The sun., 1896-02-06
BIDS FOR THE NEW BONDS,
THEY NUMBER 1910 AND A00RR-
GATE S6ss,e6e,s5O.

Another OF s70,0OO.0oO by the John A.
Stewart Syndicate At 11O.o1S-The Mor.
gan syndicate May Get 90 Per Cent. os
the Entirc I.oan-Most OF the Bids Maae
by Banks and Fiducinry lnstitutious
WAsniNGToN. Feb. b.-Bids for $lO0 900, 900
thirty year four per cent. United States bonds
were opened at the Treasury Department aA
noon to-day under the conditions prescribed In
the circular issued Jan. 8 last by Secretary
Carlisle. The principal condition 10 that tho
bonds must I've paid for In gold For tho con.
venience OF tho purchasers, the bonds may bs
paid for in installmonts as. follows: Twenty pes
cent. at the time OF the notice of acceptance and
ten per cent. at the end OF each fifteen days
thereafter. Tho total number OF bids was z.640,
RGgregatinR SOS4. .282, $3.50, but one bid Of $780,.
600, 600 from physician In Michigan and one
OF SIC, 900, 900 from Texas are evidently bogus.
and. dcducting these amounts, leaves tho &C.
RreRate OF genuine bids $5os, ,2b0s5o.
The Treasury Department was simply over.
whelmed by tho enormous number OF bids re-
ceived. With fifteen expert clerks at work
scheduling the bids at o o'clock tonight, they
having worked incessantly since 9 this morn
ing. 1900 bids remained unschedulcd. They
will be copied tomorrow. II will take many
hours OF hard work to straiChten out tho tangle
as to the bids received and the exact pricss
offered In spite OF the caro- exercised by the
committee which opened the bids, many una
voidable errors were made in announcing them.
As proof Of this 1t may be m mentloned that num-
Der OF offers from prominent Eastern financial
institutions, all apparently acting in concert,
were read out as being at l10.76. This had pro.
gressed for some time. when tho correction was
suggested By ono of tho parties In interest that
all those bids were at 110.o76. In future read.
inGs they were go announced. Tho oficial
analysis of the figures will determine the result,
and this will be necessarily q work Of great
labor.
The great feature of the bond bidding was the
offer OF J. p. Morgan's syndicate, which. as now
composed, includes only his own banking
house. the Deutsche Bank Of Berlin. Ger
many. tho National City Bank and Har.
vey Fisk & Sons OF New York. They pro.
posed to take tho entire issue at 11o.6s77. Only
one other bid approaching 1t in amount was re-
ceived. MIR. Pierpont Mornan. after figuring ON
tho bids received. said tonight that he estt.
mated that about so per cent. of tho 500. .OOO,.
900 would be awarded him. He reached this
conclusion simply from hearing tho various bids
read. as he did not think that moro than S40,.
100000 bids above that figure had been made.
Hardly more than e-third Of tho actual bids
received are included in tho i'm perfect lists pub
lished below. Several thousand bids below the
obvious limit OF acceptance are omitted. Bids
for many millions Of dollars coming from New
York. New Jersey, Ohio. Pennsylvania, Texas,
Illinois, Connecticut. Vermont. Maryland, Ne.
braska. Missouri, South Carolina. North Caro-
lima, Indiana. Michigan. Louisiana, Washington
tStatel, Iowa, Wisconsin,, Minnesota, and, in
fact, nearly every State Of the Union, were
thrown into the most incongruous state OF 1ux.
Imposition. and quito . number Of offers from
Canada were received at prces ranging fro=a
100 downward. Tho number Of small bids WAS
quite remarkable. The $50 offers ran up into
the hundreds and at fairly good prices, and
over 1000 small banks and private indi-
vduals, whose offers at the highest rates
Of acceptability ranged from $500 up 70
$4,000 or $4,000 are not included in tho list
published. The offers by tho classes of small
bidders below the 110 and fraction limit,
which seems to shut of tho issue, were still
more numerous. An encouraging feature In
these offers was that SO many of those OF large
amount. ranging In many cases up to ono or
more millions of dollars. came from fiduclary
institutions. which thereby indicated that they
had a better outlet for their money than that
afforded by tho United Statos bonds at the
price at which they will undoubtedly be
awarded
One of the curious incidents of tho day was
the fact IL at the bid Of the United States Trust
Company of New York for $76,OOO.O0o at
110.O75 almost escaped notice in the monotony
OF the reading. whilo the bid Of the Morgan syn
diCate was received with applause.
The bids were opened In the room of Score
tary Carlisle. an apartment about 40 by 26 feet
A large tnble was placed at the south end Of the
room, overlooking the Potomac River and the
Washington monument, at which table sat SEQ
retary Carlisle. Assistant Secretary Curtis. and
several clerks. In front of the desk wero placed
80 hat aud tslA
by those who had come on in person to present
bids. and many were compelled to stand. Hun.
dreds of millions OF dollars were represented.
Nearly AL those present as bidders came from
New York. but there WAS . sprinkling OF hnau-
ciers and bankers from Chicago. Cincinnati,
and other Western cities, and some from Boston.
Among those present were: Mr.. Wormssr Of
Wormscr a. Bros. Now York: ex-Representa-
tive Straus OF New York; l.. G. Hampton, rep
resanting John a. Stewart, United States Trust
Company. New York; a representative Of T.
Woodward Of the Hanover National Bank, Now
York; John a. Mccall and C. G. Baldwin Of the
New York Life Insurance Company. New York;
Mr. Edman OF Speyer IL Co., New York; Mr..
Lehman Of Lehman Bros. New York: Mr.. Burns
of the American National Bank. New York;
Mr Redruond OF Redmond. Kerr 81 CO.. Now
York; Representative COombs of the
Manufacturers Trust Company Of Brook
lyn, \. Y; oI-RopresentatIve Hendrix Of
tho National Union Bank OF New York. Mr..
Kemp OF the Commercial and Farmers Bank
of Baltimore. Md; Mr.. Toulmen OF tho Shoe
and Leather National Bank OF BOSTON. Mr.. Gra-
ham OF the Boston Trust Company, Bostoni Mr.
Burnett Of the Investment Corporation OF NeH
York, Mr. Chandler Of itoston, MI; pliny PisH
Chandler and Mr.; Lawson q 3ostSn MAST
James T. Blair a co OF bro%klyn, n H:i Mt
Wnshinpton, d. c.; J. Pierpont Morgan OF New
York.
When Secretary Carlisle entered tho room.
promptly at noon, lac was received with az:
plause from t,u people who were present. All
wa, IN readiness but the bids. and At i2:iOh
was announced that. lao additional bids havs
INK been received Just before noon y would
take hulf an hour or more To- schedue them.
htl4.I5 y. VI. Comptroller Eckels appeared AZ
I've door with lst Of bids in his hands, and
announced tle CDmmitlcc appointed by tho
Secretary To open and ,abu late them, under the
iminediate charge OF Assistant Secretary Cur.
lis, as follows: James H. Eckels. Comptroller OF
the CURRENCY; Daniel y. Morgan. United States
Treasurer aud A. 4. Huntington, Chief OF tho
n!vI.ion OF Loans and Currency. Secretary's
oif,Cc.