The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1896-02-06
BIDDING FOR BONDS
A Red Letter Day for the Secretary Of
the Treasury.
HALF A BILLION rendered
So Great Was the Rush That 1t Was
Necessary to Remove the
Doors From the hinges
Cranks i'm Evidence.

Washington, Feb. 5.-Four thousand
six hundred and forty bids for s5jS26
$50 worth of bonds. Such is the tre-
mendous total of the subscriptions
opened at the treasury department to-
day in accordance with the terms Of the
call issued a month ago, inviting pro-
posals for SI0O. .OO0. 600 of United States
per cent bonds, TO run for 80 years
from Feb. l. 1925. These figures 90 not
include Si2G. zoo, coo of crank" bias re-
jected as bogus. The immense offer
ings astounded the experts. The bids
literally swamped the treasury depart
mcut, which was 50 taken by surprise
at o'clock tonight. although extra
clerks had hurriydly drafted the work
OF tabulating the bids stin in progress,
and it was impossible TO ten with aef-
initencss how many bids and for what
aggregate, had been received at figures
in advance of the upset price Of ll0,Gs7
at which a syndicate composed Of J. +.
Morgan & CO., Plncy, Fis.se q Co. and
the Deutsche bank OF Berlin offered to
take the whole loan. The bids ranged
from par up to a single so bid at l5o.
1t is impossible therefore TO say AT this
time how many awards viii be mude.
Treasury officials regard the loan as
| complete success. both as to the popu-
| lar subscription feature and the prices
| obtained. Bids came from several thou
sand individuals ana l,1m hundreds o.
| national BANKS and other banking ins IL
| tuuOns. Nearly all tine leading New
| York bankers and big insurance com
| panies were represented in the list OF
| bidders, but, with few exceptions. they
! were outmaneuvered by the IOrgan
| syndicate.
| Owing 10 the confusion caused by the
magnitude of offerings and the conse-
quent delay in classifying and sChedu-
/ ling the bids any authoritative state
ment Of the policy that will be pursued
! cannot be made at this time. As the
! bulk of the offerings were below the
| Morgan figures, il is believed that the
! syndicate headed by the great New
! York banker viii be accepted for at
| least So0,O00,00O and possibly more. In
| any event, no bid below the syndicate
| rate of 1IO.6o77 win be accepted, as that
rate covers the entire loan. 1t is un-
derstood that Morgan will procure a
! part of the gold from abroad and viii
not need to deplete the treasury to fur
nish any part of the gold called for un-
| der his bid.
| There were a vast number OF bids for
| figures fractionally rising 10, but under
| the Morgan figure, and for amounts ag-
| gregating sufficient to take up the en-
tire loan. Among them were the offer
| ings of the Stewart and Mccall syndi-
! Gates, including the big insurance
| banking and trust companies Of New
York city which stood ready to take
| huge blocks of the bonds at figures in
excess of prices named a week ago as
| high mark for long lots.
! Secretary Carlisle was greatly pleas.
, ed at the success of the bond offerings
| lie said no definite statement could bt
| made as yet concerning the awards L
| successful bidders. The secretary said
that it would probably be three or -four
days yet before the bids could be veri-
| fled, scheduled and classified. and unit
that time he could give 10 definite in.
formation as to how low bids would bC
accepted. lie had the impression, how
ever, from hearing the names and
amounts read, that it would be neces
sary in all probability to accept some
bids at a rate slightly lower than Sill
but how many or i'm what amount u.
could not now tell.
As the last bids were being read tho
secretary was shown a telegram just
received by one of the bankers pres
ent, saying that the new bonds were
being quoted on the stock exchange q
| 116 The great success OF the issue, n
thought, would have a very benefcia
effect upon the financial and CONNER
cial interests of the whole country, anC
he looked forward to a year of marked
business Improvement.
When the department closed las
night about 1900 bids had been roceiy
ed, and at 7.3o O'Clock this morning
force of clerks was set 10 work classi
; flying and scheduling them. The bul!
, of the work was then thought TO b
over. at least. except for "A few bid
for large amounts, but the mornini
mails brought in at least 1000 NOR
bids which had the effect of great.
disarrauging the plans. The iuteres
manifested in this loan far exceeded
that Of any Of the preceding ones. an
when the hour for opening tho bid
arrived. the south corridor o. tE. tr'e
ury building H. the vicinity of carlisle.
Office was crowded with bidders. 10
their representatives, and nsWsnap.
correspondents. VI hen, at 1I.s1 o'-lgol
the door Of the secretary's office Wa
opened. n rush was made for seats. ON
in very short time no ayailabi. suac
remained untitled. s. great E.~ ia
crowd that u 1G.gI easier eut-auc
ana .Nit the door was removed troI
its hinges.
SECRETARY Carlisle entered az ]
a.aln.. The rorm Has 50 d.usel
crowded IL was with much difficulty h