The daily morning journal and courier., 1896-01-03
ALL READY FOR THE BONDS
SUBSCRIPTIoNS ALREADY CLOSE TO
 THE SI5O, ,00o, ,O0O MARA.
Stewart in WashinGton-Gold Expected to
 Begin to Flow Back Next Week.

Stewart in yyashiugton-Gold Expected to
 Begin to Flow Back Next Week.
 New York, Jan. 2.-Applicatons to- par ticipate in the bond syndicate were stil being made at the office of J, P, Morgan X Co.,, this morning. No official state ments were forthcoming as to the amount signed for but it is thought that the total is not far from $150, 900, 900, For it is probable that applicants for participation will find their subscrip- tions sealed.
 The form of the invitation to join the syndicate is as follows:
 J. P. Morgan &s Co. propose to form a. syndicate in order to make contract with the United States government for the sale of Il, ,5OO,oO0 ounces of gold, payable in United States per cent. bends of 1925; of this amount at least ance may be firm or in the form of an option in whole or in part; the price to be upon about the basis of the con tract of February s, 1895. No partici- patton hereunder shall foe binding un- less the equivalent of $1oo, oo0oO of bonds are subscribed for. Subscriptions may be taken up to a larger total in the discretion of J. P. Morgan x Co, prior to, execution of contract with the gov ernment; any option to apply ratably among all firm subscriptions.
 The syndicate is to be under the management of J. P. Morgan x Co.,, and they are to be allowed 1 per cent. therefor.
 The undersigned agree to accept firm participations i'm any such syndicate to the extent set opposite their respective names, and ratably in any option, and to furnish gold accordingly, it being un- derstood that such gold is not to be withdrawn from the United States treasury for the purpose of said sub scription.
 It will be seen that the agreement or invitation is in a measure contingent, and that the syndicate is forming ito make contract with the government. In view, however of the depleted com dition of the gold balance of the treas ury, it is plain that the bond issue will not be delayed further, and it is reason able to suppose that a 'tacit under standing has been reached between the secretary of the treasury and the man. agers of the syndicate.
 The other general features of the sit nation more or less affected by the oper- ations of the syndicate assumed more normal conditions to-day. The money market was easier, and the market for sterling exchange was quiet and firm. Sight bills of exchange on London were quoted at 4.S9@4S914, at which rate it tWould be profitable to export gold, but the prevailing premium on the metal offsets this, and it is thought that next weeks incoming vessels will bring from $3 GOO to s5000,000 gold, imported on account of the syndicate subscriptions A great deal of interest was taken in the whereabouts of various bankers and others connected with the syndicate operations. MT. J. Pierrepont Morgan drove down to his office about noon, and immediately went into consultation with a number of gentlemen who were awaiting his arrival.
 President John A. Stewart of the United States Trust company who headed the two syndcates prior to the February, 1895, undertaking, was at his office during the morning, but left for Washington in the afternoon. MT. Stewards personal relations with MT. Cleveland and Secretary Carlisle are fairly close, and it may be assumed l that his trip is in relation to the pend l ing bond sale.
 President James Stillman of the City | National bank, who is also close to the president, returned from Washington and was at his desk to-day. President 1 J. T. Woodward of the Hanover Nation al bank is in Washington to-day. The 1 two banks named are among the largest 1 holders of gold of any in the city.