New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-14
READY FOR THE BOND ISSUE.
SMALL BIDDERS TO HAVE THD PREFERENCE
THOUGH sY INDICATE is READY TO TAKE
THE ENTIRE AMOUNT.

SMALL BIDDERS TO HAVE TTfp PREFERENCE
THOUGH A SYNDICATE is READY TO TAKE
THE ENTIRE AMOUNT.
Secretary Cages bond circular had not been ro-
celvcd by the local banks up TO the close OF Dust
ness yesterday, and the bank presidents were osih-
cned 10 say much about the action or ther re-
spective Institutions before having read the circular
and noted the conditions governing the suoscrlp-
tons and the allotmen,s. In the opinion OF the
presidents seen by Tribune reporter. the indca-
tons seemed to be that there would be very large
subscriptions by the National banks Tor oohos
against which circulation could be issued but that
the banks might be in rather remote pofiuon
as regarded awards, as 1t appeared probable that
the Secretary would give preference to the small
BIDDERS OF whom there would be a great NUMBER
It was suggested by one bank officer that bank
coud-but that very few would-secure largo
block OF the bonds by getting each OF It's clerks 10
put In an individual bid for $1,000. with the under-
standing that the allonents would be turned over
to the bank. As the aotments are to be made
first 10 Individual subscribers. preference being
given IN the inverse order Of the size OF the SUBJ
scriptions a bank making such use OF Its clerks
would have much better chance OF getting tho
amount OF bonds II desired than II II should make
one large bid which probably would have to be
scaled down but the method savors OF trckery
and Il Is unlikely that any reputable bank will
resort TO IL.
The action Of the so-called syndicate composed OF
Vermye & Co.. the Central Trust Company and
the National City Bank. behind which stand many
heavy financial interests. In Offering to take at par
all OF the s2ooo0o loan. or any part Of Its not SUBJ
scrbed by the public, was said by a prominent bank
president rather to be intended to inspire con-
ndence by showing that plenty Of money
available for subscription to the loan than to mcan
that the syndicate expected to be able to secure
very large ahioiht OF the bonds Il Is reported
that other syndicates may put In bids, and 1t Is
supposed that all the foreign banking houses also
VIII b san ass Is a IS S s' the
OF negotiations with the Government begun oelore
a6 &AR the
prospect In casoba' loan OF sloOe.po should be
sysed ;has aeE oe een TOR N sn%s
the National city Hank and it's associates are pre-
pared to take twice the amount previously agreed
i is thought that the Offering OF the new loan
bonds will soon command a premium. The saw
an deeltjH July e1s due
on thai do and H. the Soss Gacs go sDo,
three months interest there and more than
en- circular requires deposit o. per cent cash on
If the subscriber should not take up his allotment:
T Sa VIII h4osas W cut % sa.p2s
secured large profits on the occasion OF one well-re
money market was topic OF Interest in wall
s sf aoSa r n9p Sp Rosh that at Ss
money market had seen its lowest point, and that
t there cd bs OF s s %
quantity of idle money awaiting investment, and
Secretary Gage would doubtless make such an ar.
raneement that there would be serious demand
on the market. In addition to requiring payment
for the bonds In instruments at reasonable inter-
walls. the Secretary would no doubt leave some OF
the money In the banks until 4 was wanted as he
did in the OF the Union Pacific money, and
Furthermore. the Government would have 10 pay
the money out almost as fast as 1t received.
that there was no possibility or any stringency In
the money market
Mr.. Tappen hopes that the payment for the bonds
may be managed to render II unnecessary to
.sturh the gold ON deposit In the CLEARING tiouse