Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-02-06
THE BIDS FOR THE BONDS
Administration Men Said to Have Been
Surprised at the Offers.
Did Not Expect Such Popular
Dem0nstratiOn-Sati ctiOn Ex-
pressed in Congress.

Abundant satisfaction is expressed in
Congress at the exceedingly large aggre
gate of the bids of gold for bonds The
result is especially gratifying to the re-
publicans and anti-administration people
generally, for the reason that it has been
understood all along that the administra-
ton made the offer of the popular loan
with the conviction that it would be
failure, and that fact would vindicate the
wisdom of the former syndicate sale.
When the offer of the popular loan was
made, and from time to time since the
declaration has come from administration
sources, both in Congress and out, that
the loan would be a failure and that the
government would have finally to fall back
upon the syndicate for assistance. This
declaration was made in interviews by
the closest friends of the administration
when the offer was first made, and has
been repeated often since, with self
satisfied smile, and the statement that the
treasury officials were confident that the
syndicate policy would be vindicated.
1t has always been understood that the
offer, made in response to popular clamor.
was inspired by the belief that it would
furnish an object lesson which would put to
shame the critics OF the President and his
Secretary, and put an end to the 'dema-
gogic cry" for popular loan for all time in
the future.
The administration now processes great
satisfaction at the result of the bids, but it
IS certainly a different result from that
they had in contemplation when the idea of
deal with the syndicate for the>new loan
was abandoned and the other form re-
luctantly adopted. The critics of the ad-
ministration point at the difference between
the prices offered for these bonds and the
price brought by the others at private sale.
as an Evidence of the lack of wisdom in the
syndicate policy. To this the friends of the
administration reply that the conditions are
now very different, and that what was be-
fore done to save the credit of the govern
ment is what made this popular loan pos
s.ble
Scheduling the Bids.
Assistant Secretary Curtis, who has
charge of the sche eduiing of the bids for
the purchase Of the / per cent bonds, said
this afternoon that the work of getting
them in shape for consideration was pro-
crossing rapidly, and that he hoped to be
able to make some definite statement as
to the action of the department tomorrow
There will be no unnecessary delay in the
matter and the names of the successful
bidders will be announced as soon as pos
si,,le.
Although not officially admitted. it is
believed to be practically settled that the
awards Will be confined TO the bids at
l1OGStI and upward. There are subscrip-
tions for s1JO,00O0hO within this category
including the blanket bid Of the Morgan
syndicate Tor SlooDoJoJo, at the minimum
rate. First consideration will be given to
the s50,000,oO0 subscriptions at and above
the rate of the blanket bid. Enough of
tnat bid will then be accepted to make up
the total amount of the loan, s1G0, 600 COO
If this program e carried out the Morgan
syndicate will secure about sa0,COOO0O or
just one-half OF the loan. The work of
the committee will be smplifed considera-
bly, 10y the rejection of the mass of bids at
rates below 110.GSI7. Nearly all Of these
bids come from individuals and the smaller
banking Institutions. In the words of one
Of the treasury officials today, "Au the So
called popular offers to subscribe were at
the lowest rates, averaging about 1o4
which, while showing a desire to subscribe
20 government loan, showed also that
the small dealers, for some reason or othcr
were not willing or able to pay as much
for the bonds as the big institutions which
make business of such transactions"