Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-02-06

( BIDS for sos ,269 $50 worth Of the bonds
Such is the tremendous total OF the
subscriptions opened ait the Treasu. y
Department to-day IN accordance with
che terms Of the call issued a month agof
inviting proposals for $1OO,O0O,OJO Of
United States 4 per cent. bonds to run
for tairty years, from February 1st,
1895. These fgu as do not include
about S12O.OOO,OOO Of crank" bids re-
jec,ed as bogus.
The immense offerings astounded ex-
per,s.
The bids literally swamped the Treas
ury Department, which was so taken
by surprise that at six o'clock tonight,
although extra clerks had been hurried
ly drafted, the woak of tabula,ing the
bids was st.l in\progress. and it was
impossible to tell with defnteness how
many bids and for what aggregated had
been received at figures N advance Of
the upset price Of 11O.6S77, at which a
/ syndicate composed of j. P. Morgan q
Co.. Pliny, Fiske & Co., and the Dsutsche
/ Bank Of Berlin offered TO take the whcla
lot. The bids ranged from par UP to a
single $50 bid at $50.
1t is impossible, therefore, to say at
this time how the awards will be made
/ Treasury officials regard the loan as a
complete success, both as TO the popular
subscription features and the prices OBJ
tanned. Bids came from several thou
sand individuals and from hundreds Of
national banks and other banking in
s-itu1ons Nearly all the leading New
York bankers and big insurance COM
panies were represented IN the list Of
bidders. but with few exceptions they
were outmanCeuyred by the Morgan syn
d.cate.
OWING TO THE CONFUSION
caused by the magnitude of the offer
ings and the consequent delay in class
flying and scheduling the bids, any au-
thoritadve statement of the policy that
will be pursued cannot be made at
this time. AS the great bulk of the Of
ferings were below the Morgan figure,
it is believed that the syndicate head
ed by the great New York banHer VIII
be accepted for at least $5O,OOO,OOG and
possibly more. In any event no bid
below the syndicate rate of 11O.6S77
will be accepted, as that rate covers
the entire loan. 1t is understood that
MIR. Morgan will procure a part Of The
gold from abroad, and VIII not leed to
deplete the treasury TO furnish any part
OF the gold called for under his bid.
Secretary Carlisle was greatly pleased
at the brilliantly conspicuous success
of the loan, and said that it showed
what the people of this country would
do when appealed to. lie thought, too,
that the effect abroad would be very
marked in cur favor.
The Secretary said that 1T would prob
ably be three or four days yet before the
bids could all be verified, scheduled and
classified. and until that tine he could
give no definite information as to how
low bids would be accepted. He had
the impression. however, from hearing
the names and amounts read that it
would be necessary in all probability
to accept some bids at a rate slightly
lower than III, but how many or in
what amount he could net now tell As
The last BIDS were being read, the Sec
retary was shown a telegram just then
received by one Of the New York bank
ers present, stating that the new bonds
were being quoted on the Stock Ex-
change at 116. The great success Of the
issue. ne thought, would have very
beneficial effect upon the financial AMI
commercial interests of the whole coun-
Try. and he looked forward to a year Of
marked business Improvement. Mr..
J. P.erpont Morgan, who was present,
expressed himself as greatly pleased
at the success of the loan.
WHEN THE DEPARTMENT
closed last night about $500 bids had
been received. and at 7:SO this morning
force of clerks was set to work class
flying 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 disar-
ranging the plans.
The interest manifested in this loap
far exceeded that of any of the pre-
ceding ones, and when the hour for
opening the bids arrived, the south
corridor of the treasury building in the
vicinity of Mr.. Carlisle's Office, was
crowded with bidders or their repre-
seutauves and newspaper correspond
ents.
When at 11:3O the door Of the Secre-
tary's office was opened, rush was
made for seats, and in very short
time no available space remained un-
filed. So great was the crowd that to
afford easier entrance and exit, the
door was
REMOVED FROM ITS HINGES.
Among the last to arrive were Messrs.