 M-N 42,000r...Nov 1 1929
City Hall Square Ext. Loan.
’00J-J 100,OOOr. ..July 1 1930
4s ’22 J-J ( $1,500 ..July 1 1927 3)4s
3Hs’Ol F-A 100,000r. ..Aug 1 1931
~ 115,000..July 1 ’28-’32 3^s’O2 M-N 20,000r...Nov 1 1932
4}£s’23 A-O 16,000140ct 1 ’26-’33 3J4s
’03A-O 40,OOOr... Apr 1 1933
Melrose Cemetery Ext. Loan.
4s
07 A-O 25.000r._.Apr 1 1937
414s 23 J-J ($5,OOOr*July 1 ’27-’31 4s ’07 M-N $10,000r. — Nov 1 1937
~
i l,OOOr*July 1 ’32-’33 4s’08 F-A 25,000r...Aug 1 1938
TOTAL DEBT, SINKING FD.. dec 4s’08 J-D 12,OOOr. ..Dec 11938
2,000r. ..July 1 1939
„
,
Dec. 1 1925. 3)Ss'09 J-J
Gross city debt_________ $4,417,200 3)Ss’10J-J 23.000c. „Jan 11940
Bonds outside debt limit*. 3,116,400 4s '10 J-J 25,OOOr...July 1 1940
’llJ-D 10,000c. ..Dec 11941
Bond debt inside dt. limit. 1,300.800 314s
3Mis’12 M-S 15.000c...Sept 1 1942
Debt limit 214% average
’13 F-A 10.000c—.Feb 1 1943
3-year valuation______ 1,628,464 3)^s
Building Loans.
Borrowing capacity.__ $327,664 4s '07 M-S $30.OOOr. ..Sept 1 1927
Temporary loans_______ 1,100,000
Playgrounds Loan.
Water sinking fund_______________ 565,678
4s '10 J-J $50.OOOr. ..July 1 1940
Assess, val., real estate___ 59,183,7i7 3J4s’ll J-J
15,OOOr. ..July 1 1941
Assess, val., personal____ 11,524,239 3 tvs'll J-D 30,000c...Dec 1 1941
Tot. assess, val. 1925___ 70,707,956 4Xs’25 A-O 12,500c_.0ct 1 ’26-’5O




School Bonds.
4s ’06 F-A .$47,000r_ ..Aug 1 1926
4s ’06 M-N 14,000r_ —Nov 1 1926
3 «s’O8 J-D 40,000r... Dec 1 1928
3 las’ll M-S
5,000r. — Meh 1 1931
3^s’10 J-J 93,500r*__ Jan 1 1930
4s ’10 J-J 120,OOOr. ..July 1 1930
3 1$ s’12 M-S
2,500___ Meh 1 1932
3«s’13 F-A
5,000c— Feb 1 1933
Hospital Bonds.
4s ’08 F-A $20,000r_—Aug 1 1928
4s’10 J-J 95,000c...July 1 1930
3)4s’llJ-D
4,000c...Deo 11931
3)48*12 M-S 25,000r...Meh 1 1932
Dept. Equipment Bonds.
5)4s’21 — $11,000c ...Oct 1 1926
Park Bonds
4s ’95 F-A$100,OOOr. ..Aug 1 1935
4s ’96 F-A 100,000r_..Feb 1 1936
4s ’96 F-A 100,000r...Aug 1 1926
4s ’96 A-O 40,000r...Oct 11926
3)4s’97 M-S 100,OOOr...Sept 1 1937
3)4s’97 M-N 50,000r...Nov;l 1937
3)4s’98 F-A 100,000r--Aug 1 1938
3)4s’98 J-D 50.000r.-_June 1 1938
3)4s’99 F-A 100,OOOr...Aug 1 1939
3)4s’OO J-J 50.OOOr. ..July 1 1940
3)4s’OO M-N 50,OOOr. ..Nov 1 1940
3)4s’01 M-N100,OOOr.. .Oct 1 1941
3)4s'02 J-J 48,000r. ..July 1 1942
3 )4a’03 F-A 50,000r. ..Apr 1 1943
3)4s’04M-S 25,OOOr. __ Sept 1 1944
3)4s’04M-N 6,000r... Nov 1 1944
3)4s’05 M-N 45,000r. ..May 1 1945
3)4s’05F-A 5,000r... Aug 1 1945
3 Hs’05 A-O
5,OOOr...Apr 11945
4s ’06 M-S 25,000r. ..Sept 1 1946
4s ’07 A-O 10,OOOr. ..Oct 11947
4s ’08 M-N 12,000r. .. Nov 1 1948
4s '08 F-A 30,OOOr. ..Aug 1 1948
3)4s’10 J-J
8,800r...Jan 1 1950
3)4s’ll M-S 17,000r_— Meh 1 1951
3)4s’ll J-J
7,000—July 1 1951
3)4s’ll J-D 6,200 ——Dec 1 1951
Metropolitan Park Assess. Loan
3)4s’02 F-A $46,OOOr. ..Aue 1 1932
Serial Loans.
Since Jan. 1 1914 all loans of the
city of Cambridge have been issued
on the “serial” basis in compliance
with Chapter 719, Acts of 1913 and
amendments thereto. The “serial”
loans have been issued in the form of
coupon bonds of $500 or $1,000 each
whenever possible; odd .amounts, less
than $1,000, only when issue necessi­
tated them. Coupon bonds may be
exchanged for reg, bonds on request.
Street Loans.
3)4s’16 A-O $6,325c...Oct 1 1926
3) 4s’16 A-O 2,750c...Oct 1 1926
4)4s
.........’17 M-S
'
4,000c.Sept 1 ’26-’27
4s ’18 ... 132,500c_____________
4)4s’19 A-O
4,000c.0ct 1 ’26-’29
4J4s’19 A-O 10.000c.0ct 1 ’26-’29
4)4s’19 A-O( 40,000c.Oct 1 ’26-’27
, 20,000c.0ct 1 ’28-’29
5s-5)4s’21 A-O 31,000c..Oct 1 1926
5s-5)4s’21 A-O 4,000...Oct 1 3 926
5s-5)4s’21 A-O 2,000c._0ct 1 1926
5s-5)4s’21 A-O 138.000c.0ct 1 ’26-31
4s’22 J-D
2,000c ..June 1 3 927
4s ’22 A-O 48,000c..Oct 1 ’26-’27
4s ’22 A-OJ 18,000c ...Oct 1 1926
ll02.000c-.0ct 1 ’27-’32
4) 4s’23 J-D 14,000—June 1 ’27-’28
4)<s’23 J-D (18,000—June 1 ’27-’29
120,000. .June 1 ’30-’33
4)4s’23 J-J I 69,000-July 15 ’26-’28
1110,000—July 1 ’29-’33
4s ’24 J-D 45,000c-Dec 1 ’26-’34
4s ’24 A-O (27,000c.Oct 1 ’26-’28
111,800c...Oct 1 1929
4s ’24 A-O )24,000c.0ct 1 ’26-’27
77,000c.Oct 1 '28-’34
4Xs’25 A-O 30,000c..Oct 1 ’26-’28
18,000c-. Oct 1 ’29-’3O
4Xs’25 A-O( ;24,000c._0ct 1 ’26-’32
93,000c.. Oct 1 ’33-’35
School Bonds.
4s’15 J-J $29.565___ Jan 1927-35
4)4s J-J 29,565—July 1 ’27-’35
4)4s
’17 J-J 55,000c. July 1 ’27-’37
..................
4)4s’19 A-O
9,OOOc.Oct 1 ’26-’34
5s '21 A-O 10.000c.0ct 1 ’26-’3O
4s '23 A-O 221 ,OOOc..Oct 1 ’26-’42
4Xs’23 J-J 72,000-July 15 ’26-’43
4s'24 A-O (13,500c-0ct 1 ’26-’34
llO.OOOc.Oct 1 ’35-'44
Sewer Bonds (Inside Limit).
4s’16 ... $1,000__________1926
3) 4s’16 M-N 5,500c.Nov 1 ’26-’36
---------------3) 4s
’16 M-N 8,0OOc.May 1 ’27-’46
4) 4s’17 J-J
40,700c. July 1 ’27-’37
4)4s’17 J-J j 1,500c. July 1 ’27-’27
20,000c.July 1 ’28-’47
4)4s’19 A-O
4,500c.0ct 1 ’26-’34
4)4s
. ’19 A-O 36,000c.Oct 1 ’26-’49
Building Loans.
4s
J-J $36,000. .July 1 ’27-’35
4) 4s’17 M-S 12,000..Sept 1 ’26-’37
4s ’18 ... 30.000c_____________
5s ’21 A-O ( 6,500c ...Oct 1 1926
130,000c. .Oct 1 ’27-’41
4)4s’23 J-D 15,000..June 1 ’27-’41
4s ’24 J-D 14,000c.Dec 1 ’26-’39
Sewer Bonds (Outside Limit).
4s
J-J 20.000-.July 1 ’27-’46
4s
J-J (14,000-.July 1 ’27-’4O
1 4,000.. July 1 ’41-’43
4Xs’23 J-D 40,500--June 1 ’27-’53
4s ’23 J-J 28,000-July 15 ’26-’53
4s ’23 J-J 28,000-July 15 ’26-’53
4Xs’25 A-O 75,000c.-Oct 1 ’26-’55
Hospital Bonds (Outside Lim.)
4s’16 ... $71,500 _____ 1926-1936
4)$s
M-S 3.000___ Sept 1 1931
4)£s’19 A-O( 96,OOOc_Oct 1 ’26-’37
1
6,000c. Oct 1 ’38-’39
4s ’22 J-D 12,000..June 1 ’27-’32
4s’22 J-D 13,000..June 1 ’27-’37
Bridge Loans.
4s ’22 A-O $68,000c..Oct 1 ’26-’42
4)£s’23 J-D 7 6,000..June 1 ’27-’29
114,000-.June 1 ’30-’43
4s '24 A-O (12,000c.Oct 1 ’26-’29
130,000c. Oct 1 ’30-’44
Sewer Bonds.
4s '22 A-O $4,800c..0ct 1 ’26-’52
4s '22 A-O 27,000c..Oct 1 ’26-’52
4s ’24 A-O 72,500c.0ct 1 ’26-’54
4s ’24 J-D 12,000c.Dec 1 ’26-’29
Park Bonds (Outside Limit.)
3)$s
F-A $50,000___ Aug 1 1931

[Vol. 122.
Departmental Equipment Loan.
4)£s’23 J-D $30,000..June 1 ’27-’28
4s '24 A-O 56,OOOc.Oct 1 ’26-’29
4Xs’25 A-O (57.OOOc.Oct 1 ’26-’28
1 18,OOOc.Oct 1 ’29-’3O
Cemetery Bonds.
4s ’21 J-D $11,000c. June 1 *27-’37
Playground Bonds.
4s ’24 A-O $24,OOOc.Oct 1 ’26-’49
Water Bonds (Sinking Fund).
4s '06 M-N $280.000c*r.May 1 1936
4s’07 J-D 49,000r. ..June 1 1937
4s’07 J-J 25,000c..-July 1 1937
4s ’08 J-D 20,000r. ..June 1 1928
4s’08 F-A 17,OOOr...Aug 1 1938
3 )$s’10 J-J
5,000c. ..Jan 1 1930
3)4s’10F-A
5,OOOr. ..Feb 11930
3Xs’ll ... 16,500r._.May 1 1941
3)Ss’llJ-D 10,OOOr. ..Dec 11941
Water Bends (Serial).
3)$s
... $12,000..Sept 1 ’26-’37
4s
...
3,500.-Mar 1 ’27-’33
4s
...
14,000.-July 1 ’27-’33
4s
...
25,000..July 1 *27-’44
4s
...
4,200—Nov 1 ’26-’32
4s
...
9,170.-Feb 1 *26-’33
3) $s
...
1.500___ Sept 1 1929
4) £s’21 ... 275,000c..Oct 1’26-’5t
4)£s’22 A-O (168,000c—Oct 1 ’26-’37
1 65,000c..Oct 1 '38-’42
INTEREST on bonds Is payable at
the First National Bank. Boston.
TOT. DEBT. SINKING FUNDS,
ETC.—
Mar. 31 1926.
Total general bond. debt.$4,694,95#
Sinking fundi__________ 2,866,321

Net municipal debt....$1,828,629
Water debt (additional).. 427,590
Sinking funds............... ..
373,713
Net water debt_______
$43,797
Net city and water debt.$l ,872,41$
BORROWING CAPACITY.—The
borrowing capacity for city purposes
on Jan. 1 1926 was $900,267:
The sinking fund for the 10-year
loans receives yearly 8)£% of the
amount of outstanding bonds, for the
20-year loans 3J^%, for the 30-year
loans 2% and for the 40-year loans
1 1-8%.
CITY WATER WORKS.—The
cost of the water works up to April 1
1925 was $7,808,900, while the net
debt on the same date was $633,287.
For the year ending Mar. 31 192$,
water works receipts were $503,299.
ASSESSED VALUATION.—
1924.
1925.
$
$
Real estate. 138,152,000 146,132,299
Personal... 20,300,100 20,351,099
Total-------- 158,452,100 166,483,299
Tax (per M)
$33.30
$32.59

CANTON.
This town Is In Norfolk Co. Inc.
Feb. 23 1797. Pop’n 1910, 4,797:
1920, 5,945.
Refunding Loan Notes.
-s
... $21,000—Nov 1 '26-’28
Highway Construction Notes.
.s '23 F-A $4,000..Aug 1 ’26-’27
-s ’24 A-O
5,000..Oct 1 ’26-’27
4)£s’25 A-O 7,500.-Oct 1 ’26-’3O
Water Bonds.
4J^s’25 A-O $49,000c.0ct 1 ’26-’45
Department Equip. Bonds.
_s ’25 J-J $18,000.-July 1 ’26-’39
Tuberculosis Hospital (Norfolk
County) Notes.
_s
M-N $3.000..Nov 1 ’26-’28
BOND. DEBT Jan 1 ’26-. $114,000
Water debt (incl.)_______
53,000
Cash on hand___________
55,673
Assessed val. 1925—
Real....... ........................... .6,209,229
Personal______________ 1,982.770
Total-------------------------- 8,191,990
Total tax rate(per $1,000) ’25.$29.00
INT payable at town treasury.
CHATHAM.
This town is in Barnstable County.
School & Mun. Loan Act of
1923 Bonds.
4s ’24 J-J $90.000c.July 1 ’27-’44
BOND. DEBT Apr 1 ’26-. $95,099
Floating debt (add’l)_____
20,600
Assessed val., real estate__ 3,501,900
Assessed val., personal___ 578,870
Total assessed, val. 1925__ 4,080,779
Tax rate (per $1,000) 1925--.$24.60
Population, 1910, 1,564; 1920, 1,737
INT. at First National Bank,
Boston.
CHELMSFORD.
This town is in Middlesex County.
6s ’21 ... ( $7,400________ 1926
1 20,000........ 1927-1930
Highway Bonds.
—s
... $12,000............................
School Bonds.
4s ’16 A-O $30,009c..Apr 1 ’27-’36
4s ’25 J-D 93,334c.June 1 ’27-’4O
GEN. BD. DT. May 18 ’23 $142,110
Assessment debt (add’l)__
12.003
Floating debt (add’l)_____
20,000
Total valuation 1925______7,379,110
Tax rate (per $1,000) 1925__ $31.50
Population 1910. 5,010; 1920..5,682

CHELMSFORD WATER DIST.
This district is in Middlesex Co.
4)6s’13 M-S $36,000c.Sept 1 ’26-’43
4s'14 J-D 10,000c__ June 1 1944
TOTAL DEBT Jan 1 1925- $48,000
Assessed valuation 1924__ 1,900,260
Dist. tax (per $1,000) 1924-__ $3.60
Population in 1924 (est)_____ 2,500
INT. at Nat. Shawmut Bk.. Bost.
CHELSEA.
The city Is in Suffolk County.
Settled In 1630; Incorporated as a
town 1739: as a city March 13 1857.
School Loan (Inside Limit).
4s ’17 J-D $3,000-— June 1 1927
Sidewalk Loan (Inside Limit).
4s
J-D $2,000--. June 1 1927
Paving Loan.
4)^s’23 J-J $91,000r*July 1’27-’33

June, 1926.]

MASSACHUSETTS—CITIES & TOWNS

Total val. 1925.—,____ 16,229,774
CHELSEA (Concluded)—
Bridge Loan (Outside Limit).! Tax rate (per $1,000) 1925__ $21.80
INT. payable at Clinton Trust
5s '20 M-N{$25,000c—.Nov 1 19£6
I 24.000c.Nov 1 '37-’4O Co., Clinton; First Nat. Bank, Bos­
ton, and Old Colony Trust Co., Bos.
School Bonds (Inside Limit.)
4s '06 A-O .$65,000___ Oct 1 1926
4s '11 A-O 250.000c..Oct 1 '30-'31 CONCORD.
4s '15 J-D 54.000..June 1 '27 '35
This town is in Middlesex County.
4Xs’25 M-S 200,OOOr.Sept 1 '26-145 Inc. Sept. 12 1635. Pop’n 1910.
Street Loan (Inside Limit).
6,421; 1920, 6,461.
4s
J-D $30,000..June 1 '27-129
Water Bonds (Outside limit).
5Xs’2O M-N 75.000c.Nov 1 '26-130 4s '08 M-S $60,000c...Sept 1 1928
MacadamizingLoan(InsideLim.) 3 Xs’09 A-O 65,000c.. .Apr 15 1929
J-J 16.000_.July 1 ’27-'42
4s
J-D $20,000___ June 1 1927 4Xs
4Xs’23 J-J 30,000r*July 1 '27-128 4s '11 A-O
7,500c..Oct 1 *26-’4O
Municipal Impt. Bonds (Out­ 4s '13 J-J 16,000c.Jan 15 ’27-*42
4s 13 J-D
8.500c Dec 15 ’26-’42
side Limit).
3Xs’O9 F-A $500,000c. .Feb 1 1959 4Xs
J-D
4,500..Dec 1 ’26-'34
4s '08 M-S 400,000c...Sept 1 1958
Light Bonds (Outside limit).
4s '10 F-A 100,000c...Feb 1 1960 3J4s M N{$3,000c...May 1 1935
1 5.000c...May 1 1936
Public Impt. L’n (Outside Limit).
F-A
10,000___ Aug 1 1931
4s
A-O$ 155,000c.... Oct 1 1927 4s
4s
A-O
2,000___ Oct 1 1937
Park Loan (Outside Limit). 1
M-N
6,000___ Nov 2 1938
4s
A-O $100,000c Oct 1 1936 4s
3Xs
A-O 2,000...Apr 15 1939
School Loan (Outside Limit)i
4s '16 J-D $86,000.June 1 ’27-'36 3Xs J-D
1 000.-June 1 '27-’28
TOT. DEBT Sept 1 '25..$2,856,220 4)4 s A-O
3,000.-Oct 1 ’26-'28
F-A {35,000c...Aug 1 1929
Sinking funds___________ 771,633 4s
116,000c.. .Aug 1 1930
Net debt------------------------2,084,587
Total assess, val. 1925__ 52,701,950 3W> M-N 10,000c...Nov 1 1932
A-O 15,000c.. .Oct 1 1933
Tax rate (per $1,000) 1924...$34.20 3)4s
10,000c.--Aug 1 1934
PoDula’n 1920. 43,184; 1910. 32,4p2 3)48 A-O
20,000c...Aug 1 1940
The city owns the water works 4a '10 F-A
M-N 1,000... Nov 1 1926
within the city limits which, in 1922, 4s
had total revenue item of $138,249.13 5Xs’21 J-J {44,000-July 15 ’26-'36
115,000.July 15 ’37-’41
and after all expenses, a surplus of
$46,737.08.
Sewer Bonds (Outside limit).
M-S $70.000c.._Sept 1 1928
INTEREST is paid in Boston at 4s
M-S 25,000
Sept 1 1929
United States Trust Co. or by City 4s
M-S
4,000c...Sept 1 1931
Treas. through the Chelsea Trust Co. 4s
3) 4« J-J
3,000c...July 1 1935
CHICOPEE.
Road BondsChicopee is In Hampden Co. jln'25 J-D $4,000c. June 1 '27-30
oorp. as a town 1848; a city April 18 48 School
Notes (Inside Limit).
1890.
I
4s
'11 A-O $18.000c. Oct 1 ’26-’31
Street-Improvement Bonds.
1 ’26-'31
4^s’17 M-S $12,003..Sept 1 ’26-’27 4s '16 J-D {18.000-.Dec
110,000--Dec 1 '32-36
School Bonds and Notes.
'17 M-N 8,000.-May 1 '27-’34
4s'10 M-N $6,000c. Nov 30 ’26-’27 4s Fitchburg
Turnpike Bonds4s *15 J-J
14,000c.$7,000 yearly
'25 J-D $4,000c.June 1 ’27-’3O
4Xs’17 J-D 175,000..June 1 '27 '33 48 Fire
Apparatus Loan (Inside
4Xs'23 A-O
6,000 ____ 1926-1031
.
4Xs’24 M-N 184,000c.May 1 '27-'38 4) 4sLimit)
’22 J-J $2,000c.July 5 '26-’27
1 2,000c...May 1 1939
Macadam Paving Notes (Inside
Sewer Bonds.
.
4s '16 M-S $3.000c...Sept 1 1926 4Xs’Limit)
22 J-J5 $12,000c.July 5 '26-’27
4s *15 A-O 3,000..Oct 1 ’26’28 4)4s
J-J
15,000..July 5 '26-’28
4Xs’17 A-O 4,509.-Oct 1 ’26-'28
TOWN DEBT Jan. 1 1926:
4Xs'19 F-A
1,700c...Aug 1 1926
limit............................ $141,000
4Hs’19 M-N 23,000c.Nov 1 ’26)'29 Within
Water debt_______________ 179,500
4 Xs’19M-N 68,000c Nov 15 ’26-'29 Sewer
_______________ 50,000
5Xs
’21 M-S 45,000.......... 1926-1931 Light debt
' -------debt________
198,500
5Xs'21 A-O
8,000_________ 1926
Total
Jan
1 1926 _______ $569,030
4)4s’21 J-D
6,000................. 1926
SINKING FUND—
4)4s’22 J-J
3,090_________ 1927
4Xs’22 J-D
6,OOOc.June 1 *27-’32 For debt inside__________ $41,000
4 X s'23 J J 30,000 ——1926-1928 For debt outside__________ $240,561
4)4s'24 J-D 40,000___ $5,000 yrly. Assessed valuation, real__ 6,856,454
4s '25 J-D {44,000------- 1926-1929 Assessed val., personal.__ 1,393,385
160,000......... 1930-1935 Total valuation 1925_____8,249,839
Tax rate (per $1,000) 1925...$37.00
•Bridge Bonds.
4s '07 M-S $20,000..$2,000 yearly INT. at Old Colony Tr. Co..Boston.
Refunding Bonds.
3Xs g J-D $12.000c.June 1 *27-'29 DALTON FIRE DISTRICT.
•Electric-Light Bonds.
This district Is in Berkshire County
3Hsg J-D $5,000c__ June’27-’31
Loans.
4^s’O7 M-N 1,000___ Nov 1 1926
... $18,200...........................
4s 'll M-N ( 4,000c.. Nov 1 fl92e 5,100............................
160.000c.Nov i *27-'36 "
77,500____ _________
4s '16 J-D 22.500. .June 1 ’27-’36 TOTAL ...
DEBT
Apr 1 1926.$100,800
4Xs'17 M-N 3,000... May 1 1927
•Water Bonds.
DANVERS.
4Xs’19 F-A 40,000c.Aug 1 '26-’29
This town is in Essex County
4Xs’22 J-D • 6,500.-June 1 ’26-’27 Inc.
Population 1910, 9,407;
4Xs’23 J-D
7,000..June 1 ’26-’28 1920,1757.
11.108.
4s '24 M-N189 000.$13,500 yearly
Hospital Notes.
4Xs’25 A-O {14,000_____ 192641932 4J4s
’24 A-O $20,000__________ 1926
1 7,000-------- 1933-1939
Fire Dept. Bonds.
Playground Bonds.
'25 J-J $28,000 _____ 1927-1930
4s '25 F-A {$4,000c...Feb 1 1927 4s
'25 J-J 12,000 _____ 1927-1930
127,000c.Feb 1 ’2p-'36 4s Electric
Light Bonds.
Paving Bonds.
'98
$5,500__________ 1928
4)4s’19 F-A $32,000c.Aug 1 '26-’29 4s
5,500c—-Apr 1 1931
A-O
4s
'01
5Xs’21 A-O 35,500c.Apr 30 '27-’31 4s '08
__________ 1928
--- --------2,000___ Aug 1926 5s '21 A-O 11,000
5Xs
’21 F-A
500___ Apr 1 1927
4)4s’22 A O 75,000c.Apr 15 '27 '32 4s '22 A-O
9,000c.Apr 1 '27-’32
4)48*23
... . J-D 35 ( 00..June 1 '27-’33 4>4s’23 A-O 4,900.
-Apr 1 '27-33
4Xs’24 M-N{18,000c.May 1 '27-'27
Water Bonds.
134.000c.May 1 ’28-’29
A-O $6,000c.Oct 1 31-’34
4s
... 135,000............ 1927-4935 4s
'08 A-O 57,000—.Apr 1 1938
(27,000_____ 1926^1928 4s 4s'05
3,000___ Junel 1935
A-O
4s '25 J-D 1 8,000__________ J1929 3)
4s '07 A-O
2,000___ Apr 1 1937
[ 7,000..........
-Jl930 4s
30,000
....Mar 1 1940
TO
M-S
School Bonds.
4s 'll A-O 43.000___ Apr 1 1941
4)48*22 J-D{$l5,000c.June 1 *27-’41 4)
£s’19 A-O 19,000 ____ 1926-1944
1
500c__ June 1 1942 5Xs'2O
10,000 ____ 1926-1935
4s '24 M-S (lOO.OOOcSept 1 ’26-’35 4s '24 A-O
A-O 36,000.-Oct 1 ’26-’34
1 5.000c..Sept 1 1936
60,000— 0ct 1 ’35-’54
4s '25 J-J 110,000.-July 1 ’26-’3O 4s '25 ... 20,000
____ 1926-1945
BOND. DEBT Apr 1 ’26-$l,785,800 4s '26 A-O 125,000c..Apr
1 ’27-’51
Less exemptions of*____
844,250 BOND. DEBT May 13 1926;
Assessed valuation, real..38 603,170
Water
_________________
$286,000
Assessed val., personal__ 11.434.180 Electric light____________ 36,400
Total valuation 1925_____50,037,350 Ordinary________________
46,006
Borrowing capacity Apr. 1
funds:
1926................................ 251,099.57 Sinking
Water________________
58,003
Tax rate (per $1,000) 1925__ $29.50
Electric light_________
20,213
Population 1910, 25,401;1920, 36,214 Borrowing cap. May 13 '26. 295,323
• Loans authorized by special
valuation, real__ 9,718,475
statute and not subject to the law Assessed
Assessed val., personal___ 1,458,950
limiting municipal Indebtedness.
valuation 1925___ 11,177 425
INT. at Nat. Shawmut Bank, Bos Total
rate (per $1,000) 1925__ $37.20
ton. and Old Colony Tr. Co., Boston Tax
INT. at First Nat. Bank. Boston.
CLINTON.
This town is in Worcester Cohnty. DARTMOUTH.
Inc. 1850. Population 1910, 13,075;
This town is in Bristol County.
1920, 12,979.
Inc. 1664.
Refunding Bonds.
Water Bonds.
3)48
J-J $ 175,000c...July 11931 4s '15 F-A $30,000c.$2,000 yearly
Ref’g Water (Outside limit)].
4Xs’24__ e56,000c____ $2,000 yrly.
3) 4s g A-O $18,000c___ Oct'26-'31
School Notes.
Water Bonds (Outside limit).
4s '16 — a$3,000.Sept 16 ’26-'28
4) 4s’14M-S$13,500c*$l,500y’lySeptl 5s T9 — all,000..Oct 1 -’26—
’36
School Bonds (Outside limit).
5Xs’2O ... 37,500. .Oct 1 ’26-’4O
4s '10 J-J $12,000c*Jan 1 '27-’30 4s '22 ... {e56,OOO.Oct 1 ’26-’32
le70,000.0ct 1_ '33-42
..
Town-Hall Bonds.
4s '09 J-J $18,000c*. .Jan 1 ’27-’29 4Xs'24 — el8,000 ____ 1927-1941
BOND. DEBT Jan. 1 '26:
f 3,250--------------- 1926
Outside______________
$83,000 4s '25 — e 9,000 ____ 1927-1929
Inside...............
179,000
132,000 _____ 1930-1945
Floating debt (add’l)______________ 27,500
eSewer Notes.
Sinking fund (general)____________ 167,925
4)£s’24 ... $30,000 ........ 1926-1955
Sinking fund (water)_____
57,846 4s '25 —
{ 1,300.........
1926
Borrowing capacity_____
428,318
126,000 _____1927-1952
Assessed valuation, real__11,623,309
aConcrete Street Notes.
Assessed val., personal___ 4,6(^6,465 4Xs’I7 — $2,000..Aug 1 ’26-’27




Water Extension Notes.
4Xs’19 ... $60,000—Aug 1 '26-’49
5Xs'2O ... {10,000.-Aug 1 '26-30
130,000.-Aug 1 ’31-50
5s'21 ... 611,000.Aug 10'26-36
.s'22 ... {10,500.Aug 15 '26-32
120,000..-Aug 15 1933
4Xs’23 ... e27,000..June 1 '27-’53
4s '25 ... el5,000 _____1926-1930
4s '25 ... elO.OOO____ 1926-1935
aTuberculosis Hospital Notes.
6s '20 ... $10,000.June 15 '27-’36
Bridge Notes.
6s '20 ... e$ 16,750.June 15 '27-’4O
{ 1,300__________ 1926
4s '25 ... ehl.OOO_____ 1927-1937
4s '25 ... e{24,000 _____ 1926-1931
(12,000_____1932-1935
eTown Office Building Notes.
($3,300__________ 1926
4s '25 ...
3,000__________1927
16,000 _____ 1928-1935
[10,000 _____1936-1945
TOTAL DEBT Jan 1 '26.- $693,425
Water debt (incl.)_______ 283,500
Assess, val., real estate._10,l7l,250
Assess, val., personal___ 1,570,575
Total assess, val. 1925__ 11,741,825
Tax rate (per $1,000) 1925---$31.40
Population in 1910, 4.378: '20. 6,493
Notes marked (a) payable to the
New Bedford Five Cent Savings
Bank, New Bedford; (b) to E. II.
R. Green; (e) to E. H. Rollins & Sons,
Boston; other notes, to C. D.
Parker & Co., Inc., Boston.

37
EAST LONGMEADOW.
This town is in Hampden County.
Incorporated July 1 1894.
Water Loans (Outside limit).
Bonds.
4Ms
M-N$25,500c.Nov 15 ’26-’42
4Xs ... $3,300-..$1,100 yrly.
School Bonds.
4s
J-D $9,000C-Dec 1 '26-’34
4Xs .-- 45,000—$3,000 yrly,
BOND. DEBT Jan. 1 '25:
Inside___________________ $5^,500
Outside__________________
52,400
Total assessed value 1925-.3,274,405
Total tax rate (per $1,000) '25.$31.00
Population 1910, 1,553; 1920, 2,35a
INT. payable in Boston.
* Includes $20,000 short term
revenue notes.
ERVING.
This town is in Franklin County.
School Bonds.
4s'24 J-D15/$20,000c Dec 15 '26-’3O
1 3,000c--Dec 15 1931
BOND. DEBT Apr 1 1926 $23,000
Assessed val., real estate--1,467,436
Assessed val., personal___ 618,653
Total assessed val. 1925__ 2,086,089
Tax rate (per $1,000) 1925—$20.00
Borrowing capacity________ $24,970
Population, 1910, 1,148; 1920, 1,295
INT. at First Nat. Bank, Boston.

ESSEX COUNTY.
Salem Is the county seat.
Street Bonds.
4s T4 M-S $10,000c___ 1926-1927
Training School Bonds.
4s '24 M-S $75,000c. Sept 1 ’28-’28
Agricultural School Bonds.
4s '13 F-A $24,000c.Aug 1 '26-'33
4Xs
... 20,000_____ 1926-1930
Bridge Bonds.
4s '13 J-D
8,000c____1926-1927
4s '15 J-D
5,000c...Dec 1 1926
5s '21 J-D 12,000c..Dec 1 '26-’31
4)£s’22 J-J
16,000c____1927-1928
20,000c____1929-1932
4Xs'22 M-N 34.000c.Nov 1 ’23-’42
4Xs’23 J-J10 30,000c..July 10 1926
4Xs’24 M-N 11,000c..May 1 1927
4s '25 M-N135.000c.May 1 '27-’31
4s '24 M-N 5 ,000c.Nov 1 '26-’28
4s '26 A-O (200,00 c.Apr 1 ’27-'3O
1 25,000c. ..Apr 1 1931
Highway Bonds.
4s '08 M-S $10,000c.Mar 1 ’27-’28
4Xs’22 J-D
4,000c..Dec 15 1926
4X’24M-N{ 50,000c.May 1 ’27-’28
1 15,000c. ..May 1 1929
Building Bonds.
4s '07 J-D( $6o,OOOc.Dec 1 ’26-'28
1
5,000c..Dec 1 1929
Funded debt Jan 10 1926 $699,500
Construction debt—♦Tuberculosis hospital
(temporary)______
190,000
DEERFIELD.
zHaverhill Bridge (tem­
This town is In Franklin County
porary)___________
365,000
School Bonds.
Total valuation 1925____740,329,487
4Xs
... $153.000......... .............
BOND. DEBT Jan. 1 '23. $57,000 Pop’n 1910, 436.477; 1920. 482,156
INT. at 1st Nat. Bank, Boston
Total assess, val., 1925__ 4,696.210
Total tax rate (per$l .000) ’25.$29.30 and at the Atlantic Nat. Bank,
Population 1910, 2,209; 1920, 2,803 Boston.
Whole amount to be repaid by
cities and towns in district.
DOVER.
x 50% to be paid by municipalities
This town is in Norfolk County.
benefited.
Dover Town House and Library
EVERETT.
Loan Bonds.
William E. Emerton, Treasurer.
4Xs '21 J-D $.36,000c.Dec. 1 ’26-’31
Everett Is in Middlesex County.
BOND. DEBT May 22 '25 $42,000
Total assessed val. 1925__ 3,353,289 It was formerly a part of the town of
Tot. tax rate (per $1,000) ’25_$22.90 Malden, but was incorporated as the
Population___ 1910, 798; 1920, 867 town of Everett on March 9 1870.
It became a city Jan. 1 1893.
INTEREST payable in Boston.
Refunding Bonds.
4s '05 M-N $4,000c.May 1 ’27-’3O
DUDLEY.
4s ’06 M-N 5,000c.May 1 ’27-’31
This town is in Worcester County 4s ’07 M-N 6,000c.May 1 '27-'32
Inc. 1732. Pop’n 1910. 4,267; 1920, 4s ’08 M-N 7,000c.May 1 ’27-’33
4s ’09 M-N 3.000c_May 1 ’27-’29
3,701.
4s ’14 F-A 14,000c. Aug 1 ’26-’39
Water-Supply Bonds.
Macadam Loan Bonds.
3Xs’O9 J-D $48,000r*June 1 '27-39
4s '25 ... $100,000_____1927-1930
BOND. DEBT (water)
May 15 1926.............
$52,000
Street Loans.
Other debt (school & road
4s '22 J-D 7,000..$1,000 yearly
notes)________________
73,000 4Xs’23 M-N 4,000.-Nov 1 ’26-’27
Assess, val., real________ 2,279,885 4s ’23 J-D
2,000.-June 1 ’27-’28
Assess, val., personal____ 1,301,480 4s ’23 F-A
800___ Aug 1 1926
Total valuation 1925_____ *3,581,365 4s ’23 J-J 10,500-July 15 ’26-’28
Total tax (per $1,000) 1925...$36.00 4s ’23 J-D
7,000.-Dec 1 '26-’32
* Does not include other property
Sewer Bonds.
of $9,500 assessable value.
4s ’99 M-S*$100,OOOr*..Mar 1 1929
INT. at Old Colony Trust Co.
4s '01 J-D*100,OOOr*..June 1 1931
4s '05 J-D *25,OOOr*..June 1 1935
4s TO J-D 100,000c—.June 1 1940
EAST BRIDGEWATER.
4s '24 ... 27,900............. ..............
This town is in Plymouth County
Loans.
Inc. June 14 1823. Pop. TO. 3,363; 4s School
’13 A-O *$80,000c. _ Oct 1 ’26-’33
1920, 3,486.
4s T2 F-A
5,000r..Aug 1 ’26-’3O
High School Bonds.
’14 F-A
9,000...Aug 1 ’26-’34
4s '12 M-S $5,600c___ 1926-1932 4Xs
5s
T9
J-D
16,
000c..Dec 1 ’26-’29
Water Bonds.
’2O J-D
3,000c...Dec 1 1926
4s TO J-D $1,500__ $500 yearly 45)£s
&
4Xs
{*538,000.
-July 1 ’27-’4O
4j4s’13 M-S 63.000..Mar 1 ’26-’43
1919 J-J[ *28,000___ July 1 1941
Water Notes.
7,000-..Sept 1 1926
4s '25 A-O $24,000c.Apr 1 ’26-’33 4Xs’21 M-S {190,000-Sept 1 ’27-’41
BOND. DEBT May 1 '26- $117,000 4Xs’23 J-J (12,000--July
1 ’27-’32
Water debt (incl.)_______
92,500
ll
0.000
--July
’43
Floating debt (add’l)____
30,000 4s ’22 M-N 17,000--Nov 11 ’’3426-’42
Assessed valuation, real__ 2,869,069 4Xs’23 J-D
5,000—Dec 1 ’26-’30
Assessed val., personal___ 1,513,343 4s’25 J-J
6,500..July 15’26-’29
Total valuation 1925------- 4,382,412
Fire Department Bonds.
Total tax (per $1,000) 1925...$30.00 4Xs
’23 F-A{ $8,000..Aug 1 ’26-’27
INT. at First Nat. Bank. Boston
1 2,000___ Aug 1 1928
Police Patrol Bonds.
4s '24 F-A /$2,000..Aug 1 ’26-’27
EASTHAMPTON.
1 500___ Aug 1 1928
This town Is In Hampshire County
Sidewalk Bonds.
Incorp. June 17 1785.
5Xs’21 M-S $7,000c.Sept 1 1926
School Loans.
4Xs’22 M-N{ 7,000c.Nov 1 1926
4s ’ll M-S $12,000c.Sept 1 ’26-'3O
1 6,000c-_-Nov 1 1927
4s '12 J-J
2,000c.. July 1 1927 4s’23 J-J
-July 1 ’27-’28
4Xs’23 J-J 64.000c.July 1 ’27-’33 4s’23 J-J { 4,0008,000-.-July 15 1926
BOND. DEBT Apr 1 '26. $110,000
1l4.000.July 15 ’27-’28
Assessed value, real estate 8,690,772 4s '24 F-A {45,000—Aug 1 ’26-’28
Assessed value, personal.. 4,281,508
112,900___ Aug 1 1929
Tot.ass’d val.'25(4-5 act.) .12,972,280 4s ’24 ... 72,900............................
Tax rate (per $1,000) 1925__ $26.00
Comfort Station Bonds.
INT. In Boston at First Nat. Bk. 5Xs’21 M-S $4,000c.Sept 1 ’26-’29

DEDHAM.
This town is In Norfolk County.
Inc. 1636. Pop’n 1910, 9,284; 1920.
10,792.
Sewer Bonds & Certificates.
4s '14 F-A $45,OOOc.Feb 1 '27-’41
3Xs
A-O { 6,000..Oct 1 '26-’28
1 1,000....Oct 1 1929
Street Loans.
5s
F-A $5,400.Feb 15 '27-’28
School Loans.
3) $s'O9 J-D $9.000-June 1 '27-’29
4s '16 J-J 65,000..Jan 1 '27-’36
4s
J-J
7,000. .July 1 '27-34
5s '20 M-N 52 500. .Nov ’26-'4O
4) £s
M-S { 96,000-Mar •27-’42
1 8,000-Mar '27-’42
Bridge Loan.
4s
J-J $7,200..July 1 ’27-'34
Hospital Notes.
4)4sT9M-N($10,000-.Nov 1 ’26-’3O
1 1.600___ Nov 1 1931
TOT. DEBT Jan 1 '26. 337,175
Assessed valuation, real..16 319.675
Assessed val., personal__ 3 409,423
Total valuation 1925____ 19 729 098
Tax rate (per $1,000) 1925. — $31,25
INT. by check from City Treas

38
EVERETT (Concluded)—
Surface Drainage Bonds.
’4s01-03J-D *$200,OOOr *J’ne 1 ’31-’33
5s ’19 M-S 2,000 -Mar 1 ’27-’28
5Ks’2O J-J /12,000c. July 1 ’27-’3O
(20.000c.July 1 ’31-’4O
5J^s’21 M-S 16,000c.Sept 1 ’26-’41
4Ms’23 J-J
7,000..July 1 ’27-’33
Harbor Impt. Bonds.
5/<s’2O J-D *$4,000c. June 1 ’27-’3O
Parlin Library Grounds Bonds.
5s ’19 M-N$11.000c.May 1 ’27-’37
♦Water Main Extension Bonds.
4s ’23 J-J $15,000-July 15 ’26-’28
4s ’24 F-A 24,000..Aug 1 ’26-’31
4s ’24 ... 30,000______________
4s ’25 J-D 25,000..$5,000 yearly
Permanent Paving Bonds.
5s ’IS M-S $18,000c.Sept 1 ’26-’28
5s ’19 J-J 30.000c.july 1 ’27-’29
5J4s’2O J-J
1,500c.July 1 ’27-’29
5J4s’21 M-S 27.0900.8601 1 ’26-’31
4^s’23 J-J 80,000.$10,000 yearly
4^s’23 J-J
7,000..July 1 ’27-’33
City Hall Bonds.
4J^s’18 J-D $39.000-.Dec 1 ’26-’38
Dept. Equipment Loan
4s '24 F-A $30,000--Aug 1 ’26-’29
4s’25 J-J .21,400--------------------Sewer & Sur. Dr. Constr. Bds.
4s ’24 F-A/$34,000_.Aug 1 ’26-’42
t 1,900___ Aug 1 1943
Police Patrol Bonds.
4s ’24 ... $2,500______________
GROSS DEBT Jan 1 ’26.$2,121,500
Inside limit____________
947,500
Outside limit__________ 1.174,000
Sinking funds_________
360,704
Borrow'g capac. Jan 1 ’26$387,399.96
Assess, val. real estate—46,237,150
Assess, val. personal____ 9,390,000
Total valuation 1925_____55,627,150
Tax rate per $1,000, 1925----- $32.20
Population 1910, 33,484.1920. 40,120
INT. on coupon bonds In Boston
at Merchants’ Nat. Bk. and Old Col­
ony Trust Co. and Commonwealth
Trust Co.; on city notes by Treas­
urer’s check.
* Outside debt limit.
WATER WORKS.—City owns
and operates its water works. Re­
ceipts for 1923 were $172,092 36.
FAIRHAVEN.
This town is In Bristol County
Inc. Feb. 22 1812. Pop. 1910, 5,122;
1920, 7,291.
Bridge (Int. at First Nat. Bk.,Bos.)
4s ’07 M-N 823,000c.Nov 1 ’26-’48
BOND. DEBT Apr 1 1926
$23,000
Floating debt__________
307,959
Assessed val., real________ 9,774,810
Assessed val., personal____ 1,714,480
Total valuation 1925____ 11,489,290
Total tax (per $1,000) 1925..$32.00

FALL RIVER.
Tuis city is in Bristol County
Incorp. April 12 1854. Population
1910, 119.295; 1920. 120,485.
Police-Bldg. Bonds.
4s '14 J-J $64,000. .July 1 27-’34
Public Improvement Bonds.
4s ’16 F-A 3,500_____ Aug 1426
4s ’17 M-S 10,000.— Mar 1 1927
5s '18 A-O 16,000.-Apr 1 ’27-’28
4^s’19A-O 28,800--Apr 1 ’27-’29
4/£s’19 M-N 18,000..May 1 ’27-’29
5s T9 J-J 18,000—June 2 '27-’29
4MIsT9 A-O 16.000.—Oct 1 ’26-’29
5>Ss’20 A-O 88,000—Apr 1 ’27-!30
5^s’21 M-S 75.000.-Mar 1 ’27-’31
5^s’21 M-S 60,000—Mar 1 ’27-’31
5s '21 F-A / 8,000r___Aug 1 1926
(35,000r.Aug 1 '27-’31
4/is’22 A-O 180.000r._Apr 1 ’27-’32
4s ’22 M-S 35.000.-Sept 1 ’26-’32
4/4s’23 A-O 329,000--Apr 2 ’27-’33
4^s’23 J-J 739,000.-July 2 ’26-’28
160.000--July 2 ’29-’33
4/<s’24M-N/ 84,000.-May 1 ’27-’29
1185,000—May 1 ’30-'34
4Ks’25 --- 75,000______________
4s ’25 F-A /4D,000.-Aug 1 ’26-’3O
135,000.-Aug 1 ’31-’35
Street Bonds.
4s ’25 A-O 270,OOOr.Apr 1 ’27-’35
4s T6 F-A $137.500.-Aug 1’26-’36
Sewer Loans.
4s ’97 A-O $50,000.. ..Apr 1 1927
4s’98 A-O 40,000-—Apr 1 1928
4s'98 J-J 100,000*.. - July 1 1928
4s '99 F-A 45,000..-F&A 1 1929
4’’’99 M-N 40,000.—May 15 1929
3/4s’00 M-N 25,000---- May 1 1930
314s’00 F-A 20,000___ Aug 1 1930
3J4s’01A-O 25,000 —--Apr 1 1931
3/$s’01 J-J 20,000___ July 1 1931
3^s’02 A-O 100,000*..-Apr 1 1932
3 34s’O3 A-O 50,000 —..Apr 1 1933
3 34s’O4 M-N 100,000*.-May 2 1934
3)4s’05 M-S 40,000—Meh 1 1935
4s’06 M-S 60,000-—Meh 1 1936
4s’07 M-S 50,000....Meh 1 1937
4s’07 J-D 15,000....June 1 1937
4s’08 M-S 50,000 ——Meh 2 1938
4s’08 J-D 20,000___ June 1 1938
3J4s’O9 M-S 50,000 —..Meh 1 1939
4s TO M-S 50,000..—Meh 1 1940
4s TO J-J / 8,000*rJuly 1 ’27-’3O
1 10,000*rJuly 1 ’31-’4O
4s’ll M-S 50,000 —-Meh 1 1941
4s T2 M-S 70,000 ——Meh 1 1942
4Jis’13 A-O 34,000.*Apr 1 ’27-’43
4^s’13 M-N 34,000.*May 1 ’27-’43
4s T4 M-S 36.000*.Mar 2 ’27-’44
4s ’14 J-J 38,000*.July 1 ’26-’44
4s T5 M-S /42,O00r_Mar 1 ’27-’4O
(10.000r.Mar 1 '41-’45
4s T6 M-S 60,000—Mar 1 ’27-’46
4s T6 F-A 16,000—Aug ’26-’41
4s '17 M-S / 3,000...Mar 1 1927
140.000—Mar 1 ’28-’47
4s T7 A-O / 3,000*...Apr 1 1927
120,000*.Apr 1 '28-’37
6s T8 A-O /24,000—Apr 1 ’27-'38
110,000—Apr 1 ’39-’48
4Hs’19 A-O J24.000—Apr 1 ’27-’34
130,000--Apr 1 ’35-’4 9
5s T9 J-D 23,000--June 2’27-’49
5s T9 J-D ,'26,000--June 2 ’27-’39
110,000--June 2 ’40-’49
5J^s’2O A-O/ 70,000--Apr 1 ’27-’40
1 40,000—Apr 1 ’41-’50
5» '21 A-O 52,000--Oct 1 ’26-’51




MASSACHUSETTS—CITIES & TOWNS
5s ’21
4s’22

M-S 125,000-.Mar 1 ’27-’51
A-O/126,OOOr. Apr 1’27-’47
1 25,000r.Apr 1 ’48-’52
4Xs’23 J-J J32,000—July 2 ’26-’33
160,000 -July 2 ’34-’53
4Ks’23 A-O 270,000*.Apr 2 ’27-’53
4Ks’24M-N/126,000—Mayl ’27-’44
1 60,000-.May 1 ’45-’54
4s ’25 A-O fll2.000r.Apr 1 ’27-’4O
1105,OOOr.Apr 1 ’41-’55
4s ’25 ... 74,000______________
4s ’25 F-A /30,000.-Aug 1 ’26-’35
120,000.-Aug 1 ’36-’55
Almshouse Bonds.
4Us’14 M-N $9 COO—-Nov 2 ’26-’34
4s T5 F-A (20.000--Aug 2 ’26-’3O
115,000.-Aug 2 ’31-’35
4s T6 J-J 30.000---Jan 1’27-’36
Bridge Bonds.
Is '07 J-J $56.000___ Jan 1 1957
Is TO J-D/162.000*—Dec 1 ’26-’34
1 96.000* Dec 1 ’35-’4O
Public Bldg. Bonds.
5J<s’2O J-J $45,000 -July 1 ’27-’35
4s ’22 J-J 80.000 -July 1 ’27-’42
Highway Loans.
5s ’21 F-A 21,000 -.Aug 1 1926
4^s’22 A-O 68.000r._ Apr 1 1927
4s ’22 A-O 20.000r_.Oct 1 ’26-.’27
4Ks’23 A-O 116.000 Apr 2 ’27-’28
4/4s’23 J-J 75,000 July 2 ’26-’28
5s ’24 M-N
150. .May 1 ’27-’29
4s ’26 J-D 150.000r.June 1 ’27-’36
Park Bonds.
3Hs’02 A-O $25,000*..-Apr 1 1952
3 )4s’02 J-D 25.000*.-Dec 1 1952
3 4$s’O3 M-N 25,000* . ..May 1 1953
3/4s’O3 J-J 25.000* -July 1 1953
4s TO J-J
10.OOOr*July 1 ’27-’3O
River Impt. Bonds.

5s ’20 M-N$100,000_Nov 1 ’26-’3O
Harbor-Improvement Bonds.
4s '16 J-D/ $2,000- —Dec 1 1926
1 5.000—Dec 1 '27-'31
Hospital Bonds.
4Hs’O8 M-N $ 7.000 ..May 1 ’27-’28
4s T7 M-S / 8.000.-Mar 1 1927
l70.000-.Mar 1 ’28-’37
4/4s’17 J-D /28.000 -Dec 1 ’26-’32
115.000 Dec 1 ’33-’37
5/<s*20 J-J 30,000--July 1 ’27-’29
5Xs’2O J-J 110,000.-July 1 ’30-’40
4s ’22 M-N 240.000- -May 1 ’27-’42
School Loans.
4s’07 J-D 70,000*---June 1 1927
4s’08 J-D 70.000*---June 1 1928
34Ss’09M-N J24,000*.May 1 27 34
Il0.000*-May I 35-’39
3Hs’09J-J 60,000.*-July 1 1929
4s '09 M-S
7,000*.Sept 1 ’26-’39
4s TO J-J
56.C00*iJuly 1 ’27-’4O
4s 10 J-J
20.C00*rJuly 1 ’27-’3O
4s ’ll M-S 10,000*rMar 1 '27-’31
4s ’ll J-D 25,000 -*June 1’27-’31
4s T3 M-N 7 000*.May 1 ’27-’33
4s T4 J-J 32,000*.July 1 '27-’34
4^s’19M-N 98,000*-Nov 1 ’26-’39
5Hs’2O J-D 15,000*.June 1 ’27-’29
5Ks’2O J-D / 5,000*---June 1 1930
(40,000*.June 1 ’31-’4O
5Ks’21 J-J /20,000*.July 1 ’27-'36
I 5,000*-July 1 ’37-’41
5s ’21 F-A /55,000*.Aug 1 ’26-’36
l20,000*_Aug 1 ’37-’41
4/^s’21 M-N 48,000*.Nov 1 ’26-'41
4Xs’22A-O / 7,500*r__Apr 1 1927
190,000*rApr 1 ’28-’42
4s ’23 F-A 280,OOOr*.Feb 1 ’28-’43
4Ks'24 M-S 90,000*.Mar 6 ’27-’44
4 Ts’23 M-N221,000*.May 1 ’27-’43
4Ms’23 J-J 11,000*.July 2 ’26-’36
4J^s’24 F-A 13,000*.Feb 1 ’27-’39
4Ms’24 A-O 16,000*.Apr 1 ’27-’42
4Ks’24 M-N/16,000*.May 1 ’27-’34
llO,OOO*.May 1 ’35-’44
4&s.24M-N/280,000*-May 1 ’27-’36
1276,000*.May 1 ’37-’44
4s ’24 F-A/342,000*.Aug 1 ’26-'34
1370,000*.Aug 1 ’35-’44
4Ks’24 A-O 18,000. .Apr 1 ’25-’42
4s ’24 ... 15,000______________
4Xs’25 F-A /80,000—Aug 1 ’26-’35
170,000.-Aug 1 ’36-’45
Playground Bonds.
3Hs’09 J-J $100,000*.-July 1 1939
4s T4 M-N /16,000—May 1 ’27-’34
II 0,000 ..May 1 ’35-’44
4s T5 J-J
9,500--July 1 ’27-’45
4s T6 J-J
6.000—Jan 1 ’27-’32
4s T7 F-A / 2,000.-Aug 1 ’26-’27
1 800___ Aug 1 1928
4)<s’23 M-N 7,000._May] ’27-’33
4s ’25 F-A /15,000.-Aug 1 ’26-’3O
110,000.-Aug 1 ’31-’35
Public Library.
4s’97 J-J 75.000*..-Jan 11927
'•Special loans.)

Water Bonds (Outside Limit).
M-N 25,000____ Nov 1 1926
4s ’97 A-O 25,000_____ Apr 1 1927
4s ’97 M-N 25,000____ Nov 1 1927
4s ’98 A-O 25,000_____ Apr 1 1928
4s ’98 M-N 25,000____ Nov 1 1928
4s’99 M-N 50.000....May 1 1929
4s ’99 F-A 150,000——Aug 1 1929
3 44s’99 M-N 175,000 ——Nov 1 1929
SHs’OO F-A 100,000..—Feb 1 1930
3 44s’OO M-N 20,000..—May 1 1930
3/^s’01 A-O 20,000____ Apr 1 1931
3/^s’O2 A-O 20,000____ Apr 1 1932
3J4s'O2 A-O 50,000____ Apr 1 1932
W02J-D 50,000 ——Dec 1 1932
3J^s’O3 A-O 20,000____ Apr 1 1933
4s ’04 M-N 20,000 ——May 2 1934
3 Hs’04 F-A 175,000 — -Feb 1 1934
4s T5 M-N 31,000—Nov 1 '26-’45
4s T5 J-J 95,000.—Tan 1 27-’45
45^s’2O M-N/30,000..Nov 1 ’26 ’35
l30.000-.Nov 1 ’36-’50
Equipment Bonds.
4Jis’22 J-J $18,000---July 1 1927
Street and Sewer Bonds.
4Ms’24 J-D$300,000—June 6 ’25-’34
Refunding Bonds.
5s ’25 J-J$l ,000,000. .July 1 ’26-’3O
dan. 1 1925.
Municipal bonded debt-.$11,048,300
Sinking fund, &o.......... .. 1,655,926
Net city debt________ $9,392,373
Spec, loans, less sink.fund 4,402,993
Net city debt, less special
loans________________ $4,327,975
Water debt (additional).. 1,300,000
Water sinking funds____
99",619
Net water debt_______ $309,381
4s ’9 .

Total net debt................ $9,701,754
Borrow, capac. Jan 1 ’25— 153,099
Value of city property
12,169,456
Ass’d value, real estate.. 110.124,500
Assessed val., personal.. 66.694,600
Total val. 1925 ...............176,819,100
Tax rate (per $1,000) 1925__ $29 80
INTEREST on most of the bonds
Is paid only at office of City Treasur­
er; on some small issues in Boston.
FALMOUTH.
This town is In Barnstable County
Inc. 1686 Population 1910, 3.144
1920 3,500
Bridge Bonds.
4Xs’26 J-D $70,000_____ 1927-1946
Water Bonds.
3Hs ’02 A-O$63,000c ....1926-1934
3/$s’O5 ...
9,000 _____ 1926-1934
3^s’12 —. 34.000 _____ 1926-1942
4s T4
9,500 _____ 1926-1944
4Xs’22 J-J
1,000-..July 1 1927
10.000 July 1 ’27-’36
4Ks’22 J-J
80,000c.May 1 ’27-’31
20.000c.May 1 ’32-’33
9,000c_ ..May 1 1934
4Ks’26 M-N 8,000c---May 1 1935
14,000c.May 1 ’36-’37
12,000c.May 1 ’38-’3"
3,000c-..May 1 1940
2,000c-..May 1 1941
School Bonds.
4«s’22 J-J $5,000...July 1 1927
4/£s’24--_ 114,000 ____ 1926-1944
BOND. DEBT Apr 1924. $151,000
Water debt (add’l) ____
179,500
Total valuation 1925_____13,032,060
Tax rate (per $1,000) 1925-—$29.45
INT. at International Trust Co .
and National Shawmut Bank, Bos­
ton.

FITCHBURG.
This city is in Worcester Co. Inc
as town Feb . 3 1764: city Mar 8 1872
City Stable Loan.
4s
J-J $42,500c. .Jan 1 ’27-’43
4s
A-O 90,000c.-Oct 1 ’26-’43
Sewer (outside debt limit).
4s ’ll F-A $48,OOOr.Aug 1 ’26-’41
4s T2 F-A 102.000r.Aug 1 ’26-'42
4s '13 F-A 108.000r.Aug 1 ’26-’43
4s
F-A 123,OOOr. Aug 1 ’26-’44
4s
F-A 130,OOOr.Aug 1 ’26-’45
4s
M-N 15.000r.Nov 1 ’26-’4O
4s
M-N 24.000r.Nov 1 ’26-’37
4s
M-N 25,OOOr_Nov 1 ’26-’49
Sewer (inside debt limit).
4s
M-N $14,OOOr.Nov 1 ’26-’39
5s
F-A 10,000c. Aug 1 ’26-’35
5s
A-O 20.000c. Oct 1 ’26-’45
4/48
M-N 16.000c.Nov 1 ’26-’41
4s
J-D
6,000c_ J’ne 29 ’27-’32
4s
A-O
7,OOOc-_Oct 1 ’26-’32
4Ks
J-D
7,000c. June 1 ’27-’33
5s
F-A 16,000c. Aug 1 ’27-’41
Hospital Loan.
5s ;
F-A $25.000c_Aug 1 ’26-’4O
Departmental Equip. Loan.
4s
A-O $5,000c. .Oct 1 ’26-’27
Macadam Construction Loan.
5s
F-A $5,000c.. .Aug 1 1926
4s
J-D
5,000c... J’ne 29 1927
4/is
J-D
8,000c.June 1 ’27-’28
4s
J-D 24,750c.June 1 ’27-'29
4s
A-O 40,000c. .Apr 1 ’26-’30
Water (outside debt limit).
4s
A-O / $6,OOOr..Oct 1 ’26-’27
1 20,OOOr..Oct 1 '28-’37
4s ’09 M-N /4,OOOr.-Nov 1 ’26-’29
(5,000r._Nov 1 ’30-’39
4s TO M-N 7.500r..Nov 1 '26-’4O
4s ’ll M-N /1,800r..Nov 1’26-’31
l2,000r__Nov 1 ’32-’41
4s T2 M-N /5,000r__Nov 1 ’28-’3O
16,000r..Nov 1 ’31-’42
4s T4 M-N 19,OOOr.Nov 1 ’26-’44
4s T5 M-N100.000r.Nov 1 '26-’45
4s
M-N 11,OOOr.Nov 1 ’26-’36
4s
M-N 30,OOOr.Nov 1 ’26-’31
4s
M-N 19,OOOr.Nov 1 ’26-’44
4s
M-N 57,600r_Nov 1 ’26-’49
4s
J-D6.000c...Tune 29 1927
4/is J-D
14,000c. June 1 ’27-’28
4s
F-A
32,000c. Aug 1 ’26-’2P
4s
A-O 42,000c..Apr 1 ’27-’41
School.
5s
F-A $25,000c.Aug 1 ’26-’4O
5s
F-A 133,000c.Aug 1 ’26-’4O
5s
F-A
16.000c.Aug 1 ’26-’4O
5s
F-A
15.000c.Aug 1 ’26-’4O
5s
J-D 179,200c.J’ne29 ’27-’42
4s
F-A 187,000c_Apr 1 ’27-’43
Bonds (for various purposes).
4s
M-N $4,500r.Nov 1 ’26-’28
4s
M-N
8,400r.Nov 1 ’26-’29
4s
M-N
6,000r__Nov 1 1926
4s
M-N
9,600r.Nov 1 ’26-’27
Sidewalk Loan.
5s
F-A ’ $2,000c...Aug 1 1926
4s
J-D
2.000c.June 29 1927
4/is J-D
4,000c. June 1 ’27-’28
4s
A-O 10,000c. .Apr 1’26-’30
Street Construction Loan.
5s
F-A $10,000c.Aug 1 ’26-’3O
5s
F-A
36,000c. Aug 1 ’26-’31
4s
J-D
24,000c.J’ne 29 ’27-’32
4/<s J-D
9,625c.June 1 ’27-’28
4s
J-D
88.000c.June 1 ’27-’34
4s
A-O
81,000c.. Apr 1 ’27-’35
4s
A-O 30,000c-.0ct 1 ’26-’35
Permanent Paving Loans.
4/4S M-N $36,OOOc.Nov 1 ’26-’31
4s
J-D32,000c.June 29’27-32
4/is J-D
7,000c. June 1 ’27-’33
4s
J-D
40.000c.June 1 ’27-’34
4s
A-O
13,500c-.Apr 1 ’27-’35
Municipal Building Bonds.
4s
A-O $28,500c.Apr 1 ’27-’45
Debt Nov. 30 1925.
Total funded debt---------- $2,479,800
Water debt (included)__
448,300
Sinking funds__________
29,042
Assessed val., real_______43,054,725
Assessed val.. personal__ 16,444,100
Total val’n 1925 (90% act)59,498,825
Tax rate (per $1,000) 1925-.$29.20
Popula’n 1910, 37,826; 1920 , 41,029
INT. on coupons is payable at
Merchants’ Bank and Old Colony
Trust Co., Boston; registered interest
remitted by check.

[Vol. 122.
FRAMINGHAM.
This town is in Middlesex County
Incorporated in 1700.
Trust Funds Notes
4s T4 J-D $12,000.Dec 15 ’26-’29
School Land Notes.
4/is’17 J-D *$2,000-June 30 ’27-’28
5s '18 M-N*12,000.-May l’27-’38
♦Street Bonds.
4s ’25 M-N$45,000.-May 1 ’27-’35
Water Notes.
4s '17 M-8 $1,000 ...Mar 1 1927
4/<s’22 J-D 20,000c.June 1’27-’36
Park Bonds.
4s 15 F-A $20,000c.Aug 1 '26-’45
Public Playground Bonds.
4/is’13 J-J $17.000..July 1 ’27-’43
Water Bonds.
3/is’05 A-O $20,000c..Oct 1 ’26-’35
4s ’06 A-O 118,000c..Oct 1 ’26-’36
4s '07 F-A 16 0( 0--Aug 1 26-’37
3Hs'09 A-O 28.000c--Oct 1'26-’39
Is T2 J-D
8.000c.June 1 ’27-'3O
4s T5 A-O
8.000c.Apr 1 ’27-'30
4s T7 J-J 21,000-.July 2 ’26-’46
5s ’21 F-A 9,000-Aug 15 ’27-’35
4s ’22 F-A /30,000c.Aug 1 ’27-’36
130.000c.Aug 1 ’37-’51
4/is’24 A-O 25,000c.Apr 1 ’29-’53
4s 25 A-O 23,000..Apr 1 ’30-’52
School Bonds.
4s ’06 A-O $24,000c..0ct 1 ’26-'31
4s’08 A-O *6,OOOc-,Oct 1 ’26-’28
4s T2 M-S 21,000 Sept 16 ’26-’32
4s '16 A-O *10.000c-.Oct 1 26-’35
45<s’]9 J-D*161,000-.Dec 1’26-’39
4J£s’19 J-D 160,000--Dec 1 ’26-’39
|20,000c-.Aug 1 ’27-’27
4s ’22 F-A*(27.000c.-Aug 1 ’28-’3O
(96,000c..Aug 1 ’31-’42
4/<s’23 A-O*/52,000c._Apr 1 ’26-’38
(15,000c. .Apr 1 ’39-’43
4/is’24 A-O /16,000c-.Apr 1 ’26-’29
(45,000c--Apr 1 ’30-’44
4/<s’24 A-O*( 16,OOOc-.Apr 1 ’27-’34
(10,000c_-Apr 1 ’35-’44
*Sewage=Disposal Bonds.
4J4s’23 J-J $45,000--July 1 ’27-’53
Land Purchase Bonds.
4/<s’2O M-N$45,000--Nov 1 ’26-’4O
4s^2VM-Sl°6 $6,000-Sept 16 ’26-’31
4s '14 J-D *12,000--June 1 ’27-’32
4Jis’23 A-O 135,000--Apr 1 ’27-’53
4/is’23 J-J 135,000_-July 1 ’27-’53
4s ’25 M-N 48,000--May 1 '27-’5O
♦Paving Bonds.
4s ’22 F-A S10,000c-Aug 1 ’26-’27
4Ks’23 J-J 28,000--July 1’27-’33
♦Sidewalk Construction Notes.
4/<s’22F-A15 $2,000c Aug 15 ’26-’27
TOT. BD. DT. Jan 1 ’26 $1,643,800
Water debt included)----361,000
Assess, val., real estate__ 22,578.090
Assess, val., personal----- 5,433,794
Total assessed value 1925-28,011,884
iota! tax (per $1,000) 1925.-$30.80
Populat’n 1910, 12,948; 1920, 17,033
INT. at Old Colony Trust Co.,
Boston, and First National Bank,
Boston.
♦Bonds issued inside of debt limit.
FRANKLIN.
This town is in Norfolk County.
Incorp, March 2 1778. Population
1910. 5,641; 1920, 6,497.
Sewer Bonds.
4s '14 M-N$39.OOOc.Nov 1 ’26-’38
4s T5 F-A 28,000c.Aug 1 ’26-'39
School Bonds.
4s '12 M-N $4,000..Nov 1 ’26-’27
4Ms’19F-A 20,000cJ-Aug l.’26-’29
4Ks’24 M-N227,000--May 1 ’27-’44
School Notes.
4s T7 M-S $4,000.-Sept 1 ’26-’29
Water Works Bonds.
4s '07 J-D $70,009c.June 1 ’27-'3G
4s ’09 J-D
5,000c.June 1 ’27-’33
4s ’ll J-D
34,000c.June 1 ’27-’40
4/Ss’13 F-A 13,000c.Aug 1 ’26-’38
4s’24 M-S 22,000--Sept 1’26-’28
BOND. DEBT May 24 ’26. $510,000
Water debt (included).__ 115,000
Floating debt add’l)-------- 165,000
Assessed val., real________6.499,540
Assessed val., personal — 1.807,260
Total valuation 1925______ 8.306,800
Total tax rate (per $1,000) ’26-$30,50
INT payable at Franklin Nat. Bk.

GARDNER.
This city (formerly a town) is in
Worcester County. Incorporated as
a town June 27 1785. Population
1910, 14,699: 1920, 16.971.
Town-Hall Bonds (Outside Limit).
5s ’20 F-A 845,000..Aug 1 ’26-’4O
5s '21 A-O 26,250c.Apr 1 ’27-’41
4Ms’21 J-D 14,000.-Dec 1 ’26-’39
School Loan.
4^s’17 M-S $24,000c.Sept 1 ’26-’31
5s ’21 M-S 40.000c.Sept 1 ’26-’41
5^s’21 M-S 3.000c.Sept 1 ’26-’28
4?4s’21 J-D 40.000--Dec 1 ’26-’41
4%s’22 A-O
6,000-.April 1 ’27-’32
4s’22 J-D 40,000--June 1’27-’42
Street Loan.
5/£s’21 M-N $30.000.-May 1 ’27-’31
5J£s’21 M-S 2,000--Sept 1 ’26-’27
5Ms’21 M-S 20 400--Sept 1 ’26-’31
Sewer Loans (Outside Limit).
3^s’01 F-A $4,200-.Aug 1 ’26-’31
4s '03 M-S 3 000c.Sept 1 ’26-’31
4s ’04 J-D 4 000c. June 1 ’27-’34
3/$s’04A-O i3.500c.0ct 1 ’26-'34
4s ’05 M-N 5.000..NOV 1 ’26-’35
4s ’06 J D
4,000c.Dec 1 '26-'33
4s’06 J-D l,500c.Dec 2'34-36
3/^s’O9 F-A / 1,000___ Aug 2 1933
1 9,000--Aug 2’34-’39
5J^s’21 J-D 25.000c.June 1 ’27-41’
4%s’21 J-D 28 000.-Dec 1 ’26-’41
4/£s’22 A-O 2,000--April 1’27-’28
43Xs’23 J-J
2,100.July 30 ’26-’28
4Xs’24 M-N 15,000.-May 1 ’27-’41
4/tSs’25 A-O 8,000-.0ct 15 ’26-’33
Water Bonds (Outside Limit).
4s ’04 M-N $84,000c.May 2 '27-’34
4s ’09 A-O
19,000c.Oct 1 ’26-’39
4s ’09 A-O 7,000c..Oct 1 ’26-’39
4/^s’17 J-J
11.000.-July 1 ’27-’37
5/<s’21 J-J 10.000--July 1 ’26-’31
4^s’23 A-O
3,000-.Oct 1 ’26-’28
4/£s’23 J-D
3,000..Dec 1 ’26-'28

June, 1926.]
GARDNER (Concluded).
Isolation Hospital Loan.
4s ’15 A-O $9.000..Apr 1 ’27-'35
BOND. DEBT Jan 1 1926 $598,900
Special debt (outside debt
limit) included_______
343,100
Water debt (incl.)______ $162,500
Floating debt (add’l)____
50,000
Assessed val., real estate. 18,890,425
Assessed value, personal.. 3,964,877
Total ass’d val. '25---------22,8(55,302
Tax rate (per 81,000) 1925---$31.00
INT. at First Nat. Bank. Boston.
GLOUCESTER.
Gloucester is in Essex Co. inc.
town 1642; city 1873. Pop’n 1910,
24,398; 1920, 22,947. All bonds
issued are coupon in form.
Seawall Bonds (outside limlff)4><s’22 M-N ($20,000------192^6-1930
( 3,000........... IT-1931
Soldiers’ Mem. & PlaygiroUnd
Bonds. (Outside Debt Limit.)
54£s’21 J-J ($10,000. .July 1 ’27-’31
( 10.000.-July 1 32-41
Hospital Bonds.
4s ’25 M-N/105,000.May 1 27-41
( 18.000-May 1 j 42- 44
Western Ave. Loan (Outside Limit)
4JXs’21 M-N$72,000-.$9,000 ' yearly
4s’24 M-S 27,000..Sept 1 '26-34
School Highway and Sojldiers’
Memorial Bds. (Outside Uinit).
4Ks’23 J-J $31,500 ------- 1926-1943
Spanish War Veterans’! Loan
(Outside Limit).
4(4>s’23 J-J $3,000—$1,000! yearly
Municipal Bonds.
4s’06 J-D $2,000 --------- 4-1926
4s ’12 J-D
7,000 ------- 1926-1932
4,500 _____ 1926-1934
4s ’14 J-J
4s ’16 M-N 1,000 ______ I- 1926
4s ’17 M-N 6,000 _____ 1926-1927
2,000 _____ 1926-1927
4s ’17 J-D
8,000 _____ 1926-1929
4^ s’19 A-O
5s ’20 M-S 15,000 _____ 1926-1940
5s ’20 M-N 15,000 ------ ^26-1930
54£s’21 M-N 18,000........ 1926-1931
5s’21 M-S 198,000------- 1926-1941
4>£s’22 A-O 24,000------ 1926-1932
4^s'22A-O (12,000.-Apr 1 27- 32
110,000—Apr J 33-42
4^s’23 J-D 89,000------- 1928-1933
414 s’23 J-J
18,000—$1,000 yearly
4Xs’24 M-N 8,000—$l,000 yearly
41<s’24 M-N 82,000 ------- 1926-1934
4s ’25 M-N 72,000 ......... 1927-1935
4s’25 J-J (40,000—July 1 26-35
130,000—July 1 36-45
4s ’26 M-N 70,000c.May 1 ’27-’36
Street Extension (Outside Limit).
3^s'O2 J-D $7,000 ... — 1926-1932
Highway Bds. (Outside Limit).
4«s’24 M-S $57,000 ------- 1926-1934
4s’25 M-N 72,000--May 1 27-35
Park Bonds (Outside Limit).
4s’98 J-J $24.375—-1926-1938

W-W
4s ’04 A-O
4s ’05 A-O 10,000------- 1926-1935
4s '06 A-O 11,000 .......... 1926-1936
4s '07 A-O 12,000 .......... 1926-1937
4s ’08 A-O 13,COO......... 1926-1938
4s ’09 A-O 14,000 _____ 1926-1939
5.000_____ 1926-1930
4s ’10 A-O
7,000.......... 1926-1932
4s ’12 A-O
4s ’I’ A-O 16 000_____ 1926-1941
4s '13 A-O 18.000 ..........1926-1943
4s ’14 A-O 19,000.......... 1926-1944
4s ’15 A-O 20,000_____ 1926-1945
4s ’16 A-O 21,000 .......... 1926-1946
4s ’17 A-O 22,000 ..........1926-1947
5s ’18 A-O 13.000_____ 1926-j938
i>js’19 A-O 14.000 ------- 1926-1939
5s ’20 A-O 14,000..-Apr 1 27-40
>s ’21 A-O 15 000__ Apr 1 '27- 41
l^s’22 F-A 27,000_____ 1926-1952
Is ’23 F-A 27,000..Feb 1 ’27-’53
lKs’24 A-O 48,000_____ 1(926-1954
Is ’25 A-O 20,000 _____ 1)926-1945
„„A-O
___ 30,000--AprJ1’27-’56
is, ’26
Fire Station Bonds.
,
($40,000--July 1 26-35
4s ’25 J-J I 30,000--July 1 36-45
GEN. BD. DT. Nov 30’25 )$671,500
Special debts (outside debt
limit)______________ -- | 365,575
Water debt (outside debt
limit)________________ I 643,000
Assess, value, real estate.2$,656,970
Assessed value, personal-. 5,085,361
Total assess, val. ’25—...33.742,331
Tax rate (per $1,000) 1925---$31.00
INT. on city bonds at First Nat.
Bank, Boston; on water bonds at
National Shawmut Bank, Boston.
GREAT BARRINGTON.
This town Is in Berkshire County.
Inc. 1761. Population 1910, 5.926:
1920, 6.315.
Highway Bonds.
5Ks’17 J-J $4,000..Jan [ 1’27-28
---6,000-Dec 31 ’26-’28
J-D
8,000.-Dec 1 ’26-’29
5Xs’19 J-D
5«s’21 A-O 25.000.-Apr 1 ’27-’31
4?<s’22 J-J 24,000c. July 1 ’27-’32
8,000c. July 1 ’27-'28
4^s’23 J-J
15,000c.July 1 ’29-’33
F-A’ 10.000-.Aug 1’26-’27
Is ’22 M-S $20,000.-Sept 1 ’26-’27
School Construction Bonds.
4s ’07 J-D $7,000..Dec 1 ’26-’27
BOND. DEBT Jan 1 ’26.1 $136,000
Assessed value, real estate[6,677,360
Assessed value, personal..t2,518,612
Total valuation 1925------ 19,195.972
Total tax rate (per $1,000)’25.$21.00
INT. payable in Boston at Old
Colony Trust Co. and the First Nat.
Bank.
GREAT BARRINGTON FIRE
DISTRICT.
Water Loans.
I
4s ’93 J-J *$18,000c..-July 1 1933
4s ’12 J-D 14,000c.Dec 1 ’26-’32
4s ’12 F-A a5,000----- Aug 1 1927
4s ’95 M-N 5,000----- Nov 1 1935
4Ms’22 ...
2,800.-July 1 ’26-’27
44£s’24 J-J 28,000 ....21926-1939




MASSACHUSETTS—CITIES & TOWNS
Sewer Loan.
4^s’24 J-J $10,000______________
Motor Engine Notes.
6s '22 F-A $4,400.Aug 21 ’26-’27
TOTAL DEBT Apr 1 1928 $87,700
Sinking fund______ ______
17,030
Tot.assess.val.’25(2-3 act.).4,991,727
District tax rate (per $1,000) *25$5.00
Population in 1925 (est.)_____ 4,000
* Held by State, a Held by State.
GREENFIELD.
This town is in Franklin County.
Incorporated June 9 1753.
On Jan. 1 1922 the town, under
Chapter 429, Laws of 1921, acquired
the franchises and property and as­
sumed all the obligations of Green­
field Fire Dist. No. 1.
Street Ry. Bds. (Outside Limit).
4s ’24 J-J $53,000c.July 1 ’26-’34
Reservoir Notes.
4s ’10 M-N $18.000c.Nov 1 ’26-’3O
(Outside debt limit.)
Permanent Paving Bonds.
4Ks’23 J-J $14,000c.July 1 ’27-’33
(Inside Debt Limit).
Water-Main Extension Bonds
(Outside Debt Limit).
4Ws’23J-J $16,000c. July 1 ’27-’28
4s ’24 F-A (30,000c.Aug 1 ’26-’31
(32,000c. Aug 1 ’32-’39
Public Playground Bonds (OutOutside Debt Limit).
4Ks’23 A-O $17,000c..Apr 1 ’27-’43
School Bonds.
4s '22J-D* ($160,000c. June 1 27- 42
1 211,000c. June 1 ’27-'42
4 J4s’23 J-J 51,000c.July 1 '27-’43
Water Supply Bonds (Outside
Debt Lim’t).
4«s'13 J-D $6.500c.June 1 ’27-’28
Roadway Bonds.
„ „
5J4s’21 M-N$ 8 000c ..Nov 1 1926
BOND. DEBT Jan 1 1926 $653,750
Water debt (included)— 113,750
Assessed val., personal— 3.981,791
Assess, val., real estate—17,818,210
Total ass’d val. '25 (act.).21,800,001
Total tax (per $1,000) ’25----- $30 40
Popul’n 1910. 10,427: 1920. 15.462

*$211,000 inside debt limit, $160,000 outside debt limit.

GROVELAND.
This town is in Essex County.
Electric Light Notes.
__s
... $1,500__ $500 yearly
__s
...
4,000_____ 1929-1932
_.s
...
500___ $500 yearly
Water Bonds.
„
.
4Ks’14 A-O $32,500.Yearly to 1944
.s
... 16,000______ 15 years
TOTAL DEBT May 10 ’24 $56,500
Total valuation 1925______ 1,773_714
Tax rate (per $1,000) 1925—$37.60
Population in 1910, 2,253; ’20, 2.650

HADLEY.
This town is in Hampshire County
Inc. 1661.
Refunding Bonds.
„„„„
4s’ll M-N $8,000c_________ 1929
School Bonds.
5«s’21 F-A $40,000c .......... ...1941
BOND. DEBT Jan 1 ’26-- $48,000
Floating debt------------------ 30,000
Hadley Water Supply Dist.
debt (add’l). not an obli­
gation of town________
25,400
Assess, val., real estate----- 2,433,420
Assess, val., personal------- 543,925
Tot. assess, val. '25 (act.)..2.977,345
Total tax rate(per $1,000) ’25-$33.00
Population 1910, 1,999; 1920, 2,784

Municipal Bonds.
’16 A-O $68,000_____ 1927-1944
4s'18 J-J
12,000c.July 1 ’27-'28
54£s’2O J-J 10.000c.July 1 ’27-’3O
5J^s’2O M-N 68.000_____ 1927-1930
4Hs’17 F-A
4,000...Aug 4 !26-’27
5 X s’--------21 J-D 25.000c.June 1 ’27-’31
5^s’21 M-N 4.000c ..Nov 1 1926
24.000c ..Apr 1 1927
4>£s’22„A-O 21,000c. Apr 1 ’28-’3O
5,000c___ Apr 1 1931
4,000c.. .Apr 1 1932
4s ’15 A-O
9,000.-Apr 1 ’27-’35
(29,000c_________ 1926
4«s’23 J-D 56,000c____ 1927-1928
165,000c____ 1929-1933
(44,000c.Apr 1 ’27-’28
42,000c. Apr 1 ’29-'3O
4s ’25 A-O 120,000c. Apr 1 ’31-’35
14,000c. Apr 1 ’36-’42
1 3.000c. Apr 1 ’43-’4fi
.s ’26 M-N 100,000.-May 1 ’27-’31
Hospital Bonds.
is ’12 A-O $18.000c.Apr 1 ’27-’32
4s4s’17A-O 14,000..$7,000 yearly
4^s’19M-S 12,000. .Mar 1 ’27-’29
4s ’24 J-D (10,000c.Dec 1 ’26-’27
(68,000c.Dec 1 ’28-’44
Street & Sewer Bonds.
4s ’24 M-S (24,000c-Sept 1 ’26-’28
( 7,000c...Sept 1 1929
Sewer Bonds.
434s’19 J-D $8.000_____ 1926-1929
Street Bonds.

4>£s’19 J-D $4,000_____ 1926-1929
INT. on water bonds and on cer­
tain city bonds payable in Boston and
at Treas. office; on bonds of 1906 and
1907, and bridge bonds of 1908 and
1911, hospital bonds, street and
sewer bonds, and bridge bonds of
1924 at First Nat. Bank, Boston.
Debt Statement May 1 1926—
Debt outside limit_________ *$721,500
Debt inside limit----------969,500
Sinking fund (applicable to
debt inside limit)_____
57,941

NET DEBT inside limit $911,559
Sinking funds (applic. to
debt outside limit)—
Water debt fund_____
61,926
Other debt fund______
123,694
Assess, val. real_________ 55,442,425
Assess, val. personal____ 10.775,675
Total valuation 1925___ 66,218.100
Tax rate (per $1,000) 1925 ..$30.40
Pon’n in 1910, 44,115: 1920 53.884
* Does not include $127,000 water
debt.
CITY PROPERTY.—The real
estate owned by the city as shown on
the assessors' books Dec. 31 1926
amounted to $2,815,325.

