The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-01-01


Washington CITY. D&c- sl-There were
new developments today in the matter II
neU bond issue. aad the opinion now
| prevails that it may Dr. postponed for a
nnmg=er OF days yet. Tlf0 cessation 0c
large WIthdra walls Of gold for export and
the fact that one or more orders have
bevn placed for gold shipment abroad are
important factors In the question OF an
early issue on the other hand. the al
most daily annoflncements OF the sub
treasury at New York that considerable
quantities are being withdrawn in the re-
demption Of legal tenders would seem 20
justify prompt action BY the president.
These re3emptions, IL IS said. are prob
I ably asked for for the purpose OF accu-
mulat!ng a supply of gold with which 10
purchase rev bonds when they SHALL have
been placed on the market l1y the syndt-
cafe. and as they now aggregate considers
able more than S5100.0c8 since the forth
coming issue became a settled fact. their
early discontiuuance has become matter
OF the first importance. This can he ac-
Complshed. however. only through tho
operations Of the syndicate. and ID Is ar
guea, therefore. that the interest of tho
government lies IA a prompt announce
meEt OK r4e issue. What viii be the re-
suit 81 this conflicting interest IS not now
apparent
Ths report from New York toothe effect
taat the members 0f the new syndicate
have entered into an agrecment 10y which
the government is 10 be az once furnished
sllo, o,e0.Gde Of gold, and later on. At its
option. with 500 m0.(s0 in addition. can
not he verified at tois time IL Is the
general opinion. however that this ar
rangement for an additional contingent
amount was made with the approval OF
tae president. who IS anxious thai this
issue shall be the last during his term Of
office. II Is believed further that the con-
dltion as 20 the procurement OF a part OF
the gold from abroad. and that no part Of
IL shall be withdrawn from the treasury.
Is made part Of the new contract
The forthcoming monthly treasury state
ment viii show an excess Of receipts over
expenditures for December Of about S542.-
o.. which il a gain over November of
abOuS N.>9,e11. The heavy payments on
account OF interest. pensions and Pacific
bond redemptions during January are ex-
pect to resulGin a large deficit for that
month. The deficit for the present fiscal
year. ending June 30, 1896. is expected 10
be approximately &i5,41,eoo. These figures.
however are based on the assumption that
the receipts from customs viii materially
increase during the next three months. as
is usually the case, The receipts from In
terni revenue, 10 Is thought have now
abogt reached the normal. aud hence no
theapeh the customs.
Tire treasury lost today 10000 in gold
for export and S95oo0 Ky the redemption
or legal tenders, leaving the true amount
OF tho gold reserve at So, ,56e.i4s.
New York Dee GA contract was
gned this morning by the members OF tho
new bond syndicate. subject to formal Sc
ccptance by The guverG1ne1f. The syndi-
cate agrees 10 furnish 1lJo.0o0 ounces Of
gold. amounting 20 about S@".os9.Dpo. The
government IS 10 take half this sum fret
and 10 have tho option Of taking the other
half and deliver per GENT. thirtyyear
coin bonds al about the same price as was
paSi for tho last isSlta Of bonds The man
ager Of the syndicate is To RECEIVE a COM
mission OF ! per cent. Tie price az which
the last bonds were taken was tbi A.. at
which they yielded ga per cent. interest.
Bankers % this city IN close touch with
the administration express the opinion that
the announcement regarding the govern
mcnt bond issue VII Ds made not later
than Thursday Dstails Of the contract
with the syndicats VIII closely conform 20
thok,, OF thc previous issue. The loan 3
expected 10 be for Si0o.ogo 00n. with option
on an a1d,ti si0o.o0o ooe. The arrange
ruents 10 not provide FOR any guarantee by
the syndicate as ~ the last ssIe. Formal
Applications for allotment Of the loan aFs
belrg received ~ j. =. Morgan * Co.
who announce that no applications VIII be
prcations alone. Il is believed. VIII ag-
GFegate st-A.ee4<0.
The most interesting part of the news
in financial circles foday-ncxt - the re-
por. that q contract had been signed ~
J. =. Morgan Il co. for q now government
loan~was the announcement that Law
SON WeldenfeId 4 GO. had ordered 10000
in gold from london. and that it viii
leave on Saturday. The firm mentioned IS
a new sne member OF Il. when asked
for some particulars II the transaction,
would only say the firm wanted the gold.
that they gerr not acting for any one
else. and If was necessary that they should
procUre tire goU from outside the United
States r. is understood the gold is i'm
ported for the purpose ~ paying some of
the new government bonds 10 be- ISSUED.
A curious thing in connection with thu
importation 81 gold hy lawson. Weiden-
fel3 & GO. Is that the bankers VINO sold
thafn the exchange on which 20 import
the gold will have 70 export gold % cover
their bills Foreign bankers. however.
sa}d there was no doubt that {or some
time imports aol exports ~ 9sold would
occur simultaneously, iu cons~4ucnce ~
~. uuinteiEgtble action % congress and
tho terms on which Subscriptions - tbs
new government loan would De received.
IL was reported today that the syndicate
Bn the first instance was made up % J. +.
Moran 4 Co. the CIty National hank.
thc Hanover National tank and a Ger
man bank. that Messrs. 1oEGan q 20.
vyos}d take SO ogo 90. the CIf5 and Ham
over National banks 80. og5gl0 fseCgveen
tharn ar3 the German house 81. GO
other hanls are 10 he allowed % partici-
nate AZ a nxe1 price in what is virtually
80 49, Ind pool. the four members of
;he % indicate mentioned handling tho
bonds
tgr1her proof S. received today of tho
sriars given ~ London hauhers 20 claim
gold Ger Al ognpons payable in gold. due
on January T. and remit the gold. or. "a
in some cases. retain it subject 10 order.
Tn event ~ noa-paymeaf ~ fold. protest
thereof IL 10 b. n>ade Many -7a Ckers also
received similar fnstrudIons today from
Interior banks wltn ref5ard - coupons -
thr PennzylvsSla Rai'rc4d Compaay ard
These banks. soo1e ~ Them in FennsYiva-
the got1 70 them by eXpregsC
Dsnton dea' 'evs today Offered E. Der cent.
premium s1r gold bat 5o'Ild -o3tafu none
freA1 a. IA cents premium and az that
l.. kuparte1 az profit II was announced
a. noon taat re god Skipped from this
rsr- O. London on laRt Uedneai2y bad
, been purchased f1r American account in
E.rnJon and woal3 ~ reIGrued on the
aann. steamer The prizes Paid vas =
penny per ounce higher than tne Bank u
England BID
Ts7r4on uee gr -Tne impression here ~
t1at tae bond issue only awaits 81 esshe-
3 ton of President Cleveland ~ 9e closed.