Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1894-11-29
BIDS ARE OPENED.
Interest of the Financial World Cen
tered in Secretary Car
isles Office.

Washington, D. c., Nov. 24.-In con-
formity with his circular dated November
Is, 1894, the secretary of the treasury to-
day opened the bids which had been sub
mitted for new bond issue of $4,000,
600 United States 5 per cent. bonds to
bear date of November 1, 1894, and re-
deemable in coin at the pleasure of the
government after ten years from the date
of issue This action of the secretary
is taken under the authority contained in
the act of Congress approved January Il,
1875, entitled IAN act to provide for the
resumption of specie payments. The Is
sue of bonds is made for the stated pur-
pose of replenishing the gold reserve,
which by withdrawals for expectations or
other purposes has now been reduced to
less than $58,0OO,00O. Nearly all of the
recent withdrawals, however, amounting
to about :s5,0O0,O0O, have been made pre-
sumably for the purpose OF purchasing
bonds of the pending issue. Under the
terms of the secretary's circular of No
vember Is, bidders whose proposals are
accepted will be required to pay ~ per
cent. In gold coin, or gold certificates, upon
the amounts of their bids, as soon as
they receive notice Of the acceptance of
such bids, and to pay in like coin or GER
tificates an additional 20 per cent. at the
eXpira ton of each ten days thereafter,
until the whole is paid; but they may, at
their option, pay the entire amount of
their bids when notified of acceptance, or
at any time when an installment is pay
able. The first payment, however, of not
less than 20 per cent. must be made
when the bidder receives notice OF the
acceptance of his proposal.
The denomina tons of bonds will be 500
and upward and will be dated February
1, 1894, in order to make the proposed
issue uniform as to date with the existing
issue; but interest thereon will begin No
vember 1. 1894, and bidders will be re-
quired to pay accrued interest at the rate
of 5 per cent. on the face value OF their
bonds from November 1 to the date or
dates of payment.
The main bid for bonds was by a syndi-
cate of bankers of New York, London,
Philadelphia and Boston. and was for
$5O,OOO,0OO at 116.SS99. The bidders
included the Drexel, Morgan company,
York and the large New York banks.
Secretary Carlisle shortly after noon
held conference with treasury officials
for the purpose of deciding whether the
bond proposals should be opened in pub
lie or private. At 1915 o'clock large
of the press assembled in Assistant Sec
rotary Curtis Office to hear the bids an
nounced. In the corridor outside was a
large gathering of correspondents who
could not, owing to the limited capacity Of
the room, be admitted; Among, the bid
Drexel, Morgan & Co.. bankers, New
York; Robert Bacon of e. Rollins Morse
& Co, bankers, Boston; Albert Stetheim-
er, broker New York; T. w. Reimick,
with Kidder, Peabody & Co.. bankers,
Boston; Pliny Fisk of Harvey, Fisk q
Co., bankers, New York.
It was decided to admit representatives
of press associations to the opening of the
proposals.
Following are the names of the largest
bidders as announced, the amount of
their bids and the price per 500:
Mechanics Savings bank, Rochester, n.
Y, $4,000 at 116; Henry Stephens, De
troit, Mich, $1OO, 900 at 100; Dollar Say
ings bank, Pittsburg, 100000 at III. SO;
P. B. Armstrong, president American
Union Life Insurance company, New
York, 100000 at 116O6; Whitaker a.
Hodgmar, St. Louis, Mo, $4,000 at
1925; e. B. McCutters. st. Louis, $1,000
Baltimore, 100000 at 1869; First Ma
tional bank, st. Joseph, Mo, $1,000 at
III; Third National bank, Cincinnati, O.,
$4,000 at 1861; James Talcott. New
York, $4,000 at 1T, $15O,OOO at 1900.
100000 at 116.O0S1; Schaefer Bros,
Smithers & Co. New York, 100000 at
1864; Continental bank, New York,
500, 900 at 1161O3, 100000 at 1925,
100000 at 116.525, 100000 at 1G.1O3,
$4,000 at 117.2125; August Belmont Il
Co., New York, $1,50O.CO0 at 1860; I'm
porters and Traders National bank, New
York, $4,000 ooo at i1 o60 Hen5y les s
curity Trust and Safe Deposit company,
Wilmington, Del. 100000 at 316. 1903;
Wisconsin National bank, milwaukee,,
$4,000 at 117.2125; Bank of Mansfield,
o., $4,000 at 117223; Brown Bros, New
York, 100000 at 1866, 100000 at
1876; Brown, Shipley & Co., London,
at l1525 GSn tins tai H 1t 9n
100000 at 116, $4,000 at 1862; L.;
". Morrison, New York, 100000 at
ll6.21; Wisconsin National bank, Mil,
waukee, $4,000 at 1T; First Nationaai
bank of Grafton, w. Va, S1a0Og at ll6;
First National bank, Springfield, o., 500
100000 at 116.10, 100000 at 116. 16,
100000 at 1926, 100000 at 1866;
McKeen & Co., Terre Haute, Ind, $4,000
at 116OOS; Marshal & Ilsley, Milwau-
kee, $4,000 at 1866; the Indiana Trust
company, Indianapolis, Ind. $l,OOO,OOO
Ind, $4,000 at 116.1o3; the Atlas Ma
tional bank, Cincinnati, 100000 at
1850; Bank of Lenoir, Nsorth Carolina,
$500 at 100: Wood, Huestls & Co., New
York, 100000 at 1895, 100000 at
116S1S1; Goldman, Sachs 4 CO. New
York. $15O,00O at 116.126, 500, 600 at
1921. S15O,OOO at 1895, $250,00O at
116.625, 100000 at 116.625, 500, 900 at
JIG. 70; Mania tan Trust company, New Ne
& Co, New York, 100000 at 116:ll.
$1,000 at 1922, 100000 at 1861,
100000 at 116.S11, 100000 at 1T .O61 !;
Chase National bank, New York, $780,
900 at 1860; George J. Magese. Corning,
n. Y, $4,000 at 116.S35, $4,000 at
116.559, $4,000 at 11o2S2, $4,000 at
116.O0S: Suffolk Savings bank, Boston,
$25O,O0O at 11620: Farson, Leach &
Co. New York. $250.oO0 at 1925,
S25O, 900 at 1869, S25O,0O0 at 1868.
The total amount of the bond bids, ac-
cording to revised treasury figures, is
$154.37O,9O0. The syndicate bid of the
United States Trust company, Drexel,
whole issue or none at 117O77 is ex-
ceeded by only about S10,00O,000 of other