Elmore bulletin. [volume] (Rocky Bar, Idaho) 1889-1906, 1896-02-12
Half a Billion Ready for the Hun
dred Million Issue,
IN LARGE AND SMALL LOTS
strated 10 be OF Faultless
Character.


day in accordance with the terms Of the
call issued a month ago inviting pro-
posals for $100,O 900 of United States
per cent bonds to run for 80 years from
February /, 1895. These figures do not
include $120, 900 900 of crank" bids re-
jected as bogus.
The immense offerings astounded the
experts. The bids literally swamped
the treasury department, which was
SO taken by surprise that at o'clock
tonight, although extra clerks had been
hurriedly drafted, the work of tabulat-
ing the bids was still in progress and II
was impossible to tell with definiteness
how many bids and what aggregate had
been received at figures in advance of
the upset price of O.6S77, at which
syndicate composed OF J. p. Morgan &
Co, Harvey Fisk & 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 $50.
1t is impossible, therefore, to say at
this time how many awards will be
made. Treasury officials regard the loan
as a complete success, both as to 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 in
surance companies We're represented in
the list of bidders, but with few excep-
tons, they were outmaneuvered by the
Morgan syndicate. Owing TO the con
fusion caused by the Magnitude of Of
ferings and the consequent delay in
classifying and scheduling the bids, any
authoritative statement of the policy
that will be pursued cannot be made at
this time. AS the bulk of offerings were
below the Morgan figures it is believed
that the syndicate headed by the great
New York banker win be accepted for
at least 100000 900 and possibly more.
In any event, no bid below the syn
dictate rate of 1106S77 will be accepted,
as that rate covers the entire loan. II
is understood that Morgan win pro-
cure part of the gold from abroad and
will not need to deplete the treasury to
furnish any part of gold called for un-
der his bid.
There were a vast number of bids
for figures fractionally rising 10, but
under the Morgan figure and for
amounts aggregating sufficient to take
up the entire loan. Among them were
the offerings of the Stewart and Mccall
syndicates, including the big insur-
ance 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 long lots.
Secretary Carlisle was greatly pleased
at the success of the bond offerings.
He said no definite statement could be
made as yet concerning the awards to
successful bidders. The secretary said
that it would probably be three or four
days before the bids could be verified
scheduled and classified and until that
time he could give no definite informa-
ton as to how low bids would be ac-
cepted. He had the impression, how
ever, from hearing the names and
amounts read, that 1t would be neces-
sary in all probability to accept some
bids at a rate slightly lower than Sill,
but how many or in what amount he
could not now tell
AS the last bids were being read the
secretary was shown a telegram just
received by one of the New York bank
ers present, saying that the new bonds
were being quoted on the stock ex-
change at 1l6. The great success OF
the issue, he thought, would have a
very benefcient effect upon the tinan-
cial and commercial interests Of the
whole country and he lokeod forward to
a year Of marked business improve
ment.
When the department. closed last
night about 1900 bids had been received
and at 1870 this morning a force Of
clerks was set to work classifying and
scheduling them. The bulk Of work
was then thought to be oven. at least
. 4 =
but the morning mails brought in at
least 1000 more bids. which had the eff
feet of greatly disarranging the plans
The interest manifested in this loan
far exceeded that Of any preceding ones.
and when the hour for opening the
bids arrived the south corridor of the
treasury building in the vicinity of
Carlisle's office was crowded with bid
ders, or their representatives. and news
paper correspondents
When, at 80, the door of the secre-
tary's office was opened a rush was
made for seats, and IN a very short
time no available space remained un-
filled. So great was the crowd that to
afford easier entrance and exit. the
door was removed from its hinges.
number of bids received prior to today |
OF these earlier bidders, with the ex- |
ception of Robert Z. Glendenning OF |
Philadelphia, 100000 at 112.75, and AL |
bert L. Judson, 100000 at 1870 all bids |
We're for amounts below half a million.
ranging from S. to about 5000 600
Joseph Pulitzer bid for 81, 600, 900 at III
In a note accompanying the bid Pulit-
ger says: This bid, at the highest mar
ket today is in lieu of the offer of the
New York World to head the list with a
subscription of 1000. GOO to a popular
loan on the basis, which was not adopt
ed, of an open subscription at a fixed
and equal rate"
J. Pierpont Morgan Harvey Fiske &
Son and the Deutscher bank of Berlin,
as syndicate, bid for 500. 600 600 a
llO64fS Up to $40 1870 bids for $685.
269 $50 had been opened.
Secretary Carlisle entered a. 2 o'clock.
The room was 50 densely crowded that
1t was with much difficulty he could
make his way to a seat
Secretary Carlisle Was greatly pleased
at the brilliantly conspicuous success Or
the loan and said it showed what the
people of this country would do when
appealed TO. He thought the effect
abroad would be very marked In our ia.
vor
II would be impossible with any ofdiu-
airy Geographic of topographic facil-
ties TO give complete list OF ali bids.
ana save as matter Of history, no i'm
fuN