New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-01-05
SMALL WITHDRAWALS OF GOLD.
WALL STREET EXPECTING THE BOND ISSUE TO
RE MADE UNDER THE RESI- MPTION ACT

WALL STkltl tNfE'l lNb LIE BOND 1881 ~ III
RI MADE UNDER THE RESUMPTION ACT.
Withdrawals Of gold from the Treasury have be-
come 50 small hat there is need for haste in
r,enishing the reserve. /; is altogether probable
thst tie Administration will wait not only for the
finance committee 10 report on the bond bill, but
fer the senate 10 the bill Everybody in
Wal believes that the bill will be killed by
amendments and all calculations based the
expectation that thirtyyear per cent bonds Will be
issued under the Resumption act
Whle the assumption has been that the bonds
would be sold for gold the syndicate 1912
there is some for believing that the price will
b. o5 leading member Of the syndicate when
questioned on this point. said
This bond Issue is 70 be business transaction.
The Administration will try force Up the price Of
the bonds and the syndicate Will try to press IL
tel now. To fnanciers the idea OF popular loan
appears absurd The purpose OF the issue could not
Re accomplished under a popular loan If the
Subscriptions reached the required aggregate There
would be restrictions on subscribers They
would present greenbacks al the Suh-Treasuries
throurtout the country to obtain gold pay for
the bonds and the gold reserve would not be built
up al all The syndicate agreement provides that
subscribers shall not draw gold TO pay for bonds
from the Governments store. II is true that the
country that is available for the purchase OF bonds
I; get gold whenever II wants IT,
The eireumst anees Of the forthcoming issue and
per cent and there nterna tonal compiled
IONS - interfere WIN pidCInS lNtiil dpiOdli \pN
money is tight and there differences between
the United States and Great Britain which are ca
cua;ed 20 initiate against the sale OF bonds For
another thing provision has TO be made for mar
ke, for between three and four times many bonds
a. issued eleven months ago. Nevertheless
there have been applications on the bonds on large
sale from Germany. England and Canada The net
profits &c the syndicate which took the bonds IN
IS5 only i.9O per cent, and the transaction
extended over eigh; months. That was not much Of
profit for operation involving as much as that
did,
There were reports yesterday that three members
OF the syndicate headed by J. Pierpont Morgan had
asked 70 be allowed to withdraw their subscriptions
An authorit ative denial given to the reports
and II declared further that several OF the APP
ylicants for bonds had requested the privilege Of
increasing their subscriptions.
No further expectations Of god are looked for
until the departure of the ST Paul next Wednesday,
end there may be shipments then. Every fast
sAip sailing from Southampton and Liverpool the
coming week will probably have gold aboard CON
egne1 10 NewYork bankers and specie dealers. and
Intended for in payment for bonds.
There story in Wall Street yesterday that
a bank in trouble. The only foundation for it
was the fact that small bank needed funds for
Is regular business. and borrowed 100000 from a
Urge bank. Ii furnished ample security for the loan
Transactions OF this sort are very common.