New-York tribune., 1896-02-07
u.uE MORGAN ALLOTMENT.
,,,ArE THAT THE COMBINATION
WILL. GET s55,Ooo,ooo OF BONDS.
.rx THAT Mr. MORGAN WAS TOLD OF THE
,,crs OF OTHER BIDS BEFORE PUTTING IN
roHN A. STEWART DISCUSSES THE
suBsCRIPTIONs-THE AMOUNT OF
GOLD THE GOVERNMENT
WILL GET.

s,-psCR1PTIONs-TH AMOUNT OF
GOLD THE GOVERNMENT
WILL GET.
oor,v as can be determined before the Of
-, @" ouo,ment by the Secretary Of the Treasury,
-. amount Of Government bonds which The
ps,,rotion composed of J. T. Morgan e. Co. the
w,ronal CIV Bank Harvey Fisk & Sons and Inc
'.,sobe .-b Bank OF Berlin will receive Will be
y. ono ooo Their bid of 1O6S77 will Yield 10 ;he
''.r,roent not counting accrued interest SGo,-
80 80, and they will deliver in payment for their
..a. Gold obtained entirely outside Of IN United
s..,as Treasury. and. furthermore over S1o'OcoVoo
n.o Deutsche Banks part from Europe
r,a anodnt Of gold TO be paid for the remain
- .c oo0 OaO on the same basis would be Si9,-
..s on not including accrued interest, and II only
.,e.har Of II should be procured outside OF the
r-a.sury the net gain TO the Treasury IN gold
- , .he issue would be sS5 5S53,235. As a matter
',,ao. the average price paid for the balance oi
az nm ooo will be at least 111.25. which would
.ta the sum derived from it $9O,C623~, or $I!z'-
,m roora than on the basis Of the Morgan comDi-
nation BID =, No
oaa IN Congress that ]. Pierpont Morgan, WHO
,asen,+i in Washington the bid FOR the "hoie
.,no ma ooo Of bonds for his combination, was n
ad hefOlpnanQ 70
~. =, the price named in other important bids
Tho only other great bid was that OF president
,.hr Stewart of the United states Trust Com
.rv who apped for $40. 900 COO Of bonds at 1loo''
sra no 900 0oO more at lower prices. Nobody IN
,r.u Stree, paid any attention TO this yarn Mr.
s,.rar..s bid was put in only a short time Dei0rc
A.. rr,t If the time set for receiving bids. me
,,oryan hid was nut In few minutes afterwaro.
rho Morgan bid was not based on any hxed
..ros,taqe Mr. Morgan had an idea that
good many bids would be at 1lo66e' lie SIN
r,v raised his bid o1o. to 1l06Sl'. in order TO
.oysr ALL such bids The belief in New orK
hs.ore the announcement of Mr.. Stewar's pI'
VAS that 1. would not be over 1o9ls. and prop
.b,v mot over 1887. and there was conslueiaoiV
surprise when it was announced as lo'O'o.
WHAT MR.. STEWART SAID
v-ben the question of completely was raised
N- Stewart said: The bond matter was as
no.ed o. fairly ard honestly. and nave no
criticism to make i anybody, particular! MI
Morgan. I regre: that any rumors renec''hs
unon any Of the large bidders should nave oo
,.,ned circulation. They have not emaha'eu
from individuals n The group / Represented
Mr. Morgan is incapable of anything pu' "o"
orable actions. and Is my respected iriehu. VI
course should have been pleased 10 ""N'
secured some Of the bonds. but am gao tna'
q large norton Of the issue will go to MT MOT
gan and his associates. and that the pi1'es oi
the successful bids are su n as 10 demohs'i""
N the world the high credit OF our Nation anu
A.. .r,s, that can be reposed in cur people TO
,,,,,or, the Government One greac result OF
ths loan is TO show that we have been misied
49, o,,o,,t of gold held in the United
States. On my list were upward Of $50 oiduerS
sro,, au narts IF the country. and in nearly
.yar,- coso Was assured that they had gOiu
bacl ~ their applicatons. That Is not true
20 oil ,ha ,ocel bankers who joined me IN old-
a,ro hi. I, was shown how great an amount
~ gon &c held in small lots throughout 'ne
country These holdings Of gold and the r"p'
increase in the production Of gold IN 'he 'i'''ou
States are important factors in the gehei"'
situation" eu.
After making t.,ose remarks MT "'"'
called upon Mr. Morgan TO say that he was
vra,,eed mat the Morgan combination had peen
. s,ccessful bidder and 10 express the wish that
:, nigh, have secured more than 1t would PROP
ably receive.
rI{F REPORT DECLARED A LIE.
p,nv Fisk of Harvey Fisk & Sons, which
1ro Is a member Of the Morgan combination.
said of the report that Mr.. Morgan had knowl-
edre Of the price named in the Stewart bid
"Tbat is a lie The best answer 20 IL Is that.
had the Morgan syndicate not put in bid. the
Stewart combination would not have received
any bonds. as there were too many bids at
higher prices At its price think, the Morgan
syndicate will get about s55,oooooO bonds"
Mr.. Morgan did not fit 10 reply to the talk
rejecting on him.
Four per cent Government bonds OF The same
class as the new bonds sold as high yesterday
as IlsZ and closed at 1l6R. 1t was ascertained
that the Morgan combination had sold large
amount OF the new bonds. FOR delivery when
Issued. at 11s for gold. The open market price
was. Of course, for bonds 10 be paid for in cur
rent funds or certified checks The bonds SOLD
by the Morgan combination were taken mainly
by participants in the Stewart subscription who
had collected gold for the express purpose or
purchasing bonds. 1t is apparent from the
immensity Of the bids for bonds sent TO WASH
ington that the Morgan combination will have
nc difficulty in promptly disposing of the bonds
awarded to 1t by the Secretary Of the Treasury
TO PAY SOON.
II IS regarded as certain that the Morgan com
bnation. with It's powerful resources. Will not
take advantage Of the privilege allowed by the
Treasury Department to spread the payments
for its bonds over period Of four months but
will pay for them almost Immediately
The following deposits Of gold bars In the AS
Say Office were made y>7terday:
Schulz q RuckgabSt observation-disclosures. las 900
The gold which wa. deposited by j. p. Morgan
Co. arrived on the Umbria last Sunday. The
Majestic which arrived Wednesday night,
brought 1900 900 more gold for ]. p Morgan &
Co. and 100000 for L. Won Hoffman, & Co. all Of
which will be turned over to the Government.
The following amounts OF gold coin were de-
posted in the Sub-Treasury:
hanover National Bank. nk..................... 10000
american Exchange National Bank. .......... 800 VD
Bank Of 100000
small lots 100000