The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1896-02-12
TREMENDOUS BOND OFFERINGS.
Treasury Officials Regard the Loan rs II
Complete SacccsS.

Treasury Officials Regard the Loan rs -
Complete SacccsS.
WASHINGTON, Feb. 5.-t'our thous
and SIX hundred aud forty bids for
$55S, 800, $50 worth OF bonds.
Such is the tremendous total OF the
subscriptions opened at the Treasury
Department today, in accordance wit1
the terms of the call, issued a month
ago, inviting proposals for 800, 000,-
900 OF United States four per cent.
bonds 10 run for thirty years fror2
February /, 1895. These figures do
not include about $l20,G00,O00 Of
crank" bids, rejected as bogus.
The immense offerings astounded
experts. The bids literally swamped
the Treasury Department, which was
so taken by surprise that at 6 o'clock
tonight. although extra clerks had
been hurriedlg drafted, the work OF
tabulating the bids was still in pro-
gress, and it was impossible to tell
with deiniteness how many bids and
for what aggregate had been received
at figures in advance of the upset price
of $40. 6S7. at which at syndicate,
composed of J. p. Morgan & Co.,
Pliny Fiske 6 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 $3.50. 1t is
impossible, therefore, to say at this
time how the awards will be made.
Treasury officials regard the loan as
complete success, both as to the pop
ular 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 insur-
ance companies were represented in
the list of bidders, but, with few ex-
ceptions. they were outmanoeuvered
by the Morgan syndicate.
Owing to the confusion caused by
the magnitude of the offerings and
the consequent delay in classifying
and scheduling the bids, any authori-
tative statement Of the policy that will
be pursued cannot be made at this
time. As the great bulk OF offerings
were below the Morgan figure, it is
believed that the bid of the syndicate
headed by the great New York bank
ers will be accepted for at least $50.
900, 900, and possibly more. In any
extent. no bid below the syndicate
rate of $40. .6S.7.7 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 notneed to deplete the Treas
ury to furnish any part of the gold
called for under his bid.
There were a vast number Of bids
for figures fractionally rising $40 but
under the Morgan figures, and for
amounts aggregating sufficient to take
up the entire loan. Among them were
the offers 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 large lots.
Secretary Carlisle was greatly pleas
ed at the success of the bond offerings.
He said no definite statement could
be made as yet concerning the awards
to successful bidders, nor how far, if
at all, he would exercise his option Of
rejecting any of the bids.
Secretary Carlisle was greatly pleas
ed at the brilliantly conspicuous sue
cess of the loan, and said that it show
ed 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 first announcement from Mr..
Eckles made it known that bond bids
approaching the $500, 900, 900 mark had
been made, with enough unopened to
represent another s75, 900, 900; then
came an announcement that the total
was the stupendous figure of S6S4, $685.
$50, which was subsequently reduced
by throwing out three bogus bids of
S10G, 900, 900; s16,C00,0 900 and $4,000,
900.
1t would be impossible, with any
ordinary telegraphic or typographical
fac;lities, to give complete list of all
bids, and save as matter OF history
40 Importance attaches now to any
bids naming below 110.6S.7.7. From
the list Of bidders al and above that
figure the successful bidders undoubt-
edly will. Some of the bidders in this
list are: J. P. Morgan & Co., Harvey,
Fisk & Co., and the Deutsche Bank OF
Berlin, 800, 900, 900 at 10. 6S.7.7, Mer-
chants National Bank of Richmond,
Va, S25, 900 at III.
The Secretary said that it probably
would be three or four days yet before
the bids could all be verified, sched-
uled and classified, and until that time
he could give 10 definite information
as to how low bids would be accepted.
He had the impression. however, from
hearing the names and amounts read,
that it would be necessary, II all
probability, to accept some bids at a
rate slightly lower than III, but how
many or in what amount ne could not
now tell.
al