HINGHAM.
This town is in Plymouth County.
Hospital Notes.
5s
--.$10,000c___ 1926-1930
School Notes.
4s
...$60,000c____ 1926-1931
State Highway Notes.
4J<s
...$30,000c____ 1926-1928
Dori/ Nnfpl
4s ’25K ...$20,000c____ 1926-1930
NOTE DEBT Dec 31’25. $120,000
Assessed value, real-------- 11,831,200
Assessed value, personal- _ 1,604,060
Tot. ass’d val. ’25 (act.)._13,435,260
Total tax rate (per$l,000) ’25.$28.30
Pop’n, 1910, 4,965; 1920-------- 5,604

39
Highway Bonds.
44$s’18 M-N$14 000..May 1 ’27-’28
4^s’19 M-S 60,000..Mar 1 ’27-'29
5^g’20M-N 8),000c.May 1 ’27-’30
5s g ’21 F-A 65,000c.Feb 1 ’27-’31
4%s’21 M-N 30,000. .Nov 1 ’26-’31
4«s’22 A-O 120.000-.Apr 1 ’27-’32
4s g '23 F-A 154,OOOr*.Feb 1 ’27-’33
4«s’24 A-O 160.000_____ 1927-1934
4s ’25 J-J 200,OOOr* July 1 ’26-’3O
4s ’26 M-N 200,000r*May 1 ’27-’36
4s’26 M-N 75,OOOr* May 1 ’27-’31
Sewer Bonds.
4s ’04 M-N $8,000..May 1 ’27-’34
4s '06 A-F 11,000..Aug 1 '26-’36
4s ’08 A-O 2.000..Apr 1 ’27-’28
3J^s’O9 M-S 3,000..Mar 1 ’27-’29
4s 15 M-S 4,000..Mar 1 ’27-’3O
8,000—Apr 1 ’27-'34
4J£g’19 A-O
4%g’2O F-A 72,000.-Feb 1 ’27-’50
5s "’21 M-N 15,000..May 1 ’27-’41
4Xsg’22 J-D 16,OOOr*.June 1 '27-42
4W23 J-J 34,000c.July 1 '27-43
4Ms’25 M-N100,000r*.Nov 1 ’26-’45
4s ’26 M-N 30,OOOr*.May 1 ’27-41
Building Bonds.
4s '15 M-S $36 000..Mar 1 ’27-’35
4s ’15 J-J
9,000..July 1 '27-’35
4s ’16 J-D 30 000-June 15 ’27-’36
4%s’21 M-S (28.000-.Sept 1 ’26-’32
(27,000--Sept 1 ’33-’41
4«s’23 J-J 75,000_____ 1926-1943
Bath House Bonds.
4^s’19 M-S $13,000..Mar 1 '27-39
Isolation Hospital Bonds.
4Hs’18 A-O $4,000..Apr 1 ’27-’28
School Bonds.
4s ’08 A-O $1.000..Apr 1 ’27-’28
4s ’10 M-N 12,000..May 1 ’27-’3O
4s ’ll A-O 10.000..Apr 1 ’27-’28
4 «g’22 J-J 16,000c..July 1 ’27-’34
4s ’26 M-N 40,000.-May 1 ’27-’46
Park Bonds.
4s ’07 A-O $5,500—Apr 1 ’27-’37
4s ’08 M-N 1,000—May 1 ’27-’28
4Xs’23 J-J (34(000c.July 1 ’27-’43
I 5,000c.July 1 ’44-’48
School & Municipal Police Bldg.
4Hs’13 J-D 105,000-June 1 ’27-’33
Land & Building Bonds.
4«s’23 J-J ($10,000c.July 1 ’27-’28
( 60-.000c.July 1 ’29-’43
Water Loan Bonds.
4s '97 J-J $250,000___ Jan 1 1927
4s ’00 J-J 50,000___ July 1 1930
4s ’10 J-J 95 000.-July 1 ’27-’40
4^s’23 M-S 52,000..Sept 1 ’26-’38
Hoi. & W. RR. Bonds.
4s ’10 J-J $118,000.-July 1 ’27-’44
4s’13 J-J 60.000.-July 1 ’45-’5O
Gas & Electric Light Bonds.
3 J^s’O2 J-D$175,000..Dec 1 ’26-’5O
4s ’08 A-O 84,000 ..Apr 1 ’2,-’38
4s '09 A-O
3,000..Apr 1 ’27-’29
4s ’10 M-S 77,000..Mar 1 ’27-'40
4s '12 F-A 96,000..Feb 1 ’27-’42
4s ’14 M-N 40.000.-May 1 ’27-’34
4s '15 M-N 50,000..Nov 1 ’26-*35
44£g’19A-O 65,000..Apr 1 ’27-’39
5s ’21 M-N 105,000..May 1 ’27-’41
4s g ’22 J-J 68,000r*.Jan 1 ’27-’43
4s’24 J-J 270,000. .July 1 ’27-’44
4s ’24 A-O 190,OOOr*.Oct 1 ’26-’44
Fire Department Bonds.
4J<s’23 J-J. ($5,000c___ July 1 1927
( 3,000c... July 1 1928
Bridge Bonds.
4J^s’19 M-S $26,000._Mar 1 ’27-’39
4J<s’21 J-J ( 11,000___ July 1 1927
(140,000 ..July 1 '28-’41
4Xs’24 A-O 68,000_____ 1927-1944
4s ’24 M-S (180,OOOr*.Sept 1 ’26-43
( 9,OOOr*. .Sept 1 1944
Playground Bonds.
4Xsg’22 J-D $26,000r*.June 1 ’27-39
4Ms’23 J-J j44,000c_July 1 ’27-’48
( 5,000c.July 1 ’49-’53
Bd. Debt Statement Jan. 1 ’26:
Debt inside limit_______ $2,053,000
Exempted Debt (Outside
Limit)—
Munic. & Police
building_____ $120,000
Playgrounds__
79,000
Hoi. & Westfield
RR__________ 187,000
Water works----- 452,000
Gas and electric 1,279,000 2,306,000
Total gross debt______ $4,359,000
Less Sinking Fund and
RR. Stock—Water bond sink.
fund________ $267,396
Hoi. & W. RR.
stock at par__ 22,650 493,896
Net city debt Jan. 1 ’26.$3,865,104
Borrow’g capac. Jan. 1 ’26
768,767
Tot.val.'25(fair cash val.) 116,077,260
Less abatements_______
122,090
Net valuation 1925_____ 115,955,170
Tax rate (per $1,000) 1925__ $23.00

HOLBROOK.
This town Is in Norfolk County.
Inc. Feb. 29 1872. Pop’n '10, 2,816;
1920, 3,161.
HAMPDEN COUNTY.
Refunding Loan.
County seat is Springfield.
4s ’ll J-D $4.400..June 1 ’27-’30
Memorial Bridge Bonds.
St. Water Ext. Bds.
4s ’24 F-AJ $927,OOOr*Oct l’23-’34 4s Weymouth
’25 M-N j$2,000..May 1 ’27-’28
( 1,020,OOOr*Oct l’35-’44
800----- May 1 1929
School Bonds.
Highway Loans
4s ’16 J-D $70,000c.June 1 '27- 36 5Us
’21 M-S $1,000...Sept 29 1926
Court-House Bonds.
’22 J-J
1,000____July 1 1927
4s ’ll M-S $54,000c.Mch 1 ’27-’32 4(<s
’23 J-J
500___ July 1 1927
BOND.DEBT April 1926 $2 084,000 4%s
4Xs
’
24
M-S
.Sept 1 ’26-’28
Tot. assess, val., 1925 -666,957,576 4s ’25 M-N( 3,000.
3,000..May 1 ’27-’29
Popul’n 1910, 231,369; 1920, 300,305
1
700___ May 11930
INT. at Old Colony Tr. Co.. Bos
Fire Pump Loan.
4s ’25 M-N $8,000..May 1 ’27-’3O
Water Loans.
. ____
HAMPSHIRE COUNTY.
4s ’09 J-J $3,000.-July 1 ’27-’29
Northampton is county seat.
BOND. DEBT Mar 30 ’26
None 4s ’ll J-J ‘ 3,000..July 1 '27-29
6,000.-July 1 ’30-’32
Loan debt (add’l)-----------80,000
4,000_.July 1 ’33-’34
Total assessed value 1926109,957,835 4s ’13 J-J
2,000. .Aug 1 ’26-’29
Tax rate (per$l,000) 1926------$14.18 4s ’16 F-A
500. ..Nov 15 1926
Pop’n, 1910, 63,327; 1920. 69,599 4J£s'23 M-N
BOND. DEBT Jan 1 1926. $52,000
Water
debt
(included)
____
24,300
HATFIELD.
Assessed valuation, real__ 2,401,160
INTEREST is payable at the Mer­
This town is In Hampshire County.
Assessed valuation, pers’l.. 479,994 chants' National Bank. Boston.
Incorporated in 1670.
Tot.
ass.val
’
n(2-3
act.)
’
25.2,881,154
The Gas & Electric Dept. pay
BOND. DEBT May 12 ’26 $42,000
its net earnings the interest an
Water debt (incl.)------------ 20,000 Tax rate (per $1,000) 1925.---- $34.70 from
INT. at Boston at Nat. Shawmut maturing bonds on the gas and elec*
Assessed value real estate..2,160,860
trie
debt.
Assessed value personal---- 656,212 Bk. and First Nat. Bank.
The Holyoke & Westfield RR.
Total assessed value 1925.-2,817,072
stock pays 14% dividends or about
Tax rate (per $1,000) 1925----- $34.00 HOLDEN.
over the interest and matur­
Population 1910, 1,986; 1920, 2,651
This town is in Worcester County. $21,000
ing bonds on the city debt incurred
School Bonds.
in the purchase of the Holyoke &
5s '21
--.$20,000_____ 1926-1935 Westfield RR. stock.
HAVERHILL.
This city is in Essex County, Set- 4s’25 M-N112,OOOc.May 1 ’27-’4O
The Water Dept. pays from Its
tied 1640; incorporated as a city
earnings the interest, sinking fund
Water Bonds.
March 10 1869.
4s ’25 M-N$70,000c.Nov 1 ’26-’39 requirements and maturing bonds on
Playground Bonds.
BOND. DEBT May 27 ’25 $273,800 the water debt and a yearly tax to
3)4s’09 A-O $22,000c...Apr 1 1939 Water debt (incl.)------------ 106,600 the city of about $22,000.
School Bonds.
Assessed val. 1925, total—2 910,128
CITY PROPERTY.—The Hol­
4s ’07 A-0$49.000c----- Apr 1 1927 Tax rate (per $1,000), 1925—$40.00 yoke
Westfield RR., $226,500 of
3 J4s’O9 A-O
7,000c. ..Apr 11929 Population.. 1910, 2,147; 1920, 2,970. whose&stock
is held by the city, is
'4s “
“
M-S
28.000c.Feb
1
’
27’
30
’10
leased
to
the N. Y. N. H. & H.
4s ’17 A-O 22.000_____ 1927-1937
RR. Co. and has paid dividend j since
4s ’25 A-O 250,000____ 1926-1945 HOLYOKE.
This city is in Hampden County 1879. The value of all city pf aperty
Bridge Bonds.
not including water and light plants,
4s '08 J-D $122,000c..June 1 1928 Incorp. April 7 1873. Population is
estimated at $4,651,265. The
1910, 57,730; 1920. 60,203.
tS ’ll A-O 10,000c.Apr 1 ’27-’31
water-works
of the city are valued
Bonds (General Purposes).
4s ’24 A-O 90,000c.Apr 1 ’27-’44
$1,424,939 and gas and electric
4s ’25 M-Sf 36,000c.Mar 1 ’27-’3O Is '07 A-O $1,500..Apr 1 ’26-’27 at
1120.000c.Mar 1 ’31-’45 4s ’09 J-J 21,000.-July 1 ’27-’29 plants at $2,955,914.
4s ’26 F-Af 60,000c..Feb 1 ’27-’31 4s '10 M-N 8,000.-May 1 ’27-’30
7-’33 HUDSON.
(165,000c..Feb 1 ’32-’46 4s ’13 J-D 42.000.-June
This town is In Middlesex Co.
4s ’14 J-D 32 000..June 1 27-’34
Water Loans.
| Inc. Mar. 19 1866. Population 1910,
Sidewalk Bonds.
4s ’97 J-D $100.000c..Dec 1 1927
4^s’19 M-S 27,000c. Sept 1 ’26-’34 4Ksg’22 J-D 3.000r*._ June 192716,743; 1920, 7,607; 1925, 8,130.

40
HUDSON (.Concluded).
School Bonds.
4s ’24 J-J ( 96,OOOc.July 1 ’27-’34
1110,OOOc.July 1 ’35-’44
($116,000 outside and $80,000 in­
side limit.)
Bridge Bonds.
4Ks’18 M-N $5,000c.May 1 ’27-’31
Electric Light Notes.
3.65s’03M-N $2,000--Nov 2 ’26-’29
Water Notes, (r)
4s’97 J-D $1,000___ June 1 1927
2,000..July 1 ’27-’28
3J4s’98 J-D
3^s’O6 J-D 10,000--July 1 ’27-’36
2,100.-Oct 1 ’26-28
2.80s’08A-0
6,000--Oct 1 ’29-’38
1,600-July 1 ’27-’34
3 J4s’O9 J-J
400--Dec 1 '26-’29
3 Ms’09 J-J
4.500— May 15 ’27-’41
3.80s’11 J-J
Water Bonds.
4s’12 J-D $l,500r. June 1 ’27-’32
4^s’17 F-A f 4,000c.Aug 1 ’26-’27
1 5,000c.Aug 1 ’28-’32
4)£s'23 M-S (30,000c.Sept 1 ’26-’40
1 1,000c-.Sept 1 1941
4Xs’23 J-D 13.000c.Dec 1 ’26-’38
13,000. .July 1 ’27-’39
4s ’24 J-J
4s ’25 A-O I 4,000c.Apr 1 ’27-’3O
1 5,000c.Apr 1 ’31-’4O
4s '25 J-D I 8,000.-June 1 ’27-’30
110,000.-June 1 ’31-’4O
Sewer Bonds and Notes, (rj
4s ’04 M-N $24,000c-May 1 ’27-’34
3J4«’04M-N 18,000c.Nov 1 ’26-’34
“ *
7,500—Nov 1 *26-’4O
3.90s’10 J-J
600—Oct 1 ’26-’27
4 J4s’17 A-O
5)4s’2O J-J
1.500. -July 1 ’27-’29
5J4s’2O F-A
2.500— Aug 1 ’26-’3O
5J4s’2O M-S 2.500. -Sept 1 ’26-’3O
5^s’21 M-N 1,000----- May 1 1927
4)4s’22 M-N 2,000-May 15 ’28-’29
4J4s’22 M-N
500.--May 15 1930
4J4s’23 J-J
7,5 'O.July 15 ’26-’4O
4s ’24 J-J 13,000--July 1 ’27-’39
4s ’25 J-D 14,000.-June 1’27-’4O
Light & Power Bonds.
4s'97 J-J $1,000c-. .July 1 1927
4 H s’ 13 J-D
2.500— June 1 ’27-’31
4Jis’18 A-O
6,000c. Apr 1 *27-’28
20.000c. Apr 1 ’29-’38
6s '21 F-A 16,500c-Feb 1 ’27-’37
TOTAL DEBT Jan 1 1926. $508,950
Debt included in the above figure
but issued outside debt limit:
Water_________________ $129,850
Light and power_______
54,000
Sewer-------------------------- 52,500
School......... ...........
142,174
Borrowing capacity______
70,099
Assess, val. real__________ 5.462,170
Assess, val. personal______ 1,392,449
Total val. 1925_________ 6,854,619
Total tax (per $1,000) 1925. .$31,00
INT. coupons payable at First
National Bank, Boston.
HULL
This town is in Plymouth County
TOTAL DEBT Jan 1 ’26. $426,000
Assessment debt incl.)__
71,000
Assess, val. real_________ 15,563,705
Assess, val personal____ 1,409,010
Total valuation 1925_____ 16,972,715
Tax rate (per $1,000) 1925__ $29.50
Population 1910 , 2,103: 1920, 1,771
IPSWICH.
This city is in Essex County. Inc.
1634. Pop’n ’10, 5,777: ’20, 6,201.
Water Loans.
4s
J-J 60,000c_____
1927
4)is
14,000____ 1927,1934
Light Loan.
4Ks
$16,000_____ 1927-1934
BOND. DEBT Jan 1 ’25-- $193,172
Water sinking fund_______
33,525
Total val. 1925___________ 7,818,651
Tax rate (per $1,000) 1925...$27.00
INTEREST on coupon bonds in
Boston at Old Colony Trust Co.
LAWRENCE.
This city is in Essex Co. Incorp.
Mar. 21 1853. Commission govern­
ment adopted Nov. 7 1911.
Municipal O. B. Loan 1923.
4)4s’23 A-O ?,255,000.Apr 1 ’27-43
Playground Loan.
4J4s’17M-N *24,000..Nov 1 ’26-’37
5J4s’2O J-D *30,000.-July 1 ’26-’4O
4Xs’25 M-N(196,000c.Nov 1 ’26-53
t 4,000c..Nov 1 1954
Bath House Bonds.
4Ms’22 M-N $32,000.May 1 ’27-42
Boulevard Bonds.
4s '16 M-N $4,500c._.Nov 1 1926
School Bonds.
4s ’10 A-O *22,590c.Oct 1 ’26-’3O
4s ’14 J-J 40,000..July 1 ’27-’34
4s ’15 F-A 50.000c.Aug 1 ’26-’35
4s ’15 F-A 20,000..Aug 1 ’26-’35
4s ’16 J-D 20.000c. June 1 ’27-’36
4s ’16 F-A 55,000c.Aug 1 ’26-’36
4)4sT7M-S*(28,000c.Sept 1 ’26-’32
115.000c.Sept 1 ’33-’37
4J4s’18 M-N 19 500.-Nov 1 ’26-’38
5sA21 F-A 75,000..Feb 1 ’27-’41
534s’21 J-J 150,000.-July 1 ’27-’41
4s ’22 F-A 68,000. .Aug 1 ’26-’42
4s ’22 F-A 12,000.-Aug 1 ’26-’37
5s ’21 F-A*240 000..Aug 1 ’26-’41
4s ’22 A-O*l04,000..Oct 1 ’26-’42
4Ks’22 A-O*l 70,000.-Oct 1 ’26-’42
4Xs’23 J-D 17,000..June 1 ’27-’43
4Xs’23 J-J 59,500.-July 1 ’27-’43
4Xs’23 A-O 68,000—Oct 1 ’26-’43
4J4s’23 M-N*450,000-Nov 1 ’26-’43
Sewer Bonds.
4s ’07 J-D *27,500o.June 1 ’27-’37
4s ’08 A-O
3,000..Apr 1 ’27-’28
4s’08 J-D
3,000_.Dec l’26-’28
48 ’10 M-S *17,500c.Sept 1 ’27-’3O
4s ’15 F-A 20,000..Aug 1 ’26-’35
4s’15 M-S 15,000..Mar 1 ’27-’35
4s ’15 J-D 13,500..June 1 ’27-’35
4s’16 F-A
1,000.-Aug 1 1926
4s ’17 F-A
3,000..Aug 1 ’26-’27
4)4sT9 A-O 26,000..Apr 1 ’27-’39
4Xs’22 J-D 26,000. .June 1 ’27-’52
4s ’22 M-S 17,000.-Sept 1 ’26-’42
4Xs’23 J-J
39,600—July 1 ’27-’48
4s ’23 M-N*232,000.May 1 ’27-’53
4s ’25 M-N 30,000c_Nov 1 ’26-’55
4s’25 A-O 80,000______________
Police-Station Bldg. Bonds.
4 s’14 J-J $40,000..July 1 ’27-’34




MASSACHUSETTS—CITIES & TOWNS
Municipal Garage Bonds.
5s’21 A-O $3 ),000..Apr 1 ’27-’41
Municipal Bldg. Loan 1924.
4s ’24 J-J $270,000..July 1 ’27-’44
Paving Bonds.
4^s’19 J-D 15.000..June 1 ’27-’29
...’--------5J4s
2O J-D 20,000. .June 1 ’27-’3O
5s ’21 F-A 12,500. .Feb 1 ’27-’31
5s ’21 A-O 15.000._0ct 1 ’27-’31
3,000.. Oct 1 1926
5s ’21 A-O
_ ’22 M-N 30,000.-May I ’27-’32
4s
4Xs’22 J-D 20.000. .June 1 ’27-’27
4^s’23 J-D 20,000.-June 1 ’27-’28
4J4s’23 J-J 20,000—July 1 ’27-’28
4Xs’24 M-N 96,000..May 1 ’27-’29
4s ’23 M-N*56,000-.May 1 ’27-’33
Fire Protection Bonds.
4s '06 J-J *$10,00(lc.July 1 ’27-31
5s’21 F-A 16,000..Aug 1 1926
Water Bonds.
4s 06 J-J *$60,000___ July 1 936
4s ’16 J-D *30,000c.June 1 ’27-’36
4Xs’22 M-N *6,000.-Nov 1 ’26-’27
_s ’25 F-A 200,000____ 1926-1945
Hospital Loan.
4s ’24 J-D$182,000.-Yearly Dec 1
Paving & Sewer Bonds.
4s ’25 M-N$266,000 ___ 1927-1945
Bridge Loans.
4s '15 A-O*$190,000c.Apr 1 ’27-’45
4s’14 J-J I *136,000c. July l’27-’34
1160,000c.. July 1 '34-’44
4s ’15 M-Nl50.000c.Nov 1 '26-’35
4)4s’17 M N 82,500..May 1 ’27-’37
4s ’17 M-S 9 000.-Sept 1 ’26-’37
4^s’18 J-D 72,000..June 1 ’27-’38
5s ’19 J-D 28,000.-Dec 1 ’26-’39
Filter Building Loan.
4J4sT8 J-D $39,000.-Dec 1 ’26-’38
Sidewalk Bonds.
4Xs’22 J-D
5,000..June 1 1927
4^s’23 J-D 10,000.-June 1 ’27-’28
Memorial Park Bonds.
4s ’25 M-N$100,000-Nov 1 ’26-’45
Public Building Bonds.
4s '26 A-O $240,000 ____1927-1946
TOT. BD. DT. Jan 1 ’26-$5,593,568
Debt, outside limit (incl). 2,853,000
Sinking fund (water)____
20,452
Borrowing capacity Jan 1
1926__________________ 366,226
Temp’y loan debt (add’l). 700,000
Assessed val., real_______94,714,125
Assessed val., personal__ 34,514,808
Total valuation 1925____ 129,228,933
(Assessment about market value.)
Tax rate (per $1,000) 1925----- $28 00
Pop’n 1910, 85,892: 1920, 94,270
INT. paid at Old Colony Trust Co.
in Boston and by City Treasurer.
* Issued outside debt limit.
CITY PROPERTY.—The city
owned property on Jan. 1 1926 valued
at $7,848,900._____
LEOMINSTER.
This town is in Worcester County.
Incorp, as city May 13 1915. Popula­
tion 1910, 17,580: 1920, 19,745.
Town Hall Bonds.
4s ’13 M-S $52,000..Sept 1 ’26-’33
4s’14 ... I $1,800.Nov 1 1926
t 1,000—Nov 1 1927
Water Works.
4s’95&’96A-O. .$29,000 Oct 1 1926
4s ’24 A-O 28,000 _____ 1926-1939
4Xs’24 ... 12,000_____ 1926-1937
4s’25 J-D (20,000--June 1 ’26-’35
1 5,000—June 1 ’36-’4O
Sewer Bonds.
4^s’23 J-J $2,000.-July 1 ’27-’28
School Bonds.
3^s’ll
$6,000____ 1926-1931
4^s’19 A-O $14,000c___ 1926-1939
4Ms’22 J-J 28,000c.July 1’27-’4O
Paving Bonds.
5J4s’2O — 6,000--------1926-1930
23,000------- 1926-1930
5)4s’2O
3,000------- 1926-1928
5Xs’21 ...
4s ’22 ... 10,000_____ 1926-1927
4Xs’23 —
7,000_____ 1926-1932
4^s’23 ... 13,000------- 1926-1933
4Jis’25 M-Nf 12,000c. Sept 1 ’26-’28
1 6,000c.Sept 1 ’2S-’30
4J£s’25 ... 10,000------- 1926-1935
Bridge Bonds.
4s ’25 J-D f$20,000-June 1 ’26-’35
( 10,000-June 1 ’36-’45
Pavement and Sewer Bonds.
4Jis’22 J-D $3,000c.June 1 1927
4>4s’21 J-J (8,000--July 1 ’27-’3O
1 3.000--July 1 '31-’33
“City Stables Loan” Bonds.
4Jis’22 M-N$14,000c.Nov 1 ’26-’39
TOT. GR. DT. Jan 1 ’26- $373,000
Deductions—Water debt.
94,000
Sinking funds___________
31,265
Borrowing cap. Jan 1 ’26- 234,000
Total val. 1925__________ 21.761.870
Total tax (per $1,000) 1925__ $28 00
INT. on 4Xs of 1922 at the F rst
Nat. Bank, Boston; on part of other
debt at Boston Safe Deposit & Trust
Co.; remainder at office of Treasurer.
LEXINGTON.
This towr ,c ’n Middlesex County.
Incorporated in 1713.
Street Improve ient Bonds.
4^s’17 ... $2,000............................
4J4s’17 ...
1,000............................
6s ’20 ...
1,090.................._.
4)<s’22 ... 12,500...........................
4Xs’22 ... 7,000...............................
4s ’24 ... 13,000_________ _____
School Loans.
4s '12 ... $15,000........................
4s ’15 ... 20,000............................
4^s’19 ... 46,000............................
6s ’20 ...
2,000........................
4s ’24 ... 326,000......... .............. .
4s’25 ... 91,500______________
Park Loan.
4J£s’13 ... $18,000............................
Sewer Loan.
•4s T5 ... $60,000............................
4s ’24 ...
9,000.............................
4s’25 ... 31,000______________
Trust Fund (Refunding) Loan.
4s TO ... $10,00b............................
Highway Bonds.
5%s’21... $10,000....................1926
Cemetery Loans.
4J4s’17 ... $2,000..............
434s’18 ...
3.000............................

Water Loans.
4s T2 ... $7,500.............................
5^s’21...
4.000.......... ........ 1926
4s ’22 ...
4,000______________
4Xs’24 ... 19,950______________
4Xs’24 ... 10,000______________
4s ’24 ... 28,000.......... ................ ..

[Vol. 122.
4s’24
4s ’25

F-A 18,000_________ 1934
M-N(44,000c.May 1 ’27-’3O
150,000c.May 1 ’31-’35
4s ’25 J-J (15,000--July 1 ’26-’3O
110,000--July 1 ’31-’35
4s ’26 M-N/60,000c.May 1 ’27-’31
155,000c.May 1 ’32-’36
Uss ’9^
99 non
Charitable Bequests.
BOND. DEBT Jan 1 r26- ’$7’74",450 6s '71 M-S $25,000 ......... Perpetual
Water debt (incl.)______
95,450 6s '17 A-O *1,000 ____ Perpetual
* Paid back to donors.
Temporary loans (add’l).. 200,009
Assess, val. real_________ 12,791.500
Police Bonds.
Assess, val. personal____ 1.856,951 4s T3 F-A $5,850___ Feb 1 1933
Total val. 1925................ ..14,648.461
Macadamizing Streets.
Tax rate (?er $1,000) 1925-__ $35.70 4J<s’22 M-N 5,000-.Mayl 1927
5,000—Junel 1927
Pop’n. 1910, 4.918; 1920. 6.350. 4^s’22 J-D
INT. payable at Fourth Atlantic 4Xs’22 F-A 10,000--Aug 1 ’26-’27
National Bank, Boston, and Lexing­ 4J4s’23 M-N 20,000 -June 1 ’27-’28
ton Trust Co., Lexington.
4s ’24 M-N 48,000c.Nov 1 ’26-’29
4s ’25 M-N 52.000c.May 1 ’27-’30
LITTLETON.
4s
'26 M-N 75,000c.May 1 ’27-’31
This town is in Middlesex County.
Fire Department.
School Notes.
5>£s’21 J-D $10,000--June 1 ’27-’31
4Xs
... $34,000_____ 1926-1942 4%s’21 J-D
2,000 -Dec 1
1926
BOND. DEBT Mar 30’26. $83,850 4J4s’23M-N (24,000c.May 1 ’27-’38
Water debt incl.)_______
35,100
( 5,000c.May 1 ’39-’43
Assess, val., real_________ 1,776,985 4Xs’24 J-J 45,000c.July 1 ’27-’29
Assess, val., personal____ 434,270
Health Bonds.
Total assess, val. 1925___ 2,211,255 4s T3 J-J $2,700___ Jan 1 1933
Tax rate (per $1,000) 1925__ $24.70
Sidewalk.
Population 1910, 1,229; 1920, 1,277 4 Ks’22 A-O $4,000c. Apr 1
1927
4Xs’23 M-N 4,000c. June 1 ’27-’28
School.
LINCOLN.
15 F-A 15,000___ Aug 1 1934
This town Is In Middlesex County. 4s ’’15
M-N 68,750___ Nov 1 1935
Incorp. Apr. 23 1754. Population 4s
4s ’16 F-A 60,000___ Feb 1 1936
1910, 1,175; 1920, 1,042.
4s
’
16
M-N 36,000___ May 1 1936
Water. (Int. at 1st Nat. Bk. Bos.)
T6 J-D 9,000___ Dec 1 1936
3J4s J-D$23.000____________ 1932 4s
4s ’17 M-S 40,000___ Mar 1 1932
3^s
M-S
9,000__________ 1932 4>£sT7
98,000--Aug 1 ’26-’37
3J^s
M-N 5,000........
1934 4>$sT7 F-A
F-A 2,000c.Aug 1 ’26-’27
4s
M-S
5,000__________ 1934 4^s'19
F-A
20.000
Feb 1 1934
4s
M-S 14,000- —......... -.1936 4Hs’19 A-O 120,000___
___ Apr 1 1939
4s
M-S
4,000_________ 1937
M-S 24,000c.Sept 1 ’26-’34
4s ’07 M-S 1,000c—$500 yearly 4!^sT9
’2O A-O 210,000c.Apr 1 ’27-'40
BOND. DEBT Jan 1 ’26— $61,000 4Jis
000c.Sept 1 ’26-’4O
Water sinking fund______
41,425 5s ’20 M-S 300,
115,000c_Apr 1 ’26-’31
Assess, val. real__________ 2,019,425 5s'21 A-O (l220,000c.Apr
1 ’32-’41
Assess, val. personal____
829,361
’21 A-O 15,000c.Apr 1 ’27-’41
Total val. 1925________ 2,348,836 5s
5Xs
’
21
J-J
15,000-.
July
’41
Tax rate (per $1,000) 1925___$20.00 5Ks’21 F-A 26,000--Aug 11 ’’2726-’38
43As’21 J-D 432.000c.Dec 1 ’26-’41
4J<s’24 A-O 30,000 _____ 1927-1941
LONGMEADOW.
4 town in Hampden County. In 4s '25 M-S 19,000c.Mar 1 ’27-’49
corporated in 1783.
4s ’14,eM-N $25,000........ May 1934
Water Bonds.
M-N 10,000........ Nov 1934
4s’ll
... 2,5900....................... .. 4>$s'14
T5 J-J 22,000........ Jan 1935
4s '24 A-O 8,000c..Oct 1 ’26-’29 4s
4s T5 F-A 11.000........ Aug 1935
Refunding Bonds.
4s T6 M-S 24,000........ Mar 1936
4s ’ll
... $2.850.......................
4s T 7 F-A 39,000........ Feb 1937
Pavement Bonds.
4>£sT7 M-N 8,000....Nov 1 1932
4s’22 ... $16,000......................
4>£sT8
M-S 24,000....Mar 1 1936
4s ’22 ...
6,000______ ____
4>£sT8 M-S 19,000___ Sept 1943
4)4s’23 ...
16,000----------------4^s’19 J-J
36,000___ Jan ’27-’44
4^s’23 ...
9,000___________
4^s’19 J-J
13,000___ July ’27-’39
Sewer Bonds.
4^s’19 M-S 4,000--Sept 1 ’26-’29
4^s T4 ... $1.500.......................
4?asT9
J-D
4,000-.Dec 1 ’26-’29
4^s’23 ...
7,000___________
4>6sT9 J-D 18,000c.June 1 ’27-’44
4s ’24 A-O 24,000c..Oct 1 ’26-’49 4J<s
’2O F-A 42,000___ Feb 1 1944
School Bonds.
M-S 15,000„Sept 1 ’26-’4O
4s T6
... $3.000........................... 5s ’20
20 J-D 15,000.-Dec 1 ’26-’40
5s ’21 ... 148,000______________ 5s ’’21
J-D 20,000-.June 1 ’27-’46
4s ’24 A-O f 6,000c—Oct 1 ’26-’27 5s
5s’21 J-D 20,000.-June 1 ’27-’46
(34,000c—Oct 1 ’28-'44 4J<s
’21 J-D
6,000--Dec 1 ’26-’31
Street Bonds.
5s ’21 M-S 21,000--Sept 1 ’26-’46
4Jfs’19 A-O 14,000c..Oct 1 ’27-’29 5s
’
21
F-A
21,000-Aug 1 ’26-’46
BOND. DEBT Jan 1 ’25- $304,850 4Xs’22 A-O 42.000c.Apr
’47
Floating debt (add’l)____
45,000 4Xs’22 F-A 27,000--Aug 11 ’’2726-’52
Cash on hand Jan 1 ’25__
14,852
134,000c.June 1 ’27-’43
Total val. 1925................... 7,344,744 4Xs’23M-N tl0.000c.June
1 ’44-’53
Tax rate (per$l,000) 1925___ $33.90 4&s’23 J-D 24,000_________
1948
Population 1910. 1.081: 1920, 2,618 4J<s
’24M-N (36,000c.May 1 ’27-’44
INT. on 4)4s of 1919 and bonds of
1 ’45-’54
1924 payable at the First National 4J£s’24M-N JllO.OOOc.May
24,000.-May 1’27-’38
Bank, Boston.
(16,000c .May 1 ’39-’54
4s ’24 A-O (42,000c..Oct 1 ’26-’39
LOWELL.
130,000c.-Oct 1 ’40-’54
This city is In Middlesex County. 4s ’26 M-N 90,000c.May 1 ’27-’56
Inc. as a town in 1826, as a city Apr.l
and Highways.
1836. Commission govt, adopted 4s Streets
T2 F-A $14,000____ Aug 1 1932
Nov. 7 1911. Councilmanic form of 4s
T6 J-D
1,400____ Dec 1 1926
government adopted Jan. 2 1923.
4J^sT9 M-S 8,000____ Sept 1 1926
Bridge.
4)48.19
J-D
6,OOOc.June
1
’27-’28
4s T6 J-D $87,500___ June 1 1936 4)is’22A-O 42.000c.Apr
1 ’27-’32
4Xs’17 M-N il.000c.May 1 ’27-’37
’23 M-N 21,000c.June 1 ’27-’33
4^s’19 A-O 13,000—Apr 1 ’27-’39 4Xs
1 ’27-’35
5s ’20 M-N 8,000..May 1 '27-’3O 4s ’25 M-N(18,000c.May
1 ’36-’55
5^s’2O J-J 48,000..July 1 ’27-’38 4Xs’23 M-N 120,000c.May
18,000
_________
1933
5s ’21 A-O 42.800c.Apr 1 ’27-’41
Water.
4)is’21 FA 30,000—Feb 1 ’27-’41
........ Sept 1932
4Xs’22 F-A 34,000--Aug 1 ’26-’42 4s T2 M-S (($17.063
14,625____ Sept 1932
41£s’22 M-N 17,000--Nov 1 ’26-’42
_____Sept 1932
4Xs’23 M-N 57,000—._______ 1943 4)4s’13 F-AI 17,062
_____Aug 1933
4)£s’24 M-N 8-OOOc.May 1 ’27-’34 4s T4 F-A 52,500
12,500
_____Aug 1944
Playground Bonds.
4s T5 A-O 176,000____ Apr 1335
4s T7 A-O
3,500__________ 1931 5s
J-D
2,000___ Dec 1 1926
4Xs’22 F-A $7,5 '0-_Aug 1 ’26-’42 4s ’’21
25 J-J 75,OOOc.July 1 ’26-’40
4J4s’22 F-A
2,000.-Aug 1 ’26-’29
Hospital Bonds.
4Rs’24J-J 18,000__________ 1929 4J4s
’13 J-J
$3,150__________ 1933
4s ’24 F-A 11,000__________ 1935 4s T6
J-D 30,000...-Dec 1 1936
Park.
’17 M-N 40,000___ May 1 1932
4^s’17 F-A $12,000c.Aug 1 ’26-’37 4J£s
J-J 55,000c.July 1 ’27-’37
4s T6 J-D
3,740____ June 1946 4)4sT7
4)4s’17 M-N 12,000c.Nov 1 ’26-’37
4^s’17 F-A 13.000____ Aug 1937 4)4sT9
J-D 12,000c.June 1 ’26-’32
534s’2O M-S 7,000..Sept 1 ’26-’32 4J4s
’19 F-A 13,000--Feb 1 ’27-’39
4)4s’21 J-D 26,000__________ 1937
Auditorium Bonds.
4Xs’22 M-N
6,000--------------1927 5s Memorial
20 M-S$160,000 ________ 1940
4Xs’22 F-A
3,000_________ 1930 5s ’’21
M-S
208,000c.Sept
26-’41
4Xs’23 M-S 11,000_________ 1935 4Ms’22 A-O 42.OOOc.Apr 11 ’’2732
4Ms’23 M-S
9,000_________ 1933 5s '21 A-O 150,000.-Apr 1 ’27-’’41
4Ks’23 M-N
7,200_________ 1939 4J4s’19 J-D 92.000--June 1 ’27-’39
4s’22 M-N 18,000_________ 1942 5s Y0 M-S I50,000c-Sept 1 ’26-’40
4Xs’22 M-N 2.000--May 1 ’27-’27
Bath House Bonds.
4Xs’22 F-A
7,500--Aug 1 ’26-’3O
J-J $12,000--July 1 ’2.-’32
4)is’22 F-A 13,5 0—Aug 1 ’26-’52 4)£sT9
and Hospital Bonds.
4)4s’22 F-A 23.000___ Aug 1 1947 4J4school
’
19
F-A
.Feb 1 ’27-’34
4Xs’23M-N 2,000c.May 1 ’27-’3O 434s’19 A-O $16.000104,000-_Apr 1 ’27-’39
Paving.
Street
Bonds.
4s T6 J-D $10,000........ Dec 1926 6s ’20 M-S $2,000... Sept 1 1926
4s T7 M-S 15.000____ Mar 1927
’22 M-N 16,000--May 1 ’27-’42
4%s’18 A-O 10,000--Apr 1 ’27-’28 4sBoulevard
Construction Bonds.
4^s’19 M-S 8,000--Sept 1 ’26-’29 4)i's’23M-N $14,000c-May
4J4s’19 M-S 7,500--Mar 1 ’27-’29 TOTAL GROSS DEBT 1 ’27-’33
4^s’19 M-N 3,000--May 1 ’27-’29
May 10 1926---------------$6,014,120
5s ’20 A-O 32,000..Apr 1 ’27-’3O Exempted
debt—
5Hs’21 J-D 40,000.-June 1 ’27-’31
Water
bonds. $245,750
5^s’21 A-O
6,000--.Oct 1 1926
Other
bonds.
-2,'558,200
4 Xs'22 A-O 30,000c—Apr 1 ’26-’32
------------ 2,803,950
4Xs’22 F-A 15,000_____
1927
NET
DEBT
____
_____ ..$3,210,170
4Xs'22 M-S 15,000__________ 1927
4Xs’22 F-A 35,000.-Aug 1 ’26-’32 Borrowing capacity___ $287,918.80
4Ks’22 M-N 70,000c-Nov 1 ’26-’32 Assess, val. 1925 _______ 145,064,684
4Ms’23 M-N 35,000c.June 1 ’27-’33 Tax rate (per $1,000) 1925__ $31.80
4Xs’24M-N (36.000c.May 1 ’27-’29 Population TO. 106,294; ’20. 112.759
INT. at First Nat. Bank. Boston.
155,000c.May 1 ’30-’34

June, 1926.]
LUDLOW.
This town is in Hampden County.
Sewer Bonds.
5Jis’21 J-J $13,000c .July 1 ’27(-’31
School House Extension Bor(ds.
5Xs’21 J-J $30,000c. July 1 ’27p41
4^s’21 A-Oi 12.000c.0ct. 1 ’26L’31
1 10.000c.0ct. 1 '31-’41
4Ks’25 A-O 147,500c..Oct 1 ’2&-’45
High School Bonds.
4s '09 J-J $6,000c.Jan. 1 ’27r’29
BOND. DEBT, Jan. 1 ’26- $224)500
Assessed value, real_______5.819J373
Assessed value, personal__ 4,041J803
Total as.-e.ssed value 1925 9,861 Il76
Total tax rate (per $1,000) ’25-$32.70
Population-1910. 4,948; 1920. 7,470.

LYNN.
This city is In Essex County. Inc.
April 10 1850. Commission govern­
ment adopted Oct. 11 1910. Councilmanic form of government adopted
Jan. 1 1918
399,000 _____ 1926-1932
4^s
296,000_____ 1926-1933
4Xs
4s
26,000 _____ 1926-1933
--. 495.000 ____ 1933-1943
4s
Bldg, and Equip. Bonds.
4s ’14 J-J $4.000r_July 1 ’27-’34
4Ks’24 J-D 10,000r___Dec 1 1939
Municipal Loan.
4s ’12 M-N*$21,000r.Nov 1 ’26-'32
4s ’13 J-D *10,300r—Dec 1 ’26-’32
♦l,300r--.Dec 1 1933
4s
J-J |4,000c.Juiy 1 ’27-’3O
500c--.July 1 1931
Paving.
1 ,000r___ Nov 1 1926
4s ’16 M-N
4s ’17 A-O 10,000r-_- Apr 1 1927
4 >4s’19 M-S 12.000r.-Mar 1 ’27-’29
4%s’2O A-O 24,000c.-Apr 1 ’27-’3O
5s ’20 M-S 25,000r.Sept 1 ’26-’3O
3,000c.-- Aug 1 1926
5s ’21 P-A
3,000r—- Oct 1 1926
514s’21 A-O
2,000r_._ Oct 1 1926
5Ks’21 A-O
3,000r_„ Oct 1 1926
514s’21 A-O
2,000r-_- Dec 1 1926
41is’.21 J-D
6,000r__Dec 1 ’20-’31
4^s’21 J-D
6,000r-.Dec 1 ’26-’31
414s’21 J-D
2,000r-.. Oct 1 1926
5Ks’21 A-O
2,000r . Oct 1 1326
534s'21 A-O
4Ks’22 E-A 35,000c Aug 1 ’26-’32
4Ks’22 F-A 22,000c Aug 1 ’2fl-’27
_______
4tfs
’22 F-A 28,000c. .Aug 1 ’26-’27
414s
J-J 42,OOOc-July 1 ’27-'28
Sidewalk Paving Bonds.
4 Ms J-J $56,000c. July 1 ’27-’28
4s ’24 J-D 40,000c—-Dec 1 1929
4s ’25 J-J 50,000c-July 1 ’26j-’30
Land and Municipal Purposes.
414s’19 J-D $4,000c—Dec 1 ’26-’29
School Loans.
4s ’07 M-N *«26,000r...Nov 1 1927
4s '08 F-A 15,000r. ..Aug 1 1928
4s '08 M-S *12,000r*Mar 1 ’27-’28
4s ’09 M-S 16,000r_ ..Sept 1 1929
314s’09 M-N 35,000r._.May 1 1929
4s ’09 A-O 18.000r...Oct 11929
314«’09 M-S *7,500r..Mch 1 ’27-’29
3Hs’09M-N *6,000r.May 1 ’27-'29
4s ’10 F-A 16,000r_Feb 1 ’27-’30
4s ’ll J-D *25,000r.June 1 ’27-’31
4s ’12 M-N 3,500r.Nov 192&-’32
4s ’13 F-A ( l,000r___ Feb 11927
t 3,000r_.Feb 1 ’28-’33
4Ms’13 A-O 21.000r-Apr 1 ’27-’33
4s H4 A-O I 4,000r.Apr 1 ’27-’3O
I 2,000r.Apr 1 ’31-’34
4s ’14 F-A 12.000r.Feb 1 '27-’34
4s ’14 J-D* 80.000r.June 1 ’27|-’34
414s’14 A-O * »O.OOOr.Oct 1 ’26-’34
4s’15 M-S fl8,000r_.Mar l’27-’29
(30,000r_.Mar 1 ’30-’35
4s '15 M-S 45.000r-.Mar l’27-’35
4s ’16 M-S (20,000r._Marl’27-’31
ll5,000r-.Mar 1 ’32-’36
4s ’16 M-S 44.000r.Sept 1 ’26-’36
4s ’16 J-J I12.000r.July 1 ’27p32
1 4,000r.July 1 ’33-’36
4s ’17 M-S 55.OOOr.-Mar 1 ’27-’37
3,000r__Dec 1 ’20-’28
4s ’18 J-D
414 s’19 A-O 26,000r.-Apr 1 ’27-’39
414s’19 F-A 28,000c.-Aug 1 ‘26-’39
F-A
5s ’21 “
' *80,000c.-Aug 1’26-’41
4s ’24 J-D 15,000c—-Dec 1 1939
4s ’24 J-D*172,000c...Dec 1 1939
414s M-N *340,000c.Nov 1 ’26-’43
414s M-N *425,000c.Nov 1 ’26-’43
Drainage Bonds.
4s’ll M-N I $9,000r.-Novl’26-’31
1 10,000r—Novl ’32-’41
4s ’08 M-S 30,000c—-Mar 1 1938
314s’O9 M-S 30,000r_..Mar 1 1939
4s’12 M-S ( 7,200r—Marl’27-’32
tll.OOOr—Mar 1 ’33-’42
4s'14 M-S 18,000r_.Mar 1 ’27-’44
4s’15 M-S 9,000r-.Marl’27-’35
4s ’ 16 A-O $20,000r—Apr 1 ’27-’46
414s’17 F-A 18,000r..Augl ’27-’27
♦Water Loan.
4s ’98 J-J $25,000r.„July 1 1928
4s ’99 J-J“ 25,000r—-July 1 1929
25,000r„ .July 1 1927
4s ’97 J-J
4s '98 A-O 10,000r—.Oct 1 1928
4s '00 J-J 25,000r.„Jan 1 1930
4s '00 A-O 25,000r___Oct 1 1930
3Ms’Ol J-J 25,000r—.July 1 1931
3Ms’O2 J-J 75,000r—Jan 1 1932
314s’62 A-O 325,000r._.Apr 1 1932
4s ’ll J-D 37 500r.June 1 ’27-’41
4s ’ll J-D 45,000r_June 1 ’27-'41
4Ms’13M-S 56.000r.Sept 1 ’26-’33
60.000r.Sept 1 ’34-'43
108,000r.Nov 1 ’26-’43
4s’14 M-N126,000r__Nov 1 ’26-’43
4s’15 J-J 57,000r__July 1’27-’45
4Ms’2O A-O 22,000c. Apr 1 ’27-’48
4Ms’21 J-D
2,000r__ Dec 1 1926
2,000r._ Oct 1 1926
5Ms’21 A-O
5s ’21 F-A 52,000c. Aug 1 ’26-’58
4,000c. _.Aug 1 1926
5s ’21 F-A
4Ms’22 F-A 22,000c. .Aug 1 ’26-27
4s
J-J 25.000c.July 1 ’27-’28
4s ’24 M-S 28,000c.Sept 1 ’26-’29
4s. 24 M-S (16,000—Sept 1 ’26-’29
l30.000c.Sept 1 ’30-’39
4s ’25 J-D 14,000c.Dec 1 ’26-’39
4s
J-D
8,000c.Dec 1 ’26-’29
4s
A-O 25,000c. _Oct 1 ’26-’4O
J-D 30,000c. Dec 1 ’28-’3O
4Ms
J-D 10,000-cDec 1 ’26-’35
4Ms
J-D 10,000c-Dec 1 ’26-’3O
4Ms
4s ’25 J-J 85,000.-July 1 ’26-’3O
4s ’25 J-J 15,000c. July 1 ’26-’40




MASSACHUSETTS—CITIES & TOWNS
Sidewalk Bonds.
5Ms’21 A-O $2,000r._ Oct 1 1926
4s ’24 M-S 40,000c-Sept 1 ’26-’29
4s ’24 J-D 25,000c...Dec 1 1939
Public Improvements.
3Ms’10 M-S $37,000r-..Mar 1 1940
4s ’12 M-N 12.000r.May 1 ’27-’32
4Ms’13 M-S 17,000r__Mar 1 ’27-’43
4s ’14 M-S 4,000r.Sept 1 ’26-’29
4Ms’25 -.- 205,000........... 1926-1945
Street Improvement.
3 Ms’05A-O»$l25,000r ..Apr 1 1935
4s ’08 J-D 13,000r ...Dec 1 1926
4s’19 M-N 2,700r..Novl’26-’28
4s '19 M-N 2,400r-.Nov 1’26-'28
4Ms’2O A-O 12,000c.-Apr 1’27-’3O
4Ms’21 J-D
6,000r.Dec 1 ’26-’31
5s ’21 F-A ( 9,000c-. Aug 1 1926
140,000-CAug 1 ’27-’31
J-J 49.000c.July 1 ’27-’33
4 Ms
4s ’24 M-S 12,000c-Sept 1 ’26-’29
lO.OOOc.Sept 1 ’30-’34
4s ’24 M-S 80,000c.Sept 1 ’26-’29
4s ’24 J-D 45,000c-. .Dec 1 1929
4s ’24 J-D 30,000c. ..Dec 1 1934
4s ’25 J-J 100,000c. July 1 ’26-’3O
4s '25 J-J 50,000c.July 1 ’26-’35
Floating Bridge Bonds.
4Ms’19 J-Dl *4,000c._Dec 1 ’26-’27
1 2,000c.—Dec 1 1928
4Ms'22 F-Af*20.000c-.Aug 1 ’26-’3O
1 *2,0P0c_.Aug 1 ’31-’32
Municipal Bldg. & Drainage.
4s’16 M-N$10,000r.Nov 1 ’26-’35
500r_„Nov 1 1936
Sewer Loan.
4s ’97 A-O*$100,000r..Apr 1 1927
4s '08 J-D ll.OOOr—.Dec 1 1928
4s ’17 A-O f 6,000r..Apr 1 ’27-’29
{l8,000r..Apr 1 ’30-’47
4M«’19M-S 115,000r__Mar 1’27-’29
180,000r-.Marl’30-’49
4 Mr 19 F-A 24.000c.. Aug 1 ’26-’49
4Ms’19 F-A ’ 8,000c. .Aug 1’26-’29
20,000c. .Aug 1 ’30-’49
4Ms’2O A-O 72,000c-Apr 1 ’27-’5O
5s ’21 F-A 22,000c. Aug 1 ’26-’36
15,000c.Aug 1 ’37-’51
4s '22 F-A
8,000c-.Aug 1’26-’27
75,000c. .Aug 1 ’28-’52
6,000c.July 1 ’27-’28
4Ms
J-J
50.000c.July 1 ’29-’53
4s ’24 M-S (28,000c.Sept 1 ’26-’39
115,000c. Sept 1 ’40-’54
4s ’24 J-D 10,000c...Dec 1 1934
4s '25 J-J 25,000c.July 1 ’26-’5O
4s ’25 J-J *300,000c.July 1 ’26-’55
4s ’26 M-N900.000c.May 1 ’27-’56
Concrete Culvert.
3Ms O9 J-D $10,000r-.-June 1 1939
Land Bonds.
4s ’19 J-D
$390r.Dec 1 ’26-’28
Playground Impt. Bonds.
4s _ J-J *?5.000r_ _ July 1 ’26-’34
Stables & Hospital Addition Bds.
4Ms’14 M-S ($2,000r.Sept 1 ’26-’27
1 3,500r.Sept 1 ’28-’34
Street Paving & Harbor Impt.
3Ms’16 A-O $3,000c._ Oct 1 1926
Library Site.
4s ’16 A-O
$300r-._ Oct 1 1926
School Library & Drain.
4Ms’18 F-A f$7,000r..Aug 1 ’26-’32
1 500r...Aug 1 1933
Bldg., Drain, Parks & Grounds.
4Ms’2O A-O $14,000c.-Apr 1 ’27-’4O
City Stables & Pine Hill School.
5s ’20 M-S $45,000c. Sept 1 ’26-’4O
City Stables & Bldgs, and Dr’g
Parks & Grounds.
4Ms’21 J-D $16,000r-.Dec 1 ’26-’41
♦Cemetery Loans.
4Ms’21 J-D $30,000r__Dec 1 ’26-’31
4Ms’22 F-A 14.000c._Aug 1 ’26-’32
4Ms’25 J-J
7,000-..Jan 1 ’27-’33
4s ’25 J-J 20,000c.July 1 ’26-’35
♦Police Court House Bonds.
4s ’08 M-N*$42,500r-..May 1 1928
Engine House Bonds.
4Ms’24
$10,000_____ 1925-1934
Hospital Bonds.
4s ’25 J-J*$100,000c.July 1 ’26-’45
Incinerator Bonds.
4s ’25 J-J $120,000.-July 1 ’26-’45
Loans marked (*) are authorized
by special Acts of Legislature in ex­
cess of the city's legal debt limit.
TOTAL DEBT, &C.—Jan. 1 1926
Munic. loansfinside limit) $2,706,690
Special loans (outside limit)2,150,800
Water loans (outside limit) 1,499,000
Sinking funds—
For municipal Ioans__
147,814
For special loans_____
235,162
For water loans______
443,560
Total sinking funds_____
826,536
ASSESSED VALUATION.—
1924.
1925.
Real estate.$98,855,895$102,056,235
Personal-.. 17,005,180 17,765,430
Total_____ 115,861,075 119,821,665
Tax (per M)
$31.80
$35.80
Pop’n, 1910. 89,336; 1920. 99,148
INT. coupons at Old Colony Trust
Co., Boston, or at City Treasurer’s
office; other interest by Treas. only
MALDEN.
This city is in Middlesex County.
Inc. March 31 1881. All bonds are
coupon and registered interchange­
able.
School House Loans.
4s ’08 J-J $1,400-.July 1 ‘27-’28
4s ’17 M-S 6,000.-Mar 1 ’27-’32
4Ms’23 J-J 270.000.July 15 ’26-’43
4s ’24 F-A 285,000—Aug 1 ’26-’44
4s ’24 F-A (28,000.-Aug 1 ’26-’29
190,000.-Aug 1 ’30-’44
4s ’25 F-A 146,000.-Aug 1 ’26-’45
Drainage Loan.
3Ms’02J-J $15.000----July 1 1932
3Ms’O4 J-J 20,000 —-July 1 1934
4s ’08 J-J 10,000____July 1 1938
3Ms’09A-O 20.000 ——Apr 1 1939
4s ’ll J-J 24,000____ July 1 1941
4s ’12 J-J 10.000___ July 1 1942
4s ’14 A-O
8,000—Apr 1 ’27-’34
4s ’15 M-N 4.000-May 15 ’27-’3O
5s ’19 M-N 14,000--Nov 1 ’26-’39
5s ’20 A-O 14,000.-Apr 1 ’27-’4O
5s ’21 F-A 25,000—Feb 1 ’27-'51
4Ms’22 J-J 30,000--July 1 ’27-’52
4Ms’23 M-N 27,000.-Mar 1 ’27-’53
4Ms’24 J-J
4,000.-July 1 ’27-’3O
4Ms’25 M-N 4,000c_Nov 1 ’26-’31

Police-Station Loans.
4s ’06 J-J $2,000___ July 2 1926
Street Loans.
5s '20 M-N $5,000--Nov 1 ’26-’3O
4Ms’21 M-N 1,000—. May 1 1927
3Mf’O3 JvLnViO.OOO___ May 2 1933
3>£s’O4 M-N 10,000___ May 2 1934
3^s’04M-N 10,000-..-May 2 1935
4s ’08 J-J 20,000___ July 1 1938
3 Hs’09 A-O 20.000----Apr 1 1939
4s ’09 J-J 30,000___ July 1 1939
4s ’10 J-D 35,000____June 1 1940
4s 12 J-J
20.000--.-July 1 1942
4s ’13 A-O 40.000.---Apr 1 1943
4s ’14 M-S 18,000—Mar 1 ’27-’44
4s ’15 F-A 19,000.-Feb 1 ’27-’45
4s ’16 J-J (10,000—July 1 ’27-’31
115,000—July 1 ’32-’46
4s '14 M-S 1,000— Sept 1 1926
4s ’17 M-S 21,000.-Mar 1 ’27-’47
4>£s’18 M-N 10,000..Nov 1 ’26-’35
5s ’18 M-N 7,000—Nov 1 ’26-’32
4^s’19 A-O 13,000—Apr 1 ’27-’39
5s ’19 J-D
4,000—Dec 1 '26-’29
5s ’20 A-O 19,000.-Apr 1 ’27-’45
5s ’21 J-J 25,000-Jan 15 ’27-’51
5s ’21 M-N 25,000.May 15 ’27-’51
4Ks’22 F-A 26,000. .Feb 1 ’27-’J52
4Ks’23F-A15 27,000-Feb 15 ’27-’53
4Ks’23M-N15 13,000-Nov 15’26 38
4}£s’24 J-J
15.000—July 1 ’?7-’41
4s ’24 M-S 17,000 -Sept 1 ’26-’42
4J£s’25 M-S 34,000c-Sept 1 ’26-’55
Sidewalk Bonds
4Ks’22 A-O $8,000—- Apr 10 1927
4Ms’23 J-D 14,000.-June 1 ’27-’28
4Ks’24 J-J
15,000.-July 1 ’27-’29
Fire Department.
4s’17 M-S $1,000---Mar 1 1927
4s’18 J-J 110,000—July 1 ’27-’31
1 7,000.-July 1 ’32-’38
Hospital Bonds.
4s ’15 J-J $7,000.-July 1 ’27-’33
Public Parks.
4s’94 J-J $80.000___ July 3 1944
4s ’95 J-J $10,000___ July 3 1945
4s '97 J-J 10,000___ July 3 1947
4s'04 J-J 18,000--—July 1 1929
4s’07 J-D 25,000 ——Dec 2 1932
4s'09 M-N 10,000---Nov 1 1934
4s ’ll J-J
5,000—July 1 1936
4Ks’22 J-D 13,000.-June 1 ’27-’39
5s ’21 M-S 2,000.-Sept 1 ’26-’27
Water Construction.
4s ’01 M-S $12.000---Sept 1 1931
Paving Loans.
5s ’18 M-N $1 090-.. May 1 1927
4s '17 M-S 3,000.— Mar 1 1927
5s '18 M-S 2,000--May 1 ’26-’27
5s’18 M-S 2,000--Sept 1’26-’27
4Ms’19 F-A 16,0)0.Feb 15’27-’29
414s’19 F-A
3,000—Feb 1 ’27-’29
4Ms’19 F-A
3,000—Feb 1 ’27-’29
414s’19 A-O 21,000—Apr 1’27-’29
414s'19 F-A 15,000—Feb 1 ’27-’29
5s ’19 M-S 3,000—Sept 1 ’26-’28
5J4s’2QF-A 10,000—Aug 1’26-’3O
514s’2rM-S 60,000-Mar 15’27-’31
4Ks’21 J-D 12,000.June 15 ’27-’31
4Ks'22 M-S 36,000—Mar 1 ’27-’32
4Ks’22 F-A 102,000—Feb 1 ’27-32
4)4s’22 A-O
6,000.Apr 15 ’27-’32
4Ks’22 M-S 10,000—Mar 1 ’27-’32
4Ks’22 J-D 24,000.-June 1 ’27-’32
4Xs'23 J-D 44,000—June 1 ’27-’33
4Ms’23 F-A
4.090—Feb 1 ’27-’28
41is’23 A-O 18,000—Apr 1 ’27-’33
4Ks’23 J-D 46,000.June 15 ’27-’33
4Xs’23 J-D 24 000-June 15 ’27-’33
4s ’24 F-A (24,000.-Aug 1 ’26-’33
1 2,000___ Aug 1 1934
4Ks’24 F-A 32,000—Aug 1 ’27-34
River Improvement Bonds.
5s ’19 M-S $4,000—Sept 1 ’26-’29
Building Loan.
4s’25 A-O f$48,000c.Aug 1’26-’31
1 98,OOOc.Aug 1 ’32-’45
Debt Jan. 1 1926.
Total debt............................$2,615,600
Sinking fund, &c_______
327,085
Net debt______________ 2,288,515
Water debt (included in
the above total debt)__
12,000
Water sinking fund (incl.
in above sinking fund)..
20,720
Assessed val., real_______50,705,750
Assessed val., personal.__ 8,617,600
Total valuation 1925------- 59,323,350
Tax rate (per $1,000) 1925----- $32.20
Pop’n, 1910, 44,404; 1920. 49,103
INT. at First Nat. Bank, Boston.

MANCHESTER.
This town is in Essex County.
Inc. 1645. Population 1910. 2.673;
1920, 2,466.
Hospital Loan.
4Ks’24 — $38,000......... 1926-1942
Sewer Loan.
4s
J-J ($16,000.-Jan 1 ’27-’28
1105,000.-Jan 1 ’29-’43
Water Bonds.
4s ’08 M-S $8,000c—Jan 1 ’27-’34
BOND. DEBT June 1 1924 $229,006
Cash on hand__________
12,843
Total valuation 1925___ 12,126,280
Tax rate (per $1,000) 1925—$20 00
INT. at Old Colony Tr. Co., Bos.
MANSFIELD.
This town is in Bristol County.
Inc. 1775. Population 1910, 5.183;
1920, 6,255.
Water district of like name an­
nexed Jan. 1 1921.
School Bonds.
4s ’ll J-J $10,000—July 1 ’27-’31
4s ’15 J-J
4,000—July 1 ’27-’30
5Ks
F-A 15,000.-Aug 1 ’26-’40
_s
J-J 78,000............................
Municipal Light Loans.
4s ’ll M-S $9,000c_Sept 1 ’26-’34
4s
J-D
7,000___Junel 1935
4s
A-O
40,000___Oct 1 1933
4s
April 3,000___Apr 1 1934
4s
A-O 10,000—Apr 1 ’27-'36
Hospital Bonds.
5s
A-O $13,500--Apr 1 ’29-’38
Water District Bonds.
4s ’14 J-J $39,000c.July 1 ’27-’39
4s ’15 F-A 20.000c-Aug 1 ’26-’45
4s ’16 M-S 5,000—Mar 1 ’27-’31
4s
J-J 10,000___ July 1 1933

41
East Mansfield Water Extension
Loan.
4Ks’22 M-S $10,000—Sept 1 ’26-’27
West Mansfield Water Exten­
sion Loan.
4&s’22 M-S $10,000—Sept 1 ’26-’27
Street Railway Bonds.
4^s M-N15 $21,000.Nov 15 ’26-’39
Street Railway Notes.
4}^s
— $5,000___ Aug 1 1929
BOND. DEBT Jan 1 ’25— $322,500
Water debt (included)____
99,000
Sinking funds—Electric__
35,833
Water________________
36,204
Total valuation 1925_____ 7,104,530
Tax rate (per $1,000) 1925 —.$34.80
INT. at First Nat. Bank, Boston.
MARBLEHEAD.
This town is in Essex County.
Inc. 1649. Population 1910, 7,338;
1920, 7,324.
Street Bonds.
5)4s’21 F-A $6,000c-.-Aug 1 1926
Hospital Bonds.
4s ’25 M-N$44,000 c___ 1926-1934
Water Loans.
is 10 M-N $4,000c.May 1 ’27-’29
4Ms’23 M-N153,000c_May 1 ’27-’43
School House Bonds.
4s’12 J-D $28.000c____ 1926-1932
ts ’13 J-D 14,000c._June 1 ’27-’33
5,000c.June 1 ’27-’31
BOND. DEBT Jan 1 ’26-.$267,000
Water debt (included)____
164,000
Assessed val., real_______ 15,476,700
Assessed val., personal__ 1.450,310
Total valuation 1925.......... 16.927,010
Tax rate (per $1,000) 1925 —-$23.40
INTEREST is payable at Boston.
MARION.
This town is in Plymouth County.
Inc. 1852. Population 1910, 1,460;
1920, 1,288.
Water Loan
4Hs'08 J-J $38,000c—Jan 1 ’27-’38
TOT. DEBT Apr 16 ’24— $65,750
Water debt (included)____
52,000
Total val. 1925--------------- 3,969,210
Tax rate (per $1,000) 1925. — $25,60
INT. on water loan payable at Old
Colony Trust Co., Boston; on sewer
Ioan at Wareham Sav. Bank.

MARLBOROUGH.
This city is in Middlesex Co. Inc.
May 23 1890. Population 1910.
4,597: 1920, 15.028.
Sewer and Drains Bonds.
4s ’22 F-A
8,000..Aug 1 ’26-’29
4>£s’23 F-A 6,000—Aug 1 ’26-’28
4s ’24 J-J 18,000.-July 1 ’26-’34
4s’25 J-D 10,000.-June 1’26-’35
Departmental Equip. Bonds.
4s ’23 J-D $15,000—June 1 ’26-’28
4s ’24 J-J 12,000..July 1 ’26-’29
Fire Alarm Bonds.
4Ks’22 M-S $3,000—.Mar 21 1927
Sidewalks Notes.
4}£s’22 J-J $2,000—July 1 ’26-’27
4J4s’23 J-J
3,000—July 1 ’26-’28
4s*24 F-A
8,000--Apr 2 ’26-’29
4s’25 J-D 15,000--June 1 ’26-’3O
Soldiers Memorial Notes.
4}£s’22 J-D $7,000—June 1 ’26-’32
4^s’24 A-O 4,000--Oct 1 ’26-’29
Playground Bonds.
4Ks’23 — $46,000c . — .1926-1953
Sewer Bonds
4s ’04 J-J $12,000c. ..July 1 1929
4s ’08 M-N 13,000c...Nov 1 1933
4s ’10 J-J
lS.OOOc.July 1 ’27 ’35
4s’ll F-A
1,000c ..Aug 1 1926
4s '16 A-O (29,000c.Apr 1 ’26-'36
I 1,000c... Apr 1 1937
4J^s’19 M-N 6,125c.May 1 ’26-’32
5s ’20 M-S lO.OOuc.Sept 1 ’26-’35
5Xs’21 F-A 13,000c-Aug 1 ’26-’38
4Hs’22 M-N 2,000c.Nov 1 ’26-’27
4Ks’23 J-D
8,000—June 1 ’26-’33
4X ’23 M-S 3,000—Sept 1 ’26-’28
4s ’25 J-D 15,000--June 1 ’26-’4O
Paving Bonds.
4s ’16 F-A $3,000c— .Aug 1 1926
( 4,000c —Aug 1 1926
5Xs’2O F-A j 9,000c.Aug 1 ’27-’29
I 2,000c...Aug 1 1930
4J^s’21 F-A 18,000c.Aug 1 ’2fr-’31
4s ’22 F-A 10,000c — Aug 1 1926
Water Bonds
4s ’00 M-N$2Q,000c__.May 1 1930
4^s’22 J-J
2,000c ..July 1 1927
4Ks’23 J-D
9,000.-June 1 ’26-’28
4s ’24 F-A 16,000.-Aug 1 ’26-’29
4s ’25 J-D 10,000—June 1 ’26-’3O
4}£s’25 M-N 10,000..Nov 1 ’26-’3O
School Bonds.
4s ’15 F-A $17,500c.Aug 2 ’26-’32
4s ’23 M-S 70,000.-Mar 1 ’27-’33
4s ’24 M-N188,000.-Nov 1 ’26-’39
4Ks’25 M-N 20,000—Nov 1 ’26-’35
4Ks’25 M-N 35,000.-Nov 1 ’26-’3O
Police & Fire Station Loans
4s ’08 M-N $2,000c—-May 2 1927
TOTAL DEBT Jan 1 '26. 937.456
Water debt (incl.)______
119,000
Sinking fund (water)____
73,700
Sinking fund (general)__
22,883
Assessed val., real_______13,923,078
Assessed val., personal__ 8,333,990
Total valuation 1925____17,257,068
Tax rate (per $1,000) 1925__ $30.80
INT. at Merchants’ Nat. Bank.
Boston.
MEDFORD.
This city is in Middlesex County.
Inc. May 31 1892. Population 1910,
23,150; 1920, 39,038.
Notes Outstanding Dec. 31 ’23—
All bear 4% interest.
Due.
Amount. iDue.
Amount.
1924 ______ $1,300 1927............$7,000
1925 .......... None 1928......... 12,000
1926 ......... 15,0001
---------Total.................................. $35,300
♦Public-Building Bonds
4s ’16 J-J $100,000c.Jan 3 ’27-’36

MASSACHUSETTS-CITIES & TOWNS

42
MEDFORD (Concluded').
♦Play-Ground Bonds-

M-N .'.9,000c...May 1 1932
F-A (15,500s..Aug 1 ’26-’32
110.000c.. Aug 1 ’33-’42
4s ’25 J-J j 2,000___ July 1 1926
129,000--July 1 ’27-’55
Water-Works Bonds *
4s ’06 M-N/ 5,000 ...Nov 1 1926
1 3,000___ Nov 1 1927
4s ’24 J-J15/15,000cJuly 15 ’26-’29
|30,000cJuly 15 ’30-’39
4s ’26 F-A /70,000..Feb 1 ’27-’36
130,000—Feb 1 ’37-’41
Sidewalk Bonds
5Hs’21 F-A $2,000 ...Aug 1 1926
_s ’22 M-S 2,000—Sept 1 ’26-’27
_s ’22 M-N 2,000—Nov 1 ’26-’27
4s ’25 J-J 35,000.-July 1 ’26-’30
Voting Booth Bonds.
_s
M-S $1,000 ...Sept 1 1926
Department & Equip. Bonds,
s
M-N 8,000—Nov 1 ’26-’27
4Xs’25 J-D 25.000c.Dec 31 ’26-’30
School Bonds
4s ’07 M-N $14,000c...May 1 1927
4s’08 F-A 95,000c...Aug 1 1928
4s ’ll M-S 116,000c..Sept 1 ’26-’29
1 6,000c..Sept 1 ’3O-’31
4s ’12 J-J
6,000—July 1 ’27-’32
4s ’12 J-J *30,000—July 1 ’27-’32
4s ’13 J-J *35,000--Jan 1 ’27-’33
4s '14 J-J 10,000.-Jan 1 ’27-'34
4^s’14 M-S / 2,000—Sept 1 ’26-’27
1
500___ Sept 1 1928
4s ’15 J-D 14,400. .June 1 ’27-’35
4s ’16 M-S 10.000-Mar 15 ’27-’36
4s’16 J-J *68,750.-July 5’26-'36
4/4s’17 J-D
1,500c. June 1 ’27-’29
4^s’18 J-D
7,000—June 1 ’27-’33
4>4s
J-J
7,000—July 1 ’27-'33
.8
J-J
1,750.-July 1 ’27-’33
4s '16 A-O 133.000..Oct 2 26-’35
1 2.300___ Oct 2 1936
4J4s’18 A-O 26,000 —-Oct 1 ’26-’38
4/4s’19 A-O / 1.000c —Apr 1 1927
1 400c. ..Apr 1 1928
4/4s’19 J-J* ; 9,000c.July 1 '27-29
l20,000c.July 1 ’3O-’39
4J4s’19 F-A
3,000c.Aug 1 ’26-’28
5s ’20 J-D /lO.OOOc.Dec 1 ’26-30
1 5,000c.Dec 1 ’31-35
6s ’20 J-D 14,000.-June 1 ’27-'4O
5Hs’2O A-O
9,000—Oct 1 ’26-’34
5/4s’21 J-J /10,000—July 1 ’28-’31
1 5,000.-July 1 ’32-’36
5Hs’21 F-A / 2,000 —-Aug 1 1926
115,000—Aug 1 ’27-’41
4Hs’22 F-A*/315,000cAug 1’26-’4O
115,000c—_Aug 1 1941
-S ’22 J-J */18,000—July 1 ’27-’35
I 1,000. ...July 1 1936
4s ’24 J-D /54,000—Dec 1 ’26-’34
150,000-^Dec 1 ’35-’44
4s ’24 J-D 195.000.Dec 1 ’27-’39
4s ’25 J-J 36,000—July 1 ’26-’43
4s '25 J-J (70,000.-July 1 ’26-’39
1 3,000___ July 1 1940
Park Bonds.
4s ’00 F-A*$12,000r*..Feb 1 1930
4s ’02 J-J *20,OOOr*..July 1 1932
4s ’02 M-N*27,000___ Nov 1 1932
5J£s’2O A-O 15,000. Oct 1 ’26-’40

48’03
4s’12

Park & Playground Loan.

_s ’23. --- $10,000.-July 1 ’27-’45
Paving Bonds.

J-D
$500—-Dec 15 1926
J-J 14,000—July 1 ’27-’28
Sewer Bonds
4s ’09 M-N *$5,000c. ..May 1 1939
4s’09 M-S *5,000c.— Sept 1 1939
4s’10 M-S *t5,000c.—Sept 1 1940
4s '11 M-S *5,000c. —Sept 1 1941
4s '12 M-S *3,500—Sept 1 ’26-’32
4s ’13 F-A *3,500.-Feb 1 ’26-’33
4s ’13 M-N *9,000—Nov 1 ’26-’43
4s '14 J-D *9,500—Dec 1 ’26-’44
4s ’16 J-D *10,000—June 1 r27-’46
4/4s’18 J-D *1,000.-June 1 ’27-’28
4/4s’18 J-D
5,000—June 1 ’27-’36
6s ’20 J-D *9,000--June 1 ’27-’35
5Ks’2O A-O J 4,000—-Oct 1 ’26-’27
1 3,000. ..Oct 1 ’28-’3O
5/4s’21 J-J 10,000.-July 1 ’27-’31
5/4s’21 J-J *5,000.-July 1 ’27-’31
.s ’22 M-N*16,000.-May 1 ’27-’42
-S ’22 J-J *12,000.-July 1 ’27-’38
_S '22 M S
4,000.-Sept 1 '26 ’29
.s ’22 M-N 12,000.-Nov 1 ’26-’37
-S ’23 J-J
20,000.-July 1 ’27-’46
4s ’24 J-J15 22,000c July 15 ’26-’47
4s ’24 J-J15 29,000c July 15 ’26-’54
4s ’25 J-J 100.000_.July 1 ’26-’50
Street-1 rapt. Bonds.
4s ’16 M-S
$600___ Sept 1 1926
4^s’17 F-A
1.000c —Aug 1 1926
5s ’18 A-O 7.000.-Apr 1 ’27-’28
4/4s’19 A-O / 8,000—Apr 1 ’27-’28
1 2,000 ...Apr 1 1929
4J4s’19 J-J /12,000c.July 1 ’27-’28
1 2,000c. ..July 1 1929
6s ’20 J-D
4,000.-June 1 ’27-’3O
5Ks’2O A-O
5,000.—Oct 1 ’26-’3O
5J£s’21 M-N J 7,000 —-Nov 1 1926
1 1,000___ Nov 1 1927
-s ’23 J-J *(22,000 ...July 1 1927
>20,000___ July 1 1928
-S '23 J-J *(28,000.-July 1 ’27-’28
165,000.-July 1 ’29-’33
_s ’23 J-J 70,000—July 1 ’27-’33
4s ’24 J-J15 / 2,000c -July 15 1926
t 3,000c July 15’27-’29
4s ’24 J-J15 33,000c July 15 ’26-’34
24,000c July 15 ’26-’27
22,000c July 15 ’28-’29
40,000c July 15 ’30-’34
56,000.-July 1 ’26-’33
.s
.8

!

6,000___ July 1 1934
ionds.
4^s’14 J-J $1,000 ...July 1 1927
4s ’16 M-S
6,OOOc.Mar 1 ’27-’38
4s ’16 F-A
5,500.-Aug 3 ’26-’36
5s ’17 J-D
1,500—Dec 1 ’26-’?8
_s '21 J-D 10,000.Dec 15 ’26-’35
Fire Department Bonds.
4s ’12 J-J $3.600—July 1 ’27-’32
4^s’17 A-O 18,000c.Apr 1 ’27-’35
5s’17 J-D
1,500—Dec 1 ’26-’28
TOTAL DEBT Jan 1 ’24Inslde limit_____________ $922,500
Sinking funds___________
44,580
Outside limit...................... 1,359,750
Sinking funds__________
234,757
Assessed val., real______ 48,856,200
Assessed val., personal__ 4,325,600




[Vol. 122.

MILLERS’ FALLS WATER DIST.
Sewer Loan
Organized Mar. 18 1896.
3t4s ’02J-J $25,000___ July 1 1932
4J4s’23 J-J
2,000.July 26 ’26-’27 BOND. DEBT May 11 '26 $55,000
4/4s’24 M-N/36,OOOc.May 1 ’27-’44 Sinking fund_____________ 43,738
110,OOOc.May 1 ’45-’54 Assessed valuation 1925.. 1,727,257
4/4s’24 M-N 9,000c.May 1 ’27-’35 Tax rate (per $1,000) 1925__ $36.00
4s
’
25
F-A
5,000-Aug 15 ’26-’3O Population 1924 (est.)_______ 2,000
MELROSE.
11,000______________
This city is in Middlesex County. 4s ’26 -.MILLIS.
Inc a town 1850; city Mar. 18 1899.
Hospital Loan.
This town is in Norfolk County.
Auditorium Bonds (inside limit). 4/4s’24 M-N/$42 .OOOc.May l’27-’33
1 55,000c.May l’34-’44 Incorporated Fen. 24 1885.
4s
J-J $10,000--July 1 ’27-’31
BOND.
DEBT Jan 1 1926- $95,770
4s ’24 F-A 32,000--Feb 1 ’27-’42
Sidewalk Loan.
fund Water_____
7,581
4s
F-A
6,000.-Aug 1 ’26-’31
4/<s’24 M-N $6,OOOc.May 1 ’27-’29 Sinking
Assessed value, real estate.2,152,535
Sewer (Outsidi of limit).
School Bonds
Assessed valuation, pers'l.. 548,619
Is 05 J-J $ lO.OOOc... July 1 1935
4s
’
10
F-A)
$15,000c.Aug
1
’
26-'3O
Total assess, val. 1925___ 2,701,154
4s ’07 J-D 10,000c—.June 1 1937
4s '07 J-J
lO.OOOc—-July 1 1937 4/4s’13 F-A 12,000..Aug 1 ’26-’31 Tax rate (per $1,000) 1925__ $33.60
4s'08 J-D 10,000c...June 1 1938 4s ’14 J-J 10,000.-July 1 ’27-’31 Pop’n 1910, 1,399; 1920, 1,485.
3 !4s’09 J-D 10,000c. ..June 1 1939 4s '16 M-S 9,OOOc.Sept. 1 '26- 34
4s'10 A-O 10,000c. ..Apr 11940 4/4s’17 M-S 14,000.-Sept 1 ’26-’32 MILTON.
This town Is In Norfolk County.
4s 'll M-N 10,000c—M&N 1 1941 5/4s’21 J-J /48,000c.July 15 ’26-’31
1 70.000c July 15 ’32-’41 Inc. 1662. Population 1910, 7,924;
4s ’12 J-J
10.000c—-July 1 1942
8,000-July 15 ’26-’41 1920, 9,382.
4s
M-S 4,000.-Sept 1 ’26-’33 5J4s’21 J-J
4Ks
’
23
J-J
187,000c.July
1
’
27’
43
Highway Loan.
4s ’13 M-S 4.500c.May 1 '27-’34
( 52,000c. Aug 1 ’26-’29 4s ’24 F-A $40,000c* --.1926-1930
4s ’24 M-S /56,000c. Sept 1 ’26-’39 4s ’24 F-A (180,OOOc_Aug
1 ’30-’44
War Memorial Loan.
U0,000c. Sept 1 ’40-’44
4s ’24 F-A $28,000c* --.1926-1932
School House Bonds (Outside
Fire Dept. Bonds.
School Loans
■ Debt Limit).
5s ’18 M-N $4,500..May 1 ’27-’35
3Ms’O9 M-N $(0,000c*Nov 1 '26-’29
4Ks’23 F-A$170,000—Aug 1 ’26-’42
School-House
Notes
4s
J-D
9,000.-Dec 1 ’26-’34 4/4s’17 M-S $14,000_____ 1926-1931 4s '16 M-N 23,000c*............. .1926
14,000c*--.1926-1936
School House Bonds (Inside 5J4s’21 J-J 16,000-July 15 ’26-'41 4Ms’17
4Hs’23 M-N204.000c*May 1 '27-43
De it Limit).
Macadam Pavement Bonds.
4s ’25 J-J /100,000c.July 1 ’26-’35
3Hs’O9 M-S $78,000c_—Mar 1 1929
I 90.000c-July 1 ’36-’45
4/4s’23 J-J (28,000.-July 1 '27-33 4/4s'22 J-D $2,000-.. June 1 1927
135,000.-July 1 ’34-’43 4/4s’22 F-A 4,000.-Aug 1 ’26-’27 4s ’26 M-N 35,OOOc.May 1 ’2Z-’31
Sewer Bonds
4Ks’24 J-J J 8,000-.Jan 1 ’27-’28 4J4s’23 J-D 4.000.-June 1 ’27-’28
... $5,000c*-..1926-1930
148,000.-Jan 1’ 29-’44 4/4s’23 F-A 6,000-Aug 15 ’26-’28 4s
4s ’25 A-O 20,000.-Apr 1 ’27-’3O
Water Bonds
Sewer (Inside of Limit).
F-A $70,000c*_Aug 1 ’26-’32
40,500________ 3148
4s '15 M-N 4,500..May 1 ’27-’35 4s ’26 -.4s ’24 J-D /38,000c*Dec 1 ’26-’44
4s ’16 F-A
1,000-.. Aug 1 1926
Permanent Pavement Bonds.
ll0,000c*Dec l’45-’54
4s ’17 M-S 2,000-.Sept 1 ’26-’27 4s ’25 A-O /$40,000.Apr 1 ’27-’3O
4/4s’19 M-N 3,000..May 1 ’27-’29
1 45,000-Apr 1 ’31-’35 4Ms’24 J-D 25,00Cc.Dec 1 ’25-’49
4s ’26 M-N 48,OOOc.May 1 ’27-’50
5/4s’21 J-D
5,000-.June 1 ’27-’31 TOT. BD. DT. Mar 30 ’26:
4J4s’22 F-A
7,000--Aug 1’ 2i-'32
Inside debt___________ $497,750 GEN. BD. DT. Apr 30’26 $830,000
190,000
4/4s’22 M-S 7,000--Sept 1 ’26-’32
Outside debt___________ 624,910 Water debt (included)___
Borrowing capacity ____ $127,193
4/<s’23 J-J
7,000-.July 1 ’27-’33 Sinking funds;
Total
valuation
1925
____
27,636,615
4«s
J-J
2,000-.July 1 ’27-’28
For debts inside debt
4s
J-D
9,000.-Dec 1 ’26-’34
limit________________ 27,698 Tax rate (per $1,000) 1925---$23.80
4Xs’25 F-A 15,000c.Aug 1 ’26-’4O
For debts outside debt
INT. on school 3Ms of 1909 at Old
4s ’25 -.9,000.-May 1 ’27-’35
limit________________ 34,166 Colony Trust Co., Boston; other
Refunding Notes (Outside Debt Borrowing capac. Mar 30 '26 $85,526 loans at First Nat. Bk., Boston.
Limit).
i Assess, val. real_________ 15.833,470
4s ’14 M-N 8,000-Nov 25 ’26-’29 Assess, val. personal____ 3,867,820 MONSON.
Surface Drain. (Outside of limit). Total assess, val. 1925___ 19,701.290
This town is in Hampden County.
4s '02 J-J $100,000c.-July 15 1932 Total tax (per $1,000) 1925—$39 00
School Loan Bds. (outside limit).
4s ’13 M-N 4 OOOc.May 1 ’27-'34
INT. on bonds at First Nat.Bank 4s ’24 J-D/$ 99.000c.Dec 1 ’26-’34
4s ’15 A-O 4 5 'Oc.Apr 1 ’27-'35 Bos.;
on notes at City Treas. office
{ 50,000c.Dec 1 ’35-’39
4s ’16 J-D
5,000c.June 1 ’27-'31
Bridge & Highway Loan.
4s’17 A-O
500 ...Apr 1 1927
4s ’24 M-S $8,000c Sept 25 ’26-’27
4s ’17 M-S l.OOO-.Sept 1 ’26-'27 MIDDLEBOROUGH.
Water Supply Bonds.
This town is in Plymouth County,
4s '17 J-J
2,500.-Jan 1 ’27-’31
-s ’25 --. $8,000.-Oct 1 ’26-’29
4s '18 F-A
1,500.-Aug 1 ’26-’28 Inc. in 1669. Pop'n 1910, 8,214 BOND.
DEBT Dec 31 ’25- $165,000
1920, 8,453.
Surface Drain (Inside of Limit).
Assessed value, real estate.2,292,910
Light Notes.
4Hs’19 M-N $6,000-.May 1 '27-’29
value, personal__ 668,053
4s '20 F-A
5,000.-Aug 1 ’26-’3O 4s 06 M-N $10,000—Nov 1 ’26-’27 Assessed
Total valuation 1925____ 2,960,963
School Loan
5/4s’20 J-D
5,000..Dec 1 ’26-’3O
Tax
rate
(per $1,000) ’25____ $39.60
5/4s’21 M-S 6,000. .Sept 1 ’26-’31 4s ’06 M-N $1,650 ---Nov 1 1926 Population,
1910, 4,758; 1920 , 4,826
4/4s’21 J-D
6,000..Dec h ’26-’31 4s ’26 A-O 160,000c.Apr 1 ’27-’42
INT. on school bonds at First
Plymouth Co. Hospital Loan.
4Ks’22 F-A
7,000.-Aug 1 ’26-’32
Bank of Boston; on bridge
4)<s’22 M-S 7,000.-Sept 1 ’28-’32 5s ’21 J-D $8,000.Dec 15 ’26-’29 National
and highway issue at Monson Nat.
Water Department Notes.
4/<s’25 F-A 10,000c-Aug 1 ’26-’35
4/4s’22J-D $1,000-—Dec 15 1926 Bank.
City Hall Bonds.
4s
F-A $53,000-.Aug 1 ’26-’43 4s 15 J-J 14,000.-Jan 1 ’27-’40 MONTAGUE.
4s’15 J-D 19,000.-June 1’27-’45
Water-Works (Outside of limit).
This town is in Franklin County.
3 Hs’09 J-D / 10,000c. June 1'27-’31 BOND. DEBT Jan 1 1926- $55,650
Street Railway Bonds.
1 1,000c. ..June 1 1932 Floating debt (add!)--------- 50,000
’24 J-J $24,000.-July 1 ’27-’34
4^s’19 M-N 3,000..May 1 ’27-’29 Assessed valuation, real__ 7,721,142 4s School
5Ms’21 F-A
6,000-.Aug 1 ’26-’31 Assessed val’n, personal__ 1,720,700 4s ’24 J-JBonds.
$64,000c-July 1 ’27-’42
4/4s’21 J-D
6,000-.Dec 1 ’26-31 Total valuation 1925-------- 9,441.842 5J4s’24
58,000 ____ 1926-1941
4Ks’22 F’A
7,000.-Aug 1 ’26-’32 Tax rate (per $1,000) 1925—$28 40 -s ’25 M-N112,000--Nov
1 ’26-’45
4Ks’22 M-S 4,000--Sept 1 ’26-’29
School Notes.
4/4s’23 J-J
5.000-_July 1 ’27-’28 MIDDLESEX COUNTY.
5s
’
24
--.
$36,000
____
1926-1934
4!<s’23 M-S 6,000-.Sept 1 ’26-’28
County seat is Cambridge In BOND. DEBT May 20 ’26 $301,000
4s
J-J 12,000.-July 1 ’27-’29 corporated
May 10 1643. Pop’n ’10, Water debt (add!)_______ 103,800
4/<s
J-D
8,000--Dec 1 ’26-’39
Assessed val., real estate..7,551,820
669,915;
1920, 778,352.
4/4 ’25 F-A 10,000c.Aug 1 ’26-’3O
Assessed val., personal___ 2,572,699
Bonds
4%s’25 F-A 20,000c.Aug 1 '26-30 4s‘Court-House
97
J-D
$70,000c
.Dec
i
’
26’
32
Total
assessed val. 1925.-10,124,519
Sidewalk Bonds.
’91 J-D
2,000c......... ........ 1926 Tax rate (per $1,000) ’25____ $29.50
4/<s’25 F-A 15.000c.Aug 1 ’26-’3O 4s
5/<s’21 J-J 40.000 _____ 1926-1941 Population, 1910, 6,866; 1920, 7,675
City Hall Bonds.
’21 J-D 80,000c.Dec 1 '26-’41
4/<s’25 F-A/$51,000c.Aug 1 ’26-’42 4/4s
’22 J-J 37,500c.Dec 1 ’26-’4O
1 2,000c__ Aug 1 1943 4/4s
4/4s’23A-O 288,000.-Oct 15’26-’43 NATICK.
This town Is in Middlesex County.
TOT. BD. DT. Jan. 1 ’26-$l,059,500 4s
’
24
J-J 75,000.-July 1 ’27-’29 Inc.
Feb. 19 1781. Pop’n 1910,
Note debt (additional)__
114,800 4s ’24 J-D
200,000--Dec 1 ’26-'29 9,866; 1920, 10.907.
Sinking/Inside limit____
38,404 BOND. DEBT
Jan 1 ’26- $841,500
HighSchool (Int. at Treas. office).
funds! Outside limit.__
238,909 Special debt (add
’
l)
______
68,000
Assessed valuation 1925—
4s 12 J-J $33,000c*July 1 ’27-’32
Sewer Notes (Int. at Treas. office).
Real..............
.$25,574,500 Total asses, val. 1925- 1,161,958,852
INT. at Beacon Tr. Co.. Boston, 4s
Personal_____________ 3,183,200
J-J $68,000_____ 1926-1941
Total..................
28,757,700 and Old Colony Trust Co.. Boston.
Water Notes (Int. at Treas. office).
4s
J-J $11,620_____ 1926-1938
Total tax (per $1,000) 1925..$32.20
4%s’23 J-J
10,000--July 1 ’27-’28
Pop'n 1910. 15,715; 1920, 18,204 MILFORD.
(Int. at Treas. office).
INT. at Nat. Shawmut Bank.
This town is In Worcester County 4s’Sewer
96 J-J $25,000c*. July 15 1926
Boston; Melrose Tr. Co., Melrose, Inc. 1780. Pop'n 1910, 13,055;
Water (Int. at Treas. office).
and Old Colony Tr. Co., Boston.
1920, 13,471.
000c*.Oct 1 ’26-’29
Sewer Bonds
. „__ 3>4s’02 A-O $32,
15,000c*Jan 1 ’30&’31
MERRIMAC.
4s ’06 A-O $77,000--0ct 1 ’26-’36 4s ’04 J-J
Debt April 1 1925.
This town Is In Essex County. 4s ’08 M-N 16.000c.Nov 1 ’26-'33
Incorporated 1876.
4s ’ll A-O
2,000c-. Oct 1 1926 Water debt_______ $119,500
Land Damage Notes.
5e ’19 M-N 6,000-May 1 ’27-’29 Sinking fund_____________ 6,485
4%s
J-J $1,000 ...Jan 12 1927 5 Ms
Net water debt..... ............ $113,015
J-J
5,000 ..July 1 ’27-’31
Water Bonds and Notes.
4Ms’22 M-S / 6,000.-Sept 1 ’26-’27 Sewer debt_______ $198,165
4s '04 J-J $24,5Q0c_July 15 ’26-32
(50,000-.Sept 1 ’28-’52 Sinking fund_______113,504
Net sewer debt________
84,661
5s
M-S
700 ...Mar 1 1927 4Ms’22 M-S 14,000.-Sept 1 ’26-’32
Other debt______________ 52,500
Electric-Light Bonds
School Notes
„_
4s
J-J
$500=--July 15 1926 4s
M-S $1,000 —Sept 1 1926 Blgh-school debt__________ 108,600
BOND. DEBT Jan. 1 ’26. $37,400 4s
J-J
1.000—- July 7 1926
Total net debt of town__ $358,775
Assessed value, real estate.1,614,630
School Bonds.
Assessed value, personal__ 278,170 4s '15 M-N /20,000c.Nov 1 ’26-’3O Total value 1925________ 10,694,025
Toral assess, val. 1925____ 1,892,800
{l5,000c.Nov 1 ’31-’35 Total tax (per $1,000) 1925__ $44 .40
Tax rate (per $1,000) 1925___$35.00
Highway Bonds.
Pop’n 1910. 2,202: 1920........... -2,173 4Ms’22 M-S $4,000-.Sept 1 ’26-’27 NEEDHAM.
INT. at First Nat. Bank, Boston. 4/4s’23 J-J
6,000-July 15 ’26-’27
This town Is in Norfolk County.
BOND. DEBT Jan 1 ’26- $232,400 Inc. 1711. Population '10. 5,026;
Floating debt (add’l)______________ 90,000
1920, 7,012.
METHUEN.
This town is in Essex County. Assessed val,, real_______ 11,936,545
School Bonds
Incorp, as a town in 1725. Incor­ Assessed val., personal__ 2,786,710 4s
J-J $18.000.......... 1926-1934
poration as a city in 1917 held invalid Total valuation, 1925____ 14,723,255 4s
J-J
3,500_____ 1926-1932
by State Supreme Court on Jan. 7 Total tax (per $1,000) 1925.—$28.40 5s ’21 A O 30,000c..Apr 1 ’27 ’41
1921. Incorp, on April 17 1917 as a
INT. at Nat. Shawmut Bank and 5s ’21 AO 90,000c..Apr 1 ’27 ’41
J-J
20,000__________ 1930
city. Pop’n 10. 11,448; ’20.-15,189 Old Colony Trust Co., Boston, and 4/£s
4/is’23 A-O 238,000c-Apr 1 ’27-’43
Water Bonds
Milford Savings Bank, Milford.
4s ’98 F-A $25,000c...Feb 1 1928
Library Bonds.
4s
M-S $1,500......1926-1934
4s 00 J-D 25,000c..-Dec 11929 MILLBURY.
4s ’09 A-O
7,000-.0ct 1 ’26-’39
This town Is in Worcester County.
Highway Bonds.
414s
4s ’10 J-D 15,000. .Dec 1 ’26-’40
J-J $5,600....--1926-1929
High-School Bonds.
5s ’22 J-J 10,000c... Jan 1 1927 4/4s’13 M-S $20.000____ 1926-1933
Refunding Bonds.
4J4s’22 J-D
800-.- June 1 1927 4s ’24 J-J J34,000—July 1 ’27-’43 3/48
M-S $21,000 ......1930-1932
4/4s’22 J-J
6,000 ...July 1 1927
M-S 69,000-.....1933-1944
1 1,000___ July 1 1944 IS
4/4s
J-D
2,000.-June 1 ’27-’28 TOTAL DEBT Apr 1 '26-. $57,000
Water Debt
M-S $16,000 ......1926-1933
/ 6,000c.. May 1 1927 Assessed val., real estate 3,311,135 4s
M-S 76.000 ......1926-1937
4/<s’24 M-N{ 5,000c-..May 1 1928 Assessed val., personal.
1,926,335 4s
M-S 19,000....-.1926-1944
I 4,760c-.-May 1 1929 Total valuation 1925_____ 5,237,470 4s
4s ’25 A-O
8,000.-Apr 1 ’27-’30 Tax rate (per $1,000) 1925-„$31.20
Hospital Bonds.
M-S $7,000 ......1926-1932
4s ’26 — 24,000______________ Population 1910, 4,740; 1920. .5,653 4/4s

Total value 1925_______ 59,441,500
Tax rate (per $1,000) 1925-__ $33.20
INT. at National Shawmut Bank,
Boston.
* Issued outside debt limit.

