The Providence news. (Providence [R.I.]) 1891-1906, 1896-02-05
United States Four PEI
Cent. Bonds.
Redeemable in Coin Thirty
Years After Date.
Secrecy Maintained Regarding the
Bids--Clerks Had to Stay In.

wAsHINoToN, Feb. 5.-The Secretary
of the Treasury today opened the bids for
the purchase OF 800, 900, 600 United States
q per cent. 80 year bonds which
had been received under his call dat ID
Jan. 8 last. The bonds, which are re-
dcemable in coin, will be used I'm denomi-
nations OF $50 or multiples OF that sum,
as may be desired by the bidders. Only
United States gold coin or gold certif-
Gates will be received in payment OF the
bonds. Under the terms of the Secre-
tary's circular calling for bids, the first
payment OF 20 per cent, and accrued in
terest, may be made upon receipt of no.
tice OF the acceptance of the bid. The
remainder of the moun bid may be
paid in instruments OF 10 per cent. each
and accrued interest at the end OF each ID
days hereafter. Accepted bidders, how
ever, are allowed To pay the whole amount
of their bids at the time of the hrst i'm
stalment or at any time previous to the
maturity of the last instalment provided
that all previous instruments have been
paid. The bonds will be dated Feb. !,
1895, torun 80 years from that time, and
will therefore mature Feb. !, 1926.
According to the calculation OF the
Secretary OF the Treasury,a bidder in order
to realize 2l2 per cent. interest on his
investments, should have offered $3.50, $40
for each 500 in bonds bid for. To realize
higher rates OF interest bids should have
been made as follows: %. per cent,
sl2i,e2si: 3 per cent, sll9,sz2 per
For the 8 per cent. loan Of Feb. ], 1894,
there were in all 23S bids representing
s52, 292, $50. OF this amount, s42, 996, $50
was bid for at the upset price of OIL, 223,
and s,295, 800 at a price in excess OF that
figure. The amount awarded was $50, 0O0,-
mn nnnn which tho Cavern mont raaIizad
q premium OF ss,633, 300. For the 5 per
cent. loan of Nov. 10, 1894, for which
there was no upset price the Government
received 394 bids amounting 10 Sl7S, 3il,-
$50. The amount of the bids received at
sll6. ss9S was $50, 900, 900. Amount below
that rate col, 778, 100; at rates between,
sll6.ss9S and 117.077, IS, 629, 500. At
sl17.077, 500, 900, 900 made by the Morgan
Belmont syndicate. The amount bid at
rates above sli7.07 was s10, 935, $50. The
syndicate bid was accepted, the Govern
mont realizing a premium OF =, LAS, 500.
The gold purchase Of February 8, 1895,
was for 3, 90, 900 ounces, payable in United
States four per cent. bonds. The bid of
the Morgan syndicate to furnish gold was
accepted. The government under the
terms of this agreement issued bonds
amounting to se2, s15, 400 for which the
syndicate paid at the rate OF st0i. s946 per
800. the government thus realizing a
premium OF -, 500, S44. Ate o'clock this
morning, a force of clerks in the loan
and currency division began the task OF
opening and scheduling the bids. The
clerks employed i'm THIS work, were not
allowed TO leave their room until the time
for receiving bids had closed so that by no
chance could any information in regard
to the bids be prematurely disclosed. The
bids were announced from the schedule
already prepared in the Secretary's office,
where a large number OF bidders and
representatives OF the press had gathered.
The opening and scheduling OF the bids
YVES conducted under the direction Of AS
sissant Secretary Curtis, by q committee
consist g of Mr.. Morgan, L.. 5. treas
currency, end Mr., Huntington, the chief
of the division OF loans and currency.
The big syndicate bonds WIRE not re-
ceivSd until this morning and the result
Yves that it was impossible at ! O'Clock To
give their amount or p ices, the treasury
tabnlating the vast number Of bids re-
ceived prior to today. These earlier bids,
with the exception of Robert T..
Gleudinnip, ~Philadelphia, $500, 900, at
SIP 70; Albert l. Judson, $500, 900, at
$ll3 75, were all bids for amounts below q
balf million, the amounts ranging from
$4,000 TO about $500, 900. The treasury
tabulated the bids according to the price
offered.
There were 154 BIDS aggregating 50, $780,
$50 at 10; "a bids n%ggregsting 1888, 300,
at 40 299l. The Hanover National Bank,
New York, bid for 1000, 600 at 100. IS; do.
at 10. 20; do ut 10 30 do at 40. 81; dc.
at HOSTS. There were bs bids Aggregate
ing 81, 269, $50 received at ITO. 80.
At 12:15 p. m, Mr.. Eckels II the COM
m ttee announced that up to this time
there he'd been received 1907 bids, aggre-
eating 1880, 30 500, ranging in price fCom
par TO 19 md Il faction. Other bids not
yet opened would probably raise the
numbsr to 1000, aggreg Iting si5,0)o,Oo)
more.
HEAVY BIDDERS.
j. p. Morgan, Harvey Fisk q Son and
the Deut.cher Bank II Berlin, az a syndi-
cate, 900, 600, 900. at 40. eS7s. Up to lao
o'clock, 4640 bids for 1854, 269, $50 had bsen
opsned.
THE LARGE BIDS.
The following are among the large bids:
Speyer x Company, New York, Sl,000, 900
at ll0.525; ~ ,h00,o 900 at l10.626; $1,000, 900
at ITO. 726; S2,3Oo,000 at III. 05l: $1,000, 600
at 1i0.0ol; $500 900 at 1t2, 037; go 900 altos.
New York Life Insurance, 1000. 900 at
110l9; 90. 900, 600 ut III.
Mutual Life Insurance Company, New
York, g., 900 900 at 10.
j. NJ. Seligman II CO., OF New York
bid Tor IS $50 600 at prices ranging from
1865 to III. SO. and the Investment Cor
poration OF New York city for IS, 900 600
nj from no. 1867 TO III. 1869.
Mr.. John A. Stewart OF New York an
nouncel that he had received reliable in
formation from Washington TO the effect
that no bids below III will be accepted.
The following bids were included In the
first schedules: Price 40, Andrew Thor
bus, $40, 900; Peoples Trust and Savings
Bauk, Clinton. Ia, $40 900; Sam Vein
stein. 5000; National State Bank, Troy,
go. 900; David Abe of. $1,000; Harris Abe
LOFT. $1,000; y. a. fairchild, 5000; Mrs.
yo.ie Msrks $1,000; SsthSn Bolep' $1,000;
wade sl0.ODc; John Blackman, 5000;
Morris Barrett, 1900; First Nat onal Bank,
Mobile. Ala, $3.50. 600; James V. Ellison,
$500; Samuel Peckert, $1,000; Penn ylvnn n
National Bank. Read nc Pa, S11cUO;
Iowa State National Bank, Sioux City,
Ia, $40. 900.
iIovyIev ~ Nc,v Work a.. roo fOo i'm $500