The times. [volume] (Richmond, Va.) 1890-1903, 1896-02-07
The SUCCESSFUL BIDDERS
FoF ths EtW Bond lSSu, viii Probably
b. Announced To-Day.
INSTRUCTIONS REGARDING PlYdtEIS
Issued 20 tie issistin; rrcasurcrs Awards
WIZ bc Confined 10 Bids at lIO.6s;s
xud' Tpward-The New York suns
Comment on the Kidding.

accountaiis Assistant Secretary Curtis
homes to De able 10 announce tomorrow
the names Of those who were the sue
cessfui bidders at the bond-opening on
wednesday.
The Treasury Mas already IN hard Tor
delivery sio0w.OOJ registered bonds and
So. .ooa@D coupon bonds.
bonds 81 the latter chara-ter. Drinci-
paliy of ,l.eou denominations, are being
printed and delivered at the Treasury at
the rate Of S2.00uecn Cay.
Many o. the successful bidders. os indi-
Gated in their BIDS. show q d sire that thc
bonds awarded them be broken ny"
Those who DID not viii De invited 10 DO
SO when nOuiicd OF the acceptance oI
their bids.
Cnief Johnson. of the Bureau OF En-
craving ana Printing, has practically an
the bonds printed, Mitl the slignl dctMi
of denomination to he put on some. and
from present Indications with IN days
lett in which all Dids can DE paid Tor, no
delay is expected in their delivery.
TREASURY INSTRUCTIONS.
Already steps have been taken to afford
successful lloders an opportunity TO pay
for their bonds. lne iolOWing circuinr
letter was directed 60 nited states
Treasurer Morgan, copies Oi MIch were
also forwarded 10 the nine assistant
treasurer. was signed by Assistant See
rotary Nlkc late tnis Afternoon.
Treasury Depar mcnt, Feb. 4, Iesd-
"As soon as practicable the department
viii furnish yOa list OF ihe accented
bidders for the ? per cent bonds OF ~.
ouered 90 the pubic 10y circulars of Jan
uary g. .. and Is. 1896.
The list Wiii contain the name OF each
bidder with me address, the amount of
each bid. tho price, and the date Of the
Sccre etary's acceptance.
YOU VIII receive payment for the bonds
in United States g0ld coin or gold Ger
Ulcates by instaiments. or in full. AS
provided m The circulars above men
u0ned.
PAYMENTS.
Each payment OF an instdlment should
include the principal premium al the
price named m ghe hid and accrued IN
tercet from February T. 1896, go the date
oil such payment 80 tnat the proportion
ate amount OF The bonds representing
the insraiments viii to paid Tor in iuil.
You sill issue Tor cacp payment your
certificate OF druOsit. in duplicate, iu the
name of the depcsitOr or account OF pur-
chase Of per cent bonds of iH-,, stat
ing on the face of such certificates ths
amounts respectively of principal. pre-
MUM, and accrued interest received. and
also state thereon the number of the
insfalmeur when not in irll.
You will deliver thr duplicate 10 IRE
depOsItCr. Win Instructions TO retain the
duplicate. and TO forward the original 80
the Secretary Of the Treasury, accom-
panied by letter from the de9Ohtor
Kind ana denominations OF the bonds de-
sired and the place OF their delivery.
THE bonds Vim De- issued only upon me
receipt by the Secretary OF the Orieiual
certificate Of deposit. ANY dep0sifOr may
assign the original certificate issued iu
his name. IN which case the bonds viii
hc ssued upon the order of the assignee.
"if Do should De- deemed advisable 10
a.
account beyond the dates fixed tn the cir
cular. special Instructions by telegram or
letter Will be- given YOU
The department win begin the delivery
Of bctn registered and coupon bonds as
soon as certificates Of deposit therefor
are received by the Secretary as above
Indicated"
WILL GO AT 1l0g50 AND ABOVE.
Although not officially admitted. IL is
believed 10 De practically settled that the
awards VIII DE confined 10 the bids az
ll0b>n and upward. There are subscIip-
tiOns for S,o.w0D00 within this category.
including the blanket Did az the Morgan
! syndicate for SlO1eN,my az the minimum
rate. First consideration Will be given
60 thc SeWA."e0 subscriptions at and
above the rate Of the blanket bi l.
Enough of that bid viii then boz accepted
10 make mp the total amount Of the loan
Slru.W0NtN.
IL this programme Is carried out the
Morgan syndicate will secure about SD-
Vut0O. or just one-half OF the loan.
lie work OF the committee VIII be sim
plifed considerably by the rejection of the
mass Of bids at rates below liu6Nls Near
iy all Of these bids come from individuals
and the smaller banking institutions. Ia
the words of one OF the Treasury officials
to-day.
All the so-cailed popular offers to SUBJ
scribe were at the lowest rates. avcrag+
ing about l0i. which. while showing de-
SIRE 10 subscribe 10 Government loan
showed also that the small dealers for
some reason or other were not willing or
able 10 pay as much for the bonds ass the
big Institutions. which make a business
Of such transactions
RIVALRY IL THE BIDDING.
In an article printed this morning un-
der the caption Rivalry in the Bidding. 4"
the New York Sun says:
W all street was astoundod al the
amount of the bids Tor the new bonds
Ine largest estimate on Tuesday of the
aggregate bids was S2DOOoD.cn1 and the
pftNaiing impression was thar the aver
aye OF prices would Dee los or les
The first announcement from Wash
lnstcn that bids aggregatng sSg.UJ0.0D0
had been scheduled almost paraivzed the
street. The official statement that Presi-
e.n1 e, I9nn a. stewart OF the United
states Trust Company had sent in for
nus institution and q large number of
other Institutions and individuals a bid
Tor sib.VVYNop at llO.Oi5 was no surprise.
ihe announcement mat }. l. MORAN
Co. had bid Tor the entire issue or
any part thereof at slightly higher
price than that named by Mr.. Stewart
for himself and associates was genuine
surprise 10 the street Interest ia the
Morgan bid was intensified when IL was
learned that IL was FOR the firm OF j. =.
Morgan K CO.. the Deutsche Bank OF
Berlin. Harvey Fisk ~ Sons and the
National city Bank. each being equally
pterested in the bid
As soon as the bids were made public
Wall street saw at once why the loan
had been largely oVersubscribed. and the
circumstances attending the bids the
stronger became the conviction that this
rivalry was largely responsible Tor the
extraordinarily large subscription 10 the
bonds The most important fact. and
ceal H. that Mr.. stewart and MIR. Nor
gan have competed for the honor OF
financing the Treasury.
Mr.. STEWARDS MOTIVE
"A motive which MIR. Stewart himself
saws actuated him in taking an active
part in the matter Is that he wished the
loan 10 be a success. not only as To the
amount OF bonds Lid for. but also as TO
the price. ,..,...,,.
individuals who requested Mr.. Stewart
10 bid for them left the determination
OF th. price with him he called in n
eorf OF advisory committee TO confer
,vith him. a. 10 the price at which the
~eqres,ate BID should be made This
committee consisted al President Edward
Eing. a Union Trust Company. William
A. Read OF Nermilly' Y Co. and Ernest
g'haimann. OF i.adenbers, Tnaimann q
a,lr. Stewart. owing TO the large num-
-. al interests that placed their bids