Freeland tribune. (Freeland, Pa.) 1888-1921, 1894-11-29
won BY stewart COLD
Carlisle Awards the Bonds
To His Syndicate.
New York Trust Companies and Ma
tional Banks Secure the Whole
Issue at $117.o77 Per $1OO-De.
tails of the Transaction Show a
Gain for tho GOYernment.
for the Government,

Washington, Nov. 27. - The Trust
Company syndicate has secured the
s5O,OOOOO0 bond issue. Secretary Car
Isle has announced to Mr. Stewart,
head of the combination, that their
bid of $117O77 per hundred dollars Is
the most satisfactory to the United
States government, and that they
must take the whole issue at that
figure, or none at all. Interest dates
from Nov. /.
The proceeds of the bonds under this
bid will be $49,51762 greater than they
would be If the other highest bids
Were accepted. A very important ad-
vantage to the government in accept
ing this bid is the fact that all the gold
will be furnished outside and mona
drawn from the treasury.
1t is also more convenient and less
expensive to the department to deal
with one party rather than with many.
The Stewart syndicate in their bid
direct that $40000,O0 of the bonds are
to be delivered in New York, 50 900, 900
in Boston, $3,OOOO00 in Philadelphia.
$2,000,000 in Chicago and $4,000, 900 in
San Francisco.
The bonds will be ready for delivery
as soon as the syndicate pay their
first installment and indicate the
amount and denomination of register
ed and coupon bonds they desire. This
may take week or longer, as the syndi-
cate Itself does not as yet know how
their associates may want the bonds
broken"
New York Nov. 27.-The final dis
position of the bonds, and the peculiar
astuteness Of the average Wall
street banker is disclosed by the fol-
lowing statement, authorized by Mr.. J.
Pierpont Morgan, a prominent member
of the syndicate:
The syndicate which has secured
the Issue of government bonds will
place them on sale. Persons wishing
to obtain them can procure a limited
amount-the first $4,000, 900 anyway
at 49,"
By this 1t will be seen that the syn
dicate is to make a profit of So on
every S100 of the whole issue. The
United States Trust company syndi-
cate, the organization of which was
the work of John A. Stewart, the
President of the company, Is composed
of the United States and Union
Trust companies, the First National
bank, Drexel, Morgan G Co., and Har-
vey, Fisk & Sons, representing a large
VI plHeT trust COIll-
panies, private bankers and financial
Institutions.
AT the sub-treasury 1t was said that
the government will get $50, 0,0000 900 in
gold, at least, which amount will bring
the gold surplus up to about s10S, ,O0O, 900
The money from the bidders has
already begun to come in at the SUBJ
treasury. The bonds will not be dis
| tributed from the sub-treasury but will
| be sent out direct from Washington.
The successful bidders will bring their
| gold or gold certificates to the SUBJ
| treasury and the latter issues certi-
| ficates of deposit and give the latter
| to the depositors. These certificates will
be sent on to the department in Wash
ington, which, on their receipt will
send on the bonds. The bonds are all
ready, but none will arrive in this city
| before tomorrow.
| Later the representatives of the syn
| dicate paid into the sub-treasury sS,-
900, 900 in gold on account. From other
| parties $4000,000 was received. More
will be paid in this afternoon, and
Judging from present appearances, the
government will receive much more OF
the yellow metal than It has any use
| for,