New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-02-10
THE NEW BOND ISSUE.
!. p. MORGAN AND AUGUST BELMONT
HOME AGAIN.
APPLICATIONS TO THE SYNDICATE FOR BoNps-
PROBABLY NOT MORE THAN sao.oooooo
OVER UNTIL TOMORROW.

.,p,rc,rtoxs TO THE SYNDICATE FOR BONDS
PROBABLY NOT MORE THAN sso.oooooO
TO COME FROM EUROPE.
!. Pierpont Morgan and August Belmont. who
are the leading members of the syndicate which
will furnish the Treasury with gold for bonds, re-
turned from Washington yesterday Mr.. Morgan
would not discuss the terms of the BOND agreement
or make any comments on the situation out MI
Belmont had this to say: THE object Of the trans
action is not the mere purchase and sale OF oonus
but is to assist the Treasury In carrying out the
object for which it is In existence-the acquiring
of gold and keeping 1t there by the best means al
Its disposal Naturally, then. one object OF the
syndicate will be to proven. gold being Withdrawn
from the Treasury for the purchase OF the oonds
OF course II follows that every one VINO IS 10 De
in the syndicate must have the same object In
view
Applications have already been received by the
syndicate for the bonds but il is not likely that
any but few banks and some foreign banking
houses will be allowed in the syndicate Deposits
of gold were made In some banks yesterday, pre-
sumably for the bonds, but 1t could not be learned
how soon gold would be turned into the Sub-Treas-
ury BY the language of the Presidents message
the whole matter is apparently 10 De heio IN aoe!'
ance for ten days In the hope OF authority IRON
Congress for him to issue per cent gold bona
The official memorandum Of the contract for the
sale of the bonds made by the Administration
and the Morgan Belmont syndicate, was as follows:
The contract was made with August Belmont &
Co. OF New-York, behalf of Messrs y. VI;
Rothschild & Sons, of London and themselves ana
j p Morgan & Co, of New-York, on behalf OF );
s. Morgan e. Co. of London, and themselves, ana
provides for the delivery to the United states OF
$500 600 ounces of standard gold coin OF the United
States, to be paid for in United States per cent
cial institutions are interested in the transaction.
but their names not mentioned IN the contract
itself. This department does not know In what
proportions the various parties are TO furnisn the
gold coin receive the bonds as this Is a matter
for arrangement between themselves. BY the
terms Of the contract the parties are 70 bear all
the expense of bringing gold from abroad. ana tney
are so far II lies in their power. to exert an
their financial influence. and make all legitimate
Of gold pending complete performance of the con-
tract No bonds to be delivered except In pay
ment for gold actually delivered. In view OF the
possble failure of legislation In Congress, nego-
fiations have been pending for some time here and
abroad and the of this contract are the best
that could be procured with coin bond.
The Government buys S.5cO.0oo ounces of gold at
s17sOis an ounce. The gold is worth at the Assay
Once rates 1861 ounce. and this difference
of so cents amounts to about $.SoO0oO.
being the premium the syndicate will pay for the
bonds This makes the price for the issue Sl0sf9.
The New York banks which believed TO be in
National. the National Park, the National Bank
of Commerce. the National City. the Hanover Ma
tional and the American Exchange The gold hold
ings OF all the city banks are about $4,000, 900
II believed that more than $30,OO0OO0 OF the
gold will come from Europe.