St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-02-06
TREASURY DEPARTMENT LITER
ALLY SWAMPED WITH THE
BIDS RECEIVED.
MORE THAN FOUR THOUSAND.
THE AGGREGATE OF WHICH
AMOUNTS TO MORE THAN FIVE
HUNDRED MILLIONS.
OFFICIALS IN HIGH FEATHER
Deutsche Bank, of Berlin, Offers to
Take 1t AlI-NuInerous Other
Foreign Bids.

Foreign Bids.
WASHINGTON, Feb. 5-Four thou-
sand, six hundred and forty bids for
5000, 26S,S5O worth Of bonds! Such is
the tremendous total Of the subscrip-
tons opened at the treasury depart
ment today, in accordance with the
terms of the call issued a month ago
inviting proposals for $10O, 600, 600 of
United States per cent bonds. to run
for thirty years from Feb. l, 1895 These
figures do not included about 1920 900 900
of crank" bids rejected as bogus. The
immense offerings astounded experts.
The bids literally swamped the treas
ury department, which was so taken by
surprise, that at o'clock tonight AL
though extra clerks had been hurried
~ drafted, the work of tabulating the
bids was still in progress, and it was
impossible to tell with definiteness
how many bids, and for what aggre-
gate, had been received at figures in ad
vance of the set price of O6S77 at
which syndicate, composed of J. p.
Morgan & Co., Harvey Fisk &, Co. and
the Deutsche Bank of Berlin offered to
take the loan. 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 pop
ular subscription feature and the prices
obtained. Nearly ali the leading New
York bankers and big insurance COM
panies We're represented in the list of
bidders, but, with few exceptions, they
were out-maneuVereG by the Morgan
syndicate. Owing to the confusion
caused by the magnitude of the offer
ings, and the consequent delay in CLASH
flying and scheduling the bids, any
authoritative statement Of the policy
that will be pursued cannot be made
at this time.
MORGAN MAY GET HALF.
AS the great bulk of the offerings
We're below the Morgan figure, it is
believed the syndicate headed by the
great New York banker will be ac
copied for at least $4,000, coo, possibly
more. In any event, no bid below the
syndicate rate of 110.6877 will be accept
ed, as that rate covers the entire loan.
1t is understood that Mr.. Morgan will
procure part of the gold from abroad
and will not need to deplete the treas
ury to furnish any part of the gold call
ed for under his bid. There were a
vast number of bids for figures frac-
tioEally rising 10, but under the Nor
gan figure, and for amounts aggregat-
ing sufficient to take UP the entire loan.
Among them We're the offers Of the
Stewart and Mccall syndicates, includ-
ing the big insurance, banking and
trust companies of New York city, which
cstr nod Il ~ II
bonds at figures in excess of prices
named a week ago as high mark for
long lots. Secretary Carlisle was great
ly pleased at the success of the bond
offerings. He said no definite state
ment could be made as yet concerning
the awards to successful bidders, nor
how far If at all, he would exercise his
option of rejecting any or all bids
The secretary said that it probably
would be three or four days yet before
the bids could be verified, scheduled
and classified and until that time he
could give no definite information as to
how low bids would be accepted He
had the impression, however, from hear
ing the names and amounts read, that
1t would be necessary in all probability
to accept some bids at a rate slightly
lower than Ill, but how many or in
what amount he could not now tell. AS
rotary was shown telegram just re-
ce1ved by one of the New York bank
ers present, stating that the new bonds
We're being quoted on the stock ex-
change at 116. The great success of the
issue. he thought, would have a very
beneficial effect upon the financial and
commercial interests of the whole cOun-
try and he looked forward to a year of
marked business Improvement. J. P.
mr.
himself as greatly pleased at the sue
cess of the loan
When the department closed last
night about $500 bids had been received
and at 1870 this morning a force of
clerks was set to work classifying and
scheduling them. The bulk of the work
was then thought to be over but the
morning mails brought in at least 1000
more bids
THE INTEREST MANIFESTED
in this loan far exceeded that of anv
OF the preceding ones and when tie
hour for opening the. bids arrived the
south corridor of the treasury building.
IN the vicinity of Mr.. Carlisles office
was crowded with bidders or their
representatives and newspaper CORE
spondents. When at 11:30 the door OF
the secretary's office was opened a
rush was made for seats and in q
snort time no space remained untitled.
&c great was the crowd that to afford
easier entrance and exit the door was
removed from it's hinges Among the
last to arrive were Messrs. J. P. Nor
gan and Pliny Fisk, of New York. who
round In the crowded room ahead of
them numbers of well known finan-
clers Among them were:
william H. Coombs, president of the Man
ulacturers Trust company, of Brooklyn: Mr.
Graham or the International Trust company
boston; MI Hendrix, president of the Ma
tlonal Union bank, of Brooklyn; Mr. TouImin.
wee president of the Hide and Leather bank
Co, security dealers, of New York: Mr..
Burns. of the American Exchange National
bank of New York and Mr. Lehman. of
Lehman Bros, New York.
Later ON the arrivals included Martin Erd-
mann, of Speyer G Co.. New York; President
John A. Mccall and c. C. Baldwin. of the
New York Life Insurance company, of New
YORK; L. e. Hampton, representing John A.
Stewart, president of the United States Trust
company, of New York; Mr.. Wormser, of
Wormser Bros, New York, Daniel Magone.
OF Odgensburg, N. Y, and ex-collector of
customs Of the port of New York, and Mr..
Kemp. of the Commercial and Farmers
bank, OF Baltimore: DR.. George w. Hosmer
and James Creelman, representing Mr. Pull
1tzer, of the New York World; Mr.. Burnett.
OF the Investment Corporation company, New
York, and Mr.. Chandler. OF Boston.
The committees to superintend the
opening of the = BIDS consisting of
United States Treasurer Morgan, Comp
troller EckelS and Mr. Huntington, of