Fulton County GaArchives News.....ATLANTA'S 8 PER CENT BONDS November 28, 1901 ************************************************ Copyright. All rights reserved. http://www.usgwarchives.net/copyright.htm http://www.usgwarchives.net/ga/gafiles.htm ************************************************ File contributed for use in USGenWeb Archives by: Clyde Watson clyde.nell@gmail.com November 27, 2008, 3:16 pm Savannah Morning News / Atlanta Journal November 28, 1901 ATLANTA'S 8 PER CENT BONDS 28 November 1901 Atlanta Journal: On January 1, 1902, bonds of the city of Atlanta, amounting to $418,000.00 and drawing 8 per cent, interest will fall due and will be taken up by bonds drawing 3 1/2 per cent. The total interest paid by the city on these bonds at 8 per cent, amounts to $33,440.00, and the interest that will be paid on the same bonds at 3 1/2 per cent , will amount to $14,630.00; that is to say, the city from now on will pay $18,810.00 less interest on these bonds that it has heretofore been paying. It is difficult for the people of this c ity to-day to realize that Atlanta was ever compelled to pay 8 per cent, interest for money. Nut these bonds were put on the market in 1872, and in those days the partial friends spoke of it as being "nest to Savannah", the largest city in the State." A wonderful change has occurred since then. Even the 8 percent bonds probably sold on the market at 25 per cent, less than par, while now 3 1/2 per cent bonds bring a premium. With the refunding of these bonds all of the city's 8 per cents will be gone. There are, however, bonds amounting to $427,000.00 drawing 7 per cent still outstanding, and these will fall due on January 1, 1904. They will doubtless be refunded on a 3 1/2 per cent basis. When this is done the city's interest charge will be again reduced by the amount of $14,945.00. File at: http://files.usgwarchives.net/ga/fulton/newspapers/atlantas2735nw.txt This file has been created by a form at http://www.poppet.org/gafiles/ File size: 2.0 Kb