The morning news., 1894-11-24
BIG BIDS FOR THE BONDS.
The Trust Companies Expected to Run
Up the Price.

The Stewart Syndicate Believed to Be
Willing to Take the Bonds on a Lower
Basis Than 3 Per Cent.-The Bids Ex-
pected to More Than Double the $780,
100000 of Issue-The M embers of the
Stewart Party to Draw no old From
the Treasury.
New York, Nov. 23.-The subscriptions to
the new government loan when the bids
are opened at Washington will be most
gratifying surprise to the government
and the whole country" This was the
statement from the president of a trust
company, who. has been instrumental in
promoting subscriptions to the bond is
sue. The financial men who are interested
in the movement have been very reticent
about the preparation for the subscrip-
tons and win continue so until the bids
are opened, for business reasons, as it
would defeat their own efforts to secure
the bonds if any details or amounts or
prices were made. Some of the facts
were obtainable in the afternoon after
the close of business, although the veil of
mystery is not altogether lifted. 1t is
quite certain that the issue viii be over
subscribed and the estimate of the lead
ing bankers places the aggregate subscrip-
ton at $l0oOOO,O0O or over. 1t is impossible
to arrive at any information as to the
subscriptions of private investors, but
there are sufficient facts at hand to calcu-
late the subscription of the public and
private buyers, insurance companies and
bond brokers in New York city at from
$I5O00,000 to $50, 900 600.
Two large parties win put in aggregate
bids at a uniform price. There is the
Stewart party in which are included the
trust companies, the foreign bankers,
combined with some large capitalists
whose bids viii foot up practically $780,
600 900. a second group OF bidders in
cludes the large gold holding banks, such
as the Fourth, Chase, American Exchange
and National Park, and a number of
smaller banks which will subscribe for
between S2O 900, 600 and $50 1000 600, The prices
at which the bids of these two combines
win be made are understood to be on
slightly different basis. Many of the
banks have put in bids for depositors at
varying prices, according to orders. The
bids of these parties are put in individ-
ually by the members, but according to
a general agreement.
1t is stated that the price offered by the
Stewart syndicate is about l2-l5 per cent.
below the per cent. basis. The bid Of
the bankers party is reported to be on
slightly higher terms. The bids of the
Stewart party would in that case, have
the preference. 1t is understood that the
bids from Boston viii aggregate $4,000 600,
and from Philadelphia S5,OO0000. It is
not known what Chicago and the western
cities viii do in the matter of subscrip-
tiOns.
Not one member of the Stewart party
viii present greenbacks at the sub
treasury to secure gold. Arrangements
have been fully perfected, and each indi-
vidual member of this party knows where
he can lay his hand upon the gold required.
There is first the gold in the New Y York
banks, and in Boston and Philadelphia.
Then there is a plentiful supply of gold
in California, which can be obtained if
desired. There is also a possibility that
gold will be drawn from Europe if this
syndicate obtains a full quota of its sub
scriptions. The bids of the foreign houses
form a considerable proportion of the
whole and in anticipation of their success
the foreign exchange market broke
sharply this afternoon on sales of eX-
change by several houses interested. There
were no outside transactions i'm gold to-
day through bullion brokers.