Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-06-16
A RUSH FOR BONDS
Treasury Department Simply Buried
Under Subscriptions.
SMALL INVESTORS MAY TAKE ALL
Whole Issue May Be Subscribed
for Six Times Over.
NONE OFFERED ABROAD

A noted banking house Of the United
States today made a proposition TO the
Treasury Department to subscribe for
500 100000 Of the $2o0, 600 900 bond issue at
lo1. but the head of the firm was informed
that the treasury could not entertain a
prcr osition of this kind as Congress he'd
fixed the prise of the bends at par to those
who first subscribed.
Right here 1t may be stated that treasury
officials believe the entire issue would have
been easily subscribed at lo1, which would
have been 100000 more in the treasury
than will be the case under the sale At par.
Buried Under Subscriptions.
I'VE are simply buried under subscrip-
tons" said Assistant Secretary Vanderlip
today Secretary Gage went to the White
House today to tell the President about
how eagerly the people Of the country are
subscribing for the bonds. The unbounJed
confidence in the government is something
which may surprise Europe and show that
the people of this country can and will put
up all the money needed to carry on i war
against Spain or any other country.
AS a matter of fact, the issue has already
been subscribed twice over by two New
York syndicates. and todays big offer
SHOWS how eagerly banking houses desire
the bonds. But it is probable that not a
BANKING mouse on w all street VIII get
dollars worth of the bonds by direct SUBJ
scriptor. Under the arrangement sub
scribers for small amounts will be award
ei bonds first, and the last people to be
reached Will be the subscribers for large
amounts.
Small Investors May Take 1t All.
1t is impossible now for treasury officials
to estimate whether the entire issue will
be taken by subscribers for amounts under
$500, who VIII get the bonds first but at
the way the subscriptions are going in 1t
would surprise nobody to see the small in
vestors of the country own every dollar of
the issue. The Information received by the
treasury is that in every city i'm the coun-
try where blanks have reached subScriD-
tions rapidly being made at the points
desigtated. These are at banks, post Of
iices. substations and express offices. This
is so despite the fact that the remote por-
tions of the country have not received the
blanks sent out few days ago. 1t will be
two or three days yet before the blanks
sent far west will be in the hands of the
people and before subscriptions will be fire.
quent. Until that time the treasury cannot
estlmate TO what amount the subscriptions
will go.
A high treasury official today estimates
that the subscriptions of individuals alone
will reach SNo.o1.oOo. This means that
the people of the United States with small
amounts of money will subscribe for more
than twice the amount of bonds issued. It
is probable that the issue will be subscribed
for half-dozen times, including the syndi-
Gates which are anxious for them.
No Bonds to BE offered Abroad.
Secretary Gage has already emphatcally
denied European reports that the bonds are
TO be offered for sale in that portion Of the
world. This is one issue of bonds that
European capitalists will not know the
color Of unless they get them in the future
by buying them up from the original pur-
chasers. The people Of the United States,
the middle classes. will own the bonds and
clip coupons along with the AIorgans
Rothschilds and others The administra-
ton is pleased with this prospect
1t is estimated that the handling and dis
position of the bonds will be the biggest
clerical task in the history of this couu-
try. The work has now grown to enormous
proportions. n night force and day force
VIII be engaged on the work in the quar-
ters assigned in the new city post office,
The authorities do not propose to get be-
hind with the work, and every days busi-
ness will be cleared up il is received
1t is believed that the whole plan will work
smoothly. The blanks are so plain that no
mistake can be made in the subscriptions.
These subscription blanks have not vet
reached many places. People in those places
are eager to record their subscriptions
that. they are teleeraphing to the treasury
to send them blanks. Fifteen or twenty
requests of this kind were received today
The rush for the bonds is too marvellous to
De understood by those outside the walls
of the treasury.
Washington people are not behind in SUBJ
scribinS for the bonds. 1t is stated that
their subscriptions run up to n consider
able amount. The local subscriptions are
being made at the places designated.