The Providence news. (Providence [R.I.]) 1891-1906, 1896-01-13
THE BOND LOAN.
Proves to Be a Greater Success Than
Was Anticipated.
MORGAN SYNDICATE OUT OF IT.
A Total Of $lO4,OOO,OOO AL
ready Spoken For.

NEy YORK. Jan. l3--In a few brief
hours and what was once the most power
full aggregation OF capital i'm this country,
the famous Morgan syndicate, the would
be cornerers OF the gold Of the Western
world, will i'm all probability have become
thing OF the past.
One by one the most powerful interests
I'm the syndicate have quietly withdrawn
and have announced their determination
Of bidding for n portion Of the bonds
directly, instead Of through the syndicate
The conservative old Chemical bank OF
New York city, with S50O0,0)O Of gold,
drew out first. A half dozen other city
banks followed It. Friday the New York
Life Insurance company withdrew its
si0.OO0,0Oo
The two great banking houses OF Ger
many, Bleichroedcr's and tho Deutscho
bank, knew by Saturday That the people
were too strong for the syndicate, and de-
termined to make their bids for sl5, 900, 0OJ
and s25, O0O0 900, respectively, directly, in
stead of through the syndicate.
A n test OF the feeling of the country
toward the new government loan and OF
the willingness of the small capitalists to
subscribe for II, The World on Friday
night sent To MI the state banks, savings
institutions, trust companies and similar
institutions In the country n telegram
like that sent a week before TO the ma.
tional banks.
The response was at once prompt and
overwhelming, the subscriptions from
this source alone, in 10 hours. footing up
81, 5,206, 600 There is in this ease, as I'm tho
instance of the national banks, many who
,s I,,t l., ne
yet
To Specify the Amount.
There is no doubt that, definite and in
definite efforts together the subscriptions
made through The World. almost entirely
from country banks, represent total OF
two-thirds. II not ALL of the sl00, ,0000 900 OF
the loan.
OF the $i5 100000 subscribed by banks
other than national, Ohio contributes tho
greatest amount, 81. .36i 900; followed by
California, sl,333,5OO Pennsylvania.
81, 200, 800; Washington, S956 200; New
York s9e2, 600; Missouri, $685., ,OoO and Hi
nois, $s02, 600. The quota of Massachu-
sctts, where the banks are nearly all ma
tional, is s143, 800.
The full list of promised subscriptions
now stands as follows: The World. 81, ,OOO,-
600; NATIONAL banks, through Tho World,
$4,000. 900; state and savings banks,
through The World, sl5 0oo,00 New York
Life Insurance company, Sl0000.000;
Chemical and other New York banks, Sl5,-
10000; German bankers, $4,000, 900; Rus
sell Sage and other independent bankers,
S3,000,000.
This is total of slOi ,0O0, 900, and with
the exception Of Berlin and little from
Nav Work all tho oreot nnancinl captora
are still TO be heard from Boston, Chi
cago, Philadelphia, San Francisco, New
Orleans, Cincinnati and the other ceptcrs
of money in this country are practically
unrepresentcd in the above list.
The Morgan syndicate will probably
meet today and decide what to do. II
they vote to formally dissolve, as 1t Is in
timatcd they are likely to do, their disso-
luton will be followed at once by i'm
mense accessions 60 the list of indepcnd-
ent bidders for bonds.