The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-15
TOTAL OF S1,2OO,OOO.O 900
WAR LOAN SUBSCRIPTIONS SIX TIMES
GREATER THAN REQUIRED.
No Individual offer as High as $4,000
from Syndicates Returned.

WASHINGTON, July 14.-The subscrip-
tions to the new per cent. war loan of
$500 00.000 which closed at 3 o'clock this
afternoon, including the offers made by
syndicates, will amount to 81, 200 900, 000 or
six times the amount of the issue. The sub
scriptions represented by checks or other
forms of payment, it is estimated, will ag-
gregate about $75O,000 1000, or three and three
quarter times the amount of the issue.
Early this week Assistant Secretary Van
derlip, 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 suffi-
cient to wholly absorb the loan. and gave
instructions that chicks representing all
subscriptions of corporations be prepared
and returned to the senders tonight 1t is
thought at the Treasury Department that
no individual subscription as high as $4,000
will receive an allotment of bonds. During
the month the department has received
about $4,000 subscriptions, and nearly the
last one opened was from a New York bank
for 500 600 900, inclosing check for 81 100000
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 payments 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 received daily, and some days
it exceeded 10000. To handle this enormous
mail and to schedule the subscriptions
force of over three hundred clerks has been
constantly employed 1t probably will be
two or three days before it is known just
the size of the largest subscriptions which
can be accepted.
Assistant Secretary Vanderlip who, for
thirty-three days, has managed the work of
placing the bonds of the new war loan, an
nounced tonight that the books had been
closed upon the most successful loan ever
fioated by the government. In the expert
ence of the oldest clerks in the treasury
nothing of the kind has ever equaled the
success which has attended the present issue
of the bonds. Four hundred additional en-
ployes have been added to the treasury roll
in order to take care of the enormous mails
occasoned by popular subscriptions to the
bonds. At 10 o'clock tonight the assistant
secretary said: 1t is impossible to give final
figures at this hour. The department re-
sand and yesterday 24,300. This mass of ap-
plications 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 My estimate at this
hour is that it will be around $1,000, that is
to say that all applications for smaller
amount than that figure Will be allotted in
full, while. all applications for larger
amounts will receive nothing. At this hour
there has actually been listed $S4. 300 ,00J
of the $500 and smaller subscriptions and
the amount now on the tables will carry
amounts scheduled and totaled in the sub
scriptons larger than $500 is at this hour
$500 $40, $40 and l estimate it will reach $685.
100000 Thus the total subscription, in
Guiding the 900 of syndicate bids,
will reach 81, 225, 100000 We have held out
cases where there were doubts as to the
bona fide character of the subscriptions
amounting in the subscriptions for $500 and
under alone to So ,740. The total number
of subscriptions for $500 and under that has
now passed the stampers is 22S0O0, and
that figure will be somewhat further in
creased. Ihe todal OF larger SUBSCRIPTIONS
numbered is 65SOO. and there are still sew
eral thousand of these larger subscriptions
to be listed, In the last nineteen days the
department received 255, 800 subscriptions
an average of 1892 a day. The last letter
was opened within two hours after the sub
scription closed. We have had at the close
OF the work four hundred employees work.
ing from in the morning until 10:30 at
night. The fact that there are at this hour,
out of nearly 3O9,O0O SUBSCRIPTIONS received
only seventy-One cases held up because OF
some irregularity, such as a misplaced re-
mittance or informality of subscription, is
some indication of the thoroughness of the
work.
When the loan closed at 3 p. m. to-day,
the department was prepared to return these
checks of the unsuccessful bidders in those
cases where the assistant secretary was al
ready satisfied no allotment could be made.
This course was taken in justice to deposit
tors In order that the amounts held in banks
subject to certified check might be re-
leased at the earliest possible moment This
furnishes an instance of the business-like
methods which have prevailed throughout
the entire time the books have been open.
Checks are being rapidly drawn to cover
the payment of interest accrued on deposits
of successful bidders. These will vary in
amount according to the period between
the time these deposits were received into
the treasury, and Aug. l. when the bonds
will carry their own interests. The checks
will not be mailed to successful subscrib-
ers until the bonds are delivered