The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-02-06
The Government Popular Loan
Experiment.
OVER FOUR THOUSAND BIDS
They Amount to Tremendous
Total OF $558, 300, $50.
BIDS RANGE FROM PAR UP
1t is Believed that the Syndicate May
Yet Obtain Half the Issue
at It's Upset Bid of
IlO.6877.

Washington, Feb. 5.-Four thousand,
six hundred and forty bids for $685.
$685. worth Of bonds.
Such is the tremendous total of the
subscriptions opened at the Treasury
to-day in accordance with the terms
of the call issued month ago in
viting proposals for $1,O00,000 of Uni
ted States A per cent. bonds to run for
thirty years from February /, 1896.
These figures do not include about
$12O,00O,000 of crank" bids rejected
as bogus.
The immense offerings astounded
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 pro-
gress and it was impossible to tell
with definiteness how many bids and
for what aggregate had been received
at figures in advance of the upset
price of $110,6S7, at which a syndi-
cate composed of j. p. Morgan d. Co,
Fliny Fisk d Co., and the Dutsche
Bank of Berlin offered to take the
whole loan.
The bids ranged from par up to a
single $50 bid at $50. 1t is Impossible
therefore to say at this time how the
awards will be made.
Treasury officials regard the loan as
a complete success, both as 10 the
popular subscription feature and the
prices obtained. Bids came from sew
eral thousand individuals and from
hundreds of national banks and other
banking institutions. Nearly all the
leading New York bankers and big
insurance companies were represented
in the list of bidders, but with few eX-
ceptions, they were out manoeuYred by
the Morgan syndicate. Owing to the
confusion caused by the magnitude OF
the offerings and the consequent de-
lay 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 below the
Morgan figure it is believed that the
syndicate bid headed by the great
New York bankers will be accepted
for at least $50,000,0 and possibly
more.
In any event no bid below the syndi-
cate rate of 110.6S77 will 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 Treas
ury to furnish any part of the gold
called for under his bid. There were
a vast number of bids for figures
fraetionally rising 10 but under the
Morgan figure and for amounts aggre-
eating sufficient TO take up the entire
loan. Among them were the offers or
the Stewart and Mccall syndicates,
including the insurance banking and
trust companies of New York city,
which stood ready to take huge blocks
of bonds at figures in excess of prices
named a week ago as high mark for
large lots.
Secretary Carlisle was greatly pleas
ed at the success of the bond offer
inos. He said no definite statement
could be made as yet concerning the
awards to successful bidders nor how
far. if at all, he would exercise his
opinion Of rejecting any or all bids.