Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-02-07
THE NEW BOND LOAN
Treasury Force Engaged Night and Ddy
In Iabulalins the Bids.
ANNOUNCEMENT or AWARDS
n L. Hoped IL May lie Poss'''
MAKE n To-Da,-Morgnn sS""''
,,.,u pro,abiv Get Fifty MIL
lions.

WASHINGTON. February 6-By WORK
INC dav and night. and with expert ac-
.o,,tonts Asslstant-Secretary GURUS
bones 10 be able TO announce to-inorro"
.ta ,,or,oe NJ those who were the success
,,I hl5ders Al the bond opening on We'd
noeday.
tn treasury has already In hand for
so,,,.or, 100000 registered bonds. and
,2,oo 900 coupon bonds Bonds of the
alter character, principally OF $1,000 de-
nominations. are being printed and de-
iivere1 az the Treasury at the rate OF
10000 d day.
Many Of the successful bidders indicated
IN their bids how they desired the bonds
awarded them "broken up Those who
aid not will be invited to DO so when
notified of the acceptance Of their bids.
chief Johnson of the Bureau Of En-
craving and Printing, has practically all
he bonds printed. with the slight detail
Of denomination 20 be put on some. ana
from present Indications with l20 days left
IN which all bids can be paid for, no delay
Is expected in their delivery.
Already steps have been taken to afford
successful bidders an opportunity to pay
for their bonds. The following circular
letter directed 10 United states Treasurer
Morgan. copies Of which were also Tor
warded to the nine assistant treasurers'
was signed by notwithstanding Wike
late this afternoons
Treasury Department. February b. lS"'
"As soon as practicable he Depart
mont VIII furnish you with a list oi the
accented bidders for the per cent bonds
of ie25 offered 20 the public by circulars
Of January g. q. and j.. 1886. The list VIII
contain the name Of each bidder. with
,i,. address the amount Of each bid, the
nrice and the date Of the Secretary s
acceptance. ,,..
"You will receive payment for the bonds
I'm limited states gold coin or gold certiii-
ra.es nv fnstalmants. or in full as pro-
,lded I'm the circulars above mentioned.
q raoh pavment Of an instalment should
H Include the principal, premium at the
& nrice named I'm the bid ana accrued IN
q ierost from February J. 1896. to date OF
Il vpcb payment, so that the propOfuonate
4 amount of the bonds representing the
Instalments viii be paid for in fun
DUPLICATE CERTIFICATES.
syou will issue for each payment your
certificate 81 deposit. in duplicate, In the
same of the depOsitor on account OF the
purchase Of 4 per cent. bonds OF I1o'
uatng on the face OF such certincdles
he amounts. respectively, OF principal
,rsmium. and accrued interest received,
ma olao stating thereon the number of
the iustalnent when not paid IN 1ull.
You Will deliver the duplicate 10 the
Ienoeitor. with instructions TO retain the
srpiicate. and to forward the original TO
hs Secretary OF the Treasury, accom-
sanlcd by a letter from the depositor
living complete information as TO the
Kind and denominations oi bonds uesreu'
and the place of their delivery.
..rbe bonds VII be issued only upon
tho recent by the Secretary Of the orgi-
nat certificate Of deposit. Any depos'tor
may assign the original certhcate lsSueu
In his name. In which case the ponds VIII
be- issued upon the order of the assignee.
'Tf Il should be deemed advisable 10
nostpone the receipt Of deposits on this
,ccount beyond the dates fixed in the
sirculars. special instructions by tele-
gram or letter will be given you.
"The department will begin the delivery
" both registered and coupon bonds as
soon as certificates Of deposit therefor
are received by the Secretary, as above
indicated"
LIMIT. llO6S7 AND UPWARDS,
Although not officially admitted. it Is
believed to be practically settled that
the awards will be confined to bids at
uG6S7 and upward There are sub
scrlptous for sl50OoOOoO within this cate
,orv including the blanket bid Of th'
Morgan syndicate for Sl00000,000 at th'
minimum rate. First consideration vii
be given 10 the SO0o0.OoO subscriptions
at and above the rate OF the blanke
bid Enough OF that bid will then be ac
cepted 10 make ND the total amount o
The loan-Sl00 100000
II this programme Is carried out III
Morgan syndicate will secure about $50,
go 600 or lust one half of the loan.
The work Of the committee will be sim
plihed considerably by the rejection o
the mass of bids at rates below ll06S1'
Nearly all Of these bids come from i'm
dviduais and smaller banking institu
tons In the words of one Of the Trea
sury officials to-day "All the so-calle
popular offers 10 subscribe were at tn
lowest rates. averaging about i0i, which
while showing a desire to subscribe I
n government loan. showed also that tn
small dealers, for some reason or other
we're not willing or able 10 pay as mucl
or the bonds as the big institutions
which make a business Of such transaC
tons"
In an article printed this morning unae
the caption. Rivalry in the Bidding,
WALL STREET AsTOUNDED.
"Wall street was astounded at In
amount Of the bids Tor the new bond.
The largest estimate on Tuesday of IN
aggregate Of bids was 500 600 600 and IN
prevailing impression was that the ave
rage Of the prices would be los or no
The first announcement from Washineto
that bids aggrCgating $3.50 900 600 had bee
scheduled almost paTalyZed the street
"The official statement that Prcsidcl
John A. Stewart. of the United Stat
Trust Company. had sent in for his inst
tuition and large number of other inst
tutions and individuals bid for $4,000
az 1l00b was no surprise. but the a
nounccment that j. i. Morgan x co. n.
bid for the entire issue or any pa
thereof. az a slightly higher price IN,
that named by Mr.. Stewart for himss
and associates. was a genuine surprise
the street Interest In the Morgan
was intensified when IL was learned tn
it was FOR the firm OF j. Il. Morgan
Co. the Deutsche Bank Of Berlin, Harv
Fisk 4 sons, and the National City Ban
each being equally interested In the bid
CAS- soon az the bids were made pub
Wall street saw at once why the lo'
had been largely oversubscrbod a
from lhe circumstances attending the hi
The stronger became the conviction IN
this rivalry was largely responsible
the extraordinarily large subscription
the bonds The most important fact al
one which it Is useless 10 try 10 conce
Is that Mr. Stewart and Mr.. Morgan ha
competed Tor the honor OF financing [
Treasury.
- motive. which Mr.. Stewart hims
SAYS. actuatod him IN taking an acti
part In the matter Is that he wished I
I. "a Ia