The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-02-06
Hundreds of Millions Placed at
the Disposal of Secretary
Carlisle.
SMALL OFFERINGS NUMEROUS
Fifty-Dllar Bids Mingle With Those
Representing the Amount Of
the Entire Loan.


S100,0O0000 thirty-year per cent United
States bonds were opened at the Treasury
Department at noon to-day, under the
conditions prescribed in the circular issued
January last by Secretary Carlisle.
The bids were opened in the room of
Secretary Carlisle. A large table was
placed at the south end of the room over
looking the Potomac River and the Wash
ington monument, az which sat Secretary
Carlisle, Assistant Secretary Curtis and
several clerks. In front of the desk were
placed number of chairs, and every seat
was taken by those who had come in person
to present bids and many were compelled
to stand. Hundreds of millions of dollars
were represented. Nearly all those present
as bidders came from New York, but there
was sprinkling of fnanciers and brokers
from Chicago. Cincinnati and other West
ern cities.
A large tin box was placed on the table
shortly before II o'clock. 1t contained
the bids. They were done up by days and
upon each package was marked the date
on which the bid was received. The
Treasury Department was simply over
whelmed by the enormous number of bids
received. With fifteen expert clerks at
work scheduling the bids at 6 o'clock to-
night, they having worked incessantly
since 10 o'clock this morning, 100 bids re-
main unscheduled. They will be copied
tomorrow.
The great feature of the bond bidding
was the offer of j. P. Morgan's syndicate,
which. as now composed, includes only
his own banking house, the Deutsche
Bank of Berlin, Germany, and Harvey
Fiske & Sons of New York. They pro-
posed to take the entire issue at 11O.6S77.
Only one other bid of anything like that
amount was received.
Pierpont Morgan, after figuring on the
bids received, said tonight that he estima-
ted that he would be awarded on his bids
about 60 per cent of the $100000,00O He
reached this conclusion simply hearing
the various bids read, as he did not think
that more than $40, 1000, 600 bids above that
figure had been made. Scarcely more than
one-third of the actual bids received are
included in the imperfect list now pub
lished. Several thousand bids below the
obvious limit of acceptance are omitted.
Bids for many millions of dollars came
from New York, New Jersey, Ohio, Penn
syIvania. Texas, illinois, Connecticut, Yer.
mont, Maryland, Nebraska, Missouri,
South Carolina, North Carolina, Indiana.
Michigan. Louisiana, Washington (Statel,
Iowa, Wisconsin, Minnesota, and, in fact.
nearly every State of the Union thrown
into the most homogeneous state of juxta-
position, and quite a number of offers
from Canada were received at prices rang
ing from 100 downward.
The number of small bids was quite re-
markable. The $50 offers ran I'D into
the hundreds and at fairly good prices,
and over 1000 small banks and private in
dividuals, whose offers at the highest rates
of acceptability ranged from $500 up to
$4,000 or $4,000, are not included in the list
published. The offers by the class OF
small bidders below the ITO and fraction
limit, which it seems shut off the issue, were
still more numerous. An encouraging
feature IN these offers was that so many oi
those of large amounts. ranging in many
cases up to one or more millions of dol.
lars, came from fduciary institutions
which thereby indicated that they had a
better outlet for their money than that
afforded by the United States bonds at the
price at which they will undoubtedly be
awarded.
One of the curious incidents of the day
was the fact that the bid of the Union
Trust Company of New York for SIG, ,0OO,-
600 at no. 075 almost escaped notice in the
monotony of the reading, while the bid oi
the Morgan syndicate was received with
applause.
Secretary Carlisle said he was extremely
gratified at the response of the people to
the Governments appeal for subscriptions
TO the bond CALL 1t simply showed that
IL Iod fn
would not fail to properly respond.
p. Morgan & Co., the National City
Bank of New York, the Deutsche Bank oil
Berlin and Harvey Fiske & Sons of New
York bid as a syndicate for 500 900, 900 OF
the bonds at 110.6S77. This was the
largest amount included in any one bid.
The total number of bids was 4640 ag-
gregating $685., ,269, $50, but one bid of $780,
600 600 from physician in Michigan and
one of SIG, 100000 from Texas are evidently
bogus, and deducting these amounts leaves
the aggregate of genuine bids S56S, ,l69, $50.
The bid of Joseph Pulitzer of New York
for 100000 at la had memorandum
attached to it stating that this bid at the
highest market price to-day is in lieu of
the offer to head the list with subscrip-
tion OF $l,0O00OO to popular loan, on the
OASIS, which was not adopted, of an open
SUBSCRIPTION at fixed and equal rate.
Among the California bond bidders were
these: Nevada Bank of San Francisco,
100000 at lis; First National Bank of
Pasadena, $4,000 at 116.6471; Bank of Cal
fornia, $4,000 at 114.O5; First National
Bank OF Fresno, $4,000 at I14.O5O6; Sutro
d Co., 100000 at lab and 100000 at
1876; Nevada Bank. of San Francisco.
100000 at 1925; Nevada Bank of San