The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-02-06

at this time. AS the great bulk Of the Of
ferings were below the Morgan figure, II Is
believed that the bid of the syndicate head
ed by the great New York banker will be
accepted for at least $50,000,0Oo and possibly
more. In any event, no bid below the syndi-
cate rate of 110.6S7 viii be accepted, as
that rate covers the entire loan. IT. Is un-
derstood that Mr.. Morgan will procure a
part of the gold from abroad and will not
need to deplete the treasury to furnish
any part of the gold called for under his
bid. There was vast number Of bids for
figures fractionally above $110 but under
the Morgan figure and for the amounts ag-
gregating sufficient to take up the entire
loan. Among them are the offers Of the
Stewart & Mccall syndicates, including the
bids of the insurance, banking and trust
companies OF New York city, which stood
ready to take huge blocks OF bonds at fig
ures in excess Of prices named week ago
as high mark for long lots.
CARLISLE PLEASED.
Secretary Carlisle was greatly pleased at
the success of the bond offerings He said
no definite statement could be made as yet
concerning the awards to successful bid
ders nor how far, if at all, he would exer-
else his option of rejecting any or all bids
The great number of offers, he said, 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 that 1t would
probably be three or four days yet before
the bids could all be verified, scheduled
and classified, and until that time he could
give no dedfinite information as to how low
bids would be accepted. He had the i'm
preston however, from hearing the names
and amounts read, that il would be neces-
sary, In all probability, 10 accept some bids
at a rate slightly lower than Ill, but how
many or in what amount he could not now
tell. AS the last bids were being read the
Secretary was shown telegram just then
present stating that the new bonds were
being quoted on the stock Exchange at
ll6. The great success or the issue, he
thought, would have a verv beneficial ef
feet on the financial and commercial inter-
ests of the whole country, and he looked
forward TO year OF marked business I'M
provement. Mr.. ]. Pierpont Morgan who
was present, expressed himself greatly
pleased at the success of the loan.
When the department. closed last night
about 1900 bids had been received, and at
1880 o'clock this morning force OF clerks
was set to work classifying and scheduling
them. The bulk OF the work was then
thought to be over, at least except for
few bids for large amounts, but the morn
ing mails brought In at least two thousand
more bids, which had the. effect OF greatly
disarranging the plans. The interest mani
tested In this loan far exceeded that OF any
preceding one, and when the hour for open
ing the bids arrived the south corridor OF
the Treasury Building, in the vicinity or
Mr.. Carlisle's office, was crowded with bid
ders or their representatives, and news
paper correspondents.
A CROWD OF FINANCIERS.
When, at II 80 the door Of the Secretary's
office was opened, a rush was made for
seats, and in very sbSrt time no available
space remained unflled. So great was the
crowd that to afford easier entrance and
exit the door was removed from its hinges
Among the last to arrive were Messrs. j. p.
Morgan and Harvey Fisk, of New York, who
found in the crowded room ahead of them
numbers Of well known financiers. the most
prominent OF whom were VIM. II. Coombs,
president of the Manufacturers Trust Com
pany. of Brooklyn; Mr.. Graham, of the In
ternational Trust Company. of Boston; Mr.
Hendrix president OF the National Union
Bank, of BROOKLYN; Mr.. Toulmin, vice pres
ident Of the Hide and leather s Bank Of sSs- sos
security dealers in New YORK; Mr.. Burns,
OF the American Exchanse National Bank.
Brothers. them New New YORK; Mr.. Martin Erdmann.
Of Speyer & Co.. New York; president Jonn
A. Mccall and {. G. 6ssciFa,if-oi tBe -sScW >s''
York Life Insurance Company, OF New
John Stewart president OF the United
States Trust Company, - New YORK; MI
Wormser, OF Wormser Brothers, New York;
Daniel Magone of Ogdensburg y. Y, and
collector OF customs of the port Of New
York and Mr. Kemp, of the Commercial
and Farmers Bank, of Baltimore; DR.. Geo.
W. Hosmer and Mr.. James Creelman, repre-
senting Mr.. Pulitzer. of the New York
World; Mr. Burnett, OF the Investment Cor
poration Company, OF New York. and Mr..
Chandler, of Boston.
The committee to superintend the opening
OF the bids, consisting OF United States Treas
urer Morgan, Controller Eckels and Mr..
Huntington, of the loans and currency di-
vision, had been at work since early morn
ing and at few minutes after noon, an
nounced that they were ready to proceed.
1t was an interested crowd that listened to
Mr.. Eckels as he read the names of the bid
is probable that more millions were repre-
sented In Mr. Eckels's audience than were
ever before gathered together in the Treas
ury Building. Three or four of the bids car
red with them evidences of their being
fictitious and they were. accordingly,
omitted from the list, but the long list OF
bids and the substantial amounts desired by
many bidders soon made II apparent that
the question was not would the loan be
oversubscribed' but "how much would it be
oversubscribed?" The first announcement
bids approaching the $l00,00,0O0 mark had
been made with enough unopened TO repre-
sent another $4,000, 900; then came an an
nouncement that the total was the stipend
Gus figure of 1854, ,269 $50, which was subse.
quently reduced by throwing out three
bogus bids of $100,000,0o0 000,000 and $6,-
0O0,0O0.