Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-11-24
GOVERNMENT LOAN.
The Subscriptions will Be. a Graft
flying Surprise.
FINANCIAL MEN RETICENT.
1t - Quite Certain, However, That the
Issue VIII Bc Largely Over.
Subscribed.

NEW YORK. November 23.-The sub
scriptions 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. Of the president OF a
trust company who has been instrumen-
tai In promoting subscriptions to the
bond issue.
The financial men who are interested
In the movement have been very ret!cent
about the preparations for the subscrip-
tions. and will continue so until the bids
are opened Tor business reasons. as 1t
would defeat their own efforts 10 secure
the bonds if any Details of amounts or
prices were made public. Some facts,
however, were obtaInable In the AFTERNOON.
after the close OF business. although the
ven or mystery is not altogether lifted.
IL IS quite certain that the issue will be
largely over-subscribed, and the estimate
OF the leading bankers places the aggre-
gated subscription at 800 900, go or over.
IL is impossible to arrive at any informa-
tion as to the subscriptions, but there are
suincient facts at hand TO calculate the
bankers, insurance companies and bond
brokers In New York city at from s,5,-
e"ooCo to SSO,OOo000. Two large parties Will
put IN aggregate bids at a uniform price.
Ihere Is the Stewart party. In which are
included the trust company and the for
eian bankers. combined with some large
capitalists. whose bids will foot up prac-
ticaIy S5000,0o0; and a second group of
bidders includes the large gold-holding
banks, such as the Fourth. Chase. Ameri-
can Exchange, and National Park, and
a number Of smaller banks. which will
subscribe between s20.00o,000 and $4,000 CO...
Ihe prices at which these two combined
bids Will be made are understood TO be on
slightly different basis. Many OF the
banks have put In bids for deposltors at
varying prices. according to orders. The
Dius OF both parties are put In Individually
oy the members. but according TO q gen.
erai agreement. 1t Is stated that the
price offered by the Stewart syndicate is
about l2-lOo per cent below the 3-per-cent
OASIS The bid of the bankers party is
reported TO be on slightly higher terms.
SO mat the bids OF the Stewart partv
would IN that case. have the preference.
II Is understood that bids from Boston
VIII aggregate 100000 and from Phila-
delphia 100000. II Is not known what
In the matter Of subscriptions.
WHENCE THE GOLD WILL COME.
Not one member OF the Stewart marty
Will present greenbacks at the Sub
Treasury to secure geld. Arrangements
have been fully perfected, and each in
dividual member of this party knows
where he can lay his hands upon the
gold required. There f.. first. the gold
In the New York banks, and In Boston
and Philadelphia. Then, there Is a plen-
tiful supply Of gold in California, which
can be obtained II desired There Is also
n possibility that gold will be drawn from
Europe ir this syndicate obtains the full
quota OF It's subscriptions.
The bids OF the foreign houses form
considerable proportion of the whole.
and In anticipation of their success. the
foreign exchange market broke sharply
this afternoon, on sales of exchange by
several Of the houses interested. There
were no outside transactions in gold to-
day through bullion brokers.
President Williams, Of the Chemical
Bank, said to-day: THE Chemical Bank
Is In no syndicate or agreement connected
With the government bond-lssue. The
bank will not bid for any bonds We
will furnish TO depostors who may BE-
successful bidders the gold they may re-
quire to pay for bonds. We will rot get
II from the Sub-Treasury. I believe the
banks generally intend to act literally
IN this matter"