Evening journal., 1896-02-06
HALF A BILLION IN BIDS
The Country's Grand Response
to the Loan Call.
THERE IS NO CLOUD ON OUR CREDIT

superb Tribute TO the Nations Finan.
ciai creatness-The Bonds Go at 11o.077
or Better.
WASHINGTON Feb o.--Four thousand
six hundred and forty bids for s55s, 269, +,
$50 worth Of bonds. Such Is the tremen-
dous total Of the subscriptions opened at
the treasury department IN accordance
with the terms Of the call Issued month
ago inviting proposals for 500, O00 600 Of
United States per cent bonds TO run for
30 years from Feb. /, 1 500. These figures
do not include about S120, GOO 600 OF
''crank" bids rejected as bogus. The i'm
mense offerings astoundod experts The
bids literally swamped the treasury de-
partment, which was so taken by surprise
that although extra clerks had been hur.
rledly drafted the work Of tabulating the
bids Is still in progress, and 1t is yet i'm
possible 20 tell with deflniteness how many
bids and for what aggregate had been re-
ceived mt figures In advance Of the upset
price Of 1l0 6S77, at which a syndicate
composed Of ]. p. Morgan & Co., Pliny,
Fisk & Co. and the Deutsch Bank of Ber-
lin osered to take the whole loan.
The bids ranged from par up to a single
$50 bid at 150. IL is impossible, therefore,
TO say at this time how the awards will be
made. Treasury officials regard the loan
as a complete success both as 20 the popu-
lar subscription feature and the prices Oh
tained. Bids came from several thousand
individuals and from hundreds of nation
al banks and other banking institutions.
Nearly all the leading New York bankers
and big insurance companies were repre-
sented in the list of bidders, but with few
q
the Morgan syndicate.
Owing to the confusion caused by the
magnitude of the offerings and the conse.
quent delay In classifying and scheduling
the bids any authoritative statement Of
the policy tkat will be pursued cannot be
made at this time As the great bulk OF
the offerings We're below the Morgan fig
ure It is believed that the syndicate head
cd by the great New York banker will be
accepted for at least 500, 600, 600 and POS
sibly more. In any event no bid below the
syndicate rate Of no. 6s77 will be accepted,
as that rate covers the entire loan.
Surpassed CarIIsIe's Expectation.
1t is understood that Mr.. Morgan will
procure part Of the gold from abroad and
viii not need to deplete the treasury to
furnish any part of the gold called for un
der his bid.
There were a vast number of bids for
figures fraotionally rising 110, but under
the Morgan figure and for amounts aggre-
eating sufficient to take up the entire loan.
Among them were the offers Of the Stew
art and Mccall syndicates, including the
big Insurance. banking and trust compa
MES OF New York city, which stood ready
to take huge blocks of bonds at fig
ures In excess of prices named week
ago as high water mark for long lots.
Secretary Carlisle was greatly pleased as
the SUCCESS Of the bond offerings. He
said no definite statement could be made
MS yet concerning the awards to successful
bidders, nor how far, II at all he would ex-
crciso his option of rejecting any or all
bids.
The interest manifested in this loan far
exceeded that OF any OF the preceding ones,
ana when the hour for opening the bids
arrived the south corridor of the treasury
building in the vicinity of Mr.. Carlisle's
Office was crowded with bidders or their
representatives and newspaper correspond
ents.
Whom the door Of the secretary's Office
was opened, n rush was made for seats,
and IN very short time no available
space remained untitled. So great was the
crowd that TO afford easier entrance and
exit the door was removed from its
hinges. Among the last TO arrive were
Mossrs. ]. p. Morgan and Pliny Fisk of
Now York, who found in the crowded
rsom ahead Of them numbers of well
known flnanciers.
Fictitious Bids Thrown Out.
1t was an Interested crowd that listened
TO Mr.. Eclels as he read the names of the
bidders and the amounts subscribed for,
and it is probable that more millions were
represented in Mr.. Eclzels' audience than
were ever before gathered together in the
treasury building. Three or four Of the
bids carried with them evidences Of their
being fictitious, and they were according.
ly omitted from the list, but tho long list
Of bids and the substantial amounts de-
sired by many bidders soon made IL appar
ent that the question was not Would the
loan be oversubscribed, but 'How much
would it be oversubscribed. "
Tho first announcement from Mr. Eek
els made II known that bond btis ap-
preaching the $500, 600, 600 mark had been
made with enough unopened TO represent
another $40, 600 OeO; then came an an
nouncement that the total was the stu
pendous figure Of 1854, 269, $50, which was
subsequently reduced by the throwing out
Of three bogus bids Of 500, 900, OO0 a16,
600 600 and $4,000, 0O0
Until the bids are scheduled. which will
probably take a day or two, the secretary
will be unable to announce the list Of sue
cessful bidders or state the exact amounts
at which the securities are placed. IL is es-
timated, with reasonable degree Of cor
rectness, the bonds will net the govern
men. about III, which would be on a ba-
sis of little more than 3-S per cent in
terest. Tho last issue went for 1919, or
on 3s4 per cent basis.
Bankers are greatly pleased with tho
outcome. They say that such strong
demonstration Of tho fact that this c0un-
try can float bonds without any assistance
from foreigners will do much to resinra
confidence abroad and lead TO heavy in
vestmont huying Of our securities again.
The stock already shows the radical
change In sentiment. for there is a rush to
get stocks. carrying the active issues up a
point or two.
TaY Rios In Italy.
ROME, Feb 6.--News has reached hero
Of tax riot at Sala, Piedmont, which as
4 n. -.