Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-06-23
BUYING WAR BONDS.
SMALL INVESTORS SUBSCRIBE
TO THE POPULAR LOAN.
Results of First Applications Indicate
that Small Investors Will Take I'm
tire Issue of 5000, O,OOO-R Regard
ed as First-cIass Securities.
Loan Is a Success.

The Government has taken every posi-
BILE step to make the new BOND issue III
every sense popular loan. Whlle the
great banking syndicates of this country
and Europe are ready and wiling TO SUD
scribe for the entire bond issue, the Treas
ury Department has decided that indlvld-
ual subscriptions will receive attention
first and that the smallest amounts askeu
for will be allotted before the larger ones.
This means that any private citizen VINO
desires to invest a little money in the ne"
government bonds will be accommodated
before the millionaires and the banking
institutions may purchase these desirable
securities.
Small investors regard the new bonds
as frst-class securities, and unless all
present indications are misleading the en-
tire issue will be placed before the larger
banking institutions will be permitted to
subscribe. The people want the bonds
and are not a whit backward about asking
for them. The sub-treasury, the banks,
postofice stations and express offices IN
New York, Chicago, Philadelphia, Bos-
ton St. Louis, Cincinnati and other large
cities, as well as many of the smaller
ones, were besieged the first day with
requests for information and for the ap-
plication blanks prescribing the form in
which subscriptions must be made. Con
sentative estimates place the first days
''sman subscription" totals at $3,O0O,OOO.
In Chicago the days subscription reach
ed $685., Experts say more than S1O,-
100000 will be subscribed in small sums
in New York alone.
These bonds bear interest at 3 per cent,
payable quarterly. The denominations Of
the coupon bonds are $40, 800, $500 and
81 LOCO: of registered bonds, $40, 500,
$500, 81 600. $1,000 and $4,000. In terms
they are precisely like all other United
States bonds outstanding-that is, they
are payable in coin.
Secretary Cages letter of instructions
reveals the precautions taken by the adj
ministration and the Treasury Depart
ment to make this a popular loan in the
strlctest sense-to insure the small invest
ors getting the bonds if they want them.
Until o'clock p. m. July IA, no subscrip-
ton will be honored that calls for more
than $500. All others will be pigeon
holed. If the subscriptions for $500 or
less exhaust the entire issue of $2OO,0OO,-
600 the others will stay pigeon-holed.
Whatever Of the total issue, if any re-
main, will be allotted after July IA, and
again the small banks and the man of
money. The allotment of what remains
will commence with the smallest subscrib-
er-that is, the man who wants 5000 or
81 600 worth of bonds will have his appli-
cation honored before that of the man
who asks for 81 200 or $1,000, and so on.
1t is therefore practically impossible for
the banks and wealthy men who would
bid for blocks of 100000 or $1,OOO,OOO
To e 41,o
of modest means take advantage of this
month of time. Marshaling of dummies"
by the banks, which some have appeared
dummies would be needed for every ST.
GOO of bonds, and to get block of $780,
OOO the bond seekers would need a whole |
regiment of dummies"
The bonds are all to be sold to the peo- |
pie at fixed price or at par value. This |
is another safeguard for the popular fea-
ture of the loan. No fear is entertained |
of too rapid absorption of the nations |
currency by the bond purchasers. 1t is |
figured that most of the money to be put |
into bonds will be idle capital When the |
small investors have had their fill, if |
there be anything left for the big bidders |
and banks, they will be permitted to re- |
celve their allotments in installments of |
70 per cent at intervals of forty days to |
guard against rapid absorption Of the cur
rency. IT the national banks were able to |
get hold of large blocks, there might be
an imitation of the currency by an issue
of national bank notes against the new
bonds, but this is not a real danger ON ac-
count of the restrictions against the banks
already noticed.