The evening times., 1898-07-15
THE POPULAR WAR LOAN
Subscriptions Amount to Twelve
Hundred Million Dollars.
BONDS GO TO SMALL BIDDERS
Ten Thousand Dollars VIII Be the
Highest Individual Allotment.
Eourteep Thousand Bids Were Re-
ceived Yesterday-Many PersOns
Subscribed Through Patriotism.

A statement of the leading features OF
The war loan follows:
Total amount of bond loan. 500 10000;
total amount subscribed. $1,000 900;
total amount of money deposited. s6oO,6e =
OOO: highest individual allotments. $4,000;
Lowest individual allotments. $40; less
than 5000 subscriptions accepted. $50.
900 900; less than 500 subscriptions accept
ed. s1O.Oo0,O0O.
The Administration is delighted at the
wonderful success of the loan, not only
because ample money has been offered
with which to carry on operations against
Spain. but because it is said that the sub
scriptions show a much better financial
condition throughout the country than
existed a year ago. The subscribers num-
ber more than 10000 persons and corpora
tions The loan will be a popular one In
every respect. The bonds viii be allot-
ed entirely to Individual subscribers, and
as the smallest subscriptions are to be
accepted first many of the individuals
whose subscriptions are for large
amounts will be unable to secure bonds.
Secretary Gage said to a reporter for
The Times today: Il believe the great
desire TO secure bonds manifested in the
enormous number of subscriptions shows
a very marked improvement in the finan-
cial condition of the country since there
was any chance to test public feeling on
the subject. Some of the enthusiasm with
which the bonds are being subscribed for
is. of course, due to patriotism. A great
many people are anxious to contribute
their money to the Government for the
successful prosecution of the war. AS
general thing however / think it will be
found that subscriptions have been made
because there is plenty of money to invest
and because the investment is regarded
as a good one
At 1904 yesterday afternoon an American
mail wagon drove up to the new postoffice
building. 1t brought the last of the war
bond proposals. Under the terms of the
loan the time for receiving bids closed at
3 O'Clock, and the mail bags were tied at
that hour and loaded into the wagon. The
list of offers to help the Government fl
nancially was swelled by yesterdays pro-
posals by 1900, Many of the bids came
by wire. with telegraphic orders for the
amount of deposit. Altogether the bond
bids are in excess of 81. 200, ,00O. 900, or more
than six times the amount of the issue au-
thoriZed.
The bankers and brokers who opposed
popular loan on the theory that the
people would not subscribe the amount.
and that the Government would in con-
sequence be weakened in popular es-
qeem. have now time for reflection.
None of the large bidders will get bond
The ailotments of $4,000 and less will
exhaust the $20O, ,OO0 900 authorized
One of yesterdays offers came from the
City National Bank of New York It
was for 800. .00O. OOO The accompanying
check for $4,000. 900. submitted as a guar
antee Of good faith, was returned today
More than $50, 900, 900 of the loan. 1t is
estimated. will go to individual bidders
for less than 5000 each. Ten millions
will be divided among the ''short-enders."
who subscribed for less than 500. These
figures are approximate.
At the new postoffice building last night
Assistant Secretary Vanderlip and four
hundred clerks were engaged until mid
night tabulating, asserting, indexing
and tabblng up. The entire ground floor
Of the building is devoted to the bond
issuing preliminaries. One hundred men
were added to the force yesterday, but
for the full month three hundred have
worked night and day opening and
classifying bids.
The bonds issued under the authority of
the war revenue act will be in both cou.
pom and registered form. the coupon
bonds in denominations of $50, 500. $500
anu Si.VVo registered ponds in
denominations of $40, 800. $780, $1,000. S.
900 and SO 000
They will be dated August l. 1898. and
by their terms. will be redeemable in
coin at the pleasure of the United States
after ten years from the date of their
issue. and due and payable August /.
1913
The bonds will bear interest at the
rate of 3 per cent per annum. payable
quarterly: the interest on the coupon
bonds will be paid by means of coupons,
to be detached from the bonds as the
interest becomes due, and the interest
on the registered bonds will be paid by
checks drawn to the order of the payees,
and mailed to their addresses.
Monday of this week was the record
day for subscriptions. q, 900 being receiv-
ed. For the other days the average was
Is. 600.
The work Of placing the loan is SO far J