The silver blade. (Rathdrum, Idaho) 1895-1903, 1896-02-08
IN LARGE AND SMALL LOTS
Uncle Sans Credit at Home Demon
strated to BE Of a FaultlcSs
Character.


269, $50 worth Of bonds. Such is the ire
mendous total of the subscriptions
opened at the treasury department to-
day in accordance with the terms Of the
call issued a month ago inviting pro-
posals for 500, 600. 900 of United States
per cent bonds to run for 80 years from
February 1, 1896. These figures do not
include $12O,OO0.000 Of crank" bids re-
jected as bogus.
The immense offerings astounded the
experts. The bids literally swamped
the treasury department, which was
SO taken by surprise that at o'clock
tonight, although extra clerks had been
hurriedly drafted, the work Of tabulat-
ing the bids was still in progress and 1T
was impossible to tell with definiteness
how many bids and what aggregate had
been received at figures in advance Of
the upset price of 110.6S77, at which
syndicate composed Of J. p. Morgan &
Co., Harvey Fisk & Co., and the
Deutsche Bank of Berlin offered to
take the whole loan. The bids ranged
from par up to a single $50 bid at $50.
1t is impossible, therefore, to say at
this time how many awards will be
made. Treasury officials regard the loan
as complete success, both as to the
popular subscription feature and the
prices obtained. Bids came from sew
eral thousand individuals and from
hundreds Of national banks and other
banking institutions. Nearly all the
leading New York bankers and big in
surance companies were represented in
the list Of bidders, but with few excep-
tiOns, they were outmaneuvered by the
Morgan syndicate. Owing to the con-
fusion caused by the magnitude Of Of
ferings and the consequent delay in
classifying and scheduling the bids, any
authoritative statement of the policy
that will be pursued cannot be made at
this time. AS the bulk Of offerings were
below the Morgan figures it is believed
that the syndicate headed by the great
New York banker will be accepted for
at least $50,000,000 and possibly more
In any event. no bid below the syn
dictate rate of no. 6877 will be accepted
as that rate covers the entire loan. It
is understood that Morgan will pro-
cure part Of the gold from abroad and
will not need to deplete the treasury to
furnish any part Of gold called for un-
der his bid.
There were vast number of bids
for figures fractionally rising ITO, but
under the Morgan figure and for
amounts aggregating sufficient to take
UP the entire loan. Among them were
the offerings of the Stewart and Mccall
syndicates, including the big insur-
ance banking and trust companies Of
New York city, which stood ready to
take huge blocks of bonds at figures in
excess of prices named a week ago as
high mark for long lots.
Secretary Carlisle was greatly pleased
at the success Of the bond offerings.
He said no definite statement could be
made as yet concerning the awards to
successful bidders. The secretary said
that it would probably be three or four
days before the bids could be verified,
scheduled and classified, and until that
time he could give no definite 1nforma-
ton as to how low bids would be ac-
cepted He had the impression, how
ever, from hearing the names and
amounts read, that it would be neces-
sary in all probability to accept some
bids at a rate slightly lower than Sill,
but how many or in what amount he
could not now tell.
AS the last bids were being read the
secretary was shown a telegram just
received by one Of the New York bank
ers present, saying that the new bonds
were being quoted on the stock ex-
change at 116. The great success of
the issue, he thought, would have a
very beneflcient effect upon the finan-