The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-02-21
SALE OF THE NEW BONDS.
The Loan Subscribed for Many Time,
Over.

over.
New York. Feb 20.-The subscription
books for the 2,Sl50oo United states four
per cents were opened promptly at 10
O'Clock this morning at the office OF j.
Pierrepont Morgan & Co, and just % min
utes later the subscriptions were closed.
There was little or no excitement at the
office Of Morgan & Co.. in fact the attend
ance there was about the same as on
ordinary business days. This was ac-
counted for by the fact that the bulk
Of tho bids were sent in by mail and for
this reason tO-day's performance was
looked upon as a mere formality, to use
the expression Of one Of the leading
members OF the syndicate. The bonds
were subscribed for az least ten times
over and the loan I'm every particular has
ben an normous success. Mr.. Morgan rs
authority for the statement that no de-
tails VIII Do given out until Saturday.
when the allotments are 10 be made. The
bonds sold at four per cent. premium In
London to-day and 1i6 was bid on the
STREET here this morning.
A principal member OF the syndicate
IS authority for the statement that the
enormous over-subscription of the bonds
was astounding even 10 the syndicate.
The success Of the whole deal abroad can
ton with the sale OF the bonds.
IL is anticipated that It will revive the
interest in American securities and stim-
ulate an interest in our railroad securi-
ties such as has not existed since the Bar
ing panic thus turning the real balance
OF exchange i'm our favor 80 that when
exports of hreadstuffs begin next fall the
natural flow OF gold win once more be to-
ward the United States. The strain up
on our gold holdings viii thus be relieved
for the first time in two years.
The gold payments Of the Morgan
Belmont syndicate due from this country
wero completed this morning. Mr.. Nor
gan finding that there was "A surplus
of Sl.l2S.0oO gold on hand. turned It over
to the subtreasury at o'clock, and took
legal tenders I'm exchange.
W hen the whole transaction Is COM
pleted II is expected that the syndicate
win turn in between N5,0JO,000 and $4,000
900 I'm gold. as all payments for subscrip-
tons made In gold will be handed over
to the subtreasury
washington. Feb. 2O.-Unlted States
Treasurer Jordan sent this telegram to
Assistant Secretary Curtis this afternoon:
New York. Feb. 20. 2.30 p. m.-lnform the
Secretary that the syndicate have COM
pleted the matter Of the purchase Of gold
coin on this side and have now turned In
81 ,t23, 900 gold coin In exchange for United
This Is understood 10 mean that $3OOO0.-
00J Ia gold have been secured by the Bel
Morgan syndicate in America for
payment OF the bonds, the balance, nearly
$35, 100000, having been secured in London,
when more than four times the allotment
for that side was subscribed for. SO far
s23. .052, 80 in gold have been received by the
treasury from the syndicate and s22.0G0
$50 IN certificates issued to n. II Will prob
ably be several weeks before the bonds
are ready for delivery.
London, Feb 20-The subscriptions to
the new United States loan closed at noon
to-day. Figures are not available, but a
prominent financial firm believes the
amount agreed TO be taken here has been
covered more than ten times. Evening
newspapers agree that the loan is a COM
plete success. ON the stock exchange the
bonds are known as the New Yankees" g"
The PAN Mall Gazette, commenting on
the taking Of the loan says the success
Is due to Haute finance and not to the
ordinary investor, who refrained from
investing. fearing that the loan will not
be paid in gold. The great success Of the
loan is. therefore, all the more a triumph
for those who are managing Il and for the
credit of tine United States.
The loan prospectus was issued very
late yesterday afternoon and a regular
fight ensued at MOrgan's for places In the
line. and this morning there was a re-
newed rush Of subscribers The premium
at one time after noon reached AZ.
The Daily Graphic VIII say tomorrow:
Before the lists for the American loan
had been open two hours the loan was
covered fifteen times over. There Is moth
ing surprising in this, however, as both
the security and interest in this invest
ment are exceptional. Every credit is
due Mr.. Cleveland for the tenacity and re-
source which he has STAYED off what
might have been a serious disaster"
The Standard viii say tomorrow: "fs-
Inmates vary as to the number OF times
the loan was covered, the highest being
thirty and the lowest five. According
to the general opinion It Is between ten
and twenty. The dealings were just as
active as the applications"
The Daily NEWS will say: "There is
reason to believe that the part of the
American loan offered here was covered
nearly fifteen times, irrespective Of any
applications that may arrive from the
country. The allotment letters probably
viii be issued next week"