Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-11-24
Subscriptions to the New Loan
Opened at the Treasury.
ADELAY WAITING FOR THE SECRETARY
Bidders Secure a Public Opening
After Argument.
THE PRIN CLIP AL BID

bords running for ter years were opened
at the Treasury Department this AFTER
noon In accordance with the terms or the
treasury circular of the 18th instant invit-
ing subscriptions to that loan. The affair
was characterized by confusion and delay,
and considerable dissatisfaction was the
result. This state of affairs arose from a
controversy between Secretary Carlisle and
several of the principal bidders in regard
to the opening of the bids. Secretary Car
isle wanted them opened in private, and
the bidders wanted IL done publicly. They
made the point that the transaction was
entirely public In character, and. conse-
quently, that the public was entitled to be
informed of all its details, including names
of bidders and the amount and rate OF
their bids. The result was victory for
the bidders, but the Secretary deciued TO
restrict the audience at the opening to the
half a dozen bidders on hand and the rep
resentatives of the two press associations.
This was a complete Knockout for nearly
twenty special correspondents, who were
eager for information on the SUBJECT.
One Cause of Confusion.
The principal confusion arose from the
fact that Secretary Carlisle did not reach
the department until 12:30 o'clock, whereas
arrangements had been made for opening
the bids at precisely II o'clock. Mr.. Hun
tington, chief Of the division of loans and
currency, had them all ready at that time
They were contained in a large square box,
which was carried up into the office of
Assistant Secretary Curtis, which had been
expressly prepared, with desks and chairs,
for the transaction. Meanwhile, the bid
ders and newspaper men were congregated
IN the corridors and adjoining rooms
awaiting the decision as to whether the
affair would be public or private. Assist
ant Secretary Curtis was of opinion that
the Secretary wanted the information with
held from the public until the bids could
be properly scheduled, which proceeding,
he thought, would not take more than q
few hours. There was also a question as
to the propriety of giving out the names
of the bidders.
Bidders Insist on Publicity.
Among the bidders present were ]. Pierre
pont Morgan of Morgan, Drexel & Co. of
New York, Charles Lanier of Winslow,
Lanier & Co. of New York. Robert Bacon
of Rollins. Morse & Co. of Boston, Albert
Stettheiner. broker. of New York, F. w.
Rennick of Kidder, Peabody & Co. of Bos-
ton and Pliny Fisk of Harvey Fisk & Co.
of New York. They all favored public
opening. Messrs. Morgan and Fisk insist
ed on that and said they would certainly
protest against an opposite course.
Assistant Secretary Curtis was almost
persuaded and it was then decided that the
bids should be opened publicly in Secretary
Carlisle's Office. All the persons interested
thereupon repaired to that room and rang
ed themselves on seats along the walls.
There were about thirty persons In all.
two-thirds of whom were representatives
of the press.
All this took place In advance Of Secre-
tary Carisles arrival.
Waiting for Carlisle.
His presence was then all that was neces-
sary for the prosecution OF the business on
hand. All waited patiently and expect
antly for his arrival, and when he did
arrive, 12:15 o'clock, 1t was reported that
he was averse to having the proceedings
In public. Messrs. Morgan and Fisk wero
privately called into his office, and were
obliged to go through with him the same
arguments they had made to Mr.. Curtis
about an hour before. After a conference
lasting fifteen minutes, the Secretary re-
luctanty assented to their wishes, but
drew the line at having more than two
Representatives of the press present. The
original program was then carried out,
and the bids were openeu in the office of
Assistant Secretary Curtis. in the presence
of Secretary Carlisle, Assistant Secretary
Curtis, MIR. Huntington and his clerks, and
the others already indicated.
The Proposals Submitted.
The following is list of the bids for the
bonds with all the essential details:
Mechanics Savings Bank, Rochester, N.
Y $4,000 at SIG; Adolph Rothbart. New
York, $1,000 at sl175; National Bank Of
Orange County. Chelsea VT. 5000 at per
cent basis; Mutual Insurance Company,
Philadelphia, $4,000 at $117.51; NJ. ]. New
man, New York, $1,000 at s104; Joshua VIM.
Crosby, New York. 81 600 at $l1725; Say-
. mour p. Kurzman, New York, $1,000 at
$40; Mechanics Savings Bank of Roches-
ter, $4,000 at ZIG; ]. II. Thompson, Farm
ington. Me-. 500 at s11650; Henry Stephens.
Detroit, S1O0.CC0 at 500: Dollar Savings
Bank. Pittsburg. Pa, 100000 at sl17.56; p.
B. Armstrong president American Union
Life Insurance Company, New York. $780,
600 at s11606; Whitaker & Hodgman. st.
Louis. 10000 at s116.25: z. B. McCutters,
ST. Louis, Mo. $1,000 at 2 per cent;
S Y 5000 al SEQ Mss 6 p NsInIns mail
philadelphia, $500 at 3 per cent; Susan T..
Cruit. Washington, d. c.. $3.50 at s1I6.1O3;
Maryland Trust Co. Baltimore. 100000 at
at sl16.J0: Farmers and Mechanics Ma
tional Bank, Georgetown, ID. c., $500 at
$l16.25; Farmers and Mechanics National
Bank of Georgetown. ID. c., $4,000 at
s116.J0; First National Bank ST Joseph.
Mo-, $1,000 at Sill; Third National Bank
Cincinnati. Ohio, $4,000 at $1l5.51: James
Talcott, New York, $4,000 at Si17; do s15O-
600 at s116.559; do, 100000 at s116OOSi :
Schafer Bros, New York, 100000 at s110.-
0S4; F. s. Smithers & Co, New York, 5000
000 at sl1G.31: Graham F. Blandy, New
York, $4,000 at s11G.25; Nassau Trust Co,
$120,OO0 at sl1654; Donald MacLoad, $4,000
at sl16.l03; do, $4,000 at S116.18.
A Ffny-Millfon Bid.
The main bid for bonds was by a syndi-
cate of bankers Of New York. London, Phil
adeiphia and Boston, and was for Sj0,OOO,OOO
at 116SS9S. The bidders included the Drex-
el-Morgan Company. United States Trust
Company OF New York and the large New
York banks.
The fifty-million bid provides that forty
millions of bonds are to be delivered in
New York, three millions at Boston, three
millions at Philadelphia, two millions at
Chicago and two millions at San Francisco
The bid Is made by the United States
Trust Company Of New York; Drexel Nor
gan & Co, New York; First National
Bank of New York, and Harvey Fisk &
Sons. They add the information that the
following parties are interested with them
In the joint bid: Drexel & Co, Philadel-
phia; j. s. Morgan & Co.. London: Ma
tionaI Bank of Commerce, New York;
Chase National Bank. New York; Fourth
National Bank. New York: National City
Bank New York; Hanover National Bank
New York: First National Bank. Chicago:
Mutual Life Insurance Company, New
York; Gallatin National Bank New York;
Merchants National Bank, New York;