New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-11-21
..IKABOUTTHE BOED ISSUE
.,rr-pE OF THE NEW-fOhh BANKS.

THAT THEY WILL TAKE ABOUT $780,
ooocoo OF THE AMOUNT.
confidently predicted yesterday morning
Conference Of bankers would be held some
tnS' .s,srday about the new bond issue. but
i"N nos none John A. Stewart who is the
tne'e =" q, the movement here, as one banker
Nnep q was not at his office Yesterday and
eApe one decided that the proposed conference
hssn put off until to-day.
hsu uithdrawals from the Sub-Treasurv
Inv. ,,s, to s16oooOO. and It is probable that
anO n,,,, be heavier to-day. As far as could be
ine' "A many banks are still reluctant To- let
s's ro,d leave the vaults and a number still
'"," absolutely to do
,,,s Of Mr.. stewards absence a meeting Of
rxscutive Committee of the United States
w, company held. ana they approved
H. curse 1t is said. and authorized him to make
subscrJ ton for the new loan on account
:, the company
,..,h H. Schiff. OF Kuhn, Loeb & Co.. made
- .,atement Yesterday:
W. !, soon as the Government invited subscrip-
tens orders received with instructions
uS' draw exchange against these subscrip-
uen .s custom in current funds and not in gold
y Sbain gold If the banks should refuse to give
.oA
gsw it out OF the Treasury. 1t viii do for
sss,Isn bankers TO cable their European CORE
.andents that no gold IL readily obtainabe for
X erchange drawn to pay for bOnd subscriptions.
%ch course would result; In the greatest possible
.,nry and distrust abroad.
"yyo Individual banker should therefore be blamed
vM draws god from the Treasury. If he cannot
sscure the necessary gold to pay for bond subscrlp
.cra from the banks. The responsibility should at
,sch solely 10 the banks, who have been using the
nae o. boarding gold. and since the banks nav
no gold Obligations outstanding, nov that The
subscribe FOR the bonds themselves or furnish
eOn freely to their dealers who desire to subscribe
The entire cohn,,ion OF analis,, as htehslnei by
ths call OF the Government for bond subscriptions
10 procure gold, is an impressive object lesson.
graphically Illustrating that unless Congress very
promptly passes sound laws enabling the banks to
provide the circulation. instead o: the Govern
ment. 1t viii not be possible even with a multi
iude OF bond issues. permanently TO maintain gold
redemption of OR various forms o: currency.
1t is generally understood that the New-Yorl
banks have agreed to pay out about $50 OCo 600
and let the Government get the rest Of the gold
where it can. The following trust companies and
banking houses. it is said. have agreed 10 take
most Of the bonds at per cent at a premium
az ll6 1903: The United States. Union and Farmers
Loan trust companies. and' DreXel. Morgan N
Co Speyer & Co. Kuhn. Loeb & Co. and Brown
Brothers & Co. Ii was also said that they would
bid Individually.
There was rumor that at a meeting of the Saw
Ings Bank Association held Monday some
hing had been done about subscribing for the
new issue. William c. Sturges. the president of
the Seamen's Bank for Savings. No. "A Wal-st.
said yesterday however. that 1t was merely
meeting Of the Executive Committee for routine
BUSINESS Nothing had been done about the
bonds What probably gave rise TO the rumor
was that at the time of the panic the savings
banks imported a large amount OF gold from
England. and still have it in their vaults
Although the bankers are not at all happy at
he prospect OF losing their gold they will prob
,blv agree on something at the conference winch.
Aa haIl Il &
hat no conference will be necessary. as the
bankers have been discussing the matter among
themselves in a quiet way. and may have ar
anged the whole business before this.