The Providence news. (Providence [R.I.]) 1891-1906, 1894-11-27
S5S,5OO,OOO.
Stewart Syndicate's Bid For
the Gold Loan Accepted.
Biz Increase In Gold Balance Will
Soon Relieve the Treasury.

WASHINGTON, Nov. a7.--Secrotary Car
lsle yesterday acted in the matter OF the
allotment Of tho 5o,o00,eoO per cent
bond bids, which were opened at the treas
ury department Saturday. He accepted
the proposal submitted by the syndicate
represented by John A. Stewart Of the
United States Trust company of New
York and Others, to take the entire Issue
at SIT 077.
1t Is the expectation OF the treasury ofli-
cials that the deposits Of gold for the pay
ment OF the bonds will bo made very
promptly and as the understanding Is
that none of the gold is To be taken from
the treasury, an early restoration OF the
gold reserve 20 above the 100000, 900 mark
will be the result.
The bonds, including premium, will re-
alize TO the government about S55, JO0,OOo
The gold balance, which is now in round
numbers S57.50O00o will, If tho expecta-
tions OF the officials regarding the deposits
of gold for the bonds are borne out, be in
creased TO about SIG, 900, 00O Before yester-
day, however, there had been $4.550,0o in
gold drawn from the sub treasury at New
York, presumably to be used in the pay
ment for bonds
Assistant Secretary Curtis heard unofh-
cially over the telephone from New
York during tho afternoon that g, 900 600
in gold had been deposited In the sub
treasury tho-e for bond payments. The
bonds arc deliverable as soon az the gold
Is deposited, and rs the bureau OF prinb-
ing and engraving has been busy ut work
preparing for the issue, they will, IL Is ex-
pccted, soon be ready for distribution.
The denominations OF bonds which tho
syndicate will take are as follows: Con-
pons. $50, s25,OO9; 500. Ss5, 700; $1,000 S4-
$4,000; registered. $4,000, $l5,0o0O0o.
The conditions on which the bonds are ac-
oepted is shown by the original proposal
OF the syndicate, which is ia the following
terms, minus the names OF the companies
composing tho trust and the denomina'
tions wanted.
New YoRK, Nov. Give hereby propose,
under the terms OF your circular OF Nov. l3,
1894, to purchase United States 5per cent 10
year bonds, described in sal circular, OF the
face value of s500O0000 and we agree TO pay
therefor at tho rate Of s1i7077 and accrued in
serest per 500. This bid is for the whole $780,
000,oOO, but for no lesser amount
We further agree, upon due notice OF the &c.
coptance OF this subscription, to deposit the
amount thereof In gold coin or gold certih.
S<aoo WIN IlitcA ottAh's tsrletiIlt iTeaAuftfs
NJ either BoSIon, New York, Philadelphia, Bal
timore, Washington, Cincinnati, Chicago, ST.
Louis, New Orleans or SAN Francisco. i'm ac-
cordAnce with the terms of said circular.
We desire Registered or coupon) bonds in
denominations as stated below, and we wish
them e. 10 delivered 20 us as follows Sd 200 600
at New York: s8,00a,oOO at Boston; $1,000, 600 at
Philadelphia; $20O0,O0O &C Chicago. and $1,000
0C0 at San Francisco or other United States
TREASURES as may be approved by the treasury
department.
President Is Pleased.
President Cleveland is very much grnti-
fed at the success OF the bond issue. Ho
thought that it should be awarded TO the
Stewart syndicate, and notified Secretary
Carlisle 60 this effect. Tho secretary
thcreupon accepted the syndicate's offer.
A strong reason why this offer should be
accepted, In the mind of the president,
was that it secured to the treasury prac-
tically the whole amount in gold-they
proposing to pay for the bonds in gold
without taking any from the treasury.
OF the other offers nearly all of them,
where the figures are higher than the syn.
dicatc would probably result in gold be-
ing taken from the treasury to pay for the
bonds.
The secretary's object, as repeatedly
stated by him, was TO get gold. He there
fore accepted the syndicateis bid for that
s,t,rr,oco