The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-02-07
BIDDERS FOR THE NEW BONDS.
THE SUCCESSFUL ONES MAY 10 AN
NOUNCED TODAY.

Desired by the PurchaserS-The
Good Price ObtainabIe for the Is
sue Said 10 he the Result of BusI-
York Financiers.
Washington, Feb. 6-By working day
and night with expert accountants. As
sistant Secretary Curtis hopes to be able
to announce tomorrow the names OF
those who were the successful bidders at
the bond opening on Wednesday. The
treasury has already in hand for delivery
SO,NOOO0 registered bonds and So, 900, 900
coupon bonds. Bonds of the latter char
acter principally of $1,000 denominations,
are being printed and delivered at the
treasury at the rate of 100000 a day
Many of the successful bidders indicated
in their bids how they desired the bonds
awarded them broken up" Those who did
not Will be invited to do so when notified
or the acceptance of their bids.
Chief Johnson of the bureau of engrav-
ing and printing has practically all the
bonds printed with the slight detail of de-
nomination to be put on some. and from
present indications, with twenty days left
in which all bids can be paid for. no
delay is expected in their delivery.
successful bidders an opportunity to pay
for their bonds. The following circular
letter. directed to United States Treas
urer Morgan, copies of which were also
forwarded to the nine assistant treasurers,
was signed by Assistant Secretary Wike
late this afternoon:
Treasury Department, Feb. 6, lS96.-As
soon as practicable the department will
furnish you list of the accepted bidders
Tor the per cent. bonds of 1925 offered 10
lhe pubic by the circulars of Jan & 3
anu an 10, 1875. The list will contain the
name OF each bidder, with the address.
the amount Of each bid, the price, and
the date Of the secretarys acceptance
1oG VIII receive payment for the bonds
IN United states gold coin or gold GER
tlilcates, by instalIments or in full as
provided in the circulars above mention
e., e9, Each payment of an installment
should include the principal, premium al
the price named in the bid, and accrued
interest from Feb. l, 1896, to date of such
paylnsnt, SO that the proportionate
amount OF the bonds representing the in
staiiments Will be paid for in full. You
VIII issue for each payment our certifi-
cSte ca OF deposit in duplicate, in the name
ol the ueposltor, on account of purchase
OF per cent bonds of 1925 stating on the
lace OF such certificate the amounts re-
spectiVely of principal, premium and ac-
crued interest received, and also state
thereon the number of the installment
When not in full. You will deliver the
NhbAlNoitb " the uepOSllOr with iQEtrtIP-
tions to retain the duplicate and 10 for
ward the original to the Secretary of the
treasury, accompanied by letter from
the depositOr giving complete Information
as to the kind and denominations of the
iD;onds desired and the place of their de-
"The bonds will be issued only unoD ra
ceipts BY the secretary of the original Ger
tiilcate of deposit. Any depostor NAV
assign the original certificate issued in
his name, in which case the bonds will he
upon order q al
IF it should be deemed advisable to
postpone. the receipt of deposits on this
account beyond the dates fixed in the cir
cularS, special instructions by telegram
or letter will be given you.
The department will begin the delivery
of both registered and coupon bonds as
! soon as certificates Of deposit therefor are
cated.''
Although not officially admitted. it is
DelleVed to be practically settled that the
awards viii be confined to the bids at
1l06871 and upward. There are subscIiD-
tlons OF Sl5OOQ0O00 within this category
including the blanket bid of the Morgan
rate.
First consideration will be given to the
SoOUUOOOO subscriptions at and above the
rate OF the blanket bid. Enough Of that
pa VIII then be accepted to make up the
total amount Of the loan 100000 600 If
TINS programme is carried out the Nor
gan syndicate will secure about $50,OO0OOO
or just one half of the loan. The work
of the committee win be simplified con-
slderably by the rejection of the mass of
bids at rates below 110.6S77. Nearly all of
these bids come from individuals and the
smaller banking institutions. In the
words of one of the treasury officials to-
day, "All the so-called popular offers to
subscribe were at the lowest rates, averag-
ing about 104, which, while showing a de-
sire to subscribe to the government loan
showed also that the small dealers, for
some reason or other We're not willing or
able to pay as much for the bonds as the
frrf fffaya- Ia faIz
such transactions"
In an article printed this morning un-
der the caption Rivalry in the Bidding"
was astounded at the amount of bids
for the new bonds. The largest estimate
on Tuesday of the aggregate bids was
100000, 600, and the prevailing impression
was that the average of prices would be
10S to 109. The first announcement from
Washington that bids aggregating $780,
100000 had been scheduled almost paral-
yZed the street. The official statement
that President John A. Stewart of the
United States Trust Company had sent
in for his institution and a large num-
Der of other Institutions and individuals
a bid for S76,OO0,O0 at 110075 was no sur
prise. The announcement that ]. P Nor
gam & Co. had bid for the entire ISSUE or
any part thereof, at a slightly higher price
than that named by Mr.. Stewart for him
self and associates, was a genuine sur
gan bid was Intensified when il was
learned that it was for the firm of ]. z.
Morgan & Co, the DeutSche Bank of Ber-
lin. Harvey Fisk & Sons, and the National
City Bank, each being equally interested
in the bid.
"As soon as the bids were made public
Wall street saw at once why the loan
had been largely over-subscribed, and
the more the street studied the circum-
stances attending the bids the stronger
became the conviction that business riV-
airy was largely responsible for the ex-
traordinary large subscription to the
bonds.
THE most important fact. and ono
which 1t is useless to try to conceal is
that Mr.. Stewart and Mr. Morgan have
competed for the honor of financing the
treasury.
"a motive which Mr.. Stewart himself
says actuated him in taking an active
part in the matter is that he wished the
loan to be a success, not only as to the
amount of bonds bid for but also as to
the price. As all of the institutions, firms
and individuals who requested Mr. Stew
art to bid for them left the determine
ton of price with him, he called in a
sort of advisory committee to confer with
him as to the price at which the aggre-
gate bid should be made. This commit
tee consisted of President Edward King |
of the Union Trust Company, William AZ |
Read of Vermilie & Co. and Ernst Thai |
mann of Ladenberg.
Mr.. Stewart, owing to the large num- |
x.fs TIT l,.af 49,