New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-18
DIG BIDS AND LITTLE BIDS.
VOLUME FOR THE WAR LOAN UN-
DIMINISHED.

o.,ivo investors in this city in apparently
p,,,,nished volume. The totals for each day
w., he given however. or even estimated
'.. o,v approach to accuracy. for the Sub
.,,rv's daily receipts from applicants for
-. IN sums OF $500 or less are no longer
-, ,ublic The cash subscriptions OF this
'1~a which are being received and forwarded
.'.,, 70 Washington by pretty much every
w., and trust company and banking house
,ovn are almost innumerable. and bids
ov ND in the millions often do not come to
80. until two or three days after they have
been put IN
Ubre the sub-Treasury's figures were not OBJ
..,noble I, can be said that the total sum paid
,,ere Yesterday by subscribers for bonds was
'.out the same as on Thursday. and 1t Is
..oun that that amount was heavy one. Some
,,l calculator counted 1853 men and women
hand at the opening Of business yesterday
lining at the Sub-Treasury and the line OF
.n,,cants was long one all day. The work
=, handling the applications was much more
.c,,vely systematized yesterday than on pre-
..,o,s days and a consequence the officials
Nv. able 10 complete their labors and get away
-. hour or two earlier than on Thursday. In
..oa ~ all the applicants being received In
,.,utv Assistant Treasurer Muhleman's ONCE.
=. had previously been the practice. they were
,.,rbuted Yesterday. those who desired to turn
= each single subscription forming a line
hose objective was a window on the main COR
,,dor: those who sought merely application
,snks obtaining them at another window, mes
.sngers bringing large numbers of subscriptions
handing them in at Mr. Muhleman's office, and
osrsons who had on Thursday left their sub
,cr,pt,ons without waiting for the duplicate re-
cspts obtaining such receipts at Assistant
Treasurer Jordans Office.
THE CRITICISM UNFOUNDED.
The statement printed yesterday that
many complaints were being made downtown
Z, unfair discrimination against bona nde bids
made by members Of families especially when
messenger took such bids TO the Sub-Treasury.
T. being alleged that Assistant Treasurer JORDAN
had instituted rule that where five or six bids
tor as many members Of one family had been
sent in the body Of the blanks filed out in one
handwriting but each blank properly signed by
tho applicant actually named therein only one
Of the subscriptions should be accepted. all the
others being rejected. 1t can be said upon
authority that this criticism IS unfounded. anu
that the fact that two more applications are
n the same handwriting has in no case been Il
bar 10 their acceptance, provided the sigma
lures were written by the actual applicants
There have been offers. however. OF several SUB
scr.ptions in lot. oil written, applicants sigma
,ure and all in the same handwriting; and these
have had to be rejected.
The report that third war loan syndicate
would be formed. TO include certain large In
eurance companies. National banks and Foreign
banki,g- houses does rot seem 10 have been
weII-founded The New-York Life Insurance
Company was one Of the Institutions named III
this report and It's bid for Sl0OOOot, was all
The Equitable Life Assurance Society was an
other and the fact that II had forwaroeu %
Washington It's bid for S20OOoooo was ascer-
tanned yesterday. 1t is not believed however
that either Of these great corporations conten-
plate entering any syndicate. 1t is not unhke!y
though, that one or more big syndicates may
b formed in addition to the two HEADED re-
soec,iyely by the National City Bank and j. r.
Morgan & Co. It was said on good authoIitE
yesterday that conference or leadIng lore'sn
tankerss had been held at Long Branch on
thursday night to outline a working plan for
The formation Of a 5000 100000 bond syndicate;
and although the bankers named in the report
very strenuously. One wel-known loreign
banker said that ne knew OF third syndicatS
which had been formed and then dissolved; ana
he added laughingly: LAS for the Long bF onr
conference you will hear Of GOOD many con-
ferences between now and July a. $500.
According 10 the language OF secretary cage
CIRCULAR the syndicate bids and indeed all bios
sor moro than few thousand dollars eaci'
would seem certain TO receive no return IN tie
d Yesterday that after all there might be pro
rata distribution among the heavy bidders; TINS
Information being given upon the aleSeu au-
thoritv OF IAN Assistant secretary or the treas
W., q, Washington" The premium upon me
new bonds has advanced from per cent 10 i1a
per cent at which figure BIDS were mace LOT
Them Yesterday on the floor OF the Stock hX-
change. and special dispatches from Washing
ION said that Secretary Gage had been ADVISED
o. 2 and even 3 per cent premium having peeh
offered IN this city
POINT THAT HAS BEEN RAISED.
The nojnt has been raised that the War Reeve
rue law provides that the small bonds Shall be
offered az par to citizens Of the United states
while Secretary Cages circular offers the BONDS
70 the people: and some persons thhk tha'
the law Will have to be construed strictly; me
effect OF course being 10 shut out alien blddcrs
resident IN this country as wen as Diuue''
abroad other than Americans. 5000,
Tho effect OF the war tax upon bucket shops
IL causing some speculaton-not stock specuia-
ton. though The bucket shop proprle,o's ,.@y
urge that they should not be taXeu on s'o'n
transactions Tor the reason that they 90 hVt
conduct such transactions; but ftney own up
10 the Government that they do not deal IN
stocks they will have 70 shut up shop any way.
Is extremely unlikely that they VIII make ,,e
vain attempt to turn the TAX over upo" '
shoulders OF their customers ,,
When the War Revenue act was FIRST printed
Twas reported from Washington that inc YAK
o. fire insurance policies Wouid pe IN,
lpe- cent on each dollar insured. That stat
ment was obviously Incorrect the tax rc1ly
levied being "one-half Of per cent on each DOL
lar OF premium paid
The srttoct If the tax on call loans is being
carefully considered by the banks and Their az
mrneys II being felt that the payment OF such
tmx would work a real injustice: one soIu'ioi
suggested is that borrowers of call money be no
longer required to give demand notes In addition
to depositing their negotiable securities thIS
course. II is urged. would be in no sense an eva
son o. the law.
THE WAR STAMP TAXES.
INSTRUCTIONS ISSUED BY THE INTERNAL PEW
ENUE BUREAU