Loan of 12.5 million francs represented by 25,000 bonds of 500 francs each, created under Congressional law n°465 of October 27, 1905.

This loan constituted a direct commitment of the State of Alagoas on all of its revenues, the State assigning as a guarantee the entire proceeds of the receipts from the export duties, until the complete extinction of the loan. 

Large size bond, uncancelled, with coupons.