The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-02-06
Morgan to Get Half the Bonds,
at Less Than Ill.
MARKET PRICE ALREADY Iie.
The Vast Bulk of the Bids Below the
Treasury's Upset Price.
Forfy-six Hundred and Forty Bidders
Made Offers for $55S 900. 900 OF
Bonds-The New York World Bids
ia for 81, ,0oo, ,000-The Profs OF
Morgan and His Partners Promises
to Be Enormous.

Washington City, Feb. 5-Four thousand
SIX hundred and forty bids for S55s rs. so
worth OF bonds. Such is the tremendous
total OF the subscriptions opened az the
treasury department today. in accordance
with the terms of the call issued a month
ago inviting proposals for sloe.eo.o0o Of
United States 4 per cent. bends, 10 run for
thirty years from February /, 1885. These
figures do not include about $lso,evoeoo of
crank bids, rejected as bogus.
The immense offerings astoGnded the ex-
perts. The bids literally swamped the treas
ury department, which was so taken 10y
surprise that at clock tonight, although
extra clerks had been hurriedly drafted,
the work of tabulatlng the bids was stu
in progress. and il was impossible 10 tell
with defn.teness how many bids and FOR
what aggregate had been received at iig-
ures in advance of the upset price OF
Il0.6sT7. at which a syndicate composed of
J. r. Morgan & Co., Harvey Fisk & Co. and
the Deutsche bank, of Berlin, offered to
take the whole loan. The bids ranged from
par up 10 single so bid at $50. II is i'm
possible, therefore, to say az this time
how the awards viii be made.
Treasury officials regard the loan as
eomslete success, both as to the popular
SUBSCRIPTION feature and the prices obtain
ed Bids came from several thousand n
dividuals. and from hundreds OF national
banks and other banking institutions. Near
ly all the leading New York bankers and
big insurance companies were represented
In the Est of bidders. but with few eXcap-
tons they were outmaneuyered by the Nor
gan syndicate. Owing TO the confusion
caused by the magnitude of the offerings
and the consequent delay IN CHASING ana
scheduling the BIDS. any authoritative
statement of the policy that VIII be piirsued
cannot be made at this time. AS the bulk
he hai,4 Morgan
ures, it is believed tha, the syndicate head
ed by the great New York bankers VIII be
accepted for at least S5o,ooe,ao. anu possibly
more. In any event, no bid below the syn
dicate rate of li0.6SH viii be accepted, as
that rate covers the entire loan. Ii IS un-
derstood that Mr.. Morgan Will procure a
part OF the gold from abroad, and VII not
need to deplete the treasury 10 furnish
any part OF the gold called for under bis
bid There were d vast number OF Dsus Tor
figures fractlonally rising llc, but under
the Morgan fgure and for amounts assfs-
eating sufficient TO take up the entire ioah.
Among them were the offerings OF the
stewart and Mccall syndicate, Including
the big Insurance. banking and trust COM
panies of New York city, which stood reaIy
To lake huge BLOCKS of bonds al uSuges IN
excess of the prices named week ago as
a high mark for long lots.
Secretary Carlisle was greatly pleased az
success
no definite statement could be made as yet
concerning the awards 10 the successful
bidders The secretary said that II would
probably be three or four days yet before
the bids could be verified, scheduled ana
classified and until that time he could
give no definite information as 10 now low
bids would be accepted. He had the I'M
preston. however, from hearing 'he
names and amounts read. that II wonid be
necessary, in all probability, 10 accept
some bids at rate slightly lower than III,
hut how many or In what amount he could
not now tell As the last bids were being
read the secretary was shown a telesFam
lust then received by one of the New YORK
bankers present. saying that the bonaS
were being quoted on the stock excbahse
at lie The great success of the issue, ne
thought would have a very beneficial ef-
feet upon the financial and commercial IN
terests of the whole country, and he looked
forward TO n year of marked business Inn
provement.
When the department closed last night
about 2G0e bids had been received, and at
7:30 this morning force Of clerks was set
TO work classifying and scheduling them.
The bulk OF the work was then thought 10
be over at least except for a few bids for
large amounts. but the morning mails
brought i'm at least 2,0o0 more bids, which
had the effect of greatly disarranging the
plans. The interest manifested IN this
loan far exceeded that OF any OF the pre-
ceding ones and when the hour for open
ing the bids arrived the south corridor Of
the treasury building in the vicinity Of Mr..
Cariisie's Office was crowded with bidders
or their representatives and newspaper
correspondents.
When, at 1i.30. the door Of the seore-
tary's office was opened. a rush was made
for seats and in n very short time no
a inc
great was the crowd that. to afford easier
entrance and exit. the door was removed
from its hinges. Among tho last 20 arrive
were Msssrs j. =. Morgan and pliny Fisk.
of New York. who found in the crowded
room ahead of them numbers or we'll
known finsnciers, Among those who had
arrived were William H. coombs, presi-
dent Of the Manufacturers Loan and
Trust Company. OF Brooklyn; Mr.. Graham.
OF the international Trust Company, Bos-
/ ton: Mr.. Hendricks, president OF the Ma
ttonal Union bank of BROOKLYN Mr.. Toul-
min, vice president OF the Hide and Lsath-
er bank. OF Boston SIR. Redman. Of Red
man, Kerr & Co. security dealers Of New
York: Mr.. Burn. OF the American Ex-
| change National Tank. Of New York. and
Mr.. Lehman. of Lehman Bros, New York.
later arrivals included Martin Erfman,
| Of Speyer 4 Co. New York: President John
| A. Mccall and G c. Baldwin. OF the New
York Life Insurance Company, OF New
York; l. c. Hampton. representing John
| A Stewart president Of the United States
Trust Company. Of New York Mr.. Worm
| ser. of Worrnser Bros. New York; Daniel
Magone. Of Ogdensburg, X. Y. ex-coiiector
| of customs OF the port of New York: Nr-
KEMP of the Commercial and Farmers
| bank. Baltimore: Or. q. ". Hosmsr and
| James Creelman. representing Joseph Pu-
/ lfizer, of the New York World Mr. Bur
net, Of the Investment Corporation Com
pany New York, and nc. Chandler, OF
/ Boston
! The committee 20 superlntenA the open-
! Ing or the bids, consisting Of United States
1 Treasure Morgan Comptroller Ecke,s and
Mr. Huntington. OF the loans and currency
/ division. had been al work since early
I morning. and al few minutes after neon
announced that they were ready 70 pro-
| ceed. il was an interesting crowd that
| listened e Mr.. Eckeis as ne read the names
| of The bidders and the amounts subscribed
/ fsr. and :. IS probable taat more millions
| were represented Ia MT EGkels au1Eence
/ than we're ever before gathered together
/ ~ the treasury building Three o. foar ~
| the BIDS carried with them evidences G
/ ieing aetif.ous. ard they we're according
/ " ows4ite9 from the HsJ. hat the ions st
/ cf ats ard ne substantial amounts DE-
cred IS many uldoers soon mad Y a.a-
1 reut that fae question Nzs Tot %0u33 the
4 loan be uversgFS crisssx1 p bar row macn
would IL be oversubscFsbef7" Eae fSrst
| announcement frorn AF. Eekess rsa1e Y
/ known thzf bids approaching the - s'9N.stA