The united opinion. [volume] (Bradford, Vt.) 1881-1970, 1894-11-30
BRINGS S5S,5OO,OOO.
Stewart Syndicate's Bid For the
Gold Loan Is Accepted.
Big Increase In Gold Balance VIII Soon
Relieve the Treasury of Its Burdens.
Bid Was For the Whole $50, ,0OO, 900.

| dig AHcrease Al Ooiu balance VIII 500
Relieve the Treasury of Its Burdens
Bid Was For the Whole $50, ,OOO, 900.
WASHINGTON, Nov. 27.-Secretary Gar
Isle followed the course anticipated re
garding the acceptance of the syndicat
bid for the whole of the new per cen
loan, and assigned substantially the rea
sons which were generally expected.
The award of the entire $50, 600 900 {,
the syndicate headed by John A Stewar
of the United States Trust company wa
accompanied by a statement that the gov
ernment realized in that way $40, SIT more
than would have been realized by accept
ing the highest of the other bids.
The syndicate, in submitting theil
higher offer of SIT or made the condition
that they must have all the bonds, or the
offer would not hold. 1t seems that thi:
condition was not attached to theil
lower bid of $116.SS92 and the bal
ance of the bonds not bid for at 9
higher rate by smaller bidders would
have been awarded to them under this bid
if they had not submitted the higher one.
1t was by taking all the smaller bids at a
higher rate eId assigning the remainder
of the bonds to the syndicate under the
lower bid that the estimate was obtained
that $49,5l7 more was realized from the
in any other way.
The two points made in these dispatches
when the bids were opened that the ac-
ceptance of the syndicate bid would result
in the payment for the bonds in gold OBJ
mi, ,nH 1faiI = 1A Al. ~,
acceptance of a single bid would add
greatly to the convenience of the treasury,
were also used in the explanation fur
nished by the department..
Prompt Deposits Expected.
1t is the expectation of the treasury off
cials that the deposits of gold for the pay
ment of the bonds will be 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 to above the 500, ,000 600 mark
will be the result.
The bonds, including premium, will re.
alize to the government about $5S, 500, 000
The gold balance, which is now in round
numbers 57,500,000 will, if the expecta-
tions of the officials regarding the deposits
of gold for the bonds arevborne out be in
creased to about $116, 100000. Before yester-
day. however, there had been $4 $50, 600 in
gold drawn from the sub treasury at New
York, presumably to be used in the pay
ment for bonds.
President Cleveland is very much graft
fled at the success of the bond issue. He
thought that it should be awarded to the
Stewart syndicate, and notified Secretary
Carlisle TO this effect. The secretary
thereupon accepted the syndcate'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
dictate, would probably result in gold be-
ing taken from the treasury to pay for the
bonds
Syndicate's Offer.
The denominations of bonds which the
syndicate will take are as follows: Cou-
pons, $40, S25, ,OOJ; 500, S25, 900; $1,000, 81
950, 600; registered, $4,000, $4,000, 600
The conditions on which the bonds are ac-
cepted is shown by the original proposal
of the syndicate, which is in the following
terms, minus the names Of the companies
composing the trnst and the denomina.
tiOns wanted:
NEW YORK, Nov. 24.-We hereby propose,
under the terms of your circular of Nov. l3,
1894, to purchase United States per cent 10
year bonds, -e cribed in s.i circular, Of the
face value of }J0,JJO,010 and we agree to pay
therefor at the rate of s1l7O77 and accrued in
terest per 500. This bid is for the whole $780,
OO0,OO9, but Tor no lesser amount.
We further agree, upon due notice of the ac-
ceptance Of TINS subscription, to deposit the
amount thereof in gold coin or gold certih
Gates with United States assistant treasurers
at either Boston, New York, Philadelphia, Bal
timore, Washington, Cincinnati, Chicago, st,
Louis, New Orleans or San Francisco, in ac-
eordance with the terms of said circular.
We desire registered or coupon) bonds in
as stated below, and we wish
them TO be delivered to US as follows: 100000
at New York: s5,0O0000 at Boston; S3,OOOOO0 at
100000 at Chicago. and s2,OOO,-
600 at San Francisco or other United States
treasures As may be approved by the treasury