he 300
subscribers who were too late, but it is estimated at
$50,000,000--five of the 300 had single subscriptions of
$1,000,000 each. It is estimated that the sum total of the
subscriptions that were thrown out or that arrived by
messenger or mail--for the mail is still pouring into the
bank--was between $300,000,000 and $400,000,000, which,
added to what insiders had intended to secure for
themselves, would have carried the total to over
$1,000,000,000.

It is estimated also that there are a great many who,
anticipating the enormous over-subscriptions, have refrained
from subscribing and will purchase in the open market.

Immediately after the subscription closed, 140, or forty per
cent. premium, was bid for the stock secured by the lucky
bidders.

It is said the company will issue the next $100,000,000 at
once, as those insiders who refrained from subscribing were
practically promised that they would at once be given an
equal opportunity to subscribe if they would hold back on
this issue. It is apparent that the next subscription will
be even greater and cause more excitement than the first
one, particularly as it is agreed by all that the price of
the stock will quickly mount to $200 per share, as it is to
be put upon the English, German, French, New York, and
Boston Stock Exchanges, and will undoubtedly become one of
the greatest investments sought for by the wealthy classes.

England sent in subscriptions for $50,000,000; Germany and
France, $20,000,000 each; Boston and New England showed
their steadfast faith in copper by subscribing for over
$200,000,000.

There is great excitement at the clubs and meeting-places of
investors and brokers to-night.

* * * * *

Here is what Mr. Rogers and Mr. Stillman did. After discarding all
unsatisfactory and imperfect subscriptions, there remained subscriptions
of between $125,000,000 and $150,000,000 which had complied with all
legal conditions, and accompanying these were checks aggregating between
$6,250,000 and $7,500,000. This was real money, in the bank and within
reach, and the two great financiers, hungering for every dollar of it,
determined to possess themselves of this great sum and use it as surety
to compel the payment of the balance. First, they agreed that not a