Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1896-02-06

bids so Numerous That There VIII lie
uard Work to Pick Ont the Best-Treas-
ury People Highly Gratiird-yest Makes
Csustic Attack ON Secretary Morton.
Ranking with Tiiiman's Recent Philippe
House Anti-Prize Fight Eli Passed.
WAsn1yGTos, Feb. 6-Four thousand
six hundred and forty bids for sJJs, go, .
80 worth OF bonds. Such Is the total Of
the subscriptions opened at the treasury
department yesterday In accordance with
the terms OF the call issued n month ago
inviting proposals for slOo,OO0,OoJ Of
United States 4 per cert. bonds to run
fur thirty years from Feb. I, lst5. These
figures do not include about si20, ,OO0, 900 Of
"crank' bids, rejected as bogus. Tho
large offerings astoundcd the experts. The
bids literally swampcd the treasury de-
partrncnt, which was so taken by sur.
prise that by d o'clock last night although
extra clerks had been hurriedIy drafted
the work Of tabulnting the bids was still
in progress and IL was impossible to tell
with dcfinitcness how many bids and for
what aggrc gate had been received at fig.
urcs in advance Of the upset price OF no.
J
L. Morgan * Co, Harvey, Fisk s. Co. and
the Dcutschc Bank Of Berlin offered to
take the whole loan.
Popular Feature n Complete Success
The bids ranged from par up to u single
80 bid ut ljD. Il is impossible therefore
to say at this time how the awards will be
made. Treasury officials regard the loan
as complete success, both rs to the popu-
lar subscription feature and the prices OBJ.
taincd. Bids came from several thousand
Individuals and from hundreds of national
banks and other banking institutions.
Nearly all the leading New York bankers
and biz Insurance companies were pre-.
scntcd in the list OF bidders, but with few
exceptions they were outnannuvred by
the Morgan syndicate. Owing to the con.
fusion caused by the magnitude of the of.
fcrings and the consequent delay in classi.
flying and scheduling the bids any authori-
tative statement of the policy that will DO
pursicd cannot be made at this time. AS
the great bulk of the offerings were below
tho Morgan figure it is believed that tho
syndicate headed by the great New York
banker will be accepted for at least S50,-
OJU,OJ0 and possibly more.
Syndicate Fixed :he Upset Price.
In any event no bid below the syndicate
rate of 11O.Gs1s will be accepted, as that
rate covers the entire loan. Ii is under
stood that Morgan will procure o part Of
the gold from abroad and will not need to
dcplete the treasury to furnish any part of
thclgDld called for under his bid. There
were n vast number of bids for figures frac.
tionally raising 10, but under the Morgan
figure, and for amounts aFgregating suf-
ficiont To take up the entire loan. Among
them were the offers Of the Stewart and
Mccall syndicatCs, including the big in
surancc, banking and trust companies of
New York city. which stood ready to take
hugo blocks of bonds mt figures in excess
OF prices named u week ago as high mark
for long lots. Secretary Carlisle was
greatly pleased ut the success of the bond
offerings.
Wc'i-known rinancicrs Present.
The interest manifested in this loan far
exceeded that OF the preceding ones. and
when the hour for opening the bids ar
rived the south corridor OF the treasury
building in the vicinity of Mr.. Carlislc's
Office was crowded with bidders or their
representatives and newspaper corrcspon-
dcnts Whom at 30 the door of the Sec
rctary's olicc was opened a rush was made
for seats and in very short time no
available space remained untitled. So
great was the crowd that to afford easier
entrance and exit the door was removed
from its hinges. Among the last to ar.
rive were j. T. Morgan and Pliny Fisk. OF
New York, who found III the crowded
room ahead OF them numbers of we'll
known nnancicrs.
Much wealth Was Esprcscnted.