The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-01-29
A QUESTION OF PRICE.
Banker Morgan May Get the
Bonds After All.
THE ENTIRE LOAN SUBSCRIBED.
Why the President Wa. Forced to orsr
the Bosds TO Competitive Biiding-Er-
PLANTATION By Treasury omeiAis-Ths Hard
Iim~s Cry.

open bids for the new loan The success
Of the loan Il assured. Treasury officials
said today there was no doubt OF that
Though 10 Il impossible 20 tell from the
bids received Just how much the offerings
aggregate, IL Is known that the bids al
ready IN hand and those TO be received
during the last few days will take up the
entire amount and much more. Treasury
officials still adhere 10 the opinion that the
bulk Of the loan will be taken right In
New York city, and by the banks and
other financial institutions which were nc
one time members OF the Morgan syndi-
cate. This Il true, not because the people
are unwilling to subscribe TO governments
loan, but because the difficulties In the
way Of private individuals are too great.
They do not know how 70 60 ct It and
have not the gold II they wished to make
subscription. They do not care 20 go 20
much trouble about the matter.
Banker Morgan's hid.
There Is a great probability that most
Of the loan will be taken In New York,
and IL would not surprise treasury officials
II they were 90 find among the packets
when they open them next week bid
from Mr.. Morgan and his friends, Offering
70 take the entire issue on terms better
than those which the government could
secure BY dividing the issue among a
number OF other bidders. It IL all a mat
ter Of price and has been wholly q matter
of price from the first. II Mr.. Morgan
and his associates had been willing 10
make what the president thought fair
price In the first place, there would have
been no public sale OF the bonds. A con-
tract would have been closed with the syn
dicatc. But Mr.. Morgan did not want 70
bid more than 100 for bonds which the
president thought were worth at least 10
or ll2, and on that point they split. The
president was forced 20 offer the bonds 20
competitive bidding. 1t Is now believed
by treasury officials that the entire issue
will be sold az about 112, thus justifying
the president in holding out for q better
price. IL Is mystery 20 some people why
the government cannot place an issue OF
bonds OF the market price. Bonds identi-
cal with these, issued last year, are today
quoted In New York at about lis, and the
people wonder why Uncle Sam cannot get
the same figure for his new output.
Treasury officials explain that there Is a
great difference between selling Q few
bonds In open market and putting out at
one swoop eIo0, 000 900 worth. Such q
large issue gluts the market. They say IL
the government gets Ill or ii2 for the new
issue, while other bonds are held ut 115, it
will do very well. Gradually the new issue
will be distributed throughout the coun-
try, and gradually the quotations will rise,
Just as in the case Of the bonds which the
syndicate bought year ago at 104, and
which afterward rose as high as 123, and
would today be quoted at perhaps 100 were
1t not for the fact that the government has
advertised n new issue. Selling bonds,
like everything else, has to conform TO the
laws OF supply and demand.
Hopeful Prophets
In conversation with men who hold high
rank In the business and financial world I
learn there Ia general expectation among
them that after this issue of bonds Is
placed and normal financial conditions arc
reached the country will enter upon q
period OF prosperity. They believe-tlk. e
slump, brought about, first, by osverpro-
duction and sggrayeteSd by 'iAck Of conf
dence, which bro,ight on period of con-
Traction and a period In which people were
not willing to pay their obligations be-
cause other people did not pay them, Is
now nearly at an end. The recovery has
been slow, and for that reason the more
healthful. These men say they can see
the signs Of returning prosperity and OF a
general range of higher values for all CON-
modities and securities. Doubtless the
people OF the country will hope these
prophets are not mistaken In their forecast.
Washington hotel keepers are not COM
planning of the hard times just now. The
Capital City Is enjoying q very gay and
quite prosperous winter season. There Is
no other city In the country Of like size
with anywhere near so many hotels as
Washington, and all OF them appear to be
doing good business. 1t Is remarkable
contrast to the business OF last summer,
when only three or four hotels OF the so or
60 In this city even paid their expenses.
One Of the largest hotels here, its propri-
etor tells me, lost money last summer at
the rate of $40, 600 month. Yet he will
clear $50, 900 or $50, 900 on the years busi-
ness, showing that the winter must be
pretty good for the hotel trade.
Another large hotel, In which a trades
man had embarked his whole fortune, kept
open last summer with n single guest, and
a very lonely time OF IL that guest had
sleeping all alone In the great building
and taking his solitary meals in the mag.
Difcent dining saloon. Now this hotel Is
full OF people, and Its owners face Is
wrcathed In smiles Every year larger
percentage Of the senators and representa-.
tives and their families abandon boarding
houses and take TO the hotels. They like
the social life of hotel, the opportunity
TO make acquaintance and keep In the
Ono hotel here has 10 or 12 senators and
perhaps a score or more OF congressman
among It's regular boarders.
Mrs. CIeveiand's Fur Cape.
Even great and rich people do find 1t
necessary TO economic sometimes. A
story illustrative Of this was told me by
one Of the ladies Of a foreign ministers
family. She was one day at dyer's place,
when who should come In but Mrs Cleve-
land The first lady Of the land, whose
husband draws the comfortable salary of
ESQ, 900 a year and works hard for Il,
wanted fur cape dyed. She was very
particular TO inquire about the price, Just
a. any other American woman would be.
The foreigner was greatly amazed by this.
She could not imagine such a thing as
queen going In person TO dyer's 10 have
garment worked over so that 10 could be
put In style. Never would such a thing
be seen In the old world, she declared
All Of which goes to show that we do
things In n way OF our own In this ooun-
try, and n very good way II appears 10 be-
WALTER WELLNAs.