The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-02-08

Amount Of the Issue Subscribed for rive
!. Times Oser-Liberai oners Are Made
Secretary Carlisle Pleased
with the Result.

WH<UIu< ton. keb. - AZ noon
Wednesday. under the conditions set
forth III Secretary Carlisle's circular is
,atcd january 6. bids for 100000. 600 OK
a0-year four per cent. United States
bonds wore opened at the treasury de-
partment. The principal condition is
that the bonds must be paid for in gold.
The opening of bids was under the inn
mediate charge of Assistant Secretary
OF the Treasury Curtis. although Sec
rotary Carlisle sat beside him at the
large table. In front OF the table sat
those who had come in person 10 pre-
sent bids, and many were com
PEELED TO stand. Hundreds OF mil
lions OF dollars were represented.
Nearly all those present as bid
ders came from New York. but there
WINS sprinkling OF financiers and
brokers from Chicago, Cincinnati and
other western cities, and some from
Poston. The following committee
opened the bids;
James IT. Eckels comptroller OF tina
currency; Daniel n. Morgan. United States
treasurer. and A. i. Huntington, chief OF
thu division OF loans and currency. secre-
tary's ofiios.
Atl2:15 p. m. Comptroller Eclxels APP
peared at the door with list of bids in
bis hands.
The first bid was received January 10
of 5000 at 40. Among the first read
were those of Jennie Waldeman. Chica-
60, 1000 at 100, and NJ. f. Hull, Chica-
go, $500 at par. The first bids read out
were in small amounts ranging from
$50 to $4,000 each.
The public gets from $30,0oo,0o0 TO
$40.O00,o 600 OF the $l00,0o0,000 popular
loan, and the Pierpopt Morgan syndi-
cate secures the remainder on bid OF
110.6s77 for 500, 100000. Scattering
bids were received from banks and in
yestors above that figure for about the
sum first mentioned. The Morgan hid
shuts out the combination bidding
engineered by John Il. Stewart, Russell
Sage and half dozen trust companies
under their leadership. Not less than
Si25,000,000 was bid for by these con-
Germs and their customers at the uni
form price OF ll0.075. The total number
OF bids was 5,G4o, representing total
subscription OF s5Go,0o0,00O, not count
ing bogus bid of sio0.oo0.ooo from a
Michigan doctor and another from
Texas humorist for $I6,000,000. The
ret price realized by the government
for the whole issue will be very close 10
aA per cent. The Morgan bid is frac-
tionally above that flgure--abouta TIC.
The greater number of bids ranged
from 40 TO 113, with bids of 40 and
-
but few bids for less than $4,000 re-
ceived. and from $4,000 10 100000
seemed to be the popular amounJ.
Nearly all of these were made by tile
smaller banking institutions of The
country.
The great feature OF the bond bid
ding was the offer OF the j. T.. Morgan
syndicate, which as now composed, in-
cludes only his own banking house. the
Deutsche bank, OF Berlin. Germany,
and Harvey FislSe's Sons, of New York.
They proposed to take the entire issue
at 1lo.6s77. Only one other bid Of any
thing like equal amount was received.
Mr.. Pierpont Morgan, after figuring on
the bids received, said that he estimated
that he would be awarded on his bids
about 90 per cent. of the $l00.O00,000.
Scarcely more than one-third Of the
actual bids received are included in the
imperfect list now published. Several
thousand bids below the obvious limit
OF acceptance are omitted. Bids for
many millions OF dollars came from
New York, New Jersey, Ohio. Pennsyi-
vania, Texas, Illinois. Connecticut, Yer
mont, Maryland, Nebraska, Missouri.
South Carolina, North Carolina, Indi-
ana, Michigan, Louisiana, Washington
(state). Iowa, Wisconsin, Minnesota,
and in fact nearly every state OF the
union, thrown into the most incon-
gruous state of juxtnposition, and quite
anumber OF offers from Canada were re-
ceived at prices ranging from 100 down
wards.
The number of small bids were qnite
remarkable, the $50 offers ran up into
the hundreds. and at fairly good prices.
and over / 900 small banks and private
individuals whose offers at the highest
rates OF acceptability ranged from $500
up 20 $4,000 or $4,000 are not included
in the list published. The offers by The
tlthft VI tilitiil biuutIh ntlON tic AAO Allu
a fraction limit which seems shut oil
the issue, were still more numerous.
An encouraging feature In these Offers
was that SO many Of those OF large
amounts, ranging in many cnses up io
one or more millions OF dollars, came
from fduciary institutions, which
thereby indicated that they had bet
ter outlet for their money than that
afforded by the United States bonds at
the price nt which they will undoubted-
~ be awarded.
Secretary Carlisle was greatly pleased
ut the success of the bond offerings.
lie said no definite statement could be
made as yet concerning the awards TO
successful bidders, nor how far, II at
oil, he would exercise his option Of re-
iecting any or all bids. The secretary
said the brilliantly conspicuous success
Of the loan showed what the people OF
this country would do when appealed
TO