The Coconino weekly sun., 1896-02-13
THE BOND ISSUE.
'. proved to Be an Unprecedented
 Success.
.,,,. Ayrregated Nearly Six Times the Amount OfYered-Benohcial Effects Upon the Financial and Com-
 mercisl Interests.

w,sUryGroS, Feb. 6-Four thousand civ hundred and fifty bids for S55S, 269,. s,o worth of bonds. Such was the ,rsmendous total of the subscriptions o,ened at the treasury department ,as,erday in accordance with the terms nf the call issued month ago inviting oronosals for Sl00, 900, 900 of United States four per cent. bonds, to run for so years from February 1, 1865. These frures do not include about SEQ, O0O,- mo of "crank" bids rejected us bogus.
 The immense offerings astounded ex- merits. The bids literally swamped the treasury department, which was SO taken by surprise that at six o'clock last night, although extra clerks had been hurriedly drafted, the work of ,abulating the bids were still in pro- cress, and it was impossible to tell with definiteness how many bids and for what aggregate had been received at figures in advance of the upset price no. 6s77, at which a syndicate, composed of J. P. Morgan & Co, Har- rey, Fisk < Co. and the Deutche Bank of Berlin offered to take the whole loan. The bids ranged from par up to A single $50 bid at l50. It is impossi- ble, therefore, to say at this time how the awards will be made.
 Treasury officials regard the loan as acomplete success, both as to the pop ular subscription feature and the nrces obtained. Bids came from sev- 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 ex- ceptions they were out-maneuvered by the Morgan syndicate
 Owing to the confusion caused by the magnitude of offerings and conse. uuent delay in classifying and schedul- ing the bids, any authoritative state nent of policy that will be pursued cannot be made at this time. As the great bulk of the offerings were below the Morgan figure, it is believed that the syndicate headed by the great New
 
 least $50, 900, 900, and possibly more. In any event, no bid below the syndicate rate of llO GsT7 will be accepted, as that rate covers the entire loan. It is understood that Mr. Morgan will pro- cure part of the gold from abroad and will not need to deplete the treas- ury to furnish any part of the gold  called for under his bid.
 Secretary Carlisle was greatly pleased at the success of the bond off, ferings He said no definite state- meDt could be made as yet concerning the awards to successful bidders, or how far, if at all, he would exercise his option of rejecting any or all bids He said the success of the loan showed what the people of this country would do when appealed to. He thought, too, that the effect abroad would be very marked in our favor.
 The secretary said it would be three or four days before the bids could be verified, scheduled and classified, and until that time he could give no defi- nite information us to how low bids would be accepted. He believed, how ever, from hearing the names and amounts read, that it would be neces- Sary to accept some bids at rate slightly lower than Ill, but how many or in what amount he could not now tell. The great success of the issue he thought would have very beneficial effect upon the financial and commer- cial interests of the whole country, and he looked forward to year of marle1 bns;paeS ;n,rroyamapt