The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-02-06
OovD BIDS BY THE BARREL.
r1oay MORE THAN FIVE TIMES
iH OvER-sUBsCRIBED.

rotaI Bona Eide Bids Foot Up
.-es 26g. .S5O-One Bid for S1OO,OOO,-
- and one for SI0,OOO,OOO BE-
,...d 70 BE BoEus-The Total Issue
% 8ring over 11Ok.
,,-.sAineton. Feb. 5.-Bids for 800, 600, 900
4 ...-+v-vsar per cent. United States bonds
- opened at the treasury department
.,,1 to-day under the conditions pre-
-,-sbsj in the circular issued on Jan. G,
= bv Secretary Carlisle. The principal
4 .r3ition is that the bonds must be paid
4 ss-ir gold. For the convenience Of the pur-
4 .s.sars the bonds may be paid for in in
'..rments as follows: Twenty per cent. at
- time of the notice of acceptance and 10
:, cent. at the end of each fifteen days
q hereafter.
The total number of bids was 4,64O. ag-
..sa+ing S6S4. 26g $50, but one bid of 800 co.,
\, from a physician in Michigan and one
4 a fg50O00OO from Texas. are evidently bO-
rs Deducting these amounts, leaves the
s-rregate of genuine bids, S56S, 26S, $50.
T8o'clock, il was generally understood
4 ,baf The whole 500, 100000 of bonds would
4 hing 1850 and over. The official average
4 sSaried will not be known until to-mor-
& Tbe bids were opened in the room Of
secretary Carlisle, an apartment about
4 a bv . feet. A large table was placed
h the south end of the room, overlook
rg the Potomac river and the Washing
i t1 monument, at which table sat Secre-
nrv Carlisle, Assistant Secretary Curtis
mi several others. In front of the desk
we're placed a number of chairs and every
seat was taken by those who had come
Il in person to present bids, and many were
compelled to stand. Hundreds of millions
/ Of dollars were represented. The greater
number Of those present as bidders came
from New York, but there was a sprink-
ng Of 1nanciers and bankers from Chi
Cag0 and other western cities and some
from Boston, Baltimore, Philadelphia and
Boston. A large tin box was placed on
the table shortly before u O'Clock. It
contained the bids. They were done up
by days and upon each package was
marked the date on which each bid was
received Among those present were: Mr..
WOrmser of Wormser & Bros, Of New
York: eX-Representative Straus of New
York, L. G. Hampton, representing John
A. Stewart, United States Trust Company
of New York; representative Of j. L.
Woodward of the Hanover National Bank
c. Baldwin of the New York Life In
surance Company of New York. Mr..
Edmand, of Speyer & Co, New York;
9lr Lehman OF Lehman Bros,
American National Bank of New York;
Mr.. Redmond of Redmond, Kerr Co.,
New York; eX-Representative Coombs of
the Manufacturers Trust Company of
Brooklyn, n. Y; ex-Representative Hen
bricks Of the National Union Bank of New
York; Mr.. Kemp of the Commercial and
Farmers Bank of Baltimore, Nd; Mr..
Toulmen of the Shoe and Leather National
Bank of Boston; Mr.. Graham of the Bos-
ton Trust Company, Boston, Mass; Mr..
Burnett Of the Investment Corporation
Company of New York; Mr.. Chandler of
Boston; Mr.. Plny Fiske of Harvey, Fiske
4 Co., New York; p c. Chandler and Mr..
lawson Of Boston, Mass. James r. Blair
OF Brooklyn, N. Y; Mr.. Parker, president
York.
When Secretary Carlisle entered the
room promptly at noon, he was received
with applause from the people present.
All was in readiness, but the bids, and at
l2:0 O'Clock 1t was announced that $50
additional bids having been received Just
before noon 1t would take half an hour
or more to schedule them.
At l2:l5 O'Clock Comptroller Eckels ap-
peared at the doorway with the list of
his bids in his hands and announced the
committee appointed by the secretary to
open ana tabulate them. Under the i'm
mediate charge of Assistant Secretary
the bids
James H. Eckels. controller of the cur
teAey' Daniel n. Morgan, United States
treasurer, and A. 7. Huntington, chief of
the ulVlslon of loans and currency in the
secretary S Office.
The first bid was received ian. IL. of
8V at ITO. The first bids read out were in
small amounts, ranging from $1O0 to $1O-
u" eacn. Among these was one of 5000
as at ~ ~ from the Loan and Savings Bank
At the beginning of the reading Control
ltr Eckels announced that the bids ranged
uUiii par 10 traction above 119. The con-
uguer read until his voice had given out,
When he was relieved by another member
OF me committee. The first bid above 10
s aslI tne first to receive applause was that
~ ~ SJlgWO by the Williamsburg N. Y, Saw
Me- bank eastern district of Brooklyn.l
Aigst OF the bids announced prior to 2
SyIocK were those received up to yester-
ody. They were many in number but only
mai nan dozen of them were for single
H4ouhts above 100000. The big syndicate
olS mlS We're not received until this morning,
ailu were not announced until near the
cgse OF the proceedings.
o me treasury department was simply
tWhelIned by the enormous number of
o!us received. With fifteen expert clerks
a. work SCHEDULING the bids, at o'clock
Y-hlght they have worked necessarily
Sla; m.(e o'clock this morning, 1,2O0 bids re-
naming unscheduled. They will be cop
el s tomorrow. 1t will take many hours
VI u nara work to straighten out the tangle
SS 70 the bids received and the prices Of
iieIeQ, and in spite of the care exercised
~ ~ Ihe committee which opened the bids,
r.auy unavoidable errors were made in an
nouhclng the bids. AS proof of this, it
20. ne mentioned that number of Of
@ eis from prominent eastern financial in
ousuuons, all apparently acting in con-
IsIS We're read out as being 11075. This
adu progressed for some time, when the
direction was suggested by one of the
paIues in interest that all those bids
mtre at 1l0.075 In future readings they
%eIe SO announced. The official analysis
VI VI lne hgures will determine the result,
ero sru this will be necessarily a work of
seat labor.
The great feature of the bidding was
Nh NJ olfer of j. p. Morgan's syndicate,
SSiA'ch as now composed, includes only
r. own banking house, the Deutsche
PPalh OF Berlin, Germany, and Harvey,
,.Ah9 d Sons of New York. They pro
6Sed to take the entire issue at 110 6S67.
sSuly one other bid of anything like equal
-Sl'ount was received.
s5t5I .tI Morgan, after figuring on the bids,
l mat tonight he estimated that he
rsgula be awarded on his bid about 60
I ~ cent. of the S100,00O.000. He reached the
.lcuslon simply from hearing the va
LUZ nSus bids read, as he did not think that
III than $40,000,000 bids above that figure
-sq been made.
oareely more than one-third of the ac-
~ bids received are included in the inn
s.Isct lists now published. Several thou
es4 4 bids below the obvious limit of ac-
0bjSe q dollars coming from New York,
raati reG pennsylvania, Texas, Illinois, Con-
Ss,u.cut Virginia, Maryland, Nebraska,
MI Carolina, North Carolina, Indiana,
IA. gan. Louisiana, State of Washing