The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1896-02-12
TREMENDOUS BOND OFFERINGS.


Treasury Officials Regard the Loan as a
Complete Success.
WASHINGTON, Feb. 5.-Four thous-
and six hundred and forty bids for
$55s, ,26O, $50 worth of bonds.
Such is the tremendous total of the
subscriptions opened at the Treasury
Department today, in accordance with
the terms of the call, issued month
ago, inviting proposals for 800, ,OOO,-
600 of United States four per cent.
bonds to run for thirty years from
February 1, 1895. These figures do
not include about $12O,OO0,0OO Of
''crank" bids, rejected as bogus.
The immense offerings astounded
experts. The bids literally swamped
the Treasury Department, which was
so taken by surprise that at 6 o'clock
tonight, although extra clerks had
been hurriedly drafted, the work of
tabulating the bids was still in pro-
gress, and it was impossible to tell
with defniteness how many bids and
for what aggregate had been received
at figures in advance of the upset price
of $11O. at which at syndicate,
composed of j. P. Morgan & Co.,
Pliny Fiske & Co. and the Deutsche
Bank of Berlin offered to take the
whole loan. The bids ranged from par
up to a single $50 bid at $3.50. It is
impossible, therefore, to say at this
time how the awards will be made.
Treasury officials regard the loan as
a complete success, both as to the pop
ular subscription feature and the
prices obtained. Bids came from sew
eral thousand individuals and from
hundreds of national banks and other
banking institutions. Nearly all the
leading New York bankers and insur-
ance companies were represented in
the list of bidders, but, with few ex.
ceptions. they were outmanoeuvered
by. the Morgan syndicate.
Owing to the confusion caused by
the magnitude of the offerings and
the consequent delay in classifying
and scheduling the bids, any author-
tative statement of the policy that will
be pursued cannot be made at this
time. As the great bulk of offerings
were below the Morgan figure, it is
believed that the bid of the syndicate
headed by the great New York bank
ers will be accepted for at least $780,.
100000, and possibly more. In any
extent, no bid below the syndicate
rate of $11O.6s.7.7 will be accepted, as
that rate covers the entire loan. 1t is
understood that Mr.. Morgan will pro-
cure part of the gold from abroad,
and will not:need to deplete the Treas.
ury to furnish any part of the gold
called for under his bid.
There were vast number of bids
for figures fractionally rising $110 but
under the Morgan figures, and for
amounts aggregating sufficient to take
up the entire loan. Among them were
the offers of the Stewart and Mccall
syndicates, including the big insur-
ance, banking and trust companies OF
New York city, which stood ready to
take huge blocks of bonds at figures
in excess of prices named a week ago
as high mark for large lots.
Secretary Carlisle was greatly pleas
ed at the success of the bond offerings.
He said no definite statement could
be made as yet concerning the awards
to successful bidders, nor how far, if
at all, he would exercise his option OF
rejecting any of the bids.
Secretary Carlisle was greatly pleas.
ed at the brilliantly conspicuous sue
cess of the loan, and said that it show
ed 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 first announcement from Mr..
Eckles made it known that bond bids
approaching the $400, 900, 600 mark had
been made, with enough unopened to
represent another SIS, 100000; then
came an announcement that the total
was the stupendous figure of $6S4. .269,:
$50, which was subsequently reduced
by throwing out three bogus bids OF
500, 900, 900; 100000 and $6, 900,
900.
1t would be impossible, with any
ordinary telegraphic or typographical
facilities, to give complete list of all
bids, and save as a matter of history
no Importance attaches now to any
bids naming below ITO. .6S.7.7. From
the list of bidders at and above that
figure the successful bidders undoubt,
edly will. Some of the bidders in this
list are: J. P. Morgan & Co., Harvey,
Fisk & Co., and the Deutsche Bank ol
Berlin, $1OO, 1000, 900 at ITO. 0.6S:7.7, Mer'
chants National Bank of Richmond,
Va, $25, 900 at Ill.
The Secretary said that it probably
would be three or four days yet before
the bids could all be verified, sched
uled and classified, and until that time
he could give no definite information
as to how low bids would be accepted
He had the impression, however, from
hearing the names and amounts read
that it would be necessary, in all
probability, to accept some bids at a
rate slightly lower than Ill, but how
many or in what amount he could not
now tell.
Golden Resolutions.
How many good resolutions are