Evening journal., 1896-02-05
MILLIONS FOR BONDS.
Washington is the Mecca For
Capitalists Today.
PRESIDENT STEWARDS LARGE BID

The United states Trust Company oner,
to Take 10000, ,Ooo-A Large oversub.
scription TO the Issue-The Loan Proves
Great Success.
WASHINGTON, Fob. 5--This city is the
Mecca toward which all the bond desiring
citizens OF the country have turned their
faces. Many OF the prominent bankers
who have entered the competition for the
bonds are now in Washington. Some ar
rived yesterday, but the majority came in
last night, and every train brings repre-
sentatiyes Of Institutions who are anxious
20 obtain government bonds today. New
York is especially well represented. Such
hnanoiers as J. Pierpont Morgan, John c.
Hendrix, president Of the Union bank OF
Brooklyn; John A. Mccall, president OF
the New York Life Insurance company,
with G. c. Baldwin, one of its trustees;
x-Representatiye W. J. Coombs, James
a. Scrymser, Louis l.. Wormser, W. l..
McKenny and William Hall, Jr, are here.
No doubt exists as to tine success Of the
issue. The only speculation relates to the
rate and to the efforts the administration
will make to protect the gold reserve after
it has been added TO by the first payments
on the bonds.
Mr. Hendrix is here not only as the rep-
resentative Of his own bank, but of other
institutions and corporations which have
asked him TO place their bids.
1T would be speculation, " he said last
night, TO speak about the average bid
which will be made for the bonds. The
impression has been in New York that It
would be rather high i represent capital
to the extent Of $1,000, 600 or IS, 900, OOO
which desires investment In the govern
ment securities. do not think there is
any agreement between bankers as to the
bid they will make. In fact, have no
knowledge of any such agreement. My in
formation leads mo to believe that the
bidding will be independent in character,
each man making proposals irrespective OF
what another makes Tho fact that the
number Of proposals received Is large is
an indication of the popularity Of the is
sue"
Place Where the Bids Are Opened.
In the large private Office Of the secre-
tary Of the treasury the interesting cere-
mony of opening the bids for bonds open
ed at noon today. The room was cleared
of every chair and table excepting the
large fiat desk used by Secretary Carlisle.
This desk was cleared of all its books and
placed in the center of the room
In the adjoining room, which is usually
occupied by Mr.. Carlisle's private seore-
tary, there are only two fiat decks There
is not a book or a scrap of paper left IN
the room except the sheets of newspaper
which are pinned over a suspicious look
ing square box. This box looks as if It
might be a ballot box. 1t is placed on the
small table. In it at precisely 12 O'Clock
today were placed nearly 1000 lotters con-
tanning bids for the new bonds.
Secretary Carlisle, Assistant Secretary
Curtis, their private secretaries, the chief
Of the loans and currency division Of the
treasury and two or three expert clerks
gathered around this table. The bids are
opened one at a time and read aloud in
the doorway leading into the big room
adjoining. In this room are assembled
bidders or representatives, of bidders and
newspaper correspondents and few priv
ileged officers Of the treasury.
1t Is thought that tho work Of opening
the bids will take up the entire afternoon.
The bids viii be scheduled as rapidly as
possible, but it is not likely that Secretary
Carlisle will be able TO announce the sue
cessful bidders for two or three days.
1t is thought that the bona fde applica-
tions for the bonds will far exceed 5000,
600, 900. While much Of the gold used in
payment for the bonds will have come
from the United States treasury it is be-
lieved that the net gain in gold by the
treasury will not be far from $50, 600, 600.
If the average price at which the bonds
are awarded is 109.OS56, which would be
on So per cent basis, the government
will derive sl09, 0S5, 900 from the issue.
The bulk OF the bonds will be disposed
of TO New York bidders. President John
A. Stewart of the United States Trust
company has collected subscriptions to the
amount of $50, 600, 900 OF more. and these
were forwarded 20 Washington last night
in charge of two custodians.