The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1896-02-19
BOND issue A SUCCESS.
An Avalanche Of Bids 0verwhelms
the United States Treasury.
SUBSCRIBED FIVE TIMES OVER.

The Response to the New Government
Loan Exceeds All Expectations---Every
State in the Union Represented in the
Bidding--A veritable Scramble to
Purchase the Securities.
WASHINGTON, D. c.. February bids for
100000, 900 thirty-year four per cent. United
States bonds were opened at the Treasury
department at noon under the conditions
prescribed il the circular issued January
last by Secretary Carlisle. The principal
condition is that bonds must be paid for in
gold. For the convenience Of the purchasers
the bonds may be paid for in instalments as
follows: twenty per cent. at the time of the
notice acceptance and ten per cent. at the
end Of EA fifteen days there after.
The bids were opened in the rooms of
, Secretary Carlisle, An apartment about forty
by twenty-five feet. A large table was
placed at the south end Of the room, over
looking the Potomac River and the Wash
fngton Monument, at which table sat Secre-
tary Carlisle, Assistant Secretary Curtis and
several clerks. In front Of the desk were
placed number Of chairs, and every seat
was taken by persons who had come on In
person to present bids, and many were
compelled to stand
Hundreds Of millions of dollars wore rep
resented. Nearly all those present as bid
ders came from New York, but there was a
sprinkling of flnanciers and bankers from
Chicago, Cincinnati and other Western
cities, and some from Boston.
A large tin box was placed on the table
shortly before - o'clock. 1t contained the
bids. They were done up by days, and upon
each package was marked the date on which
the bid was received. Under the immediate
charge OF Assistant Secretary Curtis, the fol-
lowing committee opened The bids: James
H. Eckels. Comptroller OF the Currency;
Daniel N. Morgan, United States Treasurer,
and A. T. Huntington, Chief Of the Division
Of Loans and Currency, Secretary's Office.
Comptroller Eckels appeared In the door
way leading to the anteroom with paper in
his hand at 1890 p. m. Instantly there was
silence.
II beg to announce" he said. "that there
have already been scheduled 3707 bids. rep
resenting subscriptions to the amount Of
A3S0. .2S2, 500, at prices ranging from par to
Sand fraction. There are number of
other bids, which the committee as yet has
not had time to schedule, which will swell
the aggregate bids to about 1900 and increase
the amount OF subscriptions By at least $75,-
900 000."
There was an outburst of applause before
Mr Eckels concluded his statement, and
several men forced their way to Mr.. Carlisle.
and congratulated him upon the wonderful
success of the call for bids.
The reading was continued by Mr.. Eckles
with great rapidity and when he finished
reading, the tapulated statement, as far as 1t
had been prepared, showed the following
summary Of the bids:
SUMMARY OF THE BIDS.
Total amount Of bonds subscribed
for. .s55s, ,2ss,s5
Total number Of separate bids. 6,677
Over 300 bids at ITO or better, az.
gregating over. 400. 900 600
New York City bid for over.... 2OO,0O0,0OO
Country (outside New York City,
bid for over. ................. 500, 900 900
Europe bid for over. $4,000 600
Highest bid Observation-Disclosures. 120
Lowest bid. NEUTRALITY-SUSPICIOUS.. Par
Largest bid, Morgan syndicate. 100000, 900
Smallest bid. INSTRUMENTATION. 50
Total proceeds from sale (esti-
Interest basis Of loan, nearly. 3& per cen
The great feature of the bidding was the
offer Of ]. p. Mor2an's syndicate, which. IS
now composed, includes only his own bank
ing house, the Deutsche Bank, Of Berlin,
Germany, and Harvey Fisk Il Sons, Of New
York. They proposed to take the entire is
sue at 1l06877. Only one other bid OF any
thing like An equal amount was received,
which was that Of the United States Trust
Company, Of New York. for S77, 900 900 at
11o.075. Mr.. Morgan. after figuring on the
bids received, said ut night that he estimat-
ed that he would secure on his bid about
sixty per cent. Of the 800, 900 900.
Coming as they did from every State and
Territory In the Union the bids gave an ex-
hibition Of patriotism on the part Of the
American people that will remain an on
during memory in the history Of the Re-
public. Never In the history of the United
States Treasury has any event connected
with its financial transactions ELECTED such
genuine and hearty popular response. The
people OF the United st ates haye manifested
their ability and their willingness to main
tain the credit OF their Government without
any help from the outside.
The bids came from all over the country,
evidently from persons who had boarded UP
their small savings In gold and we're anxious
to turn it into the United States Treasury in
exchange for bonds. large number OF
these bids we're for $50.
Immediately upon the announcement of
the remarkable results OF the bidding, stocks
began to 20 up on the exchanges all over
the country, and there were other indica-
tions that ths astonishing success OF the Gov
ernment's appeal to the people would in
augurate an era Of commercial and indus
trial prosperity.
The number Of bids and the amount SUBJ
Hcribed for ARE believed to be greater than
ever before known in the case Of any similar
bond issue in this country or in the world.
1t astounded the Treasury officials and the
distinguished assemblage Of fnanciers from
all parts of the country who were present to
witness the opening. On the New York Stock
Exchange the new bonds rose from ia to
l1SH.
Cablegrams from all over Europe show
that there was boom in American stocks on
the unexpected success OF the Government
bond issue, particularly on account OF the
high price to be received for the bonds. The
fear Of money stringency has disappeared,
and opinions are expressed that there will
be heavy buying OF our securities by foreign
ers
The London press say that the way in
which the United States loan has been sub
scribed will rs-sstablish public confidence.