New-York tribune., 1895-02-03
TERMS OF THE BOND ISSUE.
REPORT OF A COMPROMISE ON A
nAsIs OF sss PER CENT.

...,su. SECRETARY IN CONFERENCE WITH
,,, CONSERVATIVES OF THE FOREIGN
n.xxrRs-THE RENEWAL OF CON
r,pEScE IN FINANCIAL CIR
CLEs CONTINUED.
farms on which the Government will make
-ow loan we're practically decided upon yes
.~.d.v and Assistant Treasurer Conrad y. Jor-
aor ,s authority for the statement that the pub
uc will hear from Washington tomorrow. Will
nm F. Curtis Assistant Secretary Of the Treas
urv who is acting for Secretary Carlisle in the
r-esent bond negotiations between the Admins
tration and foreign banking syndicate headed
by August Belmon; and J. Perpont Morgan,
was in New-York again yesterday. He had
conference uptown with Mr.. Belmont and
Mr. Morgan, and while neither Of the last
named would talk about the business trans
acted It 0generaily believed in Wall
Street that some definite understanding had been
reached Mr. Morgan said that it too grave
en- affair talk about for publication. and Mr..
Belmont made practically the same assertion.
Despite their refusal to talk and despite the
fact that the Assistant Secretary has endeavored
70 hide himself in the clubs and hotels uptown.
the banking community has learned the SUBJ
stance Of the negotiations.
only unsettled question about the new Govern
ment loan is the one in reference to the rate The
Government wants to issue per cent bond on
a basis of 9l% per cent. and the syndicate wants
them at Si..
REPORTED COMPROMISE.
The negotiations yesterday resulted II was said.
in a compromise. and it was thought that the
bonds would be issued basis OF Sas. AT this
"a Ill
for about 1l2 and If it should run for twelve and
one-hat years. the unexpired time OF the original
As. the price would be 1861. per cen, bond
for thirty years per cent basis would be
1874 Sls per cent. 1861; 3h, 1l44 31s 1891. and
3as 1117s. For twelve and one-half years the rate
would be 1O5 for a 81. 1861 for 3A 1912 for
SA 1858. for a 3is. and llOas for a per cent
Mr. Curtis returned to Washington last night.
and the impression in financial circles was that
ne took with him the decision OF the foreign
bankers. II may be that the foreign bankers In
formed the Assistant Secretary that they would
take the tonds at 3i2 or not at all The Govern
ment has got 10 have the gold and the pur-
chasers Of the issue can demand the'r own
terms There a report around town in the
morning that Mr. Simmons, Of the Fourth Ma
tional Bank; Mr. Tappen. OF the Galatin. and
Mr. Cannon, of the Chase National Bank. were
also in conference with Assistant Secretary Cur
lis on account of their absence from their Offices
but it subsequently learned that MI cannon
was III and that Mr.. Simmons and Mr.. Tappen
were at meeting Of some asylum in West
chester County Of which they are directors. The
New-Yorl bank presidents have been totally
ignored in the present effort Of the Administra-
tion to float its bonds. and none Of them have
had any conferences with Mr.. Curtis.
STOCKS CONTINUE STRONG.
Further declines In British consos yesterday
and outstanding Government bonds and lower
level for foreign exchange were the Incidents
in the streo; which led to the expectation OF a
Government loan within the next few days. The
stock market Continued strong, and all ndica-
tons pointed to return Of confidence. OF
course 1t is expected in Wall Street that reac-
ton will occur from Fridays strength in stocks.
for reactions generally do follow in such condi-
tons but In this instance II is believed tnat the
reaction will be only a slight one. and VIII be
Immediately followed by stronger ana De'te'
tone. -,
Exports Of gold from New for the week
ending yesterday. as officially reported al the me
Custom House. were S..2s6i9O OF Whlch $500 IVY
went TO Bremen. 81 6o0.l00 to London. slOo4 4oo
70 France: Of silver s5725j2. chiefly to London
Since January /. Gold s26.450s26 silver sz9.o.-
500 against s. 657 54S gold and A2I3,Oy9 silver lor
the same period in 1894. Imports OF gold were
Ns6 l07 nearly all foreign coin in transit from
Fnnce: Of silver $5j.744 coin from Liverpool ana M
the West Indies Since January /: Goia A.oi:s co
silver sl6lj50 against s602.072 gold and *ll"oos
silver for the same time last year. Yesterday
the total withdrawals of gold from the Sub
end - he ecld withdrawal and export move
rient has come apparently ana IL - ho' pr, &c
that there viii he any large exports or eoiu ,iis
Year except in the regular course OF business.
Considerable doubt is expressed III -" al ot'ev'
about the action Of the Administration III can
ing for 500 coo coo per cents. and some people
are not familiar with the authority Of the Secfe,
tary Of the Treasury I'm relation to the prop9sed
loan The facts are thes'~ BY the act OF Jan Jan
uary a. 1875. for the resumption ana mani
nance OF specie payments there Is authority for
an unlimited issue Of Goyernment bonds neces-
sary 10 secure gold 20 carry out the Resumption
act, The Refurdlng act II July IA, Io'V pro-
y,a.1 IN, A possible issue q $200000,00O . per
cent, $500 90 900 ~ per cen, ana $l.OOOuOOOJo
Per cent bonds. and subsequent amendment IN
creased the authorized issue Of the . per cehl
bonds To 500 090 900. Gut the Resumption act or
Is75 contained this clause:
And 10 enable he M G eJ hs Trsasgry re s ae' TO
surplus revenucs from tine 70 me In the liSasu!
dspo.e E 5 a. not css than par either Of
the description Of bonds II the United states de-
srribed in inc Act OF Congress approved July IA.
$50 entitled IAN ac; 70 authorize the reinnd!ng OF
the National debt. with IKE Glal,tlc. rfl'ueTSs rna %
sc into full effect and 70 use ne prosreds tmTIeo
;or he purposes aioresah Ao az ~ tSs aci are
hereby repealed"
II is held that the reference In this provision
10 the act Of 1870 was simply for the purpose o, Gi
avoiding repetition in describing the bonds aVaiI-
able for resumption purposes. anu 'hai tle
clause would fully warrant The Treasury De
partment In issuing either per cent. Az per cent
or per cent bonds at any price above par
needed TO maintain specie payments. Therc are
now outstanding 800. 900 0c0 per cent bonos
and In round numbers 1853 500 900 per cent
bonds: while the old Az per cent bonds were
continued at per cent
GOLD RESERVE ABOUT STATIONARY.
WITHDRAWALS or ONLY $4,000 YESTERDAY
HOW THE SENATE STANDS on TIE CUES