June, 1926.]
NEEDHAM (Concluded').
BOND. DEBT Jan 1 ’26-- $791,600
Water debt (incl.)__________ lll.OOO
Assessed valuation, real-.13,814,450
Assessed val’n, personal__ 1,877,393
Total valuation 1925_____ 15,691,843
Total tax (per $1,000) 1925.-J$32.00
INTEREST coupons are payable
at Boston Safe Deposit & Trust Co.

NEW BEDFORD.
This city Is In Bristol County
Inc. Mar. 9 1 847. Pop’n ’10, 06,652;
1920, 121,217.
4Ks’24 ... 928,000......... 1926-1954
Bridge Bonds.
4s ’07 J-J $254.OOOr...Jan 1 1957
4s ’07 J-J 523,000r__ Jan 1 1957
4s '10 A-O 15.OOOr.Oct 1 ’26-’4O
4s ’15" M-S 8,OOOr.Mar 1 ’27-’34
4s ’15 F-A
2,OOOr.Aug 1 ’26-’27
Building Bonds.
5Hs’2O M-N$27,OOOr.May 1 ’26-’4O
4Ks’22 M-N 34.000r.Nov 1 ’26-’42
4Hs'19 A-O
3,OOOr.Apr 1 ’27-’29
5Hs’2O M-N 2.000r.May 1 ’27-’28
Engine House Bonds
4s '07 M-N$20,000r...Ma^ 1 1927
Fire Station Bonds.
4s ’16 M-S $70,OOOr.Mar 1 ’27-’36
4Hs’18 M-N 3,000r.Nov 1 ’26-'28
4Ms’17 J-J 22,OOOr.July 1 ’27-’37
Garbage Bonds.
5s ’21 M-S $120,000r.Mar 1 ’27-’41
High School Bonds.
3Hs’10 J-J $20,000r.Jan 1 j'27-’3O
4s ’12 J-D 12.000r.June l|’27-'32
4s ’12 J-J 30,OOOr.Jan. 11 ’27 ’32
4s ’ll J-J 25,OOOr.July 1 ’27-’3l
4s ’ll J-J 25.000r.Jan 1 '27-’31
Highway Macadam Bonds.
4?<s’21 M-N $9,OOOr..Nov |1 1926
4Jfs’21 M-N 2,50 r..Nov il 1926
4Hs’22 J-J 30,OOOr..July 1 1927
4Hs’22 M-N 20,OOOr.Nov 1 ’26-’27
4Ks’22 M-N 12,OOOr..Nov 1 1927
4J4s’23 A-O 60.OOOr.Apr 1 ’27-’28
4s ’26 A-O 300,000.-Apr 1 ’27-’31
Highway Permanent Imi>. Bds.
4s '16 A-O $20,OOOr............ |._ 1926
4s '16 M-N 5,OOOr............ l_ 1926
4s'16 M-N
2,500r...... __E_ 1926
4s '17 A-O
20,OOOr___ 19^6-1927
4^s’20A-O 30,OOOr.Apr 11’27-’29
4s ’17 J-J
20,OOOr___ 1921-1927
4Hs’l7 F-A
20.OOOr___ 1926-1927
4?<s’17 M-N
2.000r___ 1926-1927
5s ’18 F-A
30,OOOr___ 1926-1928
5s’18 A-O 10.000r.Apr 1 ’27-’28
5s '18 M-N 10.000r.May 1 ’27-’28
424s’18 J-D
* " 10,OOOr.June 1 ’27-’28
4Hs’18 M-S 20.400r.Sept 1 ’26-’28
4Hs’19 F-A 60,OOOr.Feb 1 ’27-’29
4Hs’19 A-O 10,OOOr. Apr 1 ’27-’29
4Hs’19 J-D 24,OOOr.June 1 ’27-’29
5^s’2O M-N 15,OOOr.May 1 ’27-’3O
5Hs’2O M-N120.000r.May 1 ’27-’3O
5Hs’2O A-O 52,OOOr.Apr 1 ’27-’3O
.. ---------- 50>000r_Aug 1 '26-’3O
5Ks
’2O F-A
5s '20 A-O 14 OOOr.Oct 1 ’26-’3O
5s '21 J-J 10,OOOr.Jan 1 -27-’31
50.000r.Jan 1 ’27-’31
5Jis’21 J-J
5jis’21 F-A 2O0.OOOr.Feb 1 ’27-’31
5Hs’21 M-N 60,000c.May 1 ’27-'31
5Hs’21 M-N 25,000c.May 1 ’27-’31
5s ’21 F-A 30.000c.Aug f ’26-’31
4^s’21 M-N 12,OOOr.Nov 1 ’26-’31
45<s’21 M-N 19 500r.Nov 1 '28-’31
4^s’21 M-N 12 750r.Nov 1 ’21-’31
4Hs’22 J-J 300.000r.July 1 ’27-’32
4Hs'22 J-J 60.OOOr.July lj ’27 ’32
4Hs’22 J-J 60,OOOr.July ll ’27-’32
4 X s’22 M-N 28,OOOr.Nov 1 ’26-’32
4Ks’22 M-N 14,OOOr.Nov ll ’24-’32
4iXs’23 A-O 350,OOOr.Apr 1 ’27-’33
4s ’25 M-S 720.000r.Mar 1 ’27-’35
4s ’26 A-O 200,000c.Apr 1 ’27-’36
4s '26 A-O 350,000c.Apr J ’27-’36
Howland St. & Pope’s Island
Ext. Bonds.
4Hs’19 F-A $8,OOOr.Aug 1 ’26-’29
Land and Buildings Bonds.
4 H s’19 F-A $42,OOOr.Aug ll ’26-’39
5Ks’2O F-A
4,000r_Aug 1 ’26-’29
Municipal Building Bonds.
4s ’ll M-N$2J.OOOr.May 1 ’27-’31
4s '10 M-S 25,OOOr.Sept 1 ’26-’3O
3^s’O9 J-J 15,OOOr.July 1 '27-29
4s ’10 J-D 20,OOOr.June 1 ’27-’3O
4s ’16 M-N 28,OOOr.May 1 ’27-’36
Municipal Hospital Bonds.
4Hs’19M-N $92 560r.May 1 ’27-’39
4^s’18 M-N 35,000r.Nov 1 ’26-’38
Park Bonds.
4s '14 A-O $17,OOOr.Apr 1 ’27-’44
9,OOOr.July 1 ’27-’35
4s ’22 J-J
4s '07 J-J 72,OOOr__ Jan 1 1957
3Hs’Ol J-J 28,OOOr__ Jan 1 1951
4s '92 A-O 100,OOOr__ Apr 1 1942
Police Station Bonds.
4J4s’17 J-J $11.000r.July 1 ’27-’37
4Hs’17 J-J
6,OOOr.July 1 ’27-’37
4Hs'17 J-J 55,000r.July 1 ’27-’37
4s ’16 J-J 23.OOOr.July 1 ’27-’36
Pope’s Island Sea Wall Bonds.
4J4s’22 J-J $13,800r.July 1 ’27-’32
Schoolhouse Bonds.
4s ’08 J-J $30,000r_July 1 ’27-’28
4s TO J-D 20,000r.june 1 ’27-’3O
4s ’ll J-J 12,500r.Jan, 1 27-’31
4s ’ll J-J 35.000r.Jan. 1 ’27-’31
4s T2 M-S 56,OOOr. Sept 1 ’26-’32
4s '17 A-O 18,OOOr.Apr I '27-37
4Hs’l7 M-S 84, OOOr. Sept 1 ’26-’37
4^s’18 M-S 9, OOOr.Nov 1 ’26-’34
4Hs’18 M-N 3,OOOr.Nov I ’28-’28
4^s’19 M-N 90,OOOr.May 1 ’27-’39
4%s’19 A-O 1,000r...Oct 1 1926
5Hs’2O M-N 98,OOOr.May 1 ’27-’4O
5Hs’2O M-N 5,000r.May 1 ’27-’31
5J4s’2O J-D 14,OOOr.June 1 ’27-’40
5Ks’2O J-J 56.000r.July 1 ’27-’4O
5s '20 F-A 400,000c.Aug 1 ’26-’41
5s ’21 F-A 225,OOOr.Feb 1 ’27-’41
5Hs’21 M-N375.OOOc.May 1 ’27-’41
4Jis’21 J-D 520,000r.Dec 1 ’26-’41
4s ’22 J-J 49,OOOr.July 1 ’27-’42
4J4s’22 M-N 60,100r.Nov 1 ’26-’42
4s ’10 J-D 14,OOOr...Dec 1 1930
4Hs’18 M-N 5,000r_..Nov 1 1927
4s '23 A-O 34,OOOr.Apr
27-’43
4s ’25 J-J 80,000c.July 1 ’26-’45
4Ks’25 A-O 100.000c.0ct 1 ’26-’45
4s ’26 A-O 300,000c.Apr 1 ’27-’46




MASSACHUSETTS—CITIES & TOWNS
Public Library Bonds.
4s ’10 M-S $16.OOOr.Sept 1 ’26-’3O
4s ’10 J-J 20,OOOr.Jan 1 ’27 ’30
3Hs’O9 J-J
15,000r.Jan 1 ’27-’29
Purchase St. Widening Bonds.
4s ’13 M-N$)60,000c.Nov 1 ’26-’33
Sewer Bonds.
4s ’05 J-J $62,OOOr...July 1 1935
4s’03 J-D 30,OOOr...Dec 11933
3Hs’O2 M-S 30,000r._.Mar 1 1932
3Hs’99 F-A 33,000r...Feb 1 1929
3Hs’98 F-A 35.OOOr...Feb 1 1928
4s'97 M-S 69,OOOr...Mar 1 1927
4s ’07 A-O 96,OOOr.Oct 1 ’26-’37
4Hs’17 F-A 19 OlOr.Aug 1 ’26-’47
4s '16 M-S 103,OOOr.Mar 1 ’27-’46
4Hs' 18 M-N 77,OOOr.Nov 1 ’28-’48
4Hs’17 J-D 75,OOOr.July 1 ’27-’47
4s ’15 A-O 40,OOOr.Oct 1 ’26-’45
4s '16 J-D 25,090r_Dec 1 ’26-’46
4s ’15 M-S 76,OOOr.Mar 1 ’27-’45
4s ’14 J-D 57.000c.Dec 1 ’26-’44
4s ’14 J-J 26 OOOr .July 1 ’27 ’44
4Xs’13 M-S 90,OOOr Sept 1 ’26-’43
4^s’13 J-D 60,OOOr.June 1 ’34-’43
4s ’13 J-D 42,000c.June 1 ’27-’33
4s 13 M-S 51.OOOr.Mar 1 ’27-’43
4s ’12 M-S 51,OOOr.Sept 1 ’23-’42
4s ’12 J-D 49,OOOr.June 1 ’27-’42
4s ’ll J-D 49,000r_Dec 1 '27-’41
4s '17 J-J 32 0 Or.Jan 1 ’27-’47
4s ’ll M-N 75,OOOr.May 1 ’27-’41
4s '12 J-D 80,OOOr.June 1 ’27-’42
4s ’13 J-J 21,000c.July 1 ’27-’33
4Hs’13 J-J 30,OOOr.July 1 ’34-’43
4s ’14 A-O 26 OOOr.Apr 1 ’27-’44
4s’15 M-S 19.000r.Mar 1 ’27’45
4s ’16 A-O 20,00 ’r.Apr 1 ’27-’46
4s’16 F-A 34.000r.Aug 1 ’26-’46
4s ’17 A-O 30 OOOr.Apr 1 ’27-’47
4Hs’19 F-A 38 OOOr.Feb 1 ’27-’49
4s’19 A-O 65,OOOr .Apr 1 ’27-’39
5s '20 M-N192.000r.May 1 ’27-’5O
4Ks’21 M-N 33,OOOr.Nov 1 ’26-’51
5Hs’21 A-O 78.000c.Apr 1 ’27-’51
4s ’22 J-J 208,000r.July 1 ’27-’52
4s’23 A-O 180 OOOr.Apr 1 ’27-’53
4s ’25 J-D (80,000c.July 1 ’26-’35
[70,000c.July 1 ’36-’45
Trust Fund Bonds.
4s ’14 M-S $22.OOOr.Mar 1 ’27-’29
Union Street Widening Bonds.
4s T3 M-N$l8,000c.Nov 1 ’26’33
Water Bonds.
3J4s’OO J-D $48,OOOr...June 1 1930
4s ’97 J-J 200,000c...Jan 1 1927
4s ’97 J-J 400.000c...Jan 1 1927
4s 'IO J-D 72,000c_June 1 ’27-’4O
4s TO M-S 45,000r.Sept 1 ’28-’4O
4s ’ll M-N 75,OOOr.May 1 ’27-’41
4s T2 M-N 80,OOOr.May 1 ’27-’42
424s’21 M-N172.000r.Nov 1 ’26-’51
5Ks’21 M-N416,000c.May 1 ’27-’51
4s’23 A-O 181,OOOr.Apr 1 ’27-’53
Wharf Bonds.
4s ’97 M-N$52,000r..-May 1 1927
Permanent Impt. Bonds.
4Ks’25 A-O 100.000c.0ct 1 ’26-’35
DEBT STATEMENT APR. 1 ’26.
Gross bonded debt__
$12,939,000
Water debt (incl.)__ $1,853,000.00
Other debt (exempt
from statutory limit
(incl. in above)----- 6,556,000.00
Total bonded debt,
outside debt limit. _ 8,409,000.00
Debt within debt limit
(incl. in above)___ 4,530,000.00
Sink, fund Apr 1’26_. 1,445,274.00
Water sink. fds. (incl.)
648.000.00
Municipalsk. fds.(incl.) 293,000.00
Other sk. fds. (applic.
to debts outside)__
504,274
Net debt___________ 4,237,000.00
Borrowing capacity,
Apr. 1 1926______
1,144 182.31
Total valuation, 1925 —219,700,748
Tax rate (per$l,000) 1925
$26.00
INTEREST on coupon bonds pay­
able at the office of the City Treas.;
registered bonds by check.

NEWBURYPORT.
This city is In Essex County. Inc
May 24 1851. Pop n 10 14,949;
1920, 15.618.
Water Bonds (outside limit)
3Hs’04J-D $88,000c..June ’27-’34
4s ’08 J-J 30,000r* J’ly 1 ’27-’38
4Hs’14 A-O 19,000..Oct 1 26-'44
4s ’24 J-D 40.000c.Dec 1 ’23-’29
School Bonds

4 X s’22 . . . 153,000------- 1926-1942
Sewer Bonds
3 Hs
M-S $16.OOOr. ..Sept 1 1931
4s ’25 ... T 2,500___ Oct 5 1926
1 2,000___ Oct 5 1927
Road Bonds.
5s
M-N 37,500r......... Nov 1926
Highway Bonds.
4s'22 ... $40,000 _____ 1926-1927
4Hs’23 J-D 105,000.-June 1 ’27-’33
4Hs’23 J-D
4,000.-June 1’27-’28
4Hs’23 J-D 40,000 _____ 1926-1933
Playgound Bonds.
4s’22 ... $17,000_____ 1926-1942
Bridge bonds___________ $23,774.91
TOTAL GROSS DEBT
Dec 15 1925__________ 677,774.91
Exempted debt—
Water bonds. .$190,000
Otherbonds__ 372,274
Sinking funds
(general)____ 41,322.59603,596.59
NET DEBT______ _____ $74,178.32
Assessed valuation, real..10,828,900
Assessed val’n, personal.. 2,713,300
Total valuation 1925____ 13,536,200
Tax rate (per $1,000) 1925__ $33.60
iNT. at City Treasury, at Ocean
Nat. Bank and American Trust
Co. of Boston.

NEWTON.
This city Is in Middlesex Co. Inc
June 2 1873. Pop’n TO, 39,806:
1920. 46,054.
♦Water Loans
4s ’97 J-J $15,000c...July 1 1927
4s ’98 M-S 75,000c...Meh 1 1928
3Hs’01 M-S 25,OOOr...Sept 1 1931
3 Hs '02J-D 35,000c__ Junel 1932
3 Hs’03 J-D
4,000r.June 1 ’27-’28
3 Hs’04 M-N 9,OOOr.-Nov 1 ’26-’34
3Hs’O6 F-A $10,OOOr..Feb 1 ’27-’36

43

3Hs’16 M-S $20,000..Mar 1 ’27-’46 NORFOLK COUNTY.
Dedham is the county seat. Inc.
4s ’25 J-D 107,500..June 1 ’27-’4O
3Hs’26 M-N105,000c.May 1 ’27-’41 1793. Population 1910, 187.506;
1920,219,081.
’Sewer Bonds
4s ’97 M-N 100,000r*..May 1 1927
Bridge Bonds.
4s ’98 M-S 50,000r*..Sept 1 1928 4s T6 M-N ($7,000.Nov 15 ’26-’32
3 Hs’OO M-N 25,000r...May 1 1930
I
500. ..Nov 15 1933
3.10s’01 A-O 20,OOOr_ ..Apr 1 1931 4s ’23 M-N (11,000..Nov 15 ’26-32
3Hs’Ol J-D 50,000r*_.Dec 1 1931
113,897.08Novl5 ’33-42
3 Hs’03 J-D
4.000r._June 1 ’27-28
Agricultural School Loans.
3 Hs’04 J-J
6.OOOr. .July 1 '27-’29 5s T9 M-N$10,000.Nov 15 ’26-’29
3 Hs’05 J-J
4,000r..July 1 ’27-’3O 4s T6 M-N 15,000-Nov 15 ’26-’28
School Notes.
4s ’08 A-O 10.000...Oct 1 ’26-’35
3.65s’08J-D 36.OOOr.June 1 ’27-’38 4Hs’22 J-J $5,000c..July 1 1927
1,500c__ July 1 1927
3 Hs’10 J-D 28.000 . .June 1 '27-'4O 4Hs’22 J-J
4s T3 M-N 17.000..May 1 ’27-’43 4Hs'23 J-J (25,000-July 15 ’26-’3O
L4,000...July 15 1931
4s ’13 M-N 18.000..Nov 1 ’28-’43
4s T4 .1-0 18 0'Mlc.Jnne 1 '27-'44 Funded debt Jan 1 1926 $104,761
72 920
4s T4 M-N 19,000. .Nov 1’26-’44 Temp, loan debt (add’l)
4s ’15 F-A 20,000--Aug 1 ’26-’45 Total assess, val. 1925.-493,683,637
INT. at National Shawmut Bank
3Hs’16 F-A 20,000..Feb 1 ’27-’46
4 Hs’19 J-D 23,000.-June 1’27-’49 and at First Nat. Bank, Boston.
4Hs’19 J-J 69,000r*July 1 ’27-’49
5s ’20 M-N 24,000.-May 1 ’27-’5O NORTH ADAMS^
This city is in Berkshire Co. Inc.
5s’20 J-D 24,000.-June 1’27-’5O
i9i°- 22-°i9;
5s '20 J-J 24,000..July 1 ’27-’50 aa.%^
4Hs’20 A-O 25,000.-Oct 1 ’26-’50
Bridge Bonds,
4s ’22 A-O 27,000c.Oct 1 ’26-’52
4%s’21 M-N 80,000.-May 1 ’27-'51 Wb,t9h,-2d’75«§00'-,“' 2 '27-'39
4s ’23 M-N 81,000..May 1 ’27-’53
Refunding Loans.
4s ’24 F-A (32,000..Feb 1 ’27-’34
160,000..Feb 1 ’35-’54 3Hg'O4 F-A ®$6,533.33.'Aug 15 1926
4s ’24 A-O /38,OOOc..Oct 1 ’26-’44 isg 06 F-A xl.533.32.Aug 126-27
110,000c..Oct 1 ’45-’54 tsg 07 J-J a;l,533.33.July l 1927
4s ’25 M-N/38,000c.May 1 ’27-’45 4sg’O8 M-S x3.533.34.Sept 1 1927
110,000c.May 1 ’46-’55 3 Hsg'09J-D x3.783.33.June 15 '27
4s ’25 J-D J16,000r*June 1 ’27-’3O 4sg’10 J-D x3.333.34.June 15 ’27
130.000r*June 1 ’31-’4O 3.90g’UJ-D x3.333.34.Junel51927
4s ’26 A-O /40,000..Apr 1 ’27-’36 4s T5 M-S 10,000----- Sept 1 1926
[60,000..Apr 1 ’37-’56 4s 16 M-S 10,000----- Sept 1 1927
School Loans
Bridge Loan.
3Hs’07 F-A $9.000___ Feb 1 1927 4Hs’19 J-D. ($4,500..June 2 ’27-’29
4s ’08 J-J 36.009.July 1 27 28
llO.OOO-.June 2’30-’39
4Hs’19 J-D (135,000c.Dec 1 ’26-’34
School Bonds.
1 70.000c.Dec 1 ’35-’39 4?4s’21 M-N$83,600c.Nov 15’26-’41
5s’21 F-A 22.000.-Aug 1 ’21-’41 4s 24 M-Nl 5 54,000c Nov 15.’26-’34
5s ’21 J-D
7,000 -June 1 ’27-’33
Sewer Loans
4s ’21M-N (144,000c.Nov 1 ’26-’34 3 He
’98 J-D $2,000 ..June 1 ’27-’28
(105,000c.Nov 1 ’35-’41
3.2g'99
2.10) .June 1 ’27-’29
4s ’21 A-O ll.OOOc.Oct 1 ’26-’36 3.2g00 J-D
A-O *4,000..Apr 4 ’27-’3O
4s ’22 J-D 160,000..June.l ’27-42 3.17g'01J-D
*l,75)..June
’31
4s ’22 A-O 85,000c..Oct 1 '26-’42 3.4g'O2 M-N *2,140 . Nov 11 '27’26-’32
4s ’23 F-A 255,000c..Feb 1 ’28-’43 Is g ’03 F-A
2,400.Aug 20 ’26-’33
4s ’24 A-O (27,000c..Oct 1 ’26-’34
High School Bonds.
120,000c..Oct 1 ’35-’44
4s’24 J-D 45,000c. . Dec 1’26-’34 4s 15 M-S* $95.000c.Sept 1 26-’35
4s ’25 M-N540,000c.Mav 1 ’27-’35 4s 16 M-S *5,OOOc.Mar 1 ’27-’36
4s ’25 J-D 100,000___ Dec 1 1926 4s 16 M-S 25,000c_Mar 1 ’27-’36
4s ’26 A-O 100,000.-Apr 1 ’27-’36 4HsT9 F-A
1,500.-Feb 19 ’27-’29
♦Sundry Loans
4s ’26 M-N fl80,00Cc.May 1 ’27-’36
1170,000c. May 1 ’37-’46 3Hg’97 A O $6,666.67.Apr 1 1927
Elliott Street Land Bonds.
Water Loans
4Xs’19 J-J $2,090r* July 1’27-'28 3Hg’95 F-A $32,500.Aug 15 ’26-’34
Hull Street Land Bonds.
3.6g95 M-N l(),000--Nov 1 ’26-’35
4s’22 J-J $11,000 -Jan 2 ’27-’37 3Hg’96J-D 7,500..June 1 ’27-’36
•Washington Street Loan
3.65g’10M-N/ 3 500-Nov 12 '26-'3O
3Hs’0l J-D $35,000c. ..Dec 1 1926
6.000-Nov 12 '31-’4O
3 Hs’02 J-D 12,000c...Dec 11927 4Hs,’13 J-J 1 7.200-July
28 ’26-’43
3 Hs’03 J-D 13.000r...Dec 11928 4s 14 M-Nl 26,000-May 1 '27-’30
4s ’07 J-J
3,500r. ..July 1 1929
I
84.000.May
1 '31-’44
4s '95 F-A 300,000r*_.Aug 1 1935
4s ’96 F-A 200,OOOr*..Feb 1 1936 A *§?st™StAreeJL'Yater Ma«n Notes.
25 F-A $6,000. .Aug 1 ’26-’3O
4s '96 J-J 60,OOOr*..July 1 1936 4s Park
Loans
4s ’96 J-D 100,000r*_.Dec 1 1936
’O2 J-D *$5,600. -Dec 18 ’26-’3O
4s ’97 M-S 100,000r*..Sept 1 1937 3Hg
Paving
Loans.
4s ’97 J-D 50,OOOr*..Dec 1 1937
4s ’98 M-N 50,000r...Nov 1 1938 4Hs’17 J-J $2,000c...July 1 1927
7,50 )c_ July 1 ’27-’29
4s ’99 J-D 63,000c...Dec 11939 4 Hs'19 J-J
Is
89,000c.July 1 ’27-’34
Street Bonds.
4s ’22 J-J $11,000.-Jan 2 ’27-’37 4s 25 F-A 40,000..Aug 1 ’26-’3O
BOND. DEBT DEC 1 ’25
4s ’16 A-O $1,000___ Oct 1 1926 TOT.
458
3Hs’16 M-N
500___ Nov 1 1926 Inside debt limit_______ $368
160 684
4Ms’17 J-D
3,000___ Junel 1927 Outside debt limit______
4Hs’19 M-N 4,000c.Nov 1 ’26-’29 Water debt (additional) .7 189^950
719,090
4Xs’19 J-D
3,000..June 1 ’27-’29 TOTAL DEBT Dec 1 ’25
259 489
5s ’20 M-N 8,000.-May 1 ’27-’3O Borrowing capacity_____
Assessed
val
’
n,
real
estate.
18,011^695
5s ’20 M-N 4,000-.May 1 ’27-’3O
4Hs’2O A-O
5,OOO..Oct 1 ’26-’3O Assessed val’n, personal.. 8,078,653
5s ’20 J-J
4,000.-July 1 ’27-’3O Total valuation 1925____ 26,090,348
5s ’20 J-J 24,000..July 1 ’27-’3O Total tax (per $1,000) 1925...$27.10
• Outside debt limit, x Part of
5s '20 J-J 12,000.-July 1 ’27-’3O issue
outside of debt limit.
5s ’21 M-N 50,000..May 1 ’27-’31
INT. in Boston at First Nat. Bank
4s ’22 J-D 30,000.-June 1 ’27-’32
in North Adams at North Adams
4s ’22 M-N 7,000c.Nov 1 ’26-’32 and
4Hs’23 J-J 14,000c.July 1 ’27-’33 Trust Co.
4s ’24 M-N 40,000c.May 1 ’27-’34 NORTHAMPTON.
Fire Protection Bonds.
This city Is in Hampshire Co. Inc.
4s T7 F-A $16,500.Feb 1 ’27-’37 19°0
221 9513’ P°P D 191°’ 19’431:
Public Library Bonds.
3.65s’12 M-N $10.030.May 1 ’27-'32
School Bonds
Bridge Loan.
M-8 $49,500c.Sept 1 ’26-’34
4Ms'17 F-A $12,000.-Aug 1 ’26-’37 4HsT4
4X8’22 M-S 6,000c.Sept 1 ’26-’28
Fire Station Bonds.
4J<s
’
24
F-A f 18,600c.Aug 1 ’26-’31
4s ’21 A-O j$18,OOOc.Oct 1 ’26-’34
[16,000c. Aug 1 ’32-’39
t 7,OOOc.Oct 1 ’35-’41
Pavement Bonds.
Service Building Bonds.
’2O J-D $28,000c.June 1 ’27-’3O
4Hs’19 J-D $35,100.-June 1 ’27-’39 5Hs
5Hs21J-D 28,OOOc.June 1 ’27-’41
Highway Widening Bonds.
4Hs’22 M-N 36,000c.May 1 ’27 ’32
4s ’96 M-N$80,000___ May 1 1936 4Hs’22 M-N 6,000c.Nov 1 ’26-’28
Land and Building Bonds.
4Ks’23 J-D 59,509c.June 1 ’27-’33
4s ’26 A-O $140,000cApr 1 ’27-’46 4Hs24
J-J 52,000c.July 1 ’27-’39
DEBT STATEMENT APR. 1 1926
Bridge Bonds.
Debt Outside Limit
5s ’21 A-O $16,000c.Oct 1 '26-’29
Gross. Sink. Fds. Net.
4Hs’24 J-J 50,000c.July 1 ’26-’34
Sewer..1163,000 291,380 871,620
Street.. 986,500 612,409 374,091 5Hs"20AT)a$l(),000c.Oct 1 ’26-’3O
Water.. 413,000 204,120 208,879 4Hs’23 J-D 14,OOOc_June 1 ’27-’33
28,825 4(4s’24 J-J
H’way _ 80,000
51,175
2,000c.July 1 ’27-’28
TOT. BD. DT. May 1 ’26 $393,600
2.642,500 1159,084 1483,415 Water debt (incl.)______
6,000
Assess, val. real_________ 22,128,780
Within Debt Limit (All Serial).
Assess, val. personal____ 5,167,520
School____________ $1,879,000
Total valuation 1925____ 27,296,300
Public library______
12,000
Street improvement_____ 299,500 Tax rate (per $1,000) 1925....$27.90
INT. at Hampshire County Nat.
Bridge________
12,000
Beacon St. fire station___
17,000 Bank, Northampton Institute for
Savings, Northampton Nat. Bank
Service building____
37,000
and Old Colony Trust Co., Boston.
Elliot Street land___
3,000
Auburndale fire station._
25,000
Hull Street land------12,000
NORTH ANDOVER.
This town is in Essex County.
$2,298,500
Inc. 1855. Population 1910, 5,529;
Total net debt_________ $3,779,915 1920, 6.366.
Borrowing Capacity Apr. 1 1926.
Hospital Notes.
Average valuation for the
4J<s’24 M-S $45,000____ 1926-1934
last three years____ $109,203,175
Sewer Notes.
Debt limit at 2H% of
4Ks’23 Mar $9,000_________ 1934
$109,203,175---------------$2,730,079 4Hs’23 J-D 58,000_________ 1954
Net debt within debt limit 2,296,500
Water Bonds..
Borrowing capacity___ $433,579 4s ’99 J-J $40,000c...July 1 1929
4s '25 J-J 45,000c.July 1 ’27-’35 4s ’04 M-N 7,000c—May 1 1934
Total assess, val.1925.-117,850,800 4s’15 J-D 10,000___ June 11938
Total tax (per $1,000) 1925---$27.40 4s '24 M-S 10,000c.Sept 1 ’26-’27
Water-Extension Notes.
[•Loans Issued outside debt limit.I
INT. at First Nat. Bk. of Boston 4H-s --- $4,000_____ 1926-1927

44
NORTH ANDOVER (Concluded,-).
Engine-House Bonds
4s ’08 J-D $3,000c. Dec 1 ’26-’28
School Bonds
4s ’16 F-A 35,000/$4,000 yearly
( on Aug. 1.
School Notes.
4Xs’23 J-D $57,000_________ 1943
Sewer Bonds
4s ’09 J-J $18,000c.July 1 ’26-’34
4s '26 - — 16,000--------------------BOND. DEBT Jan 1 1926 $345,000
Assess, val. real________ 6,597,216
Assess, val. personal____ 1,832,043
Total valuation 1925------- 8,429,259
(Assessment at fair cash value.)
Tax rate (per $1,000) 1925. ..$38.20
INT. on 4s of 1924 at First Nat’i
Bank of, Boston; on others at Win­
throp Nat’i Bank, Boston.
NORTH ATTLEBOROUGH.
This town is in Bristol County.
Incorp. 1887. Population 1910, 9,562; 1920. 9.238.
Notes
Hosp.S J4sF-A$12,600c.Aug 1 ’26-’31
Water Bonds.
4s’25 A-O f $77,000c.Apr 1 27-37
1 5,000c.. .Apr 1 1938
Sewer Notes.
4s ’09 M-N$l 12,OOOc.Nov 1 ’26-’39
4^s’22 M-N 4,OOOc.Nov 1 ’26-’27
School Notes and Bonds.
5s ’18 F-A $> 0,000c.Feb 1 ’27-’34
4s ’2S F-A 16,000.-Aug 1 ’26-’33
Fire Department.
4s ’26 F-A $10,000..Aug 1 ’26-’3O
TOT. BD. DT. Apr 6 ’26..$337,000
Water debt (incl.)----------89,000
Assessed val’n, real estate.7,649,730
Assessed val’n, personal—2.139,610
Tot.aae'd val.’25(2-3 act.)_9,789,340
Total tax (per $1,000) 1925..$31 00
INT at Boston Safe Dep. & Tr. Co
NORTHBOROUGH.
This town is in Worcester County.
School Bonds.
.
4^s’23 F-AJ$48.000c.Aug 1 *26-’41
( 2,600c__ Aug 1 1942
BOND. DEBT Mar 31’26. $50,600
Assess, val., real estate
1,675,785
Assess, val., personal------- 443,398
Tot.ass’d val.'26 (2-3 act.).2,119,183
Tax rate (per $1,000) 1925—$33.25
Population__________________ 1,752
INT. at Old Colony Trust Co..
Boston.

NORTHBRIDGE.
This town is in Worcester County.
School Building Bonds.
5^s’21 J-J $27.OOOc.July 1 ’26-’41
4J4s’22 J-J 63,000c.July 1 ’26-’42
4Xs’22 J-J 19,OOOc.July 1 ’26-’42
4s ’23 J-J
5,OOOc.July 1 ’26-’3O
4J£»’23 A-O 13,000c.Apr 15 ’27-’39
5J4s’21 J-J
5,000c..July 1’37-’41
Bridge Bonds.
4s ’24 A-O $19,000c.Oct 15 ’26-’44
4s ’25 J-J15 20,OOOc.July 15 ’26-’45
Sewer Bonds.
4J4s’19 M-8 $30,000c.Sept 1 ’26-’31
5(is’2O J-J 48;000c.July 1 ’27-’5O
5s ’21 J-J 133,OOOc.July 15’26-’36
(30,OOOc.July 15 ’37-’51
4>4s’22 A-O
7,000c..Oct 1 ’26-’32
BOND. DEBT Jan 1 1926- $343,000
Assessed value, real-------- 5,955,308
Assessed value, personal—3,211,117
Total assessed value 1925.-9,166,425
Total tax rate (per $1,000) ’25-$30.00
Population 1910, 8,807; 1920.10,174
INT. payable at the National
Shawmut Bank, Boston.
NORTH CHELMSFORD FIRE
DISTRICT.
A district in Middlesex County.
Incorporated in 1906.
4s ’06 A-O $20,000c..Oct 1 ’26-’35
4s ’07 M-S 9,000c.Mch 1 ’27-’35
4>4s’08 A-O 3,600c..April ’27-'35
4Hs’10 A-O 3,000c . ..1936*1937
BOND. DEBT Apr 1'26. $35,600
Assess, val. 1924_______ $3,211,085
Fire Dist. tax (pr $1,000) ’24.-350.
INT. at Appleton Nat. Bk., Lowell.
NORTH EASTON7
This town is in Bristol County.
Water Bonds.
4J4s'17 F-A $44,000c.Aug 1 ’26-’47
BOND. DEBT Apr 1 1924 $48,000
Assess, val. real estate____ 3.069,755
Assessed value, personal----- 949,640
Total assess, val. 1923_____4,919,395
Tax rate (per $1,000) 1923------$24.50
Population in 1921________
3,041
INT. payable at Old Colony
Trust Co., Boston.
NORTON.
This town is in Bristol County.
Street Railway Bonds.
4^s’19 ... $21.000____ 1926-1939
TOT. DEBT May 1 1926.. $163,150
Water debt (included)____ 116,000
Assessed value real estate.1.904,300
Assessed value, personal__ $519,050
Total value 1925 (80% act) 2,423,350
Total tax rate (per $1,000) ’25-$31.20
Pop’n 1910, 2,544; 1920_____ 2,374
NORWOOD.
This town is in Norfolk County.
Incorp. 1872. New charter adopted
Oct. 6 1914.
Population 1910, 8,014; 1920, 12,627Park & Office Bldg. Lots.
4s ’12 J-D $12,000c.Dec 30 ’26-’31
Water Bonds
4s ’ll Sept $28,000c.Sept 1 ’26-’32
4^s’22M-S 7,000c.Mar 20’26-’32
5%s’21 J-D 26,OOOc.June 15’26-’38
4s ’25 J-J 40,000c.July 1 ’26-’35
Highway Notes.
4J4s’22 J-D $4,000r...June 1 1927
4s ’24 M-N (30,OOOc.Nov 1 ’26-’33
( 2,000c.„Nov 1 1934
Electric-Light.
4«s’O7 J-D $4.000r._Deo 1 ’26-’27
4J^sT9 M-N 20,OOOr -Nov 1 ’26-’29
Memorial Park.
4s ’24 M-N ($24,OOOc.Nov 1 ’26-’33
1 2,000c. ..Nov 1 1934




[Vol. 122.

MASSACHUSETTS—CITIES & TOWNS
Sewer Bonds.
4s ’07 J-D $80,000..June 1 ’27-’47
4s ’08 F-A 23.000c.Aug 1 ’26-’4S
4s ’12 J-D 24,000c.Dec 30 ’26-’37
4^s’23 M-S 15,000c.Sept 1 ’26-’28
4Ms’22 J-D 26,000c.June 1 ’27-’39
5%s’22 J-J 10,000c.Jan 15 ’27-’31
4^s’24 J-D 14,000c.June 1 ’27-’39
School Loans.
4s '06 J-D $2,000r.—Dec 1 1926
4Xs’21 A-O (14,500r_Apr 20 ’26-’31
( l,900r..Apr 20 1932
4s ’18 M-N/10,800r.May 15’27-’35
( 600r..May 15 1936
5s ’18 A-O /61,200c.Apr 1 '27-36
( 2,600c. ..Apr 1 1937
5s T8 A-O /61,200c.Apr 1 ’27-’36
( 2,600c. ..Apr 1 1937
4>£s’21 A-O 16,OOOr.Oct 15 ’26-’41
5s ’21 A-O 32,OOOr.Oct 15 ’26-’41
4^s’22 M-S 5,OOOr.Mar 1 ’27-’31
4s ’22 M-N/ 2,000c..May 15 1927
115,000c.May 15 ’28-’42
4s ’22 M-N/ 6,000c.May 15'27-28
(34,900c.May 15 ’29-’42
4s ’25 A-O /63,000c..Apr 1 ’27-’35
130,000c. .Apr 1 ’26-’4O
8,000c. ..Dec 1 1926
4Jis’25 J-D (56,000c.Dec 1 ’27-’34
I 6,000c.Dec 1 ’35-’4O
TOTAL DEBT Apr 9 ’26. $917,650
Water debt (included)___
917,650
Floating debt (additional)
50,000
Assess, val real_________ 19,612.360
Assess, val personal____ 4,477,510
Total val. 1925............
24,089,870
Total tax (per $1,000) 1925. ..$26.50
INTEREST paid by New Eng. Tr.
Co. and First Nat. Bank, Boston,
and Norwood Nat. Bk.. Norwood.
ONSET FIRE DISTRICT.
This district (P. O. Onset) is in
Plymouth County.
4s ’24 J-J $145,000 _____ 1926-1954
BOND. DEBT Jan 1 ’25-- $150,000
Assessed val., real estate..2,473,280
Assessed val., personal___ 257,800
Total assessed val. 1924__ 2,731,080
Taxrate (per $1,000) 1924____ $1.95
ORANGE.
This town Is In Franklin Co. Inc
Feb. 24 1810.
Pop’n ’10, 5,282;
1920, 5,303.
Town Hall Bonds.
4s ’ll A-O $14,000c..Oct 1 ’26-’31
Memorial Park Loan.
6s
J-D $15,000. .Dec 1 ’26-’30
BOND. DEBT Marl'26- $28,000
Floating debt___________
25,000
Assess, val. real________ 4,222,165
Assess, val. personal____ 1.230,975
Total val. 1925 ________ 5,453,165
Total tax (per $1,0001 1925__ $28 00
INT. on town-hall bonds at Old
Colony Tr. Co.. Boston, and Orange
Nat. Bank; all other loans at Town
Treasurer’s office.

PALMER.
This town is in Hampden County
Inc. Aug. 23 1775. Pop. ’10, 8,610;
1920, 9,896.
School.
4s’09 J-J $1,000c„ July 1 1927
5s ’20 J-J 25,OOOc.July 1 ’27-’31
5s '21 M-N 1,000c...Nov 1 1926
4J<s’22 M-N 29,000cNov 15 ’26-’42
4Jis’22 J-J / 99,OOOc.July 1 ’27-’37
( 35,OOOc.July 1 ’38-’42
4Ks’23 J-J 34,000c.July 1 ’27-’43
Highway.
6s ’20 J-D $10,000c.Dec 1 ’26-’30
Pavement.
4Ms’24 J-D $17,600c.Dec 15’26-’29
Concrete Bridge.
4 Xs’24 J-D $5 600c.Dec 15 ’26-’29
TOTAL DEBT Apr 1 1926.$274,200
Assess, val. real________ 8,223,858
Assessed val’n, personal.. 3,910,011
Total value 1025 (actual) .12,133,869
Tax rate (per $1,000) 1925__ $25.00
INT. on bonds of 1923 at First
Nat. Bank of Boston; on others in
Boston.

PEABODY.
This city is in Essex Co. Inc. as
city May 8 1916. Town property val­
ued at $2,000,000. Pop’n ’10, 15,721;
1920, 19,552.
Tuberculosis Hospital Bonds.
4s '25 M-N ($12,000c.May 1 ’27-’28
( 80,000c.May 1 ’29-’44
School Loans—
4s ’ll M-8 $ 1,000c.Sept 1 ’26-’27
4s T3 M-S 3,000c.. Mar 1 1927
45<s’20 M-N375,OOOc.Nov 1 ’26-’4O
4%s’2O M-NJ40,OOOc.Nov 1 ’26-’3O
170, OOOc.Nov 1 ’31-’4O
4J^s’21 J-D 48.000c.Dec 1 ’26-’41
4s ’22 M-S 51,OOOc.Sept 1 '26-’42
4s^03teF-A°$40,'000c.Aug 1 ’26-’33
4s ’05 F-A 40,000cAug 15 ’26-’35
4^s’14 A-O
9,000c..Oct 1 ’26-’34
4s ’16 F-A 12,000c.Feb 1 ’27-’3O
4 (4 s’23 J-D 16,000c.June 1 ’27-’28
4J<s’25 F-A /70,000c.Aug 15 ’26-’35
(30,000c .Aug 15 ’36-’4O
4Ms’25 M-N 12,000c..Novl’26-’37
Pavement Loans.
4s ’16 F-A $1,000c...Aug 1 1926
4%s’19 M-S 60,000c.Mar 1 ’27-’29
5(4s’2O F-A 50,000c.Aug 1 ’26-’30
5s ’20 M-N 25,OOOc.Nov 1 ’26-’30
Electric Light Bonds.
3^s’O9 F-A $20.000c.Aug 1 ’26-’35
4Ms’17 F-A
8,000c.Aug 1 ’26-’27
Sewer Bonds.
4s ’06 J-J $52,OOOc.July 15’26-'36
4s ’06 M-N 55,OOOc.Nov 15 ’26-’36
’07 A-O 21,000c. .Oct 1 ’26-’32
4(4s’25 A-O
8,000c..Oct 1 ’26-’33
Total gross debt Jan 1 ’26.$l,255,000
Exempted debt—
Water bonds_________
240,000
Electric light bonds___
28,000
School and sewer bonds. 554,000
Tuberculosis Hospital___
98,000
Net debt within author­
ized debt limit_____ $335,000
Borrowing cap. Jan 1 ’26i $195,125
Assessed value, real estate. 17,236,050
Assessed value, personal.. 4,923,790

Total assess, val. 1925__ 22,159,840
Total tax (per $1,000) 1925-—$35.00
INT. on school 4s of 1911 and 1913,
water 4 (4s of 1914, pavement 4s of
1916, electric light 3 (4s of 1909,
sewer 4s of 1907, payable at Old
Colony Trust Co., Boston; on school
4Ks, 4J4s and 4s of 1020, 1921 and
1022, on water 4s of 1903 and 1904.
5s of 1920, 4J4s of 1923, oh electric
light 4 (4s of 1917, on street and
sewer 4s of 1916, on sewer 4s of 1904
and 1906, on pavement 434s of 1919,
5s and 5J4s of 1920, on water 4Xs
of ’25, on sewer 4Xs of '25, at First
Nat. Bank, Boston; on water 3J4s of
1905, at Harris, Forbes & Co., Bos­
ton; on water 4s of 1916, at Com­
monwealth Trust Co., Boston.
PEPPERELL.
This town Is In Middlesex County
Water Bonds
4s ’08 M-N .®49 200c.May 1 '27-’38
BOND. DEBT (water)
Mar 30 1926_________
$60,000
Assess, val. real__________ 2,313,720
Assess, val. personal____
704,204
Total val. 1925 (actual).. 3,017,924
Total tax (per $1,000' 1925--.$27 00
Population 1910, 2,593; 1920, 2,468
INT. at Harris. Forbes & Co.,
Inc., Boston.
PITTSFIELD.
Pittsfield is in Berkshire County.
Incorp. as a town 1761; as a city
Jan. 5 1891.
Municipal Yard Bonds.
4s ’16 M-S $8.000c.Sept 1 ’26-’29
Paving Loans.
4J4s’19 F-A/ $75,OOOr.Aug 1 ’26-’28
( 17,000r. .Aug 1 1929
6s '20 J-D 45,000r* June 1 ’27-’31
5«s’21 J-J 65,000r$.July 1’27-’31
4)£s’22 J-J (35,OOOc.July 1 ’27-’31
( 5,000c...July 1 1932
4Ji’22A-O15 56,000c.Oct 15 ’26-’32
4(4s’23 J-J15 48,000cJuly 15 ’26-’2«
4s ’24 M-S 87,000..Sept 1 ’26-’(8
4«s’25 A-O /20,000c.Oct 15 ’26-’29
( 3,OOOc..Oct 15 1930
4Jis’25 A-O /24,OOOc.Oct 15 ’26-’29
( 4,000c..Oct 15 1930
Water Loans.
4s ’08 M-N$30,000r* May 1 ’27-’32
4s '08 M-N 80,000r* Nov 1 ’26-’33
4s ’09 M-N 35,OOOr* Nov 1 ’26-’32
4s ’ll F-A 260,OOOr* Mar 1 ’27-’39
4s ’ll M-N 5),OOOr* Nov 1 ’26-’35
4s ’12 M-S 160,000r* Mar 1 ’27-’42
4s ’12 M-N 51,OOOr* Nov 1 ’26-’35
4s ’13 M-N100,000r* Nov 1 ’26-’35
5s’21 M-N 4,000r*._ Nov 1 1926
4Hs’22A-O15( 6,000c_. Oct 15 1926
\ 4,000c..Oct 15 1927
4(4s’23 J-J15 21,000cJuly 15 ’26-’28
4s ’24 M-S 48.000..Sept 1 ’26-’29
4J4s'25 A-O (32,OOOc.Oct 15 ’26-’29
( 4,OOOc..Oct 15 1930
Sidewalk Loans.

5s '21 M-N $2,000c-. Nov 1 1926
4)4s’22 A-O15J3,000c. Oct 15 1926
(2,000c._Oct 15 1927
Sewer Loans.
, _
4s ’ll F-A $80,OOOr* Feb 1 ’27-’32
4s ’13 M-N /40,OOOr*Nov 1 ’26-’29
( 5,000r*. .Nov 1 1930
4s ’15 F-A 60,OOOr* Aug 1 ’26-’4O
4s ’16 M-S 42,000c.Sept 1 ’26-’46
4>£s’19 M-S 24,000c.Sept 1 ’26-’37
5s ’21 M-N 35,OOOc.Nov 1 ’26-’32
4)4s’22 A-O 22,000c.Oct 15 ’26-’47
4J4s’23 J-J 22,OOOr*July 15’26-’36
4s ’24 M-S / 72,000—Sept 1 ’26-’43
( 3,000___ Septi 1944
4J4s’25 A-O 70,000c.Oct 15 ’26-’32
Playground Bonds.
4s T5 F-A $7,000c.Aug 1 ’26-’32
School Notes.
4s ’22 J-D $2,000-. June 15 1927
School Loans.
4s ’08 J-D $14,OOOr* Dec 1 ’26-’27
4(4s’13J-D/ 39,OOOr* June 1’27-’29
( 12,OOOr* June 1 1930
4s ’13 J-D 40,OOOr* Dec 1 '26-’33
4s g'15 F-A
2,000r* Feb 15 1927
4Hs’19 M-N / 72 OIOc.Nov 1 ’26-’34
( 40,OOOc.Nov 1’35-’39
5s ’20 J-D / 6,000c. Dec 1 ’26-’28
( 1,000c...Dec 1 1929
4s’22 J-D
2,000..-June 15 1927
4kts’22 J-J / 99,000c.July 1 ’27-’37
( 40,000c.July 1 ’38-’42
4(4S’23 A-O 60.OOOr* Oct 15’26-28
Park Loan.
4^s’22 M-S J$7,000r Sept 15 ’26-’32
t l,400r._ Sept 15 1933
Building Loan.
4J<s’25 M-N/$6,000c..Nov 15 1928
(60,000c Nov 15 ’27-’38
TOTAL DEBT Jan 1 ’26-$2,495,000
Less debt outside limit:
Water debt___________ 919,800
Sewer debt___________
185,000
School debt___________ 222,000
Paving debt__________ 302,000
Playground debt_____
7,000
Total outside_______$1,635,000
Debt inside limit_______
859,200
Borrowing capacity_____
466,007
Assessed val., 1925—
Real____________
46,051,690
Personal_____________ 8,625,205
Total________________ 54,676,895
Total tax (per $1,000) 1925—$30.20
Pop’n, TO, 32,121; ’20______ 41,751
INTEREST payable at First Nat.
Bank and Old Colony Trust Co., Bos­
ton: also at City Treasurer’s office.

PLYMOUTH
This town is in Plymouth County.
Inc. 1620. Population 1910, 12,141;
1920, 13,045.
Publi; Landing Loan.
4(4S’24M-N $96,000.-May 1’27-’34
Highway Bonds.
4s T7 M-N $2,100--- May 1 1927
Memorial Town Hall Bonds.
4s ’24M-N $275,500c.Nov 1 ’26-’44
Town Hall Lot.
4^s’19 M-S $13,000.-Mar 1 '27- 39
Plymouth County Hospital.
5Xs’21 A-O $24,000..Apr 1 ’27-’3O

Water Loans.
3J£s’O3 J-J $4,666 62 July 1 ’27-’33
4s ’08 F-A 6,000-.. Feb 1 ’27-’32
4s ’07 J-J 6,000—.July 1 ’27-’32
Sewer Loan.
3%s’O3 J-J $4,000--July 1 ’27-'30
School Loans.
4(4s
... 99,000-____ ________
TOT. FD. DT. Jan 1’25.. $615,300
Water debt (included)___
22,600
Total assessed value 1925. 24,368,350
Taxrate (per $1,000) 1925-.-$24.00

PLYMOUTH COUNTY.

County seat Is Plymouih.

Allerton Sea Wall Loan.
4«s’25 J-D $25,000c.Dec 1 '26-’3O
Tuberculosis Hospital Sewerage
Loan.
4s ’24 M-S / $5,000c ..Sept 1 1926
( 12,000c.Sept 1 ’27-’29
Scituate Shore Loan.
4Xs’24 J-D $9,000c.June 1 ’27-’29
4«s’22J-D15 24,000c.Dec 15 ’26-’31
4^s’23 J-D 18,000c.Dec 1 ’26-’31
Bridge Notes.
4s ’12 J-D $3,000c.Dec 1 ’26-’28
5s’ 18 M-S 60.000c.Sept 1 ’26-’3O
4^s’23 M-S 21,000c.Sept 1 ’26-’28
4«s’25 J-D (44,000c.Dec 1 ’26-’36
1 3,000c.. .Dec 1 1937
Breakwater Notes.
4>£s’23 M-S $18,OOOc.Sept 1 ’26-’28
Hospital Notes.
4J4s’23 M-S $10,000c.Sept 1 1926-27
Highway Loan.
4^s’26 F-A $82,000c____ 1927-1936
Funded debt Jan 1 ’26___ $260,500
Temporary loan..’______
49,800
Total value 1925_______125,595,480
Popul’n 1910, 144,337; 1920, 156,968
PROVINCETOWN.
This town is in Barnstable Co.
Inc. 1727.
Water Loan Bonds.
.s
...,($82,000 _____1926-1927
t 20,000 _____ 1928-1937
Cemetery Refunding Loan.
_s
... $3,600 _____ 1926-1928
BOND. DEBT Apr 1 ’26. $25,600
Floating debt (add’l)______________ 10,000
Assess, val. real________ 3,193,925
Assess, val. personal____
644,628
Total val. 1925............
3.838,563
Tax rate (per $1,000) 1925..$33.00
Population 1910. 4,369; 1920, 4,246
INT. at old Colony Tr. Co.. Bost.

QUINCY.
This city is in Norfolk County.
Incorporated May 17 1888.
4s’22 M-S 128,000_____ 1926-1942
tH«’13 J-D 15 400c.June I 27-’48
4^s’25 — 82,000_____ 1926-1931
Street Bonds.
4^s’19 F-A $24,000c_Aug 1 ’26-’29
17,000-44Ss’19
56,000.-Aug 1
4s ’24 F-A 54,000. .Aug 1
26,000.-Aug 1
4s ’24 M-S 4,000c.Sept 1 ’26-’27
4,000c_Sept 1
12,000c. Apr 1
4s '25 A-O
4s '25 J-J 54,000. .July 1
4s ’26 A-O 50,000.-Apr 1
Sewer Loans.
1926____ $26,000 1939______$9,500
1927-28-. 46,000 1940-42— 22,500
1929 ____ 22,500 1943------- 5,000
1930 ____ 20,500 1944____
3,000
1931-33-. 58,500 1945-47 — 6,000
1934-37-. 74,000 1948-50— 3,000
1938______ 13.000
4s T2 M-S $16,000c.Mch 1 ’27-’42
4Hs’13 M-S 17,000c.Mar 1 ’27-’43
4s T4 M-N 3.000c-May 1 ’27-'29
4^s’23 J-J 20,000c.July 1 ’27-’28
4s ’25 J-J 55,000.-July 1 ’26-’30
Sewer Bonds.
4/4s’19 J-D $16,000c.June 1 ’27-’34
4s ’24 A-O 20,000c.Oct 1 ’26-’29
4s ’25 A-O 32,000c.Apr 1 ’27-’30
4(4s’25 A-O 15,OOOc..Oct 1 ’26-’3O
4s ’26 A-O /65,000c—Apr 1’27-’31
(25,000c. .Apr 1 ’32-’36
School Bonds.
4s '22 M-N 1264 .OOOcMay 1 '27-32
1390,OOOcMay 1 ’33-’42
4Xs’23 J-J /105,000c.July 15 ’27-’33
(100,000c. July 1 ’34-’43

4J4s’24 J-D

44,000c.June 1 ’27-'37

4Xs
J-D 52,000______________
4«s’25 A-O 100,000c..Oct 1 ’26-’35
4s ’26 A-O 350,000c.-Apr 1 ’27-’36
“Consolidated Miscell.” 1910
4 4$s’lO J-J $56,825c_____ Various
Water Loans.
1926 _____ $23,000 1932______ $7,000
1927 _____ 22,000 1933_____ 5,000
1928 .......... 18,000 1934-37— 12,000
1929 _____ 12,000 1938-39— 4,000
1930 .......... 11,000 1940-------- 1,000
1931 ____ 8,0001
4s ’ll M-S $6,000c.Meh 1 ’27-’28
4s ’12 M-S 25,920c.Meh 1 ’27-’42
4s ’12 F-A
2,000c.Aug 1 ’26-’27
44£s’13 M-S 3,000c—.Mar 1 1927
4s ’24 A-O /24,000c.Oct 1 ’26-’28
( 3,000c...Oct 1 1929
4s ’25 A-O 60,000c.Apr 1 ’27-’32
4s’26 A-O 60,000c..Apr 1 ’27-’32
4s ’26 A-O 600,000c..Apr 1 '27-’41
Paving Bonds.
4(4s’19
$28,000—Sept 1 ’26-’29
4s ’24 M-S 68,000c. Sept 1 ’26-’29
4s ’24 F-A 52,000c.Aug 1 ’26-’29
Surface Drainage Bonds.
4s ’24 A-O $8,OOOc.Oct 1 ’26-’29
4«s’25 A-O 35,OOOc_.Oct 1 ’26-’30
Hire Equipment Bonds.
4s ’25 A-O $ 8,000c.Apr 1 ’27-’30
4)4s’25 A-O 35,000c_-Oct 1 ’26-’30
Tuberculosis Hospital Bonds.
($18,000—Sept 1 ’26-’27
44£sT9M-S( 8,000___ Sept 1 1928
[ 5,000___ Sept 1 1929
Police Station Loan.
4s ’25 J-J $100,000—July 1 ’26-’35
Hospital Loan.
4s '25 J-J $150,000.-July 1 ’26-’35

June, 1926.]
QUINCY (Concluded).
TOT. DEBT Jan. J ’26. $3,415,000
Water debt incl________
266,500
Assessed valuation, real..95,971,950
Assessed val'n, personal..13,191,750
Total valuation 1925...109,163,500
Tax rate (per $1,000) 1925. J.$27.00
Pop’n 1910, 32,642: 1920,1 47.876
INT. at the Old Colony Triist Co.,
Boston.
RANDOLPH.

This town is in Norfolk Co. Inc
March 9 1793. Pop. 1910, 4.301:
1920, 4,756.
Refunding Notes.
4.1s’O7 M-N$ll,000r*May 1 ’27-’37
School Notes.
4J4s
J-J $3,000......... 1926-1927
School Bonds.
4s ’25 J-J ($55,OOOc.July 1 ’26-’36
I 16,OOOc.July 1 ’37-’4O
($50,000 of this issue, authorized
under special legislation, therefore
not included in gen’l debt limitation.)
Highway loan 1920______ $5,000
Highway loan 1923______
3,900
Highway loan 1924_____
5,500
Highway loan 1925______
2,300
Water extension loan 1924.
4,800
Fire equipment loan 1923 . .
3,900
North Randolph school loan
2,000
County hospital loan_____
500
BOND. DEBT Jan 1 1926. 113,400
Water debt (additional)__
10,000
Sinking fund (water)_____
14,013
Assess, val., real_________ 3,673,150
Assess, val., personal____ 809,800
Tot. val '25 (abt. 65% act.)4,482.950
Tax rate (per $1,000) 1925..’.$26.80
INT. payable at National Shaw­
mut Bank, Boston.
READING.
--------This town is in Middlesex County
Inc. 1644. Population 1910, 5,818;
1920, 7,424.
4)4sT7 J-D $8,000------ 1926-1933
Municipal Building Bonds.
4^s’17 A-O $24,OOOr___ 1926-1937
Electric-Light Bonds.
i/»‘J
'-TXO I ,vvU--WV IO
0x2
4)4s 14M-S15 2,500..Sept 15’26-30
4sT6M-N15 5,000-May 15’27-’36
44£s’17 A-O 33,000..Oct 1 ’26-’36
44£s’19 J-J
6,500. .Jan 1’27-’39
44£s’19 A-O 13,000—Apr 1 ’27-’39
5s ’20 M-N 14,000—May 1 '27-’40
444s'23 J-D
8,000-.Dec 1 '26-’33
Electric Light Notes.
4s’15 M-N15 $3,200.May 15 ’27-’3O
5s ’17 M-S22 2,500-Sept 22 ’26-’3O
6s’21 J-J
2,000..July 1’27-28
444s’22J-D15 4,000-Dec 15 ’2j-’26
Sewer & Electric Light Bonds.
6s T9 ... $60,000_____ 1926-1945
Water Bonds.
4s
J-D $20,000c.June 1 ’27-’3O
4s
J-D 11,000_____ 1926-1936
44^8
17,000------- 1923-1942
4s 25 M-N 18,000c.May 1 '27-35
Brown Estate Bonds.
4s
... $3,500........... 1926-1932
Sewer Bonds.
4s T7 M-S $88,000c___ 1920-1947
5s ’20 M-N 57,000c____ 1926-1949
6s ’21 J-J
5,000c____ l926-193„
5s '21 J-J
3,000c------ 1931-1933
4s ’24 J-J
7,000.-July 1 ’34-’4O
4s ’24
-- J-J 15,000_ July 1 ’30-’44
School Bonds.
4s
... $6,000____ 1926-1931
Richardson Estate Loan.
4s T6 M-N $1,000____ 1926-1927
Playground Notes.
-s
$2,500_____ ;____1926
. Municipal Bldg. & Library Bds.
4s 17 M-N $3,500r____1926-1932
BOND. DEBT Jan 1 ’26-.$400,000
Water debt (included)___
73,000
Temporary loan, add’I... 115,000
Assessed value, real estatell.755,205
Assessed value, personal. . 1,537,681
Total assessed value 1925.13,292,886
Total tax (per $1,000) 19251..$33.75
INT. at First National Bank and
Second National Bank, Boston.

REVERE.
This city is in Suffolk County.
Inc. as town 1871; as a city June 19
1914. Population 1910, 18,219:
1920, 28,823.
Memorial Bonds.
5s T9 J-D $9,000___ ,....1932
544s T9 J-D
3,000___ J____ 1926
54is’21 A-O
3,000___ I_____1926
Improvement Bonds.
5s T9 J-D $12,000................. 1929
School Loans.
4s ’08 A-O $16,250... Apr 1 1927
4s ’09 M-S 3,000-Sept 15 ’26-’28
4s TO J-D
4,000.-June 1 ’27-’30
4s TO J-D15 12,500-Dec 15 ’26-’30
4s ’ll A-O 12,500..Apr 1 ’27-’31
4s T6 J-D 50,000______________
4J4s’17 A-O 48,000..Oct 1 ’26-’37
444s’19 J-J 26,000_____ 1926-1938
544s’2O M-N 10,000..NovT 1 ’26-’3O
444s’19 J-J15 5,000____ i____ 1928
544s’21 M-S 4,000____ I_____1927
54<s’21 A-O
3,000____ I——1926
544s’21 F-A 12,000.................. 1931
544s’21 J-D 24,500___ .____ 1941
444s’22 J-D $47,000c___ i.____ 1942
44<s’22 M-N 3,000____ L—.1929
444s’22 F-A 237,500c___ _ ____1942
44<s’22 M-N 5,000_____£____ 1933
444s’23 M-N 16,517.405-_L-*-.-1928
444s’23 F-A 12,500____ E____ 1930
444s’23 M-N 10,000_____L____ 1933
44<s’23 F-A 45,000_____C____ 1943
444s’23 M-N 9,000_____L____ 1932
Sewer and Water Bonds.
6s ’20 s-an $6,000___ _L____ 1930
Police Department.
4s’09 A-O $3,000..Api] 15’27-'29
344s’05eA^O$108,000c.Apr 1 ’27-’35
4
44s’l3 J-D -------3,000_____ 1926-1928
-----1026
544s
’21 A-O
3,000.
44<s’22 J-D 13,000.
.1927
444s’23 J-D
3,000.
.1926
444s’23 M-N 42,000.
.1928




MASSACHUSETTS—CITIES & TOWNS
Sewer Loan.
4s ’04 M-N$17,600—May 1 ’27-’34
4J4sT7 A-O
6,000—Apr 23 ’27-’29
444s
’17 J-D 10,000.-Dec 15’26-’35
...................
444s’19 J-J
7,860................... 1929
6s ’20 F-A
1.600__________ 1925
544s'21 M-S 23,000—.......... ...1946
544s’21 J-D 17,000..........
1940
544s’21 M-S 4.500 __________ 1928
444s’22 M-S 9,000............ ...1932
444s’22 M-N 17,000_________ 1940
444s’22 M-N
9,000...............1932
444s’22 F-A
6,000_________ 1929
444s'23 F-A
2,500........
1926
4J4s’23 J-J
20,000_________ 1928
4J4s’23 M-N 60,000........
1953
Sidewalk Loan.
544s’20 J-D
2,000.................. 1926
444s’22 M-S
4,000_________ 1927
4J<s’22 M-N
4,000............ ...1927
444s’22 F-A $36,000c________ 1932
City Stable Bonds.
544s’2O M-N $9,000_________ 1930
Fire Department Loan.
4s T3 J-J $1,000___ Jan 1 1927
Street Loan.
454s’17 M-S $16,000—Sept 1 ’26-'27
4.90s’19A-O 22,200_________ 1929
544s’21 J-J
160.000_________1931
544s’21 M-S
4,000_________ 1927
544s’21 M-S
10,000_________ 1931
6s ’20 J-J
4.000_________1927
6s ’20 F-A
6,000__________ 1927
6s ’21 F-A
2.500 __________ 1926
544s’21 J-D 16,000—.............. 1931
444s’22 M-N 4.500 ..........
1927
444s’22 M-N 9,000__________ 1927
444s’22 F-A
9,000__________ 1927
44<s’22 F-A
4.500 __________ 1927
444s’22 M-S 4,000__________ 1927
444s’22 M-S 14,000__________ 1927
44£s’22 A-O 36,000c_________ 1927
444s’22 M-S 90,000c.............. .1932
444s’23 A-O 16,537__________ 1928
4J4s’23 J-J 250,000__________ 1933
Bridge & Water Ext. Loan.
44£s’19M-N $29,000__________ 1939
Miscellaneous Bond.s
5^s’21 J-D $3,000__________ 1P26
6s
‘ ’21 F-A'
3,000__________ 1926
444s’23 A-O 13,158__________ 1928
444s’23 J-D
5.500 __________ 1928
444s’23 J-D
5.500 __________ 1928
444s’23 J-D
5,500...........
1928
444s'23 J-J
2.500 __________ 1926
BOND. DEBT Jan 1 '26:
Inside limit____________ $653,268
Outside limit__________ 1,431,774
Water debt (add’I)______
201,875
Assessed value, real_____ 34,548,650
Assessed value, personal.. 3,472,750
Tot.ass'd:,val.’25(85%act) 38,021,400
Total tax (per $1,000) 1925__ $48.80
INT.at Fourth Nat.Bank,Boston.
ROCKLAND.

Town in Plymouth Co. Inc. 1874
Water-Works.
4s TO J-J $2,OOOr.July 1 ’27-’28
414s ’23 M-S 4,000—Sept 1 ’26-’29
Hospital Bonds.
5s .. A-O $14,000____ Apr ’27-’4O
School Loans.
4s ’09 J-J
$9.OOOr. .Jan 1 ’27-’29
TOTAL DEBT Apr 1925. $38,000
Water debt (included) ____
9,o00
Total valuation 1925_____ 7,839,110
Tax rate (per $1,000) 1925..$29.70
Pop’n 1910. 6,928: 1920______ 7.544
INT. on water bonds due 1926-28
and school bonds at Second Nat.
Bank, Boston; other interest at office
of State Treasurer.

Water Bonds (outside limit).
4J4s’14 F-A 116,000—Aug 1 ’26-’54
4s T5 A-0$105,450c.Apr 1 ’27-’45
4s T5 F-A 40.000c.Aug 1 ’25-’45
4s '15 F-A 15,000.-Aug 1 ’26-’55
4s T5 M-N 80,000c.Nov 1 ’26-’45
4s T6 A-O (30.000c.Apr 1 ’27-’36
l20.000c.Apr 1 '37-’46
4^s’18 J-D
8,000c.June 1 ’27-’28
4^s’19 F-A 38,000—Aug 1 ’26 ’44
4)4s’18 J-J 15.000—July 1926-40
Sewerage Bonds (outsideiimit).
3J4s’03M-S $21,000.-.Meh '27-33
3) 4s'04M-S 95,000r*.Sept 1 '26-'44
4s ’06 F-A 50,000--Feb 1 ’27-’46
4s ’06 M-S 25,000—Meh 1 ’26-’36
Train’g-SchBds.(outside limit)
4s '12 J-D $33,000—June 1 ’27-'37
Fire Bonds.
4s T6 F-A $6,000___ Aug ’26-’31
4s ’17 F-A 6,000..Feb 1 ’26-’31
Street Paving Bonds.
4J^sT7 J-D $3,500____ June 1927
4^s’18 J-D
5,500___ June 1 1927
4Hs’18 J-D 14,OOOc.July 1 ’27-’40
4Hs’19 J J 45.000c.July 1 ’27 ’29
5J4s’21 M-N 50,000—May 1 ’27-31
5J4s’2O M-N 5,000—May 1’27-’31
4) 4s’22 J-D 50,000..June 1 ’27-’$6
4)4s’22 J-D 10,000.-June 1 ’27-’31
4)is’22 J-D
3,500___ June 1927
4J4s’23 M-S (11,000c._Sept 11 1926
120,000c. Sept 11 ’27-28
4s ’25 A-O 108,000r*.Apr 1 ’27-’35
4s ’25 A-O 16,000r*.Apr 1 ’27-’3O
TOT. BD. DT. Jan 1 ’26.$2,266,000
Less debts outside limit.. 1,291,500
Borrowing capacity_____
268,159
Assess, val. real_________41,539,840
Assess, val. personal____ 10,866,300
Total valuation 1925_____52,406,140
Tax rate (per $1,000) 1925__ $32.50
INT. at Merchants’Nat.Bk.Boston
or City Treasurer’s office.
SAUGUS.

This town is in Essex- County.
Inc. 1815. Population 1910, 8,047:
1920, 10,874.
Water Bonds (all coupon bonds).
4s TO J-J $13,000-July 10 ’26-’38
4)4s’14 M-N 16,000—May 1 ’27-’42
4^s’14 M-N 1,000..May 1 ’27-’28
4s T6 M-N 5,000—May 1 '27-’36
4J4sT7 M-N 5,500—May 1 ’27-’37
School House Loan.
4s ’05 F-A $30,000—Aug 1 ’26-’35
4s TO M-N 9,000—May 1 ’27-’35
4s ’16 M-N 30,000—May 1 ’27-’36
4J4ss’17 M-N 4,500..May 1 '27-’35
5J4s’2O J-D 11,000..June l ’27-’37
4s ’22 M-N 40,000—May 1 ’27-’42
4s ’25 M-N 70,000c.May 1 ’27-’4O
TOT. BD. DT. Apr 5'26.. $256,500
Water bonds (incl.)______
43,000
Borrowing capac. Apr 5 '26 102,837
Total valuation 1925____ 11,821,993
Total tax (per $1,000) 1925__ $37.85
INT. on school loan of 1905 to the
State of Massachusetts; on others at
the Beacon Trust Co., Beacon.

SCITUATE.
This town is in Plymouth County.
Inc. 1636.
Street Pavement Bonds.
4Xs
M-N$32,000.May 15 ’27-’28
Hospital Bonds.
5J^s
A-O $6,000.Apr 15 ’27-’29
High School Bonds.
4s J-J ... $13,750—July 6 ’27-’36
4s
...
5,000____ 1927-1931
Shore Protection Bonds.
4^s
M-N (12,000. .May 1 ’27-’29
t 9,000.-May 1 ’30-’32
4?<s
M-N 10,500—May 1 ’27-’33
ROCKPORT.
FUND.
DEBT
Jan 1 1926 $94,750
This town is In Essex County
val. real estate. 9,693,195
Inc. Feb. 27 1840. Pop. TO, 4,211: Assessed
Assess, val. personal____ 1,390,180
'20.3.878
Tot.ass’d val.'25(65 %act.)l 1,083,37b
Hospital Bonds. rate (per $1,000) 1925. --$27.20
4(4s’24 May$26,000c.May 1 ’27-’39 Tax
Population in 1910, 2,482: ‘20, 2,534
School Bonds.
4s ’25 M-N$114,000c.May 1 ’27-’46 SHARON.
A town in Norfolk Co. Inc. 1765.
Highway Bonds.
4J4s’24 May $40,000c_May 1 ’27-’34
School Bonds.
Water Bonds.
5J^s’21 J-J $15,000—July 1 ’27-’41
3J4s’O2 M-N $3,000c.Nov 1 ’26-’32 5s '21 M-N 17,000—Nov 1 ’26-’41
4s TO J-J
2.500c..Iuly 1 ’26-’30 4) ^s’22 J-J 48,000...Jan 1 ’27-'42
4s ’24 J-D 12,000c.Dec 1 ’26-’29
Water Pump Bonds.
4Xs’25 A-O
5,500C—Oct 1 ’26-’3O 4(4s’25 J-D 16 $3,900. .Dec 16 ’26-’28
4s ’26 J-D (
3,000____ 1927
Water Bonds.
1
16,000_1928-1935 4s’96 A-O $1,000... Oct 11926
Refunding Loan.
4s ’04 A-O
3.000—Apr 1 ’27-’29
4J4s’23 J-J $12,000—July 1 ’27-’28 4J4s’13 F-A
8,000—Aug 1 ’26-’33
Headland Park Loan.
5) ^s’21 M-S 1,500—Sept 15 1926
4s ’26 A-O $12,000c_.Apr 1 ’27-’32 BOND. DEBT Jan 1 ’26.. $97,400
BOND. DEBT Jan 1 ’26.. $239,500 Assessed val., real_______ 4,420,923
Water debt (Incl.)_______
45,000 Assessed val., personal. — 86 5,077
Assessed valuation, real__ 4,350,640 Total valuation 1925_____ 5,286.000
Assessed val’n, personal__ 767,360 Tax rate (per $1,000) 1925. - .$28.00
Total valuation 1925______5,118,000 Population in 1910, 2,310: ‘20. 2,467
Tax rate (per $1,000) 1925...$32.00
SHELBURNE FALLS FIRE DIST.
INT. at Nat Shawmut Bk., Bost
This district is in Franklin County
SALEM.
4s ’ll M-N$45,000c.Nov 10 ’26-’4O
This city is in Essex County.
’13 M S 8.500—Mar 1 ’27-'43
Inc. Mar. 23 1836. New charter 4J4s
BOND. DEBT May 30’26 $45,000
providing for Mayor and Council Floating
debt (add’I)_____
8,500
adopted Nov. 1915, instead of com­ Total assessed
value (about
mission government. Population TO
2-3
actual),
1925
_______
2,452,025
43,697; 1920, 42,529. City partially Dist. tax rate (per $1,000) 1925.$4.30
destroyed by fire June 1914. See Population 1925 (estimated) — l,8C0
V. 98, p. 2006.
INT. at First Nat. Bank. Boston
• Hospital Bonds.
4s '25 J-J $20,000...Jan 1 ’27-’30 SHREWSBURY.
This town is in Worcester County.
Bridge Bonds.
4J4s’17 J-D $16,800..Dec 1 ’26-’28
School House Bonds.
4s M-S... ($56,000____ 1926-1932
Bridge Bonds (Outside Limit).
1 70,000____ 1933-1942
4s T5 M-N$50,000c.Nov 1 ’26-’45
BOND, DEBT May 1 ’26 $330,200
Municipal Loan.
4s '14 M-S 145,000c.Sept 1 ’26-’54 Total assessed val. 1926. 6,405,285
4s '15 J-J 135,500c.Jan 1 '27-'55 Tax rate (per $1,000) 1925----- $35.50
4s '16 M-N 90.000c.May 1 '27-'56 Population 1910, 1,946; 1920, 3,708
4s '16 M-N 50,000c.May 1 ’27-’3fi
4s ’17 A-O 55.000..—Apr *27-’37 SOMERVILLE.
This city is in Middlesex County.
School Bonds.
4s '15 F-A $70.000c.Aug 1 '26-’35 Established as a city 1872.
4s ’17 J-D 80.000..June 1 ’27-’37
Highway Bonds.
4s ’22 F-A 126,000—Aug 1 ’26-’42 4s'17 A-O $3,000... Apr 1 1927
4)^s’25 ...
9,500 ____ 1927-1945 4^s’19 A-O 12,000c.Apr 1 ’27-’29
5s ’20 A-O 20,000c.Apr 1 ’27-’3O
High-School Bonds.
4)4s’07 A-O $ 5,000c.. Apr 1 1927 5s '21 A-O 25,000c-Apr 1 ’27 ’31
4s ’22 A-O 30,000r*_. Aprl’27-32
Sewer Loans.
4s '15 M-N 9,000..May 1 ’27-’35 4s’25 J-J 125,000--July 1 ’26-’35
Lowell St. Bridge Bonds.
Surface Drain Bonds.
4Xs’23 J-D $24,000c.June 1 '27-38 3}4s’O9 A-O $23,OOOr*.Apr 1 ’27-’49

4*
City Bonds.
4s '07 A-O $2,000c ...Apr 1 1927
4s '08 A-O
2,000c—Apr 1 ’27-’28
3J4s’O9 A-O
3,000c.Apr 1 ’27-'29
4s TO A-O 12,000c.Apr 1 ’27-’3O
4s ’ll A-O 15,000c.Apr 1 ’27-’31
4s '12 J-J
12,000c..Jan 1 ’27-’32
4s T2 J-J 42,000c.July 1 ’27-’32
Public Building Bonds.
4s T5 J-J $40,OOOr*.Jan 1 ’27-’35
4s T5 J-J 16,OOOr*.July 1 ’27-’34
4s T6 A-O 40,000_.Apr 1 ’27-’34
4J4s’17 J-J 44.OOOc.July 1 ’27-’37
School Bonds.
4s ’22 A-O($17,000r*._ Apr 1 1927
1240,OOOr*. Apr 1 ’28-’42
4s’22 A-O,' 91,000.-Oct 1 ’30-’32
1120, OOOr *Oct 1 ’X3-’42
4s ’23 J-J 255,OOOr*Jaa 1 ’37-’43
City Hall Additions.
4s ’23 A-O $64,OOOr*-Oct 1 ’>0-’33
4J£s’23 A-O 7®,OO0r*.Oct 1 ’»4-’43
Sewer Bonds (inside limit).
3J^s’Ol J-J $5,000--July 1 '27-’31
3 Hs’02 J-J
1,000r ♦. . July 11927
4s '03 J-J
J,000r*.July 1 ’27-’28
4s ’04 J-J
$,090r*.July 1 ’17-’2»
JHs’05A-O 0,OOOr.Apr I ’27-’35
4s ’07 A-O 22,OOOr.-Apr 1 ’27-’37
4s ’08 A-O 12,000c..Apr 1’J7-’38
3J^s’O9 A-O lS,W0r*.Apr 1 ’27-’39
4s TO A-O 14,00®r*.Apr 1 ’27-’4O
4s ’ll A-O
5,OOOr*-Apr 1 ’27-’31
4s T2 J-J
1,000c... Ja» 1 1027
4Xs’13 A-Op I7,000r*-Apr 1 ’27-’43
4s 14 A-O
0,004c. Apr 1 ’27-’34
4s ’25 J-J 00,000--July 1 ’2€-’35
Park Bonds (outside limit).
3J^s’02 J-J $3,OOOr*.July 1 ’27-’29
BOND. DEBT Apr 1 '26. $1,*20,000
Less debts outside limit._
4,600
Total borrowing capacity. 043,924
Temporary debt________ 1.056,000
Assessed valuation, real..0«,027,900

Assessed val’n, persenal_ 9,742,800
Total valuation 192*.___105,769,800
Tax rate (per $1,000) 1925- —027.40
Population 1910,77.236; 1920-03.091
INT. payable at National Seeurity
Bank, Boston.
Coupon bonds may be changed for
registered bonds if application 1s
made prior to one year of maturity
of bonds.
In place of an accumulating sinking
fund, the city raises each year by tax­
ation a sum of money which Is applied
to the redemption of bonds, which
when paid are canceled.
SOUTHBRIDGE.
This town is In Worcester County,
♦School Notes.
4s T6 J-D $45,000-.$3,750 yearly
♦Sewer Bonds.
4s’99 ... $20,000..................... 1930
4s’00 ... 30,000.....................1929
School Bonds.
4s’22 ... 127,500______ 1926-1942
Other long-term loans (all notes)
outstanding on Jan. 1 1925 were:
Date of
Issue.
Purpose.
Amount.
1908 Sewer-filter beds______ $3,000
1916 New high school-----------2,500
1920 Street paving_________ 19,000
1920 Street paving__________ 11,000
1921 Street paving-----------------8,100
1924 School_______________ 12,500
1924 School________________ 6,000
BOND. DEBT Jan 1 '26.. $350,910
Floating debt (add’I)_____ 100,000
Sinking fund (general)—
44,360
Assessed val., real______ 8.220,500
Assessed val., personal____ 3.998,330
Total valuation 1925___ 12,218,830
Tax rate (per $1,000) 1925,..$33.00
Popul’n 1010. 12 592 1920, 14,245
♦ Outside debt limit.
SOUTH HADLEY

This town is In Hampshire County
Building Bon ds.
4s T3 A-O $2S,OOC-..Oct 1 '26-33
Municipal Light Bonds.
4s T5 J-J $18,000c..Jan 1 ’27-’35
School Building Bonds.
5^s’21 M-S $2,OOOr___ 1926-1927
4s’24 J-J15(60,000c.July 15’26-40
t 3,000c..July 15 1941
Bridge Reconstruction Bonds.
4^s’22 J-D $14,960c___ 1926-1932
Sewer Loan.
__ ___
4s ’25 A-O $11 ,OOOc_.Aug 1 ’26-’36
Paving Bonds.
„
4s ’25 A-O ($27,OOOc.Aug 1 ’26-’34
1 l,000c-_ _Aug 1 1935
BOND. DEBT Apr 1 1926. $171,500
Floating debt___________
10,000
Assess, val., real estate___ 5,685,575
Assess, val., personal____ 1,247,951
Total val. 1925 (X act.)..6,933,526
Tax rate (per $1,000) 1925—-$30.00
Population 1910. 4,894; 1920. 5.527
SO. HADLEY FIRE DIST. NO. 2.
This district (P. O. South Hadley)
is in Hampshire County.
Water Bonds.
4s ’ll J-J $230,000c------------------4s T2 J-J
5,500c------------------4^s’19 J-J 14,000c-------------------4Xs’25 J-J (10,OOOc.July 1 ’26-’3O
115,OOOc.July 1 ’31-’45
BOND DEBT April 1 ’26. $74,500
Floating debt (add!)-------1,000
Tot. ass’dval.’25 (3-5 act.).1,593,496
Dist. tax r^te (per $1,000) ’25-S2.60
Total tax rate (per $1,000) ’25-S32.60
Population (est.)------------------- 1,500
INT. payable at the Old Colony
Trust Co., Boston.
SOUTHWICK.
This town is in Hampden County.
Electric Light Bonds.
4J^s 1919________________ $9,000c
5s 1920_____________ — 7,500r
5^s 1921_______________ - 8,000c
5s 1921________________ 1,700c
BOND. DEBT Jan 1 1926- $26,200
Temp, loan debt (add’I)__
30,000
Assess, val., real estate___ 1,506,805
Assess, val., personal____ 259,419
Total assess, val. 1925____1,766,224
Tax rate (per $1,000) 1925—$23.00
Population-.1910, 1020; 1920, 1.194

46

MASSACHUSETTS—CITIES & TOWNS

SPRINGFIELD.
This city is in Hampden County. Incorporated a city May 25 1852.
Population 1910, 88,926; 1920, 129,563; 1925, 142,224.
Loans.
Name and Description.

