The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1896-02-06
.A RUSH FOR THE BONDS.
The Treasury Department Overwhelmed
With Bidders.
THE LOAN A STUPENDOUS SUCCESS.
over Four Thousand offers Received, Aggre-
eating s5Bs, 2es. .s5O-Morgan Syndicate
the Largest Bidders-The Whole Is
sue will be Floated at Above 11O.


WASHINGTON, Feb. 6-Four thousand
six hundred and forty bids for S55s, 269, $50
worth of bonds. Such is the tremendous
total of the subscriptions opened at the
treasury department yesterday, i'm accord
ance with the terms of the call issued
month ago inviting proposals for 800, ,OOO,-
OO0of United States per cent. bonds to
run for thirty years from Feb /, 1895.
These figures do not include about $780,
600, 600 of crank" bids rejected as bogus
The immense offerings astounded ex-
perts. The bids literally swamped the
treasury department, which was so taken
by surprise that at 8 o'clock last night, al
though extra clerks had been hurriedly
drafted the work of tabulating the bids
was still in progress, and it was impossi-
BILE to tell with defniteness how many
bids and for what aggregate had been re-
ceived at figures in advance of the upset
price of 110.6S77, at which a syndicate
composed Of j. p. Morgan & Co., Harvey
Fisk & Co. and the Deutsche Bank of Ber-
lin offered to take the whole loan.
The bids ranged from par up to a single
$50 bid at 150 1t is impossible, therefore,
10 say at this time how the awards will be
made. Treasury officials regard the loan
as a complete success, both as to the popu-
lar subscription feature and the prices OBJ
tanned Bids came from several thousand
individuals and from hundreds Of national
banks and other banking institutions
Nearly all the leading New York bankers
and big insurance companies were repre-
sented in the list of bidders, but with few
exceptions they were out maneuvered by
the Morgan syndicate.
Owing TO the confusion caused by the
magnitude of the offerings and the conse-
quent 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 great bulk of the of
ferings were below the Morgan figure it
is believed that the syndicate headed by
the great New York banker will be ac-
cepted for at least 800, ,0O0, 600, 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. 1t is un-
derstood that Mr.. Morgan will procure
part of the gold from abroad, and will not
need to deplcte the treasury to furnish
any part of the gold called for under his
bid
There were vast number of bids for
AZ NIoraaT tIanre and for ononnts 40.
C,ror,atino enfIiciont to take mn tbe entire
loan AInono them were the offers of the
Cto1,ort and Mccall evndicates including
80 I,i,, ins,1rorco hanl,ino and trust COM
,,a,ias of New Work CITY which srood
reado 70 talxe hnga bIocls of bonds Mt flo.
ures in excess of prices named a week ago
as high mark for long lots. Secretary Car
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