The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-02-06
LITERALLY SWAMPED THE TREASURY
One Bid for the Entire Loan From
Morgan Et Al.
1T FIXED THE UPSET PRICE
And the syndicate 10 Likely to Got Half
OF tho Issuo-Dctaiis Not
Known,

washington, Fepruary b.-Four thouS-
and. six hundred and forty bids for s55s,.
269, $50 worth OF bonds.
Such is the tremendous total OF the
subscriptions opened at the treasury de.
partmcnt today In accordance WITH the
terms OF the call issued month ago In.
wiling proposals for siO0.oOO, 900 of United
States per cent bonds to run for thirty
years from February l. 1895. Those figures
do not include about si2o. 200, 900 OF "crank
bids" rejected as bogus.
Tho immense offerings astounded cx-
parts Tho bids literally swamped the
treasury department which was SO taken
by surprise that at o'clock tonight al.
though extra clerks had been hurriedly
drafted the work Of tabulating the bids
was still in progress and it was impos-
sibe TO tell with dcflnitcness how many
received at figures III advance Of the upset
price of lloGS77. ut which syndicate
composed of j. r. Morgan g. Co, Harvese,.
Fiske and the Deutsche bank OF
Berlin offered to take the whole loan. The
bids ranged from par up to single $50
at $50. II Is impossible therefore to say
at this time how the awards will bernade
Treasury officials regard the loan as n
complete success. both as to the popular
subscription feature and the prices OBJ
tainod
Bids came from several thousand in
dviduals also from hundreds of National
banks and other banking Institutions.
Nearly all the leading New York banlls
and big insurance companies were rep
resented In tho HIST OF bidders, but in
many instances they were out Unanswered
by the Morgan combination.
Owing TO the confusion caused by the
magnitude of the offerings and conse-
quent delay IN classifying and scheduling
the bids any authoritative statement of
the policy that will be pursued can not
be made at this time. As the great bulk
of offerings were lower than the Morgan
figure II is believed that the syndicate
headed by the great New York banker
viii be accepted for at least s5O,OO1.Ooo and
possibly more. In any event no bid be-
low ll06S77 will be accepted. as that rate
covers the entire loan. 1t is understood
that Mr.. Morgan win procure part of
the gold from abroad and will not need
TO deplete the treasury to furnish any
part OF the gold called for under his bid.
There were vast numbers OF bids for
figures fractionally rising ITO and for
aggregating sufficient to
take up the entire loan Among them
were the offers OF Stewart & Mccall, syn
dicates including the big insurance. bank
ing and trust companies of New York
City, which stood ready to take huge
blocks OF bonds nj figures In exccss of
prices named week ago as high mark
for long lots
Secretary Carlisle was greatly pleased
Mt tho success of the bond offerings uo
said no definite statement could he made
as yet concerning the awards 10 SUCCESS
nl bidders, nor how far, II ut NIL he
would exercise his option of rejecting any
or all bids.
As the secretary was talking promi-
nent New York banker present received
a telegram that the new bonds were being
quoted on the exchange at li6, The sec
rotary says ne thinks the success OF the
loan will have good effect on the bust
ness OF the country and he looked for
year Of great prosperity.
This mCrring early force OF clerks was
set to work classifying and scheduling the
offers The bulk of the work was then
thought to be over, at least except Tor a
few bids for large amounts. but the mofn-
ing malls brought IN at least 300 more
bids. which had tho effect OF greatly dis
the plans The interest mani
Tested In this loan so far exceeded that
Of any Of the preceding ones that when
the hour OF opening arrived the corridors
I'm the vicinity Of Mr.. Carlisle's offlce wero I
with bidders or their represent |
atives and newspaper correspondents !
When at 1880 the door OF the secretary's /
office was opened rush was made Tor
scats and In a very short time no avail |
able space remained untitled. So great |
was the crowd that TO afford entrance |
and exit the door was removed from Its |
hinges. Among the last 20 arrive were !
Mcssrs. j. T.. Morgan and Pliny FISK or /,
New York. who found in the crowded I
room ahead OF them numbers OF well |
known hnanciers. including William IL,
Coombs, president of the Manufacturers |
Trust company Of Brooklyn: Mr.. Graham |
Of the International Trust company OF
Boston: Mr.. Hendrix, president Of the |
Union bank OF Brooklyn; President John |
A. Mccall and C. c. Baldwin OF the New |
York Life Insurance company. New YORK:
l.. g. Hampton. representing Mr. JONI
A. Stewart OF the United States Trust
OF New York; Daniel hagown or /
Dgdensburg, n. y, ex-colleotor OF Gus
oms OF the port Of New York. and MIR.
Kemp OF tn. Commercial ana Farmers
bank of Baltimore: Dr. George ". Hos
ncr and Mr.. James Crcelman. REPRESENT !