Date —Interest--------------------- -Principal------------------Issued Rate Pay.
Due.
Outst'g

City Hall loan, 1907, reg.......1907 4

Dwight and Water Streets:
Railroad Underpass loan, 1913
Railroad Underpass loan, 1915
Act of 1913____________
Railroad Underpass loan, 1921
Act of 1921 .........................
Dwight Street—
Widening and exten____ ^..1917

J&J
4
4

5

{July 1 ’26 to July 1 ’271$17,000
l$9,000even,$8,000oddyrsj

M&N $13,000Novl’23-Novl’43.234,000
M&N (Nov 1 ’26 to Nov 1 ’35
1 $10,000 annually
100,000
A&O J Oct 1 ’2 5 to Oct 1 ’31
1 $20,000 annually
120,000

4)4 J&D

Widening and exten________ 1918 4

J&D

Widening and exten________ 1919 4)4 J&D

Widening and exten________ 1920 5

A&O

Fire & Police Bldgs loan, reg-.1910 4

A&O

Fulton Street loan________ ...1914 4)4

Land & Bldgs loan_______ — .1917 4)4

I

Dec 1 ’26 to Dec 1 ’37
$40,000 annually
480,000
Dec 1 ’26 to Dec 1 ’38
$10,000 annually
130,000

Municipal Building loan—
Dec 1 ’26 to Dec 1 ’38
Act of 1909____________ — 1909 3)4 M&N /Nov
1 ’26 annually
to Nov 1 ’49 325,000
$25,000
\ Oct
$15,000
1 ’2 5 annually
to Oct 1 '403£0,000
1 '26 annually
to Nov 1 ’50 150,000
Act of 1909 ....................... - 1910 4 M&N /Nov
$10,000
1 Oct
$10,000
1 ’26 annually
to Oct 1 '30250,000
Act of 1912............. ..............1912 4
M&N $13,000
Novannually
1 '18-52 incl 85,000
351,000
$17,000
Act Of 1912........................ ...1914 4
M&N $5,000
eacheach
yr, Nov
$20,000
year,'15-54
Nov145,000
Actof 1912, r...................... ...1920 5
1 to
'211934
to _________
Oct 1 '35180,000
A&O (Oct1916
1 Nov
$5,000
1 '26annually
to Nov 1 '37 incl 50,000
1 ’2 5 annually
to Oct 1 ’40180,000
Municipal purposes, land for, r.1920 5 A&O J Oct
$15,000
1 $3,500 annually
52,500
/Oct 1 ’25 to Oct
New Bridge Approaches loan,
425,000
Actof 1922............................. 1922 4 A&O 1 $25,000 annually
New Bridge Approach loan of
1923.....................
1923 4 M&N $25,000 May 1 1926-43 455,000
NewBrldgeApproachLoan_____ 1924 4 M-S $40,000 yly. Sept 1 ’28-’34 310,000
Public Buildings loan, r______ 1911 4 A&O /Oct 1 ’25 to Oct 1 ’31
1 $16,000 annually
96,000
Bridge loan_________________ 1923 4 J-J
72,000
$4,000 July 1 1926-43
Bridgeloan................................. 1924 4H
. $45,000 May 1 1926-’44 810,000
(Aug 1 1925-1928............ 510,000
.1924 3)4
(Aug 1 1929-1934______ 1,014,000
1,690,000
1924 4 F&A Aug 1 1935-1944
$3,000 July 1 1926-’53
84,000
.1923 4 J-J
School Bonds—
.1913 4 M&N $25,000 Nov 1 '26-Nov 1’33200,000
Commercial High............... ..1914
.1914 4)4
63,000
4)4 M&N $7,000 Nov 1’25 to’34
'
‘
170,000
.1915 4 M&N $17,000 Nov 1 ’26 to ’35
A&O J Oct 1 ’26 to Oct 1 ’28
'.1908 4
1 $5,500 annually
16,500
Lincoln, r..................................1909
1909 4.4 A&O /Oct 1 ’26 to Oct 1 ’29
1 $5,000 annually
20,000
$11,000 Novi’26-Nov 1’33 88,000
.1913 4)4
($2,000 Nov 1 '25 to '32,
.1913 44
and $1,500 Nov 1 1933 15,500
M&N /Nov 1 ’26 to Nov 1 ’36
1916, r........................................1916
1916 4
( $27,000 annually
297,000
1919..........................................1919
1919 4)4
4)4 M&N /Nov 1 ’2 i to Nov 1 ’38
1 $33,000 annually
429,000
1920............................................1920
1920 55 A&O [Oct 1 ’2 5 to Oct 1 ’40
1 $13,000 annually
195,000
Junior High______________.1920
1920 55 A&O /Oct 1 ’2 5 to Oct 1 ’40
1 $10,000 annually
150,000
4)4 A&O /Oct 1 ’2 to -Oct 1 41 Incl
Junior High..............................1921
1921 4)4
1 $30,000 annually
4S0.000
$20,000 July 1 1927-’43 340,000
J-J
.1923 4
.1924 4
M&S $10,000 Sept 1 1923-1944.190,000
.1914 4)4 M&N $12,000 Nov 1926 to 1934 108,000

142,000
.1900 3 J&D June 1930
.1901 3)4 M&S /Sept 1 1926 $1,000
1 annually
1,000
.1908 4 A&O /Oct 1 '26 to Oct 1 '28
I $2,500 annually
7,500
Loan, r__________________ 1913
1913 4 M&N $2,000 Novl’2cto Novl’38 23,000
/July 1 ’23 to July 1 '44
Bonds, r............................... .1919
1919 4)4
4)4 J&J
1 $2,000 annually
38,000
Bonds, 1921...............................1921
1921 6
A&O I Oct 1 ’2 to Oct 1 '36 incl]
$8,000 annually
(193,000
Oct 1 ’37 to Oct 1 '51 incl
$7,000 annually
J
Oct 1 '23 to Oct 1 ’52
Bonds, 1922, r.........................1922 4 A&O
( $5,000 annually
135,000
$2,000 July 1 1927-’53
54,010
Loan, r__________________ 1923 4
J-J
Loan 1924, r........................... 1924 3)4 M&S $3,000 Sept 1 1923-1954 87,000
Bonds, r_________________ 1925 4
A&O $5,000 Oct 1 ’26-’55____ 150,000
Park Loan 1924, r...................1924 3)4 M&S $2,000 Sept 1 1926-1954
58,000
Water Loan 1925.......................1925 4
M&N $23,000 May 1 1927-1955 667,000
School house addition loan
812,000
1923.......
1923 4 A&O $34,000 Oct. 1 1926-’43
A&O /Oct 1 '23 to Oct 1 ’31 incl
Taylor & Stafford Streets exten.1921 5
1 $25,000 annually
150,000
Water Street widening, r______ 1920 5
[Oct 1 ’2 5 to Oct 1 '30
1 $6,000 annually
30,000
A&O (Oct 1 '23 to Oct 1 '32
Widening loan, 1922-.............1922 4
$20,000 annually
140,000
Loans.
Name and Description

Dale —Interest—
Issued Rate Pay.

-Principal
Due.

Outst’g

Water loan______________________ 1924 4
_____
$10,000 May 1 1926-54 290,000
Jan 1 ’26 to Jan 1 '3
Little River_______________ 1907 4 J&J
$10,000 annually
Jan 1 '16 to Jan 1 '3
Little River_______________ 1908 4 J&J
$10,000 annually
120,000
Jan 1 ’2 3 to Jan 1 '38
Little River_______________ 1909 3)4 J&J
$40,000 annually
520,000
Jan 1 ’27 to Jan 1 ’39
Little River............................. 1910 3)4 J&J
$14,000 annually
182,000
Little River.............................. 1913 4)4 M&N $10,000Novl’26-Novl’38 130,000
Little River............................. .1916 3)4 M&N /Nov 1 ’26 to Nov 1 '36
1 $5,000 annually
55.000
Little River.............................1925 4 M&N $23,000 May 1 ’27-’55—. 667,000
Totals_________________________________________________
...................................................$15,259,900

Netwater debt Jan 1 ’26..$2,037,000
Dwight St. widening & ex­
tension loan (exempted) 1,160,000
Municipal group buildings
(exempt!_____________ 1,156,000
Dwight and Water Street
anderpasses (exempt).i 454,000
Taylor & Stafford St. ex­
tension (exempt)_____
150,000
New bridge approaches
(exempted)___________
875,000
Playground (exempted)-

Tot. assess, val. 1925.. 289,226.200
Tax rate (per $1,000) 1925__ $28.40

Note.—All the above loans that
are not lettered “r,” which means
registered, are coupon or registered
bonds.
INTEREST payable at First Nat.
Bank. Boston and City Treasurer.
STONEHAM.

This town is In Middlesex County.

1725. Population 1910, 7,090;
84,000 Inc.
1920, 7,873.

Total net debt outside limit 7,947,900
Loan Bonds.
Total debt inside limit___ 5,707,000 4s Restitution
’14 M-N $2,000c.May 1
Less sinking fund_______
347,220
Sewer Bonds.
D $40 OOOc.June 1
Total net debt inside limit $5,359,780 4s WaterJ Bonds.
Total net debt (inside and
3)4s
’
01M-N
1
outside)------------------- $15,418,680 4s ’08 M-N $12,000c.May
10,000c.May 1
ASSESSED VALUATION.—Real _s ’12 J-D 11,000c. June 1
estate is taken at abt. 100% cash val.
School Bonds.
Assessed val., real..__ $254,097,370 4Ks’23M-N/$40,000c. Nov 1
Assessed val., personal. 35,128,830
1 91.000c.Nov 1




’27-’2S
'27-‘36

’27-29
’30-’31
’27-’37
’26-’3O
’31-’43

School Notes.
4Xs’24 F-A 18.000c.Aug 1 ’26-’34
Police & Fire Station Bonds.
5s T5 J-D $2,000c.June 1 ’27-’28
4s T5 M-N 20,000c-Nov 1 ’26-’35
BOND. DEBT Mar 30 ’26- $253,000
Water debt (iacl.) _____
51.000
Floating debt (add’l)_____ 100,000
Assessed valuation, real__ 9,328,755
Assessed val’n, personal__ 1 296,350
Total valuation ’25 (abt) .10,620,100
Total tax (per $1,000) 1925. -$34.00
INT. at First Nat. Bank. Boston.

STOUGHTON.
This town is in Norfolk County.
Incorporated Dec. 22 1726.
New High School Bonds.
4)4s’22 J-J x$80,000—Jan 1 ’27-’42
4Xs’22 J-J /xl8,000—-Jan 1 ’27-’32
1x20,000—Jan 1 ’33 '42
^Refunding Bonds.
4)4s’O7 J-J $12,000c.July 1 ’27-’32
Library Refunding Notes.
4s ’13
M-N$8,000--Nov 1 ’26-’33
BOND. DEBT Jan 1 1924. $183,500
Floating debt (add’l)-------50,000
Tot. ass’d val. ’25 (act.)__ 7,313.073
Total taj rate(per $1,000) '25 $36 80
Pop’n 1910, 6,316:1920 _____ 6,865
INT. on bonds marked (x) at the
Old Colony Tr Co., Bost., (a) at Ex3hange Ti. Co.; (§) at Int. Tr. Co.

SWAMPSCOTT.
This town is in Essex Co. Incorp
May 21 1852. Population' 1910,
6,204; 1920. 8,101.
Hospital Notes.
4s ’25 A-O /$20,000c. Apr 1 ’27-’31
1 39,000c.Apr 1 ’32-’44
Sewer Notes.
4s '16 ... $13.000.......... 1926-1938
4s T6 ...
2,600 _____ 1926-1931
4)4s’17 ...
7,500c.June 1 ’27-’41
4Ks’23 ...
7,000c____ 1926-1932
4s^f2rk M?NeS$3,000--May 1 ’27-’41
Water Notes.
4s T6 ... $1,000.......... 1926-1927
4)4s’17 ... • 2.800—June 1 ’27-’41
4Xs’23 ... / 2,000c____1926-1927
113,000c____1926-1938
Street-Improvement Notes.
4Ms’19 M-S $4,000.-Sept 1 ’26-’29
4Ms’22 F-A
8,000.-Aug 1 ’26-27
4s ’25 A-O /16,000c.Apr 1 *27-’34
1 1,000c... Apr 1 1935
4J£s’25 A-O I 4,000___ Oct 1 1926
112,000--Oct 1 ’27-’3O
Atlantic Ave. Loan Bonds.
5Xs’21 F-A $3,000c.. Aug 1 1926
Burrill Street Loan Bonds.
5%s’21 F-A $2,000c. .Aug 1 1926
Sewer Bonds.
3 !4s
M-S $85,000--Sept 1 '26-’42
4)4s’13 J-J
l,000C-July 1 '27-’28
4W17 J-D 7,500—June 1 ’27-’41
4)4s’18 J-J
500. July 15 1926
5s ’20 M-N 8,000c.Nov 1 ’26-’33
5s’21 F-A /16,000c.Aug 1 ’26-’33
U8.OOOc.Aug 1 ’34-’51
4s ’24 A-O 16,000c..Oct 1 ’26-’41
4s’24 A-O
4,000c..Oct 1 ’26-’29
4)4s’25 A-O 3,000..Oct 1 ’26-’28
Burpee Road Bonds.
5%s’21 F-A /$3,000c..Augl’26-’28
1
500c... Aug 1 1929
School House Land Notes.
4s’13 M-N $4,000—Nov 1'26-’33
Humphrey St. lmpt. Bonds.
4s ’14 J-D $20,000c.June 1 ’27-’34
Public Park & Town Hail Bonds
4)4s’13 J-J $3,500c.July 1 ’27-'33
Water Bonds.
3 )4sg’98 F-A$ 150,000----- Aug 1 1928
3 )4g’O9 A-O 39,000c.-Apr 1 ’27-’39
4J4s’17 M-N 2,500......... 1926-1930
5X<20 J-J 19,000..July 1 ’27-’45
4s ’24 A-O 11,000c..Oct 1 ’26-’36
School Loans.
4s ’ll F-A $24,000--Aug 1 ’26-’31
4) 4s’15 M-N 18.000c.May 1 *27-’35
5) 4s’20 J-J / 14,000c.July 1’27-’28
172,000c. July 1 ’29-’4O
4Hs’22 F-A 16,000.-Aug 1 ’26-’41
4)4s’25 A-O /35,000—-Oct 1 ’26-’32
152,000..-Oct 1 ’33-’45
TOT. BD. DT. Jan 1 ’26. $881,300
Less: Water debt.$263,000
Sewer debt. 210,100
Oth. exemp. 63,000 536,100
NET DEBT......... .............. $345,200
Borrowing capacity_____
209,845
Assessed val., real_______ 17,870,147
Assessed val., personal__ 1.643,644
Total valuation 1925____ 19,513.791
Tax rate (per $1,000) 1925.-$26 00
INT. on street impt. 4)4s of 1919
at Atlantic Nat. Bank, Boston; on
park notes of 1912 to the Common­
wealth of Massachusetts; on the
others at First Nat. Bank, Boston. .

TAUNTON.
This city is In Bristol County.
Inc. May 11 1864. Population
1910, 34,259; 1920, 37,137.
School Bonds.
4)4s 13 J-D $35,000—June 1 ’27-’33
4s 16 J-D
5,OOOr.June 1 ’27-’31
4Hs’17 J-D 33,000—June 1 ’27-’37
4)4s’16 J-D 110,000___ Dec ’26-’36
Sewer Bonds.
4s ’18 J-D$170,000..June 1 ’27-’43
4s '19 J-D 85,000—June 1 ’27-’43
4s '24 J-D 29,000—Dec 1 ’26-’54
Sewer Bonds (outside debt limit).
4s’97 J-D $83,500r*._June 1 1927
4s ’98 J-D 66,500r„J&D 1 1928
4s '99 J-D 30,000r. ..June 1 1929
4s'00 J-D 75,000l‘*_.June 1 1930
3)4s’OO J-D 100,OOOr*..Dec 1 1930
3)4s’02 J-D 20,OOOr. ..June 1 1932
3)4s’O3 J-D 12,OOOr...June 1 1933
3 )4s’O5 J-D 13,000r. ..June 1 1935
4s’06 J-D 30,OOOr*. .June 1 1936
4s’07 J-D 3,OOOr. ..June 1 1937

[Vol. 122.
3 J£s’O8 J-D 20,OOOr... Dec 1 1938
4s ’09 J-D 20,000c___Dec 1 1939
4s ’10 J-D 15,000r.-Dec 1 1940
4s ’ll J-D 15,000c...Dec 1 1941
4s ’12 J-D 15,000....Dec 1 1942
3,000..Dec 1 ’26-’28
4s '13 J-D
4,000—Dec 1 '26-’29
4s '14 J-D
4s ’15 J-D 10,OOOr.Dec 1 ’26-’35
6,000-Dec 1 '26-’31
4s ’16 J-D
8,000—Dec 1 ’27-’33
4s ’18 J-D
1,500—June 1 ’27-’29
4s ’19 J-D
4)4s’19 J-D
9,000—Dec 1 ’26-’34
5s ’20 J-D 15,000.-Dec 1 ’26-’4O
5s ’21 J-D
7,500—June 1 ’27 ’41
4s’21 J-D 11,000..Dec 1 ’26-’36
4s ’18 J-D
4,000—.Dec ’26-’29
4s ’22 J-D 6,000...June ’27-’32
4s ’.22 J-D 26,000..-Dec ’27-’52
4s ’23 J-D 27,000.-Dec 1 ’27-’53
4s ’24 J-D 29,000.-Dec 1 ’26-’54
City Bonds.
4s ’08 J-D $16,000r*_.Dec 1 1928
4s ’09 J-D 30,000___ June 1 1929
4s ’ll J-D 11,OOOr... June 1 1931
4s ’07 J-D 12,OOOr. ..Dec 11927
1,000-..June 1 1927
4s ’14 J-D
6,750—Oct 1 ’26-’28
4s ’14 A-O
5.500.-.Dec ’26-’47
4)4s’19 J-D
4%s’19 J-D 65,000. .Dec 1 ’26-’39
2,000—Dec 1 ’26-’29
4s 17 —
5s ’21 J-D
6,000--June 1 ’27-’38
Street-Improvement Bonds.
4)4sT7 J-D $1,000___ Junel 1927
1,000___ Junel 1927
4)4s’17 J-D
1,000___ Junel 1927
4)4s’17 J-D
6,000___ June 1 1927
4)4s’18 J-D
4)4 s’19 J-D 16,000_____ 1926-1929
2,000.-Dec 1 ’26-’29
5s ’19 J-D
5Ks’21 J-D 40,000...June ’27-’31
5s ’21 A-O
2,000____ Oct. 1926
4)4s’22 J-D
8,000____ 1926-1927
4Ms’22 J-D 35,000—-Dec ’26-’31
1,500--June 1 ’27-’29
4)4s’22 J-D
4s ’22 J-D 35,000. .Dec 1926-’32
4)4s’23 J-D 48,000...Dec 1926-33
4)4s’21 J-D
3,000_____ Dec 1926
4)4s’22 J-D
1,000___ Junel 1927
4s ’25 J-D 80,000r*June 1 ’27-’3O
Bridge Bonds.
4s '23 J-D $68,000..June 1927-43
Elec. Lt. Bonds (outside debt limit)
4s ’97 J-D $125,000r*_.June 1 1927
4s ’98 J-D
5,OOOr. ..Dec 11928
3) 4s’O2 J-D 175,OOOr*..June 1 1932
' ’07 J-D
~ 45,000r*._June 1 1937
4s
4)4s'13 J-D 25.000r.June 1 ’27-’43
4)4sT8 J-D 36,000..June 1927-38
1,500.-June 1927-29
4)4s’19 J-D
4)4s’19 J-D 16,000—June 1927-38
4)4s’19 F-A 40,000.-Aug 1 ’26-’29
5s’’20 J-D 140,000—June 1927-40
4Ms’2O J-D 140,000—June 1927-40
4s ’23 J-D 220,000—June 1926-’43
Park Bonds.
4s ’16 ... $6,000--June 1 '27-’46
4) 4s’18 ...
5,750____Dec ’26-’48
High School Bonds.
4J4s’17 J-D $28,000...Dec 1926-’37
Sidewalk Bonds.
4s ’23 J-D $9,000.-June 1 ’27-’29
Playground Bonds.
4s ’17 —.
$700—June 1 ’27-’33
Street Railway Bonds.
4Ks’19 M-N$18,000___ Nov ’26-’39
4Xs
...
3,000—June 1 ’27-’2O
Water Bonds (outside debt limit.)
4s ’00 J-J $40,OOOr*..July 1 1930
10,000c. —Jan 1 1934
1 )4s’O4 J-J
5,OOOr. ..July 1 1934
3 )4s’O4 J-J
15,OOOr*..Jan 1 1935
3)4s’05 J-J
10,000c.—Jan 1 1936
3 )4s'O6 J-J
4s ’08 J-J 20,000r.-J & J 1 1938
3 )4s’09 J-J
7,000c. — Jan 1 1939
4s ’13 J-J 36 030
( ’26-’43
4s T5 J-J
9,000
1 27-’35
4s ’16 J-J
5,000....Jan ’27-'31
5,000
4s ’18 J-J
2,000.
2,000___ Jan ’27-’28
4s ’09 J-J
2,000
2,000____ 1926-1927
4s TO J-J
8,000
8,000____ 1926-1933
4s ’ll J-J
15,000
926-1940
4s T2 J-J
6,000
926-1931
6s ’21 J-J
4,500__________ 1926
4,500
4)4s’22 J-J
5,000
5,000 _____ 1926-1927
4s ’25 J-J
12,000. Jan 1 ’27-’3O
4)4s’25 J-J
12,000—July 1 ’27-’3O
CITY DEBT, Apr 1 1926:
Bonds exempt from limit-$2,353,300
Debt within limit_______
843,900
TOT. BD. DT. Apr 1 1926 3,197,200
Total sinking funds_____
845,064
Assessed val., real_______31,724,800
Assessed val., personal__ 8,745,405
Total valuation 1925___ 40,470,205
Tax rate (per $1,000) 1925 ____ $29,20
INTEREST on coupon bonds is
payable at the Webster & Atlas Nat.
Bank of Boston. Registered inter­
est remitted by City Treasurer.
TEMPLETON.
This town (P. O. Baldwinville) is
in Worcester County.
High School Bonds.
4s ’22 A-O/$35,000c..Oct 1 '26-’32
1 40,000c—Oct 1 ’33-’42
BOND. DEBT Apr 30’25. $99,000
Assessed valuation 1925__ 2,868 522
Tax rate (per $1,000) 1925___ $39 .00
Population 1910, 3,756; 1920, 4,019
INT. at Old Colony Trust Co.,
Boston.
TISBURY.
This town (P. O. Vineyard Haven)
is in Dukes Co. Inc. July 6 1671.
Population 1910, 1,196; 1920, 1,275.
Road Loan.
-s
...
$l,000r________ 1925
. School Bonds.
4s
A-O $3,600r................. 1931
Water-Works Bonds.
4s ’06 M S $44,000r .Sept 1 ’26-’36
4s ’24 M-N 45,OOOr_________ 1941
BOND. DEBT Apr 1 ’25.. $103,335
Water debt (incl.)_______
96,000
Other assessable property._
6,170
Total valuation ’25 (act.)..5,266.152
Total tax (per $1,000) 1925. -$14.00
INT. on water bonds at Martha's
Vineyard Nat. Bk., Vineyard Haven:
on school bonds at Lynn Five-Cent
Savings Bank.

June, 1926.]
UXBRIDGE
This town is in Worcester Counfcy
Incorporated as a town June 27 1727
School Notes.
4s T2 ... $12.000.......... Serially
Road Notes.
5s’21 ... $24,000 ........ 1926-1931
-s’22 __
16,000—Duein 5yqars
Street Loans.
4s T7 ... $4,000......... 1926-1027
BOND. DEBT Apr 5 1926- $139,075
Water debt (included)___
54,000
Sinking fund_____________
None
Assess, val. real estate____ 4,820,630
Assess, val. personal_____ 2,240,795
Tot. assess.val.'25------------ 7,062,425
Tax rate (per $1,000) 1925__ $26.40
Population 1910. 4.671: 1920..5.384

WAKEFIELD^
This town is in Middlesex Courity
Inc. 1868.

Population 191O, 11.304;

1920, 13,025: 1925, 15,623.
Paving Bonds.
4s’24 F-AJ$15,000c.Aug 1 ’26028
1 4,000c. ..Aug 1 1929
Street Improvement Bonds.
41£s’23J-J $6,000c. July 1 ’27/28
4Ms’23J-J
6, OOOc.July 1 ’27-’32
Sewer Bonds.
3^s M-N$30,000c.Nov 1 ’26/30
3H« M-N 100,000c..Nov 1’31/41
3^s A-O 10.000—.Oct 1'26/35
4s ’22 A-O 10.000c.0ct 1 '26/35
4 Ms J-J
10,000c. July 1 ’27/36
4s ’24 F-A 24,000c.Aug 1 *26-’49
4s ’25 F-A 25,000.-Aug 1 ’26/50
4s ’26 A-O /18,000c.Apr 1 ’27/35
1 1,000c.. .Apr 1 1936
4s ’26 A-O /45,000c.Apr 1 ’27/31
(80,OOOc.Apr 1 ’32/41
School Loans.
4Ms
M-S $ 12.000c..Sept ’26/37
4 Ms
J-J 39,OOOc.July 1 ’27-’39
4Ms’21 M-N112,001c.Nov 1’ 26^’41
4s ’22 M-N240,00Cc.May 1’ 27/42
4Ms
J-J 161 ,500c.July 1 ’27/43
4s ’24 A-O I72,000c0ct 15 '27034
(38,OOOcOct 15 '26039
4s ’24 F-A
6,OOOc.Aug 1 ’20L’29
Municipal Light Loan.
5s
J-D $17,000..Dec 1 ’26040
4s’22 A-O J12,OOOc.Oct 1 ’26027
115,000c. Oct 1 ’28042
4s ’23 M-S 42.500c.Mar 1 ’27043
4 Ms
J-J 45,000c-July 1 ’2l/’43
4s ’24 F-A /12,000c-Aug 1 ’26-’29
(30,000c.Aug 1 ’3Q-’44
4Ms’25 F-A 20,000—Aug 1 ’26-’45
Water Bonds.
4s
A-O $88,OOOc.Oct 1 '26-'33
9,OOOc.Oct 1 ’26-’34
4r ’22 A-O
2,000c__ Oct 1 1926
4s ’22 A-O
1,000c... Oct 11927
6,OOOc.July 1 ’27-’29
4 Ms J-J
ll4,OOOc.July 1 ’30-’43
J-J
17,500c.July 1 ’27-’33
4Ms
4s ’24 F-A 14,000c. Aug 1 '24-’39
4Ms’25 F-A /10,000—Aug 1 ’26-’3O
114,000-Aug 1 ’31-’44
4Ms’25 F-A (12,000-.Aug 1 ’26-’29
(_2,000___ Aug 1 1930
BOND. DEBT Apr 1 1926$1,358),000
Water debt (incl.)______
177,000
Floating debt (add’l)____
200|,000
Assessed val., real_______ 16,944),075
Assessed val., personal__ 3,0 9,260
Total valuation 19-’5_____ 19,983J,335
Total tax (per $1,000) 1925- ..$35.60
INT. at Old Colony Trust Co.,
the First National Bank, Boston,
and Atlantic Nat. Bank, Bostop.
WALP OLE
This town is in Norfolk Couinty.
Inc. 1724. Population 1910, 5/492;
1920, 5,446.
School Bonds.
4Ms'13 J-J $5.000... July 1 ^926
4Ms’19J-J / 77.OOOc.July 1 ’27-’37
1 4,OOOc.July 1 ’38-’39
4Ms’19 J-J / 10,OOOc.July 1 ’27-'31
1 1,000c... July 1 1932
Water Bonds.
4Ms'18 J-D$l 10,000..June 1 ’20-’48
4s ’24 M-N 2,000..Nov 1 ’2Q-’27
Highway Notes.
4Ms’22 F-A $10,000____ 1926-1927
Highway Equipment Loan.,
4s ’24 M-N/$4,000.-Nov 1 ’26-’27
( 1,500___ Nov 1 11928
Town Oarage Loan.
4Ms’23 J-J15 $3,000.July 15 ’26-’28
Fire Station Loan.
4Ms’23F-A15 $8,000-Aug 15 ’26-’29
Bridge Loans.

4M’23F-A15 $6,000.Aug 15 ’26-’28
4Ms’23J-D15 9,000.Dec 15 ’26-’28
Fire Equipment Loan.
4Ms’22 J-D $8,000 . Dec 1 ’26-’27
4s ’24 M-N/ 4,000.-Nov 1 ’26-’27
t 1,000___ Nov 1 1928
Miscellaneous Loans.
T’n hall 4 Ms J-D $1,000-.Dec 1 (1926
BOND. DEBT Mar 31 ’25 $292,754
Water debt (included)__
110,954
Assessed val., real________ 7,374,608
Assessed val., personal__ 3,584,691
Total valuation 1925____ 10,959,299
(Assessment at fair cash value.I
Total tax (per $1,000) 1925 ..$31.50
INT. payable at the First Nat
Bank, Boston.
WALTHAM.

This city is in Middlesex County.

Inc. as a town in 1738; city June 2 ’84.
Commission-manager form of fgov­
ernment.
Municipal Building Bonds.
4s ’26 A-0$320.000r*.Apr 1 ’27-’45
Police Building Bonds.
4s ’24 A-O /$25,OOOc.Oct 1 ’26-’3O
1 56,OOOc.Oct 1 ’31-’44
Building Bonds.
4s ’15 J-J $27,000r_.Jan 1 ’27-’35
4s ’25 J-J /30,OOOc.July 1 ’26-’35
(20,OOOc.July 1 ’36-’45
Sewer Bonds.
4s ’97 J-J
$7,000c. ..Jan 11 1927
7,000r.. Apr 1 ’07-’33
4Ms’13 A-O
1,000c.. July lj 1926
5Ms’21 J-J
7,000r.Jan 1 ’27-’33
4Ms’23 J-J
4Ms’23 J-J 22,OOOc.July 1 ’27-’48
4s ’25 J-J 30,OOOc.July 1 ’?6-’55




MASSACHUSETTS—CITIES & TOWNS

47

Drainage and Sewer Bonds.
Water Bonds.
5s ’20 A-O $24 .OOOc.Apr 1 ’27-’5O 4^s M-N$24,000c.. May 1 1927
4Ms’22 M-S 6,000c.Sept 1 ’26-’31
School Bonds.
4s ’24 A-O /4,000c..Oct 1 ’26-’27 4s ’06 M-N $1.750c_________1926
4Ms’19 A-O $2,OOOc..Oct 1 ’26-’27
(7,000c. .Oct 1 ’28-’34 BOND. DEBT Apr 6 ’25.. $145,800
Debt outside limit_______
6,750
Water Loans.
Street Bonds.
5Ms’21 J-J $37,500r.July 1 ’27-’31 3Ms’99 J-J $27,009c.Jan 1 ’27-’29 Debt inside limit_________ 52,900
37,262
5Ms’21 J-J
12,000c.. July 1 1926 4s ’04 J-J 40,OOOc.July 1 ’27-’34 Sinking fund, sewer_____
4Ms’22 A-O 20,000c.. Apr 1 1927 4Ms’22 M-N 1,000c.. Nov 1 1926 Borrow, capac. Jan 1 ’26.. 152,840
4Ms’22 J-J
6,OOOr.Jan 1 ’27-’32 4s ’24 A-O /2,000c... Oct 1 1926 Assessed valuation, real.. 3,429,466
4Ms’22 J-J
6,OOOc.July 1 ’27-’32
804,666
(8,000c..Oct 1 ’27-’34 Assess, val., personal___
4Ms’23 J-J / 8,000c.July 1 ’27-’28 4s ’25 A-O 48,000c..Apr 1 ’27-’3O Total ass’d val., 1925___ 4,234,132
115,OOOc.July 1 ’29-’33 4s’25 J-J 41,000c___ 1926-1930 Total tax (per $1,000) 1925 —$32.10
4Ms’23 J-J I 8,OOOc.July 1 ’27-’3O 4s'26 A-O 40,000c..Apr 1 ’27-’31
1 3,OOOc.July 1 ’31-’33
High-School Loans.
4Ms’23 A-O
9,000r..Oct 1 ’26-’28 4s TO A-O $15,000c.Jan 1 ’27-’29 WESTFIELD.
This city (formerly a town) is in
4s ’24 A-O 12,600____ 1926-1934 4Ms’17M-N ll.000c.May 1 ’27-’37
4Ms’23 J-J 12,000c.July 1 ’27-’38 Hampden Co. Inc. as a town May
Surface Drainage Bonds.
5Ms’22 J-J
$l,000r__ July 1 1927 4Ms’23 J-J /24,000c.July 1 ’27-’38 29 1669, as a city in 1920. Pop’n
4Ms’22 J-J
3,OOOr.Jan 1 ’27-’29
( 5,000c.July 1 ’39-’43 1910, 16,043; 1920, 18,604.
Bridge Bonds.
4Ms’23 J-J
7,000..Jan 1 ’27-’33
4s ’25 A-O 84,000c..Apr 1 ’27-’4O
4s T6 F-A $6,000c.Aug 1 ’26-’28
4Ms’23 J-J / 4,OOOc.July 1 ’27-’28
Athletic Field Bonds.
6.000—Dec 1 26-’31
125 .OOOc.July 1 ’29-’53 5Ms’2O J-D? $8,000c.June 1 ’27-’3O 4s T6 J-D
( 10,000c.June 1 ’31-’4O 4s ’24 M-S /77,000c.Sept 15 ’26-36
School Bonds.
(48,000c_Sept
15 ’37-44
4s T2 A-O $6,000r..Apr 1 ’27-’32
Land Bonds.
4s T4 J-J 16,000r_.Jan 1 ’27-’34 5Ms’2O J-D $6,000c.June 1 ’27-’32 4s '25 F-A 15,000c.Aug 1 ’26-’4O
School Bonds.
4s ’17 J-J 20,000r..Jan 1 ’27-’36 4Ms’22 M-N/ 6,000c.May 1 ’27-’29
1 3,000c.May 1 ’30-’32 4His’l3 J-J $10.000c.July 1’27-’28
4Ms'19 A-O /36,000c..Oct 1 ’26-’29
180,000c..Oct 1 '30-'39 4Xs’23 J-J /20,000c.July 1 ’27-’36 4s '14 M-S 6,000c.Mar 1 ’27-’29
4Ms’19 A-O/ 9,000c..Oct 1 ’26-’34
( 7,OOOc.July 1 ’37-’43 4^s’14 M-N 9,000..Nov 1 ’26-'34
4s 15 M-N 30,000c. Nov 1 ’26-’35
1 50,000c. .Oct 1 ’35-'39
Refunding Loan.
5Ms’2O J-J / 2,000c... July 1 1926 4s ’06 M-N $20,000c.May 1 ’27-’36 4^s’19 J-J 21,000—July 1 ’27-’33
114,000c.July 1 ’27-’4O
School Loan Act of 1921 Bonds. 4s '22 J-D 49.000c.June 1 ’27-’42
6,000c.June 1 ’27-’32
4Ms’23 J-J (44,000r*July 1 ’27-’37 5/<s’21 J-J / $65,OOOc.July 1 ’27-’31 4Ks’22 J-D
Water Bonds.
(120,000c. July 1 ’32-'41
1 8,000r*July 1 ’38-’43
4s '02 J-J
$1,000— July 1 1927
Sewer Loans.
4Ms’23 J-J/ *95,000--July 1 ’27-’31
Gas and Light Bonds.
1 158,400-.July 1 ’27-’42 4s T6 M-N $6.000c.Nov 1 ’26-’31
4s ’24 A-O /12,000c.Oct 1 ’26-’27 4s ’25 J-J 27,000c___ 1926-1935 3 14s’99 J-D $12.000r*June 1 ’27-’29
”.000— 001 1 '26-’32
North Beacon St. Bridge Bonds. 4s '07 A-O
(85.OOOc.Oct 1 ’28-’44
9.000.-Oct 1 ’26-’34
4MsT9 M-N$42.000c. Nov 1 ’26-’39 4s '09 A-O
Public Playgrounds
1 Ms’03 J-J *$31,000c - July 1 1933
Highway Construction Bonds. 4s 14 M-N 8,000. .May 1 '27-’34
4Ms’22 J-J
*9,000cJuly 1 ’27-’44 5Xs’21 J-J $10,000c. July 1 ’27-’31 4s 15 F-A 10,000c Aug 15 '26-’35
4Ms’24 J-J *3,000c.Jan 1 ’27-’29 5Ms’21 F-A 36.000c.Aug 1 ’27-’31 4^s’18 J-D 24,OOOr*June 1 ’27-'38
Macadam Bonds.
Sidewalk Loan.
*Water Bonds.
4Ms'24 J-J $30,000c.Jan 1 ’27-’29 4Ms’22 M-N $l,000c__ Nov 1 1926 4J4s’22 J-D/$16,000c.June 1 ’27-’3O
( 4,000c.June 1 ’31-’32
4s ’24 ... 60,000 ____ 1929-1939 TOTAL DEBT Jan 1 ’26.$1.914,000
4s ’25 J-J 50,000____ July 1 1940 Debt outside limit________ 1,114,001 4Xs’22 J-D $ 1,000c...June 1 1927
Debt Inside limit_______
800,000 Other macadam bonds-------- $33,000
Park Land Bonds.
Sewer Bonds.
4M«’23 J-J $4.000c-July 1 ’27-’3O Borrow, capac. Jan 1 1926 263,185
TOTAL DEBT Jan 1 ’26-$l,485,000 Assessed value, real_____ 33,898,830 4s '15 J-D $1.00f)e_- June 1 1927
Inside limit_____ ,_________
993,500 Assessed value, personal.. 4,804,317 4s '25 F-A 30,000c.Aug 1 ’26-’4O
$6,000
Total assessed value 1925.38,703,147 Other sewer bonds______
Outside limit (special)____________ 491,500
Sinking funds__________
60,549 Total tax (per $1,000) 1925__ $30.20 PERM. DEBT Apr 7 '26. $493,000
Other
sewer
bonds
--------------$6,000
Borrowing capacity........... 175,187
INT. at Boston Safe Dep. & Tr.
Water sinking fund (add’l)
9,450 Co. and at Commonwealth Atlantic PERM. DEBT Jan 1 1924 $417,000
Water debt (included)___
2.000
Assess, val. real estate__ 38,100,300 National Bank, Boston.
Gas & light debt (incl.)__
105,000
Assess, val. personal_____ 10,743,050
Borrowing capacity_____
186.423
Total assessed val. 1925- .48,843,3. 0
Assessed value, real estate. 16,413,810
lax rate (per $1,000) 19 5. --$31.40 WAYLAND.
This town is in Middlesex County. Assessed value, personal— 3.190.980
Popul’n 1910 . 27,834: 1920 , 30,915
Total ass’d val. 1925------ 19,604,790
Incorporated 1835.
♦Special loans.
Total tax (per $1,000) 1925—$11.00
School Bonds.
INT. on coupon bonds is payable
INT. on water bonds at First Nat.
_____ 1926-1930
at the Boston Safe Deposit & Trust BOND. DEBT$5,000
Bank, Boston; on others at Hampden
Jan
1
1925
$6,000
Co.. Boston.
Nat.
Bank, Westfield.
Note debt (additional)__
*187,000
Total valuation 1925----- 4,468,114
WARE.
Tax
rate
(per
$1,000'
1925
.$22.10
This town is In Hampshire County. Population 1910, 2,206: 1920, 1.935 WESTPORT.
A town in Bristol County.
Incorporated in 1775.
* Includes $30,000 past-due notes.
School Bonds.
Water Bonds.
4s T5 ... $2.000.-July 1 ’27-’28
4Ms’25 J-D $14,000 _____ 1927-1940
BOND. DEBT Jan 1 '25— $119,050
4Ms 25 J-D 4,000 _____ 1927-1930
Total valuation 1925........ 5,927.275
School Bonds.
WELLESLEY.
4s T4 ... $5,200 -----1927-1934
This town is in Norfolk Co. Tne. Tax rate (per $1,000) 1925—$31.40
6s’21 ...
1,000
1927 April 6 1881. Population 1910, Population 1910, 2,928; 1920,3,115.
4Ms’23 A-O16/56,000cApr l6’27-’33 5,4 3: 1920, 6,224.
(70,000c.Apr 16 1934
Municipal Bldg. Land Bonds.
SPRINGFIELD.
4s ’24 M-S ?$15,000c.Sept 1 ’26-’28 WEST
Road Loans.
This town is In Hampden County.
4Ms’17 ...
$500
1927
( 64.000c.Sept 1 ’29-’44 Population
1910,9,224; 1920.13.443.
5Ms’2O ...
8,000
1927-1930
Sewer Bonds.
Bonds.
5Ms’21 ...
10,000
1927-1931 4s T 5 M-S $95,000c Mar 1 ’27-’45 4s School
T2 F-A $14,000—Aug 1 ’26-’32
4s '16 M-S 20,000c.Mar 1 ’27-’46 4s T5
Storm Sewer Loans.
60,000___ Mar 1 1935
6s’21 ... $4,500_____ 1927-1931 4s '16 M-S 30,000c.Mar 1 '27-’41 5s T8 M-S
A-O 13,000___ Apr 1 1938
4Ms’23 ...
4,000
1927-1928 5s T 7 M-S 32,000c. Mar 1 '27-'42
’19 J-J 28,000—July 1 ’26-’39
BOND. DEBT Jan 1 ’26. $197,250 5s ’20 M-S 18,000c_Mar 1 ’27-’35 4J^s
5^s’2O J-J 15,000—July 1 ’26-’4O
Assess, val. real estate___ 5,508,855
4J<s’22 M-S 2,000c.. Mar 1 1927 4s '22 F-A 212,500___ Aug 1 1942
Assessl val. personal_____ 2,822,235
4s ’22 M-S 22.000c.Mar 1 ’36-’45
'22 F-A 42.500___ Aug 1 1942
Total assessed val. 1925—8,331.090 4s ’24 M-S /27,000c.Sept 1 ’26-’34 4s
J-D 16,OOOr* June 1 ’27-’42
(20,000c.Sept 1 ’35-’44 4s'24
Tax rate (per $1.000) 1925__ $27.90
’25 M-N 114,000—Mayl ’2&-’45
Pop’n 1910, 8,774: 1920_____ 8,525 4s '25 M-S 29.000c.Mar 1 ’27-’55 4s Water
Bonds, Refunding.
Various Municipal Bonds.
’97 A-0$165,000___ Apr 1 1927
4s T6 M-S $108,000c___ 1926-1943 4s
WARREN WATER DISTRICT.
3^s’00A-O 50,000_____ Oct 11930
Water
Works.
4Ms’23 F-A/$42,000c.Feb 1 ’27-’32 4s’97 M-S $2 000...Marl 1927 4s ’99 A-O 25,000r*_ .Apr 1 1929
(126.000c.Feb 1 ’33-’53
4s ’00 A-O 25,000_____ Oct 1 1930
4Ms’23 J-D 25,000—Dec 1 ’26-’5O 4s '07 M-S 7,000..Sept 1 '26-'32
Water Bonds.
BOND. DEBT Jan 1 ’26.. $200,000 4s ’09 M-S 9.000.-Sept, 1 26-’34 4s ’08 J-J $12,000..July 1 '26-37
Assessed value 1925______ 1,562,815 4s T2 M-S 12,000..Mar 1 '26-'37 4s ’05 J-J
10,000—July 1 ’26-’3O
4s
'13
M-S
3,000.
-Mar
1
'26-'28
Dist. tax rate (per $1,000)’25.$4.00
’08 J-J
12,000—July 1 ’26-’37
4s T5 M-S 10.000c.Sept 1 '26-’35 4s
Population 1925 (est.)_______ 2,000 4s
5^s
’
2O
J-J
50,000.
-July 1 ’26-’50
’IS M-S 16.000.-Mar 1 '27-'34
INT. at First Nat. Bank, Boston
’22 F-A 34,000___ Aug 1 1952
4s ’22 M-S 16.000c.Mar 1 ’27-’42 4s
4s
’
25
M-N
50,000
—
May 1’26-’4O
4)^s
...
20,000________
WATERTOWN.
Sewer Bonds.
This town Is in Middlesex County. 4s ’24 M-S 9,000c.Sept 1 ’26-’34 4/is’19 J-J $14,000..July 1 ’26-’39
4s
’
25
M-S
32,
000c.Mar
1
’
27’
42
Inc. Sept. 17 1630. Pop. TO,12.875:
5^s’2O J-J
30,000—July 1 ’26-’40
Park Bunds.
1920, 21,457.
’21 J-J
26,000—July 1 ’26-’38
4s '08 M-S $1,000..Mar 1 '27-'2> 5}^s
Playground Loans.
4s
’
24
M-S
61,000r$
Sept 1 ’29-’54
500... Sept 1 1926
4s ’25 A-O /$2,000c__ Apr 1 1927 4s TO M-S
Bridge Loan.
Bonds.
113,000c. Apr 1 ’28-’4O 4s School
4s ’06 J-J $6,000___ July 1 1931
TO
M-S
$12.000..
Mar
1
'27-'29
School-House Loans.
4Xs’24 A-O 84,OOOr* Apr 1 ’27-’44
Is T3 M-N$21,000c.May 1 ’27-'33 4s ’22 M-S (42.000c.Mar 1 ’27-’4O 3>is’24 F-A 117,000r*.Aug 1 ’26-’28
( 2,000c...Mar 1 1941 4s '24 F-A 624,OOOr*.Aug 1 '29-44
4Ms’14 J-D 1,000c.. Dec 1 1926 4s
...$144,000
______________
'16,000c.May 1 ’27-’3O
Refunding Bonds.
4s T5 M-N 9,000c.May 1 ’31-’33 4s ’25 M-S 15,000c-Mar 1 ’27-’41 4s ’98-’99M-N$75,000r*May 1 '28-29
Norfolk County Tuberculosis 4s '03 M-N 25,OOOr*..Nov 1 1933
4,000c.May 1 ’34-’35
Hospital
Loan
Bonds.
5s T9 A-O 65,000c.Apr 1 ’27-’39
Paving.
000c.Sept 1 ’26-'29 5s Permanent
4s ’24 M-S 15,000c.Mar 1 ’27-’41 4)^sT9M-S/1 $6,
T8 A-O
9,000____ May 1 1928
1 ’30-’39 4><sT9
J-J
8,000___ July 1 1929
4Ms'24 M-S 3,OOOc.Mar 1 ’42-’44 BOND. DEBTlO.OOOc.Sept,
Mar
1
’
26.$l,039,000
4s "’24 M-S 464,OOOc_Mar 1 '27-’42 Assessed val., real________ 24,546,575 5^s'20 J-J
10,000—July 1 ’26-’3O
4Ms’24 M-S 20,000c...Mar 1 1942 Assessed val., personal___ 2,778,700 5s ’21 A-O 12,000—Oct 1 ’26-’31
4Ms’24 M-S 60.000c.Mar 1 ’43-’44 Total valuation 1925_____27,325,275 5J^s’21 J-J
12,000—July 1 ’26-’31
4s ’25 A-O/ 48,000c..Apr 1 ’27-’3O
4Ks’22 F-A 24,500___ Aug 1 1932
1110,000c..Apr 1 ’31-’4O Total tax (per $1,000) 1925. ..$25 00 4J£s’22 J-J
7,000—July 1 ’26-’32
INT. at Boston Safe Dep.&Tr Co 4s ’25 M-N 40,000.-May 1 ’27-’3O
4s’26 A-O/ 55,000c_.Apr 1 ’27-’31
(100,000c..Apr 1 ’32-’41
BOND. DEBT Jan 1 ’26-$2,148,500
Water debt (included)___
433,000
Street Loans.
4s T6 M-N $6,000c...Nov 1 1926 WENHAM.
Floating debt (add’l)____
150,000
This town is in Essex County.
4s T7 A-O
‘ ~
4,000c... Apr 1 1927
Sinking
fund
____________
331,206
School-Building Bonds.
8,000c.Apr 1 ’27-’28 5Xs
Assessed val., real______ 21,536,186
5s T8 A-O
’
2O
...
$26,
OOOr.June
15
’
27-39
5s T9 A-O 36 OOOc.Apr 1 ’27-’29 BOND. DEBT Apr 6 1922 $39,000 Assessed val., personal__ 3,570,614
2,OOOc.Oct 1 ’26-’27
5Ms’2O A-O
1925.__ 25,106,800
assessed val’n 1925. 2,995.687 Total valuation
4,000c.Oct 1 ’27-'3O Total
tax (per $1,000) 1925—$30 00
Total tax rate (per $1,000) ’25.$20.00 Total
3,000c.. July 1 1927 Population
4Ms’23 J-J
INT.
at
Old
Colony
Tr. Co.,Bost.
1910, 1,010; 1920—1,090
12,000c. July 1 ’28-’33
8,500c. ..Apr 1 1927
WEYMOUTH.
This town Is In Norfolk County.
4s ’26 A-O 16,000c. .Apr 1 ’28-’29
Incorporated 1635. The town's total
49,000c. .Apr 1 ’30-’36 WESTBOROUGH.
This town is in Worcester Co. Inc assets on Jan. 1 1926 were Qgured to
Street and Drainage Bonds.
4Ms’22 M-N $4,000c-. May 1 1927 Nov. 1717. Population 1910. 5.446 be $3,005,682.98, inciud.water-works
property valued at $829,078.82.
Drainage Loans.
1920, 5.789.
Highway Notes.
4s T5 J-J
$5,000c. July 1 ’27-’31
Sewer Bonds.
4s '16 A-O 20,000c.Apr 1 ’27-’46 3Hs
M-N $30.000c.—Nov 1 1928 4^s’22 F-A $8,000—Aug 1 ’26-’27
5s T9 A-O 14,OOOc.Apr 1 ’27-’33 4s TO M-N 4,000—May 1 ’27-’3O
Almshouse Loan Bonds.
16,000c.Apr 1 ’34-’49
44<s’3 J-J $34,0JJc.July 1 ’27-’43
Highway Loan.
5Xs’2O A-O
6,000c.Oct 1 ’26-’31 5J^s’21 M-N $l,400c________ 1926
Water Refunding Bonds.
5s ’21 A-O 25,000c.Apr 1 ’27-’51 4J^s’23 M-N 2,500c________ 1926 43^sT4 M-N/$40,000.Nov 1 ’26-’33
4^s’22 M-N 7,000c_Nov 1 ’26-’32 4(4s’24 M-N 5,000c___ 1926-1927
( 3,000—Nov 1 1934
Department Equipment Bonds.
5Ms’21 J-J $l,000r._ July 1 1926
4Ms’22 J-J
1,000r._ Jan 1 1927
Farm Land Bonds.

48
WEYMOUTH (Concluded).
Water Bonds.
4s
... $2,500..July 1 '27-'31
5s '21 M-N 10,OOOc.May 1 ’27-’36
School Notes.
4s '07 M-N 5.000 ...Nov 1 1926
School Bonds.
4s '19 M-N 22,000.-May 1 '27-’37
4Xs’23 J-J il04,000 _____ 1926-1933
1120,000 _____ 1934-1943
4Xs’25 M-N 95,000c_Nov 1 '26-’44
Tiberculosis Hospital Bonds.
5s '17 J-D $8,000c_Dec 1 ’26-’29
Bridge Bonds.
4Xs’25 -.. $40,000____ 1926-1930
Water Notes.
4Xs ...$8,000.-May 1'26-'29
4Xs ...
9,000-_0ct 1 ’26-’34
4s
...
14,OOO-.Apr 1 '27-40
4s
...
4,000--Oct 1 ’26-’29
BOND. DEBT Apr 1 '26-$537,000
Water debt (incl.)_____
93,000
General sinking fund____
4,843
Assessed val., real_______22,240,823
Assess, val., personal.... 8,o33,207
Total valuation 1925____ 30,774,030
Tax rate (per $1,000) 192o—$21.50
Population 1910,12,895:1920,15.057
INT. at Town Treasurer's office
and at the First Nat. Bank, Boston.

RHODE ISLAND—DEBT OF STATE
WINTHR OP.

This town is in Suffolk Co. Inc
in 1852. Population 1910, 10,132;
1920. 15,455.
School Bonds.
4s '08 M-N $6.000.Nov 15 ’26-’28
4Xs’14 ...
4.000..Oct 1 '26-’29
4s'15 M-N 20,000c.Nov 15’26-’29
5s '20 ... J48,000-Apr 15 *27-’38
1 3,000-.-Apr 15 1929
5s '20 ... 150,000--Oct 1 '26-'4O
Water Bonds (Outside limit).
4s '08 ... $60,000..Jan 1 '27-’38
4s'09
7,500.Jan 15 *27-’29
4s '10 ...
8,000..Jan 1 ’27-'30
Playground Bonds (Outside limit)
4s '11 J-J $37,500c..Jan 1 ’27-'41
Playground Notes.
4s '17 --- / $7,600.-Dec 1 ’26-’32
115,000.-Dec 1 '33-'47
Surface Drainage Notes.
5s'19 ... ($2,000.Sept 15’26-’27
1 200-..Sept 15 1928
Cemetery Notes.
5Xs'2O ... $1,000.. Nov 15 1926
School Notes.
5s '21 ... $3,000.-Apr 7 ’27-’29
Water Bonds.
4s '08 J-J $60,000—Jan 1 '27-'38
4s '09 J-J
9,000..Jan 15 '27-’29
4s '10 J-J
8.000-.-Jan 1 '27-’3O
TOTAL DEBT Jan. 1 '26 $710,100
Debt (outside limit)____
221 900
WHITMAN.
123,500
This town is in Plymouth Co. Inc. Water debt (Included)__
155,000
March 4 1875. Population 1910. Floating debt___________
7,292; 1920, 7,147.
Total value 1925.............. 22 659.000
Town Hall Bonds.
Tax rate (per $1,000) 1925-__ $25 20
4s'06 M-Z $7,OOOr_________ 1926
INT. at Old Colony Tr. Co., Bos
School Bonds.
4s'16 ... $6,OOOc.Dec 1 '26-’27
Water loans-........... ............ $12,000 WOBURN.
Refunding water loan____
3,000
This city is in Middlesex County
Hospital loan____________ $8,000 Inc. May 18 1888.
Street loans______________
2,000 5s
... $62.000................... .......
Motor truck loan________
6,000 5s
... 62.200..-____ ______
TOTAL DEBT Jaa. 11925 $45,000
Sewer Debt (Inside Limit)
Water debt (incl.)______
12,000 5s '14 J-J $15,000c.July 1 ’27-'29
Floating debt (additional). 90,000
High-School DebtXOutside Limit).
Total val. 1925___________ 7,775,473 4s '06 F-A $25,600r.Aug 1 '26-’33
Tax rate (per $1,000) 1925.. ..$31.70 4s '06 J-J
2.000c.July 1 '27-’31
INT. at Old Colony Tr. Co.. Bos.
Sewer & Paving Bonds.
4Xs’18 J-J $17,200............................
Water Bonds (Outside limit).
4s '11 J-J $5,000c.July 1 '27-’31
WILBRAHAM.
4,000c.July 1 '27-'3O
This town is in Hampden County. 4s '10 J-J
4s '12 J-J
6.000c.July 1 ’27-’32
School Bonds.
7,000c.July 1 '27-’33
4s '24 F-A $45,000C-.Aug 1 ’26-’4O 4Xs’13 J-J
1,675..............................
BOND. DEBT May 17 '26 $45,000 4Xs'18 J-J
4Xs
’
18
J-J
3.500.............................
Assessed val., real estate..2,114,124
Assessed val., personal___ 556,753 4Xs’19 ... 16,030____ 1926 1929
Total assessed val. 1925.--2,670,877 4Xs’22 M-N 4.000-.Nov 1 ’26-’27
Tax rate (per $1,000) 1925.--$26.00 4Xs’24 A-O 122,000r*.Apr 1 ’27-’37
1 2,000r*.Apr 1 ’38-’39
Population, 1910, 2,332; 1920, 2,780
Macadam Bonds.
INT. at Old Colony Trust Co.,
4Xs’22 M-N $6,000-.. Nov 1 1927
Boston.
4Xs’22 J-D 10,000--Dec 1 ’26-’27
4Xs’24 A-O 21,000r*_. Apr 127-29
WILLIAMSBURG.
Sidewalk Bonds.
This town is in Hampshire Co. Inc. 4Xs’22 M-N $2,000c.Nov 1 ’26-’27
School Bonds.
April 24 1771. Population 1910.
4Xs’22 M-N$10,000c.Nov 1 ’26-'35
2,132; 1920, 1,866.
4Xs’24 A-O /12,OOOr*.Apr 1 ’27-’3O
Water Bonds.
(18,000r*._ Anri '31-39
4s g '03 J-J $50,000 c... July 1 1933
BOND. DEBT Jan 1 1926. $50,000 4Xs’25 ... 90,000_____ 1926-1945
Sewer & Surface Drain Bonds.
Floating debt____________
11,200
Water sinking fund______
33,960 4Xs’22 M-N$20,000c.Nov 1 ’26-’45
Assessed val., real..... ......... 1,007,555 TOTAL DEBT Jan 1 1925 $788,300
Assessed val., personal___
303,145 Tot. assess val 1925____ 18,713,731
Total valuation 1925____ 1,316,700 Tax rate (per $1,000) 1925__ $33.20
Tax rate (per $1,000) 1925___ $31.25 Pop’n 1910, 15.308; 1920, 16,574
INTEREST at Second Nat. Bank,
Boston, and in Woburn.
WINCHENDON.
This town is in Worcester County.
WORCESTER.
Incorporated in 1764.
This city is in Worcester County.
Road impt. notes 5X & 5Xsc$12,000
Road impt. notes, 4Xs___ cl? ,000 Incorp, as a city Feb. 29 1848.
Bridge Bonds—Serial.
Revenue notes___________ 30,000
Cemetery refund. bonds 4s
c2,000 4&4Xs’19A&O $68,OOO-Oct 1'26-29
Park & Pla.vg’d Bds.—Funded.
Water bonds 4s r_______
r7,000
$8.500__ July 1 1932
School bonds 4Xs_______ C36.500 3 Xs’02 J-J
TOTAL DEBT Jan 1 1925 104,500 4s '88 A-O 200,000____Apr 1 1938
50,000__ Apr 1 1938
Total assess, val. 1925___ 5,374,120 4s '89 A-O
50,000__ July 1 1929
Tax rate (per $1,000) 1925...$35.20 3Xs’09 J-J
City Hall Bonds—Funded.
Populaton 1910, 5.678; 1920, 5,904
4s '97 A-0$350,000___ Apr 1 1927
Grade Crossing Abolition Bonds
—Funded.
WINCHESTER.
4s
'10 A-0$100,000___ Oct 1 1930
This town is in Middlesex Co. Inc.
’10 J-J 100.000.. ..Jan 11930
Apr. 30 1850. Population 1910, 3 Hs
Funded Water Loan.
9.309; 1920, 10,485.
4s
'97
A-O 300,000__ Apr 1 1927
♦Water Bonds.
'98 A-O 350,000__ Apr 1 1928
3Xs’O3 J-D $ 1,000c.. June 1 1927 4s
3Xs'99
J
__ June 1 1929
4s '98 J-D 22.000c.June 1 ’27-'28 4s '99 J JD 700,000
25.000__ Jan 1 1929
3X«’O2 M-N 12.000c.Nov 1 '29-'3O 3Xs
’02 J J
75,000__ July 1 1932
♦Playground Bonds.
’O2 A-O 50,000___ Oct 1 1932
4a '98 J-D $ 12,500c. ..Deo 11928 3Xs
’G0 J-D 250,000____ June 1 1930
Fire & Police-Building Bonds, 3Xs
Xs’01 A-O 185,000___ Apr 1 1931
4s '14 M-N$25,000..May 1 '27-'31 33 Xs
’02--A-O 50,000___ Apr 1 1932
School Loans.
’04 J-J 125,000___ Jan 1 1934
3Xs’03A-O*l$16,000c.Oct 1 '26-’29 33Xs
- - -’03 J-J 100.000___ Jan 1 1933
I 6.000c. Oct 1 '30- '31 3- X-s
)4s’03 A-O 25,000____ Oct 1 1933
4Xs’22M-S $56,OOOr*.Sept 15 '26-32 3 Xs
J-D 50,000____ Deo 1 1934
170, OOOr*. Sept 1 '33-42 3Xs’’04
J-J 60,000___ July 1 1934
4Xs’23M-N (300,OOOr*.May 1 '27-41 3Xs’O4
04
J-J
___ July 1 1934
1 30,000r*_May 1 '42-43 3 Xs'05 A-O 20,000
15,000____ Apr 1 1935
.
f 8,500c-..Apr 1 1927 3 Xs’06 A-O 25,000
____ Apr 1 1936
4s'26 A-O {32,000c-.Apr 1'28-’31
Bonds—Serial.
„
1105,000c. Apr 1 ’32-’46 4s Water
'13 J-J $35,000--Jan 1 ’27-’33
Sewer Loans.
'13
35,000--Apr 1 ’27-’33
4s '26M-N f$45,000c.May 1 '27-’41 4s
'13 A-O
8,000--Oct 1 ’26-’33
fe _
1 30,000c-May 1 ’42-’56 4s
4s '14 J-J 160.000--July 1 '27-'34
Public Park Bonds.
4s
'15
J-J
67,500-Jan 1 ’27-’35
4s '11 M-N $48.000c.Nov 1 ’26-’41 3X$’17 J-J
15,000--. Jan 1 1927
Surface Drain Loans.
4Xs
’
17
A-O
40,000-Oct 1 ’26-’27
4s '16 M-S $2.OOOc.Mar 1 '27-'28 4&4X’19A-O 36,000--Apr
1 ’27-’29
Cemetery Loan.
15.000--July 1 ’27-’29
4Xs’23 J-J $15,000.July 15 ’26-’28 4&4MT9J-J
4&4X
’
19A-0100,000-_Oct
1
’29
TOWN DEBT Jan 1 '26.. $653,500 5s '21 J-J 60,000--Jan 1 ’’2627-’29
Less debts outside limit4Xs
’
21
J-J
40,000-Jan
1
’
30’31
Playground___ _______
12,500
40,000--0ct 1 ’26-’29
Highschool___________
22,000 5s '21’21 A-O
A-O 10,000___ Oct 1 1930
Water----------------------47,000 4Xs
’21 A-O 78,000--0ct 1 ’30-’41
High school, 1922------126,000 4Xs
5s'21 J-J
15,000--July 1 ’27-’29
Total outside___________ 207,500 4Xs
’21 J-J 60,000--July 1 ’30-’41
Debt inside limit_______
446,000 5s '21
J-J
3,600--July 1 ’27-’29
Temporary loans_______
200,000
’21 J-J 14.400--July 1 ’30-’41
Borrowing capacity_____
295,688 4Xs
4s
'22
J-J
16,000--July
’42
Ass’d val. (real estate__ 22,999,650 4s '22 A-O 10,000 -.Apr1 1’271927
(personal------- 3,249,650
'22 A-O 16,000--Apr 1 ’27-’42
Total value 1925______ 26,249,300 4s
'21 A-O 32,000 Oct 1 ’26-’41
Tax rate (per $1,000) 1925-- ..$28.00 4s
4s '22 J-J 80.000c.Jan 1 ’27-’42
INT. at Old Colony Trust Co. 4s
'22 J-J 80,000c.July 1 ’27-’42
Boston.
4s '22 A-O 170,000c.0ct 1 ’26-’42
♦ Outside debt limit.
4s '22 A-O 160.000c.Apr 1 ’27-’42




[Vol. 122,

4s '23 A-O 136.000c.Apr 1 ’27-’43 4s '23 J-J 210,000c.Jan 1 ’27-’33
4s '23 A-O 16,000c.Apr 1 ’27-’28 4s '23 A-O 35,000c.Apr 1 ’27-’33
4s '23 J-J 170.000c.July 1 ’27-’43 4Xs’23 J-J 140,000c.July 1 ’27-’33
4s '24 A-O 180,000c.Oct 1 ’26-’43 4s '24 A-OJ 92,000c..Oct 1 ’26-’29
5s '21 A-O 2,000__________ 1926
1110,000c..Oct 1 '30-’34
4Xs’23 A-O 12,000...Oct 1 ’26-’28 3Xs’24 J-J 200,000c—July l’27-'3O
4Xs’24 A-O 15.000-.-Oct 1 ’26-’28 4s'24 J-J 200,000c._July l’31-’34
4s '24 J-J 30,000..-Jan 1 ’27-’29 4s '24 A-O 450,000c..Oct 1 ’26-’34
3Xs’24 J-J 20,000c. July 1 ’27-’3O 4s '23 A-O 320,000c.Oct 1 '26-33
4s '24 J-J 70,000c.July 1 ’31-’44 4s
J-J 35,000c*.July 1 ’26-’35
3Xs’24 J-J 40,C00c.Jan 1 '27-’3O 4s '25 A-O 200,000c.Oct 1 ’26-’35
4s '24 J-J 140.000c.Jan 1 ’3l-’44
School
Bonds—Funded.
4s'24 J-J 20,000--Jan 1'27-44 4s '07 A-OHouse
$6,500___ Apr 1 1927
3Xs'24 J-J 15,000.-July 1'27-29 3Xs’08 J-J 100,000..
—July 1 1928
4s'24 A-O 40,000-.Oct 1 ’26-’29
4s '24 A-O 47,OOOc-Oct 1 '26-'44 3 Xs’09 A-O 125,000___ Apr 1 1929
School
House
Bonds
—Serial.
4s '24 A-O 95,OOOc.Oct 1 '26-'44
4s '25 J-J 20,000..Jan 1 ’27-’3O 4s '17 A-O $6,500___ Apr 1 1927
4s '25 J-J 47,500c.Jan 1 '27-45 5s '18 J J 30,000—Jan 1 '27 '29
68,000..Apr 1 '27 '30
4s '25 J-J 33,250c_Jan 1 '27-45 5s '20
4s '25 J-J 40,000. .Jan 1 '27-30 5s '21 J-J 27,000— -July 1 ’27-'29
4,000___ July 1 1930
4s'25 A-O 40,000.-Apr 1'27-30 4Xs’21 J-J
4s'25 J-J 40,000--July 1’27-'3O 4Xs’21 J-J 10.000—-July l’30-'31
4s '25 J-J 20,000--July 1 ’27-’30 5s '21 A-O 30,000 -Apr 1 ’27-’29
4Xs’21 A-O 20,000—Apr 1 ’30-’31
Land Damage Bonds—Serial.
4s '17 A-O
7,500___ Apr 1 1927 4s '22 J-J 618,000c.July 1 ’27-’32
1 ’26-'33
4Xs
’23 A-O 40,000c.-Oct
_____
Hospital Bonds—Serial.
5s '17 A-O $18,OOOc.Oct 1 ’26-’27 4s '25 J-J 90,000c—Jan 1 '27-'35
5s '18 J J 33,000c-Jan 1 '27 '29
Paving & Street Construction
Bonds—Serial.
Police-Station Bonds Serial.
4s'17 A-O
8.500—-. Apr 1 1927 4s '17 A-O $3,000--- Apr 1 1927
4&4X’19A-O 27,000--Apr 1 ’27-’29
Funded Sewer Loans.
5s'19 J-J 30,000..Jan 1 ’27-’29
4s '97 J-J 200,000___ Jan 1 1927 5s'21 J-J 15,000 —July 1 ’27-’29
4s '98 J-J 300,000___ Jan 1 1928 4Xs’21 J-J 10,000—July 1 ’30-’31
3Xs'OO A-O 200.000___ Apr 1 1930 4W23J-J 35.000 July 1 ’27-’33
3Xs’01 A-O 200.000___ Apr 1 1931 4Xs’23 A-O 40,000..Oct 1 ’26-’33
3Xs'O2 A-O 30.000___ Apr 1 1932 4s '24 A-O 40,000...Apr ’27-’34
3Xs’03 A-O 35.000___ Apr 1 1933
The following is a detailed state­
3Xs’04 A-O 30.000___ Apr 1 1934 ment of the debt and borrowing
3Xs’05 A-O 30.000___ Apr 1 1935 capacity of the city as of Dec. 31
3 Xs'99 J-J 170,000.. ..July 1 1929 1925.
3Xs’O2 J-J 60,000....July 1 1932 Avge. val. less abatem ts
3 Xs’06 A-O 20,000.. -Apr 1 1936
for 1923,1924 & 1925.$269,695,290
Debt limit 2 X % of same 6,742,382
Sewer Bonds—Serial.
4Xs’17 A-O $5,000 .. Apr 1 1 "27 Total bonded debt------- 13,390,700
7,707,760
4Xs’17 A-O
5,000-.0ct 1 ’26-’27 Less debt (outside limit)
5,683,000
Debt (inside limit)...
4&4XT9A-O 25.500--Apr 1 ’27-’29
4,418.906
4&4 X '19.T-J 3,000 - - July 1 ’27-’29 Total sinking funds----5.417,823
Net
debt,
inside
______
4&4X’19A-O 40,000--Oct 1 ’26-’29
5s'20 A-O 60,000--Apr 1 ’28-’3O Borrowing capac. within
1,324,55$
debt limit--------------5Xs’2O A-O 20,000... Apr 1 1927
5s '21 J-J 30,000.-Jan 1 27-’29 Assessed val. real estate.260,658,550
4Xs’21 J-J 20,000.-Jan 1 ’30-’31 Assessed val., personal.. 45,293,456
9.000 -July 1 ’27-’29 Total assess, val. 1925—305,952.000
5s '21 J-J
6,000--July 1 '30-'31 Tax rate (per $1,000) 1925----- $29.40
4Xs’21 J-J
5s '21 A-O 90,000.-Apr 1 ’27-’29 Pop’n 1910, 145.986: 1920. 179.754
All the above bonds are registered
4Xs’21 A-O 60,000--Apr 1 ’30-’31
5s '21 A-O 110,000 -Oct 1 ’26-’29 bonds except those marked “c,”
4Xs’21 A-O 55.000 .Oct 1 ’30-’31 which means coupon.
INT. on coupon bonds payable at
4s '21 A-O 60,000 -Oct 1 ’26-’31
4s '22 J-J 189,000--July 1 ’27-’32 the First Nat. Bank, Boston; on
4s '22 J-J 120.000 -Jan 1 ’27-’32 registered bonds, payable by check,
4s '22 A-O 70,000c-Oct 1 ’26-’32 at Merchats’ Nat. Bank, Boston.

State of Rhode Island.
DEBT, RESOURCES, &c.
Admitted as a State___________ One of Original Thirteen
Total area of State (square miles)-------------------------- 1,248
State Capital------------------------------------------- Providence
Governor (term exp. first Tues. Jan. 1927).Aram J. Pothier
Lieut.-Gov. (termexp. first Tues. Jan. ’27)Nathaniel W. Smith
Sec. of State (term exp. first Tues. Jan. ’27) Ernest L. Sprague
Treas. (term exp. first Tues. Jan. ’27)_RichardW. Jennings
LEGISLATURE.—The Legislature now meets annually the first Tues
day In January. There Is no limit as to the length of session, but com­
pensation of the legislators is limited to sixty days’ attendance in any
calendar year.
HISTORY OF DEBT.—For early history of the Rhode Island State debt,
see “ State & City Supplement’ ’ of April 13 1895, page 33. The bonds which
were outstanding on Dec. 1 1925 are described as follows:
Harbor Improvement Bonds.
Penal & Reformatory Inst. Loan.
3 Xg'09 M-S $300.000o—Meh 1 1959 4s g '10 F-A$500.000c .Aug 1 1960
Penal & Charitable Inst. Loan. 4s '13 J-D 476,000c*--Dec 1 1963
Charitable Inst. Loans.
4s g '23 M-S$609,000c...Sept 1 1973
4g '14 J-J $617.000c-..July 1 1964
State House Loan
3 Xg’94|l-J|$395,000o ... Jan 11934 4s g '15 M-S 458.500r*_.Sept 1 1965
3s g '98 A-O 800.000c-.July 15 1938 4s g '16 M-S 149.500—Sept 1 1966
3s g '01 M-N 700.000c.. .May 1 1941 4Xsg'18F-A 850.000c--.Aug 1 1968
Armory Construction Bonds.
Highway Improvement Bonds.
3s g'06 A-0$600.000c--.Apr 11936 3s g '06 A-O$350.000c...Apr 1 1946
3 Xff'09 M-S 600,000c...Meh 1 1939 4s g '23 M-S 130,000c...Sept 1 1973
4s '12 J-D 563.000c —June 1 1942 4s g'23 M-N 250,000c.--Nov 1 1973
•Metropolitan Park Loan.
Bridge Bonds.
, .
4s g '17 M-N$300,000c.-May 1 1967 3 Xsg’08J-D$250.000c-_June 1 1958
4Xs’2O F A 500,000c.-Aug 1 1970 4s '14 F-A 300.000c...Feb 1 1964
4s g'23 M-S 500,000c...Sept 1 1973
Court House Loan.
4s g '25 F-A$500,OOOr *. .Aug 1 1975
Soldiers
’ Bonus Bonds.
-------------------_Janj 1Q4g 4s
g'25 F-A 350,000r*..Aug 1 1975
4Xg’2O J-J$2,500,000c.
•This Is debt Incurred for the benefit of the several towns and cities In­
cluded In Metropolitan Park System. While such debt Is a direct obliga­
tion of the State, Its payment must eventually be met by assessment on the
towns and cities benefited.
INTEREST on the State-House bonds and Charitable Inst. Loan 1914
is payable in Providence at the Rhode Island Hospital Trust Co.; on the
Charitable Inst, bonds of 1916 and 1918 and bridge bonds of 1917. payable
at National Exchange Bank: on all other issues at Industrial Trust. Co.
Dec. 1 '25. Dec. 1 '24. *Dec. 1 '23. Jan. 1 '23.
Total funded debt______ $13,039,000 $12,691,000 $12,157,000 $11,527,000
Sinking funds_________ 2,666,847 2,399,488
2,441,017 2,188,642

Netdeht_____________$10,372,153 $10,291,512 $9,715,983 $9,338,358
The sinking fund Is largely Invested In city, town and district bonds and
notes, and It is to receive $180,981 yearly.
* The fiscal year of the State was changed to end on Nov. 30 instead
of Dec. 31, the date formerly existing.
TAX VALUATION.—The total assessed valuation of real estate and
personal property in Rhode Island June 15 1925 was $1,185,119,571, consist­
ing of $746,444,529 real estate and $438,675,042 personal property. The
regular State tax is 90 cents per $1,000. An additional 6 cents tax was
levied in 1919 for highway and other purposes and from 1920 to 1926 incl.
an additional tax of 3 cents has been levied for highway purposes.

June, 1926.]

