New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-11-25
WALL STREET GRATIFIED
JOHN \. STEWART TALKS ABOUT THE BIDS OF
HIS SYNDICATE.

JOHN a STEWART TALKS ABOUT THE BIDS
HIS SYNDICATE
1t being Saturday people had left Wall
Street when the about opening the bids in
Washington came yesterday afternoon. The re-
ports fully confirmed the prevailing impression
that there would be a large over-subscription for
the new issue, and Wall Street men breathed a
sigh OF satisfaction to know that the Government
loan an assured success. The large number
Of bids a matter OF some surprise. Everybody
glad that J. Pierpont Morgan. who went TO
Washington to about the bids OF his and Mr..
Stewards syndicate which wants take the
whole issue. had persuaded Secretary Carlisle not
TO open the proposals In secret. There was much
interest shown. OF course. and the news agencies
the Street got out bulletins announcing some Of
the important bids they were opened. The
news merely confirmed what everybody had been
led 10 expect by the articles which have been pub
lished in the newspapers for the last few days
John A. Stewart the president OF the United
States Trust Company. was seen at his home last
night by n Tribune reporter. Mr Stewart had not
seen The last editions OF the evening papers. and
the reporter showed him the list OF bid as sent
from Washington. After reading them. he looked
up with a smile and said
Il think We made good bid-a very good bid.
OF course. / can't say what MIR. Carlisle will 10.
II he thinks lIo7 bid Will bring the most
money to the Government. why. well get m"
whole issue. but a. he thinks that by accepting
some OF the independent bids and part % ours. the
Government Will get more. why, then. We wont
''Do you think It would BE- the best thing FOR
the Government to accept the ll7077 bid OF the
syndicate?'
Nov II you ask me to answer from the point
OF view Of "A business man. I should say yes, most
assurediy; but you know how people talk II one
makes a bid which is higher than ours. peor-e
will say he ought 10 get the bonds he bids for
Mr. Carlisle may think best 10 accept some bids
outside OF ours and take part Of ours. In that
case expect We shall get about &o0ogo or
S35OO0Oo at IIGsss-that is our bid, YOU know,
which We made for the whole issue or part Of IT.
Our other bid for the entire loan or none.
Whether We get the whole or part, snail be
perfectly satisfied"
when DO you expect to hear OF the decision?"
"Not before Monday You SEQ. when there are 50
many bids the figuring takes a long time. II will
save the Government lots Of trouble If our bid Is
accepted; it is much easier TO deal with few
men than lot of individuals. Another thing Is
that our men know where they can got the gold
for the bonds and II Mr. Carlisle accepts our oner
ne be sure Of getting gold which has mol come
come from the Network banks. and most of the
rest from Boston, Philadelphia and san Francisco.
abroad. More would have come from abroad but
the foreign bankers wanted larger interest Iman
one-third Of what they wished. and 50 many OF
them made independent bids. They might better
seemed fSruns'e Mr. sG E sccI that M To-
have the bids opened in public. don't you think
So" -,....., ,.,a. made Seq
rotary Carlisle think Of opening them IN pTIVatc;
could hardly believe IL when | heard H. ProbaDly
as soon as Mr. Morgan put the case IN us IipPci
icht me Secretary al the necessity TOT eH
aiming the bids publicly. on, II wou.d nave peen
a great mistake sad mistake, indeed lO' 70 na We
done so Not that any suspects that Mr. 'ailsI.
ar his assistants would do anything when "ohld not
bear the strongest light but j Is always we" -
avoid talk . , o ma ,oo
ond svndicatc. NJ stewart? 4 man who IL in your
syndicate said positively yesterday That ne was IN,
teresied in another group. which would make a D'i
Tor 10000 900 or $ODODV0.' -,
Mr. Stewart said. wei, suIpcsc II happehed III
this way: Each one OF these five parties ,nehnins
gan d %. the First National I'ank ana liarvTy
fSsk & Sou) represents certain subscribers Tn" SUD
sr-I,crs Of one group often did not know that thcy
,Yere part Of the syndicate, but thought they %ers
i'm A separate combination This man you Spedh VI
was probably one Of these. .,.
II don't know what else can say. except that
,bo loan f. certainly great success, ana me con-
d1tlons are very different from last winter. wheh we
Rad 10 beg people t. subscribe