The Providence news. (Providence [R.I.]) 1891-1906, 1896-02-08
MORGAN'S FORCE
Will Be Awarded About a Third OF The
New Bond Issue.
COT NO TIP FROM TREASURY.
There Was No Collision In
Opening Of Bids.

"', - tNN 1880 49,
the new bone issue, from which IL appears
that the amount OF the bids above that OF
J. p. Morgan and his associates Hil0.6s7O
was 500, 7SS,6J0. and hat the amount which
will be awarded TO the syndicate. there.
fore. will be 1888, Gil $50, or. approximately.
one-thlrd OF the whole issue.
The number of successful bidders Is Isl.
In arriving Mt this conclusion, the OH.
cials have thrown out IA very few bids,
obviously fictitious. and IA larger number
which were irregular in important par
ticulars. Some OF those bore no signature,
aud others did not contain the amount In
tended to be bid for. while still others
omitted the ratio.
These last, however, are not supposed to
aggregate any considerable sum. The fact
that two-thlrds OF the entire issue arc
found TO have been at rates ranging above
6ll0.6S17 Is something OF "a surprise 10 all
who heard the bids announced, but there
Is no question of the accuracy Of the
statement. rs all of the bids nave again
been gone over and all errors made in the
hurry OF the day OF the opening have been
corrected.
1t is the intention Of the officials to have
the revised list OF successful bidders ready
" puDilCttkAOn lnlN UlNtIIODNt uDu III tIt
same time il Is hoped 20 have ready for
mailing ali OF the letters of acceptances Of
bids. 1t is also expected that the amounts
bid for AT the several rates will &c ready TO
announce.
No Crooked Work.
Yesterdays New York World contained
. cartoon representing y u. Morgan look
ing through the enyclope containing the
kfaynet enp.1tnn hid hy the nil 81 .la
newly-discoyered photography. This Is
typical OF the destinations of unfairness
ON the part of treasury officers In handling
the bids, now going the rounds of the
press.
While unwilling 70 dignity by denial
the absurd charges, Secretary Carlisle au-
thorizes that the fullest publicity DO given
the proceedings. IL became evident last
week at the rate that the indorsed pack
ages were coming in that some advance
preparations would be necessary To pre-
vent a clog ut the last moment, and SO a
III of three were chOscn-Eckels,
Morgan and Huntington-who, with three
fully trusted assist tnts, began, Monday
morning, tho opening n recording OF
the bids.
Up TO Tuesday night these six men had
ballotcd $500 bids, but "Wednesday morn
ing's mail was of such proportions that n
half-dozen more trusted helpers were
taken into the secret chamber. No one OF
tho men, including the original com
mittee, left the room, after entering II
"Wednesday morning, until the bid were
made public. and IL was at this time that
sll the big bids came in. I'h Morgan bid
and the Stewart bid came between L.
o'clock u noon. and, almost simultnno-
ously, the Morgan bid was brought 10 The
treasury by IA clerk OF Harvey Fisk & Sons.
An incident which occurred during the
reading of the bids throws some further
light upon the alleged inside knowledgc:
The Stewart bid was ll0.075. This cipher,
Mr.. Eckles, In reading, overlooked, and
for a long time read off every such bid as
1000, which put IL ahead OF the Morgan
bid of ll06S. Representatives of the Nor
gan syndicate were plainly upset by this,
and took n now interest in things when
the correction was made. Secretary Car
isles first knowledge of the Morgan bid.
or even that one had been made, was the
applause he heard from the next room
when the hIndre l-inillion offer was read.
The practice of opening bids in advances
Is not new. LII one OF the former popular
loans bids were tabulated rs soon us re-
N@ NNh1'Nt = ONhA Ai7N1 NAAAN y "
New York 20 confer with bankers on tho
Monday before the Thursday upon which
tho bids were TO bc opened. He had dis
covered by this advance opening that only
s., ZOO, O00 OF the $500 ,0J0 called for had
been subscribed, and timely warming
saved the loan from falling.
The method OF opening the prescpt bond
issue was perfectly square and criticism
of IL is the only safoty-valve in sight for
the pcnt-up hostility of those disarmcd by
the handsome success OF the loan.
Congressional Doincs.
The appropriations committee OF the
senate have demonstrated their ability TO re-
stst the movement which the younger and
newer element OF the senate have sought 10
innugurate. The committee are one of the
powers OF tho senate, shaping all appro.
priation bills save one. The proposed
change drafted by Mr.. Dubois contem-
plated distributing the large %appropria-
ton bills to III special committees. The
debate has lasted several days, md il was
considered certain that the reform would
prevail.
The first test came yesterday, and Mr..
Allison, chairman of the committee, sue
ceeded In having the reform resolution
$500 W fFt ~ VII wv III iltAt
December. The reference was without in
structions, and was accepted as a victory
for the appropriation committee and the
conservative element OF the senate.
Mr.. Frye (Nfc was chosen by unani.
nous vote rs president pro tenn OF the
senate. Il brought out n pleasant ex.
change OF compliments from Republicans.
Democrats ant Populists. Mr.. Frye was
sworn In and acted as presiding officer
during the day. the vice president being
absent. MIR. Blanchard Oa.) took occasion
during the day 70 severely arraign Comp
troller Bowler for declining To pas sugar
bountles ami Secretary Morton for not
purch ~ ng end distributing seels.
". A. shaw of Washington state Is 20
be secretary uf tie senate AL Hugh l..
Grant of North Carolina - TO b. its scr-
Rcsnt.at-arm5. Tho Republican sena'o.s
got together i'm oaacus yesterday after
noon md voted ON these nominations after
espiritcd contest and some ardent speeches.
senator Hale Introduced n hill making