RHODE ISLAND—DEBT OF STATE

POPULATION OF STATE1925____ 679,26011900........... 428.1 ,5611860.......... 174,620 1820......... 83,059
1920____ 604,397 11890______ 345, 10611850.......... 147,545 1810......... 77.031
1915........ 595.98611880........... 276 J 3111840_____ 108.830 1800............ 69,122
1910........ 542.61011870........... 217.3 53! 1830______97,210 1790--------- 68,825
1905____ 480,0821
STATE AND MUNICIPAL INDEBTEDNESS LIMITATIONS.—un­
der Section 13, Article IV of the State constitution, the General Assembly
has no power to incur State debt to an amount exceeding $50,000 without
the consent of the people, except In time of war or of insurrection or In­
vasion. In no case is the Assembly to pledge the faith of the State for the
payment of obligations of others without the approval of the people. In
reference to city debts, there is nothing in the constitution of Rhode Island
limiting the amount of such obligations. The following, however, are two
sections taken from Chapter 47 of the Revised Statutes of the State of 1923.
Since 1878 these provisions have|been in force, and consequently 3% of
the taxable property has been the limit of the power of each town (which
includes city) to create debt.
SECTION 21.—“The outstanding notes, bonds and contracts of towns
shall be paid and be fulfilled according to the tenor thereof, and all public
works now authorized to be prosecjuted shall be prosecuted and all Indebted­
ness now authorized to be incurred on account thereof may be Incurred
according to the tenor of the authority thereof.”
SECTION 22.—“No town shall, without special statutory authority therefor.
Incur any debt In excess of three per centum of the taxable property o
such town. Including the Indebtedness of such town on the tenth day of
April, one thousand eight hundred seventy-eight; but the giving of a new
note or bond for a pre-existing debt, or for money borrowed and applied
to the payment of such pre-existing debt, is excepted from the provisions
of this section, and the amount bf any sinking fund shall be deducted in
computing such Indebtedness.”
EXEMPTION FROM TAXATION.—Regarding the taxation of bonds
issued by the State of Rhode Island and its sub-divisions, Z. W. Bliss,
Chairman of the State Board of (Tax Commissioners of Rhode Island, in
answer to our inquiry regarding the matter, made the following statement
under date of June 9 1924:
“1. Bonds of the State of Rhode Island are exempt from taxation when
ssued pursuant to a law providing for such exemption, and if not so ex­
empted are taxable at the uniforjjn rate of 40c. for each $100 of the value
thereof, in the opinion of this Board, under the provisions of Section 11
of Chapter 59 of the General Lajws of 1923. It has been the prevailing
practice to exempt State bonds from taxation in the statutes authorizing
their issue.
“2. Bonds of subdivisions of the State are taxable to the holder at his
place of domicile at the uniformlrate of 40c. for each $100 of the value
thereof, under the provisions of Section 11 of Chapter 59 of the General
Laws of 1923, as intangible personal property. Efforts have been made
to include an exemption provision in acts of the Legislature authorizing
certain issues of municipal bonds, but up to the present time no exemption
has been authorized in the case of any municipal issues.”
We are further advised by Mr. Bliss under date of May 26 1925 with
reference to the exemption provision in the Acts of the General Assembly
authorizing the issue of State bonds, that “in every case up to the present
time the Act authorizing such an issue has carried an exemption provision,
except one, the bridge and construction loan issue authorized by an Act
of the General Assembly in 1923, in which Act, inadvertently, it is believed,
the exemption was omitted.”
SAVINGS BANK INVESTMENTS, RESTRICTIONS, &c.—Pro­
visions regulating investments by savings banks in Rhode Island were
incorporated under the revision bf State’s statutes in 1923 as Section 1,
Chapter 272, General Laws of 1923. As previously related by us the laws
concerning savings bank investiinents were subjected in 1911 to many
changes—in fact completely revised and materially altered in many re­
spects. Further amendments were also made in 1912, 1914, 1917, 1918
and 1919. See V. 94, p. 1397; V. 98, p. 1629; V. 104, p. 1824, and V. 106,
p. 1741. In 1926 the law was again amended by adding to Clause 9, of
Section 1, a new subdivision, lettered “C,” relating to real estate mort­
gages, under which investments are permitted “in bonds or certificates of
indebtedness, maturing within ten years from the date of issue, secured
either by the deposit of first mortgages on improved real estate or by the
deposit of bonds or certificates of a mortgage company with a bank or trust
company, having resources of not less than five million dollars, as trustee,
subject to certain restrictions.”) Prior to 1926 investments were only
allowed in ordinary real estate mjortgage loans.
In the following we endeavor to give a comprehensive digest of the law
as it stands at present.
Section I, summarized, follows:
Clause I. Permits investments in (a) bonds or notes of the United States
or any State or Territory which has not, in the ten years next preceding
the time of investment, defaulted in the payment of its debt
(b) Bonds or notes of any city or town of the New England States or
New York State which has not defaulted in ten years and whose net debt
does not exceed 7% of the last [preceding assessed valuation; or of any
incorporated district of said States having over 5,000 inhabitants, or in
New Hampshire, with a population of over 2,500, whose bonds are a
direct obligation on all the taxable property of such district, and whose net
debt does not exceed 5% of such valuation, and which bonds are provided
for by a sinking fund or serial retirement.
(c) Bonds or notes of any city I of the United States other than the New
England States and New York State which has not defaulted during ten
years, has 30,000 or more inhabitants, as established by the last national or
State Census, or city Census certified to by the City Clerk or Treasurer of
such city, and taken In the same manner as a national or State Census
preceding such investment, and J a net debt of not exceeding 7% of the
last preceding assessed valuatioh, or the bonds and obligations of any
incorporated school district witjhin such city, payable primarily from
taxes levied on all taxable property in such district; providing the popula­
tion of the district is 30,000 or more, and the population and assessed valu­
ation of the district are equal to at least 75% of the population and assessed
valuation of the city within which such district is located.
(d) Bonds or notes of any county in the United States having a popula­
tion of over 100.000 (according to National or State Census), and whose net
Indebtedness does not exceed 3% of the last preceding assessed valuation.
“Net Indebtedness—Definition.—(e) ‘Net Indebtedness’ shall mean
the total debt less sinking funds, the net outstanding water and sewer
debts and the tax levy for the current year.”
Clauses II to VI, inclusive, govern investment in railroad bonds, public
service securities and bonds of telephone companies. The text of these
clauses follows:
“Steam Railroad Bonds and Notes.—Clause II. In the bonds and
notes and receivers’ certificates [of steam railroad orporations described
herein below, in the ‘table of eligible steam railroad bonds and notes,’ sub
sections (a) to (y) inclusive, subject to the following definitions and class!
fication:
“The words ‘railroad’ and ‘railway’ herein used are to be considered
synonymous titles.
“The term ‘funded indebtedness’ herein used shall include all bonds and
notes bearing interest.
“All ‘income bonds’ are ineligible.
“The eligibility of such bonds for such investments is defined as follows
unless hereinafter otherwise provided:
“Definition.—Ownership.—Such railroad corporation shall own Its
road in fee.
“Location.—The railroad of such corporation shall be located principally
In the United States.
“Gauge.—The railroad of such corporation shall be of standard gauge.
“Mileage.—Such railroad must be not less than 100 miles in length,
exclusive of sidings.
“Net income.—The net Income of any such corporation shall be its earn­
ings and income after payment of all operating expenses, maintenance
charges, rentals and taxes, and all guaranteed dividends and guaranteed
Interest paid by, or due from. Ita.
“The net earnings and incomb of any such corporation shall equal the
following requirements by the following classes, to which reference is made
in the succeeding table of bonds.
“Classification.—Class I. Any such corporation of this class must have
earned and received in each of its three fiscal years, or three nearer and suc­
cessive periods of one year, next preceding such investment, a net income
of not less than twice the annual interest for the current year on all its funded
indebtedness, including the bonds in question.
“Class II. Any such corporation of this class must have earned and re­
ceived a net income, in each of its three fiscal years, or three nearer and
successive periods of one year, next preceding such investment, not less




49

than twice the annual interest for the current year on the underlying mort­
gage bonds in question, and all prior liens.
"Class III. Any such corporation of this class must have earned and
received in each of its three fiscal years, or three nearer and successive
periods of one year, next preceding such investment, a net income of not
less than twice the annual interest for the current year on all its mortgage
indebtedness outstanding, including the bonds in question.
“Class IV. Any such corporation of this class must have earned and re­
ceived in each of its three fiscal years, or three nearer and successive periods
of one year, next preceding such investment, a net income of not less than
one and a half times the annual Interest for the current year on all its funded
indebtedness, including the bonds in question.
“Table of Eligible Steam Railroad Bonds and Notes.—(a) Deben­
ture bonds of any such steam railroad corporation, incorporated In any of
the United States, whose net income is described in Glass I.
“(b) Debenture bonds of any such steam railroad corporation. Incor­
porated in any of the United States, which has leased its railroad to another
such railroad whose net income is described in Class I; Provided, that such
lease is for a term extending at least ten years after the maturity of the
bonds in question, and that the rent from such lease is sufficient to meet
the interest and sinking fund requirements, if any, on said bonds or any
irior lien or any other debenture bonds, together with a dividend of not
ess than four per centum per annum on the entire capital stock of the lessor
corporation: and also provides for the proper maintenance and operation
of the property leased.
“(c) Debenture bonds of any such steam railroad corporation, incor­
porated in any of the United States, guaranteed as to principal and interest
or assumed by another railroad described in Class I,
“(d) Bonds of any such steam railroad corporation described in Items
(b) and (c), which are guaranteed as to principal and interest, or assumed
by two or more steam railroads of which one shall be of Class I and the
others may be of Class III or Class IV.
“(e) Mortgage bonds of any such steam railroad corporation. Incorpor­
ated in any or the United States, whose net income is not less than that
described in Class III.
I
“(f) Underlying mortgage bonds of any such steam railroad corporation,
incorporated in any of the United States, whose net income is not less than
that described in Class II.
“(g) Mortgage bonds of any such steam railroad corporation, incor­
porated in any of the United States, which are guaranteed as to principal
and interest, or assumed by another steam railroad, whose net income is
described in Class I or Class III.
‘(h) Mortgage bonds of any such steam railroad corporation, incor­
porated In any of the United States, which are guaranteed as to prinicpal
and interest, or assumed, by two or more steam railroads, of which at least
□ne shall be of Class I or Class III and the others may be of Class III or
Class IV.
“(i)Mortgage bonds of any such steam railroad corporation, incor­
porated in any of the United States, which has leased its railroad to another
steam railroad whose net income is described in Class I or Class III; Pro­
vided, that said lease is for a term extending at least ten years after the ma­
turity of the bonds in question, and that the rent from such lease is sufficient
to meet the interest and sinking fund requirements, if any, on said bonds
and any prior liens, together with a dividend of not less than four per
centum on the entire capital stock of the lessor corporation, and provides
for the proper maintenance and operation of the property leased.
“(j) Mortgage bonds of any such steam railroad corporation, incor­
porated in the United States, which has leased its railroad to two or more
steam railroads, of which at least one shall be of Class I or Class III; Pro­
vided, that said lease shall be for a term extending at least ten years after
the maturity of the bonds in question, and that the rent from such lease
Is sufficient to meet the interest, and sinking fund requirements, if any, on
said bonds and any prior liens, together with a dividend of not less than
four per centum on the entire capital stock of the lessor corporation, and
provides for the proper maintenance and operation of the property leased.
“(k) First mortgage bonds or refunding mortgage bonds of any such
steam railroad corporation which would be a legal investment under items
(8). (h), (i) and (j), respectively, except for the fact that it owns in fee less
than 100 miles of road, exclusive of sidings.
“(1) First mortgage bonds of any such steam railroad corporation.
Irrespective of mileage, which is a constituent part of a steam railroad and
transportation system of not less than 1,000 miles of road, exclusive of
sidings, and at least ninety per centum of the capital stock of which is
owned by a proprietary holding company which operates said railroad and
transportation system, and the earnings of which, with the earnings of the
other divisions constituting said railroad and transportation system, are
received by said holding company, and which bonds in question are fully
guaranteed as to principal and interest by such holding company, either
by direct guaranty, or by rental under lease extending at least ten years
after the maturity of said bonds, the terms of which lease require a pay­
ment of rent equivalent to all taxes and interest, and provides a sinking fund
sufficient to retire said bonds at maturity; Provided, however, that the net
income of said holding company shall equal the requirements of railroads
in Class I.
"(m) Bonds and debentures of any steam railroad corporation whose
railroad property is unencumbered by mortgage, and whose net income is
described in Class I; Provided, however, that such bonds or debentures shall
be issued only under the authority of some State which provides by law
that no such railroad corporation which has issued bonds shall subsequently
execute a mortgage upon Its railroad property without including in and se­
curing by such mortgage all bonds previously Issued by it and ail its pre­
existing debts and liabilities, which provision so enacted in such State shall
have been accepted by the stockholders of such railroad company.
“(n) Bonds of any steam railroad corporation described m item (m)
which has leased its railroad to another steam railroad for a term extending
not less than ten years after the maturity of the bonds in question, which
lessee railroad fully guarantees the principal and interest on said bonds;
Provided, that said lessee railroad is one whose net income is at least up
to the standard set in Class III; and provided, further, that said lease is for
a term extending at least ten years after the maturity of the bonds in ques­
tion, and that the rent from such lease is sufficient to meet the interest and
sinking fund requirements, if any, on said bonds, together with a dividend of
not less than four per centum per annum on the entire capital stock of the
lessor corporation, and provides for the proper maintenance and operation
of the property leased.
“(o) First mortgage bonds of any terminal company, or terminal rail­
way company, incorporated in the United States, whose property is located
in the United States, and whose bonds are guaranteed as to principal and
Interest by any such steam railroad corporation of Class I.
“(p) First mortgage bonds of any terminal company or terminal rail­
way company, incorporated in the United States, whose property is located
tn the United States, whose bonds are guaranteed as to principal and inter­
est by two or more steam railroad corporations of Class I or Class III.
“(q) First mortgage bonds of any terminal company or terminal rail­
way company, incorporated in the United States, whose property is located
in the United States, of which company at least ninety per centum of its
capital stock is owned by two or more proprietary steam railroads of Classes
I, III or IV, and which use said property, and jointly, or jointly and
severally, guarantee the principal and interest of all the indebtedness of
sail company.
(r) First mortgage bonds of any terminal company or terminal railway
company, incorporated in the United States, whose property is located in
the United States, which has leased its property to one or more steam railro id corporations which guarantee the principal and interest on said
bon is, and which lease runs for a term extending at least ten years after the
maturity of said bonds, and which lease provides for the maintenance and
operaton of the leased property; Provided, that, if such lease is to one
steam railroad corporation, it shall be of Class I, and if such lease is to two
steam railroad corporations, they may be of Classes I or III, and if such
lease is to three or more steam railroad corporations, they may be of
classes I, III or IV.
“(s) First, mortgage bridge bonds issued by any railroad corporation of

f

••(t) First mortgage bonds of any bridge company, Incorporated in ths
■ ited States, whose property is in the United States, whose entire indebt­
edness is guaranteed as to principal and interest by one or more steam rail­
road corporations: Provided, that, if such guarantee is by one such railroad
corporation, it shall be of Class I, and if such guarantee is by two or more
railroad corporations they may be of Classes I, III or IV.
“(u) First mortgage bonds of any bridge company, incorporated In the
United States, whose property is in the United States and whose capital
stock is entirely owned, except shares qualifying directors, by two or more

50

RHODE ISLAND-DEBT OF STATE

propriatary steam railroad corporations of Classes I, III or IV which
guarantee the maintenance of the property and the principal and Interest
of such bonds.
“(v) Equipment bonds or equipment notes issued by any steam railroad
corporation of Class I, Class III or Class IV which are secured by a first
lien on the equipment against the purchase of which said bonds or notes
were issued at not exceeding eighty per centum of the purchase price thereof;
Provided, that the indenture under which said lien is established contains
adequate requirements for the maintenance of the property pledged, and
provides that an equal amount of any issue of such bonds or notes shall be
paid annually until all are retired without the release of the lien on any of
such equipment.
“(w) Notes, warrants and obligations, running for a term of not more
than five years from date of issue, given by any steam railroad corporation
which has earned and paid dividends at the rate of not less than four per
centum per annum on all its outstanding capital stock for five years next
prior to the date of issue.
“(x) Certificates of indebtedness commonly termed ‘receiver’s certifi­
cates’ issued by a receiver of any such steam railroad under an authoriza­
tion of the court or courts having jurisdiction over such receiver.
“(y) First mortgage bonds and refunding mortgage bonds of any steam
railroad, incorporated and whose property is principally located in the
Dominion of Canada, which conform in all respects to the provisions apply­ i
ing to mortgage bonds of steam railroad corporations in the United States.
“Change of Motive Power.—Clause III. Thechangeof motive power
by any steam railroad corporation, whether wholly or in part, shall not
affect the eligibility, for such investment, of any of the steam railroad
obligations hereinbefore described, so long as its earnings conform with the
foregoing requirements.
“Railroad Stocks.—Clause IV. la) In the shares of the Capital stock
of any steam railroad which has leased its railroad to another steam railroad,
which operates the property so leased as a part of its railroad system;
Provided, that such lease is for a term of not less than fifty years, and the
lessee company is one whose bonds would be a legal investment under the
provisions of Clause II, Class III, and that by the terms of the lease the
lessee company is obliged to pay rents sufficient to pay the interest on the
outstanding bonds of the lessor and a dividend at an annual rate of not less
than four per centum per annum on all the capital stock of the lessor com­
pany.
“(b) In the shares of the capital stock of any steam railroad which oper­
ates its own railroad whose bonds would be an eligible investment under
Clause II, Class I; Provided, that such railroad has paid regular annual
dividends on all its capital stock at the rate of not less than four per centum
per annum for ten years next preceding such investment.
“(c) The aggregate investment of such deposits and income by any bank,
savings bank or trust company in the stock of any one such steam railroad
corporation at par value shall not exceed two per centum of said deposits
held by it.
“Public Service Securities.—Clause V. In the bonds of public service
corporations, commonly called ‘public service securities,' described hereinbelow in the ‘table of eligible public service securities,' sub sections (a) to
(J), inclusive, subject to the following description and definition:
“The title public service securities’ shall include only mortgage bonds
Issued by any electric railroad, street railway., gas company, electric light
or power company, or water company, as hereinafter described.
“The terra ‘funded indebtedness' herein used shall include all bonds and
notes bearing interest.
“Descriptive Definition.—Ownership.—Such corporation shall own the
major part of its property in fee.
“Location.—The property of such corporation shall be located princi­
pally in the United States, unless otherwise provided.
“Net Income.—The net income of such corporation shall be its net earn
ings and income after payment of all operating expenses, maintenance
charges, rentals and taxes, and all guaranteed interest and guaranteed
dividends paid by, or due from, it.
"Eligibility for such investment.—Such corporation must have earned
and received a net income in each of its three fiscal years, or three nearer
periods of one year, next preceding such investment not less than twice
the annual interest for the current year on all its indebtedness secured by
the mortgage under which the bonds in question are issued and all prior
liens, unless otherwise hereinafter specified, and shall not have defaulted on
any of its obligations during the same period; Provided, however, that said
bonds shall mature at least five years before the expiration of the principal
franchise or franchises under which such corporation is operated, or there
shall exist some definite agreement or contract with the grantors whereby
such franchise or franchises may be renewed or extended from time to time
throughout and beyond the life of the bonds in question, and or that by
such an agreement or contract the security of said bonds is adequately
protected and preserved to the bondholders, and a copy of such agreement
or contract shall be filed in the office of the Bank Commissioner and shall
be preserved in his files during the life of the bonds in question.
“Table of Eligible Public Service Securities.—(a) Mortgage bonds
of any such electric railroad, street railway, gas, electric light or power com­
pany, incorporated under the laws of Rhode Island, whose property is lo­
cated and operated chiefly in this State.
“(b) Mortgage bonds of any such electric railroad, street railway, gas
and electric light or power company, incorporated under the laws of any
of the United States; Provided, however, that the said bonds of any such
electric railroad or street railroad company shall be a legal investment foi
such deposits and income only in case such com nan v shall have received
average gross earnings of not less than four hundred thousand dollars in
each of its three fiscal years, or three nearer periods of one year, next pre­
ceding such investment, and if said bonds are issued by a company which
carries on the business of an electric railroad or street railway combined
with that of either a gas company or an electric light or power company, or
both of such kinds of business, then, in such case, such company shall have
received average gross earnings of not less than six hundred thousand dol­
lars in each of its three fiscal years, or three nearer periods of one year, next
preceding such investment; and if said bonds are issued by any such gas
company or electric light or power company, or by a company which com­
bines the business of a gas company and an electric light company, and, or,
ower company, or any two such businesses, then, in such case, it shall
ave received average gross earnings of not less than two hundred thousand
dollars in each of Its three fiscal years, or three nearer periods of one year,
next preceding such investment.
“(c) First or refunding mortgage bonds of any such electric railroad,
treet railway, gas, electric-light or power company incorporated in any
of the United States, which are in operation and show substantial net earn­
ings and which are guaranteed as to principal and interest or assumed by
another corporation whose bonds would be a legal investment under the
provisions of paragraph (b) of this clause.
“(d) First or refunding mortgage bonds of any such electric railroad or
street railway, incorporated in any of the United States, which are guar
anteed as to principal and interest, or assumed by a steam railroad or rail­
roads whose bonds would be a legal investment under the provisions of
Class III of the classification of steam railroads herein.
“(e) First or refunding mortgage bonds of any such electric railroad,
street railway, gas, electric light or power company which has leased its
property to any other corporation whose bonds would be a legal investment
under the provisions of paragraph (b) of this clause; Provided, however, that
said lease shall extend for a term of at least ten years after the maturity
of said bonds at a rental at least equal to the fixed charges and taxes of the
lessor, including the interest on, and a sinking fund for. the bonds in ques­
tion, or provides for the payment of said bonds at maturity, and shall re
quire the operation and maintenance of the leased property; and provided
further, that an authentic copy of such lease shall be filed in the office of
the Bank Commissioner, and such copy shall be preserved in his files during
the life of the bonds in question
“(f) Equipment bonds or equipment notes issued by any such electric
railroad or street railway which are secured by a first lien on the equipment
against the purchase of which said bonds or notes were issued at not exceed
ing eighty per centum of the purchase price thereof: Provided, the indenture
under which said lien is established contains adequate requirements for the
maintenance of the property pledged and provides that an equal amount
of such bonds or notes shall be paid annually until all are retired, without
the release of the lien on any of such equipment
“(g) Certificates of indebtedness, commonly termed ‘receiver’s certifi­
cates,’ issued by a receiver of any such eiectric railroad, street railway, gas
electric light or power company under an authorization of the court or
courts having jurisdiction over such receiver.
“(h) First mortgage bonds of any eiectric railroad, street railway, gas,
electric light or power company, described in paragraph (b) of this clause,
which is incorporated in the Dominion of Canada, and whose property is
located principally in said Dominion; Provided, that such bonds conform in

S




[Vol. 122,

all other respects to the provisions of paragraph (b), (c), (d), (e) or (f)
of this clause.
“(1) Bonds of any corporation which owns more than ninety per centum
of the capital stock and of the outstanding bonds of any electric railroad or
street railway company, incorporated in this State, the railway of which is
located wholly or in part therein, secured by the deposit in trust of the said
stock and bonds as collateral, and which corporation has paid, in each fiscal
year for the five years last preceding such investment, dividends of not less
than four per centum per annum upon all its outstanding capital stock; or
the bonds of any such electric railroad or street railway company which
are secured by mortgage on its property and are guaranteed as to principal
and interest by any such corporation.
"(j) First mortgage bonds of any company incorporated in this State
for the purpose of supplying water for domestic and other purposes; Pro­
vided, that such company has an exclusive franchise to serve a population
of not less than ten thousand in this State, which franchise extends at least
five years beyond the life of the bonds in question, and that said bonds
are secured by a mortgage of the property, rights and franchises of such
company.
(k) Notes, warrants and obligations, running for a period of not exceed­
ing ten years from date of issue, of any electric railroad, street railway, gas
and electric light or power company such as is described in paragraph (b) of
this clause, and which has earned and paid dividends at the rate of not less
than 4% per annum on all its outstanding stock for a term of not less than
five years next prior to the date of issue; and in the notes, warrants and obli­
gations, running for a period of not exceeding ten years from date of issue,
of any such corporation which are secured by the deposit of collateral
security having value in excess of the amount loaned of not less than 20%.
“Bonds of Telephone Companies.—Clause VI. In the bonds of any
Telephone Company incorporated in any of the United States, whose
property is located chiefly in the United States, subject to the following
description and definition:
“The term ‘Funded Indebtedness' herein used shall include all bonds
and notes bearing interest.
“Descriptive Definition.—Location.—The property of such corpora­
tion shall be located principally in the United States.
“Net income.—Net income of such corporation shall be its net earnings
and income after payment of all operating expenses, maintenance charges,
rentals and taxes, and all guaranteed interest and guaranteed dividends
paid by, or due from it.
“Eligibility for such investment.—Such corporation must have earned
and received a net income in each of its three fiscal years, or three nearer
periods of one year each, next preceding such investment, of not less than
twice the annual interest for the current year on all its indebtedness se­
cured by the indenture under which the bonds in question are issued, and
all prior liens, unless otherwise hereinafter specified, and shall not have de­
faulted on any of its obligations during the same period.
“Table of eligible telephone company bonds.—(a) Mortgage bonds of
any such telephone company incorporated under the laws of any of the
United States: Provided, however, that the said bonds of any such tele­
phone company shall be a legal investment for such deposits and income
only in case such company shall have received average gross earnings of
not less than one million dollars in each of its three fiscal years, or three
nearer period of one year, next preceding such investment.
(b) Debenture bonds of any such telephone company incorporated un­
der the laws of any of the United States where definite covenant is made
by the company that said debenture issue shall be equally secured with
any future mortgage lien that may be later made by the company: Pro­
vided, however, that such company shall have received average gross earn­
ings of not less than two million dollars in each of its three fiscal years, or
three nearer periods of one year next preceding such investment.
(c) First or refunding mortgage bonds of any such telephone company
Incorporated in any of the United States which is in operation and which
shows substantial net earnings and which are guaranteed as to principal
and interest or assumed by another corporation whose bonds would be a
legal investment under the provisions of paragraph (a) or (b) of this clause.
(d) First or refunding mortgage bonds of any such company which has
leased its property to any other coimoration whose bonds would be a legal
investment under the provisions of paragraphs (a) or (b) of this clause:
Provided, however, that said lease shall extend for a term of at least ten years
after the maturity of said bonds, at a rental at least equal to the fixed
charges and taxes of the lessor, including the interest on, and a sinking
fund for, the bonds in question, or provides for the payment of said bonds
at maturity and shall require the operation and maintenance of the leased
roperty; and provided, further, that an authentic copy of such lease shall
e filed in the office of the bank commissioner and such copy shall be pre­
served in his files during the life of the bonds in question.
(e) Certificates of indebtedness commonly termed receiver's certificates
issued by a receiver of any such telephone company under an authoriza­
tion of the court or courts having jurisdiction over such receiver.
(f) Collateral trust bonds of any such telephone company secured by the
deposits with a trust company of bonds and of shares of stock of other tele­
hone companies, under an indenture of trust which limits the amount of
onds so secured to not more than 75% of the value of the securities de­
posited as stated and determined in said indenture, and provided that the
company issuing such collateral trust bonds shall have received average
gross earnings of not less than five million dollars in each of its three fiscal
years, or three nearer periods of one year, next preceding such investment
and provided, further, that such telephone company shall have earned and
paid cash dividends on all its outstanding issues of stock at the rate of not
less than 6% per annum during each of its five fiscal years next preceding
such investment.
(g) Notes, warrants and obligations, whether secured by collateral or
unsecured, running for a period of not exceeding ten years from date of
issue, of any telephone company such as Is described in paragraph (a) of
this clause and which has earned and paid cash dividends on all its out­
standing issues of stock at the rates of not less than 6 % per annum during
each of its five fiscal years next preceding such investment.
A true copy of the mortgage or indenture of trust securing said bonds
shall be filed in the office of the bank commissioner and shall be preserved
during the life of said bonds.
The aggregate investment of such deposits and income by any bank,
savings bank or trust company in the bonds of any one such telephone
company at par value shall not exceed 2% of said deposits held by it.
Under Clause Vila bank may invest in the capital stock of aoy bank or
trust company incorporated under the laws of any of the New England
States, or New York State, or of any national banking association doing
business in these States. Holdings both by investment and as security for
loans are limited to not more than 25% of a bank’s deposits. No more
than 3% of the deposits shall be invested in the stock of any one such
corporation, nor shall such corporation hold, both by investment and as
security for Ioans, more than one quarter of the capital stock of any one
such bank, trust company or national banking association. Clause VIII
concerns limit of depos'ts in any one bank.
Clauses IX, X and XI deal with real estate mortgages and personal se­
curities. The text of these three clauses reads:
Real Estate Mortgages.—Clause 9. (a) In the bonds of the Fed­
eral Land Banks organized pursuant to the provisions of an Act of Con­
gress approved July 17 1916: Provided, that not more than 3% of the
deposits of any bank shall be invested in said bonds.
(b) In loans secured by first mortgage on real estate subject to the
following restrictions:
“No such loan shall be made except upon the report of not less than
two officers, or trustees, or directors, or agents duly authorized to the
duty by the board of trustees or directors, who shall certify according to
their best judgment to the value of the premises to be mortgaged. Such
report and certificate shall be in writing, and shall be filed and preserved
in the records of the corporation.
“Loans on improved real estate shall not exceed 60% of such valuation.
“Loans on unimproved real estate shall not exceed 40% of such valua­
tion
“The aggregate amount of such loans shall not exceed 70% of such de­
posits, and of this authorized amount, not exceeding 30% thereof shall be
on real estate located out of Rhode Island.
“In event of any such mortgage loan continuing for five years unreduced
in amount, the property upon which such loan is secured, shall be re­
examined and revalued, and a written report and certificate of the con­
dition and value of the property at the time of such re-examination, shall
be filed and preserved in the records of the corporation after the manner
provided for a new loan, and such an examination and revaluation shall be
made as often as every fifth year, until such loan is paid. If at the time
of any such revaluation it shall appear that the property mortgaged has
depreciated in value so that the loan secured thereby is in excess of the
percentage limit of such value herein permitted for such loans, a reduction
in the amount of the loan shall be required and secured as promptly as is
practicable until the margin of safety is restored.”

June, 1926 ]

RHODE ISLAND—DEBT OF STATE

“(c) In bonds or certificates of indebtedness, maturing within ten
years from the date of issue, secured either by the deposit of first mortgages
on improved real estate or by the deposit of bonds or certificates of a
mortgage company, which would themselves be proper investments under
the provisions of this subdivision, -with a bank or trust company, having
resources of not less than five million dollars, as trustee, subject to the
following restrictions:
“Said bonds or certificates of indebtedness shall be either the direct
obligation of, or unconditionally guaranteed principal and interest by, a
mortgage or other corporation, dealing in securities, having a capital
and surplus of not less than one million dollars, provided, however, that
the amount of outstanding bonds or certificates issued or guaranteed by
any such mortgage or other Corporation shall not at any time exceed 15
times its paid in capital and surplus, unless such bonds or certificates are
insured against any loss arising through their non-payment, both principal
and interest, under a contract of insurance endorsed thereon duly executed
by an insurance company, authorized to write investment insurance or
guaranty, under the insurance laws of some one of the New England States
or of the State of New York), Pennsylvania or Maryland.
4 4( <
“The mortgages deposited tjo secure said bonds or certificates of indebted­
ness shall average not in excess of ten thousand dollars each, and each such
mortgage shall mature within ten years from the date thereof, shall be
amortized at the rate of 5 % per annum if it does not mature in five years
from the date of issue, shallTconstitute a first mortgage on improved fee
simple real estate, consisting of residential or business property in developed
localities, to an amount not exceeding 60% of the conservatively appraised
value of such property. The titles to the property subject to said mort­
gages shall be in each case guaranteed by a policy of a title insurance com­
pany of sound financial standing with a paid in capital and surplus of at
least three hundred thousand dollars and each of said mortgages shall be
guaranteed irrevocably as to both principal and interest for the entire
term thereof by a bonding qr indemnity company with resources of not
less than ten million dollars,! and with contingent liabilities not in excess
of an amount approved by thje bank commissioner. The principal amount
of such mortgages, mortgage bonds and /or mortgage certificates, together
with the face value of United State Lisberty bonds and the amount of
cash deposited with said trustee as collateral security, shall be always at
least equal to the aggregate principal amount of such bonds or certificates
of indebtedness then secured!thereby.
q «
i
“There shall be deposited with the trustee for the benefit of the holders
of such bonds or certificates] of indebtedness insurance policies issued by
responsible companies acceptable to the bonding and indemnity company
in each instance, covering [damage by fire and by windstorm to each
of the properties mortgaged to an amount at least equal to the amount
secured by said mortgage. I
’4I| 4
K
“The mortgage or other corporation, dealing in securities, issuing or
guaranteeing such bonds or certificates of indebtedness, shall keep its books
upon an accrual basis and shall have its accounts and consolidated financial
statements audited at lsast once a year by a certificated public accountant,
acceptable to the bank comrdissioner of the State of Rhode Island, a copv
of such annual report to be filed with the bank commissioner, and shall
not have loaned more than 25% of its consolidated resources in anv one
State or possession of the United States and shall have made no leans out
side the United States or its possessions.
“The aggregate amount qf such bonds or certificates of indebtedness
shall not exceed 8% of the deposits of the bank investing therein.”
. ‘‘Personal Securities.—Cfause X.—(,&) In the note or notes of an in­
dividual, copartnership, or corporation, with a pledge of any of the securi­
ties described in Clause I, Clause II, Clause IV, Clause V, or Clause VI,
or Clause VII, of this chapter, the market value of which securities shall
be at least twenty per centum in excess of the amount secured, which mar­
gin must always be maintained.
" (b) In the note or notes of an individual, copartnership, or corporation,
secured by the pledge as collateral of shares of the capital stock of any
steam railroad company or Companies incorporated in any of the United
States, or the Dominion of Canada, whose road is located wholly or in
part in said countries, and which is in possession of and is operating its own
road, and has earned and paid regular dividends of not less than four per
centum per annum in each fiscal year on all its issues of capital stock, for
five years last preceding such investment, which shares are listed either on
the New York, Boston, Philadelphia, or Chicago stock exchange, and the
market value of which collajteral shall be at least twenty per centum in
excess of the amount secured, which margin must always be maintained;
such note or notes to be paid hr renewed within one year from the date there­
of.
. “(c) In the note or notes (of any individual, copartnership, or corpora­
tion, secured by pledge, as collateral, of the capital stock of any national
banking association, or of any bank or trust company incorporated under
the laws of the State in which it is located, other than the New England
States or the State of New York, which banking association, bank or trust
company is a member of the blearing house of any city of the United States
which has a population of njiore than two hundred thousand inhabitants,
as ascertained by the last national or State census preceding such invest­
ment, which securities shall have a fair market value of at least twenty-five
per centum in excess of such note or notes so secured, which margin shall
always be maintained, and ip no case shall an aggregate of more than ten
per centum of such deposit^ be loaned on such bank and trust company
stocks, nor more than two per centum of such deposits on the stock of any
one such bank or trust company.
“ (d) In loans to any depositor in such corporation upon the personal note
of such depositor to an amount not exceeding ninety per centum of any
such deposit: Provided, that the deposit and deposit book of any such de­
positor, with a properly executed assignment thereof, shall be held by such
corporation as security for such loan.
“Other Personal Securities.—Clause XI.—If such deposits and in­
come cannot be satisfactorily invested in the modes provided in Clauses I
to X, inclusive, an amountlnot exceeding one-third part of such deposits
may be invested in promissory notes or other personal securities, payable
and to be paid within one year from the date thereof, with at least one re­
sponsible surety or secured by collateral with a market value of at least
twenty per centum in excess of the amount loaned thereon, excepting that
the margin required in the case of certain bank and trust company stocks,
provided for in subsection (c) of Clause X, shall be observed, which margin
must always be maintained:^—or, not exceeding one-third of said one-third
part of such deposits may be loaned on single name promissory notes of
solvent individuals, firms br corporations, engaged in mercantile and
manufacturing business, that make sworn statements of their condition,
duly ascertained and certified to by a certified public accountant, and a
true copy of such statement (and certificate shall be held by the bank, sav­
ings bank or trust company making such loans of savings or participation
deposits: Provided, however, that such single name paper shall read for a term
of not exceeding six months, and that all such investments shall be duly
approved by at least two of the trustees or directors of the bank, savings
bank, or trust company so investing the savings or participation deposits
held by it:—and it is further provided, that no savings bank shall loan an
amount in excess of two percentum of its deposits to any individual, firm,
association or corporation, including in the liabilities of a partnership or
association the liabilities of the several members thereof, either direct or
as endorser, and including in the liabilities of an individual his or her lia­
bilities to such savings bank as endorser or surety.
Clause XII permits investment in tbe note or notes of a gas, water,
electric light or power, telephone, electric railroad or street railway company
incorporated, or doing business, in this State, which has paid dividends of
at least 4% in each fiscal year upon all its issues of capital stock for 5 years
next preceding the date of shch investment; Provided, the principal of said
note or notes matures at a time not exceeding 3 years from the date of
Investment therein; and provided, further, that said note or notes shall ma­
ture at least 5 years before the expiration of the principal franchise or
franchises under which said [gas, electric light or power, telephone, electric
railroad or street railway company are operated; and provided, further, that
the aggregate amount so invested by any bank, savings bank or trust com
pany in the note or notes of [any such corporation, together with the bond
and other securities of such corporation held, shall not exceed 2% of said
deposits held by it.
Clause XIII permits the hank to hold real estate acquired by foreclosure
or mortgage, or by purchase, or by judgments, or in settlement of debts,
but the provision is made that such property is to be disposed of within 5
years after taking title.
Securities taken in settlement of debt may be held under Clause XIV, but
the non-legal securities so hhtained shall be sold within five years after
being acquired, unless the time is extended.
Clauses XV to XVIII, inclusive, read:
“General Provisions.—Clause XV. (a) Securities acquired after the
•assage of this Act, which were legal investments when acquired, need not
»e disposed of if it happens afterwards that the net income of the corpora­




51

tion issuing such securities shall fall below the limit fixed by this Act, or.
In the case of a city, county, town or district, if the debt limit is exceeded,
unless, in the judgment of the Commissioner, it is hazardous to retain the
same, in which case said Commissioner may give directions in writing re­
quiring the disposal of such securities, and when such directions are given,
such securities shall be disposed of within one year from the date of such no­
tice, unless an extension of time is granted by said Commissioner.
“(b) Bonds which are legal investments under the foregoing provisions
of this chapter and are secured by a mortgage which provides for payments
to a sinking fund shall cease to be legal investments if the corporation issuing
such bonds shall at any time fail to make such payments. And such bonds
shall not be legal investments under the provisions of this section so long
as any such payment is in arrears and unpaid.
“(c) If a corporation is formed by a consolidation or merger of two or
more corporations, and it is desired to ascertain the legality of the bonds
of the successor corporation for investment of savings deposits, the earnings
and income of the several predecessor and constituent corporations shall be
consolidated, and the aggregate corporate income so ascertained shall be
regarded as that of one and the same continuous corporation represented
by the successor corporation; or, if a corporation shall acquire by purchase
the property and franchises of another corporation, and a bond issue is
made for the financing of the transaction, the legality of the bonds so issued
with the other bonds of the purchasing corporation shall be ascertained by
the same process as in the case of a consolidation or merger above pro­
vided, subject to the rules applying to the several classes of corporations
described under the preceding clauses of this chapter.
“(d) If the net earnings and income of any corporation whose bonds
have been a legal investment under the provisions of this chapter shall fall
somewhat below the requirements of this chapter for a period of not ex­
ceeding two successive fiscal years, and in the following year such earnings
and income shall be restored to the required amount, said corporation after
such restoration of income, shall be regarded as having complied with said
requirements during said period, but during the period of failure to earn
the required amount no investment shall be made in the bonds of a cor­
poration so situated.
“(e) Serial maturities of bonds shall be considered equivalent to sink­
ing fund provisions.
“Of the Segregation of Assets.—Clause XVI. (a) Every bank or trust
company which maintains a savings or participation department, or solicits
or receives deposits as savings or on participation, shall invest all deposits
therein, or so received, according to the requirements of this chapter, and
such deposits, invested or uninvested, shall be set apart for the exclusive
protection of the deposits in said savings or participation department, and
shall not be liable for, or be used to pay, any other obligation or liability
of such bank or trust company until after the payment of all the deposits
in said savings or participation department.
“(b) The foregoing provision as to the character of the investment of sav­
ings or participation deposits shall not render illegal any investments of such
deposits made prior to May 26 1908, nor compel the change of such invest­
ments for those prescribed by this chapter, except as hereinafter provided.
“(c) If any bank or trust company shall continue to hold such invest­
ments of non-legal character made prior to May 26 1908 which, in the
opinion of the Bank Commissioner, are hazardous and unsafe for the invest­
ment of savings deposits, said Commissioner may, by giving notice in
writing, require such bank or trust company to dispose of such investments,
to substitute other investments of a character in conformity with the re­
quirements of this chapter within one year from the date of receipt of such
notice, and said bank or trust company shall make such disposal or substi­
tution in accordance with such requirement; but if it shall appear on written
request of such bank or trust company that additional time is reasonably
necessary in which to make such disposal or substitution in order to avoid
unnecessary sacrifice, said Commissioner may grant a reasonable extension
of time for the compliance herewith.
“(d) If any investment of the savings or participation department of
any bank or trust company, which has been set apart as provided in (a)
of this clause, shall be in default in payment of either principal or interest,
such investment shall promptly be reduced in its book value approximately
to the market value of the same.
“(e) The uninvested funds of the savings or participation department
of any such bank or trust company shall be kept in a distinct deposit ac­
count or accounts or demand certificates of deposit in such manner that the
same can be readily identified as clearly belonging to the segregated assets
of such savings or participation deposits.
“(f) Every bank or trust company shall keep an accurate account
wherein shall appear a complete list of the assets set apart for the exclu­
sive protection of savings or participation deposits held by lt. showing the
par value, book value, and, periodically, as often as a report is made to the
Bank Commissioner shall enter in such account the fair market value of
each of the investments of said assets.
“(g) The Bank Commissioner in requiring the substitution of invest­
ments under the provisions of (c) of this clause shall not require changes or
substitutions aggregating tn any one year more than two per centum of
the savings or participation deposits of any such trust company at the
fcime of the passage of this Act
“Of Savings Bank Investments Made Before the Passage of This
Act.—Clause XVII. (a) The provisions of this chapter shall not render
Illegal any investments held by any savings bank prior to May 26 1908,
nor require the change of any such investment for those herein prescribed
for the investment of savings deposits; Provided, however, if any savings
bank shall hold any such investment or investments which are i n default in
the payment of interest or dividends thereon, or which, at any time, in the
opinion of the Bank Commissioner, are hazardous or unsafe for the invest­
ment of savings deposits, the Bank Commissioner may by notice in writing
require such savings bank to dispose of such investments; and such savings
bank within one year from the receipt of such notice, unless such time shall
be extended by the Commissioner, shall dispose of the same; Provided,
further, said Commissioner shall not require the disposal of investments
aggregating in value in any one year more than two per centum of the
amount of the deposits of such savings bank.
“Defaulted Bonds.—Clause XVIII. If any bonds held by any savings
bank shall be in default either in principal or interest, such investment shall
promptly be reduced in its book value approximately to the market value
of the same."
Clause XIX relates to “loans to officers of savings banks.”
Clause XX provides that bonds bought below par shall be entered on the
books and returns of the corporation holding the same at the actual cost
price thereof, and the discounts in the price thereof may, by an equal
annual amortization, be extinguished so as to gradually bring the book value
thereof to par at maturity.
Clauses XVI and XVII read:
‘Borrowing by Savings Banks.”—Clause XXI. It shall not be lawful
for any savings bank to borrow money for the purpose of investing or
loaning the same, but this shall not be so construed as to prevent any
savings bank from borrowing for the purpose of meeting a run or unusual
withdrawals by its depositors, and in no case shall such borrowing exceed
10% of the deposits of any such savings bank, and the provisions of Clause
XXII of this section shall constitute a further exception to such prohibition
against borrowing. The note or notes given may be issued either on the
general credit of the corporation or on pledge of securities owned, and shall
be made only upon authority granted by vote of the board of trustees, or
of the investment committee if specifically authorized so to do, and shall
contain a reference to the minutes of the meeting at which the authority to
borrow was voted. All such notes shall be executed in the name of the
corporation by its Treasurer and shall bear the corporate seal of the cor­
poration, and shall be countersigned by the President or Vice-President and
two members of the investment committee. No general authority to bor­
row shall be voted by the trustees or the investment committee, but all
borrowings shall be only upon a specific vote relating to the note to be
issued. In event of such borrowing, such savings bank shall not make
any new investment or loan until the note or notes given are all paid.”
Clause XXII. It shall be lawful for any savings bank to borrow money
for the purpose of purchasing bonds or other evidence of indebtedness of
the United States, issued on or after the first day of April 1918, provided
that in no case shall the aggregate amount of the sum so borrowed exceed
10% of the amount of the deposits of any such savings bank. The note
or notes given in payment therefor shall be made only upon authority
granted by vote of the board of trustees, or of the investment committee
if specifically authorized so to do, and shall contain a reference to the
minutes of the meeting at which the authority to borrow was voted. All
such notes shall be executed in the name of the corporation by its Treasurer,
shall bear the corporate seal of the corporation and shall be countersigned
by the President or Vice-President and two members of the investment
committee. No general authority to borrow shall be voted by the trustees
or the investment committee, but all borrowing shall be upon only a specific
vote relating to the note to be issued.

52

[Vol. 122,

RHODE ISLAND-CITIES AND TOWNS
CITIES, COUNTIES AND TOWNS IN

STATE OF RHODE ISLAND.
BARRINGTON.
INT. on bonds of 1915,1916,1917.
A town in Bristol County. Incor­ 1924 and 1925 at First Nat. Bank,
porated in 1770. Population 1910, Boston, or Rhode Island Hospital
Trust, Providence; other interest
2,452; 1920, 3,897.
TOTAL DEBT Apr 1 ’26. $124,100 payable at City Treasurer’s office.
Assessed valuation, real__ 6,388,095
Assessed val’n, personal__ 1,383,620 CUMBERLAND.
Assessed val’n, intangibles. 1,309,480
This town (P. O. Valley Falls) is
Total valuation 1925______ 9,081,195 in Providence County. Population
Tax rate (per /Real & pers’l.$20.60 1910. 10,107; 1920, 10,077.
$1,000) 1925llntangible___ $4.00
School Bonds.
4^s’24M-N $95,000..May 1 ’27-’45
BRISTOL.
4W25 M-S 25.000c.Sept 1 ’26-’35
This town is in Bristol Co. Incorp.
Bridge Bonds (exempt).
in 1746. Population 1910, 8,565; 4s '16 J-J /$14,000c.July 1 ’27-’33
1920, 11,375.
1 1,000c—.July 1 1934
Sewer Bonds.
BOND. DEBT Septi’25. $177,000
3Hsg M-S $55,000c. ..Sept 1 1930 Total assessed val. 1924.-12,157,480
Highway Construction Bonds. Tax rate (per $1,000) 1924__ $19.00
_s
A-0/$70,000.—Oct 1 ’26-’39
INT. at Old Colony Tr. Co.. Bost.
1 5,000___ July 1 1940
_s
... 103,000___ Apr’ 27-’41 EAST PROVIDENCE.
4)4 s’22 ... 99.000c.July 1 '27-42
This town Is In Providence County.
(Due $5,000 and $6,000 alternately.) Incorp.March 1 1862. School bonds
Refunding Bonds.
below are excluded In ascertaining
3Hs
M-SS100,000c...SeDt 1 1930 borrowing capacity.
BOND. DEBT Feb 1 1926. $444,000
Highway Bonds.
Floating debt & note debt.. 34,050 4^g’15M-S $32,000c...Mar 1 1935
Sinking fund_____________ 97,889 5^s’21 M-N §57,000c.Nov 1 ’26-’31
Assessed val’ne, real estate.8,843,300 4^s’23 M-N 3,500c.May 1 ’27-’33
Assessed val’n, personal__ 2,051,100 4^s'23 M-N 70,000c_May 1 ’27-’33
Assessed val’n, intangibles 2,695,200 4Ms’25 J-D *90,000c.June 1 ’27-’35
Total assessed valuation
Funding Bonds.
1925 ______ _________ 13,589,600 4s ’ll J-J *$75,000c...July 1 1951
Town tax (per $1,000) 1925—$24.00 4^s’16 J-D 75,000c...Junel 1941
INT. at Industrial Tr. Co., Prov. 4s ’22 J-J 130,000c.July 1 ’27-’52
Town Bonds.
BURRILLVILLE.
4s g '93 J-J $120,000c.July 1 ’33&’43
This town Is situated in Providence 4s ’97 J-D 50,000r*.June 15 1947
Co. Inc. 1806. Pop’n 1910, 7,878; 4sg’O8 J-J *200,000o...Jan 11958
1920, 8,606.
School Bonds
Funding Bonds.
4s '08 J-J *$76,000c._ .July 1 1948
3 14g’99 M-S $60,0O0c--.Sept 1 1939 4^s’ll J-J
*5,000c...July 1 1951
Highway Improvement Bonds. 4)4s’ll J-J *75,000c...July 1 1951
3 Yig’02 M-S $40,000c_..Aug 1 1942 4^s’13 J-J
18.000c...July 1 1953
BOND DEBT Jan 31 ’26. $100.0 ‘0 4^s’18 M-Na24,000—May 1 ’27-’38
Floating debt (add’l)_____ 110.500 4&s’22 J-J §170,000c...July 1 1952
General sinking fund_____
39,230 4Ks’25 J-D *55,000c...Junel 1950
Assessed val’n, real estate.4.271,325 BOND. DEBT Oct 10'25 $1,362,500
Assessed val’n, personal__ 2,016,380 School bonds (exempt, not
Tot. val. 1925___________ 6,287,705
included)..............
425,000
Tax rate (per $1,000) 1925—$20.00 Floating debt (add’l)___
200,000
INT. at Industrial Tr. Co.. Prov. Sinking fund____________
186,094
Total assessed val. 1925
CENTRAL FALLS.
(actual value)_________ 29,017,312
This city, lncorp. in 1895, assumed Town tax (per $1,000) 1923..$20.90
the debt of the old fire district (which Pop’n, 1910. 15,808; 1920___ 21.793
is now a part of the city), and a part
INT. on bonds marked (*) payable
of the debt of the town of Lincoln. at the Old Colony Trust Co., Boston;
City Bonds.
on (§) at the Industrial Trust Co.,
4s g '96 J-D 510,000c.. Deo 1 1926 Providence; on (a) to the City Sink­
Bridge Bonds.
ing Fund Commission; on others at
4s ’04 F-A $50.000o..Aug 1926-3J the Rhode Island Hospital Trust Co.,
Funding Bonds.
„ _ Providence.
($19,000c.—Apr 1 1927
39,000c.. Apr 1 ’28-’3O EAST PROVIDENCE FIRE DIST.
168,000c..Apr 1 ’31-’38 4)4sg J-J $100,000___ July 1 1932
20,000c...Apr 1 1939 BOND. DEBT Apr 1923—.$185,000
4sg’17 A-O 57,000c.. Apr 1 ’40-’42
INT. at Industrial Tr. Co, Prov.
18,000c...Apr 1 1943 The
above bonds, while issued by the
19,000c..-Apr 1 1944 district,
have been assumed by the
40,000c_. Apr 1 ’45-’46 E. Prov. Water
Co., which purchased
10,000c...Apr 1 1947 the system some
years ago. Al­
48,000c.. Apr 1 ’48-’53 though thus assumed,
district
9,000c.. .Apr 1 1954 has not been relieved of the
8,000c. .Apr 1 ’55-’56 sibility of their Davment the respon­
5s g ’20M-N 140.000cMay 1 '27-’4O
Refunding Bonds.
4s g ’08 F-A$200.000c.Aug 1 ’28-’47 JAMESTOWN.
This town is in Newport County.
Highway BondsBonds.
4}4sg 22J-J $60,000c.July 1 ’27-’32 4XFerry
’26M-N (100.000c.May 1 ’27-’36
(56,000c.June 1 ’27-’4O
1 75,000c.May 1 ’37-’41
4Xs’26 J-D (28,000c.June 1 ’41-’44
Refunding Bonds.
116,000c. June 1 ’45-’46 4^g
’
15
J-D/
$2,000c__Dec 1 ’26-’27
Sewer Bonds.
36,000c..Deci ’28-’45
4^sg’22J-J l$25,000c.July 1 ’38-’42 Indebtednesst Apr
1 1926.. $118,150
1100,000c .July 1 ’43-52 Sinking fund_____________
38,341
4Xs’26 J-D f 10,000c.June 1 ’27-’36 Total assess, val. 1925 -.-3,957,032
120,000c.June 1 ’37-’56 Tax rate (per $1,000) 1922__ $15.50
Water Bonds.
’n in 1910, 1,175; 1920___ 1,633
4^sg’22J-J /$70,000c.July 1 ’33-’42 Pop
INT. is payable In Boston.
1 80.000c.july 1 ’43-’52
4Ks’26 J-D (10.000c.june 1 ’27-’36 JOHNSTON.
l40,000c.June 1 ’37-’56
This town Is In Providence County
BOND. DEBT May 1 ’26.$1,200,000 and
was Incorporated Meh. 6 1759.
Water debt (incl.)---------150,000 On June
1 1898 a portion of this town,
Floating debt (add’l)____
400,000 representing
about five-sevenths of
Assess, val. real_________ 14,130,042 the assessed valuation,
was annexed
Assess, val. personal____ 7,123, <57 to the City of Providence.
The com­
Total val. (2-3 act.) 1925-21,253,799 mission appointed to apportion
Tax rate (per 51,000) 1925___ $22.50 debt to be assumed by the citythe
Value of city owned prop. $1,399,407 Providence reported that the cityof
’s
Pop’n ’10, 22,754; 1920........... 24,174 share of the net debt was $255,720.64.
INT. at Industrial Trust Co.,
$101,677.48 as the town
Providence, and at First National leaving
debt remaining. Bonds Numbers
Bank. Boston.______
151 to 191 (all Inclusive) remain as an
obligation of the town of Johnston.
CRANSTON.
This city is in Providence Co. Inc The bonds given below are those re­
maining as an obligation of the town
as town in 1754, as city, 1910. after
division. Chap. 882, Laws of
Pop’n 1910, 21,107; 1920, 29,407.
1912, increases the limit of debt
Refunding Bonds.
which
may be incurred by this town
4s’22 J-D*$360,000cJunel5’27-’62
4s ’22 J-D *60,000cJune 15 ’27-’32 (not counting temporary loans) to
4s ’22 J-D *45,OOOcJune 15 ’27-’62 5% of the taxable property.
Refunding Bonds.
Highway and Bridge Bonds.
4s ’94 F-A$135,000___ Aug 1 1929 4s ’08 J-J $40,000c..1928 & 1933
4^s
’15 ... /$15,000____ May 1930
4s ’97 J-J 150,000___ July 1 1937
1 40,000-May ’35&’4O
4s ’22 J-D*100,000c..June 15 1932
50,000____ May 1937
4s ’24 J-D 135,000c* Dec 1 ’26-’34 -s ’17 ...
School
Bonds.
School House Bonds.
$4,500____ June 1931
3^s’99 M-N $50,000___ Nov 1 1939 -s '16 ...
4s ’05 J-J 50,000___ Jan 1 1945 4Hs’17 M-N 7,500____ May 1 1932
1.945
4s ’07 M-N 100,000___ May 1 1947 4W25 ...80,000c..July 12
Funding & School Bonds.
4s’15 M-S 25,000...Sept 15 1935 4)4s
’
22
J-J12$100,000.July
12
1942
4s '16 J-D *10,000.June 15 ’27-’31
4s '16 J-D
6,500-June 15 ’27-’3O BOND. DEBT July 1 ’22. $199,000
20,000
4s ’17 J-D *1,000...June 1 1927 Assessment debt (add’l)__
8,632
4s’17 J-D
500...June 1 1927 Sinking fund_____________
4s g ’22 A-O*175,000c..Apr 15 1952 Assess, val. (real est.)____ 4,277,690
val. personal_____ 8’>4,906
4s g ’26 J-J 400,000c. _ Jan 1 ’27-’66 Assess,
Total assess, val. 1922____ 5,142 593
GROSS BONDED DEBT
April 17 1926..........
$1,883,500 Town Tax (per $1,000) 1921. .$20.00
Population 1910, 5,935; 1920. 6,855
Floating debt (add’l)______________ 625,000
INTEREST payable by Rhode Isl­
Sinking fund____________ 336,746
and Hospital Tr. Co., Providence,
Assess, val., less exemp­
and Nat- Shawmut Bank. Boston.
tions, assessment of June
15 1925_____________ 4o,908,955
Tax rate (per $1,000) 1924__ $20.00 LINCOLN.
♦ Bonds exempt from debt limita­
This town is in Providence Co.
tion with reference to borrowing Inc. 1871. Pop ’10. 9.825;’20. 9.543.
capacity.
4s g '98 A-O$125,000c__.Oct 15 1928




School Bonds.
5Xs’2O M-S $35,000c.Sept 15 ’26-’32
BOND. DEBT Apr 1 ’26— $160,000
Floating debt______________ 90,000
Sinking fund and cash_____ 145,000
Assessed val. '25 (Real__ 6,822,664
80% actual__ PersonaI2,105,100
Intangible 145.300
Total—.9,073,064
Tax rate (per $1,000) 1925____$20.00
INT. at Industrial Tr. Co.. Prov.
MIDDLETOWN. TOWN.
This town is in Newport County.
Incorporated 1743.
BOND. DEBT Mar 30’25- $46,500
Assessed val., real estate..3,727,455
Assessed value, personal
998,825
Total assessed value (about
% actual), 1925_______ 4,726,280
Tax rate (per $1,000) 1925—$12,00

NARRAGANSETT.
This place, located In Washington
Co., was lncorp. as a town June 1901.
School Bonds.
4J<s’24 A-O $125,000c.Apr 1 ’27-’51
Refunding Bonds.
5s '19 M-N $24,000c.May 1 ’27-'29
Highway Bonds.
5s g ’22 J-J $22 000c.. Jan 1 '27- 37
General Bonds.
4s g ’99 J-J $60,000o..Aug 15 1929
TOTAL DEBT Apr 1 ’26- $272,000
Floating debt (incl.)-------17,000
Assess, val., real est_______4,090,880
Assessed value, personal—
Tangible______________ 516,650
Intangible_____________ 535,650
Total assessed value 1925. .5,143,180
Total tax rate (per $1,000) '25 $20.00
Population 1910. 1.250; 1920, 993
INT. on general bonds at National
Shawmut Bank, Boston; on highway
bonds at Old Colony Tr Co., Boston.
NEWPORT.
County seat of Newport County.
Settled in 1639; inc. 1784; re-chart­
ered in 1853. Pop’n 1910, 27,149;
1920, 30,255.
Police-Station Bonds.
414s’13 M-N $10,000..Nov 15’26-27
City Hall and Impt. Bonds.
4s g’98M-N $153,000—.May 15 1948
4s g '00 J-J 18,000—.July 25 1930
4) 4g’25F-A 100,000—Aug 1’26-’5O
Fire Dept. Bonds.
4Xg’15F-A $12,000.Aug 15’26-’29
Refunding Bonds.
4Xg’25M-S$153,000—Mar l’27-’35
School Bonds.
„
4Sg’98J-D $40,000----- June 1 1928
3J4g’00M-N 15.000-.-Nov 15 1930
3J4g’04J-D 150,000----- Junel 1954
4s g ’08 J-J 12,000—July 1 ’27-’38
4W14M-S 65,000..Mar 2’27-’39
5) 4g’20J-D$133,000..June 1 ’27-’45
5)4g’2OJ-D (62,000—June 1 ’27-’57
( 1,000___ Junel 1958
5)4g’20J-D 38,000—June 1’27-’45
5J4g’21 J-J 180,000—July 1 ’26-’61
5)4g’21 J-J 45,000—July 1’27-’41

Park Bonds.
4s g'97 F-A $40,000—-Feb 15 1927
5s g ’21 J-D 20,000—June 1 ’27-’31
Sidewalk and Paving Bonds.
4s g’99 F-A $50,000___ Aug 1 1929
4s g ’16 F-A 2,500___ Aug 1 1926
Permanent Impt. Bonds.
3 J4s g ’00 J-J$50,000 ..July 25 1930
4J4sg’17M-S (20,000 .Sept 1 ’26-’29
i 3.000 ...Sept 1 1930
5J4sg’20F-A 40,000—Aug 1 ’26-’30
4*4s’23 J-D (21,000 .June 1 ’27-’33
(20,000 -June 1 ’34-’38
Road Bonds.
_
5s g ’19 J-D $16,000.Dec 15 ’26-’29
5J4g’20F-A J 9,000—Aug 1 ’26-’28
I 1,000___ Aug 1 1929
5s g’21 F-A J18,000—Feb 1’27-’32
1 2,000___ Feb 1 1933
5s g’21 F-A 12,000—Feb 1’27-’3O
4)4g’23 J-D 44,000—June 1 ’26-’38
4Mjg’24 J-D (133,000.-June 1 ’27-’45
1 3,000___ June 1 1946
4Xg’24A-O 70,000—Oct 1’26-’39
4)ig’24 J-J (45,000—-Jan 1 ’27-’41
1 2,000___ Jan 1 1942
4Xg’25 M-N 47,000.-May 1 ’27-’42
Land Bonds.
5s g ’18 J-D $10,000.-June 1 ’27-’28
Equip. & Reimbursed Bonds.
4J4g’19 J-J $18,000—July 1 ’27-’28
Reimbursement & Pav. Bonds.
4J4g’22 F-A ($110,000.Aug 1’27-’36
1 4,000—Aug 1 1937
Pavement & Sewer Bonds.
4Xg’25 F-A (70,000—Aug 1 ’26-’35
1 6,000___ Aug 1 1936
TOT.BD.DT.May 29 ’26-$2,326,500
Sinking fund____________ 306,445
Ass’d val. ’25 (abt. act.)—
Real_________
47,377,369
Personal______________ 7.412,400
Intangible___________ 24,807,450
Total__________________ 79,582,219
Tax rate (per $1,000) 1925----- $25.70
INT. on all issues paid at option of
holder at office of City Treasurer, or
at the First National Bank, Boston.
All bonds are coupon with privilege
of registration as to principal, or
interest, or both.

NORTH PROVIDENCE.
This town is In Provldenoe Co.
Incorporated 1765. Bay
special
Act of the Legislature this town is
given authority to borrow up to 7%
of its assessed valuation.
School Bonds.
. _
4s
J-J 48,000.-July 1 ’27-’5O
49<s’23 ... $92,000--$4,000 yearly
Funding Bonds.
4s g ’05 A-O $65,000c_--Oct 1 1935
414s g J-J 32,500.-July 1 ’27-’42
BOND. DEBT Mar 4 ’26.. $241,500
Note debt (additional)___ 153,000
Sinking fund___________
35,171
Assess, val. real estate----- 6,401,810
Assess, val. personal-------- 1,794,400
Total val’n 1924 (% act.)—8,196,210
Total tax (per $1,000) 1924—.$20.00
Population 1910, 5,407; 1920. 7,697
INT. at Industrial Tr. Co., Prov.
PAWTUCKET.

This city Is in Providence County,
lncorp. Mar. 27 1885- Population
1910, 51,622; 1920, 64,248; 1925,
69,747.
Grade-Crossing Abolition.
414g’15 F-A$234,000r*.Feb 1 ’27-’65
4Xg’16 M-N 40,000r*.May l’27-66
General Funding Bonds.
4s g '08 J-J $210.000r*. July 1 1948
4g’10 J-J
198.000r*..July 1 1950
General Account Bonds.
4s ’89 J-J $50,000c...July 1 1929
4s g ’96 J-J 220,OOOr*.. July 1 1936
4s g ’04 M-N 490,000c...May 1 1944
4)4 g’16M-N105.000r*.Mayl’27-’47
Sewer Bonds.
3 )4sg’00A-O $17,000r*—Apr 11930
4s g ’94 J-J 145,000r*. July 1 1934
4s g '97 M-N 225,000r*..May 1 1937
4s g ’04 M-N 35,000c...May 1 1944
4s g '08 J-J 80,000r*. July 1 1948
4s g ’10 J-J
89,000r*. July 1 1950
444s g’12 J-D 40.000r*- Dec 1 1952
4 54sg"l6M-N54,OOOr*.May 1 ’27-'44
4Hg’19 J-D 60,OOOr*..June 1 1929
4)4g’19 J-D 60,000a*—June 1 1939
44£g’19 J-D 60,OOOr*..June 1 1949
4^sg’21M-S 100.000c.Mar 1 ’27-’51
4Xg’22 J-J 105,OOOr*—Junel ’27-’47
44£g’23A-O 132,OOOr*.Apr 1 ’27-’48
_s
A-O /45.000____ Apr 1 1933
145,000___ Apr 1 1938
_s
F-A 130,000—Feb 1 ’27-’52
Bridge Bonds.
4s g ’04 M-N $25,000o—.May 1 1934
4 H sg’ 15F-A 54,000r *. Feb 1 ’27-’44
School Bonds.
3 44s g’99A-O $50,000*r. Apr 1 1939
4s g ’04 M-S 120,000c...Meh 1 1929
4sg ’08 J-J 68,OOOr*..July 1 1938
444g’12 J-D 40,000r*_.Dec 1 1942
4 44 g'15F-A 150,000r*.Aug 1’26-’55
4s g ’17 M-N217,000r*.May l’27-57
44<sg’22 J-J 105.OOOr*.June 1 ’27-47
4Xg’23 A-O 88,OOOr* Apr 1 ’27-’48
4Xs’24M-N 500,000c..-May 1 1954
'50,000____ Oct 1 1929
50,000____ Oct 1 1934
4s ’24 A-O 50,000____ Oct 1 1939
50,000____ Oct 1 1944
50,000____ Oct 1 1949
.50,000____ Oct 1 1951
4s ’25 A-O 500,000____ Apr I 1955
Street Improvement Bonds.
4s g ’94 J-J $248,000c...July 1 1934
4s g ’05 M-N140,000c...Nov 1 1935
3 44sg’99A-O lOO.OOOr..Apr 11939
School & Street Impt. Bonds.
4s g ’97 M-N130,000c...May 1 1937
Highway and Bridge-Bonds.
444g’10 J-J $125,OOOr*. July 1 1950
444g’12 J-D 40,OOOr*—Dec 1 1952
...............
~ 54,OOOr*.J’ne 1 ’27-44
4>§g
’14 J-D
4J4g’14 J-D 36,000r*.J’ne 1 ’27-44
4J^g’19 J-D 75,000r*—June 1 1929
_______
4J4g
’19 J-D 75,OOOr*..June 1 1939
4 84sg’21M-S 75.000c.Mar 1 ’27-’41
444g’22 F-A 44,000r*.Feb 1 ’27-’47
444g’23 J-D 75,OOOr* June 1 ’27-’33
Police Station Bonds.
444sg’15F-A $20.000r*.Aug 1’26-’45
Fire-Station Bonds.
4s g ’05 M-N $13,000c...Nov 1 1930
444g’12 J-D 35,OOOr*.-Dec 1 1937
Public Park Bonds.
4 g ’10 J-J $40,000r* — July 1 1950
444g’12 J-D 10,OOOr* ..Dec 1 1952
444k’16M-N 30.006cr*May l’27-’56
_s ’25 A-O 30,000.-Oct 1 ’26-’31
Park System Loan. _
_
444s’12 J-D $10,000r*_.Dec 1 1952
Water Bonds.
344g’00A-O $25,000c—-Apr 1 1930
4s g’94 J-J 70,000r_--July 1 1934
4s g ’97 M-N 100,000c_.-May 1 1937
4s g ’04 M-N 98,000r*_-May 1 1929
4s g ’08 J-J ( 66,000r*_.July 1 1928
1 70,000r*—July 1 1933
I 85,OOOr*.-July 1 1938
4J4sg’10J-J( 25,OOOr*..July 1 1930
I 25,OOOr*.-July 1 1935
4J4g’12J-D 105,000r*_ Decl’27-’37
($35,000 due every 5 years.)
4J4g'14J-D 52.000r*. J’nel’27-’39
4 J4g’14 J-D 39,OOOr*. J’ne l’27-’39
4Xg’16M-N 75,OOOr*. May 1'27-41
4?4g’20M-S 170.000c.Mar 1 ’27-’6O
4Xg’22 J-J 105,OOOr*. J’ne l’27-’47
4s g ’23 F-A 88,000r*Feb 1 ’27-’48
4Ks’26 M-S 475,000c.—Mar 1 ’31,
’36, ’41, ’46 and ’51
City Hall Vault Bonds.
4Xg’23 J-D $54,OOOr* June 1 ’27-’53
Highway Bonds. _
_s ’25 F-A $130,000—Feb 1 ’27-’52
_s ’25 F-A 100,000--Aug 1 ’26-’45
_s’25 A-O (100,000___ Oct 11934
1100,000___ Oct 1 1944
_s ’25 J-D 120,000.-Dec 1 ’26-’33
Fire Apparatus Bonds.
_s
J-D $12,000--June 1’27-’3O
Recapit’n of Debt Jan 1 1926.
General debt___________ $5,818,000
Sewer debt____________ 1,445,000
Water debt_________ -— 1,224,000

NORTH KINGSTOWN.
This town Is In Washington County
Inc. Oct. 28 1674. Pop’n '10, 4,048;
1920. 3,397.
Funding Bonds.
4s’05 M-S $61,000o—-Dec 11940
BOND. DEBT April 1 ’26- $61,000
Sinking fund------------------11.000
Assess, val. real_____ ____ 4,751,915
Assessed value, tangible— 936,050
Total bonded debt_____ $8,487,000
Assessed value, intangible. 1,124,o75
Total assessed val. 1925__ 6,812,540 Floating debt___________ 1,047,000
Tax rate (per $1,000) 1925—$19.00
Total debt....................... $9,534,000
INT. at Industrial Tr. Co., Prov.

June, 192G.]
PAWTUCKET (Concluded-).
Less Sinking Funds—
General_______ $1,441,344
Sewer________ 457,797
Water_________ 298,282 2,197,423
NET DEBT Jan 1 ’26.. $7,336,577
Assessed valuation, real-.72,722,860
Pers’l property (tangible) 37,385,540
Personal prop, (intangible) 14,280,540
Total valuation 1925___ 124,388,940
(Assessment fair cash value.)
Tax rate (per $1,000) 1926—$20.00
INT. at First Nat. Bank, of Bost

PROVIDENCE. C. E. Cray, Tr
The city Is situated In Providence
County, which has no debt. On
June 1 1898 a portion of the town of
Johnston, representing about fivesevenths of the assessed valuation,
was annexed to the city of Pro­
vidence, and the latter assumed
$255,720,64 of the net debt of the
old town of Johnston. City was
Incorporated 1832. None of the
olty’s bonds Is tax-exempt.
Harbor Bonds.
4s g 15 J-J $500,000r*..Jan 1 1945
4a g ’16 J J 250,OOOr...Jan 1 1946
4s g ’20 J D 240,OOOr...June 1 1950
Fire and Police Loan.
3Jisg’02M-N $258.OOOr. .Nov 1 1932
School Loan.
4s g ’97 A-0$500.000r*..Apr 1 1927
3>4sg’99M-N 350,OOOr...May 1 1929
3«sg’04M-N300,000r—.Nov 1 1934
3)4sg'06J-D 300,000r—-June 1 1936
3)4sg’07M-N300, OOOr... May 1 1937
3J4sg’09M-N300,000r...May 1 1939
4s g ’13 M-N300,000r..._Nov 1 1943
4s g’16 J J 500,000r..-Jan 11946
4s g’17 J-J 500,OOOr*.. Jan 11947
4s g ’20 J D 250,OOOr...June 1 1950
4s g ’22 M-N500,000r_..May 1 1952
4s g '23 A-O 700,OOOr*___ Apr 2 ’53
4Xs’24 A-O 500,OOOr*___ Apr 1 ’54
4s ’24 A-O 500,000r*._Oct 1 1954
Bridge Loan.
3 J4sg'04M-N $200.000r..Nov 1 1934
4s gC’97 A^oaS50,000r*..Apr 1 1927
3 J4sg’98A-O 200,000r*_.Apr 1 1928
3s g ’99 M-N 250,000r*_.May 1 1929
3s g ’00 M N300,000r*..May 1 1930
3s g ’01 M-N 300,000r...May| 1 1931
3 14sg’03M-N500,000r ...Nov 2 1933
3 )4sg’04M-N 200,OOOr...Nov 1 1934
4s g 06 M N350,000r*_.Novj 1 1936
3^sg’10M-N 400.000r-.-May 1 1940
3^sg’llM-N 500,OOOr...Nov 1 1941
4s g’14 M N375,OOOr*..May 1 1944
4s g ’17 M N300,000r..-Novi 1 1947
4s g '20 J D 200,OOOr...June 1 1950
4s g ’22 M-N200,000r_..May 1 1952
41fs’24 A-O 500,OOOr*..Apr1 1 ’54
4s ’26 J-J 700,000___ Jan 2 1956
Hospital Bonds.
314sg'10M-N $375,000r..May 1 1940
Park Loan.
3 )4sg'97M-N $674,000r..May 1 1947
4s g ’08 M-N 260.000r-..May 1 1938
Park and Playground.
4sg’17 M N300,000r...Nov 1 1947
Public Improvement.
3Hsg’97M-N $640,000r..May 1 1937
3s g ’99 M N 84,OOOr*..May 1 1929
4s g ’08 M-N 295,000r..-May 1 1938
4s g ’17 J J 322,OOOr___ Jap 1 1947
4s g ’20 J D 300,000r...June 1 1950
Weybosset Bridge Loan.
3J4s’99M-N $270,000r*_.May 1 1929
Water Loan.
4s g ’97 A O$165,000r_..Aprl 1 1927
Water Supply.
4sg’16 J-J1.000.000r*..July 1 1956
4^g’22 F-A1000,000r*_.Feb 11962
4s g ’22 M-N2000,000r*..May 1 ’62
4sg’22 J-D2,500,000r*.-Dec 1 ’62
4&g’24F-A2,0O0,OO0r*-.Feb 1 ’64
4s ’24 A-Ol,500,OOOr*..OctTl 1964
4s ’25 J-J2,500,000r*..July 1 1965
4s ’26 J-J (1,500,000r*.._Jap 2 1936
(1,000,000r*...Jap 2 1946
Refunding Water Loan.
3sg ’OOM-N $913.OOOr *..Mayl 1930
Highway Loan.
3s g ’00 M-N$300,OOOr*..May 1 1930
4s g ’06 M-N 300.OOOr*..Noy 1 1936
4sg’14 M-N 700,OOOr.-May 1 1944
4s g’15 J-J 1500,000r*..Jap 1 1945
4s g ’16 J J 300,OOOr...Jan 1 1946
4s g ’20 J D 500,OOOr...June 1 1950
4s g ’22 M-N500,OOOr...May 1 1952
4s g ’23 A-O 350,OOOr*..Apr 2 1953
JOHNSTON BONDS (Annexed).)

School District No. 1.
4s '97 M N$17,000r*..Nov 1 1927
INTEREST payable as fqllows:
Highway loan due 1930, 1944,1945
and 1936; public improvement 1929;
school 1927, 1947 and 1954; sewer
1926 to 1930, 1936 and 1944; water
1927, 1930, 1936, 1946, 1956, 1962 &
1964; harbor 1945 & bridge; loan at
National City Bk., N. Y., and at the
City Treasury in Providejnce; on
Johnston School bonds at Industrial
Trust Co. in Providence; op water
supply due Feb. 1 1964 at Rhode
Island Hospital Trust Co.,J Provi­
dence, or in N. Y. City; on all other
loans at City Treasury.
TOT. DEBT, SINKING FUNDS,
ETC.—
Mar. 31 1926.
Bonded debt (Incl. water
debt)............................ .$37,538,000
Floating debt_________
1,925,686
Total debt__________ $3(1463,686
Sinking funds, &o_____ 1^,160,686
Net debt................. ..$261,303,000
Water debt (Incl. above). 16,078,000
The notes outstanding on,Mar. 3l
1926 representing the floating debt
were Issued for and are ohargeable
to the following accounts:
School houses and lots.__ $482,929
Public playground______
261,474
Highways, special________ 216,483
Harbor improvement__ ,,_
19±,500
Sewer construction___ ___ 334,955
Public bath houses_______ 159,715
City-hall alterations_____ | 24,500
Fire loan account_______
74,130
Public comfort stations__
11,000




53

CONNECTICUT—DEBT OF STATE
Point St. Bridge________
4,000
Water bound Macadam St 165,OOP
Total______________ $1,925,686
WATER WORKS.—The water­
works construction account to Oct. 1
1925 amounted to $7,071,283.41. In
year 1924-25 income from water
rents &c.. was $1,410,981.61; cost of
management, &c., $733,705.59; in­
terest on water loans, $444,592.67;
depreciation and extension fund.
$143,204.76; surplus, $189,478.59;
The total value of city prop­
erty in 1925 was as follows: Real
estate (including water-works valued
at $8,813,897.14), $29,542,207.14;
personal property, $1,595,181.22.
Trust funds were valued at $1,771,<,85.75.
ASSESSED VALUATION1924.
1925.
Real est..$329,772,050 $343,180,770
Personal .a229,825,020 *231,739,900
Total____ 559,597,070 574,920,670
Tax per M
$23.00
$23,00
Amt.of tax $10,341,380 $20,702,529
a Includes $133,123,820 intangible
property which is taxed at $4 per
$1,000.
* Includes $132,665,600 intangible
property, which is taxed at $4 per
$1,000.
POPULATION.—In 1925, 267,918; in 1920, 237,595; in 1915 was
247.660; In 1910 it was 224,326.
SOUTH KINGSTOWN.
This town (P. O. Wakefield) is in
Washington County. Inc. Feb. 26
1722 Pop. 1910,5,176; 1920. 5,181.
5}£s’21 J-D($16,000cDec 15’26-’33
1 80,000cDec 15 ’34-’41
Funding Bonds.
4s T 2 J-D $56 000c June 15 '27-'33
BOND. DEBT Feb 20 ’26$lo5,000
Floating debt____________
31,500
Assess, val real estate___ 4,844,645
Assess, val. personal______ 5.209,105
Total valuation 1925_____10,053.750
Total tax (per $1,000) 1925. $19.00
INT. on bonds of 1912 at Rhode
Island Hospital Trust Co. or at
Town Treasurer’s office; on other
issue at the Rhode Island Hospital
Trust Co., Providence, or at the
Wakefield Trust Co.. Wakefield.
TIVERTON.
This town is in Newport County.
Refunding Bonds.
4s T2 M-8 $34,000..Sept 1 ’26-’42
BOND. DEBT Mar 1 1926 $34,000
Floating debt (add’l)_____
88,000
Assess, val. real estate___ 5,022,023
Personal prop, (tangible).. 793,775
Personal prop, (intang.)— 535,775
Tot.ass’d val.’25 (75%act.)6,351.573
Tot. taxrate (per $1,000) 26-$22.00
Population 1910, 4.032; 1920, 3,894

WARREN.
This town Is in Bristol County
Incorporated in 1747.
Sewer Bonds.
4s g ’16 J-J $75.OOOc.July 1 ’27-'41
School Bonds.
4s ’16 F-A $30,OOOc.July 1 ’27-’41
BD. DEBT Mar 30’26_. $110,000
Floating deot (additional). 68,400
Assessed valuation, real__ 7,351,345
Assessed val’n, personal__ 4,541,700
Total valuation 1925____ 11,893,045
(Assessment at 75 to 80% act. value.)
Total taxrate (per $l,OOO)’25.$2O.O0
Population 1910, 6,585: 1920.-7,841

INT. payable at Old Colony Trust
Co., Boston.
WARWICK.
This town Is In Kent County.
Patent granted and signed by the
Earl of Warwick March 14 1643.
Town divided Nov. 4 1913; npw War­
wick and West Warwick. The 314s
below were issued prior to the divi­
sion. The 4148 were issued in June
1914 to take up portion of indebted­
ness of old town of Warwick
3 14s g ’02 J-J *$251,000c. Jan 1 1932
4 J4g’14 J-J
350.000c July 1 1944
School Bonds.
1)4s’i6 J-J

5s ’20

$35,OOOc.July 1 ’27-’31

J-D ($2,800c.June 1 ’27-’3O
(40,000c.june 1 ’31-’35
J160,000c. June 1 ’27-’34
4J4s’24 J-D 75,000c.June 1 ’35-’39
[ 50,000c.June 1 ’40-’44
4Xs’26 J-J 150,000c. July 1 ’27-’41
BOND. DEBT Mar 31 ’26$l,023,000
Floating debt (add’l)____
100,000
Sinking funds. .______ 274 438
Assessed valuation, real_ 19,633,800
Assessed val’n, personal_ 7,535,990

Total assess, val. 1925__ 19,763 700
(Assessment about 70% act. value.)
Tax (per $1,000) 1925______ $23.75
INT. at Old Colony Trust Co.,
Boston, and at U. 8. Mtge. & Trust
Co., New York.
WEST WARWICK.
This place (P. O. West Warwick)
is in Kent County. Incorp. 1913.
314s J-J $149,000c___ Jan 1 1932
4>4gT4J-J 300,000____ July 1 1944
BOND. DEBT Apr1 ‘26. $349,000
Floating debt__________
100,000
Sinking fund____________
175.725
Assess, val. real estate___ 7,958,228
Personal—
Tangible_____________ 7,463.387
Intangible___________ 2,096,159
Total assessed value 1925
about >4 actual)______ 17,517,774
Tax rate (per $1,000) 1925 ..$17.00
Popul’n 1915, 15,782; 1920, 15,461
INT. in Prov. at R. 1. Hosp. Tr.
Co. and Union Tr. Co.
WOONSOCKET.
Woonsocket Is In Provldenoe
County. Inc. town in 1867; city
June 13 1888.
School Bonds.
4t4s’15 J-D $150.000c..June 1 1945
4Ks’25 J-D (152,000c.June 1 ’27-’45
(140,000c. June 1 ’46-’65
4Ms’26 M-S) 260, OOOr*. Mar 1 ’27-’46
(24C,000r*.Mar 1 ’47-’66
Funding Bonds.
4s g’97M-N$238,000r..-May 1 1927
4 J4sg’07J-D 200,000c...June 1 1927
4s ’08 M-N435,000r*_______ 1933
4s ’ll J-D 250,000c...June 1 1941
4 Jus'll J-D 250,000c...June 1 1941
414s’14 M-N500.000----- May 1 1944
4s ’17 M-N500,000c...Apr 1 1941
5s '18 ... (204,000...Sept ’26-’38
(160,000......... 1939-1948

State of Connecticut.
ITS

DEBT, RESOURCES, &c.
Admitted as a State___________ One of Original Thirteen
Total area of State (square miles)________________ 5,004
State Capital_______________________________ Hartford
Governor (term expires Jan. 1927)_______ John Trumbull
Lieut.-Governor (term exp. Jan. 1927)___ J. Edwin Brainard
Secretary of State (term exp. Jan. 1927).Francis A. Pallotti
Treasurer (term exp. Jan. 1927)________ Ernest E. Rogers
State Comptroller (term exp. Jan. 1927)_Fred’k A. Salmon
Attorney-General (term exp. Jan. 1929).Frank E. Healy
LEGISLATURE meets biennially In odd years on the Wednesday folowlng the first Monday in January. A constitutional amendment adopted
in Oct. 1911 limits the length of each session to the first Wednesday after the
first Monday In June. V. 95. p. 1435.
HISTORY OF DEBT.—For early history of the Connecticut State debt
see “State and City Supplement” of April 1895, page 36. The 314%
bonds below, it is provided, “shall be exempt from taxation by or under
State or municipal authority.” The 4s are also exempted from taxation,
but the Act provides that “this exemption shall not be construed to apply
to corporations taxed under the provisions of Section 2331, General Statutes,
and amendments thereof.” Connecticut’s debt now is as follows:
—Interest—-------- Principal---------Name and Purpose.
Rate. Payable. When Due. Outstand’g.
State bonds ________ _______ 1909 314 A-O ’April 1 1934 $2,955,000
1 1936 11.336 000
do
do .............................. 1911 4
J-J
"July
' ------------------------Ceased
W ar loan___________________ 1865
Oot. 1 1885
100
Permanent improvement bonds 1921 5
J-J
July 1 1936 2,000,000
• Subject to call after April 1 1924.
INTEREST on all bonds is payable in Hartford, Conn., but checks are
mailed on request.
TOTAL DEBT, &c. July 1 ’25. July 1 ’24. July 1 ’23. July 1 ’22.
Total bonded debt_____ $16,291,100 $16,291,100 $16,291,100 $16,291,100
Civil list funds_________ 4,863,913
3,164,905
2,209,2341.192,933
Sinking fund.z________ 12,156,448 11,659,526
11,195,44210,245,742
Net bonded debt___ (a)_______
$1,466,669 $2,886,424 $4,852,425
a After deduction of the civil list and sinking funds from bonded debt
there is found for July 1 1925 a surplus of $729,261.
Cash balances, exclusive of sinking funds, on July 1 1925 amounted to
$4,863,913.
The General Assembly in 1919 changed the date of the fiscal year from
Sept, to June 30.
x The General Assembly of 1915 enacted a law providing for a sinking
fund of $500,000 annually, to be taken from the State tax on the towns and
used in the purchase of State or municipal bonds. The bonds so purchased

GENERAL MARKET
and

Total val. 1925 (66% act.)27,169,790
Total tax rate (per $1 ,OOO)'25.$2O.0O

Popul’n 1910, 26,629, 1920, 13.481
INT.—The 3)4S are payable prin.
& int. at Rhode Island Hospital &
Trust Co., Providence; the 4J4s at
First Nat. Bank, Boston; the 5s at
Union Trust Co., Providence.
* Part of an issue of $400,000, of
which $251,000 is assumed by War­
wick and $149,000 by West Warwick.
WESTERLY.
This town Is In Washington County.
Inc. 1669. Population 1910. 8,696;
1920 9.952.
Funding Bonds.
4s g ’09 J-D $100.000o._June 1 1939
4s’22 ... 220,000c____ 1927-1947
Refunding Bonds.
4s g
J-J $30,000o—-Jan 2 1929
4^s
... 330,000_____ 1927-1954
Water Loan.
4s
M-S $15,OOOr ...Sept 1 1927
3J4sg F-A 73,000o...Feb 11929
3 Hsg’05M-S 63,000c...Moh 1 1935
4s’22 ... 300,000c____ 1927-1957
BD. DT. May 12 ’26___ $1,131,000
Water debt (incl.)______
174,200
Floating debt (add ’1)____
310.200
Sinking fund (water)____
36,006
Assess, val. real estate__ 13.130 300
Assess. val. personal____ 6,633,400

5s '19 A-O 660,000..Apr 1 ’27-’59
6sg’21 M N( 150,000c.May 1 ’27 '31
1930.000c.May 1 ’32 ’61
5s ’23 J-J 700,OOOc.July 1 ’27-’33
Highway Impt. Bonds.
4J<s’25 J-D$360,000r* June 1 '27-’35
Refunding Bonds.
4 J4sg'07J-D $200,000c. .June 1 1927
Sewer Bonds.
4l4s’15 J-D $50.000c_..June 1 1945
4Xs’22 J-D 310.000r*June 1 ’27-’57
4Ks’25 J-D ( 40,000c.June 1 ’27-’30
(225,000c. June 1 ’31-’55
4Ks’26 J-D (120,000r*.June 1 ’27-56.
I 30,C00r*.June 1 ’57-66
Water Bonds.
3 >4sg’OlM-N$2OO,O00r ..May 1 1931
4s g '04 J-D 150,000c...June 1 1929
4s g'05 M-N 50,000c...Nov 1 1935
4Ks’22 J-D I 77,000c. June 1 ’27-’37
(120,000c. June 1 ’38-’57
4Xs’25 J-D 192.000c.June 1 ’27-’50
Fire Station Bonds.
4)4s’26 J-D$100,000.-June 1 ’27-’51
Park Bonds.
4Ks’26 J-D $40,000r*_June 1 ’27-’46
BOND. DEBT Apr 1 ’26-$7,823,000
Floating debt___________ 1,650,000
Sinking fund____________ 1,532,468
Water debt (included).__
789,000
Sewer debt (included)___
625,000
NET DEBT Apr 1 1926.. 6 526,531
Water sinking fund (add’l) 275 274
Sewer sinking fund (add’l)
22.100
Assess, val. real est______ 53,296 300
Assessed val’n, personal. *28,522.600
Total valuation 1925____ 81 818,900
(Assessment below fair cash value.)
Tax rate (per $1,000) on real
estate and personal, 1926--$20.00
* Includes $4,187,500 intangible
property, which is taxed at $4.00 per
$1,000.
Pop’n 1910. 38,125; 1920___ 43,496
INTEREST on coupon bonds is
payable at First Nat. Bank, Boston.

