The herald., 1896-02-06
Bids Opened for the New Gov
ernment FOurS
THE TREMENDOUS TOTAL
Covers the Amount of Issue Five Times
Over
There Is No Possible Doubt Of the overwEeIm-
~ sccess Of the Popular
Bond Issue
Associated Press Special Wire.


WASHINGTON, Feb. 5.-Four thousand
six hundred and forty bids for $55S,269,-
$50 worth of bonds.
Such is the tremendous total of the SUBJ
scriptions opened at the treasury depart
ment today, in accordance with the terms
of the call issued a month ago inviting pro-
posals for 100000 of United States
four per cent bonds, to run for thirty years
from February 1, 1895. These figures do
not include about 81 2O, 100000 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 6 o'clock tonight, al
though extra clerks had been hurriedly
drafted, the work of tabulatipg the bids
was still in progress, and it was impossi-
BILE to tell with definiteness how many bids
and for what aggregate had been
received sat figures in advance of the
puset price of 11O.6S77, at which u
syndicate composed of J. P. Morgan &
Co., Pliny. Fisk & Co. and the Deutsche
bank of Berlin offered to take the whole
loan. The bids ranged from par up to a
therefore, to say at this time how the
awards will be made. The treasury off
cials regard the loan as a complete Sue
cess, both as TO the popular subscription
feature and the prices obtained. Bids
came from several thousand individuals
and from hundreds of national banks and
other banking institutions. Nearly all the
leading New York bankers and big insur-
ance companies are represented in the list
of bidders, but with few exceptions they
were out-manoeuvered by the Morgan sym
dicate.
Owing to the confusion caused by the
magnitude of offerings and the consequent
delay in classifying and scheduling the
bids, any authoritative statement of the
policy that will be pursued cannot be
made at this time. AS the bulk of the Of
ferings were below the Morgan figures, it
is believed that the bid of the syndicate
headed by the great New York banker will
possibly more. In any event no bid below
the syndicate rate of 11O.6S77 will be ac-
cepted, as that rate covers the entire loan.
1t is understood that Mr.. Morgan will pro-
cure part of the gold from abroad and
will 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 fractionally rising ITO, but under
the Morgan figure, and for amounts aggre-
eating sufficient to take up the entire loan.I
Among them were the offerings of the
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 week ago as high
mark for long lots.
Secretary Carlisle was greatly pleased at
the success of the bond offerings. He said
no definite statement could be made as yet
concerning the awards to successful bid.
ders. The secretary said that it would
probably be three or four days yet before
the bids could 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 inn
preston, however, from hearing the names
and amounts read, that it would be neces-
sary, in all probability, 10 accept some
bids at a rate slightly lower than Ill. but
how many or in what amount he could not
now tell. As the last bids we're being read
the secretary was shown a telegram just
then received by one of the New York
bankers present, saying that the bonds
we're being quoted on the stock exchange
at 1.16. The great success of the issue, he
thought, would have very beneficial ef
feet upon tho financial and commercial in
terests of the whole. country. and he looked
forward to year of marked business im-
provement.
When the department closed last night
about 2600 bids had been received, and at
7:3O this morning force of clerks was set
to work classifying and scheduling them
The bulk of the work was then thought to
be over. at least except for a few bids for
large amounts; but the morning mails
brought in at least 1000 more bids, which
had the effect of greatly disarraneing the
plans.
The interest manifested in this loan far
exceeded that of any of the preceding
ones, and when the hour for opening the
bids arrived, the south corridor of the
n vi Mn
Carlsle's office was crowded with bidders.
or their representatives, and newspaper
correspondents.
When, at IL 80 the door of the secre-
tarys Office was opened, a rush was made
for seats, and in a very short time no avail
able space remained untitled. So great
was the crowd that to afford easier en-
trance and exit, the door was removed
from it's hinges. Among the last to arrive
were Messrs. j. P. Morgan and Plny Fisk
of New York, who found in the crowded
room a number of well-known financiers
Among those who had arrived were Will
liam H. Coombs, president of the Manu-
facturers' Trust company of Brooklyn;
Mr.. Graham of the International Trust
company of Boston; Mr.. Hendrix,
president of the National Union
bank of Brooklyn; Mr.. Toulmin, vice.
president of the Hide and Leather bank of
Boston; Mr.. Redman, of Redman, Kerr &
Co., security dealers of New York; Mr..
Burns, of the American Exchange National
hank of New York; and Mr.. Lehman, of
Lehman Bros, New York. Later arrivals
included Mr.. Martin Erdman, of Speyer &
Co., New York; President John A. Mccall
and G. c. Baldwin, of the New York Life
Insurance company of New York; L. G.
Hampton, representing John A. Stewart,
president of the United States Trust COM
pany of New York; Mr.. Wormser, of
Wormser Bros, New York; Daniel Ma
gone of Ogdensburg, N. Y; and ex-col-
1ector of customs of the port of New York,
Mr.. Kemp, of the Commercial and Farm
ers' bank of Baltimore; DIR. G. w. Hos
mer and Mr.. James Creelman, represent
ing Mr.. Pulitzer of the New York World;
Mr.. Burnet of the Investment Corporation
company of New York; and Mr.. Chandler
of Boston.
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
division, had been at work since early
morning, and at II few minutes after noon
announced that they were ready to pro-
ceed. 1t was an interesting crowd that
listened 10 Mr.. Eckels as he read the names
Of the bidders and the amounts subscribed
fes. and 1t 10 probable thet more millions