Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-02-07

with him. was obviously compelled TO play
rather an open hand. In consequence
number OF bankers knew on Tuesoay
night, and a still larger number yes.ei
day morning, that Mr.. Stewards bid
would be slightly above 40. This Know
ledge doubtless Influenced many other plus
and the prevailing impression in wall
street is that 1t determined the figutes
Mr.. Morgan bid for himself and his an
sociates
'Mr. Stewart said yesterday that ne
did not care II he did not get sihhie
bond that he had taken the course nc
had In the matter with a view OF SUSTAIN
ing the credit of the government ana 'na'
he was satisfied with the apparent OUT
come Of the loan. as indicated by ihe
number OF bids and the prices.
''The situation In brief appears to pe
that Mr. Stewart has been successful IN
advancing the price at which the new
loan will be awarded. and that j. =.
Morgan & Co. and their associates VIII
secure a large proportion Of the BONDS.
Current estimates last night by those
most familiar with the bids were that
the Morgan syndicate would get at least
20, and possibly 50, per cent. OF the Dohus'
IN BEHALF OF MORGAN.
'1n considering the difference in price
that the Morgan syndicate will pay for
the bonds, and the price AT which Mr..
Morgan was willing to take them in De
cember, a number Of circumstances should
not be overlooked Chief among them is
the change in the attitude Of Great
Britain. as set forth by Lord Salisbury
in the Venezuelan matter. and the rise
I'm the price Of securities both In Europe
and this country since the subject or
financing the Treasury was first broach-
cd.
Among those interested in making a
| direct profit out of the loan the view
was generally expressed that great good
had been accomplished by the competi-
ton between Mr.. Stewart and Mr.. Nor
gan and their respective following. In
the first place, the credit OF the govern
ment has been emphasized that Is, the
bonds are being sold at a much higher
price than those Of the last issue. and at
the same time the handling of at least
80 per cent. Of the new loan will be in
| the hands of bankers. who can conduct
| the operation with minimum Of disturb
ance to the money market Not less i'm
! portant than these considerations Is the
| fact that considerable percentage OF
the bonds will judging from the bids, be
awarded to interests that have fairly good
facilities for placing them abroad, in
Guiding the Deutsche Bank, which has
already arranged TO distribute with ac-
tusl investors on the Continent OF Europe
whatever proportion of the loan IL may
! secure.
"The first effort Of the floating of the
loan will be 10 release large amounts Of
| money particularly gold and lega-tenders
| that have been held by bankers anC
others who have bid for the bonds.
For this reason the premium on legal
tender notes virtually disappeared yester
day. and the premium on gold was dowr
TO 3-Sfil-2 per cent. Large amounts were
offered at the fraction last-named'
CONGRATULATIONS TO UNCLE SAM
NEW YORK February 6.-At the regu
lar monthly meeting of the Chamber o
| Commerce this evening. J. Edwards Sim
| mons, president OF the Fourth Nationa
Bank. moved the following resolutions:
"Resolved, That the Chamber recog
nizes with grateful pride the confidence o
the people in the financial strength o
the country, as expressed by the larg
subscriptions to the government loan an
nounced yesterday. The Chamber believe
that the extraordinary success OF thi
loan should dispel every doubt as L
the ability and intention Of the Unite'
States Government 10 redeem all its obi
cations in the best money Of the world.
The resolution was carried unanimously
THE BIDS AND VENEZUELA.
| LONDON. February 6.--The ST.. Jane
Gazette. in its comments upon the sue
cess Of the new government loan I'm IN
United States. says that country is rich
and has great store of wealth. in spit
Of financial disturbances and disagree
ments and the vagaries OF the Fedora
administration. The success Of the loar
however. is not altogether to be regarde
as a basis Of hope for the settlement o
the Venezuelan affair, and 1t Is not unlike
~ TO be made a pretext for addtiona
American bumptiousness and aggressive
ness.
While endeavoring 10 be optimistic, IN
Gazette says IL fails to find any indica
tion on the part OF the United States I
make any concessions, and to England
left the alternative of submitting the er
tire claim Of Venezuela to arbitration &
making an enemy OF the United states
In the circumstances. the situation
stin very unsatisfactory, not TO say dar
gerOus.
The Westminster Gazette believes tha
the Presidents decision in favor OF
popular loan has been justified. Its sue
cess. the paper adds, cannot fail TO hav
a good influence at home and abroad.