Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1896-02-06
SWAMPED
Treasury Department
Is Flooded
WITH nIDs ron THE Nnw LOAN OF
THE UNI, ED STATES COW
EMINENT.
WERE NEARLY 5000
TOTAL AMOUNT OF BIps AGGnis.
GATES s55s. a0o,s5O.
II Is believed That the Morgan Syn
dictate WIN Get n Portion OF
WERE NEARLY 5000
TOTAL AMOUNT OF bids AGGniS.
GATES soos,aoo,s5o.

Washington. Feb, b.--rour thousand.
six hundred ana forty bids for $685..
26l, $50 worth OF bonds,
such Ia the tremendous total OF tho
subscriptions opened at the treasury
department In accordance with the
terms OF the call lSsued month ago
inviting proposals. for 500. 900 600 Of
united states I per cent bonds to run
Tor thirty years from February /, 1885
THESE ilguros do not Include about
sl20,OO00O0 OF crank" bids rejected as
boguJ.
The immense offerings astounded OK
perts. The bids literally nwamped
the treasury department. which was
20 taken by surprise that at o'clock
tonight, although extra clerks had
been hurriedly drafted, the work OF
tabulating the bids was sun In pro-
Rrens, and 1t was impossible to tell with
dohnltenoss how many bids and Tor
what aggregate had been received at
hgurcs In advance OF the upset price
OF llO.6siI. AT which "A syndicate COM
posed OF j. p. Morgan y Co. Harvey
Fisk & Co. and the Deutscho bank. OF
Berlin, oncred to take the whole loan.
The bids ranged from par up TO
Hlngle $50 at $3.50, II Is impossible.
therefore. to say at this time how the
awards win be mnde.
Treasury officials regard the loan as
n complete success both as to the pop.
ular subscription feature and the prices
obtained. Bids came from several
thousand individuals, also from hum
dreds OF national banks and other
banking institutions Nearly all che
leading New York hnnks and big IN
hurance companies were represented
In the list of bidders. but In many In
stances they were out-mnneuvrod by
the Morgan combination. Owing to tho
confusion caused by the magnitude of
the offerings and consequent delay In
classifying and scheduling the bids
any authoritative statement of the
policy that will be pursued cannot be
made at this time.
AS the great bulk OF the offerings
were below the Morgan figure. IL In be-
lieved that the syndicate headed by the
great New York banker will be accept
ed for Mt least ibO,000.000 and possibly
more. In any event no bid below
1lO6S77 win be accepted, as that rate
covers the entire loan.
II IN understood that Mr.. Morgan
VIII procure a part of tho gold from
abroad and will not need TO dnplcte
the treasury 20 furnish any part OF
the gold called for under his hid
Secretary Carlisle was greatly piensed
AT the success OF bond offerings. He
said 10 definite statement could be
made as yet concerning the awards TO
sneceFsful bidders, nor how far. II at
NIL, he would exercise his opinion OF
rejecting any or all bids.
AS the secretary was talking
prominent New York banker present
received telegram that the new bondn
were being quoted on the exchange at
ll6
The secretary says he thinks that
the success Of the loan would
have a good effect on the business OF
the country and he looked for year
OF great prosperity.
This morning early force OF clerks
was set TO work classifying and SEIZED.
ullng the offers. The bulk of the work
was then thought 10 be over. or at least
except for few bids for large amounts,
but the morning mills brought In at
least 2000 more bids. which had the
effect OF greatly disnrrang Ts the plans.
The Interest mnnifeated In this loan no
far exceeded that OF any CT the pre-
coding ones that when the hour OF
opening arrived the corridors In tho
vicinity of Mr.. Carilsles office was
crowded with bidders or their represent
tatlves and newspaper correspondents.
When. ut $780, the door OF the secre-
inry's Office was opened rush was
mado for seats. and in very short
time no available space remained TN
filed SO great was the crowd that
to afford entrance and exit the door
was removed from liz hinges Among
the last to arrive were Messrs. j. r,
Morgan and Harvey Flax of New York.
who found In the crowded room ahead