The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-02-24
SALE or THE NEW BONDS.
The Loan I3 Times Over-Subscribed
In This Country ana Europe.


New York. Feb. 2S.-The allotment CT
the United States per cents. was eCm-
pleted to-day. and at o'clock letters
We're mailed to the successful bidders.
J. Pierpont Morgan stated that the sub
seriptons In London. according 10 his ad-
vices. amounted to s55O.oo0ooO. which, with
the 500. 600 subscriptions here, make the
total subscriptions S75OOO0,OO0 The loan
was. consequently, thirteen times over
subscribed.
The Morgan-Belmont syndicate deposit
ed $4,000 gold az the sub-treasury this
morning and asked for receipt without
stating whether the gold was 10 nay for
bonds or TO be exchanged eventually for
legal tenders.
There was much suppressed excitement
In Wall street over the allotment Of the
new government 4s, as subscriptions had
been general among the brokers, bankers
and spectators. A member Of the syndi-
cate states that It has been considered
expedient to allot about half OF the issue
on this side as the bonds would come
back again eventually. and thus be Of no
avail as an effectual check TO gold eX-
ports The small investor. who subscribed
for S20O0. 5000 and 600 will receive the
preference in the allotment, as it is the
desire of Messrs Morgan q Belmont that
the bonds shall lodge as far as possible
in the hands of genuine investors, who
will take them permanently from the mar
ket.
The American line steamer Paris, which
arrived this morning from Southampton,
brings So boxes OF gold bars valued at
N.470.000, 20 August Belmont & Co.
London, Feb. 23.-The Economist In an
article on the New United States loan.
says III the United States government
had appealed to the Investors direct they
would have realized TO their own advan-
tase something Of the high price which
the loan obtains. 1t would appear that
Mr. Cleveland underrated the credit of the
United States, but il win be his duty
nevertheless, TO summon q session OF the
new congress as speedily as possible
The Statlst says, IF the new congress
does not pass requisite measures. another
loan equalling this one will be necessary
before the end Of the year. and possibly
there may be still larger borrowing in
1886"
The New York Financler says tbs week;
The statement OF the associated banks
Of this city for the week ending FEB
% shows a decrease OF $3.50, 500 IN loans,
a decrease OF s8,9SJ,0oo in specie, an in
crease of S2,S76,6O0 in LEGAL tenders, and a
decrease of sS,s74,SoO IN deposits. As a re-
suit of the weeks operations outlined
above, the reserve decreased 50, 800. 700
THE statement contains no important
features, except to shpw that the excess
Of money IA the hunks has been reduced
in a round sum. the operations OF the
Morgan-BeImont syndicate being respon-
slble for this. In fact, the entire week s
business WAS affected more or less through
the payment of specie into the sub-treRs-
ury for the new bond issue.
The specie decrease is less than $1,000
600. although twice that sum has been
taken from the New York banks TO pay
for the new bonds but as several Of the
larger banks are government depostorles.
n portion OF the gold has been returned
to them for deposit in their vaults The
| legal tender increase is logical. as some
gold turned over has been paid for In
paper currency. The banks also Rained
over S2000,000 through the interior moVe-
ment last week, but lost Si,O00l to the
sub-treasury chiefly IN gold. The treas-
decrease in deposits represents money
withdrawn for the most part TO COM
plete the bond operation, and the slight
contraction in loans can be accounted for
only on the ground that several banks
have been calling in outstanding paper
daily as the market gave signs OF adj
vancing.
"The deposits of gold IN national banks,
pending the final settlement of the bond
loan, while it viii give the specie item
n more respectable volume, win also keep
the reserve up, and, IN the opinion Of
conservative bankers. operate against
any quick advance in money rates"
London, Feb. &.-At the close OF busi-
ness on the Stock EIchapge today the
new United States loan was quoted at
5si premium.
Washington, Feb. 23.--Up to and includ-
ing to-day the treasury department. has
received 500, SIS, 70S in gold on deposit on
account of the Morgan bond pur-
oh ha raH in Fse,
for the same; and has carried to the gold
reserve s29, 1888, $50 The treasury interest
payments on account of recent bond issues
and the old bond issues up 10 date aggre-
gate this fiscal year, $2S,0OO,OO0, or about II
per cent. of the total receipts of the gov
ernment for the fiscal year to date.
RIG IInE At A nEpnr