LEGAL FOR SAVINGS BANKS

MUNICIPAL BONDS

R. M. GRANT & CO.
Incorporated

BOSTON

NEW YORK

CHICAGO

CONNECTICUT—DEBT OF STATE

54

are to be held and the proceeds, with the interest on the purchased bonds

are to be used for the redemption, at maturity, of all State bonds. Tnis
law was repealed in 1919 after four such annual appropriations had been
made. Appropriations of $3,000,000 were also made by each of the General
Assemblies of 1917 and 1919, making a total of $8,000,000 set aside for the
sinking fund. The 1921 legislature again authorized the setting aside of
$500,000 annually from State tax on towns to be placed in sinking fund.
Appropriations for the years 1922 and 192.3, each for $500,000, were made,
but at the 1923 session of the Legislature the law was repealed, as the fund,
it was found, would easily take care of present debt at maturity of the bonds.
On July 1 1925 the fund had $12,155,000 invested.
The General Assembly of 1921 authorized the Treasurer to issue $3,000,000 deficit bonds, to mature $1,000,000 on July 1 1924, 1925 and 1926, and
$2,000,000 State institutions building and improvement bonds, to mature
July 1 1936. The latter issue has been sold. The Act, however, authoriz­
ing the $3,000,000 bonds was repealed by the 1923 Legislature, as the bonds
were found unnecessary.
ASSESSED VALUATION.—Assessed value believed to be fair value.

Years.

Tax Valuation.\Years.

Tax Valuation.\ Years.

Tax Valuation.

1924 -..C$2,258,265,601 1917___ al.375,708,933 1910-$997,500,664
1923 ___ c2,144,303,460 1916___ al,278,357,574 1909..
965,629,807
1922___ c2,018,526,711 1915____01,174,551,713 1905 —
712,519.166
694,200.162
1921___ 61,962,763,631 1914___ al,105,081,413 1900..
1920___ 61,935,355,236 1912___ 1,102,990,545 1895..
444,321,927
1919___ al,661,776,728 1911_____ 1,041,334,019 1888 ..
354,557,515
1918___ al,464,602,164.
a State tax of $1,750,000 apportioned to towns an basis of taxes collected,
6 State tax of $2,000,000 apportioned to towns on basis of taxes collected,
c State tax of $1,500,000 apportioned to towns on basis of taxes collected.
These valuations do not include steam or electric railroads, banks, in­
surance or investment companies and only a small portion of cash, bonds
or notes.
Under Chapter 106, as amended by Chapter 165, Laws of 1901, the State
collects the tax on every bank, national banking association, trust. Insur­
ance, Investment and bridge company whose stock Is not exempt from
taxation, and remits the amount so collected to the various city and town
treasurers. The value of such stocks was previously Included In the grand
fst of each town.
POPULATION OF STATE. ^Population has been as follows:
1920. ...1 380 631 1880... 622,700 1840. .. — 309,978 1810------- 261.942
1910.. .1.114.756 1870----- .537,454 1830. ----- 297.675 1800_____251,002
1900.. . 908.420 1860___ .460.147 1820. ___ 275.248 1790.......... 237.946
1890.. . 746.258 1850___ .370.792
DEBT LIMITATION.—The constitution of Connecticut contains but a
single provision restricting the debt-making power. The provision is
Article 25. adopted as an amendment In 1877, and Is as follows:
No county, city, town, borough or other municipality shall ever sub­
scribe to the capital stock of any railroad corporation, or become the pur­
chaser of the bonds, or make donation to, or loan its credit, directly or
indirectly, in aid of, any such corporation; but nothing herein contained
shall affect the validity of any bonds or debts incurred under existing
laws, nor be construed to prohibit the General Assembly from authorizing
any town or city to protect by additional appropriations of money or
credit any railroad debt contracted prior to the adoption of this amendment.
The foregoing Is explicit and comprehensive, covering every municipality .

There were formerly no general restrictions upon the issue of bonds in
the statutes, such restrictions as were provided from time to time being
Inserted in enabling Acts and in city charters. As to towns, indeed. Sec­
tion 1931. Chapter 121. of the Revised Statutes of 1902 granted unlimited
power to issue bonds. The 1915 Legislature, however, by Chapter 318
passed an Act, last amended by Chapter 111, Laws of 1923, which is as com­
prehensive as it is simple. It is defined as “An Act limiting the indebted­
ness which towns and municipal corporations may incur,” and provides that:
“No municipality or subdivision thereof shall incur any indebtedness
through the issue of bonds in excess of five per centum of its grand list, unless
otherwise provided by special Act,” and that “in computing the net bonded
indebtedness subject to the limit prescribed by this Act. bends issued for
the supply of water, gas or electricity shall not be included.”
GRAND LIST DEFINED.—Chapter ill. Laws of 1923, also defines
as follows the grand, list on which a municipality’s maximum indebtedness
is computed: That grand list shall be (a) the assessed value of the munici­
pality’s taxable real estate and tangible personalty plus (b) the fair market
value of the municipality’s tax exempt real estate, except that owned by
the county, State or the United States, or that owned by Connecticut’s
four privately conducted colleges (Yale, Wesleyan, Trinity, and the Con­
necticut College for Women).
The General Assembly of 1923 passed a law (constituting Chapter 213,
Laws of 1923), requiring every municipality on and after Jan. 2 1923 to
issue its bonds serially.
Authority to redeem bonds before maturity is granted to any city or
borough, or to any town or other municipality which is authorized to levy
and collect taxes, through Chapter 200, Laws of 1923.
TAX EXEMPTION.—A law was enacted by the 1917 Legislature,
exempting from taxation within the State all bonds, notes and other evi­
dences of indebtedness issued after April 1 1917 by the U. S. Government,
and by any county, town, city, borough or other municipal taxing district in
this State. The full text of the law was given in the “Chronicle” of April 21
1917, page 1617.
Section 1160 of the General Statutes, as amended by Chapter 159, Laws
of 1919, and Chapter 109, Laws of 1921, provides that any bonds (original
issue or bonds issued to refund same) issued by any town or city in aid of
the construction of certain railroads shall be exempt from taxation in the
hands of the holders thereof. Bonds of the State are exempt from taxa­
tion when issued pursuant to any Act which provides for their exemption.
(See said section and chapters given above.)
SAVINGS BANK INVESTMENTS—PRIVILEGES AND RESTRIC­

TIONS.—A complete revision of the law concerning investments by savings
banks was made by the 1919 Legislature The 1921 Legi lature amended
sub-section 20 of section 3972 extending fora two-year period the provision
that railroad bonds which were legal investments for savings banks at the
time when the Federal Government took over the operation of the roads
shall not become illegal investments by reason of such operation. The 1921
Legislature also passed an act permitting savings banks to invest two per
cent of their deposits and surplus in equipment obligations issued by the
National Railway Service Corporation. In 1923 the law was amended in
two particulars (V. 116, p. 2545). The restriction placed in subdivision
21 upon the amount that a savings bank may invest in railroad equipment
trust notes, bonds or certificates was raised from 2% to 6% of deposits
and surplus, but the amount that may be placed in such securities of any
one road is limited to 2% of deposits and surplus. The other amends sub­
division 23 in relation to water companies in Connecticut. It makes
eligible for investment, in addition to bonds of such companies supplying
communities having a population of not less than 15.000, bonds of any
company which has had gross receipts for water service in Connecticut in
amount of more than $50,000 yearly for five consecutive years, and whose
franchise is an exclusive one in the territory served by it. The text of the
law as it now stands follows:
Savings banks may invest their deposits and surplus only as provided in
chapter 204 of the General Statutes: (1) In the stock or bonds or interestbearing notes or obligations of the United States, or those for which the
faith of the United States is pledged to provide for the payment of the
principal and' interest, including the bonds of the District of Columbia;
(2) Not exceeding ten per centum of their deposits and surplus in bills of
exchange drawn by the seller on the purchaser of goods and accepted by
such purchaser, provided such bill of exchange is i ndorsed by any national
bank, member of a Federal Reserve bank. State bank or trust company
In this State, or in the city of Boston, Massachusetts, the city of Providence,
Rhode Island, the city of New York, New York, or the city of Philadelphia,
Pennsylvania, and in the acceptance authorized by section 13 of the Fed­
eral Reserve Act of the United States or any amendment thereto, of any
national bank, or member of a Federal Reserve bank, in this State, in the
city of Boston, Massachusetts, the city of Providence, Rhode Island, the
city of New York, New York, or the city of Philadelphia, Pennsylvania,
or of any State bank or trust company in this State which may be author­
ized to issue such acceptances, nor shall the amount invested in such accep­
tances and bills of exchange of any one bank by any savings bank, when
added to the sum of any funds deposited by the savings bank in such bank,
exceed thirty per centum of the capital stock, surplus and undivided profits
of said depositary bank;
(3) In the stock or bonds or interest-bearing obligations of any State
of the United States which was admitted to Statehood prior to January 1
1896, which has not, within ten years previous to making such invest­
ment by such corporation, defaulted for more than ninety days in the
payment of any part of either principal or interest of any debt author-




[Vol. 122,

zed by the Legislature of such State to be contracted; and in the bonds or
Interest-bearing obligations of any such State of the United States which
have been issued and outstanding for a period of at least ten years
previous to making such investment by such corporation, and which have
been issued in pursuance of the authority of the Legislature of such State,
(a) for the funding or settlement of any previous obligation of such State
theretofore in default, or (b) for the refunding of such funding or settlement
obligation of such State theretofore in default, and on which said funding
or settlement obligation or obligation issued to refund the same there has
been no default in the payment of either principal or interest since its issue,
provided the authorization of any obligation by the Legislature of any such
State hereinbefore referred to shall not have been in violation of any consti­
tutional provision, and provided such bond or interest-bearing obligation
shall be the direct obligation of such State and the faith and credit of the
State shall be pledged for its payment, principal and interest;
(4) In the obligations of any county, town, city, borough, school district
fire district or sewer district, in this State;
(5) In the stock or bonds of any incorporated city situated in one of the
States of the United States which was admitted to Statehood prior to
January 1 1896, and which was incorporated as a city, under the same
or a different name, at least twenty-five years prior to making such in­
vestment, and which has not less than twenty thousand inhabitants, as
ascertained by the United States or State Census, or any municipal census
taken by authority of the State, next preceding such investment, pro­
vided the amount of the bonds of such city, including the issue in which
such investment is made, and its proportion, based on the valuations
of property therein for the assessment for taxation next preceding such
investment, of the county and town debt, after deducting the amount
of its water debt and the amount of the sinking funds which are available
for payment of its bonds other than water bonds, does not exceed seven
per centum of the valuation of the taxable property in such city, to be ascer­
tained by the valuation of property therein for the assessment of taxes,
next preceding such investment, and provided, the city issuing such bonds,
or the State in which it is located, has not defaulted for more than ninety
days in the payment of any of its funded indebtedness or interest thereon
within fifteen years next preceding the purchase of such bonds by the savings
bank. The provisions of this sub-division shall not authorize the invest­
ment of funds in any “special assessment” or ‘‘improvement’' bonds, or
other bonds or obligations whch are not the direct obligations of the city
issuing the same, and for which the faith and credit of the issuing city are
not pledged. A city or State shall be considered to be in default within
the meaning of this section while any unpaid and overdue obligation, either
principal or interest, shall be outstanding;
(6) In the bonis or interest-bearing obligations issued by a railroad cor­
poration organized under the laws of any of the New England States, and
owning in fee not less than 300 miles of railroad located in sail States, and
which has pai i in divi ends in cash an amount equal to not less than four per
centum per annum on its outstanding shares of capital stock in each fiscal
year for the 5 years next preceding such investment, or in the bonds or inter­
est-bearing obligations issued by a railroad, terminal, depot, bridge, tunnel
or street railway corporation organized under the laws of any of the New
England States or the State of New York assumed by a railroad corporation
organized under the laws of any of the New England States and owning
In fee not less than 300 miles of railroad located in said States and complying
with all the provisions of this section; if any such railroad corporation shall
be leased to another railroad corporation organized under the laws of any
of the New England States and owning in fee not less than 300 miles of
railroad located in said States, under a lease which provides for the pay­
ment by the lessee as rental an amount sufficient to pay dividends on the
capital stock of the lessor amounting in the aggregate in each fiscal year
of said lessor corporation during the term of said lease to not less than 4%
on its outstanding capital stock, such lessor shall be regarded as having
paid its dividends within the meaning of this sub-division, but in case the
lessee shall hold any shares of the capital stock of the lessor, such shares shall
not be considered as outstanding within the meaning of this sub-division.
(7) In bonds or deoeutures actually issued by a railroad corporation
Incorporated in any of the New England States, at least
of the railroad
of which is located in said State, whether such corporation is in possession
of and is operating its own railroad or such railroad is leased to another
railroad corporation incorporated in any one of the New England States,
provided such bonds or debentures shall be secured either by a mortgage
which was at the date thereof, or is at the time of making the investment,
a first mortgage on not less than 75% of the railroad of such corporation
owned in fee at the date of the mortgage, or by a refunding mortgage which
provides for the retirement of all prior lien mortgage bonds of such railroad
corporation, or by a mortgage which is a prior lien on some part of the rail­
road covered by a refunding mortgage which provides for the retirement
of all outstanding prior lien bonds, or that if the railroad and railroad
property of such corporation are unincumbered by mortgage, such bonds
or debentures shall be issued under the authority of one of said States which
provides by law that no such railroad corporation which has issued bonds or
debentures shall subsequently execute a mortgage upon its road, equip­
ment, franchise or upon any of its real or personal property, without in­
cluding in and securing by such mortgage all bonds or debentures previously
Issued and all pre-existing debts and liabilities, and provided such corpora­
tion has paid in dividends in cash an amount equal to not less than 4%
per annum on all its outstanding capital stock in each fiscal year for the
five years next preceding such investments. If any such railroad company
shall hold the railroad of another such railroad corporation under a lease
which provides for the payment by the lessee as rental of an amount suffi­
cient to pay dividends on the capital stock of the lessor amounting in the
aggregate in each fiscal year of said lessor, during the term of said lease,
to not less than 4% on all its outstanding capital stock, such lessor shall be
regarded as having paid its dividends within the meaning of this sub­
division; but in case the lessee shall hold any shares of the capital stock of
the lessor such shares shall not be considered as outstanding within the mean­
ing of this sub-division.
(8) No bonds or other interest-bearing obligations shall be made a legal
Investment by sub-divisions 6 and 7 in case the authorized issue thereof,
with ail outstanding prior debts of the issuing or assuming corporation,
including all evidences of debt that may legally be issued under any of its
prior authorizations or under any of its assumed prior authorizations, after
deducting therefrom, in case of a refunding mortgage, the bonds reserved
under the provisions of said mortgage to retire prior debts at maturity,
shall exceed three times the outstanding capital stock of said corporation
at the date of such investment.
(9) In the bonds issued by a railroad, terminal, depot, bridge, tun­
nel or street railway corporation organized under the laws of any of the New
England States or the State of New York, the property of which is located
wholly or in part in one of said States, or in the bonds issued by a railroad,
terminal, depot, bridge, tunnel or street railway corporation, organized
under the laws of any of said States, assumed by a railroad, terminal,
depot, bridge, tunnel or street railway corporation organized under the
laws of said States, provided such bonds shall be secured either by a mort­
gage which was at the date thereof, or is at the time of making the invest­
ment. a first mortgage on not less than 75% of the railroad owned in fee
at the date of the mortgage, in the case of a railroad or street railway cor­
poration, or the fixed property, in the case of a terminal, depot, bridge or
tunnel corporation, owned by the corporation issuing the bonds, or byre­
funding mortgage which provides for the retirement of all prior lien bonds
of such corporation, or by a mortgage which is a prior lien on some part of
the property covered by a refunding mortgage which provides for the re­
tirement of all outstanding prior lien bonds. No bond shall be made a
legal investment under this sub-division unless the bonds are guaranteed,
principal and interest, by endorsement by, or guaranteed principal and inter­
est by indorsement, which guaranty has been assumed by a railroad corpora­
tion owning in fee not less than 300 miles of railroad in the New England
States, whose bonds are made a legal investment under sub-division 6. No
bonds shall be made a legal investment by this sub division in case the mort­
gage securing the bonds shall authorize a total issue of bonds which, added
to the total debt described in sub-division 8 of the guaranteeing corporation,
including therein the authorized amount of all previously guaranteed bond
issues, shall exceed 3 times the outstanding capital stock of said guaranteeing
corporation at the time of making said investment
(10) . In the mortgage bonds, as described in sub-division 15, issued or as­
sumed by any railroad corporation incorporated under the laws of the
United States, or any State, provided such railroad corporation owned in
fee during each of the 5 fiscal years of such railroad corporation next pre­
ceding the date of such investment not less than 500 miles of standardgauge railroad, exclusive of sidings, within the United States, and provided
such railroad corporation has complied during each of said fiscal years
witk *hA provisions of sub-division 14, or if such corporation owned in fee
less thai. ”00 miles of such railroad, the gross earnings of such corporation,
as reckoned in sub-division 14, shall have been not less than $10,000,000.
(11) In the mortgage bonds, as described in sub-division 15. issued or as­
sumed by any railroad corporation incorporated under the laws of the United

June, 1926.]

CONNECTICUT—DEBT OF STATE

States, or any State thereof, provided during each of the 5 fiscal years of
such railroad corporation next preceding the date of such Investment Its
railroad subjected to the lien of tho mortgage securing its bonds has beeii
operated bjr a corporation described in, and which has complied with all
the provisions of, sub-divisions 10 and 14. No bonds shall be made a legal
Investment by this sub-division unless the bonds are guaranteed principal
and interest by endorsement by, or guaranteed principal and interest by
endorsement which guaranty has been assumed by, the corporation oper­
ating the railroad covered by the mortgage securing the bonds and which
has complied with all the provisions of sub-divisions 10 and 14.
(12) In the mortgage bonds as described in this Act issued or assumed
by any terminal, depot, bridge or tiinnel company incorporated under the
laws of the United States, or any State, provided the property of such ter­
minal, depot, bridge or tunnel company is used by one or more railroad
corporations described in, and which have complied with all the provisions
of, sub-division 10 and 14. No boind shall be made a legal investment by
this sub-division unless the bond is guaranteed principal and interest by
endorsement by, or guaranteed principal and interest by endorsement which
guaranty has been assumed by, one! or more railroad corporations described
in, and which has complied with all tihe provisions of, sub-divisions 10 and 14
(13) . In the mortgage bonds as described in sub-division 15 issued or as­
sumed by any railroad corporation incorporated under the laws of the United
States, or any State, provided, during each of the 5 fiscal years of such
railroad corporation next preceding the date of such investment, such rail­
road corporation owned in fee not less than 100 miles of standard-gauge
railroad, exclusive of sidings, within the United States, and provided such
railroad corporation has complied during each of said fiscal years with the
rovisions of sub-division 14. No bonds shall be made a legal investment
y this sub-division unless the bonds are guaranteed principal and interest
by endorsement by, or guaranteed (principal and'interest by endorsement,
which guaranty has been assumed by, a corporation described in, and which
has complied with all the provisions of, sub-divisions 10 and 14, nor unless
it complies with the provisions of sub-division 16.
(14) Any railroad conjuration described in sub-divisions 10 and 13 shall
comply with the provisions of this sub-division during each of the 5 fiscal
years of such railroad corporation next preceding the dat of such investment,
before any of its mortgage bonds as described in sub-division 15 shall be made
a legal investment. Such railroad Corporation shall have paid the matured
principal and interest of all indebtedness and shall have paid in dividends
in cash to its stockholders an amount equal to at least t % upon all its out
standing capital stock; the gross earnings from the operation of the property
of such railroad corporation, including therein the gross earnings of ali
railroads leased and operated or controlled and operated by said corpora­
tion, and the gross earnings from the sale of coal from mines owned or con
trolled by it, shall not have been less in amount than 5 times the amount
necessary to pay the interest payable upon its entire outstanding indebted
ness, the rentals of all leased lines} and the interest on all outstanding In
debtedness of railroads controlled [and operated which are not owned by
said corporation, after deducting from said interest and rentals interest and
dividends received from the stocksL bonds or notes of railroad corporations
not operated by said corporation, which have been deposited with a trustee
as the only security for the paymebt of bonds or notes issued by said cor­
poration but not in excess of the interest, on said last named bond’s or notes
(15) . Whenever the term “mortgage bonds” is used in sub-divisions 10 to
20, inclusive, it shall mean either (a) That the mortgage securing the bonds
was at the date thereof, or is at the [date of such investment, a first mortgage
on not less than 75% of the railroad, in the case of a railroad corporation,
or the fixed property, in the case of a terminal, depot, bridge or tunnel com
pany, owned in fee at the date of I the mortgage by the corporation which
executed the mortgage and issued the bonds: that 75% of the railroad sub
Ject to the lien of said mortgage is connected: Chat the date of said mortgage
is at least 5 years prior to the date of such investment, unless the corporation
issuing, assuming or guaranteeing the bond has complied with sub-division 14
for each of the 10 fiscal years of such corporation next preceding the date
of such investment; but a mortgageI given in substitution ror and not greater
in amount than such mortgage, and covering the same railroad or property,
shall be considered to be in accordance with this requirement; (5) That if
the mortgage securing the bonds was at the date thereof, or is at the date
of such investment, not a first mortgage on not less than 75% of the rail
road owned in fee at the date of the mortgage, it is a first mortgage on at
least 75% of the railroad subject to the lien of said mortgage at the date
thereof; but if any stocks or bonces are deposited with the trustee of said
mortgage as part security therefor, representing or covering railroad mile
age not owned in fee, the bonds secured by said mortgage shall not become
legal investments unless said corporation owns in fee at least 75% of the
total mileage which is subject to the lien of such mortgage. Including the
mileage which is represented or covered by said stocks or bonds; that 75%
of the railroad subject to the lienlof said mortgage is connected; that the
date of said mortgage is at least 0 years prior to the date of such invest­
ment, unless the corporation issuing, assuming or guaranteeing the bond has
complied with sub-division 14 for each of the 10 fiscal years of such corpora­
tion next preceding the date of sued investment; but a mortgage given in sub­
stitution for and not greater in amount than such mortgage, covering the
same railroad or property, shall bp considered to be in accordance with this
requirement, (c) That the mortgage securing the bonds was at the date
thereof, or is at the date of such investment, a first mortgage or a mortgage
or trust indenture which is in effect a first mortgage upon all the railroads,
subject to the lien of said mortgage or trust indenture by virtue of the irrevo­
cable pledge with the trustee thereof of an entire issue of issues of bonds
which are a first lien, upon the railroad of a railroad corporation which is
owned and operated, controlled and operated, or leased and operated,by
the corporation issuing or assuming said bonds; that 75% of the railroad
subject to the lien of said mortgage is connected: that the date of said mort­
gage is at least 5 years prior to the date of such investment, unless the cor­
poration issuing, assuming or guaranteeing the bonds has complied with sub­
division 14 for each of the 10 fiscal years of such corporation next preceding
the date of such investment; but a mortgage given in substitution for and
not greater in amount than such mortgage, and covering the same railroad
property, shall be considered to be in accordance with this requirement
(d) That the mortgage securing tlje bonds was at the date thereof, or is at
the date of such investment, a refunding mortgage which provides for the
retirement of all prior lien mortgage bonds of said corporation outstanding
at the time of said investment, abd covering at least 75% of the railroad
owned in fee by said company at the date of said mortgage No mortgage
is to be regarded as a refunding mortgage under the provisions of this sub­
division unless the bonds which iii secures mature at a later date than any
bond which it is given to refund; but, in case bonds are issued to mature at an
earlier date than any bond which it is given to refund, the mortgage con­
tains the provisions that bonds issued to mature at an earlier date may be
retired by a like amount of bonds( reissued under said mortgage, (e) That
the mortgage securing the bonds] is a prior lien to a refunding mortgage
described above, on some part of the railroad or railroad property coverrd
by said refunding mortgage, provided the bonds issued under such mortgage
are to be refunded by said refunding mortgage, and the property covered
by said prior lien mortgage is operated by, and its operations included in,
those of the railroad corporation issuing said refunding mortgage
(16) . No bond shall be made a legal investment by sub-division 10 in case
the mortgage securing the same (shall authorize a total issue of bonds,
which, with all outstanding prior debts of the issuing or assuming corpora­
tion, including all bonds not issued that may legally be issued under any of
Its prior debts, or of its assumed prior debts, after deducting therefrom in
case of a refunding mortgage the bonds reserved under the provisions of
said mortgage, to retire prior debts at maturity, shall exceed 3 times the
outstanding capital stock of said corporation at the date of such investment:
no bond shall be made a legal investment by sub-divisions 11, 12 and 13 in
case the mortgage securing the sajme shall authorize a total issue of bonds,
which, added to the total debt J as defined in this sub-division, of the
guaranteeing corporation, including therein the authorized amount of all
previously guaranteed bond issues, shall exceed 3 times the capital stock
of said guaranteeing corporation Outstanding at the time of making said
investment; in case of a mortgage executed prior to May 28 1913, under
which the total amount of bonds which may be issued is not specifically
stated, the amount of bonds outstanding thereunder at the date of such
Investment shall be considered as the total authorized issue.
(17) Bonds which have been pr shall become legal investments under
any of the provisions of sub-divisions 10 to 20, incl., shall not be rendered
Illegal, although the corporation issuing, assuming or guaranteeing such
bonds shall fail for a period not exceeding 2 successive fiscal years to comply
with the requirements of sub-divisions 10 and 14; but no further investment
In the bonds issued, assumed or guaranteed by said corporation shall be made
after the first fiscal year of such failure: but if, after the expiration of said
period, said corporation complies for the following fiscal year with all the
requirements of sub-divisions 10 and 14, it shall be regarded as having com­
plied therewith during said period, and thereupon said bonds shall be legal
investments, but In case of any subsequent failure to comply with sub­




55

divisions 10 and 14 the bonds of said corporation shall not be purchased
until said corporation shall have complied each year for 5 successive years
with said sub-divisions 10 and 14.
(18) Bonds which have been or shall become legal investments under
any of the provisions of sub-divisions 10 to 20, inch, shall not be rendered
Illegal because the property upon which they are secured has been or shall
be conveyed to or legally acquired by another railroad corporation, and the
corporation which issued or assumed said bonds has been or shall be con­
solidated with another railroad corporation, if the consolidated or purchas­
ing corporation shall assume the payment of said bonds, and so long as It
shall continue to pay regularly interest or dividends, or both, upon the se­
curities issued against, in exchange for, or to acquire the stock of, the cor­
poration consolidated, or the property purchased, or upon securities sub­
sequently issued in exchange or substitution therefor, to an amount at least
equal to 4% per annum upon the capital stock outstanding at the times
of such consolidation or purchase, of said corporation which issued or as­
sumed said bonds.
(19) . If a railroad corporation which has complied with all the require­
ments of sub-divisions 10 and 14 except that the period of compliance is
less than 5 years, shall be, or shall have been, consolidated or merged with,
or its railroad purchased and all the debts of such corporation assumed by,
another railroad corporation incorporated under the laws of the United
States, or any State, the corporation so succeeding shall be considered as
having complied with all the provisions of said sections during those suc­
cessive years next preceding the date of such consolidation, merger or pur­
chase, in which said consolidated, merged or purchased corporations, if
considered as one continuous corporation in ownership and possession,
would, taken together, have so complied, provided in the case of a railroad
corporation which has complied with all the requirements of said sub­
divisions except that the period of compliance is less than 5 years, said
succeeding corporation shall continue so to comply for a further period
which shall make such compliance equivalent to at least 5 successive years.
20) If, by means of consolidation, merger or purchase, a railroad corpor­
ation shall own and possess the properties and franchises which, prior
thereto, belonged to similar corporations, and, during the years next pre­
ceding such consolidation, merger or purchase, one or more of said cor­
porations, have regularly paid in cash to stockholders dividends in amounts
equaling or exceeding 4% per annum upon the entire capital stock of the
successor corporation outstanding at the time of the investment, such suc­
cessor corporation shall be considered as having paid such dividends during
the same period of years; the time during which any railroad is operated by
the Government of the United States and the earnings and dividends made
ana paid during said time shall not be taken into consideration in deter­
mining the compliance of the corporation owning said railroad with any of
the provisions of this section, nor shall any default in the earning or pay­
ment of dividends or any failure to make the gross earnings required by this
section, during said period of Government control and for two years there­
after, render any bonds illegal for investment which were legal at the
beginning of said Government operation.
(21) . Savings banks may invest not exceeding 6% of their deposits
and surplus in equipment trust notes, bonds or certificates issued by, or
which are guaranteed by endorsement both as to principal and interest by,
or which are secured by lease of equipment to, a railroad corporation which,
in case of a ra iroad corporation incorporated under thelaws of any of the New
England States, has complied with sub-division 6, or which, in the case of a
railroad corporation incorporated under the laws of any other State, or of the
United States, has complied with all the provisions of sub divisions 10 and
14. provided said notes, bonds or certificates are secured by a first lien on,
or by a lease and conditional sale of, new standard railroad equipment free
from other encumbrances, for the purchase of which said notes, bonds or
certificates were issued at not exceeding 90% of the purchase price thereof,
and provided the instrument under which such notes, bonds or certificates
are issued or the lease of such equipment to the railroad corporation,
provides for the proper maintenance of the equipment covered thereby
and for the payment of the entire issue of such notes, bonds or certificates
in not exceeding 15 annual or 30 semi-annual installments, without the
release of any part of the lien or interest in any of the equipment securing
such notes, bonds or certificates until the entire issue of such series of notes,
bonds or certificates shall have been paid or redeemed, provided in no case
shall the investment in the equipment trust notes, bonds or certificates of
any one railroad corporation be in excess of 2% of such deposits and surplus.
No equipment trust notes, bonds or certificates shall be made a legal
investment by this section in case the series authorizes an amount which,
added to the total debt as defined in subdivision 8, in the case of a railroad
corporation organized under the laws of any of the New England States,
or subdivision 16 in the case of a railroad corporation organized under the
laws of any other State or of the United States, which issued or guaranteed
or is the lessee of the equipment securing such equipment trust notes, bonds
or certificates, including therein the outstanding amounts of all previously
issued series of such equipment trust notes, bonds or certificates, shall
exceed 3 times the capital stock of such railroad corporation outstanding
at the time of making said investment.
(22) . Savings banks may invest not exceeding 2% of their deposits
and surplus in bonds issued by any street railway corporation incorporated
In this State the railway of which is located wholly or in part therein, pro­
vided such bonds are secured by a mortgage which was at the date of the
mortgage or is at the date of the investment a first mortgage on not less
than 75% of the railway of such corporation owned in fee at the date of the
mortgage, and provided the gross earnings of said corporation each fiscal
year for the 5 years next preceding the date of such investment were not
less than $100,000, and that said corporation in each of said years earned
and paid in dividends in cash an amount equal to at least 4% per annum
upon the outstanding capital stock, and provided, at the date of any such
dividend, the outstanding capital stock is equal to at least 14 of the debt
of such corporation
(23) . Savings banks may invest not exceeding 2% of their deposits
and surplus in mortgage bonds and other interest-bearing obligations of
any water company incorporated in this State supplying water for domestic
use to communities in this State having a population of not less than 15,000,
or of any such company whose gross receipts for water service in this State
shall have been more than $50,000 per annum for five consecutive years, and
whose franchise is an exclusive one in the territory served by it and un­
limited in time, provided the amount of all the outstanding debts of such
company does not exceed its capital stock, and provided such water com­
pany has earned each year and paid in cash from its officially reported net
earnings, as shown by its annual report or other official statement under
oath, to municipal, State or United States authorities, dividends of not less
than 4% per annum on its entire outstanding capital stock, for a period of
4 years next preceding the making of the investment.
(24) . Savings banks may invest not exceeding 2% of their deposits
and surplus in bonds of any telephone company incorporated in this State,
whose property is located chiefly in this State, which are secured by a first
mortgage upon at least 75% of the property of such company, including
Its franchises, rights and privileges, and limiting the amount of bonds issu­
able thereunder to 75% of the valuation of the property mortgaged, exclud­
ing any valuation of said franchises, rights and'privileges, and providing
the gross income of such telephone company shall have been not less than
$2,000,000 per annum during each of the 5 fiscal years of such telephone
company next preceding the date of such investment.
(25) . Savings banks may invest not exceeding 2% of their deposits
and surplus in bonds of any telephone company incorporated in any of the
New England States, or in the State of New York, and secured by a first
mortgage upon at least 75% of the property of such telephone company,
or by the deposit with a trust company incorporated under the laws of one
of the New England States or of the State of New York of bonds or shares of
stock, or both, of other telephone corporations under an indenture of trust
which limits the amount of bonds so secured to 75% of the value of the se­
curities deposited as stated and determined in said indenture, and provided
the gross income of such telephone company shall have been not less than
$25,000,000 per annum during each of the 5 fiscal years of such telephone
company next preceding the date of such investment. No bond of a telehone company shall be made a legal investment under sub-divisions 24 and
5 unless during each of the fiscal years of such telephone company next
preceding the date of such investment said telephone company shall have
paid the matured principal and interest of all its indebtedness, and shall
have paid, during each of said years, in cash dividends an amount equal
to not less than 6% per annum of all Its outstanding issues of capital stock,
and the dividends paid on the capital stock of such telephone company
shall not have been less than the total amount necessary to pay the interest
upon its entire outstanding indebtedness.
(26) Savings banks may invest not exceeding 2% of their deposits and sur­
plus in mortgage bonds of any gas or electric light company, incorporated un­
der the laws of this State, supplying gas or electricity for lighting to any com­
munity in this State whose franchise is an exclusive one and unlimited In
time, provided the amount of the outstanding debts of such company does
not exceed its capital stock, and provided such gas or electric company has

S

56

earned each year and paid in cash from its officially reported net earnings
as shown by its annual report or other sworn official statement to the
municipal. State or United States authorities, dividends of not less than
5% per annum on its entire outstanding capital stock for a period of four
years next preceding the making of such investment. The term “indebt­
edness,” as used in this Act, shall be construed to mean and include all
bonds, notes and other obligations or accounts payable at a time or times
more than a year after their date.
(27) Savings banks may invest in the capital stock of any bank or trust
company located in this State, or in the City of New York in the State of
New York, or in the City of Boston in the State of Massachusetts, but no
savings bank shall hold by way of investment and as security for loans
more than 20 % of its deposits in the stocks of such banks or trust compan­
ies, at par value, nor more than 3% of its deposits, nor more than $100,000
of par value in, nor more than M of the capital stock of, any such bank or
trust company. The provisions of this sub-division shall not render illegal
any such investments owned by any bank or trust company on Aug. 1 1913.
(28) Savings banks may invest not exceeding 20% of their deposits
and surplus in notes secured by pledge of stock or bonds as collateral, pro­
vided the corporation issuing such stock or bonds shall have paid thereon
dividends or interest at the rate of not less than 4 % per annum during the
two years next preceding the time when such loan is made; or by the
pledge of any stocks or bonds or other obligations which under the pro­
visions of this section may be purchased by savings banks; but the mar­
ket value of any securities given to secure any collateral loan shall be at
least 20% in excess of the amount of the loan and not more than 5% of the
aggregate deposit in any savings bank shall be loaned on the stock, bonds
or other obligations of one corporation, or by the pledge of deposit accounts
and books in savings banks in this State to an amount not exceeding the
balance due from said savings banks on such deposit account.
(29) The provisions of this Act shall not render illegal the investment In,
nor the investment hereafter in, any bonds or interest-bearing obligations
issued or assumed by a railroad corporation, which were a legal invest­
ment on May 28 1913, so long as such bonds or interest-bearing obligations
continue to comply with the laws in force prior to said date; but no such
bond or interest-bearing obligation that fails, subsequent to said date,
to comply with said laws, shall again be a legal investment unless such
bonds or int.-bearing obligations comply with the provisions of this section.
(30) If any street railway company, the bonds of which were a legal in­
vestment prior to May 28 1913 shall fail, in any fiscal year subsequent to
said date, to pay dividends equal to 4% upon its outstanding capital stock,
the bonds of such railway company shall cease to be a legal investment
until such company has complied with all the provisions of sub-division 22
of this section.
(31) In the sub-divisions of this section which relate to railroad bonds the
word “debt” shall be construed to mean obligations issued or assumed
evidenced by a series of bonds or other interest-bearing instruments which
mature at a time or times exceeding 3 years after their date, and the term
“railroad corporation" shall be construed to mean a corporation which owns
or is In possession of and operating a railroad or railway of the class usually
operated by steam power. Street railway corporations are not railroad
corporations within the meaning of this section.
(32) Savings banks may invest not exceeding 2% of their deposits and
surplus in notes secured by a trust indenture of any stocks or bonds or other
obligations which under provisions of this section may be purchased by
savings banks; the market value of any securities given shall be at least
20% in excess of the amount of the loan, provided the bonds under such
trust indenture shall be legal investment for the savings banks of this State.
(33) Savings banks may invest not exceeding 10% of their deposits and
surplus in the obligations of the Government of the Kingdom of Great
Britain and Ireland, and the Government of the French Republic and the
Government of the Dominion of Canada or any of its provinces, provided
such obligations have a fixed and definite date of maturity and shall be
the direct obligations of such Government or province and that the full
faith and credit of such Government or province shall be pledged for its
payment, principal and interest.
In addition to the foregoing the 1921 Legislature passed the following act
permitting savings banks to invest two per cent, of their deposits and surplus
in equipment obligations issued by the National Railway Service Corpora­
tion. "Savings banks may invest not exceeding two per centum of their
deposits and surplus in prior lien equipment obligations or equipment trust
certificates issued by the National Railway Service Corporation in pursuance
of any equipment trusts financed in whole or in part through a loan or loans
made or approved by the Inter State Commerce Commission, provided
such securities are issued for not exceeding in par value sixty per centum
of the cost of standard railway equipment, and that such obligations shall
mature in approximately equal annual or semi-annual installments over a
period of not exceeding fifteen years.”
Another Act was passed by 1925 Legislature permitting savings banks to
invest, in addition to those bonds under Sections 22, 23, 24, 25 and 26 of
Section 3972 of the General Statutes given above, in bonds of certain
additional public service companies. (For text of Act see V. 120, p. 3093.)
The Bank Commissioner on May 1 1925 issued his usual semi-annual
compilation enumerating the municipalities and obligations falling within
the definition of legal investments. This list appeared in the “Chronicle"
of May 30 1925, pages 2841, 2842 and 2843.
TRUST FUNDS—HOW LOANED OR INVESTED.—We find in Sec.
254 of Chapter 22 of the Revised Statutes of 1902 the following liberal
provisions providing that trust funds may be loaned or invested in the same
securities savings banks are authorized to invest in:
SEC. 254.—Trust funds, unless it is otherwise provided in the instru­
ment creating the trust, may be loaned on the security of mortgages on
unencumbered real estate in this State double in value the amount loaned,
or may be invested in such mortgages or in the bonds or loans of this
State, or of any town, city or borough of this State, or in any bonds,
stocks or other securities which the savings banks in this State are, or may
be, authorized by law to invest in, or may be deposited in savings banks in­
corporated by this State.
CITIES, COUNTIES AND TOWNS IN CONNECTICUT
The relation which the towns, cities and boroughts of this State bear to
one another is peculiar and requires a word of explanation. The State
Is divided into eight counties, and these counties are made up of towns,
numbering in the aggregate 169. The towns are the civil unit, and on the
assessed valuation (which is called the “Grand List” of each town) is
levied the tax for State purposes as well as the tax for town expenditures.
Within the town Is often situated a city ora borough, or both, all of which
may at the same time have bonds outstanding. Many towns and cities,
however, whose limits were about identical, have been consolidated (in­
cluding Shelton, Bridgeport, New Britain, New London and New Haven),
and the outstanding bonds of both town and city are reported together with­
out distinction.
The borough stands in about the same relation to the town as does the
city. The grand list as determined for the town is used by both the city
and the borough in levying taxes, the city, for instance, putting a tax of
its own on its share of the total grand list of the town. This tax is addi­
tional to the town tax. In eight municipalities the schools are in the charge
of school districts (40 in all), which also are empowered to issue bonds and
to levy a tax, so that to cover the total tax paid by a city, it is necessary to
take into account the State, town, city and school district levies. In the
statements which follow we give under one heading the town and city,
wherever they bear the same name, for, though distinct corporations, their
debts are to greater or less extent the debts of a single community.
AGGREGATE MUNICIPAL INDEBTEDNESS.
The total indebtedness of all the towns, cities, boroughs and counties in
the State was in 1924 $107,162,098. In the following table we show the
funded indebtedness, the floating debt and the total indebtedness of all the
civil divisions of the State at quadrennial periods:
Funded debt.
Floating debt. * Total debt.
1924______________ $94,562,618.00
$12,599,80.00
$107,162,098.00
1920 ______________ 69,511,94000
9,873,960 75
79,385,900 75
1916 ............................. 51,268,300 00
9,122,333 00
60,390,633 00
1912 ............................. 37,058,361 70
6,481,868 99
43,540,230 69
1908 ............................. 30,598,153 47
7,865,551 44
38,463,704 91
1904 ............................. 26,906,859 05
5,269,101 56
32,520,460 61
1900 ............................. 22,142,993 58
5.005,323 09
27,624,827 42
1896 ............................. 19,749,667 08
4,384,980 56
24,581,066 55
1892 ............................. 16.023,832 46
4.4/3,571 36
20,627,058 48
1888 ........................— 15,569,818 67
3,759,642 86
19.392.804 89
* In 1904 and at former periods the county debt ($344,500 in 1904) was
not divided into funded and floating debt, and therefore is included only
In total debt column.
Against the funded debt for the quadrennial period ending in 1920
there was a sinking fund of $5,955,130.03. For the 1924 period there was
a sinking fund of $7,150,834.




[Vol. 122.

CONNECTICUT—CITIES AND TOWNS
ANSONIA.

Ansonia is in New Haven County.
Inc. April 1889. Legislature in 1893
authorized consolidation of borough,
town and fire district to form present
city.
Municipal Impt. Bonds.
4J-£g'23J-D15$I70,000c*J’nel5’27-'43
Bridge Bonds.
414 g '13 A-O#54,000c *Apr 1 '27-’44
Sewer Bonds.
4s g '10 J-J $75,000o*_.July 1 1935
Refunding Bonds.
4s '11 M-N $75,000c* .Jan. 1 1937
4Us’15 M-N 95,000c*May 1 ’27-'45
School Bonds.
4s '05 J-J $10,400o*July 1 ’27-’30
BOND. DEBT Apr 1 '26- $484,000
Sinking fund____________
149,095
Tot. val. '25 (75% act.)..23,006,652
Tax rate (per $1,000) 1924____$22.00
Population 1910, 15,152; 1920 17,643
INT. at Ansonia Nat. Bank and
City Treasurer’s office.

Sewer Bonds.
44<s’llM-N $72,000--Nov 1 ’26-’61
444s’14 J-J 180,000-_July 1 ’27-’44
4Ks’16 J-J 300,000—July 1 ’27-’41
44£g’17 A-O 280,000c..Apr 2’27-’46
5s’18 J-D 572,000-.Dec 2 ’26-’47
5s’2O J-D (176,000--June 1 ’27-’34
1 20,000---- Junel 1935
544s’20J-D/ 2,000___ June 11935
1308,000--June 1 ’36-’49
5s ’21 J-J 144,000--July 1 ’27-’5O
444s’22 M-N100,000_-May 1 ’27-’51
444s’23 M-N200,000-.May 1 ’28-’52
44is’25 M-N(476,000-May 1 ’27-’54
1 7,000___ May 1 1955
School Notes.
444s’13 F-A $39,000--Aug 1 ’26-’28
Refunding Bonds.
344s’O3 J-J $45,OOOc-July 1 ’27-’39
6s ’20 J-D 500,000--Dec 1 ’26-’29
Street Bonds.

4Ks’16 J-J $150,000--July 1 ’27-’41
44<g’17 A-0280.000c..Apr 2 ’27-46
5s ’18 A-O 756,000--Apr 1927-’47
4Ks’25 M-N145.000-.May 1 ’27-’55
4Ks’25 J-D 500,000-June 15 ’26-’35
BERLIN.
This town is in Hartford County 444s’25 F-A 200,000--Aug 1 ’26-’3O
Incorporated May 1785.
Improvement Bonds.
School and Road Bonds.
4s'07 F-A 170,000o .Aug 1’26-’42
4s
F-A $60,000c_____________ 4Ks’25 F-A 180,OOOc.Feb 2 ’27-’56
(Due $2,000 yearly on Aug. 1.) * Construction Bonds.
BOND. DEBT Apr 1 '26-- $60,000
’19 J-D $374,000 June 2 ’27-’48
Ass’d val.’25(abt. 4-5 act.).7,638,204 5s
117,000.June 15 ’26-’34
Tax rate (per $1,000) 1925 __ $23.00 4Ks’25 J-D/
"t 12,000-..June 15 1935
Population 1910, 3,728; 1920 , 4,298
Grade Cross. Elimination Bds.
INT. payable at New Britain
344s’Ol J-J $30,C00--July 1 ’26-’28
Trust Co., New Britain.
TOT. DEBT Mar 31 ’26-$14,155,000
Assess, val. 1925_______ 252,701,570
BETHEL.
Grand list 1925 ________292,295,776
Tb‘3 town is in Fairfield County.
Tax rate (per $1,000) 1925 __ $27.40
Incorporated May 1855.
Value city prop. ’25 (est.) 30,000,000
Consolidated Bonds.
4J4s’23M-N15/$60,000cMayl5’27-41 Pop. ’10,102,054; 1920 _____ 143,538
t 3,000c Mayl5 1942
INT. at City Treasurer’s office.
Refund.bds.(dueNov 1 ’51) $20,000
BOND. DEBT Apr 1 '26.. $83,000 BRISTOL.
Water debt (add’l)______
47,500
This city is in Hartford County.
Total, grand list ’26 (about
Incorporated May 1785.
90% actual)__________ 3,299.899
The 1911 Legislature granted a
Tax rate tper $1,000) 1926 . .$25.00 charter to the city (accepted by the
Population 1910, 3,792: 1920, 3,201 voters Aug. 14 1911, going Into effect
INT. on bonds of 1923 at Bethel Oct. 2 1911) superseding the old town
National Bank, Bethel.
and borough governments, the lia­
bilities of which are assumed by the
city.
BLOOMFIELD.
School Bonds.
This town is in Hartford County. 4Ks
’25 M-S $88,000c*Mar 1 ’27-’48
Inc. May 1835.
First Tax District Bonds.
BOND. DEBT Apr 6 ’25.. $99,000 444s
’
24 A-O$ 190,000c*Oct 1 ’26-’44
Floating debt (add’l)_____
95,458
Funding Bonds.
Assess, value, real estate__ 3,894,582 4s Water
’
24
A-O $95.000c*0ct 1 '26-’44
Assessed value, personal__ 440..633
General City Bonds.
Total assess, value 1924
’15 J-D $150,000c*June 15 1940
(about actual)------------- 4,335,215 44is
’21 M-Nl.250,000c*____ Nov 1
Tax rate (per $1,000) 1924__ $23.00 5s
1925-51, & $600,000, 1952)
Pop’n '10, 1,821: ’20............ ...2,394 ($25,000,
Water Bonds.
444ST4 J-J $500,000c*..Jan 1 1939
BRANFORD.
444s’22 F-A 200,000c*..Feb 1 1947
This town is in New Haven County.
South Side Sch. Dist. Bonds.
Refunding Bonds.
4Ks’25 M-S $240,000 Mar 1 ’27-’5O
494s’23J-D30$120,000cJune 30 ’34-62
Town Bonds Assumed.
(Due $8,000 in each even year.)
4s
J-J $'17,000c*..Jan 2 1927
4 %s’23J-D30 10,000c. - June 30 1964 TOTAL DEBT Mar 1 ’26 $2,689,937
BOND. DEBT Sept 1 ’25.. $130,000 Water debt (incl.)---------818,000
Floating debt (add’l)_____
42,121 Other indebtedness (incl.) a378,387
Sinking Fund___________
9,607 Sinking funds, not includ.
Grand list 1924___________ 8,503,953
any which are applicable
Tot. tax rate (per $1,000) ’24. $26.00
to water debt only____
144,526
Population.. 1910, 6,047; 1920, 6,627 Grand list 1925_________ 47.472,741
INT. payable at the Second Nat. City tax (per $1,000) 1925___ $22.50
Bank in New Haven.
Certain expenses, such as side­
walks, sewers, police, &c., are paid
BRIDGEPORT.
Cy the “First Taxing District,” which
This city Is In Fairfield County. accupies the same territory as the old
Incorporated as a city In 1836. In borough and assumes the borough
1889-90 the town and city of Bridge­ obligations included in the above debt
port were consolidated, the city as­ figures, which are as follows:
suming the town's debt.
Bonds outstanding_______ $190,000
Public Clinic Bonds,
Floating debt____________
5,000
4Ks’16 J-J $25,000. .July 1 ’27-’31
The Mayor and Council of six mem­
4^g’17 A-O 100,000c.Apr 2 ’27-’46 bers govern both the city and taxing
Park Bonds.
4Ks’16 J-J $l76,000..July 1 ’26-’41 Pop’n (town & city), 1920___ 20,620
44£s’17 A-O 160,000c.Apr 1 ’27-’46
INT. on all bonds is payable at
5s ’19 J-D (286,000.-June 2 ’26-’47
Old Colony Trust Co. of Boston
1 8,000___ June 2 1948 the at
the City Treasurer’s office
5s g ’20 J-D 46,000.-June 1 ’27-’49 or
5s g ’20 M S 48,000—Sept 1 '26 ’49 with the exception of the 4Ks of
4Ks’24 F-A 50,000--Aug 1 ’29-’53 1915, the 4s of 1897, which are
payable at the City Treasurer’s
Police and Fire Dept. Bonds.
44£s’16 J-J $80,000--$5,000 yearly office only.
4Kg’17 A-O 75,000c.Apr 2 ’27-’41 BROOKLYN.
Alms-House Bonds.
This town is in Windham County.
4Ks’15 J-J /$60,000..Jan 1 ’27-’32 Incorporated
May 1786.
t 5,000___ Jan 1 1933
Refunding Bonds.
Isolation Hospital Bonds.
4Ksg'22
A-O
Aprl ’27-52
4Kg'17 A-0$150,000.-Apr 1 ’27-’41 BOND. DEBT$38,500r*.
Aug 15’25 $45,500
Bridge and City Hall Repair.
indebtedness_____
1,056
3 44s ’05M-N $26,600o-May 1 ’27-’45 Other
Sinking fund_____________
4,927
Fire Department Bonds.
val., real estate__ $1,138,089
344s’O6 A-O $4,000c.Apr 1 ’27-’28 Assess,
val., personal____ 482.857
4 Ks’13 J-J
5.000—Jan 2’27-’31 Assess,
Total assess, val. 1925__ 1,620,946
Library Bonds.
Tax rate (per $1,000) ’25___ $18.00
4Ks'25 M-N$145.000.May 1 ’27-’55 Population
1910, 1,858; 1920.-1,655
4Ks’25 F-A/10C,000-.Aug 1 ’26-’50
1 15,000-.Aug 1 ’51-55 CANTON.
Bridge Bonds.
This town is in Hartford County.
3 44 Is ’J-J $25,000o..July 1’27-’31 Incorporated
May 1806.
444g'lO!J-J 312.000-.July 1 ’27-’65
Refunding Bonds.
444s’15 J-J 120,000-.Jan 1 ’27-’38 4Ks
’
23
M-N$36.000c.$2,000
yearly
444s’ 16 J-J 80,000_.Jan 1 ’27-’42 BOND. DEBT Apr 21 ’26. $36,000
44<s’16J-J 160,000.-July 1 ’26-’41 Floating debt (add’l)-------25.000
5s’19 J-D 176,000_-June 2’26-’69
val., real estate_
2,490,469
444s’23 M-S 330,000r*_Sept 1 ’26-58 Assessed
value, personal_ 756,516
4Ks’25 M-N 50,000..May 1 ’36-’5O Assessed
Other
assess,
property
____
14,122
4Ks’25 F-A 400,OOOc.Feb 1 ’27-’66 Tot.ass’d val.’25_______ 3,261,107
School Bonds.
Total
tax
rate
(per
$1,000)
’
25-$l8.00
4Ks’13 J-J $296,000--Jan 2 ’27-’63 Population in 1910, 2,732; *20, 2,549
4Ks’14 J-J 72,000-.July 1 ’27-’44
444g’15F-A 100,000-.Aug 1 ’26-’35
4Ks’16 J-J 150.000_.July 1 ’27-’36 CHATHAM.—See E. Hampton.
44£g’17A-O 340.000c.Apr 1 ’27-’46
5s ’19 J-D 1133,000.-June 2 ’27-’45 CHESHIRE.
This town is In New Haven Co.
1 1,000___ June 2 1946
5s’20 J-D 184,000--June 1’27-’49 Incorporated May 1780.
School Bonds.
544s’21 J-J 26,000____ 1926-1951
444g’22M-N 375,000.$15,000 yearly 4Ks’25 J-J $76,000c.Jan 1 ’27-’45
Refunding Bonds.
444’23M-N (350,000--May 1 ’27-’51
1 8,000--May 1’52-’53 4Ks’25 J-J $19.000c-Jan 1 ’27-’45
444s’24 J-J 420,500r*. Janl5’27-54 TOTAL DEBT Apr 1 ’25— $100,000
44<s’24 J-J 435,000-July 15 ’26-’54 Grand list 1924___________4,240,038
44£s’25 J-J (868,000r*June 2 ’27-’54 Tax rate (per $1,000) 1924—$22.00
1 27,000r*..Jan 2 1955 Population 1910, 1,988; 1920.2,855
INT. at Colonial Trust Co.,
4Ks’25 F-Al 160,OOOc.Feb 1 ’27-’36
(340,000c.Feb 1 ’37-’56 Waterbury.

June, 1926.]
COLCHESTER.
This town is in New London Co.
Town was named in October 1699.
BOND. DEBT Apr 1’26-. $284)00
Floating debt (add’l)_____
41,000
Assessed val., real________ 1,184,884
Assessed val., personal___ 248,758
Total assessed val. 1925___1,433,142
Tax rate (per $1,000) 1925___ $34.00
Population in 1910, 2,140: *20, 2,050
CROMWELL.
This town is in Middlesex County.
School Bonds.
4J4s’22 F-A (44,000c. Aug 1 ’26-’47
t 3,000c...Aug 1 1948
Refunding Bonds.
6s’15 J-J $20,OOOr ..July 1’26-’30
BOND. DEBT Apr 1 1925- $65,000
Floating debt (add’l)_____
20,000
Total assessed val., 1925
(about 85% actual)____ 2.688 J580
Town tax (per $1,000) 1925
21.00
Population.. 1910, 2,188: 1920, 2j454
INT. on school bonds payable at
the Old Colony Trust Co. in Boston
and on refunding bonds in Cromwell.
DANBURY, CITY.

In Danbury Town, Fairfield Co.
Settled 1685; named Oct. 1687 and
incorporated in 1889. Pop’n 1010.
20.304; 1920, 18,943.
Funding Bonds.
4s ’97 M-N $150,000c* May l’2^-’37
3 Hs ’01 A-O 215,000r. oot 1 i941
Water Bonds.
4s ’06 J-J$109,000o......... Jan 1 1946
4s ’09 J-J 5.000c_____ Jan 1 {929
Paving Bonds.
4Xs ’19 J-D $40,000.-Dec 1 ’26-’3O
Refunding Bonds.
4^s’2O J-J $95.000c...Jan 1 1950
44£s’23 J-J 42,500c.July 1 ’27-’43
BOND. DEBT Feb 1’26- $545,000
Water debt (additional)_
114.000
Floating debt_____________ 105,000
Sinking funds___________
79,000
Total val’n 1925 (actual) .23,750.000
Tax rate (per $ 1.000) 1925... $13 00
INT. on funding bonds at National
Park Bank, N. Y.; on water bonds at
Equitable Trust Co., New York; on
paving and refunding bonds at City
National Bank, Danbury.

Sewer Bonds.
4^g’19 A-O ($21,000c.Oct 1 '26-’46
1 6,OOOc_Oct 1 ’47-’49
Water Street Impt. Bonds.
4^s’21A-O ($4,OOOc.Apr 1 ’27-’3O
t l,500c_..Apr 1 1931
TOT.BD.DT. Janl’26. $505,500
Assessed value, real_____ 9,763,217
Assessed value, personal.. 1,467,126
Other assessable property . 129,805
Total assessed value 1925.11,360,148
(Assessment 75% to.100%)
Total tax (per $1,000) 1925__ $25.37
Population 1910, 8,991; 1920, 11,238
INT. at Birmingham Nat.Bk,Derby.

EAST HAMPTON.
This town (formerly Chatham) is
in Middlesex Co. Inc. as town of
Chatham 1767. Name changed on
Oct. 4 1915.
School-Building Bonds.
444s’14 J-J $20,000c....Jan 1 1944
Ref. Ry. Bonds (Tax-Exempt).
4s ’09 J-D f $4,000r June 1 ’27-’28
1 3,000r_. June 1 1929
4s’10 J-D 25,OOOr...June 1 1940
(Subject to call $10,000 In 1920 and
$10,000 In 1930.)
BOND. DEBT Apr 1 1926 $68,340
Floating debt (add’l)_____
20.000
Assess, value, real________2,604,711
Assess, value, personal___ 669,871
Other assess, property.__
14,525
Tot .assess .val .’25(80% act) 3,289,107
Tax rate (per $1,000) 1925—$22.00
Population 1910, 2,390; 1920, 2,394
INT. Cent.Nat. Bk.,Middletown.
EAST HARTFORD.

This town Is In Hartford County
Ino. Oot. 1783.
School Bonds.
4^s’17 M-N$200,000c*Nov 1 ’27-’46
(150,000—-Jan 1 ’30-’44
444s’26 J-J j 60,000...Jan 1 ’45-’48
(13,000___ Jan 1 1949
Funding Bonds.
4sg’O9 A-O $88,000c. .Apr 1 193S
(Subject to call after April 1 1829.)
TOTAL DEBT Jan 1 ’26. $709,966
Floating debt Aug 10 1925 180,000
Sinking fund Aug 10 ’25. 30,034
Tot.ass’d val.’25(69%act.) 16,032,827
Tax rate (per $1,000) 1925___ $22.00
DANBURY, TOWN.
Pop. 1910, 8,138; 1920 ......... .11,648
Funding Bonds.
3 Ms 02 A-O $225,000o*.Apr 1 1932
INT. at City Bank & Trust Co..
School Bonds.
i
Hartford, and East Hartford Tr. Co.
3 44s ’02 A-O$50.000o*. Apr 1 Il9
1932
4s ’05 M-Nf 72,000c*_Mch 1 '2|7-'5O
1 20.000o*_Moh 1 '51-’55 EAST HARTFORD FIRE DIST.
$45,000c* June 1 ’26-’34
Improvement Bonds.
120,000c* June 1 ’35-’46 444S’25 F-A$150,000___ Mayl 1950
150,000c* June 1 ’47-’56
Water Loans.
180,000c* June 1 ’57-’65 4s
A-O $115,000___ Oot 11931
IT Mar 31'26 $862,000 4s
J-D 135.000—-June 1 1933
Floating debt___________
75,000 4 44s’12J-D $50,000o.June 1 1932
Sinking fund___________
72,010
(Subject to call June 1 1932)
Assessed val. ’26 (2-3 act.) 27,608,323 5Xs’21 ... 400,000—May 1 ’27 ’51
Tax rate (per $1,000) 1926__ $19.00 BOND. DEBT Jan 1 ’26-- $888,000
Population In’10.23,502; 20,20^325. Floating debt (add’l)_____
66,000
INTEREST is payable at the Sinking fund_____________ 186,419
Equitable Trust Co., N. Y. City
Value of water plant,_____ 1.291,730
Assess, val. ’25 (54 act.)..9.379,715
DANIELSON.
Tax rate (per $1,000) 1925.—$6.50
This borough is in Windham Co.
Population in 1923 (est.)____ 13,500
BOND. DEBT Apr 1 1926.
(None
Floating debt____________ $35,500 EAST HAVEIL
Grand list 1925__________ 2,570,085
This town is in New Haven Co.
Tax rate (per $1,000) 1925.__ $9.50 Incorporated May 1785.
Pop. 1910, 2,934; 1920..............3,130 GEN. BD. DT. Apr 1 1925 $172,000
DARIEN.
Floating debt____________ 23.850
This town is n Fairfield County. Sinking fund_____________ 23 961
Grand list 1924 (54 actual).6,957,085
Incorporated May 1820.
Total tax rate (per $1,000) ’24.$24.00
Highway, Sidewalk & Bridjge.
4%s’22 A-O 60,000c*.Apr 1 ’27-'32 Population 1910, 1,795; 1920.-3,620
School Bonds.
444s'17 J-J $30,000c* July 1 ’27-’32 EAST LYME.
This town is in New London Co.
BOND. DEBT Apr 1’26. $135,000
Floating debt (add’l)____
34,080
Incorporated May 1839.
M-N
$36.000c_______ 1961
---------------Assessed val; '25 (?< act.).ll,086,921 4>4s
(Due $1,000 yearly.)
Tax rate (per $1,000) 1925—$24.50
M-N$7,500c__________ 1940
Population 1910, 3,946’ 1920.^4,184 454s
(Due $500 yearly.)
INT. at Darien Home Bank.
BOND. DEBT May 29 ’25 $43,500
DERBY.
I
list 1924_________ 3,628.486
This city Is situated In New Haven Grand
rate (per $1,000) 1924—$17.00
County. Named May 1675; Date Tax
of organization uncertain. By Enact­ Population 1910. 1,916; 1920. 2,291
ment of the Legislature in 1893
the town of Derby, borough of EAST WINDSOR.
Birmingham, and the schoo) dis­
This town is in Hartford County.
tricts of the town, were consoli­
Incorporated May 1768.
dated under one form of govern­ Funded debt Sept 1924___ $97,822
ment, assuming the name of the Total assess, val. 1924.__ 4,256,253
“City of Derby.” The consolida­ Tax rate (per $1,000) 1924...$22.00
tion took effect on Jan. 1 1894, and Population in 1910, 3,362; ’20. 3,741
the debts of the town, borough and
school districts were assumed by city. ENFIELD.
Paving Bonds.
This town (P. O. Thompsonville)
4J£s’24 M-S $20,000c.Sept 1 ’29-’38 Is in Hartford Co. Town named
Fire Department Bonds.
and granted by State of Massachu­
4J<_s’24 M-S $20,000c.Sept 1 ’29-’48 setts in 1683, annexed to State of
City Service Truck Bonds.
Connecticut May 1 1749.
4Xs’25 F-A $5,OOOr ..Aug 1 1926
Town Bonds.
Road and Bridge Bonds.
454s’14F-A $50,000c—.Feb 2 1934
3 K& 04 M-N $21,000o—.Nov 1 1934 454g’16J-J 27,500c—.July 1 1936
(Subject to call $3,000 yearly.)
5s’ 21 M-N 350,000c...Nov 1 1946
Highway Improvement Bonds.
( 11,500c. ..Dec 1 1929
444s’22 A-O $38,000r*. Apr T'27-45 4s '24 J-D 24,000c.Dec 1 ’30-’31
Bridge Bonds.
(242,000c.Dec 1 ’32-’53
4^s’19 F-A $12,000c.Feb 1 ’28-’48 BOND. DEBT Sept 1 ’2m- $735,000
($1,000 every two yearsl)
Sinking fund...............
51,463
Refunding Bonds.
Grand list of 1925_______ 17,865,500
4s’08 A-O $25,000o—.Oct 1 1928 (Assess’t about 80% actual value.)
444g'14J-J /24,OOOc.July 1 ’27-’34 Tax rate (per $1,000) 1925__ $20.00
140,000c. July 1 ’35-’44 Pop’n 1910, 9,719; 1920............ 11,719
Mansion House Corner Bonds.
INT. at Thompsonville Tr. Co.and
4s T7 J-D $6,000r...June“l 1937 Hartford-Conn.
Tr. Co., Hartford.
(Due $1,000 every two years begin­
ning June 1 1927.)
FAIRFIELD.
School Bonds.
3J4s '05 F-A $6,000c —.Aug 1 1939
This town Is In Fairfield County.
(Subject to call $2,000 yearly.)
Town was settled in 1639 and named
444s T4 A-O $7,000c. .Apr 1 1944 In 1645.
(Subject to call $3,000 yearly on 4s '09 M-S $75,000c__.Sept 1 1929
April 1 or any interest payment 4s T6 J-J *40,000c.„July 1 1936
date.)
High School Bonds.
444s 15 J-J $18,000c----- Jan 1 1945 4s ’24 J-J $210,OOOc.July 1 ’27-’47
(Subject to call $3,000 yearly on
Refunding Bonds.
Jan. 1 or any interest payment 4s ’23 J-Ja$425,000c.—Jan 1 1948
date.)
TOT. BD. DT. Apr 1’26. $760,000
444s’22 J-D 80,000r*_June 1 l’37-’52 Floating debt (add’l)____
130,000
4Ms’24 M-S 144,000c.Sept 1 ’29-’52 Sinking fund____________
52,803

I




57

CONNECTICUT—CITIES AND TOWNS
Grand list 1925_________ 25,156,392
Tax rate (per $1,000) 1925___ $19.00
Population 1910,6,134; 1920.-11,475
*INT. on this issue at Town Treas.
office or in N. Y. City; on bonds
marked (a) at First Nat. Bank, Bos­
ton; on other at Southport Trust Co.
FAIRFIELD COUNTY.

Bridgeport and Danbury are the
county seats. Pop’n 1910, 245,322.
1920. 320,919.
Bridge Bonds.
554s’21 A-0$250.000c___ Oct 1 1951
Court-House Bonds.
454s’15 J-J $245.000—.July 1 1945
Refunding Bonds.
4s g’09 A-O $120,0000—Oct 1 1939
(Subject to call Oct 1 1929)
BOND. DEBT Oct 1 1924 $615,000
Sinking fund__________
109,224
Grand list 1924________ 596,066,587
INT. on 444 s of 1915 at First Nat.
Bank, Boston, or First Bridgeport
Nat. Bank; other interest at Firs
Bridgeport Nat. Bank.
FARMINGTON.
This town is in Hartford County
Named Dec. 1645.
Refunding Bonds.
4Hs’25 J-J $116.000c. .Jan 1 ’27-’55
TOTAL DEBT Apr 1 ’26. $116.000
Grand list 1925............. ..$6,307,435
Tax rate (per $1,000) 1925__ $16.00
Population 1910, 3,478; 1920, 3,844

GLASTONBURY.
This town is in Hartford County
Inc. May 1690. Pop’n 1910, 4,796.
1920, 5,592.
4s
J-J $35.000___ Jan 1 1928
Funding Bonds.
444s’22 J-J $100,000..July 1 ’27-’46
School Bonds.
444s’23 J-J $160,000c.. Jan 1 ’27-’58
TOTAL DEBT Sept 1924- $233,823
Grandlist 1924__________ 8,085,075
Tot. tax rate (per $1,000) ’24-$15.00
INT. on 4s at Hartford Trust Co.;
on bonds of 1922 at the Glastonbury
Bank & Tr. Co., Glastonbury.
GREENWICH, TOWN.

The town and borough of same
name are located in Fairfield County.
Inc. in 1662. Pop’n 1910. 16,463;
1920. 22.122.
Sewage Disposal Works Notes
5Ms’21 J-D z$52,000—June 1 ’27-’29
Sewer Dist. No. 9 Bonds.
5s’21 ... $48,000_______
Highway Improvt. Bonds.
444s’19M-N $65,000________
f 5,000r*.May 1 1927
444s’23M-N{ 105, OOOr *May 1 '28-’3O
I 15,OOOr*.May 1 1931
(28,000c*..Mar 1 1927
4J4sg’25M-S (84,000c*Mar 1 ’28-’3O
(27,000c*. _ Mar 1 1931
( 20,000c*—May 1 1931
4s ’24 M-N 280,000c*May 1 ’32-’39
I 25,000c*..May 1 1940
School Bonds.
4 44s’14 ... $106,000
4^g’20M-N/160,000-May 1 ’27-’34
I 15,COO___ May 1 1935
5s ’20 ... 20,000
...........
150,000c*.Jan 1 ’27-’29
4J<s’24 J-J 150,000c*.jan 1 ’30-’31
50,000c*__Jan 1 1932
50,OOOr*..Feb 1 1932
4Xs’25 F-A 900,OOOr* Feb 1 ’33-’44
50,000r*__Feb 1 1945
Refunding Bonds.
4J4s g’12J-J $90,OOOc.July 1 ’27-’44
4s ’09 F-A$338,000c——1926-1954
444g’15 A-O 70,000..Apr 1 ’27-’4O
High School Bonds.
4s ’07 J-J $100,000o.July 1 1935
Park Bonds.
5s g ’20M-N $20,000c.May 1 ’27-’3O
BOND. DEBT Jan 1 ’26.$3,086,000
Grandlist 1925-......... ........ 81,448,996
Tax rate (per $1,000) 1925—$19.50
z These notes are a joint obliga­
tion of the Town of Greenwich and
the Borough of Greenwich.
INTEREST on high school issue
payable at Treasurer’s office or
Greenwich Trust Co., Greenwich;
refunding bonds of 1909 at Bankers
Trust Co.: others at U. S. Mtge. &
Trust Co., New York.

INT. payable at Chase Nat’l
Bank, New York, and National
Whaling Bank, New London.
GROTON WATER DISTRICT.

4 44s’llJ-J 15,000__________ 1941
4Xs’ll J-J 15,000__________ 1941
444s’ll M-N 30,000............... ..1943
444s’22 ... 125,000 ____
Serial
4Ks’25 A-O 145,000..Apr 1’27-’51
Refunding Bonds.
4Xs’25 J-D ($3,000c. - .May 1 1926
l62,000c*May 1 '27-’57
TOT. DEBT Apr 1 ’26—. $395,000
Floating debt____________
8,700
Ass’d val. ’25 (4-5 act.) ...5,000,000
Tax rate (per $1,000) 1925____$4.00
Population in 1926 (est.)........... 5.000
INT. payable at National Bank
of Commerce and National Whaling
Bank, both of New London, Conn.
GROTON FIRSTSCHOOL DIST.
This district (P. O. Groton) is in
New London County.
4Ks’25 J-D$102,000c.June 1 ’27-’6O
BOND. DEBT April 1 ’26. $102,000
Total assessed value 1926. .2,512,312
Population (est.)_____________4,000
__.JNT. payable at the National
Whalmg Bank, New London.
GUILFORD.
This town is In New Haven
County. Settled 1639, named July
1643. Pop’n ’10. 3,001; ’20, 2,803.
BOND. DEBT Jan 1’26—
None
Floating debt____________ 70,685
Total assess, val. ’25 (abt.
% actual)--------------------3,330,819
Tax rate (per $1,000) 1925___ $22.00
HAMDEN.
-------This place is in New Haven Co.
Improvement Bonds.
5s
... $100,000.........................
(120,000 ------- 1926-1947
444s 23 — (($l5,000 every 3 years.)
c
, J 9,000..........
1950
School Bonds.
444s’24 ... $110,000____ 1927-1948
Sewer Bonds.
4Ks’25M-S $100.000c-Sept 1 ’28-’31
BOND. DEBT Mar 30 ’26. $498,000
Floating debt (add’l)_____ 158,121
Assessment debt (add’l)... 300,000
Sinking fund------------------34,500
Assessed val., real______ 28,847,274
Assessed val., personal__
511,492
Total assess, val. 1925
(about 85% actual)___ 29,358,766
Tax rate (per $1,000) 1925—.$23.00
Population 1910, 5.850; 1920, 8,611
HARTFORD.

This city is in Hartford County.
The town and olty of Hartford
were consolidated on April 1 1896,
and their debts are no longer reported
separately. City Incorp. May 1784.
Municipal Building Bonds.
444g 13M-NS1,570, OOOr* Nov 1 1933
Land-Purchase Notes.
4s’14 M-S$225,000.Sept 10 ’26-’34
Pipe Extension Bonds.
4s '25 J-D $90,000.June 1 ’27-’35
Perm. Impt. Notes r*.
4Xs’18J-D $200,OOOr* Dec 1 ’26-’27
444g’19J-D (100,OOOr*..Dec 1 1928
,,, ______ 1 50,000r*_.Dec 1 1929
444s 2] J-D 400,OOOr* Dec 1 ’26-’33
Paving Bonds.
344g,98J-J $200,OOOr. .Jan 1 1938
344gOOJ-J 20,000r...Jan 1 1930
High School Bonds.
344g’98 J-J $160,OOOr___ Jan 1 1938
444g’14 F-A 650,OOOr*..Feb 1 1939
Is g ’23 J-Jl,350,OOOr*.Jan 1 ’27-’53
4s ’25 J-J 1,450,OOOr*.Jan 1 ’27-’55
Bridge Bonds.
344g’98 J-J $40,OOOr___ Jan 1 1938
344g’04 J-Jl ,000,000r*._ July 1 1954
344g’05J-Dl,000,000r*..June 1 1955
Water Bonds.
4sg’14J-D$2,000,000r*.June ’30 &39
4sg’17J-D 2,000,OOOr*.June l’40-’49
5sg’21 J-D
75,000r*. June 1*27-29
4sg’22J-D 100,OOOr*.June 1’38-’41
444s’23M-N 80,000r*.Novl’26-’33
4s ’24 A-O 200,000r*0ct 1 ’29-’36
4s ’24 A-O J0,000r*0ct 1 ’26-’34
4s g ’25 J-D 100,000r*June 1 ’26-’35
4s’ 26 J-D 300,000r*_June l’31-'6O
Town Deposit Fund.
6s
---- $23,481.'_______Demand
TOTAL DEBT Apr 1 ’26$13,115,481
Water debt (included)__ 4.678.000
Sinking fund___________ 1,508,463
GREENWICH. BOROUGH.
Incorp. 1854. Population 1910, NET DEBT____________ $7,446,363
Water
Sinking Fund (not
3,886; 1920. 5.939.
incl. above sink, fund).
455,359
Refunding Sewer Bonds.
CITY PROPERTY.—The city
444g’22M-NJ$140,000c_Dec l’27-’54
I 7,000c—Dec 1 1955 owned property to the value of
$31,807,309 on April 1 1926.
Road Bonds.
444s’19 A-O $90,000c*0ct 1 ’26-’35 ASSESSED VALUATION AND
Funding Bonds.
TAX RATE.
44is’15 J-D$130,000r*Dec 1 ’26-’38
xTotal
Tax Rate
BOND. DEBT Apr 11926. $377,000
Valuation, per $1,000
Grandlist 1925 (90% act) 15,000,000 1925-----------$583,504,254
$18.50
Tot,tax rate(per $1,000) ’25—$l 1.00 1924.......... 493,418,699
19.50
INTEREST at Greenwich Trust Co 1923-------- 408,067,332
20.00
and U. S. Mtge. & Tr. Co., N. Y.
1922.......... 401,874,401
21.00
1921---------- 369,463,763
20.50
GRISWOLD.
1920............. 368,215,684
20.50
This town is in New London Co 1919_____ 278,440,301
28.75
Incorporated October 1815.
1918_____ 242,935,954
24.00
5s
... $96,000.......................... 1917_____
41,238,358
22.00
BOND. DEBT Apr 1 ’26— $96,000 1916........... x 36,344,401
20.50
Floating debt (add’l)_____
23,500 1915 ............. 193,528,927
21.50
Grand list 1925_________ 3,140,891 1914........... 180.8 4.480
22.25
Tax rate (per $1,000) 1925__ $25.00 1910............ 138,060,842
16.50
Population 1910, 4,233; 1920, 4,220 1905...........
96,967,410
18.00
1900...........
69,761,120
17.50
GROTON.
1895............. 53,211,681
17.00
This town is in New London Co. 1890--------47,225.324
17.00
^Including valuation of corporation
Inc. May 1704. Pop’n 1910, 6,495;
stock held by residents, which for
1920 9227
5s ’19 J-D $35,000c...$7,000 y’ly 1916 aggregated $100,467,135; in
4Ks’23 A-O 60,000___ $4,000 yrly 1917 it was $97,927,771; in 1918
totaled $90,884,077, in 1919 it was
Funding Bonds.
($160,000—July 1 ’26-’41 $107,626,410, in 1920 it was $104,4Xs’25 J-J i
5,000___ Jan 1 1942 408,758, in 1921 it was $99,162,703.
BOND. DEBT Apr 1 ’26— $247,000 in 1922 it was $121,548,670, in 1923
Floating debt (add’l)_____
89,939 it was $119,258,745, in 1924 it was
Tot. gr. list’25(80%act.)-.9,000,000 $192,653,059, and in 1925 it was
Tax rate (per $1,000) 1925
$25-00 $265,447,955.

58
HARTFORD {Concluded).
Population 1910, 98,915; 1920,
138,036.
Coupon interest payable at Treas­
urer’s office. Registered interest
mailed.
SCHOOL DISTRICT TAXES —
Under an Act of the Legislature ap­
proved April 3 1913, a tax is levied
on the city’s “grand list” and the
proceeds appropriated for the pur­
poses of school maintenance in the
various school districts, the same
being apportioned according to the
number of pupils in each district
For the first year of operation of this
Act the tax levy was fixed at 5 mills.
Previously each of the districts given
below reported separate valuations
and tax rates.

CONNECTICUT—CITIES AND TOWNS
BOND. DEBT Apr.l ’26..$311,000
Sinking fund____________ 106,087
Ass’d val. ’25 (approx.)..50,000,000
Taxrate (dist.) (per $1,000)’26.$1.00
Population in 1926 (est)____ 38,000
INT .at Phoenix Nat.Bk. .Hartford

HARWINTON.
This town is in Litchfield Countv
Incorporated Oct. ’1737. Part of
this town annexed to the newly
incorporated city of Torrington,
which accounts for the decrease in
the debt and in the valuation figures
(see Torrington).
Funding Bonds.
4)^s’22 J-D $27,000.-June 1 ’27-’54
BOND. DEBT Apr 28 ’24. $30,000
Grand list 1924._________ 834,886
Tax rate (per $1,000) 1924---- $22.00
Population 1910, 1,440; 1920.-2,020
HARTFORD “ARSENAL SCH
INT. at the Hartford-Connecticut
DISTRICT.”
Trust
Co., Hartford.
4s ’08 M-N*$80,000o ..May 1 1938
4s’12 J-J *60,000o._-Jan 1 1942 HUNTINGTON (See Shelton.)
4s'17 J-D *60.000c...June 1 1947
4^s’22 J-J 96,000c..._________
Payable $12,000 every 3 years be­ JEWETT CITY.
This borough is in New London Co.
ginning Jan. 1 1925, ending 1952.
Building Bonds.
BOND. DEBT Mar 30 ’26- $126,000
4>Ss’17 M-S$140,000cSept 17 ’26-’47 Sinking fund_____________
12,485
(Due $20,000 every 3 years.)
Tot.ass’d val.’25(75%act.) .2,368,919
BOND. DEBT May 31 ’26. $468,000 Total tax rate (per $1,000) ’25-$10.00
Sinking fund___________
20,316 Population in 1910,3,023; ’20,3.196.
Special reserve account___
1,279
Total assessed value 1924.10.271.646 RENT
District tax (per $1,000) 1926--$3.00
This town is in Litchfield County.
INT. on bonds marked (*) at Incorporated October 1739.
RiversideTr. Co., Hartford; on others BOND. DEBT Apr 1’26..
None
at City Bank & Trust Co., Hartford. Floating debt------------------- $302,000
Assessed val. real_________ 1,048,639
HARTFORD COUNTY.
Assess, val. personal_____ 206,650
Hartford is the county seat.
Tot. ass’d val.'25 (act.val.) 1,255,289
4J£s’24 A-O$486,000c.Apr 1 ’27-’44 Tax rate (per $1,000; 1925__ $20.00
BONDED DEBT Apr 1926 $486,000 Population 1910, 1,122; 1920.-1,086
Grand list 1924_______ .631,495,827
Pop. 1910, 250,182; 1920...336,027 KENSINGTON FIRE DISTRICT
INT. at Hartford-Connecticut(P. O. Kensington, Hartford Co.)
Trust Co., Hartford.
414s’22 M-N $95,000--May 1 ’27-’5O
BOND. DEBT Apr 1 1926. $95,000
HARTFORD “NORTHEAST SCH. Grand
list’24(abt. act.).1,990,120
DISTRICT.”
District tax rate(per$l,OO0) ’25.$9.O0
Building Bonds
4s ’09 J-D $100,000c...June 1 193S Population in 1926 (est.)_____ 3,200
3 Me ’01 J-D 66,000c. _ .June 1 1931
4^s’l4 M-S 100.000c-._Mar 1 1944 KILLINGLY.
This town Is In Windham County.
4,^s’19 J-D 250,000c...June 1 1959
BOND. DEBT April 1926--$516,000 Incorporated May 1708.
Floating debt (add’l)____ . 29,000 41is’16 J-J $56,000c.$2.000 yearly
Sinking fund____________
101,924 4^s’22 J-J 130,000c.July 1 ’27-’52
Ass’d val. ’25 (2-3 act.)..11.741.247 BOND. DEBT Apr 1 ’26-. $192,000
Dist. tax rate (per $1,000) ’25--$1.75 Total taxable value 1925_ 6,987,978
INT. on Phoenix Nat. Bk., Hartf. Taxrate (per $1,000) 1925___ $18.00
Population 1910. 6.564: 1920. 8.178
HARTFORD “NORTHWEST
INT. at Merchants’ Nat. Bk.,Bos.
SCHOOL DISTRICT.”
Bonds are subject to taxation.
4s’08 M-S $200,000--Sept 1 1938 LISBON.
A town in New London County..
4^s’15 M-S 150,000c...Sept 1 1945
5s ’21 M-N264.000.-Nov 1 ’26-’59 Incorporated Oct. 1739.
4Hs’25 M-S 400.000-.Sept 1 ’26-’65 BOND. DEBT Mar 31 ’26—$28,000
5,000
BOND. DEBT April.1925 $626,000 Floating debt (additional).
Floating debt (add’l)____
250,000 Sinking fund______________ 19,000
Assessed value 1925_____ 23,899,253 Total ass’d val. ’25 {% act.)_550,344
INT. at Security Co. of Hartford Total taxrate (per $1,000) ’25.$27.00
Population in 1910, 824; 1920, 867.
HARTFORD SCH. DIST. No. 1.
4^s’19 A-O$300,000c___ Oct 1 1959 LITCHFIELD, TOWN.
This town Is the county seat ot
(Opt on or after Oct 1 1929 )
5s ’22 A-O/ 50,000c--.Apr 1 1927 Litchfield County .Incorporated 1719.
School Bonds.
(350,000c.Apr 1 ’28-’41
BOND. DEBT May 18’26 $700,000 4s ’24 F-A$125,OOOc.Aug 1 ’29-’53
Funding Bonds.
Ass’d val. ’25 (approx.). 94,C00,000
F-A$125,000c. .Feb 1 ’27-’41
School tax rate (per $1,000) ’25$12 50 4J^s
Population (estimated)_____ 20,000 BOND. DEBT Jan 1 '25.. $250,000
Grand list 1924__________ 5,942,844
HARTFORD “SECOND NORTH Town tax (per $1,000) 1924-.$22,00
Population 1910.3,005:1923- 3,180
SCHOOL DISTRICT.”
INT. at First Nat. Bank of Litch­
3^s’O4 J-J $40,000c-—July 1 1934
4^s’14 J-J 144,000___ Jan 1 1944 field.
4}<s’25 A-O 500,000c-0ct 1 ’30-’54
MADISON.
(Bonds are exempt from taxes)
This town is in New Haven Co.
BOND. DEBT Mar 30 ’26 $684,000
Grand list 1925 (60% act )24,600,000 Inc. May 1826; taken from Guilford.
School Bonds.
District tax (per $1,000) ’2o__ $5 00
Population (estimated)_____ 10,000 5tfs’21 M-N f$60,000c. .May 1 1941
ll00,000cMay 1 ’46 '51
INT on all bonds at City Bank &
TOTAL DECT Apr 1 ’26-. $160,000
Trust Co
Sinking fund_____________ 20,000
HARTFORD “SOUTH SCHOOL Grand list 1925 (90% act.)5,519,996
Tax rate (per $1,000) 1925 — .$17.00
DISTRICT.”
3^s M-N$200,000c-..May 1 1931 Population 1910, 1,534; 1920, 1,857
3^s M-N 200,000r*..Nov 1 1942
3J^g’O5 M-S 200.000c- — Sept 1 1955 MANCHESTER.
4s ’24 M-S 585,000.-Sept 1 ’26-’64
This town is in Hartford Co. Inc
BOND .DEBT Mar 30 ’26-1,200,000 May 1823. Population 1910, 13,641;
Floating debt (add’l)______ 100,000 1920, 18.370.
Sinking fund_____________
85,000
Public Improvement Bonds.
Grand list 1924__________ 750,000 4^s’23 J-J15/$30,000cJuly 1 ’27-’32
School tax (per $1,000) 1925--$4.15
I 9,000c.July 1 1933
Population in 1924 (est )_____65,000 4^s’26 M-N/340,000 May 1 ’27-’43
INT at U S Security Trust Co ,
1 16,000c..May 1 1944
Hartford
Refunding Bonds.
’08. M-N $25,000c.May 1 ’27-’31
HARTFORD “SOUTHWEST SCH. 4s Main
St. Improvement Bonds.
DISTRICT.”
4JAs’22 J-D $60,000c.June 1 ’2,-’32
4^s’14 M-N$75.000c—.May 1 1944 TOTAL DEBT May 19 ’26 $535,000
BOND. DEBT Mar 31 ’26--$75,000 Grand list 1925________ 52,379,319
District grand list, 1925— 940,000 Taxrate (per $1,000) 1926___ $13.00
District tax rate(per $1,000) 25 $3 00
INT. on refunding bonds at Man­
INT. at Hartford-Connecticut chester Trust & Safe Deposit Co.; on
Trust Co., Hartford
other issues at First Nat. Bk..Boston.
HARTFORD “WASHINGTON
MANCHESTER 8TH SCHOOL &
SCHOOL DISTRICT.”
UTILITIES DISTRICT.
4s
J-J $20,000c... July 1 1928
This district (P. O. Manchester)
4s’08 J-J 100,000c-..July 1 1932
($100,000c.Jan 1 ’31-’46 is in Hartford County.
4>£s’18 J-J / ($25,000 every 5yrs.)
Refunding Bonds.
I 100,000c...Jan 1 1947 4/<s’24M-N/$136,000c Nov 1 ’26-’42
10, OOOc.Mar 1 ’27-’32
1
6,000c—Nov 1 1943
(?)
4}£s’22 M-S 10,OOOc.Mar 1 ’37-’42 BOND. DEBT......... ........
5,000c...Mar 1 1947 Grand list______________ $4,112,621
ll5,000c—_Mar 1 1952 Population (est.)_____________ 5,500
INT. at Manchester Trust Co.,
BOND. DEBT Apr 3 1926. $360,000
Sinking fund_____________ 29,543 South Manchester, or First Nat.
Assess, val. '25 (% act.)—13,670,000 Bank of Boston.
Dist. taxrate (per $1,000) ’25—$1.00
Total tax rate)per $1.000) ’25-$20.50 MANCHESTER 9TH SCH. DIST.
This district (P. O. Manchester)
INT. at Hartford Nat. Bank.
is in Hartford County.
4^s’22 S-A $440,000c.Nov 1 ’26-’47
HARTFORD “WEST MIDDLE
BOND. DEBT April 1926 $440,000
SCHOOL DISTRICT.”
146,000
3Hs’Ol F-A $26.000o.July 31 1926 Floating debt (add’l)____
4s ’ll F-A 160,000c—July 31 1936 Grandlist 1925_________ 25,000,000
4s ’12 F-A 125,000c.—Aug 1 1937 School tax (per $1,000) 1925__ $4.00




MAPLE HILL FIRE DISTRICT.
This district (P. O. Newington)
is in Hartford County.
Water Bonds.
4 )^s’26M-N/$112,OOOc.May l’31-58
i 3,OOOc.May 1 1959
BOND. DEBT May 1 ’26. $115,000
Grand list 1925_________ 1,650,000
INT. at the First National Bank,
Boston.
MERIDEN.
This city is in New Haven County.
The town and city of Meriden were
consolidated on Jan. 1 1922 and all
indebtedness was assumed by the
new government, called the City of
Meriden.
School Bonds.
4s ’24 M-S$290,000c. Sept 1 ’26-’54
4Ks’25 M-S 45(L000c-Sept 1 ’26-’55
Improvement Bonds.
4 X s’23 J-J $40,000--Jan 1’27-’3O
Street and Pavement Bonds.
4Hg'17 J-J $40,000c. July 1 ’27-’28
4s ’24 M-S 135,000c.Sept 1 ’26-’34
4Xs’25 M-S 100.000c.Sept 1 ’26-’35
High School Bonds.
4Xg’14M-N$225, OOOc.May 1 ’36-'44
Funding Bonds.
4s’O8 M-N $180,OOOc.May 1 ’26-’35
4HsT9 J-J $60,000—July 1 ’30-’33
BOND. DEBT Jan 1 ’26_$l.o70,000
Floating debt__________
±13,000
Assessed value, real estate.41,852,725
Assessed value, personal— 7,062,110
Assessed value, other prop. 442,690
Assess, val. ’25 (80% act.>49,357,525
Taxrate (per $1,000) 1925----- $29.50
INT. on school 4s of 1924 at First
Nat. Bank of Boston; on street 4s
of 1924 at Equitable Trust Co.,
N. Y. C.; on others at Mechanics &
Metals Nat. Bank, New York, and
Imp, & Trad. Nat. Bank, N. Y.

