The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1896-01-07
THE NEW BOND ISSUE.
]. P. Morgan & Co Will Probably Man
age the Syndicate.

IN SyAOA|SSSs
NEW York, Dec. 31.-An evening
paper says:
"a contract was signed this morn
ing by all the members OF the new bond
syndicate, subject to the formal &C
ceptance of the government. The syn
dictate agree to furnish eleven and a
half million ounces of gold, amounting
to about 5000, 600. 00O gold. the govern
ment to take one half Of this sum firs5,
and to have the option Of taking the
other half, and to deliver for it thirty
year 0 bonds at about the same price
as paid for the last issue of bonds, the
managers of the syndicate to receive a
commission Of 1 per cent.
tine price at which the last bonds
were taken was 1O4 40, at which they
yielded 81 per cent. interest"
The foregoing report is pronounced
premature by leading bankers. The
subscriptions for the new loan, accord
ing to banking officials, foot up any.
where from 800. 900, 900 to $155, OO0,0 600.
Report has it that J. P. Morgan has
secured $25, 600, 900 of this amount, and
James SULLIVAN, Of the City Bank, an
equal amount.
The Deutsche Bank, of Berlin, is
credited with being ready to take an
other $25, 600, 600. A umo was cur
rent that Russell Sage vas personally
Interested in the syndicate TO the eX
tent OF so, OOO, 600, but this was subse
quently denied.
The form OF the application for par
ticipation in the syndicate for the bond
issue circulated among the banks and
trust companies to day states that the
oopRoon ~ ont rRNnnco6 NTH tho &RoocN1Ru
is substantially the same as that of last
February, J. P. Morgan & Co. being
the managers of the syndicate, and re
ceiving for their services a commission
of 1 per cent.
Gold to the amount of II. $50, 600
ounces may be called for the treasury.
of which one-h half, that is. 5,O75, 900
ounces, is a firm sale, the other half be
ing in the nature of an option.
No subscriptions OF less than 800, 600
will be considered by the syndicate,
and the gold to be paid In must not
come from the treasury.
TIE demand for gold for the purpose
of subscribing to the new bond loan led
to an advance on the commission paid
for the metal, and transactions were
reported at 1 per cent. It is reported
that the 81, 700, 900 gold, which was
shipped by the Paris last week, has
been ordered reshipped to this country,
and will probably be used in paying
for bonds.
BERLIN, Dec. 3I.-The United States
Embassy here has received a number
of offers from G. rman banking firms
of the first class to take $500, 600, 900 of
of the proposed new American loan at
So per cent. interest. 1t is reported
here that the United States Treasury
will give only 3 per cent, or, at the
most, 81.
The Deutsche Bank is an anxious
offerer for the loan. Some firms pro-
fess to believe that there will be an ex-
elusive tender for the loan, within the
confines of the United States.
LONDON, Dec. 8 1-Tne dealings at
the Stock Exchange were restricted
and the market cl Jsed weak. The po
litical situation is not encouraging.
American railroad securities are
dropping and attract little attention.
The news from the Transvaal caused
q weakness in mining stocks. Spanish
securities rose ! on the news from
Cuba.