Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1896-02-14
BOND issue.
The Popular Loan a Gratifying
Success.
OFFICIALS SURPRISED.
Over Five Times the Amount He'
ouIred Sub scrib sd--Secretary
Carlisle Says There is Plenty
of Gold Here-Syndicate
Wants Them All.

Four thousand six hundred and forty bids
Tor s55s $50 80 worth Of bonds. Such is the
tremendous total of the subscriptions Just
opened at tie Treasury Department IN ae-
eordance with the terms Of the call issued
month ago inviting proposals for 7loO O,o01'oo1
Of United States per cent. bonds to run ior
thirty years from February l. 1873. lhese
figures do not include about Sl2O ,OJ0 OOO OF
"crank" bills rejected rs bogus The I'M
mcnse offerings astoundcl experts. Inc
bids literally swampel the Treasury Depart
ment. A syndicate composed Of J. T. Nor
gan & Co.. Harvey Fisk Co.. the Deutscho
Bank Of Berlin. offered to take the whol9
loan.
The bids ranged from par up to single ~
bids at $50. 1t is impossible, therefore TO say
at this time how the awards will be maze
Treasury officials regard th9/oaa as COM
pete success. both a5 10 tho popular SUD
scription feature and the prices obtalned.
Bids came from several thousand individuals
end from hundreds OF national banks and
other banking Institutions. Nearly all tho
leading New York bankers and big Insur-
ance companies were represented in the list
of billars. but with few exceptions they
were outmaneuyerel by the Morgan syn
dicate.
Owing to the confusion caused by the mag
nitude Of the offerings AMI tho consequent
delay in classifying and scheduling the bids
any authoritative statement OF the policy
that will be pursued cannot be malo at thls
time. As the great bulk Of the offerings
wero below the Morgan figure. it il believed
that the syndicate healed by the great New
York banker will be accepted for at least
$50 900 OO) and possibly more. In any event,
no bid below the syndicate rate Of llO.GS7
will be accepted. as that rate covers the en-
tire loan. 1t is understood that 1lr. Morgan
will procure part Of the gold from abroad,
and will not need to depletc the treaiury -
furnish any part of the gold called for IN
der his bid
There vas large number of bids for hS-
ures fractionally rising 10, but under the
Morgan figure, and for amounts aggreSatinS
sufficient to take up the entire loan Among
them were the offers of the Stewart aud Ne
Call syndicates. including tho big insurance,
banking and trust companies of New York
city. which stood ready to take huge blocks
Of bonds at figures in excess Of prices named
a week ago as high mark for long lots.
Secretary Carlisle was greatly pleased at
the success Of the bond offerings. The Sec
retary said that it probably would be several
days yet before the bids could all be verified.
scheduled and classified, and until that time
he could give no definite Information as to
how low bids would be accepted. He had
the impr .ssion. however, from hearing tho
names and amounts read, that it would be
necessary, in all probability. to accept some
bids at a rate slightly lower than Sill, buc
how many, or in what amount, he could not
now tell
As the last bids were being read the Secre-
tary was shown telegram, just then re-
ceiyed by one of the Now York bankers pres
emf, stating that the new bonds were being
quoted on the Stock Exchange at SIG The
great success OF the issue, he thought would
have a very beneficial effect upon the lnan-
cial and commercial interests Of the wholo
country and he looked forward to year Of
marked business improvement.