The Providence news. (Providence [R.I.]) 1891-1906, 1896-02-06
$6OO,OOO,OOO.
Experts Astounded at Flood OF Bids
For the Bond Issue.
MORGAN SYNDICATE ON HAND.
Likely to Secure More Than
Half the Bonds,

six hundred and forty bids for 1854, 269, $50
worth of bonds-such Is the tremendous
total of the subscriptions opened at tho
treasury department yesterday in accord
anco with the terms OF the call issued q
month g inviting proposals for $780,
600, 600 of United States 4 per cent bonds
to run for 30 years from Feb. 1, 1895.
These figures do not include about $780,
0O0, 900 of crank" bids rejected as bogus.
The immense offerings astounded ex.
perts. The bids literally swamped the
treasury department., which was so taken
by surprise that at o o'clock last night,
although extra clerks had been hur.
riedly drafted, the work Of tabulatinR the
bids was still In progress, and 1t was i'm
possible to tell with deiniteness how
many bid ard for what aggregate had
been received at figures in advance of tho
upset prico OF sic. 6S77, at which a syndi.
cate composed Of j.. p. Morgan g. Co.,
Pliny Fisk & Co. and the Deutsch bank OF
Berlin offered to take the whole loan.
The bids ranged from par up to a single
$50 bid at $3.50. 1t is impossiblc, therefore,
TO say at this time how the awards will DO
made. Treasury officials regard the loan
as "A complete success, both rs TO tho popu-
lar subscription feature and the prices oh.
tained. Bids came from several thousand
individuals and from hundreds of ma
tional banks and other banking institu-
tions. Nearly all tho leading New York
banker and big insurance companies wero
represented In the list of bidders, but with
few exceptions they were outmaneuvered
by 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
tho policy that will be pursued cannot be
made at this time. As the great bulk OF
the offerings were made below the Nor
gan figure, 1t Is believed that the syndi-
cate headed by the great New York
banker will DO accepted for about $780,
100000, and possibly more. In any event
no bid below the syndicate rate OF
$llO.6S77 will be accepted, rs that ratio
covers the entire loan. 1t is understood
THAT MIR. Morgan will procure "A part OF
the gold from abroad, and will not need
to depleto the treasury to furnish any
part of tho gold called for under his bid.
Morgan's Figures Lead.
There We're a vast number OF bids for
figures fractionally rising sl10, but under
the Morgan figures md for mounts ag-
grcgating sufficient to take up the entire
loan. AnsSSlg them were the offers of the
Stewart and Mccall syndicates, including
the big insurance, banking and trust com
panies Of New York city, which stood
ready TO take huge blocks of bonds at
figures In excess of prices named q week
ago as high-mnrk for long loans. Secre-
tary Carlisle was greatly pleased at the
success OF the bond offerings. He said no
definite statement could be made MS yet
concerning the awards TO successful bid
ders, nor how far, If at all, he would ex-
ercise his option Of rejecting any or ali
bids.
When the department closed Tuesday
night about $500 bid had been received,
and at 1880 o'clock yesterday morning u
force OF clerks were set TO work classiy-
ing aud scheduling them. The bulk Of
the work was then thought to be over, at
least except for a few bids for large
amounts, but tho morning mails brought
IN at least 1000 more bids, which had the
effect Of greatly ~disarranging the plans.
The interest manifested in this loan far
exceeded that of any other preceding ones,
and 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
repre- sentatives and newspaper correspond
ents.
Among those present were j. Pierpont
Morgan, Mr.. Graham of the international
Trust ompan of Boston; Mr.. Toulmin,
vice president of the Hide and Leather
bank Of Boston; DIR. George w. Hosmer,
representing Mr.. Pulitzer of the New
York World; Mr.. Burnett of the Invest
ment Corporation company, New York,
and Mr.. Chandler of Boston.
When at IL 80 the door of the sccrctary's
Office was opened, q rush was made for
seats, and In n very short time no avail
able space remained untitled. So great
was the crowd that to afford easier en-
trance aud exit the door was removed
from its hinges. Among tho last to arrive
were Mcssrs. J. p. Morgan and Pliny
Fisk OF New York, who found in the
crowded room ahead Of them numbers OF
well-known financiers.
Great Interest Manifested.
The committee to superintend the open
ing of the bids-consisting of United States
Treasurer Morgan, Comptroller Eckels
and Mr.. Huntington of the loans and
currency d~ivision-had been at work since
cHTlN IlOEulDEf a. % ~" ii'iiuAt aiNtf
noon announced that they were ready tn
proceed. 1t was an interested crowd that
listened to Mr.. Eckels rs he read the
names of the bidders and the mounts
subscribed for, and 1t is probable that
more millions were represented I'm Mr..
Eckels' audience than were eyer before
gathered together in the treasury build.
ing.
Three or four of the bids carried with
them evidences OF their being fictitious,
md they were accordingly omitted from
the list, but the long list of bids and the
substantial amounts desired by many bid.
ders soon made 1t apparent that the ques-
ton was not would the loan be oversub-
| scribedY" but "How much would it he
overwhelmingly"
The first announcement from Mr.. Eckels
made IL known that bond bids approach
Ing the e4oo, 900, 900 mark had been made,
| with enough left to represent another $751;
COO. 0oO. Then came an announcement that
tho total was the st%upendous figure OF