[Vol. 122.
County. In Apr. 1906 the town and
Ity were consolidated.
CITY OF NEW BRITAIN BONDS.
Water Fund Bonds.
4s ’24 F-A$145,000c..Aug 1 ’26-’54
4s’24 F-A 95,000c. .Aug 1’26-’44
Subway Fund Bonds.
4Ws’24 F-A $27,000c. .Aug 1 ’26-’34
4Ms’24 F-A 18,000c- - Aug 1 ’26-’34
4s '25 F-A 150,000--Aug 1 ’26-’55
Water Bonds.
Is ’97 F-A $250,000c..July 1 1927
W 03 F-A
75.000O,-July 1 1933
Is’08 J-J 300,000c..Jan 1 1938
Is’09 F-A 250.000O.-Aug 1 1939
las’ll F-A 100.000c. Aug 1 1941
Municipal Building Bonds,
ts 08 J-J $215,000c..July 1 1948
Refunding Bonds.
tXs’ll F-A $25,000c.Aug 1 ’26-’3O
School Bonds.
I Hs’08 J-J $15,000o...Jan 1 1938
Is’09 F-A 153,000o...Feb 1 1939
ttis’13 J-J
14,000c...July 1 1938
4Ws’14 F-A 6.000c..-Aug 1 1926
±ns’15 F-A 170,000c.Aug 1 ’27-'43
4Hs 16 F A 25,000c...Aug 1 1929
ts 16 F-A/ 90,000c..Aug 1 '26-’34
1 5,000c.. .Aug 1 1935
4^s’2O F-A 50,000c.Aug 1 ’36-’4O
4Ms’19 F-A 40,000c...Aug 1 1929
4^s’19 F-A 30,000c.Aug 1 ’41-’43
ms’20 F A 425,000c.Aug 1 '26’42
4Xs ’22F-A/520.000c.Aug 1 ’26-’51
30,000c... Aug 1 1952
180,000c.. Aug 1 ’26-’45
4Xs’24 F-A 56,000c.. Aug 1 ’46-’52
5,000c...Aug 1 1953
220,000.. Aug 1 ’26-’45
4Xs’24 F-A 84,000..Aug 1 ’46-’52
5,000___ Aug 1 1953
4s ’25 F-A’560,000c. Aug 1 ’26-’53
4s ’26 F-A 150,000c.Aug 1 ’26-’55
Subway Bonds.
4s TO A-O $8,OOOo-..Oct ’26-’29
4s ’ll A-O 24,000c.-.Oot ’30-’41
4s ’12 A-O /30,000c.0ct 1 ’26-’4O
I 4,000c...Oct 1 1941
ts '13 A-O 10,000c...Oct 1 1942
4s '15 A-O / 3,000c..Oct 1 ’26-’28
122,000c..Oct 1 ’29-'39
5s '20 A-O 126,000c.Oct 1 '26-'38
136.000c.Oct 1 '39-’5O
4s ’25 F-A 150,000c.Aug 1 ’26-’55
Street Bonds.
4s ’95 F-A $20,000c__.Aug 1 1927
Street Fund Bonds.
6s ’21 F&A $20 000c.Aug 1 1926
5s ’21 F-A
5,000c-..Aug 1 1926
Park Bonds.
4 4$ s'14 F-A $26.000c..Aug 1 ’26-’38
5s ’22 F-A 60,000c.Aug 1 ’26-’43
4/<s’24 F-A /28,000c..Aug 1 ’26-’39
145,000c-.Aug 1 ’40-’54
Sewer Bonds.
3Xs
J-J 100,000c... July 1 1932
4s ’04 J-J 200,000c...July 1 1932
4s ’06 J-J 300.000o--.Jan 1 1936
4s ’ll J-J 75,000c... Jan 1 1936
4s T5 F-A 90,000c...Feb 1 1940
5s '20 F-A 75.000c...Aug 1 1930
5s ’21 F-A 175 000c...Aug 11941
4Xs’22 F-A 85,000c.Aug 1 ’26-’42
4'.s’23 F-A 140,000c.Aug 1 ’26-’53
4s ’25 F-A 150,000.-Aug 1 ’26-’55
Comfort Station Notes.
4J^s’22 F-A/ $6,000c..Aug 1 ’26-’26
1 4,000c...Aug 1 1927
Town Home Annex Notes.
4J4s’24 M-N$30,OOOc.May 1 ’27-’29

MIDDLETOWN, CITY.
«
Middletown City Is situated In the
town of Middletown, Middlesex Co
Inc. May 1784. Town and city on
Oct. 1 1923 voted to consolidate into
one municipality to be known as the
city of Middletown. Consolidation
took effect on Oct. 1 1924.
Funding Bonds.
4s T6 J-D l$27.000c*June 1 ’27-’35
1 4.000c*-. June 1 1936
4s g ’25 M-N 290,000c* May 1 ’27-’55
4s ’26 A-O/180,000c* Apr 1 ’27-’35
1 6,000c*. .Apr 1 1936
Middletown Town Bds. {Annex.)
Railroad Refunding Bonds.
4s ’09 J-D$340,000c*..June 1 1929
4s ’10 F-A 244,000c*. .Aug 1 1930
TOT. BD. DT. Apr 1’26. $318,000
Floating debt (add’l)____
40,000
Grand list 1925_________ 30,657,777
Tax rate (per SI,000) '25____ $24 00
Population 1910,11.854; 1920,13.638
INT. at Central Nat. Bk., Middletown, and Old Colony Trust Co.,
Boston.
MIDDLETOWN CITY SCH. DIST
4Xs’24 M-S $190,000.Sept 1 ’26-’44
School Refunding Bonds.
4Ms’15 J-J $22.500r_ July 1 ’27-’3fi
4Xs
M-S 190,000.-Sept 1 ’26-’44
High School Bonds.
4Xs’13 M-S $40,000c.Sept 1 ’26-’33
BOND. DEBT Apr 1’26. $255,000
Floating debt (add’l)____
36,500 TOWN OF NEW BRITAIN BONDS
Grandlist 1925_________ 20,494,542
School Bonds.
Tax rate (per $1,000) 1925......... $3 75 4s
J-J $10,000c.july 1 ’27-’28
INT. payable In Middletown.
3^s
F-A 50,000c. ..Aug 1 1929
3Xs
F-A 16,OOOc.May 1 ’27-’34
MILFORD.
3^s
F-A
1.000c—-May 1 1935
F-A 14,000c. Aug 1 ’26-’32
This town Is In New Haven county 3Xs
DEBT OF CONSOLIDATED CITY
Pop’n 1910, 4,366; 1920, 10,193.
BD. DEBT Mar 31 ’26. $6,368,000
Town-Hall Bonds.
4>£s’21 J-J $64,200c___ 1926-1939 Water debt (included)___ 1,215,000
Floating debt (add’l)___
65,000
Refunding Bonds.
4s ’21 A O $33,000c................. 1927 Sinking fund, general..".. 245,384
4s ’21 J-J 41,000c_________ 1931 Water sinking fund_____
316,077
4s '21 J J 28.000c..........
1930 Assessed valuation 1926.119,656.806
4s ’21 A-O 50,000c..........
1932 Tax rate (per $1,000) 1925__ $23,75
x School Bonds.
Pop’n 1910, 43,916; 1920____ 59,316
4^sg’17J-J $90,000c.July 1 ’27-’35
INT. at New Britain Nat. Bank.
5s ’21 M N 30,000cMay 1 '27 ’29
4J£s’22 A-O 4,000c___ 1926-1933 NEW CANAAN, (Borough).
This borough is in Fairfield County.
zRoad Improvement Bonds.
5s g ’19F-A $20,000c.Aug 1 ’26’-29 BOND. DEBT Apr 15 ’24-.$75,000
4^s ’20A-O 50,000c.Apr 1 ’27-’31 Floating debt (add’l)..-_______8.000
4Xs’22 A-O 156 000c____ 1926-1933 Grand list 1923.................... 3,075,330
BOND. DEBT Apr 10 ’26-$586,200 Taxrate (per $1,000) 1923____$9.00
Floating debt (add’l)_____ 200,000 Population 1920 (census)______ 1.918
Grandlist ’24 (abt. 80% act.)—

Real_________
22,409,077
Personal_____________ 1,282,522
Other property_______
223,941
Total________
..23,915,540
Taxrate (per$1,000) 1925___ $20.00
INT. at Milford Trust Co.,
Milford.

NEW CANAAN (TOWN).
This town is in Fairfield County.
Incorporated May 1801.
Floating Debt, &c., Bonds.
3^s
M-S $90,000c................ 1929
School, Town-Hall, &c.
4s
F-A$150,000c................. 1939
BOND. DEBT Apr 5 ’26-- $215,000
MONTVILLE.
Floating debt (additional). 22,000
This town is in New London Co.
Grand list ’2 5 (abt. 4-5 act.) 11,898,609
Incorporated October 1786.
Tax rate (per $1,000) 1925___ $13.50
BOND. DEBT Oct 1 1925- $30,000 Population 1910, 3,667; 1921-.3,895
Floating debt (addl.)____
32,900
INT. at U. S Mtg. & Tr. Co.. N. Y
Sinking fund_____________ 52.148
Assessed val’n, real estate..5,307,316 NEW HARTFORD.
Assessed val’n, personal__ 375,002
This town is in Litchfield County.
Other assessabl e property . .
3,200 Incorporated in 1738.
Tot. ass’d val.'25 (actual).5,685.518
Funding Bonds.
J-J $75,000c.--Jan 1 1952
Tax rate (per $1,000) 1925...$17.00 4>£s
Population 1910, 2,804; 1920.-3,411 BOND. DEBT Apr 9 ’26-- $75,000
Sinking fund____________
12,765
NAUGATUCK.
Tot. grand list '25 (act.)__ 2,304,289
This borough is In New Haven Co. Tax rate (per $1,000) 1925__ $16.00
Town inc. 1844; borough 1893; con­ Pop’n, 1910, 2.144: 1920 ........... 1.781
solidation of town and borough 1895.
INTEREST payable at HartfordPop’n 1910. 12,722; 1920___ 15,051 Connecticut Trust Co., Hartford.
Refunding Bonds.
4s ’12 F-A $60,000o.Feb 1 ’27-’32 NEW HAVEN.
4s ’23 J-D / 10,000cJune 1 ’28-’32
This city Is the county seat of New
1252,000cJune 1 ’33-’53 Haven County. Incorporated 1784.
BOND. DEBT May 1’26. $322,000 By an Act of the General Assembly,
Floating debt (add’l)____
40.000 the city, town and school dlstrlot of
Grand list ’26 {% actual).17,349,685 New Haven were consolidated Deo. 7
Taxrate (per $1,000) 1926___ $26 00 1897 under one government, and the
INT. at Naugatuck Nat. Bank. city assumed the assets and liabilities
of the two other governments. On
July 16 1921 Westville School Dist.
NEW BRITAIN.
The city of New Britain (incorp. was consolidated with the city of
May 1850) is situated in Hartford New Haven. At the time of con-

June, 1926.]
NEW HAVEN (Concluded).
solidation the district had $638,000
bonds outstanding, which are given
below.
NEW HAVEN CITY BOND^.
Lighthouse Point Bonds.
4s ’24 M-NS12,OOOr*.Nov 1 ’2&-’4O
4s '24 M-N f 168,OOOr*.Nov 1 ’29-’42
[132, OOOr*. Nov 1 ’43-’54
4Ks’26 M-S 100,000c*Mar 15’3}-’5O
Golf Course Bonds.
4 Ks’26 M-S 100,000c*Mar 15’31-’5O
City-Hall Bonds.
4^s’15 J-J $245.000..July 1 ’41-’45
Pire & Police Impt. Bonds.
4 & ’24M-S f $120,000r* . . Mar 1 ’29-48
1 35,000r*._Mar l’49-53
Bridge Bonds.
4s’08 J-J $35,000o—July 1 1928
4s’ll J-J 75,000...Jan 1 ’34-’36
4s '17 A-0$250,000___ Apr 2 1940
4J£s’22 J-J {600,000.-July 1 ’49-’51
1300,000___ July 1 1952
Funding Bonds.
3>Ss’O5 A-O $228,OOOr.Oct I ’26-’35
Improvement Bonds.
4s ’07 J-D$172,000c.June 1 ’27-’32
4s ’08 J-J 100,000r..July 1 ’29-’33
4s ’10 J-J 100,000..Jan 1 ’3l-’35
4s’09 J-J 100,000—-Jan 1’30-’34
4^s’19 M-S 500,000-Mar 15 ’31-’35
4^s’22 A-0{150,000—Apr 1 ’43-’45
1100,000___ Apr 1 1946
4Ks’24 M-S {30,OOOr*—Marl’29-38
160, OOOr*.. Marl'39-53
City Dock Improvement Bonds.
4Ks24 M-S {75,OOOr*..Marl 29-43
140,OOOr*...Marl' 44-53
Depot Approach Bonds.
4^s’18 A-0$475.000--Apr 1 ’ 37-’38
Branch Library Bldg. Bonds.
4>£s’22 J-J $50,000c.--Jan 1 [1950
Fire Station Bldg. & Side Bonds
4^s’22 J-J $80,000___ Jan 1 [1949
Street Crossing Bonds.
4 s’24 M-S{$90,000r * . . Mar 1 ’29-43
1 50,000r*_. Marl’44-53
Park Bonds.
4J4s’14 A-0*$100.000—Oct 1 1944
5s ’20 M-S 100,000c—.Sept 111943
4J^s’22 J-J 250,000c...Jan 1 1947
4s
A-O 200,000___ Apr 2 1941
{ 50,000___ June 11946
4^s’22 J-D{250,000. -June 1 ’48-’52
50,000..May 1 ’44-’45
[ 50,000—May 1 ’50-’51
4Xs’24 M-S {30,000*.. Marl’29-38
130,000*.. Marl’39-53
4Xs’24 M-S 25,000*— Marl’29-53
4s ’24 M-N {160,OOOr *_Nov 1 ’2|9-’44
90,OOOr*.Nov 1 ’4{5-’54
4s ’24 M-N J120,000r*.Nov 1 ’29-’48
30,000r*.Nov 1’4j9-'54
Paving Bonds.
4s TO J-J $100,000___ Jan ’31-’35
4s ’ll A-O 100.000—..Oct 1 '32-'36
4s '13 M-N200.000—May 1 ’33-’36
4^s’14J-J 50,000....Jan 1J 1931
4>4sT4 J-J *150.000—-Jan 1 ’32-’34
4^s’13 F-A*100.000—-Feb 15 1935
4>isT6 M-S 50.000—..Mar 1 1935
4)4s’16 M-S 100.000___ Mar 1 1936
4^s’17 F-A*200,000___ Aug 1 1937
4^s’18 M-N 75,000___ May lj 1936
43^s’19 M-S 300,000-Mar 15 ’27-’3P
5s Y1 A-O {200,000c.. Apr 1 ’36-’37
1300,000c.Apr 1 ’39-’41
5s '20 A-O 200,000___ Apr 111942
{100,000___ May 1 1943
4Xs'22M-N{ 50,000___ May 1 1944
1 50,000. .May 1 ’45-’4fi
4Xs’24 M-S {30,000r*„Marl’29-43
130,OOOr*..Marl’44-53
4s’24 M-N{ 104,000r*.Novi ’29-’36
I 96,000r*.Nov 1 ’37-’44
4Ks’26M-S { 80,000c*Mar 15’31-’38
[l20,000c*Mar 15’39-’46
Grading Bonds.
5s ’20 M-S $125,000c_-Sept 1 1940
Hospital Bonds.
4s T2 A-O $75,000—Oct 1 ’30-’32
Fire Headquarters Bonds.
4s ’ll A-O $65.000—Oct 1 ’28-’31
City Sewerage.
4s ’89 A-O $75,000r..Apr 1 ’27-’29
4s '08 J-J 150.000c-..July 1 1928
4s T2 J-J 50,000..July 1 ’36-'37
4 « s’14 J-J *50,000___ Jan 11938
4^s’15 F-A*100,000.Feb 15 ’40-’44
4s ’17 A-O 110,000___ Apr 2| 1942
4>$s’18 J-D 300,000—Dec 1 ’46-'48
4Ks’24 M-S 200,OOOr*..Marl’29-53
4s ’24 M-NJ 56,OOOr*.Nov 1 '29-’36
1144,000r*.Nov 1 ’37-’54
4Xs’26M-S {110,000c*Mar 15’31-’52
t 40,000c*Mar 15’{53-’56
TOWN OF NEW HAVEN riEBT.
Air Line RR. Bonds.
3 Ma ’89 J-J *$75,000oJuly 1 ’27-’29
Park Bonds.
3 Ma ’89J-J $100,OOOo. .July I 1939
(Subject to call after July 1 1910.)
4s’89 J-J lOO.OOOo. -July 1 1939

CONNECTICUT—CITIES AND TOWNS
ASSESSED VALUATION.—Tne
olty’s assessed valuation and tax rate
bave been approximately as follows,
real estate being taken at “about 51%
actual value” until 1900, when basis
of valuation was raised to full value.
Rate of Tax
Grand
per $1,000
Years.
List.
1925 _____ $303,122,129
$25.00
1924_____ 290,741,513
25.00
1923 _____ 257.332.053
25.00
1922 ........... 247,053,215
25.00
1921_____ 242,799,040
25.00
1920 _____ 235,752.318
25.00
1919_____ 188,855,399
19.75
1918______ 183,947,923
19.75
20.00
1917........... 171,063,656
1916_____ 165.880,769
20.00
1915-------- 155,681,221
20.00
1914........... 148,552,269
19.00
1912-------- 139,779,146
17.50
1911-------- 131,658.990
17.50
1910........... 126,804,456
17.50
1905........... 110,001,166
14.00
1895-------- 53.800,000
21.00
19.50
1890-------- 52,171.131
POPULATION.—In 1920, 162,519: in 1910, 133,605; 1900, 108,027:
1890. 85.981; 1790, 4,448.

NEWINGTON.
This town is in Hartford County.
Incorporated in 1871.
Funding Bonds.
4J4s'15 J-J $64.000c__Jan 1 ’27-'58
4Hs’22 M-N$64,000c.Nov 1 26-’57
BOND. DEBT Mar 30 ’26- $128,000
Floating debt (add’I)_____
50,000
Sinking funds___________
3,852
Grand-list ’ 2 5 (abt .90 % act.) 4,521,853
Tax rate (per $1,000) 1925__ $21.50
Pop’n 1910, 1,689; 1920______ 2.381
INT. at Phoenix Nat. Bk., Hartf.

NEWINGTON CENTER FIRE
DISTRICT.
This district (P. O. Newington) is
in Hartford County.
Water Works Bonds.
4j4s’24 J-J $120,000r*Jan 1 ’29-’68
BOND. DEBT Jan 1926...$120,000
Sinking fund_____________ 20,000
Tot.ass’d val.’25(?< act.)-.1,350,000
District tax (per $1,000) ’25—$2.50
Total tax rate (per $1,000) ’25-$24.00
Population (est.)_____________ 1,500
NEW LONDON.
The town and olty (located Id
oounty of same name) are under one
government and the following state­
ment includes both. Inc. town 1646;
city, 1784. Population 1910, 19,659;
1920. 25,688.
Municipal Bldg. Bonds.
4s '13 A-O$100,000c—.Apr 1 1943
4J$s’15 J-J
75,000c.—Jan 1 1945
Park Bonds.
4J^s’15 J-J z$50.000c„. July 1 1942
4^s’2O J-J 50,000c...July 1 1942
Water Bonds.
4^s’19 J-J *116,000___ July 1 1949
4Ms’20 F-A 200,000___ Feb 1 1950
4^s’22 F-A 50.000___ Feb 11950
4Hs’23 M-S {26.OOOr*.. Septl’26-38
[ 5,000r*..Septi’39-43
4)4s'25M-8 {192,000r*Mar 1’27-’5O
[ 25,000r*Mar 1 ’51-’55
Water Refunding Bonds.
4Hs’20 J-J $225.00(1____ Jan 1 1950
4J^s’24 J-J 56,000..July 1 ’27-’54
4Ks’26 J-J { 60,000r*.July 1 ’27-’36
[l40,000r*.July 1 ’37-56
School Bonds.
3>£s’01 J-D$100,000c—.Dec 1 1931
5s ’19 J-J 39,000—July 1 ’27-’39
4s’g’08 J-D 175,000c...Deo 1 1927
43^s’2OF-A 140,000..Feb 1 '27-’40
4Kg’23 J-J 132,000—Jan 1 ’27-’48
Sewer Bonds.
5sg’O7 J-D $35,000c—.Deo 1 1937
College Bonds.
4Ks’ll J-J $50,OOOo. ..July 1 1941
Funding & School Refunding
Bonds.
4^sg’19J-J *$13.000.-July 1 ’27-’39
Funding & Sewer Refunding
Bonds.
4^sg’19J-J *$13,000..July 1 ’27-’39
4Ms’25 M-N 58,000--May 1’27-’55
Refunding Bonds.
3 54g’O5 A-O $100,000o&r0ot 1 1935
4>£sg’19J-J *104,000-July 1 ’27-’39
Public Impt. Bonds.
4{^s’22 J-D$110,000—June 1 ’27-’37
4^s’23M-S65,000r* ...Sept l’26-’38
4Ms'24 F-A {42,000c*Aug 1 ’26-’46
1 1,000c*. .Aug 1 1947
4Xs’25M-S {117,000r*Mar 1’27-’35
£ 70,000r*Mar 1 ’36-’4O
BOND. DEBT Apr 1 ’26-$2,811,000
Water debt included)___ 1,147.000

NEW HAVEN SCHOOL DISTRICT Floating debt add’I)_____

4s *94 F-A $50,00Tc.Feb 1 ’27-’28
4s ’95 M-N125.000c.Nov 1 29-’34
INTEREST on all Issues Is paid at
the City Treasury.
aWESTVILLE SCHOOL DIST.
BONDS (Annexed).
School Building Bonds.
4Hs’ll J-J $40.000----- July 1 1941
4^s’13 A-O 40,000___ Oct 1 1943
4^s’17 M-S 55,000___ Mar 1 1948
4Hs’19 A-O 120,000—Apr 1 ’27-’5O
5s '21 J-J 145,000--July 1 ’27-’51
Fire Engine House Bonds[
4Hs’13 J-J $13,000----- July 1 1945

700.000

Sinking fund____________
32,860
Grand list 1925 _________ 41,310,556
Tax rate (per $1,000) 1925._ $28.50
*INT. payable at the U. S. Mtge.
& Trust Co., New York; all other int.
payable at the New London City
National Bank.

NEW MILFORD.
This town is in Litchfield Co.
Incorporated October 1712.
BD. DEBT Sept. 30 ’25--. $100,000
Floating debt (add’I)-------34,500
Grandlist 1924---------------- 6,616,451
Qpvvpr Ronds
Tax rate (per $1,000) 1924__ $16.50
4^s’18 M-S $80,000...-Mar 1 1948 Population 1910, 5,010; 1920.-4,781
5s ’20 A-O 100,000----- Apr 1 1945
* Exempt from taxation.
NORFOLK.
TOTAL DEBT, SINKING FUND, &c
This town Is In Litchfield County.
Jan. 1 ’25. Jan.A ’26. Incorporated in Oct. 1758.
Bd. dt. (city)$10,282,000$10,037,000
Refunding Railroad Bonds.
Town________
325,000 300,000 5s ’20 A-O $24,000c...Oct 1 1940
Road Bonds.
School district 200,000
200,000
J-J $6,000c................... 1929
Westville S.D. 630,000
622,000
BOND. DEBT Apr 1926 — $30,000
Tot.bd. dt$ll,437,000$ll, 159,000 Grand list 1925_________ 3.965,464
Sinking funds. 669,861
713,800 Tax rate (per $1,000) 1924__ $13.00
Population 1910, 1,541; 1920—1,229
INT. payable at Norfolk.
Net debt-.$10,767,139$10,445,200




NORWALK, CITY.
Incorporated June 30 1913 by a
consolidation of the former city of
Norwalk (Incorporated June 30 1893)
the city of So. Norwalk (Incorpor.
Aug. 18 1870), the former Fire Dis­
trict of East Norwalk, and the outly­
ing districts, which altogether com­
prised the old town of Norwalk,
which was incorporated in Sept. 1651
Paving Bonds.
4J4s’12 J-J $100,000___ July 1 1931
Refunding Sewer Bonds.
4s ’07 J-J $150.000.July 1 ’27-’28
Water Bonds.
4s ’95 J-J $50,000___ July 1 1935
3 ^s’99 J-J 200,000___ July 1 1929
(Subject to call July 1 1919.)
3 Hs’03 J-D 100,000___ June 11928
(Subject to oall June 1 1923.)
4s’09 J-J 70.000——July 1 1934
School Bonds.
4Ks’24 —.$100,000.-Mar 1 ’29-’53
4Xs’24 — { 12,000—Mar 1 ’29-'3O
[238,000--Mar 1 ’31-’64
Sewer Bonds.
48 ’07 J-J $35,000___ July 1 1927
Refunding Funded Debt.
3 Ms J-J $50.000___ July 1 1929
(Subject to oall Jan. 1919.)
4s g
J-J $50,000............. ...1935
Park & Highway Bonds.
4s '22 J-J {$60,000-July 1 ’32&’42
[ 40,000—..July 1 1952
Bridge Bonds.
4Xs'22 — $100,000-Aug 1’32,’42,’52
Second Taxing Dist. Water Bds.
4j<s’22 F-A $40,000--Aug 1 ’28-’37
(Due $10,000 in each of the years
1928, 1931, 1934. & 1937.)
Second Taxing Dist. Bonds.r*
{$26,000____ Mar 1 ’28
4^s’24M-S{ 26,000____ Mar 1 ’31
( 26,000____ Mar 1 ’34
Third Taxing Diit. Funding &
Improvement Bunds.
{18,000—July 1 ’27-’32
4^s’17 J-J [12,000—July 1 ’33-’35
115,000—July 1 ’36-’38
6.000___ July 1 1939
TOWN OF NORWALK (Annexed.)
Refunding Bonds.
4s’09 A-O $220,OOOo --Apr 1 1939
Bridge Bonds.
4Jis’12 --. $250,000——June 1 1942
School Bonds.
4Ks’14 J-J $82,000___ July 1 1944
improvement Bonds.
4Ks
---$100,000-Apr 1’32&’37
Bridge Bonds.
<«s’14 J-J $100.000—Jan 15 1954
CITY OF SOUTH NORWALK
(Annexed).
Funding Bonds.
4s ’05 J-J ($25,OOOo—.July 1 1930
1 20,000c-. .July 1 1935
4s’09 J-J 109,000c...July 1 1939
Public-Improvement Bonds.
4tfs ’12M-N $75.000___ May 1 1942
Electric-Light Bonds.
4s
A-O $20,000o—-Apr 1 1928
Library Bonds.
4s
A-O $o,000o.__ Apr 1 1928
Refunding Bonds.
4s’05 M-S $60,000i*
Sept 1 1930 & 1935
Water Bonds.
4s
J-J $50.000r_July 1 ’30&’35
Refunding Water Bonds.
4s'09 J-J $52,000o-__July 1 1939
TOT. DEBT Apr 1925—.$1,202,000
Grand list 1925_________44,229,761
Tax rate (per $1,000) 1924__ $28.00
PODUlation In 1920_______
27.743
INT. on bonds due 1935 and re­
funding bonds of the old town of
Norwalk at American Exchange
Nat. Bank, N. Y.; other bonds of
annexed town at Empire Trust Co.,
N. Y.; water 4s of 1909 and paving
bonds due July 1 1931 at U. S. Mtge
& Trust Co., N. Y.; water 31$s at
Fairfield Co. Nat. Bank in Norwalk
on 4s of 1922 at the Hanover National
Bank, N. Y.; other int. in Norwalk.
NORWICH, CITY.
Norwich Is In New London County
Inc. 1784 Population 1920, 22,304.
Water Bonds.
4s ’06 A-O $65,000c—Apr 2 1931
4«4s
M-S 395,000c...Mar 2 1939
4Ms’25 J-D 210.000c-Dec 1 ’30-’64
4W26M-N 525.000c.Mar 1 ’31-’65
Funding Bonds.
4Ks M-S 140,000c$5,000 yrly Sept
4Xs’25 J-D 166,000--$8,300 yearly
Refunding Bonds.
4s ’06 A-O $143,000c—_Apr 2 1931
4^s’13 A-O 125,000c—Oct 1 1938
414s
M-S 84,000c-..Mar 2 1939
Gas and Electric Plant Bonds.
4s’06 A-O $287,000c--Apr 2 1931
Gas & Electric Funding Bonds.
5s ’21 M-N$271,000c. .May 16 1951

59
INT. on 4Xs at Merchants Nat.
Bank, Boston.

OLD SAYBROOK.
This town is in Middlesex County,
inc. May 1852, taken from Saybrook.
TOTAL DEBT May 1’26- $28,538
Less assets______________ 20,318
NET DEBT May 1’26___
8,220
Tot.ass’d val.’25(70%act.) 2,470,371
Tax rate per $1,000) ‘25___ $22.00
pop dation 1910. 1.516; 1920—1.463
OXFORD.
--------This town Is in New Haven Co.
Incorporated October 1798.
TOTAL DEBT Jan 1 ’26— $41,126
Grand list 1925---------------1,080,603
Tax rate (per $1,000) 1925—-$25.00
Population 1910, 1,020; 1920, 998
PLAINVILLE.
This town is in Hartford County.
Incorporated May 1869.
-s
... $70,000c____ ________
{15,000—-Nov 1 1927
4^s’22M-N (20,000___ Nov 1 1932
60,000.-Nov 1 ’37&’42
180,000-Nov 1 ’47&’52
School Bonds.
4^s’24 A-O $33,000c.Apr 15 ’27-’44
(Due $3,000 in odd years and $4,000
in even years.)
TOTAL DEBT Sept 1924- $120,000
Grand list 1924_________ 5,047,538
Total tax rate (per $1,000 ’24. $25.00
Pop’n 1910. 2.882: 1920 _____ 4,114
INT. on 4J4sof 1922 at the Hart­
ford-Connecticut Tr. Co., Hartford.
PLYMOUTH.
This town Is In Lltohfleld County,
incorporated 1795.
Funding Bonds.
IKs’U F-A $75,000o_—Aug 1 1936
BOND. DEBT Sept 1 ’25-- $195,000
Floating debt____________
3,850
Sinking fund_____________ 36,648
Assess, value, real________ 5,118,627
Assess, value, personal___ 774,555
Other assess, property___
15,955
Tot. assess. val. 25 (85 % act) 5,909,137
Total tax (per $1,000) 1925—$23.00
Pop’n 1910, 5,021; 1920_______ 6,623
INT. at Old Colony Tr. Co.. Boston.
PORTLAND.
This town Is In Middlesex County.
Inc. May 1841.
Refunding Bonds (tax-exempt).
4s 09 J-J $42,000c —July 1 1929
4^s’19 J-J
16,OOOc.July 1 ’27-’29
4>£s’25 M-N 72,000c.-.Nov 1 1941
BOND. DEBT Apr 10 ’26- $138,000
Assess, debt (add’I)______
50,000
Floating debt (add’I)___ - . 30,500
Assessed value, real estate.3,275,557
Assessed val., personal___ 312,539
Other assess, property___ 287,305
Total assess, val. 1925___ 3,875,401
Total tax (per $1,000) 1925—$25.00
Pop’n 1910, 3,425; 1920............ .3,644
INT. payable at Town Treasury.
PRESTON.
-------This town is In New London Co.
incorporated in 1687.
BOND. DEBT Mar 30’26- $45,000
Floating debt____________
10,000
Total assessed val. 1925.-1,121,963
Tax rate (per $1,000) 1925__ $20.00
Pop’n 1910,1,917; 1920............. 2,743

PUTNAM, CITY.
This city and town of the same
name are in Windham County. In­
corp. Jan. 1 1896.
Water-Works Bonds.
4{<s’14 F-A$190,000c____1926-1944
4^s’19 M-S 65,000c____ 1929-1941
Sewer Bonds.
44£g’14 M-S $70,000c____ 1926-1939
Street Improvement Bonds.
3J^s’O9 J-J $40,000c--.July 1 1929
BOND. DEBT Mar 30’26. $300,000
Floating debt____________
65,000
Sinking fund, General___
4j.,000
Grand list 1926 (est.)____ 6,000,000
City tax (per $1,000) 1926___ $9.50
Special sewer tax 1926_______ $1.50
Pop’n 1910, 6.637: 1920 ______ 7,711
INT. at Citizens' Nat. Bank in
Putnam.
______
PUTNAM, TOWN.
This town is in Windham County.
Incorporated May 1855.
Bonds (Due on Apr. 1).
4tfs’16 A-O $’4,000c*—1927-1928
4)4s’16 A-O 48.000c* .—1929-1934
4)4s’16 A-O 63J)00c* —1935-1941
4)£s’16 A-O 40,000c*—1942-1945
4{<sT6 A-O 13,000c*............ 1946
{30,000.-June 1 ’28-’37
4{£s’26 J-D 20,000--June 1 ’38-’42
125,000—June 1 ’43-’47
BOND. DEBT Apr 4 ’25-- $192,000
Floating debt (additional).
6,217
4Xs’25 J-D 166,000-_$8,000 yaerly Tot .assess .val .'24(75 %act) 5,979,105
GEN. BONDS May 15’26 $518,000 Tax rate (per $1,000) 1924__ $23.00
Floating debt (add’I).__
266,492 Pop’n 1910, 7,280; 1920 ........... 8,397
Water debt (additional).. 1,419,500
Sinking funds (general)___
5,178 RIDGEFIELD, TOWN.
This town Is in Fairfield County.
Sinking funds (gas & elec.). 115,717
Assess, val., real estate__ 13,646,695 Inc. Oct. 1709. Population 1910,
Assess, val., personal___ 2,838,553 3,118; 1920, 2,707.
School Bonds.
Other assess, property__
74,461
— $40,000................... 1933
Total assess, val. 1925 (%
Funding Bonds (opt. Aug 1 ’17).
actual)_______________16,559,709
Tax rate (per $1,000) 1925__ $24.00 3Hsg F-A $60,000o_—Aug 1 1929
INT. at Norwich Sav. Society, TOTAL DEBT May 1925-.$100,000
First Nat. Bk., Columbia Trust Co Sinking fund---------------------- 49,189
Grand List 1924...............-.6,308,515
and Thames Nat. Bank.
Total tax (per $1,000) 1924—$12.00
INT. payable at First National
NORWICH, TOWN.
Inc. 1659. Pop’n 1920,
29,685 Bank. Ridgefield In N. Y. funds.
Court House Refunding Bonds. RIDGEFIELD, BOROUGH.
Inc. 1901. Population 1910,1,114;
4}<s’25 J-J $110,000c.Jan 1 ’27-’48
1920, 1,030.
School House Bonds.
4^s’24M-S {$130,000aMar 15’27-’39
Sewer Bonds.
J-J $50,000o—-Jan 1 1932
1 99,000cMar 15 ’40-’48 3«s
(Optional Jan. 1 1922.)
ijis’25 M-N 95,000cMay 15 ’27-’45
Town deposit fund 6s—on
5^s
... 20,000 _____________
demand!________________13,301 BOND. DEBT May 11925 $70,000
BOND. DEBT Apr 1 ’26- $429,000 Grand list 1923................... 2,717,077
Dash on hand and in bank
43,484 Tax rate (per $1,000) 1923-__ $4.50
INT. on 3Hs payable at the First
Grandlist 1925__________ 22.632,218
(Assessment about H aotual value.) Nat. Bank, Ridgefield, in New York
Town tax (per $1,000)’25.___$24.50 funds.

60

CONNECTICUT—CITIES AND TOWNS

STAFFORD
This town (P. O. Stafford Springs)
is in Tolland Co. Settled in 1719.
Highway Bonds.
4Ms’25M-N f$36,000c.May 1 ’27-’35
130,000c.May 1 ’36-’45
Funding Bonds.
4s ’09 J-J $22,000.-July 1 ’27-’37
School Bonds.
5s ’21 J-J $100,000c.July 1 ’27-’46
BOND. DEBT Apr 1 ’26.. $199,000
Floating debt____________
55,320
ROCKVILLE.
This city is In Tolland County. Grand list 1925__________ 6,429,449
rate (per $1,000) 1925____$18.50
Inc. 1886. Population 1910, 7,977; Tax
Population, 1910, 5,235; 1920--5.407
1920. 7.726.
Filtration (Int. at Treas. Office).
4s
J-J 565,000c--.July 1935 STAMFORD, CITY.
4s
J-J 554.000c-..July 1 1927
This city is in Fairfield County
BOND. DEBT May 1 ’25. $169,000 Inc. 1893. Population 1910, 23,136,
Grand list 1924___________ 8,500,000 1920, 35,086.
Tax rate (per $1,000) ’24-(est.)$9.50
Incinerator Bonds.
4J4s’24 M-N ($24,000.May 1 ’27-’34
SAYBROOK.
1 80,000-May 1 ’35-’54
This town is In Middlesex County.
Garbage, Sewage Disp.& Dock.
Settled 1635, united with Connecti­ 4Ms’ 4 A-O $8,000c_—Apr 1 1939
cut December 1644.
4Ms’14 J-D 4,000c...Dec 1 1939
BOND. DEBT May 1 ’26- $30,000
Public Library Bonds.
Sinking fund_____________
5,421 4s g ’09 J-D $33.000o—-Deo 1 1939
Tot.ass’d val.’25 (80%act.)4,162,841
sewer Bonus.
Total tax rate(per $1,000) ’26.$15.00 4s TO J-J $25,000C-..July 1 1935
Population 1910, 1,907; 1920, 2,325 4s ’07 M-S 5,000c....... .......... 1937
Public Park Bonds.
4s’08 A-O $55,000c—-Apr 1 1938
8EYMOUR.
This town Is in New Haven County 4s ’09 F-A 50,000c...Meh 1 1939
Incorp. May 1850.
4s g’09 J-D 45,000o...Deo 1 1939
4 g T2 M-N150.000c-.-May 1 1942
High School Bonds.
4/£s’22M-S $130,000—Mar 1 ’27-’52
Public Improvement Bonds.
Refunding Bonds.
_
4s’09 J-D $35,000. —-June 1 1934
4/js’15 M-S i'$38,000c.Mar 1 ’27-’45 4s ’09 A-O 30,000c_________ 1934
1 90,000c.-Mar 1 1946 4 Ms’ll J-D
“ _ 20,000c................. 1936
School Notes.
__ 4s g ’07 F-A 50,000o...Aug 1 1932
-s
... $65,000—Sept 1 ’26-’38 4 Ms *10 J-J 30,000c...July 1 1935
BOND. DEBT Mar 1’26-- $258,000 5s ’13 J-J
22,000___ July 1 1928
Note debt (add’l)_________ 70,000 5s T3 M-N 30,000—-Nov 1 1938
Sinking fund_____________
4,297 4Ms’14 A-O 34,000c—.Apr 1 1929
Grand list 1925 (80% act.) _9,034,500 4Ms’14 J-D 48,000c—Dec 1 1939
Total tax rate (per $1,000) ’25 $19.00 4Ms’15 J-D 20,000--Dec 1 ’26-’45
Pop’n in 1910, 4,786; 1920------6,781 4/4s’17 J-D 34,000____ 1926-1942
INT. payable at Seymour Tr. Co. 5s T9 M-S (105,000c.Sept 1 ’26-’32
1 5,000c—.Sept 1 1933
SHELTON.
5s ’21 J-J 25,000c_______ July 1
This city (formerly a borough) is in ($15,000 1932 and $10,000 1934.)
Fairfield Co.
5s ’21 J-D
8,OOOc.Dec 1 ’26-’29
City of Shelton, First Dist., Bds. 4Ms’22 A.O 126.000c.Apr 1 ’27-’47
4/£s’22 F-A *95,000c.Aug 1 ’26-’44
Refunding Bonds.
4 Ms
J-J $70,000c-July 1 ’27-’4O 4^s’24M-N 10,000. .May 1’27-’31
New High School Bonds.
5s ’24 F-A 16,000c-Feb 1 ’27-’34
4/4s’19 J-D $95,000cDec 1 ’26-’44 BD. DEBT June 5 ’26—$1,182,000
5s
M-N 50.000c.Nov 1 ’31-’4O Sinking fund Dec 31 ’25-. 289,361
Grand list 1925_________ 82,270.000
Paving Bonds.
4/4s’19 J-D $25,000c.Dec 1 ’26-’3O Tax rate (per/First district__ $15.00
Town of Huntington Bonds $1,000) 1925)Second district- 11.00
(Assumed).
INT. on bonds marked (*) at the
4s ’08 J-J $85,000c____ Jan 1928 Atlantic
National Bank, New York.
4Ms’ll F-A 92,000c---Aug 1 1931
Second District.
Old Borough of Shelton Bonds.
TOWN.
4s TO J-J $13,000c___ Jan 1930 STAMFORD,
This town Is in Fairfield County.
TOT. DEBT Jan 1 ’26—. $446,000 Settled 1641 under New Haven juris­
Cash in treasury________
73,436 diction; named 1642; submitted to
Sinking fund assets-------51,106
October 1662.
Net city debt__________
324,985 Connecticut
Bridge Bonds.
Grand list 1925__________ 11,622,419 4tfs
’17 — $15,000......... 1926-1940
Tax rate (per $1,000) 1925—
’21 M-S 32,000c-Sept 1 ’26-’4O
First District____________ .$19.00 5s School
Bonds.
Second District___________ 5.00 4 Ms’ll F-A
$340,000c„Aug 1 1941
Pop’n in 1910. 4.897; 1920. 9,475.
4Ms’14 J-J I 12.000—Jan 1 ’27-’29
1 75.000—Jan 1 ’30-’34
4Ms’15 J-J j 72,000—Jan 1 ’27-’35
SOUTHBURY.
{400,000—Jan 1 ’36-’45
This town is in New Haven Co.
Incorp. May 1787; taken from 5s ’21 M-S 221.000c.Sept 1 ’26-’42
4Ms’25 M-N 1,950,000 May 1 ’27-’65
Woodbury.
__
aBellfetown Sch. Dist. Ref. Bds.
TOTALDEBT Apr 1926.- $46,000
Grand list 1925---------------1,169,876 4/jg’23 J-D $60,000-June 15 ’27-’38
Hall 1890.
Tax rate (per $1,000)1925----- $25.00 4s Town
’08 J-D $225.000o—Deo 1 1938
Population, 1910,1,230; 1920.-1,093
Funding Bonds.
4s g
F-A $75,0000—-Feb 1 1927
SOUTHINGTON, BORO.
This borough is in Hartford Co. 4Ms’17 ... 45 000------- 1926-1940
Improvement Bonds.
Incorporated 1889.
4 Ms’ll J-J $35,000o-—July 1 1941
Refunding Bonds.
a Road Improvement Bonds.
4/4s’16 A-O $118.000—Apr 1 1946
6.000.......... 1926-1940
BOND. DEBT Apr 1 1926 $118,000 4Ms’17 ...
’17 J-J 75,000—-July 2 1932
Assess, debt (additional) - 2,280 4Ms
5s ’21 M-S 204,000—Sept 1 ,26-’42
Sinking funds------------------ 12,829 TOT.
BD. DT. May 1 ’25 $4,023,888
Grand list 1925 (80% act.)-4,973,859 Sinking
fund------------------ 359,073
Tax rate (per $1,000) 1925.-$6.50 NETDEBT
____________ 3,664,815
Population, 1910, 3,714; 1920.-5,085 Assessed value
1924______74,093,462
INT. payable at Southington
Total tax rate (per $1,000) ’24_$17.70
Bank & Trust Co.
Pop. 1910, 28,836; 1920. 40,067.
a INT. payable at National Park
SOUTHINGTON, TOWN.
This town is in Hartford County. Bank, New York; all others at office
of Town Treasurer.
Incorporated 1779.
Floating Debt Bonds.
4s g
J-J $26,000c.................. 1927 STONINGTON.
School Bonds.
This town is in New London Co.
4Ms’13 J-J $50,000c* July 1 ’28-’62 Incorp.
Oct. 1658. Population 1910,
4Ms’22 J-J 47,000c*—Jan 1 1952 9,154; 1920,
10,236.
4Ms
J-D 35,000c*.-Dec 1 1928
Bonds.
4J<s
— 150,000c..Mar 15 1930 4s Refunding
g’08 M-N $100.000o—May 1 1928
Water-Plant Purchase Bonds.
4Ms
’
19M-N
150,000c
________ 1939
4 Ms’ll J-J $222,0000.-July 1 1941 4Ms
A-O /38,000c—.Apr 1 1928
BOND. DEBT Apr 1 ’26.. $308,000
l37,000c__.Apr 1 1933
Water bonds (add!)_____ 222,000
School Loans (Assumed).
Floating deot (additional). 140,800 Dist.
No. 3 bonds, 4s........... $50,000
Sinking fund (general)___
46,800 BOND.
Sept 1 ’25- $375,000
Assess, val. ’25 (85% act.) .8,194,315 Floating DEBT
debt____________ 25,000
Tax rate (per $1,000) 1926—$28.00 Assess, val.,
estate___ 7,033,923
Pop’n 1910, 6,516; 1920_____ 8,440 Assess, val., real
____ 1,740,636
INT. at Southington Bk. & Tr. Co. Total assess,personal
val. 1925
(about 7-10 actual)____ 8,774,559
SOUTH WINDSOR.
Tax rate (per $1,000) 1925___ $24.00
This town is in Hartford County.
INT. payable at Treasurer’s office
Incorp. May 1845; taken from East
Windsor.
BOND. DEBT Apr 17’25None STRATFORD.
Floating debt_______ $70,000
This town is in Fairfield County
Assessed val., real___ 3,877,880
Settled in 1639.
Assessed val., personal_ 550,027
Sewer Bonds.
Total assessed val. 1924--4,427,907 4s ’24 M-S $380,OOOr* Sept 1 ’26-’44
Tax rate (per $l,000)*1924__ $20.00
Town Bonds.
Population, 1910,2,251; 1920—2,142 4s
A-O $13,000c.Apr 1 1927
Refunding Bonds.
SPRAGUE.
4s
F-A$198,000c*.Aug 1 ’26-’58
This town is in New London Co.
Tax Fund Bonds.
Incorporated May 1861.
4Ms
F-A $32,000c* Feb 1 ’27-’34
4Xs
$35,000_________ 1946
School Bonds.
4Ms
... 75,000_________ 1952 4s
J-D $92,000c* Dec 1 ’26-’48
4Ms
10,000__________1946 5s
M-N 76,000c* Nov 1 ’26-’44
BOND. DEBT June 1926- $190,000 4s ’24 M-S 240,000c* Sept 1 ’26-’49
Grand list 1925_________ 3,062,616
Sewer Notes.
Tax rale (per $1,000) 1925__ $20.00 6s
M-S 60,000c* Sept 1 ’26-’31
Pop’n in 1910, 2,551; 1920—2,500 4/£s’23 A-O 147,000c*.Apr 1 ’27-'33

ROCKY HILL.
This town is in Hartford County.
Inc. May 1843; taken from Wethers­
field.
Funding Bonds.
4/4s’22 M-N $51,000c*Novl5 ’26-’42
TOT. BD. DT. May 1926- $51,000
Total ass’d val. 1925-------- 2,375,298
Tax rate (per $1,000) 1925—$20.00
Population, 1910, 1,187; 1920--1.633




GEN’L DEBT Apr 1 ’26- $647,000
Sewer debt (add’l)---------608,000
Floating debt (add’l)____
325,000
Sinking funds / General__
11,625
{Sewer------45,000
Assessed val., real estate. -18,467,825
Assessed val., personal
1,048,831
Other assessable property . 788,588
Total assess, val. 1925
(85% actual)________ 20,305,244
Tax rate (per $1,000) 1925—$27.50
Population 1910, 5,712; 1920, 12,347

[Vol. 122.

WALLINGFORD CENTRAL SCH.
DIST. ((Annexed).
4Ms J-J $20,000 — ................ 1943
(Subject to call after 1933.)
4s
M-N $40,000c_________ 1927
414s J-J 9,000—July 21 ’27-’31
($3,000 yearly in odd years.)
School Bonds (opt. Mar. 1 1926).
4s ’06 J-J $55,000c...Mar 1 1936
BOND. DEBT Mar 29’26 $527,000
Floating debt (additional) 215,000
Sinking fund____________
19,419
Total assess, val. 1925__ 18,950,l82
(Assessment
at
full
value)
STRATFORD SCHOOL DIST.
This district (P. O. Stratford) is in Town tax (per $1,000) 1925—$17.00
Pop’n 1910, 11,155; 1920___ 12,010
Fairfield County.
INT. at First Nat. Bk., Walling­
5s g T9 M-N $76,000c.Nov 1 ’26-’44 ford,
and Nat. Park Bank, N. Y.
4/£s
J-D 92,000c—-$4,000 y’rly
4s
M-S 240,000c.Sept 1 ’26-’48
BOND. DEBT May 19’25 $426,000 WALLINGFORD, BOROUGH.
Total assessed val’n 1924-19,608,754
Inc. 1853. Population ’10, 8,690;
Population in 1924 (est.)__ __20,060 1920, 9,648.
Refunding Bonds
INT. payable at the Stratford
3Ms’90M-N $50,000c—Nov 15 1929
Trust Co., Stratford.
4Ms’ 13 J-D 60,000- —-June 1 1943
(optional beg. 1928).
THOMASTON.
4Ms’14 M-N 13,000c.-Nov 1 1944
This town Is in Litchfield County,
(Subj. to call beg. Nov. 1 1929).
Inc. May 1875.
5Ms’21 A’O 120,000--Apr 1 ’27-’50
High School Bonds.
Water Bonds.
5s ’21 J-D $150,000r-_-Dec 1 1941 4Ms
s-an$150,000--------------------BOND. DEBT Apr 1 ’26-- $150,000
Street Bonds (Opt. beg. 1928).
Sinking fund_____________
12,500 4Ms’13 J-D $75,000___ Junel 1943
Assess, val., 1925__ ■_____ 4,792,430 4Ms’14 M-N 25.000___ May 1 1944
Total tax (per $1,000) 1925--$23.00
(Subject to call May 11929.)
Population, 1910, 3,533; 1920.-3,993
Electric-Light Bonds.
3Ms
M-N$10,000___ May 1 1929
INT. at office of Town Treas
Sewer Bonds.
4J4s’13 J-D $42,000___ June 1 1943
TOLLAND.
(Optional beginning June 1 1928)
This town is in Tolland County. TOT. BD. DT. Nov 1’25. $470,000
Named May 1715.
Water debt (incl.)______
156,000
TOTAL DEBT April 3 1926-S29.566 Floating debt (add!)------125,000
Assess, val., real estate____ 67o,412 General sinking fund_____
10,612
Assess, val., personal-----------x32,726 Grand list 1925__________ 15,724,075
Tot. assess, val. ’25 (4-5 act.) 808,138 Borough tax (per $1,000) 1925-^7.00
Tax rate (per $1,000) 192a------$26.00 INT. at First Nat. Bk., Wallingford.
Population, 1910,1,126; 1920—1,040
WATERBURY.
This city is in New Haven County.
TORRINGTON
Incorporated in 1853. The city,
On Oct. 1 1923 this city, in Litch­ town
and school governments were
field County, was incorporated under consolidated
in Jan. 1900.
a special Act of the Legislature, tak­
City
Police & Fire Station.
ing over and including the town and 4Ms’13 Hall.
$347,800—July 1 ’27-’63
borough of the same name. Also 4Ms’15 J-J
J-J 290,000—July 1 ’27-’55
under an Act of the Legislature on
Bridge Bonds.
,
........
the same day a certain section of the
s’14 J-J $100,000—Jan 1 1944
town of Harwinton was assumed by 4/4
5s
’
21
J-J
150,000c--July
1940-69
the newly incorporated city.
4Ms’25 J-J (300,000-July 15 ’3O-’59
{100,000-July 15 ’60-’64
BONDS ASSUMED BY CITY.
Old Town Bonds.
Sewer Bonds.
3 Ms’04 J-J $10,000o—-Jan 1 1934
School.
’05 J-J 100,000___ Jan. 1 1935
4Ms’17 F-A$170,000c-Aug 1 ’26-’42 3* Ms--------4s ’06 J-J lOO.OOOo—-July 1 1936
Funding and School.
--.July 1 1939
4Ms’14 J-J $250,000c—-July 1 1939 4s ’09 J-J 190,0004s ’15 J-J 28,000___ Jan 1 1945
Funding.
5)4s’21 J-J $372,000c--Jan 1 ’27-42 4/4s’17 J-J 110,000—July 1 ’27-’37
4/4s’23J-J15 /70,000-July 15 ’46-’52
Old Borough Bonds.
1 2,000---July 15 1953
4Ms’07M-N $75,000c—-Nov 1 1927
Fire Department Bonds.
4s ’09 M-N 150,000c—-May 1 1929
4/4s’19 J-J $140,000 - —1926-1939
Portion of Town of Harwinton Bonds 5s ’21 J-J 95,000c-July 1 ’27-’45
Comfort Station & Garage.
Assumed.
4/4s’19 J-J $65,OOOr*. July 1 ’27-39
Funding Bonds.
Funding Bonds.
4Ms’22 J-D $28,500c. July 1 ’27-’64
4 % s’23J-J15$l ,225,000 Ju!yl5’26-’34
TOTAL CITY BONDED
(For
maturity see V. 117, p. 470)
DEBT Sept 1 1925___ $1,075,000 4/4s’25
J-J 50,000.--July 15 1934
Floating debt (add’l)----590,914
Water Drainage Bonds.
Sinking fund---------------236,881 5s Storm
’21 J-J $75,000c__Jan 1 ’27-’41
Assess, val. real estate—21,590,259 4Ms
’25 J-J 100,000-July 15 ’30-’39
Assess, val. personal------- 5,003,004
Street Bonds.
Total assess, val. ’25 (act)26,593,263 4/4s
J-J $150,000___ Jan 1 1938
Tax rate (per $1,000) 1925----- $32.00 4/4s’’08
19 J-J /245,000r* -July 1 27-33
Population (est.)------------------ 23,000
10,000r*.. July 1 1934
Included in Dist. No. 2 is the an­ 5s ’21 J-J { 250,000c__Jan
1 ’27-’31
nexed portion of the Town of Har­ 4/£s
’
25
J-J
200,000July 15 ’30-’39
winton.
School Bonds.
4s ’97 J-J $200,000-July 1 ’27-’46
TRUMBULL.
60,000-Jan 1 ’27-’32
3 yis ’01 J-J
This town is in Fairfield County.
4Ms’ll J-J 250,000—Jan 1 ’27-’51
Incorporated October 1797.
4 Ms’13 J-J 135,000.-July 1 ’27-’53
School Bonds.
-July 1 ’27-’55
4Ms’25 --- $50,000c.May 1 ’30-54 4Ms’15 J-J 145,000120,000.-Jan 1 ’27-’38
BOND. DEBT Apr 1 ’26-- $130,000 4Ms’16 J-J 400,000.
-July 1 ’27-’42
4Ms
’
16
J-J
Floating debt (add’l)-------46,000
July 1 ’43-’49
Sinking fund_____________
11,800 4Hs’17 J-J 175.000—
—July 1 ’27-’32
Grand list 1925---------------- 3,271,317 4Ms’19 J-J 1 49,000
4,000
___
July 1 1933
Total tax (per $1,000) 1925—$25.00 4Ms’19 J-J 280,000r*-July
’27-40
Popula. 1910, 1.642; 1920------- 2,651 4Ms’19 J-J 200,000--July 11 ’41’5O
f 4,000c..-July 1 1933
VERNON.
5s ’19 s-a {120,000c. July 1 ’34-’48
This town Is in Tolland County.
{ 1,000c... July 1 1949
Inc. Oct. 1808.
Park Bonds.
Funding Bonds.
4s ’08 J-J $160,000.July 1 ’27-’58
4Ms’25 A-O$105,000c.Apr 15 ’30-’60 5s ’21 J-J 75,000—Jan 1 ’27-’31
Memorial Hall Bonds.
4Ms’25 J-J 100,000r*Jan 15’30-’54
4Ms M-N$125,000c—Nov 1 1944 4Ms’25 J-D 100,OOOr*Jan 15 ’30-’54
♦School Bonds.
Water Funding Bonds.
4Mg’23 J-J $118,000c—Jan 15 1953 4/4s’18 J-J $320,000—July 1 ’27-’58
NET DEBT Sept 1 ’25-- $348,000 5s ’21 J-J 450,000c. .Jan 1 ’27-’71
Floating debt___________
4,144
Paving Bonds.
Sinking fund____________
1,123 4s ’07 J-J $200,000o—Jan 1 1927
Grand list 1925------------- 10,120,484
Water Bonds.
Town tax rate (per $1,000) ’25 $11.50 4s’10 J-J $’84,000c-Jan 1 ’27-’49
Popula. 1910,9,087; 1920.......... 8,898 4 Ms’ll J-J 450,000c-Jan 1 ’27-’71
INT. on bonds marked (*) at the 4Ms--------’13 J-J 120 00Q__july j ’27-'38
Travelers Bank & Trust Co. and 4Ms’13 J-J 100,000-July 1 ’39-’48
Hartford-Connecticut Trust Co., 4ZSs’17 J-J 450,000--July 1 ’49-’93
Hartford; on others at Town Treas­ 4/4s’19 J-J 130,000—July 1 ’27-’39
5s ’21 J-J 250.000c.july 1 ’27-’51
urer’s office.
4Ms’22 — 260,000—July 1 ’27-’52
4Ms’22 — 200,000.-July 1 ’53-’72
WALLINGFORD, TOWN.
The town and borough of Walling­ 4Ms’23 --- 120,000.-Jan 1 ’27-’38
ford is situated in New Haven County. 4/£s’24 J-J 380.000r*Jan 1 ’27-’64
( 36,000r*July 1 ’27-’38
Incorporated 1669.
4Ms’24 J-J 1 65,000r*July 1 ’39-’43
High“School & Refunding Bds.
1240, OOOr*July 1 '44-63
f $10,000--- Dec 1 1926 4Ms’24 J-J / 54,000r*July 1 '27-’44
4s ’16 J-D / 80,000.-Dec 1 ’27-’36
{40,000r*.July 1 ’45-’64
I 70,000—Dec 1 ’37-’46 4/fs’24 J-J 195,000r*July 1 ’27-’64
4Ms’25 J-J 330,000r*Jan 15’30-’44
Funding Bonds.
4s ’97 J-J $30,000c------------- 1927 414s’25 J-J 242,000.-Jan 15’55-’65
4s ’09 J-J 45,000c-..July 1 1930 4s ’25 J-J 400,000-July 15 ’26-’65
4/<s’22 J-J 50,000r*.Jan 1 ’28-’48 4Ms’25 J-J 220,000-Jan 15 ’45-’54
4Ms’25 J-J 400,000-July 15 ’26-’65
(Due $10,000 every 5 years.)
Improvement Bonds.
4J4s’26 --- $80,000c*.Jan 1 ’31-’5O
4 Ms’ll J-J $25,000c—Jan 1 ’27-’31
Refunding Bonds.
Isolation Hospital Bonds.
3.65s’99M-N $8,000c-— 1926-1929
4Ms’18 A-O 80,000c„_Apr 1 1938 4Ms’19 J-J $130,000—July 1 ’27-’39
5s ’21 J-J 175,000c.July 1 ’40-’74
Refund. & Improve. Bonds.
4 Ms'12 A-O $30,000o------------------- BONDED DEBT May 6 1925.
($5,000 payable every 5 years: next Water bonds___________ $4,662,000
School bonds..................... 2,303.000
payment Apr 1927.)

June, 1926.]
WATERBURY (.Concluded).
Sewage-disposal bonds
428,000
Paving bonds___________ 200,000
City-hall, police and fire
station bonds_________ 700,000
Sewerage bonds_________ 202[000
Brooklyn Bridge bonds__
100,000
West Main St. Bridge.__
150,000
Isolation hospital bonds. . 325,000
Park bonds_____________ 2601,000
Street improvement bonds 775,000
Storm water drainage bds.
84,000
Improvement bonds____
30,000
Comfort station and gar­
age bonds____________
75,000
Fire department bonds__
250,000
Funding bonds_________ 1,375,000

Total bonded debt.__ 3511,879,000
Less water bonds_______ 4,662j,000
Net general debt_____ $7,257,000
In Sinking Funds—
Street improvement bonds$84,376 80
Paving bonds__________ 190,850.72
Sewerage bonds 1923____
72,000
Net debt..................$6,909,772.48
Grand list 1924............... .176.002,015
Tax rate 1924_______________ $22.40
Pop'n 1910, 73,141; 1920____91?410
INT. on bonds of 1923 and 1924 at
First National Bank of Boston.]
WATERFORD^
This town is in New London Co.
Incorporated in 1801.
TOTAL DEBT Sept 1924. $25^,733
Grand list 1924__________ 3,992,766
Tax rate (per $1,000)1924____$26.00
Pop’n in 1910, 3,097; 1920___ 3.935

CONNECTICUT—CITIES AND TOWNS
Total tax (per $1,000) 1925___ $2.75
Population 1925 (est.)_______ 2,500
INT. on 4J4s of 1924 at First
National Bank, Boston.
WEST HARTFORD.

This town Is In Hartford Countv
Inc. May 1854. Pop’n 1910, 4,808;
1920, 8,854.
Refund., Impt. & Sewer Bonds.
4>£s’13 J-D$200,000c.„Dec 1 1943
4J^sg’15F-A 150.000c—.Aug 1 1945
4^s’22 F-A (340,OOOc.Feb 1 ’27-’43
1100,000c.Feb 1 ’44-’47
High School & Refunding Bonds
4Xs’23 M-S $726,000.Mar 15 '27-48
BOND. DEBT Feb 28 ’26 $1,299,000
Assess, debt (add’l)_____
350,000
Floating debt (add’l)____
90,000
Sinking fund, general___
147,205
Sinking fund, sewer_____
27,513
Assess, val. real estate__ 33,388,573
Assess, val. personal____ 2,724,018
Assess, val. other property 129,900
Grand list ’25 (abt. actual)36,242,491
Town tax (per $1,000) 1925—$l7.00
INT. at U. S. Bank, Hartford, and
Hartford-Connecticut Trust Co.,
Hartford.
______
WEST HAVEN.
This town is in New Haven Co.
Inc. June 24 1921; taken from
Orange.
Refunding Bonds.
4^sl6 J-J *$90,730c*..Jan 1 1936
4^sl9 M-S 90,000c*.. Mar 1 1939
4.70s J-D U7,949r„.Jan 1 1936
Sewer Bonds.
5^s’2O A-O $80,000c*.-Oct 1 1940
GEN. BD. DT. Mar 30 ’26 $708,679
Assessment debt (add’l)__ 103,000
Floating debt (add’l)_____
34,500
Sinking fund_____________ 116,643
Assess, val., real estate__ 26,182,160
Assessed val., personal__ 3,076,208
Other assess, property___
389,623
Total ass’d val., 1925___ 29,647,991
(Assessment about 85% actual val.)
Total tax rate (per $1,000) ’25 $24.50
Population 1924 (est.).:______ 17,000
* INT. at New Haven; others at
West Maven. ______

WATERTOWN.
This town is in Litchfield County.
Incorporated in May 1780; taken
from Waterbury.
Notes.
4s '12 ... $45,000—May 1 ’27-’35
4s'24 ... 30,000___ May 11927
TOTAL DEBT Oct 1 '25— 131,152
Cash in treasury_________
40,299
Grand list 1923___________ 7,096,943
Sinking fund_____________ 38,327
Value of town property___ 341,377
Tax rate (per $1,000) 1923____$25.00 WEST HAVEN UN. SCH. DIST.
Population 1910, 3,850; 1920, 6,050
This district (P. O West Haven) is
in New Haven County.
4s
g —. $100,000c*________ 1929
WATERTOWN FIRE DISTRICT.
Grammar School Bonds.
This district is in Litchfield Co.
4J^s’25M-N$300,000c*May 1 ’27-’56
Water Bonds.
High School Bonds.
l$14,000cAug l'26-'32
4^s’17 F-A (30.000c.Aug 1 '33-'42 4Xs’25M-N($100,000c*May 1 ’27-36
1 300,000c *May 1 '37-56
16,OOOc.Aug 1 ’43-’46
21,000c. ..Aug 1 1947 BOND. DEBT Apr 1 ’26. $800,000
69,OOOc.Feb 1 '27-’49 Total assessed val. 1925—20,097,057
4^s’24 F-A 44,OOOc.Feb 1 '50-’60 School tax rate (per $1,000) ’26$5.00
i 1,000c...Feb 1 1961 Population (est.)____________20,000
4^s’24 F-A J 3,000c—.Feb 1 1961
INT. payable in Boston.
112, OOOc.Feb 1 ’62-’64
BOND. DEBT Aug 21 '25. $210,000 WESTPORT. _
Floating debt (additional). 44,350
This town is in Fairfield County.
Assessed valuation 1925__ 3,269,318 Incorporated May 1935.




Town Bonds.
4Xs’17 ... $276,000—............. ........
Road Bonds.
4J<s'25 J-J $195,OOOc.July 1 ’27-’41
'76,500c.July 1 ’27-’35
4J£s'25 J-J 54,000c.July 1 ’36-’41
7,000c—.July 1 1942
14,000c.July 1 ’27-’33
13,000c.July 1 ’34-’46
4Xs’25 J-J
8,000c.July 1 ’47-’5O
BOND. DEBT Mar 26 ’26 $793,000
Floating debt (additional) 105,600
Grand 1st 1925_________ 18,709,094
Total tax rate (per $1,000) '25 $14.00
Population 1910, 4,259; 1920, 5,114

61

Borough Bonds.
4s ’96 F-A $4,000c.................... 1926
3)4s’O6 A-O 32,000c—Oct 1 1931
4s T4 F-A §100,000r*— Augl’27-51
BOND. DEBT May 1 '26. $248,000
Water debt (incl.)________
12,000
Floating debt (add’l)_____ 148,050
Sinking fund_____________ 63,202
Assessed val n.real estate 11.503,859
Assessed val'n, personal__ 2,026,141
Total assess, val. ’25 (abt.
actual)_______________ 13,530,000
Tax rate (per (City__________ $18,50
$1,000)’251 Town.................. 13 89
Pop. '10, 8,679: 1920 _______ 9,019
§ INT. at First Nat. Bank, Boston;
WESTVILLE SCH. DIST.
on others at the Hurlbut Nat. Bank.
This district (P. O. Westville) is in Winsted.
New Haven County.
See New Haven, Conn., on p. 54. WINDHAM.
This town is In Windham County.
WETHERSFIELD.
Incor. May 1692. Pop n, '10,12,604.
This town is in Hartford County. 1920, 13,801.
This town was settled in 1635 and
School Bonds.
named in 1637.
4^s’14 J-J $150,000___ Jan 1 1944
4tfs’22 J-J $6,200.-July 1 ’27-'52 Funded debt Sept 1924__ $560,000
x Coupon Bonds.
Floating debt___________
236,490
4J^s'15 M-N ($19,800c Nov 1 ’27-’35 Sinking fund____________
74,639
1 30.000c Nov 1 ’36-’45 Grand list 1924________ $17,651,080
BOND. DEBT April 10 ’25 $102,000 Tax rate (per $1,000) 1924—$12.00
Floating debt____________ 69,300
Grand list 1924___________6,412,261 WINDSOR.
This town is in Hartford County.
Tax rate (per $1,000) 1924___ $19.00
Pop. ’10, 3,148; ’20................ 4,342 Town was settled Sept. 26 1633.
x INT. at Phoenix Nat. Bank.
High School Bonds.
Hartford.
6s’21 J-J $23,000.$23,000 yrly July 1
School Bonds.
4J<s’25 J-J ($108,000.July 1 ’27-’3O
WILLIMANTIC.
1 52,000-July 1 ’31-’32
This city Is situated In the town of
Windham, Windham Co. Inc. 1893.
Funding Bonds.
41$s 15 J-J $100,000c.July 1 '27-’46
Municipal Bonds (Coupons),
4s
A-O $89,000c____ Oct 1934 BOND. DEBT Aug 10 ’24. $156,000
Floating debt (add’l)------60,000
Water Bonds.
4s’85&’04A-O $50,000c__Oct 1 1929 Grand list 1924_________ 10,761,652
BOND. DEBT May 18 ’26 $89,000 Tax rate (per $1,000) 1924—$24.75
Water debt (add’l)---------50,000 Population 1910, 4,178; 1920, 5,620
Sinking fund__________
2,500 INT. at Windsor Tr.& Safe Dep.Co.
Tot.ass’d val.’25(?< act’l).16,160,766
Tax rate (per $1,000) 1925___ $12.00 WINDSOR FIRE DISTRICT.
Pop’n 1910, 11,230; 1920, 12,330
Water Fund Bonds.
INTEREST payable at City Treas 4>Sg’15 A-O $140.000c„Oct 1 1945
(Subject to call after Oct 1 1925.)
WILTON.
General Fund Bonds.
This town is in Fairfield County.
4^sg’15A-O( $9,OOOc_Oct 1 ’26-’3O
Incorporated May 1802.
1 20.000c—.Oct 1 1931
5s
s-a $20,000_________ :___
FUND. DEBT Sept 1924— $35,000 BOND. DEBT Dec 31 ’25. $190,000
Grand list 1924_________ 3,592,958 Total assess, val. 1925___ 3,540,128
Tax rate (per $1,000) 1924---- $15.00 Dist. tax (per $1,000) 1925___ $6.00
INT. at Windsor Trust & Safe
Population 1910 1,706; 1924 1,284
Dep. Co. or Irving Nat. Bank, N. Y.
WINCHESTER^
This town (P. O. Winsted) is In WINDSOR LOCKS^
This town is in Hartford County.
Litchfield County. On Oct. 1 1915
Winsted Borough (now known as the Incor. May 1854. Pop’n. ’10. 3.715;
Winsted District) was consolidated 1920, 3,554.
with this town and is now under one 4J^g’22 J-J $130,000c..Jan 5 ’27-’52
Sewer Bonds.
,
government. Winchester was in­
4^sg’15 J-J $50,000c_.Jan 15 1935
corporated in May 1771.
NET DEBT Sept 4 ’24. $90,097
Refunding Bonds.
4s ’10 M-N$12,000c.May 1 ’27-’28 Grand list 1924---------------- 5,790,701
Tax rate (per $1,000) 1924—$18.00
Funding Bonds.
INT. at Windsor Locks Tr. & Safe
4^s’15 M-N§50 OOOc.May 1 ’27-’36
4^s’18 M-N §50,000c—_Nov 1 1928 Deposit Co.

63

Debts and Resources
OF THE

IN THE

MIDDLE STATES
INDEX FOR THE MIDDLE STATES, CITIES, ETC.

NEW YORK—State, Cities, &c_________ Pages 62 to 98
NEW JERSEY—State, Cities, &c_______ Pages 98 to 119
PENNSYLVANIA—State, Cities, &c____ Pages 119 to 149

State of New York.
,

ITS

DEBT,RESOURCES, ETC.
Admitted as a State_________ One ofOriginal Thirteen
Total area ofState (square
miles)____________ 47,654
State capital------------------------------------------------- Albany
Governor (term expires Dec. 31 1926)..Alfred E. Smith
Lieut.-Gov. (term expires Dec. 31 1926).Seymour Lowman
Sec. of State (term expires Dec. 31 1926)_Florence E. S. Knapp
Treasurer (term expires Dec. 31 1926)..Lewis H. Pounds
Comptroller (term expires Dec. 31 1926).Vincent B. Murphy
Attorney-General (term expires Dec. 31 1926)Albert Ottinger
Engineer & Surveyor (term exp. Dec. 31 1926) Roy G. Finch.
LEGISLATURE meets annually the first Wednesday In January, and
length of sessions Is not limited.
HISTORY OF DEBT.—The early historical details of New York State’s
debt from 1817 to 1894 will be found In the “State and City Supplement”
of April 1893. page 41.............................. .................................................
During a period of eleven years ending In 1893 the State debt was paid
at the average of $1,000,000 per year, and practically wiped out.
In Nov. 1895 the voters approved a bond issue of $9,000,000, for the
purpose of enlarging and Improving the Erie, Oswego and Champlain
canals. These bonds were all issued and have since been redeemed.
In 1903 a further issue of $101,000,000 canal bonds was authorized, and
these bonds have all been sold. [A bill, signed by the Governor April 17
1912, authorized the State Comptroller to issue canal improvement bonds
made payable in foreign currency. V. 94, p. 1131.] At the 1905 elec­
tion a constitutional amendment was adopted giving authority to create an
aggregate debt of $50,000,000 for highway purposes, and all of these bonds
have been sold. The question of Issuing an additional $50,000,000 bonds
for highways received a favorable vote in Nov. 1912, the last of these bonds
being sold in June 1921. In Nov. 1909 the voters approved the issuance
of $7,000,000 bonds for the Cayuga and Seneca Canals, all of which have
been sold. In 1910 the voters approved the issuance of $2,500,000 bonds,
all of which have been sold, for the acquisition of the Palisades Interstate
Park. At the election Nov.71916a favorable vote was polled on the refer­
endum proposition providing for the issuance of $10,000,000 additional
bonds for this purpose and for State Forest Preserve, and the last of these
bonds were sold in June 1921.
Under the provisions of Chap. 394.
Laws of 1911, and Chapter 252, Laws of 1914, Chapter 335, Laws of
1915, $1,284,000 bonds were authorized for a State Reservation at Sara­
toga Springs. These bonds were all issued and havs now been
redeemed, the last of the bonds maturing March 1 1925. A proposition to
Issue $19,800,000 barge canal terminal bonds was adopted Nov. 7 1911, and
the last of these bonds were sold in June 1921. On Nov. 2 1915 the voters
approved the issuance of $27,000,000 bonds for the completion of the barge
canal; all of these have been disposed of. On Nov. 2 1920 the voters approved
the proposition to issue $45,000,000 “Soldiers’ Bonus” bonds. $10,000,000
of.these bonds were offered to the public on June 9 1921, but owing to the
raising of a question of their legality, were not sold. On June 20 1921 the
constitutionality of the Soldiers’ Bonus Law was unanimously sustained by
the Appellate Division of the Supreme Court, Third Department (V. 112,
p. 2785). Later, on Aug. 31 1921, by a vote of 5 to 2, the Court of Appeals
reversed the above court and held that the Soldiers’ Bonus Law was un­
constitutional on the ground that it would lend the credit of the State for
the benefit of individuals (V. 113, p. 1073). A new Soldier Bonus measure
in the form of a constitutional amendment (which is Section 13 of Article 7)
providing f°r a $45,000,000 bond issue, was approved by the voters in Nov.
1923 (see V. 116, p. 965, and V. 117, p. 2457). The 1924 Legislature passed
an enabling Act carrying the amendment into effect (for text see V. 118,
p. 930), and on April 8 1924 the bonds were sold (V. 118, p. 1821). Under
authority of Section 4 of Article 7 of the Constitution $50,000,000 State
institution buildings bonds were also 'submitted to the voters at the fall
election in 1923 and carried (see V. 116, p. 2418, and V. 117, p. 2457). So
far $12,500,000 of these bonds have been sold. For description of bonds
see table below. The State’s total bonded debt on May 31 1926 was
$315,520,000. In addition to this amount there were also outstanding
$1,065,000 certificates of indebtedness. The sinking fund resources on
May 31 1926 were $95,231,631 96. Loans outstanding are as follows:




DELAWARE—State, Cities, &c
MARYLAND—State, Cities, &c
DISTRICT OF COLUMBIA....

Pages 140 to 141
Pages 141 to 144
.Page 144

Canal Bonds (Gold).
Highway Bonds (Gold).
3s ’06 J-D $1,000,000—Dec 1 1956 3s 06 J-J $1,000.000—Jan 1 1956
4s ’08 M-S 5,000,000..Mar 1 1958 3s '07 J-J 5,000.000.-Jan 1 1957
4s ’08 M-S 5,000.000—Sept 1 1958 3s ’08 J-J 5,000.000—July 1 1958
4s ’10 M-S 5.000,000—Mar 1 1960 3s ’09 J-J 10,000,000..Jan 1 1959
4s ’ll M-S10.000.000—Mar 1 1961 4s TO J-J 11,000.000—July 1 1960
4s ’12 M-S 8,000,000—Mar 1 1962 4s ’ll J-J 10,000,000..Jan 1 1961
4^s’13M-S21.000.000—Sept 1 1963 4s ’ll J-J 10,000,000..July 1 1961
4JisT5M-S10.000.000-. Mar 1 1965 Is 12 J-J 12.000.000—Jan 1 1962
4s T5 M-S 5,000,000..Sept 1 1965 4Hs’14 J-J 30,000.000..Jan 1 1964
4s T7 M-S10,000,000—Mar 1 1967 4 Jis'15 J-J 12,000,000..Jan 11965
5s ’21M-S18.000,OOOr*.Mar 1’27-’71 4s T6 J-J 17,000,000..Jan 1 1966
State Forest Preserve Park Bonds 4s '17 J-J 10,000,000..Jan 1 1967
Palisades I.-S. Park (Gold).
(gold).
4s T7 M-S $2,500.000.Mar 1 1967 4s ’ll M-S$2,500,000._Mar 1 1961
5s ’21 M-S 4,500,000r* Mar 1’27-71 4s T7 M-S 2,500,000.-Mar 1 1967
Barge Canal Terminal (Gold).
State Institution Bldg. Bonds
4s
J-J $5,000,000.Jan 1 1942
(Gold).
4s’24M-S$12,0!)0,000r*_Septl’26-’49 4>is’15 J-J 5,000,000—Jan 1 1945
Soldiers Bonus Bonds (Gold). 4s '16 J-J 3.000,000..Jan 1 1946
4Xs ’24A-043,200,OOOr*.Aprl’26’49 5s ’21 J-J6,120,000r*_Jan 1 ’27-’71
Interest is payable at the Bank of the Manhattan Company, N. Y. City.
At the November 1924 election the voters had submitted to them, under
authority of an Act passed at the 1924 session of the Legislature, the ques­
tion of issuing of bonds, not exceeding $15,000,000, for the development,
improvement and extension of State parks. The proposition was ap­
proved (V. 119, p. 2671). Legislation providing for the expenditure of all
this issue was passed at the 1926 session of the Legislature.
At the fall election in 1925 the voters adopted two proposed amendments
to Article 7 of the Constitution (V. 121 p. 3031). One added a new section
(14) under which the Legislature is authorized to incur indebtedness not
exceeding $300,000,000 through the issuance of bonds to provide money
for the elimination, under State supervision, of railroad crossings at grade
within the State, at the joint expense of the State, railroad companies,
cities, towns and villages. Of such indebtedness, the State would bear
25%, city, town or village 25% and the railroads 50%. The other amend­
ment further amends Article 7 by adding another new section (15), which
empowers the Legislature to authorize by law $100,000,000 in bonds to
provide moneys for the acquisition by the State of real property and for
the construction of buildings, works and improvements for the State, or
for any one or more of such objects, in installments of $10,000,000 a year
for 10 years, no vote of the people being necessary as the bonds were issued
from year to year.
Initial expenditures out of the grade crossing elimination issue and
the permanent improvement issue were provided for by the 1926 Legis­
lature. The amounts to be expended are $70,000,000 and $10,000,000,
respectively.
STATE DEBT FOR A SERIES OF YEARS.—The figures of gross
bonded State debt given below are for the fiscal years ending June 30
beginning with June 30 1916, the year having been changed from Sept. 30
to this date by Chapter 118, Laws of 1916. All other figures in the following
table are for the old date (Sept. 30):
1925 $318,456,000 1914t$159260,660 1903 $9,665,660 1880. $9,114,054
1924 308,491,000 1913. 108,355,660 1902. $9,920,660 1875- 28,328,686
1923 264,244,500 1912.109,702,660 1900. 10.130.660 1870- 8,641,606
1922 266,998,000 1911. 79,730.660 1899- 10.185.660 1865. 50.861.349
1921 267,729,000 1910. 57.230.660 1898. 9.340.660 1860. 34,182,975
1920 236,024,000 1909. 41.230.660 1897— 5.765.660 1850. 23.507.874
660 1840- 18,385,309
1919 236.119,660 1908- 26.230.660 1893..
1918 236,214,660 1907. 17.290.660 1892..
763,160 1830. 8,635,035
1917 236,309,660 1906. 10.630.660 1891 — 2.927,655 1820- 2.983,500
1916 211,404,660 1905. 11.155.660 1890.. 4,964,304 1816- 2,905,535
1915 186.400.660 1904. 9,410.660 1885 $9,461,854
t Comptroller’s temporary loan certificates amounting to $650,000 were
also outstanding Sept. 30 1914. * In addition, there were outstanding
Sept. 30 1913 $27,000,000 notes issued in anticipation of the sale of bonds.
TAX VALUATION, TAX RATE, &c.—Large ’ncrease in values for
1904, due mainly to New York City’s real estate being assessed about full
value. The constitutional amendment adopted in 1905 permits interest and
■inking fund requirements to be met out of funds in the Treasury instead
of by means of a direct tax as heretofore. No direct State levy, therefore,
was made in 1906 to 1910, revenue being entirely raised through the opera­
tion of mortgage, stock transfer, liquor, inheritance and corporation taxes.
In July 1911, however, the Legislature again imposed a direct tax of 6-10
of a mil) on each dollar of real and personal property. In 1912 the Legisla­
ture made provision for a direct tax levy of one mill. At the 1913 session,
in order to avoid the levying of a direct tax, a bill was introduced to permit
the transfer to the general fund of a part of the sinking fund. This meas­
ure, however, failed to pass both houses. V. 96, p. 1435. On Sept. 17 1913.
while the Legislature was in extra session, a bill was passed authorizing the
levy of a direct tax of 5805-10000 of a mill. In 1914 a bill was passed pro­
viding for a direct tax of three hundred and fifty-five thousandths of a mill
but this was vetoed by the Governor. V. 98. p. 1404. At the 1915
session of the Legislature provision was made for the levy of a direct tax
of one and seven-tenths mills. V. 100, p. 1525. No direct State tax was
Imposed by the 1916 Legislature. In 1917 the Legislature provided for a
direct tax of 1.08 mills: in 1918 and 1919 it imposed a direct tax of 1.06 mills:
in 1920, 2.695 mills; in 1921, 1.5043 mills; in 1922, 1.2915 mills; in 1923,
2 mills; in 1924, 1.50 mills, and in 1925, 1.50 mills.

