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Defaulted Municipal and State Bonds

This section shows bonds that states have repudiated and never paid off their bondholders.

As reported in Time Magazine on Monday, Feb. 09, 1931:

In June 1838, the Sovereign State of Mississippi sold $5,000,000 worth of bonds to pay for 50,000 shares in Union Bank of Mississippi. In less than two years the bank was hopelessly insolvent. In 1842 the Mississippi Legislature denied that the State was under legal or moral obligation to pay the bonds in question. Thus occurred the first repudiation of a State debt. Similarly, in 1839 Mississippi defaulted interest on a bond issue sold in 1831-33 to raise funds for another State bank. Although the courts ruled against Mississippi in both cases, in 1875 Mississippi adopted a constitution expressly stating that nothing could be done about either issue.

Long and rancid have been the efforts of a British Corporation of Foreign Bondholders to force Mississippi to pay. Last week for the first time a group of U. S. holders of the defaulted bonds advertised themselves anonymously in Manhattan, prepared for action against Mississippi.

The Mississippi skeleton has accumulated $32,000,000 interest charges upon its $7,000,000 frame. British Corporation of Foreign Bondholders does much to discourage the purchase of bonds from Mississippi and other United States with obligations in default. And certain States keep such bonds from their legal list. Prime example is Connecticut, whose rigid rules also bar the bonds of Arizona, New Mexico and Oklahoma from the legal list because these States were admitted to the Union after 1896, have not had a sufficiently long history to be given full credit standing.

* Other States with bonds in default: Alabama, $13,000,000; Arkansas, $8,700,000; Florida, $8,000,000; Georgia, $13,500,000; Louisiana, $6,000,000; North Carolina, $13,000,000; South Carolina, $6,000,000. Minnesota once repudiated, reconsidered.

Click here for detailsCorporation of Foreign Bondholders - Mississippi State Bonds - 1912 ( 1831 / 1833 Planters' Bank Bondholders ) - England

Normal Price: $395.00
Our Sales Price: $295.00
Click here for detailsState of Louisiana Defaulted Reconstruction Bond signed by Impeached Governor Henry Clay Warmoth (Criswell 71A) - 1871

Normal Price: $395.00
Our Sales Price: $295.00
Click here for detailsState of North Carolina Defaulted Reconstruction Bond signed by Impeached Governor, William Woods Holden - 1869

Normal Price: $129.95
Our Sales Price: $99.95 and Old Company Research Press Releases

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WASHINGTON, DC / NEW YORK - / Old Company Stock and Bond Research Service owns and operates the Old Stock & Bond Research Archives from Herzog & Co., Inc (formally RM Smythe research) which was acquired from John Herzog, founder of the Museum of American Finance and past Chairman of RM Smythe & Co. This acquisition included all RM Smythe Research archives, publishing rights and copyrights on obsolete research reference material published by the Marvyn Scudders Manuals, the Robert D. Fisher Manuals, and the Herzog & Co., Inc. obsolete research services.  The old stock research services have been performed continuously since 1880. / Old Company Research Service was founded by Internet Pioneer, Bob Kerstein, CPA who is a member of the American Institute of Certified Public Accountants, Chartered Global Management Accountants,  California Society of Certified Public Accountants, and the Virginia Society of Certified Public Accountants.  We have been collecting and selling old stock and bond certificates since 1990. started operating on the Internet in January 1996 with the goal to promote the history of old companies and help educate everyone about the wonderful hobby of collecting stock and bond certificates called Scripophily. 

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