Baxter Springs news. [volume] (Baxter Springs, Kan.) 1882-1919, 1896-02-08
A GREAT SUCCESS.
Bids for Bonds Aggregate Over
Five Times the Amount
SECRETARY CARLISLE'S OPINION.
The Secretary of tho Treasury Says the
success OF tho Bond Issue VIII
Greatly Improve tho coun-
try's business.

WASHINGTON, Feb. flour thousand
six hundred and fifty bids for 1855, 26o,-
$50 worth OF bonds. Such was the
tremendous total Of the subscriptions
opened ut the treasury department
yesterday In accordance with the terms
Of the call issued month ago inviting
proposals for 500, 100000 OF United
States four per cent. bonds, to run for
30 years from February /, 1865 These
figures do not include about sl90, o00,-
600 Of ''crank" bids rejected as bogus.
The immense offerings astounded ex-
perts. Tho bids literally swamped
the treasury department, which was
SO taken by surprise that Mt six o'clock
last night, although extra clerks had
been hurriedly drafted, the work OF
tabulating the bids were still In pro-
gress, and II was impossible to tell
with dcfiniteness how many bids and
for what aggregate had been received
ut figures In advance Of the upset
price ITO 6s77, at which syndicate,
composed of j. p Morgan & Co., Har-
vey, Fisk & Co. and the Deutche Bank
OF Berlin. offered to take the whole
loan. The bids ranged from par up to
single $50 bid ut $50. 1t is impossi-
BILE, therefore, to say Mt this time how
the awards will he made.
Treasury officials regard tho loan MS
a complete success, both as to the pop
ular subscription feature and the
prices obtained. Bids camc 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 were represented
In the list Of bidders, but with few ex'
ceptions they were out-maneuvcred by
the Morgan syndicate.
Owing to the confusion caused by
the magnitude of offerings and conse.
quent delay in classifying and schedul-
ing the bids. any authoritative state
ment Of policy that will be pursued
cannot be made ut this time. As the
great bulk of the offerings were below
the Morgan figure, 1t is believed that
the syndicate headed by the great New
York banker will be accepted for at
least $50, O00, COO, and possibly more. In
any event. no bid below the syndicate
rate of lloCs77 will be accepted, as
that rate covers the entire loan. II is
understood that Mr.. Morgan will pro-
cure part of the gold from abroad
and will not need TO deplcte the treas
ury to furnish any part OF the gold
called for under his lid.
Secretary Carlisle was greatly
pleased ut the success Of the bond Of
ferings. lie said no definite state
ment could be made Us yet concerning
the awards to successful bidders, or
how far, II ut all, he would exercise
his option of rejecting any or oil bids.
lie said the success OF the loan showed
what the people of this country would
do when appealed to. He thought,
too, that the effect abroad would be
very marked In our favor.
The secretary said II would be three
or four days before the bids could be
verified, scheduled and classified, and
until that time he could give no def
mite information as to how low bids
would he accepted. He believed, how.
ever, from hearing the names and
amounts read, that it would be neces-
sary to accept some bids at rate
slightly lower than Ill, but how many
or In what amount he could not now
tell. The great success of the issue he
thought would have very beneficial
effect upon the financial and CONNER
cial interests of the whole country,
and he looked forward to year OF
marked business improvement.