New-York tribune., 1900-08-08
OVERsUBSCRIBED HERE.
APPLICATIONS AMOUNTING TO ABOUT
s55.oooOOo FOR BRITISH LOAN.

THREE MILLION DOLLARS IN GOLD TO BE
SHIPPED ABROAD TO-DAY AND s21OooO
o-MoRRow-Poss1BLE EXTENT
OF THE MOVEMENT
~ the new British war loan were closed yester-
Gay Il was found that American investors were
prepared 70 take UP the entire issue OF bonds
Although no official statement could be obtained
from either J. Pterpont Morgan & Co. or Barring
SIagoun & Co. who were authorized TO receive
subscriptions in this city. as TO the number Of
bonds applied for this side Of the Atlantic
Il was understood that the applications repre-
sented q total OF S55.OO0OOO or S5.OOOOO0 more
than the entire loan. Technically. the subscrip-
items only opened yesterday. but since Saturday
requests for AllotmenLs have been pouring in
and the eagerness TO obtain the bonds has been
great The ceerfty with which the loan was
taken UP vas commented upon in Wall Street
yesterday as evidence OF Englands high credit
IN this country. and that TOO. despite the fact
that not only has Great Britain still the Trans
vaal war on her hands. but IS also embroIled in
the Chinese trouble.
Allowing for the difference between the issue
u-ice and par. at which the loan is redeemabIe
u three years time. the return TO the investor
IS something Ike 3 11-l6 per cent, which. IN
view ot The nature OF the security, IS regarded as
remarkably good interest. The view was
pressed by more than one banker that It would
be difficult for any other Power 10 raise money
here for war purposes ar similar rate.
Ha-t the loan. u is understood viii be appor-
toned 10 this country. Dispatches received IN
the day from London quoted Sir Michael Hicks
Beach, The Chancellor Of The EZcheQueT, as say
ing IN effect that when II was decided TO issue
The loan an AngIo-American house had offered
hale ~l-a =r Ha- ne na j
accepted that offer. and thereby the success
n the loan was assured. II IS believed, there
fore that so far as this country IS concerned
-1e pro rata allotment system viii not be ad-
rered %. as was the case N March last when
only % Per cent OF the khaki" loan fell TO the
share q American subscribers.
There was g disposition OF the part Of some
bankers 10 attribute the action taken by Sir
Michael Eicks-Beach in some degree TO senti-
rnent-a desire, as II were. 10 recognize the
ce-e-ity which American monetary interests
manifested 10 take UP not only this war loan.
but the preceding one. The more likely and in
fact the real rea- "a IS 10 be found IN q remark
which Sir Michael himself made n the House
O. --r1rno1s yesterday, when he said the reserve
st The Baul q England stood al E lower point
than Il had for years. and he had been advised
that great relief might De afforded by e move
r-eut OF gold from the United States, If q large
subscribers.
There was some talk yesterday OF the ao-
visibility Of listing the new bends, IN view OF
The fact that 50 large a proportion Of the issue
would come here Although English Govern
rnent bonds have not hitherto found place
among the Stock Exchange listed securities, It
IS believed that no opposition would arise Il an
sUplication 70 list the present issue were made.
such action. moreover. i was pointed out, would
nave an important bearing upon the question OF
loans made ny the banks during times Of nnsn-
,riat depression when quickly realzao4e assets
s-e required as collateral for call transactions
LIKELY TO BE FULFILLED.
T-he predictions made on Monday by repre-
se-rstfyes OF some Of the metal exporting houses
that from IS 100000 70 $1,000 coo IN the next
week or r7o would be shipped 70 Europe, seem
likely 70 be fulfilled. Barring. Magoun & Co. yes
7erday afternoon Increased their gold engage
men. for shipment by the Oceanic, sailing for
EuEland today, 70 s.. 10000. The gold viii be
v-fr1sraWu from the Assay Office IN the form OF
bars While this gold is largely on account Of
The Ioar. Il VIII not be gent IN direct payment Of
me preliminary 5 per cent, that having been de-
rosted with the Bank Of England on Monday,
n accordance with cable instructions from this
country. Heidelbach Ickelhemer & Co VIII
also send 100000 IN gold bars TO England by
the Oceanic making q total export to-day OF
3 coo 600. The same firm viii dispatch further
10000 Of gold by the French steamer to-rnor-
r7V. I.azard Freres have engaged S1,OOOOOO in
g5ld for shipment tomorrow, while Ladenburg.
TaaIrnaur & Co. viii add 70 the outflow by send
Irz $500 900. The last named firm would not say
whether It's gold was intended for England or
the Continent, explaining only that II was foT
ttsDeciaL transaction So far the total golo
erzaFemeuts for shipment TOMORROW reach
s. 10000 making an aggregate for the Two
fevs Of $500 600. Il was learned that several
r-he- firms were making inquiries yesterday TOT
F-Ldf0 export purposes, 50 rnaL additional con
E,gunenrs of the yellow metal 70 Europe may pe
ir1Led Tor IN the next few days. AS the rates OF
rx-large are not high enough 10 have induced
eErorcs on z strictly exchange basis, inQe-
relderr of the transfer Of gold IN connection
v-ih The British loan, the indications are Inat
frsre g heavy demand IN London for gold.
Zen should further large shipments be made TO
-le other side II is not expected that any real
disturbance IN the money market would occur,
: bankers here say that New-Hork has more
r1ld than i can profiua bly, use al this time.
But while England wants gold, II IS apparent
thar there Is plenty OF money abroad for invest
rnertz II good securities. inasuuch as the new
loan was quoted IN London yesterday az pre-
MUM oe l per cent No premium offers, save
.=w scattering ones, have go Tar as Is KNOWN
been made here
THE INFLOW OF THE METAL