The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-02-06
The Success Of the Popular Loan
Much Greater Than Antici.
pated.
Bids for Bonds to the Extent OF
Nearly Six Hundred Millions
Received.
1t Will Be Necessary to Accept
But Few, if Any, Bids
Below III.

WASHINGTON, FeO. 6.-Ihe secretary
OF the treasury opened. the bids for the
purchase of 500, OOO, 900 United States
4 per cent 30 year bonds which had
been received under his call dated Jan.
6 last. The bonds which are redeem.
able in coin will be issued in demon.
nations of $50 or multiples of that sum
as may be desired by the bidders.
Only United States gold coin or gold
certificates will be received in payment
Of the bonds. Under the terms Of the
secretary's circular calling for bids
the first payment of 20 per cent
and accrued interest must be made
upon receipt of notice of acceptance Of
the bid. The remainder o the amounts
bid may be paid in installments of 10
per cent each and accrued interest at
the end OF each Is days thereafter.
Accepted bidders. however, are allowed
to pay the whole amount of their bids
at the time of the first installment or at
any time previous to the maturity Of
the last installment. provided, that all
previous installments have been paid.
The bonds will be dated Feb. ]. 1895, to
run 30 years from that time, and will
therefore mature Feb. /, 1925.
At 9 o'clock a. m. a force of clerks in
the loans and currency division began
the task of opening and scheduling the
bids. The clerks employed in this work
were not allowed to leave the room
until the time for receiving bids had
closed, so that by nc chance could any
information in regard to the bids be
prematurely disclosed. The bids were
announced from the schedule already
prepared in the s~ecretary's Office where
a large number of bidders and repre-
sentatives of the press had gathered.
The interest manifested at the treas
ury department in the opening Of the
bids for the present loan far exceeded
that attending either of the others and
as early as $3.50 o'clock prominent CAPT.
talists from New York and other East
ern cities began to put in an appear
ance at the treasury. Many of them
called on Assistant Secretary Curtis,
who explained to them what arrange
ments had been made for the opening.
The opening and scheduling Of the bids
was conducted under the direction Of
IAcoAotoAe oCSACtbky SuItAS Wy % COL4s
mittee consisting of Mr.. Morgan,
United States treasurer; MIR. Eckels,
the comptroller Of the currency; Mr..
Huntington, chief Of the division of
loans and currency.
Many Belated HID.
All the morning bonds bids came in
rapidly. swelling largely the already
long strung out list of bidders, great
and small. Every train and every mail
brought q list of bond bids and at II
o'clock the expectations Of treasury off,
Gals were rising and predictions were
made freely that the loan would be
largely over subscribed and that bonds
would bring a good price.
At l1:30 o'clock the large crowd as
sembled about the secretary's door was
allowed to enter and all of the available
space was soon occupied.
Secretary Carlisle entered the room
at II o'clock. The room at that time
was SO densely crowded that it was
with much difficulty he could make his
way to a seat.
Nearly Six Hundred Million.
The total (corrected) number Of bids
received for the new loan is 4,64O, ag-
gregating 1858, 269, $50. This number
and amount do not include three bids
Of 800, 600, 600, $l6,O 900, 600 and Sc, OOO,.
600, which are at least of doubtful
authenticity. Secretary Carlisle was
greatly pleased at the brilliantly con.
spicuous success of the loan and said it
showed what the people Of the country
would do when appealed to. He
thought, too, that the effect abroad
would be very marked in our favor.
May Accept Some Below III.
The secretary said that it probably
would be three or four days yet before
the bids could be verified, scheduled
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 III,
but how many or in what amount
he could not tell. As the last bids
were being read the secretary was
shown telegram just then received by
one OF the New York bankers present.
stating that the new bonds were being
quoted on the stock exchange at 116.
The great ces of the issue. he
thought, would have q very beneficial
effect on the financial situation.