The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-02-07

knowledge doubtless influenced many 9TH
er bids and the prevailing impression in
Wall street is that i dets,rlmined the fig
associates. Mr.. Stewart said yesterday
that he did not care IL he did not get a
single bond, that he had taken the course
he had in the matter with the view of
sustaining the credit OF the government,
and that he was satisfied with the ap-
parent outcome Of the loan as indicated
by the number of bids and the price.
The situation in brief appears to be
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, will secure a
large proportion OF the bonds. Current
estimates last night, by those most fa-
miliar with the bids, were that the Nor
gan syndicate would get at least 20 and
possibly 60 per cent. of the bonds.
In 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
as set forth by Lord Salisbury IN the Ven
eZuelan matter, and the rise IN the price
Of securities both in Europe and this coun-
try, since the subject of financing the
treasury was first broached.
fAmong those not interested in making
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 much higher
price than the last issue, and at the same
time the handling of al least 80 per cent.
of the new loan will be in the hands of
bankers, who can conduct the operations
with a minimum of disturbance in the
money market. Not less important than
these considerations is the fact that a
considerable percentage of the bonds viii,
judging from the bids. be awarded to in
terests that have facilities for placing
them abroad. including the Deutsche
Bank, which has already arranged to dis
tinent of Europe whatever proportion of
the loan il may secure.
THE first effect of the floating Of the
loan will be to release large amounts of
money particularly s Did and legal ten
ders that have been delivered by bankers
and others who have bid for the bonds.
For this reason the premium on legal
tenders notes virtually disappeared yes
terday and the premiumkon gold was down
to 9sdk per cent. Large amounts were
offered at the fraction last named
New York, Feb. 6.-At the regu-
lar monthly meeting of the chamber
of commerce this afternoon, J. Ed
ward Simmons, president OF the Fourth
National Bank, moved the following res-
Olution: "ResOlved, That the chamber
recognizes with grateful pride the conf
dence of the people in the financial
strength of the country as expressed by
the large subscriptions TO the governments
loan announced yesterday. The chamber
believes that the extraordinary success OF
this loan should dispel every doubt as to
the ability and intention OF the United
cations in the best money of the world"
The resolution was carried unanimously.