The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-08-17
SYNDICATE TROUBLES.
HOW THEY ARE DEPRECATED BIZ MEN IN Hron
FINANCIAL POSITIONS.

How THEY ARE DEPRECATED BIZ MEN IN Hran
FINANCIAL POSITIONS.
Tho interest in the Syndicate quarrel continues un.
abaed u Wall anil the largo monetary cenirea
As nm evidence OF this the oces of tho different bank
ing houses throngcd during yesterday with per.
sons interested In the loan aud anxious to know
whether tho recent decline in quotations of tho ioui
per cent bonds was In any way raceable 10 the quar-
rel noticed in the newspapers. A man who had SUBJ
scrlbcd 10 S. 600 Of the loan SAID to the writer
"Thcsc are hard times indeed have boon swindlcd
savings banks aud life insurance companies. had
four thousand dollar paid up policy IN the
Continental Company, aud now Gnd | must wait
for years and pay good. honest earnings ioi
the support OF lawyers and tho settlement Of court
foes Then invested IN unimproved lots on the north
side upper END Of Manhattan Island but the
ments and taxes have quite eaten up my interest
there. then took the remaining money had saved
and put u into tho government four per cent loan.
What rs tho consequence l lind this now below par,
and the members Of the syndicate nghting like cats
and dogs between themselves
Mr.. Hugh McCuoch, ex-Sccrctary Of the Treasury,
gave hts opinion on the Syndicate situation to thu
writer yesterday. Mr. Mc.uoch said:--"l am gen.
orally pvcrsc to discussing the differences that have
unfortunately arisen among the Syndicate members.
and Mr. Ellis Qhis gcntlcmnn's views were given In
the HERALD yesterday, OF wnslow Lanier Co., can
probably indicate more clearly tho views Of those VINO
feel themselves aggricvcd or course | bcicvc That
the national banks OF the country are useful and even
necessary factors in placing popular loan-such rs
this four cent Is designed to bc-but harmony
among the people who negotiate u ia first clement OF
success. The minute there " Disagreement or any
cloud the people who really support financial move
mcnt by their small spontaneous subs crlptions, DO
frightened aud hold of. | would not uko 70 ex-
press myself regard TO the recent quarrel OF the
Syndicate as | am generally known rs an advocate OF
subscri ptions through the national banks"
air. John A. Stewart, president OF tho unitel states
Trust Company sald:"I am Que OF the o.callcd
nrbirators between tho syndicate and the disaect ed
bankers Mr. j. ID. vcrmilyc, OF the Merchants Xxx.
change Bank (of which am directory, Is another,
ana Mr.. George s. Coo, OF tho American Exchange
Bank is the third. ! regret exceedingly thai
tins question has got into tho newspapers |
r,unru IL as "a matter OF no public interest.
II n true questions have arisen between
members OF tho present Syndicate snd thor
former associates which call Tor somo explanation,
ana even arbitration, but the superstition that aoy
IL al ieasgs will be taken utterly absurd As to
lawyers being engaged and summons served
sure you IL IL not ! mrst say, however, mat I
understand there are some VINO are disappointed at
tho way 10 which the last Syndicate has been Tor med
and the manner IN which Mr.. Sherman has IL to
apportiOn out what might be called the patronage.
know nothing myself how tar this feeling Is Jusu-
fed, yet have idea that the national banks VI the
country must play important part In placing any
grand national loan. IL Is "a public Calamity, how
over, that such troubles those should nave arisen
to endangcr the success Of the national loan."