Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1894-01-30
oaRLIsLE AND THE BANKERS.

The Secretary of the Treasury Confers
with the Leading Flnanciers of
New Yotk-The Bond Issue Dis.
cussed-Secretary Carlisle Does Not
Concede That the Issue Will Not he
aSuccess-The Conference Was Al.
most Barren of Results-No Prom
ises OF subscriptions Were Made.
NEW YORK, Jan. ga conference, in
one way very satisfactory, and in another
almost barren of results, WAS held at the
United States sub treasury here to day be-
tween Treasury Secretary Carlisle and
many of the most prominent fnsno!ers of
the city. The interview was satisfactory In
that the secretary offered almost oonvinc-
ing proof that there was no doubt as to
the legality of the proposed 8 per cent. is
cue.
Those present besides Secretary Carlisle,
Assistant Secretary Curtis and Assistant
Treasurer Jordan were many of the presi-
dents of New York financial institutions.
Tee conference lasted an hour and
half. The talking was done almost entire
ly by Secretary Carlisle, who defended the
legality of the issue of bonds, and sought
to impress upon the bankers the advan-
tases of offering per cent. bonds on 3
per cent basis.
President Happen of the Gallatin Ma
tional bank finally said. "Mr. Secretary,
It is the opinion Of q majority of the New
York bankers that your proposed issue of
bonds will not be q success. What will
you do If it is noti How much do the sub
scri ptions now amount tor
The rantIad. 81 aartafnlv do
not concede that the issue will not be Q
success. I do not look forward to any
such contingency. As to the amount of
the subscriptions have not changed my
mind with the figures. If the subscrip-
tions run up to $75, 100000 I intend to
sell that many bonds"
No promises of subscriptions were made
by the bankers. The secretary took lunch
con at the Lawyers club with ex-Sscretary
of the Treasury Fsirchild and Assistant
Treasurer Jordan and left for Washington
at 800 o'clock.
The objection of the bankers to subserib-
Ing for the bonds Is that they carry no
commission, as in former Issues, and are
bonds.
Before his departure Secretary Carlisle
took extraordinary precautions to avoid
giving his impressions Of the conference.
Neither would any of the others present
enter into details of what took place, unless
with the proviso that they were not to be
quoted.
One of the bank presidents stated that
Secretary Carlisle maintained that there
was not the slightest doubt that the courts
would hold that the issue of bonds be lie
gal. The secretary also expressed the opin-
ion that the resolution introduced in con-
gress with view to having the issue de-
clared illegal would fail of passage.
1.-THE secretary was assured by many of
those present." continued this gentleman,
"thas If the legality of the issue was
shown to be beyond question there would
be no doubt that the entire amount
would be subscribed for uncondi-
tionally and at the highest price right
here in New York. Mr.. Carlisle referred
in somewhat guarded way to the knowl
edge he possessed as to the disposition
manifested by certain banks here to dis
credit the value of the bonds In the inter-
est of a syndicate, but that matter went no
further. Nothing was said as to the ex
tent to which the bonds had been spoken
for in this city"
The only definite Information obtainable
as to the matter Of subscription to the
issue in this city was that of the offer Of
81 600, 900 by the American Exchange
hank would stand