Freeland tribune. (Freeland, Pa.) 1888-1921, 1894-11-15
The Government loan
Bankers Ready To Give
Gold for Bonds.
the New Issue VIII Be Taken Care
Of---Hc Will Not Wait for Com
Sress To Act---Fifty Millions at
Least Will Be Issued.

Washington, Nov. 13-In spite of de-
malls from the treasury department, 1t
may be assumed as true that a bond
issue is contemplated to take place
almost Immediately. 1t is understood
that Mr. Carlisle was informed Of Mr..
CleVeland's desires in the matter for
the first time Saturday night, and that
now it is a settled thing that the issue
is to be made without awaiting au-
thorizaton from congress. Mr.. Cleve-
land is probably satisfied that should
he await for authority from congress
he would wait to no purpose, and he
would rather act in the case during
their absence than when resolution Of
condemnation might be passed stimuli
taneously with the issue.
The issue of bonds to make up the
deficit in the gold reserve in the treas
ury has been discounted, and Wall
street, which means the financial CEN
ter of the country, is awaiting the an
nouncement which is expected at any
time.
What the amount of the issue will
be is problematical and will not be
known until the formal announcement
and call for subscriptions are made
known officially, but a well known
bdllh WIN 10 III bIle COllll-
dence of the administration, said that
it would be at least $50, 600 900. Whether
1t would be in excess of that amount
he would not say.
New York, Nov. 13.-Five presidents
of national banks who are regarded as
the leaders of the bank presidents in
New York city, met at the office of
Henry w. Cannon, president of the
Chase National bank, late yesterday.
They were Mr.. Cannon, Presidents
Nash of the Corn Exchange National.
Tappen of the Gallatin National, Sim
mons of the Fourth National, and Will
liams of the Chemical National bank.
These gentlemen had attended a meet
ing of the building committee of the
Clearing House association, and gath
cred in the offices of the Chase Nation
al bank to discuss the impending gov
ernment loan. The consensus of opin-
ion was that the bankers of New York
would give up large amounts of gold
for the purchase of the new issue Of
government bonds. 1t is expected that
investors will subscribe largely for the
new bonds and the banks will furnish
to depositors freely the gold to take
the bonds. This decision is of import
ance, as the banks represented at this
Trust and United States and Central
Trust companies, hold the bulk of the
gold in New York. Presidents King,
Stewart and Olcott, of the trust COM
panies mentioned, have already ex-
tended to the administration their as
surances that the new issue will be
taken care of. When the February is
sue was made depositors had difficulty
in obtaining gold from banks, and
many only secured legal tenders, which
were presented at the sub-treasury to
obtain the gold. The government thus
failed to secure over S3S, 900, 900 gold for
the $4,000, 900 netted by the sale of $780,
600, 900 bonds.
The decision of the bankers to give
up their gold freely will consequently
net a larger amount of gold to the
government as the result of the forth
coming $50, 900 900 issue. estimated at
over $50, 600, 900.
1t is understood in New York that
the new issue will be announced with
in forty-eight hours, If the circulars
and subscriptions blanks can be pre-
pared in that time.