The times. [volume] (Richmond, Va.) 1890-1903, 1894-11-24
AN OVERFLOW OF BIDS.
THE BOND ISSUE WILL BE LARGELY
OVER-SUBSCRIBED.
Estimated that the Aggregate supscrip
tion will Reach sIOO, ,O00, ,00O-A
Three Per Cent. Basis.

NEW YORK, Nov. 23.-The subscrip-
tions to the new Government loan, Wheu
the bids are opened at W ashlngton, wiz
be a most gratifying surprise 10 the TGfs TS;s
ernment and the whole country. rms
was the statement of the president Oh d
trust company who has been Instrumental
in promoting subscriptions to the pohu
Issue.
The financial men who are interested In
the movement have been very retlcent
about the preparations for the suDScrlp-
tions, and will continue so unul the plus
are opened for business reasons, as IL
would defeat their own efforts 10 secure
the bonds il any details Of amounts or
prices were made public.
Some facts, however, were obtainable
in the afternoon, after the close or Dusi-
ness, although the veil OF mystery IL not
altogether lifted.
WILL Be LARGELY oyER-sUBsCRIBED.
1t is quite certain that the issue will
be largely oversubscribed, and the esti-
mate OF the leading bankers places the
aggregated subscription at SlUO,ONWV or
Ii is impbsslble to arrive at any informa-
tion as ITO the subscriptions, but there
are sufficient facts at hand TO calculate
the subscriptions Of the public and pri-
vate barkers. insurance companies ana
bond brokers in New York city AT from
seventy-five TO eighty million. TWO large
parties Will put In aggregate bids at
uniform price. There Ia the Stewart par
", in which are included the trust com
pany, the foreign bankers combined wltn
some large capitalists, whose bids VIII
foot up practically 100000. A second
group of bidders includes the large gold
holding banks, such as the Fourth, Chase,
American Exchange and National Park'
and a number OF smaller banks, when
will subscribe for between twenty and
thirty million
DELow AND AT THREE PR CENT.
h. af ufb thaao ppmhiupl
bids will be made are understood TO be
on a slightly different basis. Many OF
the banks have put in bids for deposltors
at varying prices, according to orders
The bids of both yarties are put in in
diyidualiy by the members, but, accord
ing to general agreement. lt is stated
that the price offered by the Stewart
syndicate is about 12-l00 per cent. below
the per cent. basis. The bid of the
bankers party is reported TO be on slight
ly higher terms, so that the bids of the
Stewart party would, in that case. have
the preference. 1t is understood that
00O and from Philadelphia 100000. II
is not known what Chicago and the west
ern cities will do I'm the matter of sub
scriptions.
Not one member OF the Stewart party
will present greenbacks ut the subtreas-
ury TO secure gold.
WILL GET THE GOLD.
Arrangements have been fully perfect
ed, and each Individual member OF this
party knows where he can lay his hands
upon the gold required. There is, first.
the gold In the New York banks and in
Boston and Philadelphia. Then, there is
plentiful supply OF gold in California,
which can be obtained II desired. There
Is also a. possibility that gold will be
drawn from Europe If this syndicate oh
tains a full quota of It's subscriptions.
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 exchange by
several Of the houses interested. There
were no outside transactions in gold to-
day through bullion brokers.
SAYS THE BANKS WILL ACT LIBERAIIY.
NEW YORK, Nov. 8.--presideUt vii.
iiams Of the Chemical Bank, said to-
day: tine Chemical Bank is I'm no syn
dicate or agreement connected with the
Government bond issue. The bank Will
not bid for any bonds. We will furnish
to depostors who may be successful bid
ders the gold they may require TO pay for
bonds. We will not get IL from the sub
treasury. / believe the banks generally
intend 10 act literally in this matter"
WASHINGTON, Nov. 23.-Gold 10 the
amount Of $4,000 has been withdrawn
from the New York subtreasury to-day
by the Southern National Bank. Of New
York city. This leaves the gold reserve
at &7,7i60 go.