Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-02-06
A GREAT SUCCESS.
The Government Bond Lean Proves POpu-
lar Beyond All Expectation.
THB TREASURY OVERWHELMED.
So MANY Bids That II Is a Formidable
Task 10 Schedule Them.
or,xrypLE OVER SUBSCRIPTION
rbc Average Price offered s"eh
THAT the sioo.ooo,ooo VIII Bring
,,.-secrctary Carlisle APP
,..d.d-other Incidents

,o.et4tNcTON. d. C., February B.
80. ,or sio0OOOO0 thirty-year per
-, limited states bonds were opeheu
,ho treasury Department at noon TO-
a.. ,,,6er the conditions prescribed IN
-. .,-o,,lar issued January 9Th last by
Secretary Carlisle.
The principal condition is that the pohds
must be paid for in gold.
For the convenience OF purchasers, the
bonds may be paid for in instruments as
follows: Twenty per cent. at the time
or the notice Of acceptance. and 10 per
cont at the end Of each fifteen days
thereafter
The total number of bids was 4'6io
argregating $ss4. .269 s50 but one bid oil
sioOOcoO0O from a physician in Michigan
and one Of 100000. from Texas are
evidently bogus. Deducting these amounts
the aggrogating Of genuine bids is SooS'-
2G9.sJO
At o'clock II was generally UNDER
stood that the whole SO0oc0O)0 Of bonds
,gould bring liO.5O and over The oih-
eial average figure at which the SiVo'-
10000 will be awarded will not be known
until tomorrow.
The bids were opened In the room Of
Secretary Carlisle. an apartment about
~ by % feet large. a large table was
placed in the south end Of the room'
overlooking the Potomac river and the
Washington monument at which table
sat Secretary Carlisle and Assistant-Sec-
retarv curtis. and several clerks. In front
sf tho desk was placed a number of
,hairs. and every seat was taken by those
Kho had come ln person TO present bids
and many were compelled to stand. Hun
areas Of millions of dollars were repre-
scented. .,-,,, ,,,,,,s,,,,,r
The greater number of those present as
bidders came from New York, but there
was sprnkHng Of financiers and bankers
from Chicago. Cincinnati. and other west
orn cities, and some from Boston, Balti-
more. and Philadelphia.
A large tin was placed on the table
shortly before Y o'clock. 1t contained
the bids. They were done up by days,
and upon each package was marked the
date on which the bid was received.
Among those present were Mr. Wormser,
OF Wormser & Brothers. New York, ex-
Representative Straus of New York; l..
G. Hampton, representing John A. Stew
art. United states Trust Company, New
York; a representative of J. I. Wood
ward. OF the Hanover National Bank, OF
New York: John A. Mccall and c. {. BAD
d o.. T4slf MOI IL
pany: MIR. Edmond +. Speyer, of Speyer
< Co: Alr. Lehman. of Lehman Brothers,
New York: Mr.. Burns, of the American
National Bank, New York; Mr.. Redmond,
off Redmond. Kern q Co.. New York; eX-
RoprfscntatlVe CoOmbs, Of the Manu-
facturers' Trust Company, Of brooklyn'
n ": eN-RepIesentgtive Hendrix, OF the
National Union Bank, Of New YORK; MT.
kemp. of the Merchants and Farmers
Bank. Of Boston. Mr. Tullman, OF the
Shoe and Leather National Bank, OF
BOSTON, Alr. Graham, of the Boston trust
COMPANY. Boston, Mass; Mr.. Burnett
of the Investment Corporation Company
OF New York. Mr.. Chandler, Of Boston;
Mr.. Pliny Fiske, Of Harvey, F1ske q CO..
New York II. C.. Chandler and Mr.. Law
son. of Boston. Mass. James X. BAR
of Brooklyn. y. y. Mr. Parker, president
Of the Columbia National Bank, OF Wash
ington. d. c., J. Pierpont Morgan, of
New York.
when Secretary Carlisle entered the
room, promptly al noon. he was received
with applause from the people preseH''
An was m readiness but the bids, and at
1910 il WAS announced that $50 additional
bids having been received just before
noon IL would take half an hour or more
10 schedule them.
THE BIDS.
At i2I5 y. NJ. Comptroller Eckels an
peared at the door. with list Of Dids
i'm his hands. and announced the COM
mttee appointed by the Secretary 10
open and tabulate.
Under the immediate charge OF Assist
ant-Secretary Curtis. the following com
mitee opened the bids: James H.
Eckels. Comptroller of the Currency
Daniel \. Morgan United States Trea-
surcr, and A. r. Huntington. Chief Of the
Division Of Loans and Currency, Secre-
taIy's office
The hrst bid was received January 1Sth
tCr 5000 at no.
The first bids read out were in small
amounts. ranging from so TO $4,000 each.
Among these was one of 5000. at no.
from the Loan and Savings Bank, Of
Charlotte. y. G.
At the beginning OF the reading Comp
trcllcr Eckels announced that the bids
ranged from par to a fraction above lls
The Comptroller read until his voice
gave out when he was relieved by an
other member Of the committee The frs.
ld above 10 and the first TO receive
applause was that for half a million dol
lars. by the Williamsburg N. " Savings
Bank eastern District Of Brooklyn).
Most OF the bids announced prior 10 ?
o'clock were those received up TO yester-
DAY They were many In number. but
only half q dozen OF them were for SIN
gle amounts above $4,000. The big syn
clcate bids were not received until this
morning and were not announced until
rear ihe close OF the proceedings.
THE TREASURY OVERWHELMED
The Treasury Department was simply
overwhelmed by the enormous number
OF bids received. With iiftcen expert
clerks az work scheduling the bids. at
Q o'clock tonight, they having worked
necessarily since O'Clock this morning,
l2o bids remained unscheduled. They
VIII De- copied tomorrow. 1t VIII take
many hours Of hard work TO straighten
out the tangle as TO the bids received
and The prices offered. In spite of the
care exercised by the committee which
opened the bids. many unavoidable errors
We're made I'm announcing the bids. As
proof Of this. Il may be mentioned that a
number OF Offers from prominent east
en- men and great Institutions all APP
parently acting IN concert were read
out as being 1910 This had progressed
for some time when the correction was
suggested by one OF the parties in IN
icrest that all those bids were at li0O75.
IN future readings they were so an
nounced. The official announcement Of |
fIa a.