Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-02-07
THE BOND SUBSCRIPTIONS
Work of Scheduling Them Practically Com
pleted and Preliminary Report Submitted
The Morgan Syndicate Will Probably
Get About $36, 0OO, OOO-An Omcia1
List of Successful Bidders.

The committee having charge of the
scheduling Of the subscriptions to the four
per cent loan of 1925 practically completed
its work this morning and submitted a
pl elimnary report to Secretary Carlisle just
before his departure for the cabinet meet
ing. He had an earnest consultation with
Assistant Secretary Curtis in regard to
the subject in order to be prepared to sub
nit full facts and figures to the President
and his cabinet. The question of max
ing the awards was considered, and it is
understood that it was practically agreed
that the best end most equitable course of
action would be to accept all the bids at
11O.GS77 and upward to the full amount
or the loan. scaling the amount of the
Morgan bid down so as to bring it within
that limit
What the Syndicate Will Get.
rough calculate made at the treasury
this morning was that the subscriptions at
and above the upset price aggregated 1884,
100000. including the $10O.9OO,OOO blanket
bid. According to the plan said to have
been agreed upon the Morgan syndicate
will not Secure more than s36.OOO.GOO
An official list of all the bids entitled to
favorable consideration will be announced
this afternoon and an effort will be made
to arrange for an announcement of the
allotment of the entire loan with essential
details tomorrow or Monday. 1t is expect
ed that the scheduling of all the bids, ac-
cording to rate, will be completed tomor-
row.
The President GratiRed.
The President is openly gratified at the
success Of the loan, and he permitted him.
self to be interviewed on the subject. With
respect to the popular feature of the bids
he said:
From such information as comes to me
from various private sources 1 am con-
WINGED that more small holdings of gold
will be drawn into the treasury by the
present arrangement than appear on the
surface. The small country banks, for in
stance, which are buying bonds for their
customers, have made their bids through
their New York and Boston correspondents
and this gives the loan the appearance of
having been taken up by the big financial
institutions at the money centerS, although
as a matter of fact not a little of it will
ultimately come from the small investors ~
The subject of the syndicate contract of
February. 1885, having been mentioned
Mr. Cleveland remarked that he had never
had reason to question the wisdom of that
arrangement under the conditions then ex-
listing.
THAT contract" he added "helped us out
a. Il tliHe W IeH IOTly~elSnt hours delay
might have produced serious results L
sympatnlZe, nevertheless, with some of the
objections made to that form of placing a
loan. The difference between the price OBJ
tanned from the syndicate and the price
currently quoted can be twisted into an ar
Sument which will appeal to people who do
not stop to calculate The actual cost to the
syndicate of floating the loan at that time
My preference would have been to have
the present loan much more popular than Il
appears on its face, but we have done the
best we could. The people who hoard small
savings of gold, or the equivalents of gold,
are unaccustomed to transacting business
on the basis on which these bonds had TO
be issued; they are unused to premiums or
to the formalties of making bids If we
could have sold them three per cent
gold bond at par L think it would have
brought out good deal of this gold, but
the only bonds the law allows us to issue
nave to be sold considerably above par in
order to keep the net rate of interest within
reasonable limits
Nothing Irregular.
Treasury officials scout the insinuation
that there was anything irregular in the
opening and consideration of the bids, and
refuse to dignity with denial the charge
that Mr.. Morgan was given an unfair ad.
vantage over the other comnetitorS