St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-02-06
TREASURY DEPARTMENT LITER
ALLY sWAMPEDI WITH THE
BIDS RECEIVED.
MORE THAN FOUR THOUSAND.
THE AGGREGATE OF WHICH
AMOUNTS TO MORE THAN FIVE
HUNDRED MILLIONS.
OFFICIALS IN HIGH FEATHER
Deutsche Bank, of berlin, Offers to
Take 1t All-Nulneroux Other
Foreign Bids.

WASHINGTON, Feb. 5.-Four thou
sand, six hundred and forty bids for
s55S, $50 worth Of bonds! Such is
the tremendous total Of the subscrip-
tions opened at the treasury DEPART
ment today, in accordance with the
terms of the call issued a month ago
inviting proposals for s1OO 600 600 of
United States per cent bonds. to run
for thirty years from Feb. l, 1895. These
figures do not included about 1920. 900 900
of crank" bids rejected as bogus. The
immense offerings astounded experts
The bids literally swamped the treas
ury department, which was so taken by
surprise, that at 6 o'clock tonight, al
though extra clerks had been hurried
ly drafted, the work of tabuIating the
bids was still in progress, and it was
impossible to tell with def1niteness
how many bids, and for what aggre
gate, had been received at figures in ad-
vance of the set price of 11O.6S77 at
which a syndicate, composed of J. p
Morgan & Co., Harvey Fisk & Co., and
the Deutsche Bank of Berlin offered to
take the loan. The bids ranged from
par up to single $50 bid at 15O. 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. Nearly all the leading New
York bankers and big insurance com
panies were represented in the list of
bidders, but with few exceptions, they
f-y,1yo h.
syndicate Owing to the confusion
caused by the magnitude Of the offer
ings, and the consequent delay in classi-
flying and scheduling the bids, any
authoritative statement of the policy
that will be pursued cannot be made
at this time
MORGAN MAY GET HALF.
AS the great bulk of the offerings
were below the Morgan figure, 1t is
believed the syndicate headed by the
great New York banker will be ac-
cepted for at least $4,000, coo, possibly
more. In any event, no bid below the
syndicate rate of 1106S77 will be accept
ed, as that rate covers the entire loan.
1t is understood that Mr.. Morgan will
procure part of the gold from abroad
and will not need to deplete the treas
ury to furnish any part of the gold call
ed for under his bid. There were a
tioEally rising 110, but under the Nor
gan figure, and for amounts aggregat-
ing sufficient to take UP the entire loan.
Among them We're the offers Of the
Stewart and Mccall syndicates, includ-
ing the big insurance, 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
long lots. Secretary Carlisle was great
ly pleased at the success of the bond
offerings. He said no definite state
ment 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 or all bids.
The secretary said that it probably
would be three or four days yet before
the bids could be verified, scheduled
and classified, and until that time he
could give no definite Information as to
how low bids would be accepted He
had the impression, however, from hear
ing the names and amounts read, that
it would be necessary in all probability
to accept some bids at a rate slightly
lower than Ill, but how many or in
what amount he could not now tell AS
the last bids were being read the sec
retary was shown telegram just re-
ce1ved by one of the New York bank
ers present, stating that the new bonds
were being quoted on the stock ex-
change at 116. The great success of the
issue, he thought. would have a very
beneficial effect upon the financial and
commercial interests of the whole coun
try and he looked forward to a year of
marked business Improvement J. P.
Morgan, who was present expressed
himself as greatly pleased at the sue
cess of the Loan.
When the department closed last
night about $500 bids had been received
and at 7:30 this morning a force of
clerks was set to work Classifying and
scheduling them. The bulk Of the work
was then thought TO be over, but the
morning mails brought in at least 1000
more bids
=, THE INTEREST MANIFESTED
in this loan far exceeded that of any
of the preceding ones sand when tt,,
hour for opening the. bids arrived. the
south corridor of the treasury building.
IN the vicinity of Mr.. Carlisle's office.
was crowded with bidders or their
representatives and newspaper corre-
spondents. When at 80 the door of
the secretaryS Office was opened q
rush was made for seats and in q
snort time no space remained untitled.
Sc great was the crowd that to afford
easier entrance and exit, the door was
removed from it's hinges. Among the
last 10 arrive were MeSSrs. J. p Nor
gan and Pliny Fisk, of New York. who
found in the crowded room ahead of
them numbers of well known finan
clers. Among them were:
William II. Coombs. president of the Man
u1acturers' Trust company, of Brooklyn: Mr.
Graham, Of the International Trust company,
Boston Mr.. Hendrix. president of the Ma.
tional Union bank. Of Brooklyn; Mr. Toulmin
vice president of the Hide and Leather bank
OF Boston, Mr.. Redman, of Redman, Kerr &
Co, security dealers, of New York; Mr.
Burns. of the American Exchange National
bank of New York, and Mr.. Lehman, of
Lehman Bros, New York.
Later on the arrivals included Martin Erd-
mann, of Speyer G Co., New York President
John A. Mccall and c. &C. Baldwin, of the
New York Life Insurance company, of New
York; L. c. Hampton, representing John A.
Stewart, president of the United States Trust
company, OF New York; Mr.. Wormser, of
Wormser Bros, New York, Daniel Magone.
of Odgensburg, N. " ana ex-colector Of
customs of the port of New York. and Mr..
Kemp. of the Commercial and Farmers
bank, of Baltimore; Dr.. George W. Hosmer
and James CreelmaH,z representing Mr.. Pull
itzer, of the New York World; Mr.. Burnett
OF the Investment Corporation company, New
York, and Mr.. Chandler of Boston.
The committees to superintend the
opening of the = bids,x consisting of
United States Treasurer Morgan Comp