The times. [volume] (Richmond, Va.) 1890-1903, 1894-11-23
TO BID FOR TIE LOAN.
A MEETING OF FOREIGN BANKERS
AND TRUST co. PRESIDENTS.
The National Banks to Put In Their Bloc
at Three Per Ces,. ard the Others
at - Little Los.

NEW YORK. Nov. "a numSer OF
foreign bankers held conference with
the presidents of the leading trust COM
panies this afternoon In the United States
Trust Company's office. There were rep
resented the foreign houses OF Speyer
q Co.. Kuhn. Loeb 4 Co., Drexel. Nor
gan & Co., Heidelbach, Ickelheimer *
Co., Lazard Freres, Ladenburg, Thalman
~ Co., L. & 5. Wormser, and j. * W.
sieligman.
The arrangements were perfected for
taking block of bonds, but whether the
bids would be for the whole amount on
not MIR. John A. Stewart, president OF
the United States Trust Company. de-
chned to say. There is no syndicate
formed In the technical sense, but a gem
eral understanding AS to the price al
which bids would be put in. Arrange
ments were also perfected ior securing
the gold.
WILL BID AT THREE PER cEsT.
Notwithstanding the mystery with
which prospective bidders are enveiOp-
ing their intentions, IL Is understood tnat
the national banks will put IN their o.us
on a three per cent. basis. while the COM
bination OF trust companies and toreisn
bankers will bid slightly under three per
cent,
There has been no formal agreement
between the banks regarding the method
of furnishing the gold, but this ls not
necessary at the present Time, as the
terms Of the subscription only require
payments In instalments. a dozen Danhs
hold the major portion OF the So!l ia
New York city. and Il Is expected that
the banks will part with 10 per cent. of
their gold holdings. 1t IL extremely uh-
likely that the banks Will come to-
gether to determine what shall be done
regarding the gold until Monday hekt.
ha Nfil al hsa
banks holding the bulk OF the gold VIII
be able to determine fully what thsy VIII
be called Upon 10 do. AZ II is expected
that the issue will be over SUBSCRIBED.
each subscriber Will not know What
amount of gold he will need until the
Treasury allotment Is made. The New
York banks will then know how much
gold will he required by their depOsitors
and can act intelligently.
MAY OFT GOLD PROM ABROAD
The presence OF representative from
each OF the houses which conduct the
gold shipping business also leads to the
belief that II the New York banks should
fail to do their full duty. the gold will
be secured abroad. When the foreign
houses know what amount of bonds IL
awarded TO them. they can begin drawing
their bills of exchange upon London, and
as ample time Is allowed for making the
full payments 10 the Government OF any
large blocks of bonds are taken by
foreign exchange market and permit gold
TO be imported more cheaply than the
present condition OF the foreign exchange
market would seem 10 warrant.
The local Treasury officials. who are
watching the bankers very closely, have
reduced their estimates OF the amount
Of gold that will be secured through the
bond issue. and are not sanguine that
over 3O.0OO,0O0 gold will be furnished by
the New York banks.
1t Is believed. however. that some gold
which was boarded during the panic by
timid capitalists will be tempted from
the private boards by the bond issue.
IL is estimated by New York bankers
that the subscription will not aggregate
less than SjOO0,OO0 and will reach over
$lO0.G0O.O00 if the beukers In other cities
are experiencing the pressure Of Inquiries
that are pouring into New York city.
THE wgHDRAwAL or GOLD.
WASHINGTON. Nov. 22--The only with
drawal OF gold to-day from the sub
treasury at New York was 10000 by
Charles Hathaway Il CO., making the
total Withdrawals since November 18th
81 800. 600 There is no longer any doubt
that the bids for the new issue 0f bonds
Will far exceed the amount 10 be sold.
Indeed. the Indications are that the bids
ALREADY received cover more than 5000
600 According TO the official figures the
price to be paid next Saturday on the
per cent. bonds so as TO realize 2 per cent.
Is Sll6OlS. I'm addition to the interest reck-
oned from November lst 20 the date or
DaVrnput