The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1896-02-06
SUBSCRIBED
SEVEN TIMES
The Treasury Department Swamped
With Subscript.Jns to the
Popular Loan.
SUCCESSFUL IN EVERY WAY
Morgan Syndieats's Bids Are Very Accept
able. and IL Is Thonght It Will Be
Aksrded $5O,OOO.O0O Of Bonds
Effect on Wall Street

Washington, Feb. 5-Fonr thousand six
hundred and forty bids for S55s. .2GgS so
worth Of bondsl Such is the tremendous
total Of the subscriptions opened at the
treasury department today. in accord
ance with the terms OF the call issued a
month ago, inviting proposals for sl00, ,000.-
600 Of United States 4-per-eent bonds, to
run thirty years from February }. 1896.
These figures do not include about Sl20.-
o00O00 Of crank" bids rejected as bogus.
The immense offerings astounded the
experts. The bids literally swamped the
treasury department, which was so taken
BY surprise that at 6 O'Clock tonight
although extra clerks had been hurriedly
drafted. the work Of tabulating the bids
was still In progress, and II was impoasi-
BILE to tell with dehniteness how many
bids, and for what aggregate, had been
received at figures in advance OF the
upset price Of Ii0eS77. at which a syndi-
cate composed Of J. p. Morgan & Co,
Pliny. Fish & Co. and the Deutsche
Bank. Of Berlin. offered to take the whole
loan The bids ranged from par up to a
single $50 bid at Is. II Is impossible, there
fore, to say at this time how awards will
be made. Treasury officials regard the
loan as a complete success, both as 10
the popular subscription feature and the
prices obtained. The bids came from sew
eral thousand individuals and from hun
dreds Of national banks and other Lank-
ing institutions. Nearly all the leading
New York bankers and big insurance
companies were represented in the t.st
OF bidders. but. with a few exceptions.
they were out-maneuvered by the Morgan
syndicate.
Owing to the confusion caused by the
magnitude OF the offerings. and the con-
sequent delay in classifying and schedul-
ing the bids. any authoritative statement
of the policy that viii be pursued cannot
be made at this time. AS the bulk OF the
offerings were below the Morgan figures,
II is believed that the bid Of the syndI-
cate headed by the great New York
banker, win be accepted for at least s5D.-
eo9ele and possibly more In any event,
no bid below the syndicate rate OF 1l0.eS77
win be accepted, 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 treasury 20
furnish any part OF the gold called for
under his bid
Secretary Carlisle was greatly pleased
at the success OF the bond offerings. As
the bids were being read, the secretary
was shown a telegram just then received
by one of the New York bankers present
saying that the bonds We're being quoted
at Liz. The great success of the issue,
he thought, would have very beneficial
effect upon the financial and commercial
interests Of the whole country, and he
looked forward to year Of business i'm
provement.
Wren the department closed last night
about 200 bids had been received, and at
I:50 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. at least except for
a few bids for large amounts. The morn
ing's mail brought in at least 1000 more
bids. which had the effect of greatly dis
the plans.
New York. Feb. 5.-The general opinion
in Wall street today was that European
financiors cannot fail to he profoundly
impressed by the result Of the popular
loan experiment The large percentage OF
foreign bids is very significant, in view
of the previous apprehension as to the
probable unfavorable effect OF the free
silver manifestations Of the senate upon
European sentiment. Official announce
ments regarding the aggregate bids ana
the average of prices impaired an actual
buoyancy TO the market, prices advancing