New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-01-31
CARLISLE'S BONDS WILL GO.
NETWORKS BANKERS AGREE TO SUE
SCRIBE FOR $50 100000.

NOW PROMlSED-AN EFFORT TO NNi-Ni
FAILURE AND DEFEAT SCHEMES
OF THE SILVER INFI.ATIoNIsTs
NAMES OF THE PRINCE
PAL SUBSCRIBERS.
The indirect appeal for assistance made by the
Secretary Of the Treasury through his visit to
this city and the conference with bankers on
Monday has been successful. a response has
been given b. the New-York financial commu-
nifty to an extent which now assures the success
Of the proposed new Government per cent loan
and once again Wall Street has demonstrated
its ability TO rise above merely business con-
siGcrations to help the National Treasury in its
straits. The Administration has been saved from
;he consequences os the attitude Of its own party
In Congress. and wha; threatened to be a mis-
fortune to the country has been changed into q
benefit The result has been accomplished more
by the energy of eminent Republican bankers
than by the efforts OF the men to whom the
party in power naturally could look for support
1t was generally recogniza I'd in financial circles
on Monday night .hat the issue of so 0o0 900 new
bonds proposed by Secretary Carlisle was men
nced with complete failure The best information
available to well-informed men here showed that
subscriptions to no more than sG,000,o0o could be
depended upon by the Secretary. The absence
here preculcd n offer of assistance from the New
York bankers. and Mr.. Carlisle had confessed
that he had made no provision for the conduct
O. the Trcasury's affairs in the of failure
of the ISSUE. There no new reason why
Cap;tal should invest in the new bonds adduced
at the conference and it was the common opin-
ION in banking circles that the issue would fail.
MIR. JORDAN MAKES \ T OR
The very gravity Of the si' nation leo to its
own solution Early yesterday Assistant Treas
urer Conrad n Jordan. who recognized the
possible harm from a collapse of Mr.. Carlisles
scheme 20 provide for the Treasurys immedi-
Ate needs. started on a missionary tour through
Wall Street. Mr.. Jordan realized that support
from New-York's capital must be secured to
give subscriptions an impetus before the closing
of the Treasury books at noon tomorrow. Mr.
Jordan found a ready helper in John a. stewart
president of the United States Trust Company,
who is a stanch Republican. Charles s. Fair
child secretary OF the Treasury under Mr.
Cleveland's first term of office as President
Joined in the work suggested by Mr.. Jordan and
Mr. Stewart. and warm support soon en-
listed from Edward King. president of the
Union Trust Company and Colonel William L.
Strong. president Of the Central National Bank
New allies were found in James Stillman, presi-
dent OF the National City Bark and James T.
Woodward, president Of the Hanover National
Bank, two prominent Democrats, who had not
taken part in the various devices adopted by
several of the prominent banks last year to
nurse the gold reserve of the Treasury. Assist
ence was then obtained from Frederick ID.
Tappen president of the Galatin National Bank
and chairman of the Clearing House Committee.
These men soon visiting their friends and
colleagues In banking circles with a subscription
nf
per cent loan.
The response was generous in the eno put
the argument used TO induce subscriptions re-
fected small credit upon the state Of affairs at
Washington. Ii is understood to have been
Ittle short Of the fear that in the Sec
fctary could TO. raise the needed money by
sale of bonds there would be no recourse except
the coi.age % the "seigniorage' on the silver
bullion ic the Treasury vaults or rather the
issue OF silver certificates in ANTICIPATION OF me
coinage. This measure is recognized In the
banking community :raught with danger
to the stability of the financial situation. and its
passage would b. regarded by bankers as
disturbing and injurious event. BY supplying
the Immediate needs Of the Treasury. II was
argued the menace Of this proposed legislation
would be lessened and time be given to organize
opposition TO the project in Congress: 1t was
also urged that it might be possible to in
duce the National Legislature to provide for an
issue Of bonds which could be offered to the pub
lie without the disadvantages attaching to the
peal to the patriotic instincts which would re-
gret the failure Of National loan IN time Of
peace not without effect.
GOOD EFFECT on THE MARKET.
The announcement made before 3 O'Clock in
the afternoon that the subscription list had
been successful caused satisfaction in Wall
Street The stock market Immediately strength
ened and advanced materially. John n Stewart
was warmly congratulated by numerous callers
a. the office OF the United States Trust Company.
sThis Is not a syndicate" Mr. Stewart explained
10 a reporter; each bid is independent We do
hot want the bonds and would be glad If some
one else overbd us and relieved US OF the sub
'ls 1t pure patriotism?' Mr. Stewar; was asked.
Yes that IS all there is TO it," interJected
John 4. Terry Of f.. D. Morgan q CO., , Wnn
was present. IT'S pure patriotism ana nothing
else"
I'VE simply DECIDED that the issue should be
Placed and it has been placed" Mr.; Stewart re-
sumed. "SOmc OF Us did not like the spirit dis-
played at Yesterdays conference"
Charles s. Fairchd. when asked for the reason
for the subscriptions. replied: 1t - ld'riotS,n,
pure patriotism; there IS no money III H. me
situation looked very black Yesterday as 70 ihe
outcome Of the bona issue. but after the mco ting
az the Sub-Treasury, men like Colonel Strong
and Mr. stewart got together ana decided that
st would be an outrage if the issue should fail.
New-York had called for the bonds and If New
Yorkcrs did not subscribe for them ~ would look
as If their interest did not extcndbcyond commits
sion for floating the bonds As result Of this talk
wrote 10 the Secretary last night that after all
the loan would go through. that ii must go
through | have now ne doubt that the entire
issue will be subscribed for, and probably in
Ncw-YOrk entirely
". t. Curtis Assistant Treasurer Of the
United States who has been In Ncw-YOrk for
several days working for the success OF the new
issue was so we'll satisfied with the develop
ments yesterday that he returned to Washington
in the afternoon The total known subscriptions
obtained yesterday exceeded 900. and it IL
believed THAI other subscriptions not officially
announced will raise the amounr TO S3OOOOOo0
In addition Assistant Treasurer Jordarr received
adylces Of the organization of a syndicate or com
binat.on In Boston to take SS,0OOOOO bonds. This
would leave only S12.0O0.000 to be raised 10 com
plete the proposed issue OF s,oooooOo ana now
tina: the example has been get the remaining sub
scriptions are likely to be easily raised. Lyman
J. Gage president Of the First National Bank
OF Chicago was in New-York yesterday and