Rensselaer Republican, Volume 27, Number 23, Rensselaer, Jasper County, 13 February 1896 — BIDS FOB THE BONDS. [ARTICLE+ILLUSTRATION]

BIDS FOB THE BONDS.

TOTAL AMOUNT OF ISSUE SUBSCRIBED MANY TIMES. £ I . .Five Hundred and Fifty Millions Arq Offered in ExcTange—Public Get* About a Third—Reraainder JVIU Be Awarded to the Morgan Syndicate. — ' ' . Number 4,640. 1 Four thousand six hundred and forty bids for $558,209,850 worth of bonds was the tremendous total of the subscription* opened at the Treasury JPppa.rtmant.in., accordance wftb the terms of the call issued a month ago inviting proposals sot $100,000,000 of United States 4 per cent bonds to run for thirty years from Feb. 1, 1895. These figures dp not include about $120,000,0u0 of bids rejected, as bogus. The immense offerings astounded experts. The bids literally swamped the Treasury Department. At 0 O’clock it was impossible to tell with definiteness how many bids and for what aggregate had been received at figures In advance of the price of 110.6877. at 3 which a syndicate composed of J. P. Morgan & Co., Harvey Fisk & Co. and the Deutsche Bank of Berlin offered to take the whole loan. The bids ranged from par up to a single SSO bid at 150. The public gets from $30,000,000 to $40,000,000 of the $100,000,000 ’popular loan, and the Pierpont Morgan syndicate secures the remainder on a bid of 110.6577 for $100,000,000. Treasury officials regard the loan as a complete success, both as: to the popular subscription feature and the prices obtained. Bids came from several thousand individuals and from hundreds'of national banks and other banking institutions. Nearly all of the leading New York

bankers and big insurance companies were represented in the list of bidders, but with a few exceptions they were outmaneuvered by the Morgan syndicate. The ripening nnd scheduling of the bids was conducted under the direction of Assistant Secretary Curtis by a committee consisting of Mr. Morgan, United States treasurer; Mr. Eckels, Comptroller of the Currency, and Mr. Huntington, chief of the division of loans and currency. Term* of the Circular. The bonds are redeemable in coin, arid will be issued in- denominations of SSO or multiples of that sum as may be desired by the bidders. Only United States gold coin or gold certificates will be received in payment. Under the terms of the Secretary’s circular the first payment of 20 per cent and accrued interest must be made upon receipt of notice of the acceptance of the bid. The remainder of the amounts bid may be paid in installments of 10 per cent each gad accrued interest at the end of each fifteen days thereafter. Accepted bidders, howeTer, are allowed to pay the whole amount of their bids at the time of the first installment, or at any time previous to the maturity.of the last installment, provided that all previous installments have been paid. The bonds will be dated Feb. 1, 1893, to run thirty years from that lime, and will therefore mature Feb. 1, 1925. According to trie calculations of the actuary of tlie treasury a bidder, in order te-realize 2*4 per cent interest on liis investment, should have offered $130.5749 for each SIOO in bonds bid for. Bids for Previous Loans. For the 5 per rent loan of Feb. 1, 1894, there were in all 238 bids, representing $52,292,150. Of this amount $42,906,850 ifas bid for at the upset price of $117,223, and $9,295,300 at a price in excess of that figure. The amount awarded was $50,000,000, upon which the Government realized a premium of $8,633,205. For the 5 per cent loan of Nov. 13, 1894, for which there was no upset price, the Government rfirii\ v ed 394 bidsT' aniounting to $178,341,150. The amount of ths bids received at $116.8898 was $50,000,- : 000; amount below that rate, $01,770,100; at rates between $116.8898 nud $117,077, $3,020,800; at $117,077. $50,000,000, made by the Morgan-Belmont syndicate. The amonnt bid at rates nliove $117,077 was $10,933,25(1. The syndicate bid was accepted, the Government realizing a premium of $5,338,500. The gold purchase of Feb. 8, 1595, was for 3,500,000 ounces, payable in Uuited States 4 per cent bonds. The bid of ths Morgan syndicate to furnish the gold was accepted. The Government, under the terms of this agreement, issued bonds amounting to "$^*2,315,100, for which the syndicate paid at the rate of $404.4940 ! per SIOO, the Government thus realizing a premium of $2,800,814'.

Acting Captain O’Brien, of the New York police department, published the census of safes in the city recently taken by the police of the different precincts. The total number of safes in the city, according to the census, is 27,359. The census ,wns taken so that, the iKilice will know the location of all trie safes in their precincts. This census docs not include all the safes that are in use, but as many as the police could loente. A correspondent in Rio (Janeiro, Brazil, sends word that rain has fallen in such torrents that it ha* caused the falling of many houses iu jhc city, the great flood, of water completely ‘ undermining them. In the lower part of tlie city many buildings were completely submerged. Even those who live upon the highest elevation suffered by the flood. While suffering with the grippe Georgs Mead, a farmer of Dubuque, la., iwallowed a capsule of corrosive sublimate by mistake for quialae and died in great •*ony. # , __ . ,

JOHN G. CARLISLE. (Secretary of the Treasury.)