The daily morning journal and courier., 1896-02-11
PAYING FOR THE BONDS.

Many Successful Bidders Will Settle in One
 Payment-It Saves Interest Charges
 Gold Reserve Already Above tho S5O,-
 100000 Mark.
 New York, Feb. 1o,-Cashier Edward
 O. Leach of the National Union bank
 was the first visitor to the sub-treasury this morning who came to arrange for
 payment of gold on allotment of the new government bonds, His bank was
 a successful bidder at 111,50 for $3O0,000
 of the bonds and MT. Leach arranged for payment in full, instead of by in- stallments as the circular of the secre- tary of the treasury allows. Under the terms of the circular, says the Evening Sun, as modified on Janu- ary 15, each successful bond bidder Is required to pay 20 per cent, with &C., crued interest, upon the receipt of the notice of the acceptance of his bid. The remainder of the amound bid may be paid in installments of 10 per cent. and accrued interest at the end of each tif- teen days thereafter, but all accepted
 bidders, it is stated, may pay the whole amount of their bids at the time of the first installment.
 It was known this morning that many bidders will pay at once the entire amount of their bids, instead of by in stallments. By doing this, where the bidders have the gold ready. interest charges are saved.
 Payments for the new bonds actually
 commenced on Saturday, when the sub treasury officers were authorized to re- ceive deposits of gold to be credited up-
 on successful bond subscriptions. As a
 result a total of $1O,6 GAO in gold-the most of which was deposited some time ago for examination and counting-was transferred to the account of the treas ury.
 It was stated this morning at the sub treasury that, in addition to this $10,- 609,640, there was about $S,O00,000 in gold in the sub-treasury and $4,000,0O0 in the
 assay office,which had been placed there
 for examination. This also is expected.
 more or less quickly, to be transferred
 to the treasury in payment for bonds. At an average price of about i'll for the bonds the treasury will receive something like $111, ,OOO,O 900 for the entire
 issue, so that with the $1O609,640 paid on Saturday and the 2,000,000 on hand, but as yet untransferred, the payment for about 20 per cent. of the issue was
 this morning already provided for in | the vaults of the local sub-treasury and assay office
 Owing to the fact that many bidders will turn in at once the whole amount of their bids the immediate payments on the bonds in the next day or two ! may aggregate nearer $30,000,00O than about $22,000,000, which is all the circu- lar of the secretary of the treasury calls 1 for at this time.
 As a result of the payments of Satur- day the treasury's net gold-popularly
 known as the government gold reserve was again put above the $50,OO0, ,000 ! mark
 This mornings official treasury re- turns reported the net gold to be $45,- 11s,111, but they did not include the
 bond payments of Saturday.. It was estimated roughly that the payments raised the gold reserve to about $54,- 1 100000.
 l The withdrawals of gold from the | New York sub-treasury and assay office on Saturday were small, aggregating $115,000, $96,70O and $1s,sOO bars. A brisk demand continued to-day for the new bonds. They were quoted at l 116% bid, 1167s asked.