The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-02-07

genuine surprise to the street. Inter-
est In the Morgan bid was intensified
when 1t was learned that 1t was for
the firm of ]. p Morgan & Co., the
l'eutsche Bank OF Berlin; Henry Fiskc
& sons and the National City Bank,
each being equally Interested In the
plu. AS soon as the bids were made
pubic wall street saw at once why the
amount had been largely oyersubscribed
and the more THE street studied the cir
cntnstanccs attending the bidding the
stronger became the conviction that this
rivalry was largely responsible for the
large subscription to the bonds The
most important fact and one which 1t
Is useless TO try to conceal Is that Mr..
stewart and Mr.. Morgan have COM
netsd for the honor Of financing the
Treasury. motive which Mr. Ste
wart himself says actuated him in TAX
ing an active part In the matter is that
ne wished the loan to be j success not
only TO the amount OF bonds bid, but
also as TO the prices. MIR. Stewart said
Yesterday that he did not care if he
did not get n single bond. that he had
| taken the course lie had in the matter
with the view of sustaining the credit
OF the Government. and that he was
satisfied with the apparent outcome
by the number of bids and the prices
The situation in brief appears 10 he
in advancing the price at which the
new loan will be made. and that ]. p.
Morgan & Co. and their associations
Will secure large proportion of the
bonds. Current estimates last night by
those most familiar with the bids were
| that the Morgan syndicate would get
| at least 40 and possibly Gu per cent of
the bonds. In considering the differ
| enccs in price that the Morgan syn
dictate will pay for the hnnds and the
| price at which Mr.. Morgan was willing
| to take them In December q number of
circumstances should be overlooked.
| Chief among them is the change in the
attitude of Great Britain. as set forth
| by Lord Salisbury. in the Venezuelan
| matter, and the rise in the price Of Sc
curitieS both IN Europe and this coun-
| Try since the subject OF financing the
| Treasury was first broached.
Among those not Interested In max,
| ing a direct profit out of the loan tho
view was generally expressed that grca
benefit had been accomplished by thu
competition between Mr.. Stewart and
| MIR. Morgan and their respective follow
| ing. In the first place the credit of the
| Government has been emphasized. That
| is the bonds are being sold at a much
| higher price than the last issue and al
the same lime the handling OF at least
| 30 per cent. of the new loan will he in
| the hands of bankers who can conduc.
the opera ton with minimum of dis
turhancc to the money market. Not less
| important than these considerations is
| the fact that a consldcra BILE percentage
of the bonds VIII. judging from the bids.
be awarded to interests that have ia
cilities for placing them abroad. in
Guiding Deuisohe Bank. which has al
ready arranged to distribute With actu-
| nj investors on the continent of Europe
| whatever proportion of the loan 1t may
| secure.
The first effect of the floating of the
| loan will be- to release large amounts of
money. particularly gold and legal ten
| ders, that have been held by bankers
and others. who have bid for the bonds.
| For this reason the premium on legal
! tender notes virtually disappeared yes
| tevday and the premium on gold was
down to 3sdlh per cent. Large amounts
were offered at the fraction last named.
| English Press Comments on tho Bond
Loan.
London. Feb. 6.-rhc ST. James Ga
Zettc in its comments upon the United
! States bond issue regards the success
| of the loan as 4 useful reminder to the
| people of Great Britain that the United
States is a very rich country, and has
| among its people great store of wealth.
| The success, however, is not altogeth-
| er to be regarded as q basis of hope
| of the settlement OF the Venezuelan af-
| fair, and Is not unlikely to be made
| IL preteXt for additional American
| bumptiousncss and aggrcssiveness.
| While endeavorlng TO be optimistic,
| the Gazette says It fails to find any
| indication on the part OF the United
| States to make any concessions, and
| to England is left the alternative of
| submitting the entire claim OF Venezue-
| la TO arbitration or make an enemy OF
| the United States. Under the circum-
| stances the situation is still very unsat-
| isfactory not to say dangerous.
The Westminster Gazette believes
| that the Presidents decision in favor OF
a popular loan has been justified Its
success the paper adds, cannot fail TO
have good influence at home and
abroad.
! Gold Deposits.
New York, Feb. 6.-The American Ex-
| change National Bank deposited at the
| sub-Treasury this morning $500 900 in
] Il = ~ II