June, 1926.]

NEW YORK—DEBT OF STATE

★Total Eaualized ------ State Tax—
Valuation for Rate per
Total
-ValuationLevied.
Persona,
State Purposes. $1,000
Year.
Real Estate.
$28,528,472
1925- $18,750,816,008 $268,165,870 $19,018,981,378 $1.50
26,019,953
1924. 17,084,819,872
1.50
----------- 261,815,$71
228 695 I26 17,346,635,443
-----------32,467,458
16,233.729,387 2.00
16,005,033,961
1923
1922. 15,141,722,139 248,676,834 15,390,398,973 1.2915 19,876.700
1921. 14,595,726,491 255,263,116 14,850,989,607 1.5043 22,340,343
35,006,523
1920. 12,625,190,013 364,243,720 12,989,433,733 2.695
13,523,503
1919- 12,322,150,324 435,871,630 12,758,021,954 1.06
13,272,069
1918- 12,006,966,764 513,853,047 12,520,819,811 1.06
13,058,752
1917- 11,605,694,898 485,742,745 12,091,437,643 1.08
1916- 11,335,638,806 454,989,997 11,790,628,803 None
1915- 11,146,271,012 924,149,875 12,070,420,887 1.70
1914- 10,960,260,892 424,876,235 11,385,137,127 None
6,460",093
.5805
1913- 10,684,290,188 444,207,867 11,128,498,055
11,022,985
1912. 10,561,501,373 461,484,541 11,022,985,914 1.00
6,072,766
.60
1911- 9,639,001.868 482,275,590 10,121,277,458
9,821,620,552 None
1910- 9,266,628,484 554,992,068
9,666,118,681 None
1909. 9,117,352,838 548,765,843
9,173,566,245 None
1908- 8,553,298,188 620,268,057
8,565,379,394 None
1907- 7,933,057,917 632,321,477
1906. 7,312,621,452 702,469,270 8,015,090,722 None
1,191,677
7,738,165,640
.154
1905- 7,051,455,025 686,710,615
968,041
7,446,476,127
.13
1904. 6,749,509,958 696,966 169
5,854,500,121
.13
761,085
1903- 5,297,754,482 556,745 639
748,072
5,754,400,382
.13
1902. 5,169,308,069 585,092 313
6,824,306
5.686.921.678 1.20
1901- 5,093,025,771 593,895,907
5,461,302,752 1.96
10,704,153
1900- 4,811,593,039 649,709,713
13,906,346
4,292,082,167 3.24
1895- 3,841,582,748 450,499,419
3,683,653,062 2.34
8,619,748
1890- 3,298,323,931 385,329,131
14,285,976
1,967,001,185 7.26
1870- 1,532,720,907 434,280,278
___
____________
______ ______________
.... 2.50
3,512.269
1.404.907.679
1,095,403,134 309,504,545
1859* The total valuations shown ape those used for the purpose of levying the
State tax for each of the years enumerated.
POPULATION OF STATE.—New York ranks first in population among
the States of the Union. The following gives the U. S. Census figures,
except 1905, 1915 and 1925 returns, which were compiled under State
supervision
....... ——
.........1900.
— —7,2681894
......... ' — •----------------- 1820 .—1,372.812
1925
11,162,151
1860---3,880,735
1920—10,385,227 1890—*6,003,174 1850 —3,097,394 1810..........959,049
1915—.9,687,744 1880---5,082,871 1840.-2,428,921 1800.......... 589,051
1910 —.9,113,614 1870 —4,382.759 1830—1,918,608 1790.......... 340.120
1905—8,067,308
•Includes population (5,321) of Indian reservations, specially enumerated.
CONSTITUTIONAL AMENDMENT CHANGING CLASSIFICA­
TION OF CITIES.—At the Nov. 1907 election an amendment to Sec. 2 of
Art. 12 of the constitution was adopted by a vote of 309,159 “for” to 123,919
“against.” This amendment alters Sec. 2 by changing the population of cities
of the first class from “250,000 or more” to “175,000 or more," and cities of
the second class from “50,000 atad less than 250,000” to “50,000 and less
than 175,000.” This section was printed in full in V. 85, p. 359.
NEW YORK, NEW JERSEY PORT DISTRICT.—A treaty, creating
a port district between New Yoitk and New Jersey, ratified by the Legisla­
tures of both States, was signed pn April 30 1921. The treaty provides for
the creation of a single “Port District" governed by a single Port Authority,
which body will control the improvement and development of the district
in conjunction with the Federal authorities. See ‘‘Chronicle” May 7 1921,
page 1998
NEW CONSTITUTION DEFEATED—A revised Constitution drafted
by the Convention of 1915, in session from April 6 to Sept. 10, was over­
whelmingly defeated at the general election Nov. 2 1915. V. 102, p. 172.
The changes proposed by the convention were explained in an “address to
the people,” which was given ih full in the “Chronicle” of Sept. 18 1915,
page 892. The voters, at the general election on Nov. 7 1916. defeated
the question of holding another^constitutional convention. V. 104. p. 86.
DEBT LIMITATION—STATE.—The provisions of the fundamental
law restricting the power of the Legislature over the issue of debt under the
Constitution of 1894 are contained in Article 7. Amendments to Sections
2, 4, 5. 11. and 12 were adopted by the voters on Nov. 2 1920. We give
the sections below which have reference to the subject as amended.
State credit not to be given.—SECTION 1. The credit of the State shall not
in any manner be given or loahed to or in aid of any individual, associa­
tion or corporation.
State debts—-power to contract.—SEC. 2. The State may contract debts in
anticipation of the receipt of taxes and revenues, direct or indirect, for the
purposes and within the amounts of appropriations theretofore made; bonds
or other obligations for the moneys so borrowed shall be issued as may be
provided by law, and shall with the interest thereon be paid from such taxes
and revenues within one year from the date of issue.
State debts to repel invasions.—SEC. 3. In addition to the above limited
power to contract debts, the State may contract debts to repel invasion,
suppress Insurrection, or defend the State in war; but the money arising
from the contracting of such debts shall be applied to the purpose for which
it was raised, or to repay such debts, and to no other puroose whatever.
Limitation of Legislative power to create debts.—SEC. 4. Except the debts
specified in Sections 2 and 3 of this Article, no debt shall be hereafter
contracted by or in behalf of" tl 5 State, unless such debt shall be authorized
by law, for some single work r object, to be distinctly specified therein,
On the final passage of such ill in either house of the Legislature, the
question shall be taken by ayes and noes, to be duly entered on the journals
thereof, and shall be: “Shall this bill pass, and ought the same to receive
the sanction of the people?” No such law shall take effect until it shall,
at a general election, have been submitted to the people and have received
a majority of all the votes cast for and against it at such election nor shall
it be submitted to be voted on [within three months after its passage nor at
any general election when any bther law, or any bill shall be submitted to
be voted for or against. The Legislature may at any time, after the
approval of such law by the people, if no debt shall have been contracted
in pursuance thereof, repeal the same; and may at any time, by law, forbid
the contracting of any further debt or liability under such law.
Except the debts specified in sections 2 and 3 of this article, all debts
contracted by the State after pan. 1 1920, pursuant to an authorization
therefor, heretofore or hereafter made and each portion of any such debt
from time to time so contracted irrespective of the terms of such authoriza­
tion, shall be paid in equal anriual installments, the first of which shall be
payable not more than one year, and the last of which shall be payable not
more than fifty years after such debt or portion thereof shall have been
contracted. No such debt hereafter authorized shall be contracted for a
period longer than that of the probable life of the work or object for which
the debt is to be contracted,! to be determined by general laws, which
determination shall be conclusive.
The Legislature may from time to time alter the rate of interest to be
paid upon any State debt which has been or may be authorized pursuant to
the provisions of this section or upon any part of such debt, provided, how­
ever, that the rate of interest (shall not be altered upon any part ’of such
debt or upon any bond or other evidence thereof which has been or shall be
created or issued before such alteration. The money arising from any loan
creating such debt or liability shall be applied to the work or object specified
in the Act authorizing such debt or liability, or for the payment of such
debt or liability, and for no other purpose whatever.
Sinking Fund, how kept andlinvested.—SEC 5.—The sinking funds pro­
vided for the payment of Interest and the extinguishment of the principal
of the debts of the State heretofore contracted shall be continued; they
shall be separately kept and safely invested, and neither of them shall'be
appropriated or used in any [manner other than for such payment and
extinguishment as hereinafter provided. The Comptroller shall each year
appraise the securities held for Investment in each of such funds at their fair
market value not exceeding par. He shall then determine and certify to
the Legislature the amount of each of such funds and the amounts which, if
thereafter annually contribute^ to each such fund, would, with the fund and
with the accumulations thereon and upon the contributions thereto, com­
puted at the rate of 3% per annum, produce at the date of maturity the
amount of the debt to retire which such fund was created, and the Legisla­
ture shall thereupon appropriate as the contribution to each such fund for
such year at least the amount thus certified.
If the income of any such fund in any year is more than a sum which, if
annually added to such fund would, with the fund and its accumulations as
aforesaid, retire the debt at maturity, the excess income may be applied to
the interest on the debt for which the fund was created.
After any sinking fund shall equal an amount the debt for which it was
created, no further contributions shall be made thereto except to make good
any losses ascertained at the annual appraisals above mentioned, and the
income thereof shall be applied to the payment of the interest on such debt.
Any excess in such income not required for the payment of interest may be
applied to the general fund of the State.




20,519,715

63

The Legislature may also by general laws provide means and authority
whereby outstanding bonds of the State, for which sinking funds are pro­
vided, may be exchanged at par for cancellation, for serial bonds of the form
authorized under section 4 of this Article, upon such terms and conditions
as to interest and otherwise as it may in its discretion authorize or deter­
mine, except that the debt as thus refunded shall finally mature no later
and at no greater comparative cost to the State than the original debt; the
determination of the Legislature as to such comparative cost shall be con­
clusive. No further contributions to the respective sinking funds shall be
made on account of bonds so exchanged and the proportion of any such
sinking fund which the amount of the bonds so exchanged shall bear to the
amount of bonds outstanding of the same issue may be appropriated, as
required, for the payment of the substituted serial bonds.
Sec. 11. The Legislature shall annually provide by appropriation for the
payment of the interest upon and installments of principal of all debts
created on behalf of the State except those contracted under section 2 of this
Article, as the same shall fall due, and for the contribution of all of the
sinking funds heretofore created by law, of the amounts annually to be
contributed under the provisions of section 5 of this Article. If at any time
the Legislature shall fail to make any such appropriation, the Comptroller
shall set apart from the first revenues thereafter received, applicable to the
general fund of the State, a sum sufficient to pay such interest, installments
of principal, or contributions to such sinking fund, as the case may be, and
shall so apply the moneys thus set apart. The Comptroller may be required
to set aside and apply such revenues as aforesaid, at the suit of any holder
of such bonds.
[On June 2 1913 a bill was signed increasing from 4% to 4 14 % the rate of
Interest on bonds thereafter issued for canal and highway improvements and
barge canal terminal facilities. V. 96, p. 1642. A bill passed in 1915
permits the sale of canal and highway bonds at not exceeding 4)4%
Interest and a block of $27,000,000 4J4s was sold on March 10 1915.]
Chapter 645, Laws of 1913, as amended by Chap. 333, Laws of 1915,
allows the Comptroller to issue 5% 1-year notes in anticipation of the sale
of State bonds. On June 5 1913 the State sold $27,000,000 of these notes
due Feb. 1 1914, and these were taken up with a part of the proceeds of
$51,000,000 4)4% bonds sold Jan. 21 1914.]
DEBT LIMITATION—CITIES. COUNTIES. TOWNS AND VIL­
LAGES.—The constitution of 1894 puts a general and uniform limit to the
power of counties and cities of the State to contract and put out their obli­
gations, leaving the Legislature to fix the debt-making power of villages
and towns only. These provisions are found in Art. 8, Sec. 10. We give
that section in full below. The separation into paragraphs and the figures
in parentheses which number and begin the paragraphs are our own, we
having inserted them so that those who need to refer to any particular
portion can the more readily find the part desired.
[A proposed amendment to this article was defeated by the voters in
November 1923 (see V. 117, p. 2457). It proposed to create a new section
(Section 10a) and provided that where a change in the system of taxation is
made, resulting in the exemption from taxation of property therefore taxable
there should be no change in the debt limit of the city or county, but that
the valuation of the property so exempted, as it last appeared on the assess­
ment rolls, should be included in the valuation upon which the debt limit is

(1) No county, city, town or village shall hereafter give any money or
property, or loan its money or credit to or in aid of any individual, asso­
ciation or corporation, or become directly or indirectly the owner of stock
In, or bonds of, any association or corporation; nor shall any such county,
city, town or village be allowed to Incur any indebtedness except for
county, city, town or village purposes. This section shall not prevent
such county, city, town or village from making such provision for the aid
or support of its poor as may be authorized by law.
(2) No county or city shall be allowed to become Indebted for any pur­
pose or in any manner to an amount which, including existing indebtedness,
shall exceed 10 % of the assessed valuation of the real estate of such county
or city subject to taxation as it appeared by the assessment rolls of said
county or city on the last assessment for State or county taxes prior to the
Incurring of such indebtedness; and all indebtedness in excess of such limi­
tation, except such as may now exist, shall be absolutely void, except as
herein otherwise provided.
(3) No county or city whose present Indebtedness exceeds 10% of the
assessed valuation of its real estate subject to taxation shall be allowed to
become indebted in any further amount until such Indebtedness shall be
reduced within such limit.
(4) This section shall not be construed to prevent the issuing of certificates
of indebtedness or revenue bonds issued in anticipation of the collection of
taxes for amounts actually contained, or to be contained in the taxes for
the year when such certificates or revenue bonds are issued and payable
out of such taxes; nor to prevent the City of New York from issuing bonds
to be redeemed out of the tax levy for the year next succeeding the year of
their issue, provided that the amount of such bonds which may be issued
in any one year in excess of the limitations herein contained shall not
exceed one-tenth of one per centum of the assessed valuation of the real
estate of said city subject to taxation.
(5) Nor shall this section be construed to prevent the issue of bonds to
provide for the supply of water; but the term of the bonds issued to provide
for the supply of water, in excess of the limitation of indebtedness fixed
herein, shall not exceed twenty years, and a sinking fund shall be created
on the issuing of the said bonds for their redemption, by raising annually
a sum which will produce an amount equal to the sum of the principal and
interest of said bonds at their maturity.
At the 1909 election a constitutional amendment with reference to the
exclusion of debt incurred for rapid transit and dock purposes by New
York City, and with reference to the exclusion after Jan. 1 1910 of water
bonds issued by third class cities, was ratified by the voters. In November
1917 the voters adopted an amendment to the constitution providing that
debts incurred by any city of the first class after Jan. 1 1904 to provide for
the supply of water, are not to be included in ascertaining the power of a
city to become indebted. Previously this section simply applied to New
York City. The amendments referred to change sub-division (6), making
it read as follows:
(6) All certificates of Indebtedness or revenue bonds Issued In anticipa­
tion of the collection of taxes, which are not retired within five years after
their date of issue, and bonds issued to provide for the supply of water, and
any debt hereafter incurred by any portion or part of a city, if there shall be

We specialize in

City, County, Village,
Town and all District
Bonds in the State of
New York.

GEO. B. GIBBONS & CO.
INCORPORATED

MUNICIPAL BONDS
40 WALL ST.

NFW YORK

64

NEW YORK—DEBT OF STATE

any such debt, shall be Included In ascertaining the power of the city to
become otherwise indebted; except that debts Incurred by any city of the
first class after the first day of January, nineteen hundred and four, and
debts Incurred by any city of the second class after the first day of January
nineteen hundred and eight, and debts incurred by any city of the third class
after the first day of January, nineteen hundred and ten, to provide for the
supply of water, shall not be so Included; and except further that any debt
hereafter incurred by the City of New York for a public improvement owned
or to be owned by the city which yields to the city current net revenue, after
making any necessary allowance for repairs and maintenance for which the
city is liable, in excess of the interest on said debt and of the annual install­
ments necessary for its amortization, may be excluded in ascertaining the
power of said city to become otherwise indebted, provided that a sinking
fund for its amortization shall have been established and maintained and
that the indebtedness shall not be so excluded during any period of time
when the revenue aforesaid shall not be sufficient to equal the said interest
and amortization installments, and except further that any indebtedness
heretofore incurred by the city of New York for any rapid transit or dock
investment may be so excluded proportionately to the extent to which the
current net revenue received by said city therefrom shall meet the interest
and amortization installments thereof, provided that any increase in the
debt-incurring power of the city of New York which shall result from the
exclusion of debts heretofore incurred shall be available only for the ac­
quisition or construction of properties to be used for rapid transit or dock
purposes. The Legislature shall prescribe the method by which and the
terms and conditions under which the amount of any debt to be so ex­
cluded shall be determined, and no such debt shall be excluded except in
accordance with the determination so prescribed. The Legislature may in
its discretion confer appropriate jurisdiction on the Appellate Division of the
Supreme Court in the First Judicial Department for the purpose of deter­
mining the amount of any debt to be so excluded. No indebtedness of a
city valid at the time of its inception shall thereafter become invalid bj
reason of the operation of any of the provisions of this section.
(7) Whenever hereafter the boundaries of any city shall become the same
as those of a county, the power of the county to become indebted shall
cease, but the debt of the county at that time existing shall not be Included
as part of the city debt. At the November 1899 election an amendment
to the constitution was adopted changing this paragraph to read as follows;
Whenever the boundaries of any city are the same as those of a.county,
or when any city shall include within its boundaries more than one county,
the power of any county wholly Included within such city to become in­
debted shall cease, but the debt of the county heretofore existing shall not,
for the purposes of this section, be reckoned as a part of the city debt.
(8) The amount hereafter to be raised by tax for county or city purposes,
in any county containing a city of over 100,000 Inhabitants, or any such
city of this State, in addition to providing for the principal and Interest
of existing debt, shall not in the aggregate exceed in any one year 2% of the
assessed valuation of the real and persona) estate of such county or city, to
be ascertained as prescribed in this section in respect to county or city debt
By the terms of the foregoing section. Paragraph (1), every "County,
City, Town or Village” is included in the prohibition against (1) loaning
“its money or credit,” (2) in becoming “directly or Indirectly the owner of
stock In or bonds of any association or corporation,” and (3) in “incurring
any Indebtedness except for County, City, Town or Village purposes ”
Most of the other paragraphs include only counties and cities.
In May 1886 the New York Court of Appeals decided at the end of a liti­
gation begun in July 1885 that the sinMno fund was not a part of the city debt
within the meaning of the above provision of the constitution limiting the
creation of debt to 10% of the assessed valuation of the real estate.
Towns and villages are not limited in their debt-making power oy the
constitution. Those municipalities are governed by general or special
statutes. Section 130 of Chapter 64, Laws of 1909 (amended by Chapter
139, Laws of 1923) limits village debt to 10% of the assessed value of
property.
The 1920 Legislature amended the Educational Law by adding a sentence
to Section 1 of Chapter 16 ol the Consolidated Laws, limiting the bonded
debt of districts having a total valuation of real property of $1,000,000 or
over to 10% of the aggregate assessed value of real property. This law
was again amended in 1921 and 1922 (see State & City Section June 30
1923, page 55). It was further amended in 1923 (Chapter 400, Laws
of 1923) by substituting the word “full” for “assessed” and now provides
that school districts having an aggregate full valuation of real property of
$500,000 or over shall not issue bonds at any time in excess of 15% of their
full valuation figures, except as provided in said statute. The full valuation
of taxable property shall be determined by the ratio, as ascertained by th?
tax commission, which the assessed valuation of such property bears to
the actual or full property of such property. Section 1 was again amended
in 1925 (Chapter 102, Laws of 1925) and now permits the creation of
Indebtedness, also for the payment of judgments.
The 1895 Legislature passed an Act "for the protection of bona fide pur­
chasers and holders of coupon bonds and of municipal corporations against
misfeasance, malfeasance or negligence of public officers.” The full text of
this law was published In the “Chronicle” of June 8 1895. V. 60. p. 1023.
. STATE RE-ORGANIEATION AMENDMENT CARRIED.—On Nov.
3 1925 the voters approved the amendment to Article V and Section 11
of Article XIII for a short ballot and consolidation of State Departments.
For the reconstruction of the administrative departments a committee was
appointed with Ex-Secretary of State Charles E. Hughes as its Chairman.
A report embodying their suggestions was submitted to the legislative on
March 1 1926 all of which is accepted (see reference in V. 122, p. 349.
HOME RULE BILL.—On April 10 1913 a bill was signed (given in fuil
in V. 96. p.l 108). conferring on all cities full powers of local self-government.
A constitutional amendment which gives more power to municipalities,
particularly New York City, in the management of local affairs, was sub­
mitted to the voters in the autumn of 1923 and carried (V. 117, p. 2457).
An enabling Act was enacted by the 1924 Legislature carrying the amend­
ment into effect. For text see V. 118, p. 2856
On July 6 1925 the Appellate Division (First Department) of the State
Supreme Court in a decision handed down on that date held void both
city home rule amendment and the enabling Act passed in 1924 carrying
the amendment into effect (V. 121, p. 227). The case, however, was
appealed, and on Sept. 2 1925 at Albany the decision was reversed by the
State Court of Appeals (V. 121, p. 1254).
OPTIONAL CITY GOVERNMENT LAW DECLARED VALID.—
The Court of Appeals on Dec. 22 1917 declared valid the optional city
government law passed by the Legislature in 1914. V. 105, p. 2560.
BILL REGULATING ISSUANCE AND SALE OF MUNICIPAL
AND SCHOOL BONDS.—The general municipal law was amended In 1917
(Chapter 534) providing that municipal bonds having no coupons attached
must have the payee’s name inserted and registered with the treasurer or
other designated official, before interest shall be paid. The bill also pro­
vides that all bonds hereafter issued by any municipal corporation, or by
any school district or civil division of the State shall be sold, in the case
of first class cities as required by its charter or special act, and in the case
of second class cities, as required by the second class cities law, and in all
other cases, bonds must be sold at public sale not less than 5 or more than
30 days after publication of offering. The full text of the 1917 amendment
was published in the “Chronicle” of May 19 1917, page 20.31.
BILL PERMITTING LEGALIZING OF MUNICIPAL BONDS BY
SUPREME COURT.—The 1911 Legislature passed a bill amending the
general municipal law by providing that proceedings heretofore or here
after taken by municipal corporations in relation to bond issues, pursuant
to statute authorizing such procedure, may be legalized and confirmed by
the Supreme Court instead of requiring legislative enactments. This bill
was given in full in the “Chronicle” of Dec. 9 1911, page 1619. See also
“Chronicle’ of Feb. 3 1912, pages 316 to 318, inclusive. The Appellate
Division of the Supreme Court at the July 1913 term declared the Act to
be constitutional. V. 97, p. 211.
EXEMPTION FROM TAXATION.—Sec. 8, Article Two, Chapter 24
Consol. Laws of 1909 (p. 403) provides that “all bonds of a municipal corporation, until payable, shall be exempt from taxation for town, county,
municipal or State purposes.” Chapter 24 here mentioned provides that
the term ‘municipal corporation’ as used In this chapter includes only a
county, town, city and village.” This differs from the definition given in
the General Corporation Law (Chapter 23, Consolidated Laws of 1909),
which In Section 3 of Article 1 says that “A ‘municipal corporation’ Includes
a county, town, school district, village and city and any other territorial
division of the State established by law with powers ol local government.”
A bill was passed by the 1917 Legislature, now Chapter 97, Laws of 1917,
amending the tav law jn relation to exemption fww» taxation of bonds of
the State and its civil divisions. The new law amends sub-division 6 of
Section 4, Chapter 62, Laws of 1909, constituting Chapter 60 of the consoli­
dated laws, so as to read that “bonds of this State or any civil division
thereof,” are exempt from taxation. V. 104. n. 1513.




[Vol. 122.

TAXATION ON MORTGAGES.—Mortgages on real property wholly
within the State of New York are not subject to taxation of any kind,
the only charge being the payment ot a recording tax of )4 of 1%. Im­
portant changes, however, were made by the 1916 Legislature in that
section of the mortgage recording tax law. relating to mortgages and bonds
secured by real property both within and without the State—a condition
which oft-times applies in the case of corporation mortgages.—V. 103,
p. 551 and 552. Among these was the amendment to Section 264 of this
law relating to an optional tax on prior advanced mortgages on real
property. It applies to mortgages recorded prior to July 1st 1906 (the date
when the mortgage recording tax went into effect) and bonds secured there­
by. When first' enacted this section was intended to enable the holder of
any such bond to present it to the recording officer in the county where
the mortgage was first recorded and pay a tax on the whole amount at the
prevailing rate of )4 of 1 %. thus putting such bonds on a parity with
those issued subsequent to the recording tax law as regards exemption
from the personal property tax. A ruling of the Attorney-General (V. 95,
p. 993) held that such bonds could only be exempted from the personal
property tax to the extent that the mortgage covered real property within
the State. The 1916 amendment made it clear that the whole amount of such
bonds would be included under this section, and when the recording tax
was paid the bonds would become exempt from the personal property tax.
Another amendment of 1916, to Section 260, provided that when a mort­
gage was recorded covering property, both within and without the State,
the tax could be paid on the entire amount, and the whole value of bonds
be exempted from the personal property tax. The Legislature in 1917
again amended this section of the law (Chapter 72. Laws ofl917) so that
now the situation is as it was prior to 1916, that the tax can be paid only
on the value of the mortgaged property within New York State, and bonds
are exempt pro rata only, the remaining portion of the bond being liable to
personal property assassment as an investment, without deduction for
indebtedness of the owner. See “Chronicle” of May 5 1917, pages 1762
and 1763.
TAX ON SECURED DEBTS OR IN VESTMENTS.—In July 1911 the
Legislature passed a bill providing for a tax of % of 1 % on bonds and other
obligations secured by property located outside the State (and also on un­
secured debt), and for exemption of the same from the annual tax on personal
property. The 1915 Legislature suspended the operation of the law referred
to until May 1 1915 and also passed a bill increasing the registration fee on
secured debts registered between May 1 and Nov. 1 1915 from y?. to X of 1 %
and limiting the period of exemption to 5 years. The definition of secured
debts was extended at this time so as to include such proportion of a bond,
&c., secured by mortgage or deed of trust recorded in the State of New
York, and covering also property outside the State, as the value of the
property outside the State bears to the value of the entire mortgaged prop­
erty. As this law expired by limitation on Nov. 1 1915, the 1916 Legisla­
ture passed a bill reviving the same until Jan. 1 1917 and also providing
that bona fide bond dealers might be permitted to deduct their debts from
the value of such securities as are held by them for sale.
The law having expired in Jan. 1917, the 1917 Legislature passed a new
law changing the term “secured debts” to “investments," the definitions
remaining substantially the same As finally amended, it provided for a
tax of 20 cents per $100 annually which might be paid for one or more
years, not exceeding five. The 1917 bill also amended the inheritance tax
law to provide a penalty of 5% on any investment owned by a decedent
on which the investment tax had not been paid. See “Chronicle” of
May 5 1917, pages 1761 and 1762, for full text of law as signed by Governor
Whitman on June 1 1917; also see “Chronicle” of July 14 1917 (page 126)
and Aug. 11 1917 (page 553). Under the State Income Tax Law of 1919
(to which reference is made below) it is provided (Sec. 359) that “invest­
ments upon which the tax provided for in Sec. 331 of this chapter has here­
tofore been paid since June 1 1917 during the period of years for which
such tax shall have been paid," shall be exempt from taxation under the
Income Tax Law. The Legislature, however, by Chap. 646 of the General
Laws of 1920, entirely repealed Article 15 of the Tax Law regarding invest­
ments, and by Chap. 644 also repealed Sec. (221-bi of the Tax Law under
which a penalty of 5% had been imposed on any investment owned by a
decedent on which the investment tax had not been paid (V. Ill, p. 106).
The U. S. Supreme Court on Apr. 30 1923 handed down a decision hold­
ing that the income from mortgage bonds and secured debts, previously
exempted from “all taxation,” could be taxed under the income tax law of
New York State. V. 116, p. 1970.
STATE INCOME TAX LAW.—The 1919 Legislature by Chapter 627
(which received the approval of the Governor on May 14 1919) enacted a
State Income Tax Law. This was done by amending Chapter 62 of the
Laws of 1909, entitled “An Act in relation to taxation, constituting Chap­
ter dO of the Consolidated Laws,” by adding a new article, to be Article 16.
The law was published in full in the “Chronicle” of May 10 1919, pages
1883 to 1887. It imposes an annual tax upon every resident of the State
1 % of the amount of net income not exceeding $10,000, 2% of the amount
of net income in excess of $10,000 but not in excess of $50,000, and 3% of
the amount of net income in excess of $50,000. A like tax is imposed with
respect to the net income from all property owned and from every business,
trade, profession or occupation carried on in the State of New York by
natural persons not residents of the State. The tax was first levied in
the year 1920 and based upon the taxable income for the calendar year 1919.
In the case of a single person, a personal exemption of $1,000 is allowed,
while In the case of the head of a family or a married person living with
husband or wife the personal exemption was originally $2,000. with a fur­
ther exemption of $200 for each person (other than husband or wife) de­
pendent upon and receiving his chief support from the taxpayer, if such
dependent person is under 18 years of age or is incapable of self support
because mentally or physically defective. In 1923 an amendment was
made, increasing the exemptions of heads of families, where the income is
less than $5,000, to $2,500. Exemptions for each dependent were increased
from $200 to $400. V. 116, p. 2418. In 1926 the personal exemptions were
again increased. The amount of exemption for a single person was increased
to $1,500 and for married persons and heads of families to $3,500. These
changes were made to conform with the changes made in Federal law in 1926.
Amendments made to the law in 1924 are contained in Chapters 54 and 3l2,
Laws of 1924. Chapter 27, Laws of 1924, allowed a reduction of 25% in
the personal income tax for 1923, chargeable against the State’s share of
such tax. (For text, see V. 118, p. 1345.) By Chapter 196, Laws of 1925,
this same reduction is allowed in the personal income tax for 1924. Con­
tinuing this practice the 1926 Legislature passed an Act permitting the
same exemption in 1925 income tax return. The income tax supersedes the
personal property tax. Of the revenue collected, 50% goes into the State
Treasury, while the remaining 50% is distributed to the Treasurers of the
several counties, who in turn apportion the amount received among the
several towns and cities within the county. In its original form the law
allowed larger exemptions to residents than to non-residents. The validity
of this provision was attacked in the courts, and in March 1920 the U. S.
Supreme Court declared the law unconstitutional in that respect. In
April 1920 the Legislature amended the law so as to remove the objection
referred to (see V. 110, p. 1611). The New Jersey State Attorney-General
still thought the law discriminatory as to non-residents, and (V. Ill, p. 38)
advised residents of New Jersey to comply only under protest. The Court
of Appeals on June 2 1921 sustained the claim of the State that the original
statute was only void in part and that its invalidity had been cured when
the Legislature amended the law in 1920 (V. 112, p. 2608).
The 1919 Legislature also passed an Act (Chapter 628 of the Laws of
1919. approved May 14 1919) increasing the tax on net incomes of cor­
porations from 3% to 4)4 % annually, and extending the application of the
law so as to make it apply to business corporations in general m the State inovead of merely to manufacturing and mercantile corporations. The law
was printed in the issue of the “Chronicle” of May 3 1919, pages 1780 and
1781.
CONDEMNATION OF PRIVATE PROPERTY FOR PUBLIC USE.—
In Nov. 1911 a proposed constitutional amendment relating to the taking
of private property for public use was defeated V. 93, p. 1679. A similar
amendment permitting municipalities to condemn property in excess of the
amount actually needed for public parks and streets was ratified at the gen­
eral election in Nov. 1913 (V. 97. p. 1837).
TAX LAW RELATIVE TO INVESTMENTS IN STATE BONDS BY
SAVINGS BANKS, TRUST COMPANIES AND INSURANCE COM­
PANIES.—Section 190 of the Tax Law (Chapter 60, Consolidated Laws)
provides that every corporation, company or association required by Sec­
tion 187, 188 or 189 of that Chapter, to pay an annual tax equal to a per­
centage of its gross premiums, capital stock, surplus, undivided profits
or undivided earnings for the privilege of exercising its corporate franchise,
or carrying on its business in such corporate or organized capacity, which
shall own any State bonds, shall have credited to it annually to apply upon
or in lieu of the payment of such tax, an amount equal to 1% of the par
value of such bonds bearing interest at a rate not exceeding 3% annually.

June, 1926.]

NEW YORK—DEBT OF STATE

65

(Bonds of the State of Louisiana to be Issued for the refunding of what Is
and owned by such corporation, company or association. At the 1913
session a law was passed proposing to increase the credit on all holdings of known as “Consolidated Bonds,” due Jan. 1 1914, were held to be legal In­
bonds, but at the special session which convened June 16 1913 the law was vestments for New York State savings banks In an opinion rendered by the
repealed. V. 96, p. 1784. By Chapter 332, Laws of 1924, the words “to Attorney-General on October 22 1913. In previous opinions (July 3
the State,” which appeared }n Section 190 in its original make up, were 1912 and August 11 1909), lt was held that, inasmuch as Louisiana had
omitted. We placed these ih bold face brackets below. Section 190 as defaulted in the payment of the “baby bonds,” other obligations of the
it stands at present reads as follows:
State could not be legally purchased by savings bank trustees. In reversing
Sec. 190. Every corporation, company or association required by Section these former rulings the Attorney-General said that it now appeared
187, 188, or 189 of this chapter, to pay [to the State] an annual tax that these “baby” bonds were not bonds for the payment of which the credit
equal to a percentage of its gross premiums, capital stock, surplus, un­ of the State was pledged, but were issued against certain revenues of the
divided profits or undivided earnings, or one or more, for the privilege of State, namely unpaid taxes, and were payable out of these revenues only.
exercising its corporate franchise or carrying on its business in such corporate Therefore the failure to pay the same does not, according to the Attorneyor organized capacity, which shall own any of the bonds of the State of General, constitute such a default as would make other bonds of the State
New York, shall have.credited to it annually to apply upon or in lieu of Improper investments. See V. 97, p. 1227, 1304, 1367 and 1444.]
the payment of such tax an amount equal to one per centum of the par
[On June 16 1913 the Attorney-General held that bonds of the State of
value of all such bonds of the State, bearing interest at a rate not exceeding New Mexico issued pursuant to an Act approved June 1 1912 are legal In­
three per centum per annuih, owned by such corporation, company or vestments for New York savings banks. V. 96. p. 1852.]
association, and registered in its name or registered in the name of a public
[Bonds of the Territory of Hawaii were held to be legal investments In an
department, a public officer dr officers of this State, or of any other State, opinion by the Attorney-General dated Aug. 10 1914. V. 99, p. 554.]
or of the United States, in trjust for such corporation, company or associa­
4.
The stocks, bonds, interest-bearing obligations or revenue notes sold
tion, on the thirtieth day of June prior to the date when such tax shall at a discount
of any city, county, town, village, school district, union free
become due and payable; provided, however, that there shall in no case
district or poor district in this State, provided that they were issued
be credited to any such corporation, company or association an amount in school
pursuant
to
law
and that the faith and credit of the municipality or district
excess of the amount due from such corporation, company or association
issued them are pledged for their payment.
for taxes payable to the State under this chapter for the fiscal year for that
5. (a) The stocks or bonds of any incorporated city, county,-village or
which such credit is given; and further provided that any such credit so town,
situated in one of the States of the United States which adjoins the
allowed under this section shall not bear interest.
State of New York. If at any time the indebtedness of any such city, town
or
village,
together with the indebtedness of any district or other munici­
SAVINGS BANK IN VESTMENTS—POWER AND RESTRICTIONS
corporation or sub-division, except a county, which is wholly or in
—The general banking law, known as Chap. 2 of the Consolidated Laws, was pal
part included within the boundaries or limits of said city, town or village,
completely revised by the Legislature of 1914, but no material change was less
water debt and sinking fund, or the indebtedness of any such county,
made in that part of the law) regulating investment by savings banks, ex­ less its
fund, shall exceed 7% of the valuation of said city, county,
cept that the section dealing with this subject is now numbered 239, instead townitsorsinking
village for the purposes of taxation, its bonds and stocks shall
of 146, and its provisions apply to the sums credited to the guaranty fund thereafter,
until
indebtedness shall be reduced to 7% of the valuation
as well as to savings bank deposits. The Legislature in 1915 passed an Act for the purposes such
of taxation, cease to be an authorized investment for the
authorizing banks to invest in certain judgments against the State and in moneys of savings
banks.
contracts entered into by the special examiner and appraiser of canal
(6) The stocks or bonds of any incorporated city situated in any other of
lands (V. 100, p. 1525), and in 1920 amended the first-mentioned provision
so as to broaden its scope somewhat. See V. Ill, p. 106. Another amend­ the States of the United States which was admitted to Statehood prior to
ment passed in 1915 adds to paragraph A of Subdivision 7, of Section 239 of Jan. 1 1909, and the obligations of which State are an authorized invest­
the Banking Law, the words which we have given in italics. The purpose of ment for the moneys of savings banks, provided said city has a population,
the amendment was to remove any question as to the legality of the refund­ as shown by the Federal Census next preceding said investment, of not
ing bond s issued by the N. Y. Central RR. since the last consolidation with less than 45,000 inhabitants, and was incorporated as a city at least
the Lake Shore & Mich. Sou. Ry. and other roads. In 1916 the Legislature twenty-five years prior to the making of said investment, and has not,
passed an amendment to subdivision 8 of Section 239 relating to promissory since January 1 1878, defaulted for more than ninety days in the pay­
notes in which investments may be made. This amendment also adds to the ment of any part either of principal or interest of any bond, note or other
banking law a new paragraph (subdivision 10) and allows the investment by evidence of indebtedness, or effected any compromise of any kind with
savings banks in the bonds of the land bank of the State of New York. See the holders thereof. But if, after such default on the part of any such
V. 102, p. 1825. Three Important changes were made in the banking law city, the debt or security, in the payment of the principal or interest o
by the 1918 Legislature. The first of these amends subdivision 5 by grant­ which such default occurred, has been fully paid, refunded or compromised
ing savings banks much broader authority to invest their funds in the se­ by the issue of new securities, then the date of the first failure to pay prin­
curities of municipalities in contiguous States. Formerly the qualifica­ cipal or interest, when due, upon such debt or security, shall be taken to
tions and limitations for municipalities in these States were the same as be the date of such default, within the provisions of this sub-division, and
for those in other States. (Now it is provided that they may invest in subsequent failures to pay installments of principal or interest upon such
the stocks or bonds of any ihcorporated city, county, village or town sit­ debt or security, prior to the refunding or final payment of the same, shall
uated in one of the States of the United States which adjoins the State of not be held to continue said default or to fix the time thereof. within the
New York. Another amendfaient, creating paragraph (d) of subdivision 8, meaning of this sub-division, at a date later than the date of said first failure
permits the investment by savings banks in promissory notes secured by In payment. If at any time the indebtedness of any such city, together
savings bank passbooks and by the assignment of one or more first mort­ with the indebtedness of any district or other municipal corporation or
gages on real estate situated In the State of New York. In 1922 this para­ subdivision except a county, which is wholly or in part included within the
graph (d) subdivision [8] was) amended, the percentage at which banks may bounds or limits of said city, less its water debt and sinking funds, shall
lend money on promissory notes, secured by deposits, being increased from exceed 7% of the valuation of said city for purposes of taxation, its bonds
90% to 100% of the balance! due the depositor, as shown by his passbook. snd stocks shall thereafter, and until such indebtedness shall be reduced to
The third amendment of 1918 adds a new subdivision (No. 11), authorizing 7% of the valuation for the purposes of taxation, cease to be an authorized
savings banks in this State to invest in bankers’ acceptances and bills of Investment for the moneys of savings banks.
exchange to the extent of 5% of their total deposits. See V. 106, p. 1596,
[On Feb. 15 1911 an opinion was rendered by the Attorney-General
and 1738. This subdivision "[No. 11] was amended in 1920 and 1923. See deciding that both real and personal property should be used as a basis In
V. 110, p. 1994, and V. 116, p. 2038 and 2168. The 1919 Legislature, by determining the 7% debt limit which the savings bank law says must not
Chapter 160, amended Subdivision 7 of Section 239 of Chapter 369 of the be exceeded In the case of municipalities in the bonds of which the banks
Laws of 1914 by adding a new paragraph, providing that the period during may make investments. The question was raised because of the fact that
which a railroad is operated by the U. S. Government shall not be taken the constitutional provision in regard to cities of this State provides that
with the provisions of the lay. In 1920 the Legislature amended this sub­ no city shall be allowed to become indebted for more than ten per cent of
division (7) by extending the period of suspension of restrictions on railroad Its assessed real estate. See V. 92, p. 610.]
bonds for two years after the termination of Government control (V. 110,
[On Apr. 27 1914 the Attorney-General, In holding that banks may le­
p. 1896). In 1923 this period of grace was extended another two years. gally
in bonds of the City of Minneapolis, Minn., ruled that it is
V. 116, p. 1089, 2038, and 2)68. By an addition to subdivision 6 made at properinvest
to include in the estimate of the valuation of property for purposes of
the special session of the Legislature in June 1919, it is provided that real
pursuant to sub-division 5 above, the valuation placed upon
property on which there is aTbuilding in process of construction, and which taxation,
and credits pursuant to Chap. 285 of the 1911 laws of the State of
when completed will constitute a permanent improvement, shall be con­ money
sidered improved and productive real property. By an Act of the 1922 Minnesota. V. 98, p. 1404.
[On Sept. 6 1912 the Attorney-General rendered an opiion, the full text
Legislature, inserting subdivision 10a, bonds of the First Land Bank
District were added to the list (V. 114, p. 1803). In 1923 subdivision 3, of which was given in the “Chronicle” of Sept. 14 1912, page 700, holding
relating to State bonds, was amended. The amendment had the effect that bonds of the city of Tacoma, Wash., are legal investments.]
[In an opinion rendered Sept. 14 1912, the Attorney-General held that
of permitting investment in bonds of the State of Virginia. V. 116, p.
2038 and 2168. An amendment to subdivision 6, made by the 1923 Legis­ bonds of the City of Dallas, Tex., are legal investments. V. 95, p. 842.]
[Improvement bonds of the City of Portland, Ore., issued pursuant to
lature , increased from 65 % tq 70 % of deposits and guaranty the limit placed
upon investment in bonds ahd mortgages on unencumbered real estate in Section 383A of the city charter are legal investments, according to an opin­
New York State. V. 116, p. 2547. Subdivision (b) of paragraph 5 was ion of the Attorney-General dated April 5 1913. V. 96, p. 1169.]
(On April 20 1916 the Attorney-General held that bonds of the city of
amended by the enactment bf the Davison bill at the 1924 session of the
Legislature. The amendment permits savings banks of the State to invest El Paso, Tex., are legal investments. See V. 102, p. 1643.]
[The Attorney-General in 1917 held that bonds of the City of San Fran­
“in the stocks or bonds of cities situate in any other of the States [meaning
States not contiguous to New York, provision for which is made in sub­ cisco, Calif., and of the City of Peoria, Ill., are legal investments. See
division (a) of the same paragraph! of the United States which was admitted V. 104, p. 877.1
[Bonds of the City of Newark, N. J., were declared legal investments for
to Statehood prior to Jan. 1 [1909 and the obligations of which State are an
authorized investment for the moneys of savings banks.” The change con­ savings banks by Attorney-General on July 11 1917.—V. 105, p. 304.
6. In bonds and mortgages on unincumbered real property situated In
sisted in moving forward the) date from Jan. 1 1896 to Jan. 1 1909, and the
effect has been to bring Utah and Oklahoma within the provisions of the this State, to the extent of 60% of the appraised value thereof. Not more
statute, Utah not having been admitted as a State until Jan. 4 1896, and than 70% of the whole amount of deposits and guaranty fund shall be so
Oklahoma not until Nov. 10 1907. The Davison bill also contained the loaned or invested. If the loan is on unimproved and unproductive real
so-called “Southern cities” [amendment. This consisted in the omission property, the amount loaned thereon shall not be more than 40% of its
from the law (after the date Jan. 1 1896) of the following words—“which appraised value. No investment in any bonds and mortgages shall be made
since Jan. 1 1861 has not repudiated or defaulted in the payment of any by any savings bank except upon the report of a committee of its trustees
part of the principal or interest of any debt authorized by the Legislature charged with the duty of investigating the same, who shall certify to the
of any such State to be contracted.” Thefeet of the presence of the ?aiue of the premises mortgaged or to be mortgaged, according to their
words quoted had been to rhle out the citie^f nearly all of the Southern judgment, and such report shall be filed and preserved among the records
States and the elimination of these words operates to bring the securities of the corporation. For the purposes of this subdivision real property on
of the cities of these Southern States within the provision of the law and which there is a building in process of construction, which when completed
hence to make them legal investments for savings banks—provided they will constitute a permanent improvement, shall be considered improved and
meet the other requirement^ of the statute. Still another change was in productive real property.
7. The following bonds of railroad corporations:
making the provisions regarding defaults apply only to the city concerned
(a) The first mortgage bonds of any railroad corporation of this State
instead of to both city and State. Sec. 239 in full as it now stands is as
the principal part of whose railroad is located within this State, or of any
follows:
railroad corporation of this or any other State or States connecting with
Sec. 239. A savings bank may invest the moneys deposited therein, the
controlled and operated as a part of the system of any such railroad cor­
sums credited to the guaranty fund thereof and the income derived there­ and
poration of this State, and of which connecting railroad at least a majority
from, in the following property and securities, and no others, and subject of
Its
capital stock is owned by such a railroad corporation of this State,
to the following restriction^:
in the mortgage bonds of any such railroad corporation of an issue to
1. The stocks or bonds or interest-bearing notes or obligations of the or
retire
all prior mortgage debt of such railroad companies respectively
United States, or those for which the faith of the United States is pledged provided
that at no time within five years next preceding the date of any
to provide for the payment of the interest and principal, including the such
investment such railroad corporation of this State or such connecting
bonds of the District of Columbia. [The State Attorney-General ruled that railroad corporation, respectively, shall have failed regularly and punc­
this sub-division does not authorize savings banks to invest in the land purchase tually to pay the matured principal and Interest of all its mortgage indebted­
bonds of the Philippine Islands. V. 78, p. 298.
ness, and in addition thereto regularly and punctually to have paid in divi­
2. The stocks or bonds or interest-bearing obligations of this State dends to its stockholders during each of said five years an amount at least
issued pursuant to the authority of any law of the State.
equal to 4% upon all its outstanding capital stock; and provided, further,
3. The stocks, bonds or interest-bearing obligations of any State of that at the date of every such dividend the outstanding capital stock or
the United States, upon which there is no default and upon which there has such railroad corporation, or such connecting railroad company, respec­
been no default for more than 90 days, provided that within 10 years im­ tively, shall have been equal to at least one-third of the total mortgage
mediately preceding the investment such State has not been in default for Indebtedness of such railroad corporations, respectively, including all bonds
more than 90 days in the payment of any part of principal or interest of any issued or to be issued under any mortgage securing any bonds, in which
debt duly authorized by the Legislature of such State to be contracted by such investment shall be made. If by means of consolidation a railroad cor­
such State since Jan. 1 18781, except debts representing a refunding or ad­ poration shall own and possess the properties and franchises which prior thereto
justment of any indebtedness originally contracted or in existence at that belonged to similar corporations, and if the outstanding capital stock of the
date or prior thereto.
railroad corporation formed by such consolidation shall be equal to at least
[On Aug. 11 1909 the Atlorney-General held that Port Commission 5% one-third of the total mortgage indebtedness of such railroad corporation,
bonds of the State of Louisiana “maturing at any time between July 1 1924 including all bonds issued or to be issued under any mortgage securing any
and July 1 1959” were not legal investments for New York State savings bonds in which such investment shall be made, and if during the five years
banks. The Attorney-General mentioned as a ground of objection to the next preceding such consolidation no one of the consolidating railroad corpora­
Port Commission bonds thajt they are not a direct obligation of the State tions shall have failed regularly and punctually to pay the matured principal
of Louisiana. This view, hdwever, is not concurred in by the United States and interest of all of its mortgage indebtedness, and if in addition thereto during
authorities, for on Oct. 23 1911, the Assistant Attorney-General the five years next preceding such consolidation, the dividends paid in cash by
for the Post Office Department, rendered an opinion holding that the one or more of such consolidating corporations have equaled or exceededfour per
bonds referred to are an obligation of the State of Louisiana, and in accord­ centum per annum upon an amount equal to the combined capital stock of the
ance with this advice the Treasurer of the United States, on consolidating corporations as outstanding at the time of each dividend payment
March 11 1912 announced t|hat the bonds would be accepted by his office during such five-year period, such successor railroad corporation formed by
as security for postal savirigs funds.]
such consolidation shall be considered as having regularly and punctually paid.




66

such matured principal and interest and such dividends equal to or exceeding
four per centum per annum during the same period of five years, provided fur­
ther that the amount of dividends paid in cash during each of such five years
has equaled or exceeded four per centum per annum on the stock of the consoli­
dated corporation as outstanding at the time of such consolidation.
(b) The mortgage bonds ot the following railroad corporations: The
Chicago & North Western RR. Co., Chicago Burlington & Quincy RR. Co.Michigan Central RR. Co., Illinois Central RR. Co., Pennsylvania RR. Co.Delaware & Hudson Co., Delaware Lackawanna & Western RR. Co.New York New Haven & Hartford RR. Co., Boston & Maine RR. Co.,
Maine Central RR. Co., the Chicago & Alton RR. Co., Morris & Essex RR,
Co., Central RR. of New Jersey, United New Jersey RR. & Canal Co.;
also in the mortgage bonds of railroad companies whose lines are leased
or operated or controlled by any railroad company specified in this para­
graph if said bonds be guaranteed, both as to principal and interest, by the
railroad company to which said lines are leased or by which they are oper­
ated or controlled. Provided that at the time of making investment author­
ized by this paragraph the said railroad corporations issuing such bonds
shall have earned and paid regular dividends of not less than 4% per annum
In cash on all their issues of capital stock for the ten years next preceding
such investment, and provided the capital stock of any said railroad cor­
poration shall equal or exceed in amount one-third of the par value of all
its bonded indebtedness; and further provided that all bonds authorized
for investment by this paragraph shall be secured by a mortgage which is a
first mortgage on either the whole or some part of the railroad and railroad
property of the company issuing such bonds, or that such bonds shall be
mortgage bonds of an issue to retire all prior mortgage debts of such railroad
oompany; provided, further, that the mortgage which secures the bonds
authorized by this paragraph is dated, executed and recorded prior to
January 1 1905.
(o) The mortgage bonds of the Chicago Milwaukee & St. Paul Railway
Co. and the Chicago Rock Island & Pacific Railway Co., so long as they
shall continue to earn and pay at least 4% dividends per annum on their
outstanding capital stock, and provided their capital stock shall equal or
exceed in amount one-third of the par value of all their bonded indebted­
ness, and further provided that all bonds of either of said companies hereby
authorized for investment shall be secured by a mortgage which is a first
mortgage on either the whole or some part of the railroad or railroad prop­
erty actually in the possession of and operated by said company, or that
such bonds shall be mortgage bonds of an issue to retire all prior debts of
said railroad company; provided, further, that the mortgage which secures
the bonds authorized by this paragraph is dated, executed and recorded
prior to January 1 1905.
(d) The first mortgage bonds of the Fonda Johnstown & Gloversville RR.
Co., or in the mortgage bonds of said railroad company of an issue to retire
all prior mortgage debts of said railroad company, and provided the capital
stock of said railroad company shall equal or exceed in amount one-third
of the par value of all its bonded indebtedness, and provided also that
such railroad be of standard gauge of four feet eight and one-hall
Inches and in the mortgage bonds of the Buffalo Creek Railroad Company
of an issue to retire all prior mortgage debts of said railroad oompany,pro­
vided that the bonds authorized by this paragraph are secured by a mort­
gage dated, executed and recorded prior to Jan. 1 1905.
(e) The mortgage bonds of any railroad corporation Incorporated under
the laws of any of the United States which actually owns in fee not less han
500 miles of standard-gauge railway, exclusive of sidings, within the United
States, provided that at no time within five years next preceding the date
of any such investment such railroad corporation shall have failed regularly
and punctually to pay the matured principal and interest of all its mortgage
indebtedness and in addition thereto regularly and punctually to have paid
In dividends to its stockholders during each of said five years an amount *at
least equal to 4% upon all its outstanding capital stock; and provided,
further, that during said five years the gross earnings in each year from
the operations of said company, including therein the gross earnings of all
railroads leased and operated or controlled and operated by said company,
and also including in said earnings the amount received directly or indirectly
by said company from the sale of coal from mines owned or controlled by it,
shall not have been less in amount than five times the amount necessary to
pay the interest payable during that year upon its entire outstanding in­
debtedness, and the rentals for said year of all leased lines, and further
provided that all bonds authorized for investment by this paragraph shall
be secured by a mortgage which is at the time of making said investment
or was at the date of the execution of said mortgage, (1) a first mortgage
upon not less than 75% of the railway owned in fee by the company issuing
said bonds, exclusive of sidings at the date of said mortgage or (2) a refund­
ing mortgage issued to retire all prior lien mortgage debts of said company
outstanding at the time of said investment and covering at least 75% of the
railway owned in fee by said company at the date of said mortgage. But
no one of the bonds so secured shall be a legal investment in case the mort­
gage securing the same shall authorize a total issue of bonds which, together
with all outstanding prior debts of said company, after deducting there­
from in case of a refunding mortgage the bonds reserved under the provisions
of said mortgage to retire prior debts at maturity, shall exceed three times
the outstanding capital stock of said company at the time of making said
Investment. And no mortgage is to be regarded as a refunding mortgage,
under the provisions of this paragraph, unless the bonds which it secures ma­
ture at a later date than any bond which it is given to refund,nor unless it
covers a mileage at least 25% greater than is covered by any one of the prior
mortgages so to be refunded.
[*In an opinion rendered by the Attorney-General on Jan. 13 1908,
stating that bonds of the Missouri Pacific Ry. Co. were not legal investments
for savings banks, owing to the fact that the dividend for the 6 months ending
Dec. 3i 1907 had been paid with a new issue of stock, he held that the words
“an amount” must necessarily mean the payment thereof in cash. V.86.P.494.
(f) Any railway mortgage bonds which would be a legal investment under
the provisions of paragraph (e) of this subdivision, except for the fact that
the railroad corporation issuing said bonds actually owns in fee less than 500
miles of road, provided that during five years next preceding the date of
any such investment the gross earnings in each year from the operations of
said corporation, including the gross earnings of all lines leased and oper
ated or controlled and operated by it, shall not have been less than teD
million dollars.
(g) The mortgage bonds of a railroad corporation described in the fore­
going paragraph (e) or (f) or the mortgage bonds of a railroad owned by
such corporation, assumed or guaranteed by it by indorsement on said
bonds, provided said bonds are prior to and are to be refunded by a general
mortgage of said corporation, the bonds secured by which are made a legal
investment under the provisions of said paragraph (e) or (f); and provided
further, that said general mortgage covers all the real property upon which
the mortgage securing said underlying bonds is a lien.
(h) Any railway mortgage bonds which would be a legal Investment
under the provisions of paragraph (e) or (g) of this subdivision, except foi
the fact that the railroad corporation issuing said bonds actually owns ir
fee less than 500 miles of road, provided the payment of principal and in­
terest of said bonds is guaranteed by Indorsement thereon by, or provided
said bonds have been assumed by a corporation whose first mortgage is, os
refunding mortgage bonds are, a legal investment under the provisions oi
paragraph (e) or (f) of this subdivision. But no one of the bonds so guaran­
teed or assumed shall be a legal investment in case the mortgage securing
the same shall authorize a total issue of bonds which, together with all the
QUtstanding prior debts of the corporation making said guaranty or so as­
suming said bonds, including therein the authorized amount of all previously
guaranteed or assumed bond issues, shall exceed three times the capital
stock of said corporation at the time of making said investment.
(1) The first mortgage bonds of a railroad the entire capital stock of which
except shares necessary to qualify directors, is owned by, and which if
operated by a railroad whose last issued refunding bonds are a legal invest­
ment under the provisions of paragraph (a), (e) or (f) of this subdivision,
provided the payment of principal and interest of said bonds is guaranteed
by endorsement thereon by the company so owning and operating said road,
and further provided the mortgage securing said bonds does not authorize
an issue of more than $20,000 in bonds for each mile of road covered thereby
But no one of the bonds so guaranteed shall be a legal investment in case
the mortgage securing the same shall authorize a total issue of bonds
which together with all the outstanding prior debts of the company making
said guaranty, Including therein the authorized amount of all previously
guaranteed bond issues, shall exceed three times the capital stock of said
company, at the time of making said investment. Bonds which have been
or shall become legal investments for savings banks under any of the pro
visions of this section shall not be rendered illegal as investments, though the
property upon which they are secured has been or shall be conveyed to
another corporation, and though the railroad corporation which issued or
assumed said bond has been or shall be consolidated with another railroad
corporation, if the consolidated or purchasing corporation shall assume the




[Vol. 122,

NEW YORK—DEBT OF STATE

payment of said bonds and shall continue to pay regularly Interest or divi­
dends or both upon the securities issued against, in exchange for or to acquire
the stock of the company consolidated or the property purchased or upon
securities subsequently issued in exchange or substitution therefor, to an
amount at least equal to 4% per annum upon the capital stock outstanding
at the time of such consolidation or purchase of said corporation which has
issued or assumed said bonds. Not more than 25% of the assets of any
savings bank shall be loaned or invested in railroad bonds, and not more than
10% of the assets of any savings bank shall be invested in the bonds of any
one railroad corporation described in paragaph (a) of this subdivision, and
not more than 5% of such assets in the bonds of any other railroad corpora­
tion. In determining the amount of the assets of any savings bank under
the provisions of this subdivision its securities shall be estimated in the
manner prescribed for determining the per centum of par value surplus by
Section 257 of this article. Street-railroad corporations shall not oe con­
sidered railroad corporations within the meaning of this subdivision.
The time during which any railroad is operated by the Government of the
United States under the provisions of an Act of Congress approved Aug. 29
1916. an Act of Congress approved March 21 1918, or any other Act of
Acts of the Congress of the United States, and four years thereafter, and
the earnings made and dividends paid during said time and said four years
thereafter shall not be taken into consideration in determining whether
the bonds of the railroad corporation comply with any of the provisions
of this section. Any railroad corporation which, at the time that the
operation of its railroad by the Government of the United States under
the provisions of such Act or Acts began, had complied with the provision
of paragraph (e) of this subdivision for one or more years next preceding
the commencement of such Government operation and control shall be
entitled to include in computing the period of five years prescribed by the
provisions of said paragraph (e) each year a portion of which its railroad
shall have been operated by the Government of the United States under
the provisions of such Act or Acts, and the four years succeeding the ter­
mination of such operation, in determining whether such corporation has
complied with the provisions of said paragraph (e) each year for five years
as required by said paragraph. Except as hereinbefore provided, whenever
a reference is made in this subdivision to a period of five years preceding
the date of an investment in the bonds of any railroad corporation, such
period shall be deemed exclusive of any time during which the property
of such railroad corporation has been operated by the Government of the
United States under the provisions of such Act or Acts, and of the four
years succeeding the termination of such operation. Any bonds acquired
prior to the passage of this amendment and at any time hereafter which
comply with the provisions of this section as amended may so long as they
continue to comply herewith be retained as investments authorized by law.
8. (a) Promissory notes payable to the order of the savings bank upon
demand, secured by the pledge and assignment, if necessary, of the stocks
or bonds of any of them enumerated in sub-divisions one, two, three, four,
five and ten of this section or by the railroad bonds or any of them men­
tioned and described in sub-division seven of this section, but no such loan
shall exceed ninety per centum of the cash market value of such securities
so pledged. Should any of the securities so held in pledge depreciate in
value after the making of such loan, the savings bank shall require an im­
mediate payment of such loan or of a part thereof or additional security
therefore so that the amount loaned thereon shall at no time exceed ninety
per centum of the market value of the securitieso pledged for such loan.
(6) Promissory notes made payable to the order of a savings bank
upon demand by a savings and loan association of this State which has
been incorporated for three years or more and has an accumulated capital
of at least fifty thousand dollars.
(c) Promissory notes made payable to the order of the savings bank
within 90 days from the date thereof secured by the assignment and pledge
to it of one or more first mortgages on real estate situated in the State of
New York, provided that the amount of any such note is not in excess of
60% of the appraised value in the case of improved real estate, or 40%
In the case of unimproved or unproductive real estate, of the property or
properties mortgaged: that the amount of any such loan shall not exceed
75% of the principal sum secured by said mortgage or mortgages; that.the
value of said properties has been certif.ed in accordance with the provisions
of Sub-division 6 of this section; that tne assignment of each of such mort­
gages has been recorded in the proper offices and the provision* of Section
241 of this chapter with reference to the title of the property and the insur­
ance upon the buildings, covered by such mortgage or mortgages, shall
have been fully complied with. Such loans shall be considered mortgage
loans and the amount thereof, together with all direct loans by any such
savings bank upon bonds and mortgages shall not exceed 65% of the whole
amount of the deposits and the guaranty fund of any such savings bank.
(d) Promissory notes made payable to the order of the savings bank
within 90 days from the date thereof, secured by the pledge and assignment
of the passbook of any savingsbank in the State of New York, as collateral
security for the payment thereof. No such loan shall exceed 100% of the
balance due the holder of such passbook as shown therein.
9. Real estate as follows:
(а) A plot whereon there is or may be erected a building or building
suitable for the convenient transaction of the business of the savings bank
from portions of which not required for its own use a revenue may be de­
rived
(б) Such as shall be conveyed to it in satisfaction of debts previously
contracted in the course of its business.
(c) Such as it shall purchase at sales under judgments, decrees or mort­
gages held by it.
The trustees of a savings bank shall not be held liable for investing
In State or municipal bonds named in the last list furnished by the Super­
intendent of Banks pursuant to Section fifty-two of Article two of this
chapter, or in any railroad bonds mentioned in such list, which have been
legally issued and properly executed, unless such savings bank shall have
been notified by the Superintendent of Banks that, in his judgment, such
bonds do not conform or have ceased to conform to the provisions of this
section
10. Bonds of the Land Bank of the State of New York.
10a. Farm Loan bonds issued by the Federal Land Bank of the First
Land Bank District as crewed pursuant to the Federal Farm Loan Act,
approved July 17 1916.

BARR BROTHERS & CO.
INC.

MUNICIPAL BONDS

14 WALL STREET

NEW YORK

June, 1926.]

11. Bankers’ acceptances anil bills of exchange of the kind and ma­
turities made eligible by law for purchase in the open market by Federal
Reserve banks, provided the same are accepted by a bank, national banking
association, trust company or investment company qualified to exercise
the powers specified in subdivision 1-a of Section 293 of the Banking Law,
incorporated under the Laws of the State of New York or under the laws of
the United States and having it® principal place of business in the State of
New York. Not more than 20% of the assets of any savings bank less the
amountof the available fund held pursuant to the provisions of Section 251
of this chapter, shall be invented in such acceptances. The aggregate
amount of the liability of any bank, national banking association or trust
company to any savings bank for acceptances held by such savings bank
and deposits made with it, or of any such investment company to any sav­
ings bank for acceptances held by such savings bank, shall not exceed 25% of
the paid up capital and surplus of such bank, national banking association,
trust company or investment company, and not more than 5% of the aggre­
gate amount credited to the depositors of any savings bank shall be invested
in the acceptances of or deposited with a bank, national banking association
or trust company of which a trustee of such savings bank is a director, or
invested in the acceptances of any such investment company of which a
trustee of such savings bank is a director.
SUPERINTENDENT MUST FURNISH SAVINGS BANKS LIST OF
LEGAL INVESTMENTS.—Section 52 of Article II of the General Bank­
ing Law reads as follows:
On or before the first day of January, 1915, and on or before the first
day of January in each and every year thereafter, the Superintendent of
Banks shall mail to each savings bank in the State a list containing the names
of States and municipalities, the bonds of which, in his judgment, if legally
Issued and properly executed, cpnform to the requirements of Section 239
of this Chapter, and also as complete a list as is practicable of railroad bonds
which, in his judgment, if legally issued and properly executed, conform to
the provisions of said Section. I
For list of bonds considered legal investments on Jan. 1 1926, see “Chronicle”
of May 1 1926, pages 2528 and 2529.
TRUST FUNDS—HOW LOANED OR INVESTED.—Section 111 of
Chapter 18, Laws of 1909, relates to the investment of trust funds. It
permits executors, administrators, guardians, &c., to invest in the same
securities as savings banks. The law was amended by Chapter 593, Laws
of 1922, and was again amended in 1925 by Chapter 604, Laws of 1925, so
as to allow the investment of trust funds in parts of mortgages and bonds
executed by banks authorized t)o conduct a trust department, as well a by
trust companies and title guaranty corporations. In 1926, by Chapter
307, Laws of 1926, the law wajs further amended. The amendment adds
for investment parts of mortgages and bonds executed by any national
bank located in the State of New York and duly authorized to act as trustee
therein. We give below the text of Section 111, as it now stands, placing
the matter added in 1926 in italics:
Section 111. Investment off trust funds. An executor, administrator,
trustee or other person holding trust funds for investment may invest the
same in the same kind of securities as those in which savings banks of this
State are by law authorized to invest the money deposited therein, and the
income derived therefrom, and in bonds and mortgages on unincumbered
real property in this State woijth fifty per centum more than the amount
loaned thereon, and in shares or parts of such bonds and mortgages, pro­
vided that any share or part of such bond and mortgage so held shall not
be subordinate to any other shares thereof and shall not be subject to-any
prior interest therein, and provided further that bonds and mortgages in
parts of which any fiduciary may invest trust funds together with any guar­
anties of payment, insurance policies and other instruments and evidences
of title relating thereto shall be) held for the benefit of such fiduciary and of
any other persons interested in such bonds or mortgages by a trust company,
a bank authorized to conduct a trust department, or a national bank located
in this Stale and duly authorized to act as a trustee therein, or title guaranty
corporation organized under the laws of this State, and that a certificate
setting forth that such corporation holds such instruments for the benefit of
such fiduciary and of any other) persons who may be interested in such bond
and mortgage among whom the (corporation holding such instruments may be
included, be executed by such Corporation and delivered to each person who
becomes interested in such bohd and mortgage. Every corporation issuing
any such certificate shall keep a record in proper books of account of all
certificates issued pursuant to the foregoing provisions. An executor,
administrator, trustee or other person holding trust funds may require
such personal bonds or guarantees of payment to accompany investments
as may seem prudent, and all premiums paid on such guarantees may be
charged to or paid out of income, providing that such charge or payment be
not more than at the rate of ohe-half of one per centum per annum on the
par value of such investments. But no trustee shall purchase securities
hereunder from himself. Whenever any trust funds are’invested in the
shares of a savings and loan association, organized under the laws of this
State, at the time said funds shall come into the possession of any executor,
administrator, trustee or other person, entitled to hold the same, the in­
vestment of such funds in the) shares of such savings and loan association
may be continued, provided, however, the total amount of trust funds
invested in the shares of such savings and loan association shall not exceed
the amount of its guaranty fund
Chapter 604, Laws of 1925, also amended Section 21, Laws of 1909, last
amended by Chapter 599, Laws of 1922, which section is, as regards in
vestments by trust funds, substantially the same as Section 111. The
amendment to Section 21 is the same as to Section 111 referred to above.
Section 21 was again amended in 1926, also by Chapter 307, Laws of 1926,
and as was the case in 1925, the 1926 amendment to Section 21 is identical
to that made to Section 111. |_____
CITIES. COUNTIES AND TOWNS IN THE

STATE OF NEW YORK.

ADAMS (VILLAGE).
State Street Impt. Bonds.
This village is in Jefferson Co. 4«s’12 M-N $100,000—May 1 1962
Incorporated in 1851.
4J£s'13 J-J 300,000—-Jan 1 1963
5^s’22 J-J’ $3,100r.July 1 )27-’42 43^s’13 J-D 100,000___ June 1 1963
4HsT5 M-N 15,000r.Nov 1 ’26-’35
Water Works Bonds.
4}^s’O8 J-J $l,200r.July 1 27-’32 4Ms’15 M-N 12,000.-Nov 1 ’26-'38
Refunding Bonds.
High-School Bonds.
5s '13 J-J $3,300r.0ct 1 26-’43 4s TO J-D $20,000r.June 1 ’27-’3O
6s '21 J-J
4,OOOr..July 1027-34 4s 'll F-A 50.000r.Feb 1 ’27-’31
4.70s’23J-J f 8,000c.July 1 [27-’42 4s ’ll J-D 50.000r.june 1 ’27-’31
1 100c...July 1 1943 4J4s’13 J-J
70.000._Jan 1 ’27-’33
444s'13 J-D 35,000r.June 1 ’27-'33
Village Hall Bonds.
5s T9 J-J $6,500r.July 1 27-’39 414sT3 A-O 24.OOOr_.Oct 1 ’26-’33
41isT4 J-D 14,400—June 1 ’27-’34
Street Impt. Bonds.
5j^s’21 M-NJ$7,OOOc.May 1 27-’33
Ocflver Parle*
I 500c. ..May 1 1934 4 Hs’14 J-D $20,000—June 1 ’27-’34
Water Refunding Bonds.I
Sewer (Beaver Creek).
6s ’20 J-J l$6,OOOr.July 1 27-’38 444s’15 J-J $16,000—Jan I ’27-’35
1
lOOr.-.July il 1939
Washington Park.
BOND. DEBT Apr 5 ’26-- $42,700 4s ’80 M-N$108,000—May l’27-’3O
Water debt (incl.)_______
27,200 2s ’94 J-D
3,000___ June 1 1934
Sinking fund_____________
7,000 314s’96 M-N 7,000....May 1 1936
Assess, val. real estate.___ 1,302,700
Sheridan Park Bonds.
Assess, val. personal_____
119,000 4s TO J-D $19,000.-June 1 ’27-’3O
Assess, val. other prop____________ 132,269
Street Improvement Bonds.
Total val. ’25 (2-3 actual)..l,253,969 4Ks
’23J-D $192,OOOr*.. Dec l’26-33
Tax rate (per $1,000) 1925..1$14.00 4s ’25
M-N180,OOOr*.May 1 ’27-’3O
Population in 1910,1,458; 1920,1,557 4s ’25 M-N382 500r*.May 1 ’27-’35
4Ks
’
25
180,000c* Oct 1 ’26-’35
ADAMS UNION FREE S. D. NO.13 4Ms’25 A-O
A-O 145,000c* Oct 1 ’26-’3O
This district (P. O. Adams) is in
Ninth
Ward
Park Impt.
Jefferson County.
4%s
... J37.500 ____1926-1940 4^s’19 J-D $2,000r._Dec 1 ’26-’29
128,000______ 1947-1954
Public Park Impt. Bonds.
4J<s’24 J-J $58,000c. .Jan l)’26-’55 4tfsT3 J-J $4,000—Jan 1 ’27-’33
BOND. DEBT Dec 31___ $i41,500 4s T6 M-N 5,000r.May 1 ’27-’36
Tot. ass’d val.’25 (75%act.)l ,524,274 4s T7 A-O 16.500r-.Apr 1 ’27-’37
School tax rate(per $1,000) ’25l$18.30 44is’17 M-S l,400r.Nov 1 ’26-’37
Population in 1925 (est.)____ 1.1,700 4Hs’19 J-D 56 OOOr..Dec 1 ’26-’39
ALBANY.—Lawrence J. Ehrhardt, 4Ks’22 A-O 34,000—Oct 1 ’26-’42
Street Impt. Bonds.
Comptroller.
Albany is in Albany Countit. In­ 4J£s’26 J-D$435,OOOr* June 1 ’27-’36
4Ks’26 J-D 13C,G00r* June 1 ’27-’31
corporated July 22 1686.
Street Impt. Bds. (Spec. Assess.)
School Bonds.
4)^sT7 M-S $42,000r.Nov l|’26-’27 4«s’12 A-O $35,000r--Oct 1 ’26-’32
4?4sT8 J-D 36 400..June 1 ’27-’28 4%s’13 A-O 40,000r..Oct 1 ’26-’33
5s ’21 J-D 68,000.-June 1 ’27-’31 4J4s’14 J-D 40.000r.June 1 27-’34
4J£s’22 A-O 35.000-.0ct 1 )’26-’32 4>£sT5 J-D 63,000—Jan 1 ’27-’35
4Ks'22 A-O 10,000.-Oct 1 ’26-'27 4Ks’15 J-D 108,000 _____ 1926-1935




67

NEW YORK—CITIES AND TOWNS
4s T7 A-O 11,000r. _ Apr 1’27-’37
41£sT9 J-D 105,000..Dec 1 ’26-’39
5s ’21 J-J 225,OOOr.Jan 1 ’27-’41
5s ’21 M-N 11,040—Nov 1 ’26-’31
4^s’22 A-O 84,000—Oct 1 ’26-’32
4sg’23 J-J 1,511,813—Jan 1 ’26-’63
Public Improvement Bonds.
4s ’09 M-S $33,OOOr.Mch 1 ’27-’29
4s TO J-D
4,000r.June 1 ’27-’3O
4s ’ll M-N 42,OOOr.Nov 1 ’26-’31
4Hs’12 M-N 24,000r. May 1 ’27-’32
4Ks’12 A-O 18.000._0ct 1 ’26-’32
4KsT3 J-J
1,750.-Jan 1 ’27-’33
4>4sT5 J-J
16,OOOr..Jan 1 ’27-'35
4Jis’15 J-D 63,OOOr. June 1 ’27-’35
4s T6 -----M-N 20,OOOr.May 1 ’27-’36
4s T6 M-N 77.000r.Nov 1 ’26-’36
4s T6 M-N 19,200r.Nov 1 ’26-’31
4Jis’19 M-N 18,OOOr.May 1 ’27-'29
454sT8 J-D
2.000—June 1 ’27-’28
4?4s’18 J-D
4,000--June 1 '26-'28
5s ’21 J-J
8,100r.Jan 1 ’27-’31
5Ms’21 A-O 57,600r__Oct 1 ’26-'31
5Xs’21 A-O 32.OOOr._Oct 1 ’26-’41
4s ’21 A-O
l,900r__0ct 1 ’26-’31
4J£s'22 A-O
8,000—Oct 1 ’26-’27
4>£s’22 J-D
4,000—Dec 15’24-’27
180,800r*.Dec 1 ’26-’33
4j^s’23J-D 286,000r*.Dec 1 ’26-’38
,369,000r*.Dec 1 ’26-’43
420,000r*June 1 ’27-’29
4J<s'24J-D 320,OOOr *June 1 ’30-’34
185,OOOr *June 1 ’35-’39
105,000r*June 1 ’40-’44
4s ’25 M-N171, OOOr*. May 1 ’27-’45
4s '25 M-N504, OOOr*. May 1 ’27-’4O
4s ’25_ M-N 45,OOOr*.May 1 ’27-’35
4Ks’25 A-O 560,000c* Oct 1 ’26-’65
4Ks’25 A-O 483,000c* Oct 1 ’26-’45
4Ks’25 A-O 202,500c* Oct 1 ’26-’4O
4j^s’25 A-O 12,000c* Oct 1 ’26-’35
4Ks’25 A-O 5,000c* Oct 1 ’.26-’3O
4Ks’26 J-D 600,OOOr* June 1 ’27-’66
4Ms’26 J-D 210,OOOr* June 1 ’27-’46
4.Ts’26 J-D 555,OOOr* June 1 ’27-’41
4Xs’26 J-D 215,OOOr* June 1 ’27-’46
4Ms’26 J-D 565,500r* June 1 ’27-’41
4Ms’26 J-D 115,OOOr* June 1 ’27-’36
City Hail Bonds.
4s T7 A-O $18,000_____ 1927-1937
4J<sT9 M-N 112,000_____ 1926-1939
5s ’21 J-J 45.000r.Jan 1 ’27-’41
Lincoln Park Bonds.
5Xs’21M-N $48,000—Nov 1 '26 '41
4Ks’22 A-O 34,000—Oct 1 ’26-’42
Public Bath Impt. Bonds.
5 '21 J-J $13,OOOr.Jan 1 ’27-’36
Intercepting Sewer Bonds.
4Jis’12 A-O$100,OOOr...-Oct 1 1952
4>£sT4 J-D 200,OOOr.—June 1 1954
4^s’15 J-J 200,OOOr...Jan 1 1955
4Jis’15 J-D 250,OOOr...June 1 1955
4s’16 M-N 250.000r...May 1 1956
Island Purchase Bonds.
4Us’15 J-J $20,000____ 1926-1935
Sewage Disposal Bonds.
4s T7 A-O$l lO.OOOr. Apr 1 ’27-’37
Grade Crossing.
4s T6 M-N$55,OOOr.Nov 1 ’26-’36
River Front Impt. Bonds.
4s ’08 J-J $300,OOOr...July 1 1928
4Jis’12 A-O 100,000c—.Oct 1 1962
4!^sT3 A-O 200,000c...Oct 1 1963
4^s’14 M-S 320,000—Mar 1 ’54&’64
414sT4 J-D 12,800—June 1 ’27-’34
4^s’15 J-J 60,000r_„Jan 1 1955
414sT5 J-D 125,000r...June 1 1955
4s 16 M-N 60,OOOr...May 1 1956
4^s’19 J-D 150,000r_..Dec 1 1959
4}£sT9 J-D 180.000r__.Dec 1 1959
Re-Surfacing Bonds.
444s’13 A-O$24.OOOr...Oct 1 ’26-’28
4Jis’14 J-D 21,000..June 1 ’27-’29
4^s’13 A-O
8,000..Oct 1 ’26-’33
4>$sT5 J-J 28,000r..Jan 1 ’27-’3O
4s T6 M-N 30.000r.Nov 1 ’26-’31
4s T6 M-N 15,000r.May 1 ’27-’36
Fire Apparatus Bonds.
4J4s’13 J-D $5,600—June 1 ’27-’33
5s ’21 A-O 17,000r..Oct 1 ’26-’3i
South Pearl Street.
4Xs’15 M-N$ll,OOOr.Nov 1 ’26-’3O
Northern Boulevard Bonds.
4J4s’15 M-N$ l0,000r. Nov 1 ’26-’3O
Lark St. Grading Bonds.
4Ms’13 J-D $1,400—June 1 ’27-’33
Willett Street Bonds.
4J4s’15 M-N $4,500r.Nov 1 ’26-’30
Broadway Improvement.
4J£s’14 J-D $6,000—June 1 ’27-'29
4J4s’19 J-D 40,000r_.Dec 1 ’26-’34
Central Ave. Impt. Bonds.
4^s’13 J-D $10'000 --.June 1 '27-33
4J4s’22 A-O 120,000..Oct 1 ’26-’37
New Scotland Ave. Bonds.
414sT3 A-O $36.000......... 1926-1933

Washington Ave. Bonds.
4V4s'13 A-O $36 000 ____ 1926-1933
5Ks’21 M-N 24,200-.Nov 1 ’26-'36
Dela. Ave. & Whitehall Road.
4j4sT3 A-O $6,000—Oct 1 ’26-’28
No. Pearl St. Repaving Bonds.
4Ms’15 J-J $2,000.62 Jan 1 ’27-’3O
Soldiers’ & Sailors’ Monument,
ts ’ll M-N $40,000r.May 1 ’27-30
Western Ave. Grading & Paving
4>£sT9 J-D $48,000r_.Dec 1 ’26-’39
Lawn St. Impt. Bonds
4^s’19 J-D $9,OOOr..Dec 1 ’26-’34
Rennselaer Ave. Impt.
4>isT9 J-D $9,000r..Dec 1 ’26-’34
Second Ave. Impt. Bonds.
4J<s’22 A-O $36,000—Oct 1 ’26-'37
Clinton Ave. Impt. Bonds.
4J£s’22 A-O $24,000..Oct 1 ’26-’37
5Ks’21 M-N 44,000.-Nov 1 ’26-’36
Police Motor Apparatus Bonds.
4s’23 J-D $8,000____ 1926-1928
Water.
4s '06 J-D $5,000.— Dec 1 1926
Is ’07 J-D 10,OOOr. Dec 1 ’26-’27
Is ’08 A-O 20,000r.Apr 1 ’27-’28
4s '08 J-J 200,000r.-July 1 1928
4s '06 J-D
5,OOOr-.. Dec 1 1926
4s ’09 J-D 200,OOOr. ..Deo 1 1929
is TO J-D 100,000r. ..Dec 1 1930
is ’ll J-D 100,000r. ..Dec 7 1931
4Ms’12 M-N 00,000___ May 1 1932
4Ms’13 J-D 35,OOOr. June 1 ’27-’33
4?£s’14 M-S 32,000r.Mar 1 ’27-’34
4^s’14 M-N 90,000r.Nov 1 ’26-’34
4 tfs’15 J-D 45.000r.June 1 ’27-’35
4k(sT5 M-N 50.000r.Nov 1 ’26-’35
4s '16 M-N 50.OOOr.May 1 ’27-’36
5 Ms
A-O 80,000..-Oct 1 ’26-’41
4Ms’22 A-O 136,000..Oct 1 ’26-’42
4Ms’22 A-O 85,000..Oct 1 ’26-’42
4s ’23 J-D (135,000r*.Dec 1 ’26-’43
I 50,OOOr*.Dec 1 ’44-’63
4s ’24 J-D 665,000r*.June 1 ’27-64
4s ’25 M-N273,000r*.May 1 ’27-’65
4Ks’25 A-O 300,000c* Oct 1 ’26-’65
4Ks’26 J-D 300,OOOr* June 1’27-’66
Police-Station Bonds.
4s T7 A-O $18.000t—Apr 1 ’27-’37
Re-Paving Bonds.
4j$s’17 M-S $35,OOOr.Nov 1 ’26-’32
4^s’17 M-S ll,200r.Nov 1 ’26-’32
4Ms’17 M-S 10.500r_Nov 1 ’26-’32
Garage Site Borfds.
5s ’21 J-J $7,000r..Jan 1 ’27-’33
Road-lmpt. Bonds.
444s’17 M-S $l,500r.Nov 1 '26-’37
Police Court & Police Station
Construction Bonds.
4sg’23 J-J $185,000..Jan 1 ’27-’63
INT. payable at Bank of America,
N. Y., Chemical Nat. Bk., N. Y.,
and in Albany.
Jan. 1 ’26. Jan. 1 ’25.
Gen. bonds.$ll,762,198 $10,309,040
Water bonds 2,828,500
2,351,500

Total bds.$14,590,698 $12,660,540
Sink, funds. 1,481,379
1,296,063
Net debt*$13,109,319 $11,364,477
* Of this figure, $337,801 is for
water sinking fund. The net general
debt Jan. 1 1926 was $10,618,619 and
the net water debt $2,490,699, mak­
ing the total of $13,109,318.
In addition to the above there
are outstanding street improvement
assessment bonds amounting on
Jan. 1 1926 to $1,967,280.
This city owns and operates Its
water system, and the principal and
Interest of the water debt are paid
out of water rent receipts.
ASSESSED VALUATION.—
1926.
1925.
$
$
Real estate. 150,629,635 146,607,975
Bank stock. 11,399,576 10,335,552
Personal... 1,372,000
1,372,000
Franchises. 6,251,168
6,106,177
Total___ 169,652,379 164,421,704
Property exempt from taxation
amounted to $75,915,100, of which.
$16,731,750 is owned by the city.
Tax (per $1,000) 1926............... $34.11
POPULATION.—1920. 113,334,
1915, 107,979; 1910, 100,253; 1905
98,374; 1900, 94,151.

ALBANY COUNTY.
County seat is the city of Albany.
Toll-Bridge Purchase.
4^s’14 M-N $5,000——____ 1926

Prudden & Company
MUNICIPAL BONDS
NEW YORK CITY
115 Broadway
Tel. Rector 5027

CHICAGO, ILL.
105 So. LaSalle St.
Tel. Randolph 6260

MINNEAPO