Evening star., 1898-07-15
EXCLUDED
Multitude of Small Investors Capture
the War Loan.
ALLOTMEN9SIN SUMSOF S., 900 OR LESS
The Actual Aggregate Not Known
Until Today.
Mt ERE STING FIG RES

Secretary Gage today made the following
interesting statement to the bond issue:
1T may not be considered as a settled
fact that allotment of bonds can be
made to banks, corporations of other forms
Of associated capital. The subscriptions
made by individuals receive preference un-
der the law, and the aggregate of individual
subscriptions is far in excess of the total
amount of bonds offered. In fact no allot-
ment to individual subscriptions will be
possible where such subscriptions In
excess of 5000.
THAT is to say, the full 5000, ,OoO. coo has
been subscribed for by individuals. in
amounts of 5000 OF less. In due course
subscribers to whom allotments will be
made will be officially advised of the fact,
and all these fortunate ones ought to re-
ceive such advice byIAugust 1. or at latest,
for the most remotenpoints, by August 8.
Subscribers who may by this announce
nlont be informally ladvised that they are
entitled to allotments are requested to
wait official notice sbefore making pay
nents. The official notice will cover full Par
ticulars as to how to make payment, and
thus misunderstanding and arrangements
will be avoided. The bonds will not begin
to draw interest until August l."
Loan Was Underestimated.
Assistant Secretary Vanderlip said at
neon today thatsthe magnitude of the war
lean was undefestimated in the figures
given out by him last evening. The num-
ber of individuals who have subscribed to
the loan will reach 236 600 instead OF 22S-
900, as given out last night. The smOunt
taken by subscribers of the $500 class and
under is likely to be two or three millions
In excess of the estimat te of ninety millions
made last evening.
The delivery of the bonds will begin July
26, and those to whom allotments of $500
and under have been made will receive
their bonds first. Arrangements are al
ready being made by the express COM
panies for the delivery of the bonds. Sub
Scribers for amounts larger than 500 are
not likely to receive their bonds for some
time. This delay is absolutely necessary
by reason of the exigencies of the case.
The delivery of the latter class will depend
somewhat upon the ability of the bureau
of engraving and printing to supply the
registers Office with the new bonds.
The bureau will begin the delivery of
bonds of the $40 denomination July 30. The
preliminary order for this denomination is
5000. and they will all be delivered before
August L. Bonds Of the $500 denomination
are next In the order of delivery. OF this
denomination 1000 will be sent to the reg
listers office on July %. and the same num-
Der on July 26. On each OF the .ys, July
n and IS. 1900 $500 bonds will be delivered
to the register, and thereafter the number
OF this denomination to be delivered will
be increased by 1000 every two days. Al
though the plates for the 500 bonds are
not quite completed. deliv cries of this de-
nomination will be made to the register be-
fore August l.
Plates for the $1,000 denomination are
still in hand. but will be completed before
that date. The work of printing document
ary stamps and other adhesive stamps
required by the war revenue act
has been so urgent that work on the bonds
has been. in a measure, laid aside, but not
sufficiently to embarrass the department
as to the delivery Of the bonds to success
full subscribers.
Delay IL Desirable.
The Secretary also considers it desirable
that there should be some delay in the de-
livery of the bonds representing the sub
scriptions of more than $500. for the reason
that such delay will tend to prevent dis.
turbance in the money market.
1t is thought that delay will be beneficial,
i'll that payment is to be made as the bends
are delivered, and If amounts ore taken
from the market from time to time, there
Is little likelihood that the payments on
account of the bonds will tend to harden
the market. Under the terms of the cir
cuiar inviting subscriptions to the bonds
the Secretary provided that any subscriber
might pay for the whole amount allotted
him within ten days from the date of the
notice of his allotment. Interest VIII be
adjusted from the time of actual payment
whether paid in one sum or In INSTALL
ments. as permitted.
The assistant secretary IL not able to
state definitely where the line will be
drawn between the successful and the un-
successful subscribers. but believes II will
be in the neighborhood of $5.O0O 1t will be
three or four days before 1t can be an
nounced where the exact line will be which
will determine those subscribers who ars to
receive bonds and those who are to receive
| nothing.