The times. [volume] (Richmond, Va.) 1890-1903, 1896-02-06
Genuine Bids Submitted for Bonds AZ
grsgate $568, 269, $50.
AVERAGE THOUGHT TO Be OYER 1000
But the Large Number Submitted Makes
1t Impossible 10 Give the Correct Amount
at once-J, Pterpont Morgan & Co.
Bid 11O.6ssS for the Issue.

culars issued January 9Th last by Secre-
tary Carlisle.
The principal condition is that the bonds
must be paid for in gold. For the con-
Nenifnce OF the pure hasers the bonds
may Do paid for in instdiments as fol-
lows
Twenty per cent. az the time Of the no
uc5 or 0cccptauce and 10 per cent. ar
the end Of each fifteen days thereafter
The total number of bids was 46i0, ag-
sfe@atlng NN4,2i3.s50, but one bid Of one
hunared million dollars from physician
IN Michigan and one OF sixteen millions
from Texas are evidently bogus. Deduct
ing these amounts leaves the aggregate
OF genuine bids S5ls. s.26sSiQ.
THE OFFICIAL AVERAGE.
AT 3 o'clock it was generally understood
that the whole $l0o0OO.OoO Of bonds would
bring llO.jO and over The official aver
DE awarded will NOT be known until to-
morrow.
The bids We're opened in the room of
Secretary Carlisle, an apartment about
40 by p feet A large table was PLACED
in the south end OF the room overlook
ing the Potomac river and the Washing
ton monument, at which table sat Secre-
tary Carlisle. Assistant Secretary Curtis
and several clerks. ln front OF the desk
was placed "a number OF chairs, and every
seat was taken hy those who had come
in person 90 present bids and many were
compelled So stand. hundreds of mil
lions OF dollars were represented
The greater number of those present
az bidders came from New York, but
there WAS a sDrinkiiug of fnanciers rnd
bankers from Chicago, Cincinnati. and
other western cities, and some from Bos-
ton, Baltimore. and Philadelphia.
A large Elm box was placed on the table
shortly before ~ o'clock. it contained The
bids. They were done mp by days, and
upon each package was marked the date
ON which the bid was received
THOSE PRESENT.
Among those present were Mr.. Worm
ser. of Wormser * Bros, New York. eN-
Representative Straus of New York, J..
q. Hampton, representing John A. Stew
art. United States Trust Company. New
York, representative OF j. T. Wood
ward, of the Hanover National Bank, OF
New York John 4. NcCaul and 6. G.
Baldwin. of The New York Life Insurance
Company. Mr. Edmond r. Speyer. Of
Speyer n CO.. Mr.. Lehman of Lehman
Bros. New York. Mr.. Burns, OF the
American National New York; Mr.
Redmond of Redmond. Kerr a. CO., New
York. Representative COOmbs, OF the
Manufacturers Trust Company. OF Brook
Ign. y. y, eX-Representative Hendrix.
of the National Union Bank Of New
York. Mr. Kemp of the Merchants and
Farmers Bank. of Boston. MIR Tuiman
or the Shoe and Leather National Bank
Of Boston; MIR Graham, OF the Boston
Trust Company. Boston Mass. Mr Bur
panv of New York Mr.. Chandler. OF
Boston. Mr. piiny fiske of Harvey
Fiske & Co, New York. II. G. Chandler
and Mr.. Lawson. OF Boston, Mass; Jas.
r. Blair, of Brooklyn. y. y; Mr.. Parker
president of the Columbia National Bank
of Washington. ID. c.. j. Plerpont Nor
gan, of New York
AT THE ELEVENTH HOUR
When Secretary Carlisle entered the
room, promptly az noon. he was received
,f.tf
All was in readiness bus The bids. and
at 12.lO 10 was announced that 1870 addi-
tional bids having been received just be-
fore noon, il would take half an hour
or more go schcld,, them
AT l2.1J T. N. Comptroller Eckels ap-
peared at the door with a list of bids 80
his hands. and announced the committee
appointed 10y. the Secretary to open and
Under the immediate charge Of Asas-
tant Secretary Curtis, The following COM
mlttee opened the bids. James u. Eckeis,
Comptroller of The Currency; Daniel \.
Morgan United States Treasurer, anf
a. ~. Huntington chief Of the Division OF
Loans and Currency SecretaTy's Office.
THE FIRST BID
The first bid was received January 18th.
of $500 at 40. The first bids read Out
We're I'm small amounts, ranging from
$50 10 $1,000 each. Among these was
one of 5000 at 10 from the Loan and
Savings Bank Of Charlotte n. &.
Al the beginning Of the reading Comm
trOller Eckes announced that the bilr
ranged from part OF q fraction above llo.
The Comptroller read until his voice gave
ont, when he was relieved 10y another
member Of the committee. The hfst hit
above 10 and The first TO receive AZ
plause. was that FOR half "a million dOi-
lars by the Williamsburg q. - Savings
Bank fcastern district of BrOoklyul.
Most of the bids announced prior 10 .
o'clock were those received up 90 yester-
HH..HH N.HHH
only half n dozen of them were for single
amounts above SlOO.OOO The bid syndi-
cate bids were not received uut4 this
morning, and were not announced until
near the close OF the proceedings.
OVERWHELMED WITH BlDS.
The Treasury Department was simply
overwhelmed boy the enormous number
Of bids received. With fifteen expert
clerks az work scheduling the bids, at b
o'clock tonight, they having worked
necessarily since $ o'clock this morning,
LOO bids remained unscheduled. Iney
Will be copied tomorrow. IL Will take
many hours OF hard work 10 straighten
out the taugie as TO the BIDS rccriFrh
and the prices offered. iu spite OF the
care exercised by the committee Wnich
opened the bids many unavoidable or
TOrs were made IN announcing the bids.
As proof OF this IL may Doe mentioned
that number OF offers from prominent
eastern men Of great Institutions, al
apparently acting in concert, were read
out as being 1000. This had progressed
for some, when the correction vas sug-
gestcd by one OF the partie. m interest
that all those bids were az 1000. In
future readings they were so announced.
The official announcement Of the figures
will determine the result and this VIII
be necessarily a work Of great labor.
The great feature - the pidding was
which. as now composed, includes only
his own banking house. the Deutsche
Bank. OF Berlin. Germany, and Harvey
Fisk and Sons. Of New York.
They proposed 20 take the entire issue
at ii06sS7. Only one other bid OF any
thing like equal amount was received.
MORGAN'S EXPECTATION.
Mr.. Morgan. after figuring on the bids
received said tonight. ne estimated
that he would be awarded on his bid
about so per cent OF the 800 O1,VtO. lie
reached the conclusion simply from hear
ing the various bids read, as he did not
think that more than AVVee,Nb above that
figure had been made.
Scarcely more than one-third OF the
actual bids received are included IN
the imperfect lists now published. Sever
al thousand bids below the obvious limit
OF acceptance are omitted. Bids for
many millions OF dollars coming from
New York. Ohio. Pennsylvania, Texas.
Illinois, Connecticut Virginia, Maryland.
Nebraska. South Carolina, North Caro-
lima. Indiana, Michigan, Louisiana State
of Washington. Iowa, Wisconsin. Mime
eota-and In fact. every state OF the
Union thrown into the most incongruous
state OF tuxtaposition, and quite a NUM-
al prices ranging from lo9 downward.
FIFTY DOLLAR OFFERS.
The number OF small bids was quite
ronaarkahlc The ffty-dollar offfrs ran
up into the hundreds, and at fairly good
nrices and over one thousand small
.r4t to g.