New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-02-02
THE GOLD OUTFLOW CEASES.
GRATIFYING RESULT OF THE GENERAL
EXPECTATION OF A BOND ISSUE

FAIL ~ FOREIGN EHChAN"h hAiEo-NoNSiD-
,,,,p,r COLD RETURNED TO THE SUB
rnr,.,ny-oNE FIRM MADE A FRANTIC
-,ropr TO GET BACK SOME OF THE
,,rr,1 WHICH WAS ON BOARD
su,p BUT WAS TOO LATE-TALK
ABOUT THE PRICE OF THE
BONDS AND THE TIME
THEY WILL RUN.
The return OF prosperity TO this country which
has been so often interfered with by the actions
Of the small lot of men in Washington
nected in the condition OF he foreign exchange
market yesterday A big drop in foreign ex-
change rates caused cancellation Of most of
the gold export orders. end the indications late
in the day were that there would be more
gold exports for the present at least. News
from Washington favoring large issue Of bonds
was the factor which turned the tide in the big
gold export movement and when word came
from Washington that the Bureau Of Engraving
and Printing had secured orders to prepare bonds.
evsrv one In the banking and speculative COM
nunity felt that the end OF distressing times
WIS not far off. Anxiety has been relieved In
Wall Street and the whole country will feel the
effect in way that cannot help but bring conf
dence and encouragement.
The change in the stock and money markets
which every one has been looking for has. II is
believed come TO stay. a.d from this time on
business interests will look up. The banking
community believes that a call for 100000, OO0
bonds will be made to-dpy or in the early part
Of next week, and on this opinion every one is
basing hopes for rapid return OF normal con-
ditons and the return to this country Of the
gold which has been going away at the rate OF
over s12 1000 weex recently.
SUDDEN END OF THE MOVEMENT.
Since January l over $50. 900 of the precious
metal has been taken away from this country.
and the gold reserve has been brought down to
little over s4OOo0OOO Yesterday there was
sudden end to all this and the foreign exchange
houses viii had made arrangements to ship
gold to-day tumbled over each other in their
haste to cancel their orGers. and the hustle in
the offices Of the foreign exchange houses was
something that will soon be forgotten One
house had 100000 on board a steamer. and
when the break In the foreign exchange market
occurred it dispa tched a representative to the
pier to get the gold back. but 1t was too late to
get it. for it had been packed away. At the
SubTreasury this excitement among the for
eign exchange brokers received with salts
faction unbounded and relish supreme. and the
whole Street rejoiced in the favorable turn Of
affairs.
The banking houses which had made large en-
gagements for gold for shipment to-day cancelled
their orders. and the Sub-Treasury officers not
only had the satisfaction Of receiving the notices
Of cancellation. but they also had the pleasure CT
seeing gold actually being returned to the Gov
ernment. Gold TO the amount OF $l.307,o0O was
withdrawn early in the day. but when break In
the foreign exchange market occurred $l.SOO.O00
gold was returned. The total smeunt OF gold
was $14072.475, Of which $l1,670,o00 was taken
ostensibly for export. The return to the Sub
Treasury Of 81 900 leaves the net gold loss for
the week sl2.2T2.475.
The change In the tone of the foreign exchange
market was due TO the announcement from
Washington that at the Cabinet meeting II had
bees, decided TO make an issue Of bonds and that
the Bureau OF Engraving and Printing had been
ordered to prepare them Rates for foreign ex-
change began to fall on at the opening OF ousi-
ness but no decided break occurred until O'Clock,
when the demand for bills fell of 10 such an ex-
tent that the market became demoraiized
small business was done al 81 ss%. while on the
previous day rates were as high as ~ Ss1<W4 oSt2.
EFFECT ON THE STOCK MARKET.
The opinion in Wall Street based upon the be-
lief that a large bond issue would be made. be-
came decidedly publish at once, and the stock
market had a small-szed boom and exceed
ingly strong at advancing prices throughout the
rest OF the days trading. An encouraging feat
curitIes for the foreign account and evident
manipulation Of the market for rise When 1t
became known on the Stock Exchange that the
houses which had expected to ship gold bad can
celed their orders there was an increased upward
movement, and all stocks felt the influence OF the
good news.
No official information was obtained in Wall
Street regarding the new Government loan and
the sale Of Il abroad: August Belmont the
agent Of the Rothschilds. who will take a good
ton. nor would the other bankers who are inter-
ested in floating the bonds say anything about IT,
III Is believed that the issue will be for $lOO.-
00O. 900 As. as printed in The Tribune yesterday.
and the only question which Is now being dis
oussed is the price at which they will be sod.
A per cent bond on Sl2 per cent basis. having
thirty years to run. w)uld be 1924 and a
3z per cent basis it would be l04.4s. 1t is not
known whether the bonds will run for thirty
years or for the unexpired term Of the original
49, which is twelve and One-half years. II they
run for twelve and a halt years on a 3ia per
cent basis. the price would be lOj.03 and on
s9 basis would be 102.4S 1t is not believed that
ar a-half-year arrangement. and the bankers
hope he will not
NETWORK BANKS WILL HELP.
Although the bank presidents Of this city have
not been consulted in reference to the loan.
the general sentiment among them is that they
will do everything to make the issue a success.
The houses with Washington connections re-
ported yesterday that the result Of the Cabinet
meeting was that the bond issue would be made.
but that the public announcement would be Kept
back until next week. William f. Curtis. the
Assistant Secretary Of the Treasury. who was
In this city Thursday. getting the views OF
the foreign bankers on the bond question. will
be In New-York again to-day. 1t Is thought
tnat ne will consult the New-York bank presl-
dents IN IN regard to their advancing tne Govern
Ment $25.OO0,O00 TO tide over its embarrassment
until the gold from the bonds comes In.
IT was reported from London yesterday that
renewed representations In behalf OF the United |
States Government were made to prominent Lon
don fnanciers yesterday. and that bill would |
be brought In for satisfactory arrangement Of |
the currency as soon as possible after the as
sembllng OF the next Congress in the mean |
time II was represented. the Government could |