The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1898-07-22
WAR LOAN CLOSED.
The Subscriptions offered Amounted
to Six Times the Issue.
MOST SUCCESSFUL LOAN FLOATED.
Mr.. Vanderllp Thinks That No one who
Subscribed for More Than $4,000 VIII
Get Any, but the Smaller Invest
ors viii Get It ALL

Washington, July 15.-The subscrip-
tions to the three per cent war loan
of 5000, OOO 900, which closed at three
o'clock yesterday afternoon, including
the offers made by syndicates, will
amount to 81, 100000, 900, or six times
the amount of the issue. The sub
scriptions represented by checks or
other forms of payment it is esti-
mated, will aggregate about $3.50, 00O,-
900, or 3% times the amount of
the issue Early this week AS
sistant Secretary vanderlip, who
has had immediate supervision
of the work in connection with
the loan. became convinced that the
subscriptions of individuals would be
far more than sufficient wholly to
absorb the loan, and gave instructions
that checks representing all subscrip-
tions of corporations be prepared and
returned to the senders last night. 1t
is thought at the treasury department
that no individual subscriptions as
high as $40 900 will receive an allot-
ment of bonds.
During the month, the department
has received about $50, 900 subscrip-
tions and nearly the last one opened
was from New York bank for $780,.
600, 000 inclosinP check for So, 600 600
1t was Secretary Cages intention to
make the payments on account of the
bonds as easy to the people as possible,
and all forms of payment were to
be received. These included cash,
checks. bank drafts, post office
money orders, express money orders,
certificates Of deposit and, during the
last day or two. the department has
received money by telegraph. During
the entire month, there has been an
average of $1,000 subscriptions re-
ceived daily and some days that num-
Der has exceeded 10000 To handle
this enormous mail and schedule the
subscriptions force of over 800 clerks
has been constantly employed 1t
probably will be two or three days be-
fore it is known just the size of the
largest subscriptions which can be &C
copied
Assistant Secretary Vanderbilt, who
for 3S days has managed the work of
placing the bonds of the new war loan,
announced last night that the books
had been closed upon the most sue
cessful loan ever foated by the gov
ernment In the experience of the
oldest clerks in the treasury depart
ment nothing of the kind had ever
equaled the success which has attended
the present issue of bonds.
II is, Of course, impossible TO give nnal
figures at this hour The department received
yesterday Just under 81 900 letters and Wedues-
day "a 300 This mass OF applications must be-
put through the detailed operation before a
total can be arrived at and the exact line at
which allotments will be made announced
nv estimate at this hour Is that IL will DO
around Is, 000 That is to say, all appll-
cations for smaller amount than that
figure will be allotted in full while
all applications for larger amounts will receive
nothing Al this hour there has actually been
listed fS4. 3O0,OOJ OF the 500 and smaller sub
scriptons and the amount now on the tables
will carry that probably Just above $4,000. OBI.
The amount Sheduled and totaled in the sub
scriptons larger than 1900 Is at this hour $780,
6l0,SiO, and estimate II will reach f735.000 0O1
Thus the total subscription, including the 800,
900 coo OF syndicate bids, will reach ~ 325. 000.-
900 We have held out cases where there we're
doubts to the bona iide character OF the
subscriptions. amounting in the subscriptions
for 1900 and under alone to 10 4DI, 740 The
total number OF subscriptions fot 500 and I'M
der that has now passed tn STAN pers Is 22S 900
creased The total OF larger subscriptions
numbered Is $3.50 and there are still several
thousand OF these larger sub,criotions to be
listed In the last ~ days the DEPART
meut received 255,sO subscriptions. an av-
erage OF 1892 n day. The last letter WAS
opened within two hours alter the subscription
closed We have hal, at the close NJ the work
Az empioye, working from nn' in the morning
until l,:jO at night Tho fat thu, thore are at
this hour. out Of marty SpslI subscriptions
received only Z cases h Il up b cause OF some
lrregularltE such q, misplaced remittance or
iuformality Of NuOscrip ion is some Indication
OF the thoroughne-s Of tho work
When the loan closed at three p. In.
yesterday, the department was pre-
pared to return the checks OF the un-
successful bidders in those cases where
the assistant secretary was already
satisfied no allotment could be made.
This course was taken in case of de-
positors in order that the amounts
held in banks subject to certified
checks might be released at the
earliest possible moment, Checks
are being rapidly drawn to cover