The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-02-06

WASHINGTON. D. c.. Feb. 6.-Four
,nouSand six hundred and forty bids
sor .s5S, S,gss. $50 worth of bonds.
such is the tremendous total OF the
SUBSCRIPTIONS opened at the treasury
dspartment to-day in accordance with
,Se terms OF the call issued n month
sro inviting proposals for 500, 100000 of
United States 4 per cent bonds to run
for thirty years from February l. 1895.
These figures do not include about sl2o.-
O@oDO OF crank" bids, rejected as bo-
Gus The immense offerings astounded
s1per,s. The bids literally swaznped the
treasury department. which was so
taken by surprise that at 6 o'clock to-
night. although extra clerks had been
burriedly drafted, the work of taba-
l.unE the bids was still in progress,
and /, was impossible to tell with deH-
nI,eness how many bids and for what
aggregate had been received at figures
n advance OF the upset price OF
iIn sSf7, at which a syndicate composed
nJ p, Morgan & Co.. Pliny, Ffske &
"a and the Deutsche bank OF Berlin
oFe,ed 10 take the whole lot, The bids
ranged from par up to a single $50 bid
atiD, II is impossible therefore to say
Al this time how the awards will be
mads Treasury officials regard the
loan as a complete success. both as to
the popular subscription features 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 In
surance companies were represented
in the list OF bidders, but with few eS-
ceptIons they were out-manoeuvered
BY the Morgan syndicate,
Owing to the confusion caused by the
magnitude OF the offerings and the con-
seQuent delay in classifying and sched-
ullng the bids any authoritative state
ment Of the policy that will be pursued
canDot be made at this time. As the
great bulk OF the offerings were below
the Morgan figure, It is believed that
the syndicate headed by the great New
York banker vii be accepted for at
least $4,000 900 and possibly more. In
any event no bid below the syndicate
rate OF 1lO,ss77 will be accepted. as that
rate covers the entire loan. It Is un-
derstood that Mr.. Morgan viii procure
& part OF the gold from abroad and
will not need to deplete the treasury
70 furnish any part of the gold called
Tor under his bid
Naturs OF the Bonds.
The bonds. which are redeemable in
coin, will be issued in denominations
Of 80 and multiples of that sum, as
may be desired by the bidders. Only
United States gold coin or gold certih-
eatsS will be received in payment Of
htbonds. Under the terms OF the Sec
.sAry's circular calling for bids. the
first payment OF 20 per cent and ac-
crusd interest must be made upon re-
eeipt OF the acceptance OF the bid. The
remainder OF the amounts bid may be
paid In lnstallments OF 10 per cent each
and accrued interest at the end OF each
attAen days thereafter. Accepted bid
ders, however, are allowed TO pay the
whole amount OF their bids at the time
Of the first installnent or at any time
previous to the maturity Of the LAST
installment, provided that all previous
installments have been paid. The bonds
viii be dated February ]. 1895, TO run
thirty years from that time, and will,
therefore, mature February /. 1875.
When the department closed last
night about $500 bids had been re-
ce!yed, and at 7:20 this morning n 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 dtsar-
ranging the plans.
The interest manifested in this loan
iar exceeded that OF any Of the preced-
ing ones, and when the hour for open
lng the BIDS arrived the south corridor
Of the treasury building in the vicinity
ot Mr Carllsle's office, was crowded
win bidders or their representatives
and Newspaper correspondents,
when NJ II; 40 the door Of the secre-
tafy's office was opened, n rush was
made Tor Beats, and in n very short time
10 available space remained untitled.
80 great was the crowd that TO AFFORD
caller entrance and exit, the door was
removed from It's hinges. Among the
hSt 70 arrive were MeBsrH. ]. p, Morgan
ana Pllny and FIAke. OF New York. who
ionnd ln the crowd ahead OF them num-
hers ot well known 1nanclerS.
An Interesting Scene.
The committee to superintond the
opening OF the bids consisted of United
States Treasurer Morgan. Comptroller
LtHoiB and Mr.. Huntington, OF the
Iolh' and currency division. had been
~ "pfE since early morning, and ut a
.F minutes after noon announced that
i,h'y were ready 10 proceed. II was m
i,h'ff'gted crowd that lIstencd to Mr..
LL'k'l7 M he read the names OF the bid
"'t- ana the amount subscribed for,
hhl II In probable that moro millions
We're represented In Mr. Eckels' audi
rhf" than we're ever before gathered to-
Fr'n'r In the treasury building. Three
or Tour az the bids carried With them
.''Henc"S " their being fictitious and
Iiihey woro accordingly omitted from the
NV but tho long list OF bids and tho
ISHIHfantial amounts desired by many
h.l' r7 soon made II apparent that the
question wns not would tho lonn be
n',F'ubpcribed." but how much would
u l n' over -rubsCribed.
~ %. iirHt announcement from Mr..
L.h''N made II known TINT bond bids
",iFraChinR the 500, 100000 mark had
Rom made with enough unopened to
rarro0cnt another t75, 5,06O, 900, then came
.' announcement that the total wns
IN. atnInHduuE figure Of 1854. $50.
. ""h was subsequently reduced by
thiH"lrg putthrcc hoEuH bids 300, 100000
,lhInul and S6.0dD,OOO, II would be
,,""Fs,''H With any tclcRrnphlc or
,Lint,1pb,c facilities "a give II COM
t''' Iig, " all bids, Hnd anyc ag n mat
-, 'l history no Importance attaches
"'" 10 any bids naming below llO6SII