New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-06-05


the purchase Of all bonds held outside of their
control which the holders wished to surrender
circulation and 1t ought 10 apptal 10 the Govern
ment as a reason in addition 10 the prudential
reason. for allowing ap extension Of the lI2s
which had influenced the offer already made by
the Treasury. He hoped that the Secretary would
realize the wisdom of doing everything in his
power to relieve the expected autumnal pressure
on the money market. ). " White expressed the
opinion that the banks would at 2 per cent, take
pleasure in keeping up their circulation in view
of the needs of the autumn
Henry w. Cannon another Of the former Con-
trollers of the Currency, said that he had little
doubt that the l-2s could he extended even az
l 1-2 per cent. But the transaction would not
pay the banks on their circulation, and hence 1t
would not be long before they would begin to
sell their bonds With such pressure on the
open market the extended bonds could not be
kept at par, and it wonld be injurious 70 the
credit of the Government TO have any of its ObIga-
tions fall below par The per cents yield
only 2.53 per cent at the ruling price and 1t
of the Government was limited TO 2a2 1-2 per
cent President Williams, Of the Chemical,
heartily supported Mr.. Cannon's idea that the
Treasury should do nothing which would open the
possibility of any of its securities selling below
par.
F. O. French here asked whether the Treasury
might not extend bonds held TO secure bank note
circulation at per cent, and extend other hold
ings at less rate Mr. Foster replied that he
would take that suggestion under consideration.
f. ID. Randolph said that he doubted the posi-
bilty of the extension of the bonds at | 1-2 per
cent. Ii would be mistake to attempt policy
| liable 10 failure. The Western banks might at
first be willing 10 accept 1-2 per cent. but they
would abandon the idea soon. and at time which
wouid niure the prestige of the Treasury.
The sentiment against rate less than 2 per
/ cent on any extended bonds was so obvious that
at the suggestion of Mr.. Coe the conference for
mally organized by choosing Jesse Seigman chair
man. and then abe following resolution was
adopted without dissent:
Resolved That this meeting. composed Of REPRESENTA-
tves of banks and trust companies and baneTS ana
brokers of NewYork, hereby express 10 the Secretary
the necessity for an increase Of circulating notes Tor
the movement Of the abundant coming crops Of every
variety, il is TO The interest of the country at large 20
extend the maturing IL per cent bonds at me Iae
of per cent psyble at the pleasure Of t the love t.
contract the currency at tine lnconVencht 10 al
business interests.
The Secretary had busy morning at his hotel
before he went downtown. Soon after break
fast he was called upon by Senator Hlscock' e1-
Senator Plath, Ex-Governor Mccormick. j. a.
Mack of Sandusly, State Senator Titus Sheard,
Stephen b. Ell<ins and F. b. Thurber. Alr. Thur
ber is supposed to have appeared as the personal
champion of Appraiser Cooper, whom he Is ANXIOUS
After meeting these gentlemen the Secretary
went downtown to the Sub-Teasury. where he
| met the bankers. When this meeting was over
lie went TO the Custom House. where nc loon
luncheon with Collector Erhardt, and was intro
duced to the various heads Of departments
After this ne went to Brooklyn, where he
was entertained at the Oxford and me fI
| lyn with Murat Halstead. An informal
luncheon was given in his honor by william
Berr Among those present ovn We're 20 Henry H.
| w. II. Hazard. Seth j.. Kccney. Albert T. NeIs'
Z. s. Clarke. O. VI. Denton. Crowell Hadder. John
Loughran, George W. White: T, T. Barr. D. B.
Powell S b. Ludum, Felix Campbell j: 4.
Hendrix Ditmas Jewell, Edwin Packard. Edwin
Merritt. and Eugene F. Barnes. all Of whom are
connected with financial institutions Of the CITY.
The secretary made brief speech AIier me
luncheon Mr. Foster was driven through Prospect
Park and down the Ocean Parkway ,,.o ,-,,;o,
In the evening n dinner was given at the Unlon
League Club with Secretary Foster as the guest
of honor Francis II. Wilson presided. About
seventy-fve members of the club were present
tine members of the club; IN his speech the
Secretary said that much had been said Of the
billion-doar Congress, but it must be remembered
that this was billiondollar country. Many
gess but they We're ali essenta ond no larger
than the needs of the country required. The
| Democrats asserted that the Treasury would be
| bankrupt but there was no danger Of this Or
| the l-2 per cent bonds there were S57,000,00
still out. but money enough would be available
| Of $50 900 900 in gold had recently been sent 10
Europe, bpt it would all come back soon, as this
was The only country in q sound financial cOndi-
ton in the world. The banks would take up the
bonds al l-2 per cent if necessary. and even at
that rate they would command premium The
Renublican party had proved true in every emcr-
eency The subject of immigration was one of the
| most mOmcntouS to he dealt with at the present
time There was a sentiment prevailing that
all persons shoud be kept out of the country who
were likely n nrove public burdens. The Secre-
terry complimenbel the Brooklyn Republicans
upon what they accomplished in 1888, which
materially aided the election OF President Ilarri
son. He expected that they would do equally
we'll in s02 and he promised that when he could
do anything to assist them he would.
Among those present were Charles A. Moore,
Colonel Weber. r. D. Benedict, F. VI Edgerton
Major F. IT, Hobbs ex-Judge g. g. REYNOLDS
Clark d Rhinehart. Harlan p. Ilalsey. Granville
w Harmon. l. F. Fischer. Jesse Johnson, and
Ernst Nathan.