New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-11-10
PRICE THREE CENTS.
TALK OF A BOND ISSUE.
SEEMINGLY AUTHORITATIVE ADvICES
FROM WASHINGTON.

INFORMATION FROM THE ADMINISTRATION THAT
AN ISSUE OF FROM s5OOooo0o TO siOoOoo.Ooo
WILL BE MADE BEFORE CONGRESS MEETS
Personal friends of President Cleveland in Wall
Stree. announced yesterday that the President
and Secretary Carlisle had decided to make an
issue of Government bonds within the next two
weeks. The Tribune announced several weeks
ago that a representative of the President had
been making a canvass among the New-York
bankers in order to get their opinions on bono
issue. and since then William f.. Curtis. Assist
ant Secretary of the Treasury has been in this
city getting the idea Of the bankers here. Tne
New-Yorl bankers are gratifcd that the Admin
istration has seen fit to consult them, which u
did not do previous to the last issue, except TO
beg them to TO the Treasurys assistance.
II the issue is made there to be no doubt OF
its success.
One of the bank presidents who helped the
Administration float its last issue said yesterday
that he had received direct information from the
President that an issue Of 50000000 or Sl0OOCoOO0
would be made before Congress convened and
that II would be made the same basis as the
one in last February. That issue was not popular
on account of the basis on which 1t was issued
and on account of the utter disregard the Secre-
tary of the Treasury showed to the banking
community here The issue was per cent
one at the upset" price Of 1iI223, which ID
equivalent to a 3 per cent bond at par Under
the law the Secretary could not issue snort
term per cent bond at par, which was much
desired and some bankers now believe that the
Administration should wait until Congress con-
venes in order TO reopen the discussion on giving
the Secretary power to issue bonds on more
favorable terms The prevailing opinion, how
ha n iGcii
at once, despite the unfavOrable terms on which
1t Will be made. The great plethora or money
here will make it success although there VIII
be little profit in II for the men VINO noat II.
John A. Stewart, president OF the uniteo
States Trust Company; Edward King presiaemt
of the Union Trust Company; George g. Will
Jams presidant Of the Chemical National Bank.
and James T. Woodward. president OF the Ham
over National Bank were instrumental IN So
curing the success Of the last issue, and IL 10
thought that they will look after the one wnicn
the Administration is said TO be contemplating
now In December the cotton exports VIII ran
off and the supply Of cotton bills will be ex-
hausted and this will make necessary an OUT
ward gold movement In view of this and In or
der 10 put the Treasury in a condition 10 meet
been determined upon. There is plenty OF gold IN
the city banks 10 meet a bond issue, ana Tor the
safety of the country. and not for any pront 70
themselves, the banks will subscribe
on the reports yesterday that there would DC
a bond issue the stock market developed great
strength. and prices Of most securities closed AT
net advances. At the close or business last nIsnt
the gold reserve held by the Treasury was Sbl-
9Oi 7i6 The gold export movement since January
| has aggregated s6.500,O00. against sl2ofiss!
in 1898 and s51 449 l35 in 1892 The imports OK
gold since January have been 500 3O4.53'
Washington Nov. 9-Treasury officials nave
been aware for some days Of an agitation IN
New-York financial circ.es in favor or new
bond issue 1t has not escaped their notice that
the financial papers that voice Wall street semi,
ment daily call attention to the Treasury goid
reserve and suggest that il should be nHlt up 10
strengthen public confidence in the Treasurys
condition Letters, too, have been sent TO Secre-
tary Carlisle by fnanciers, all having the same
end in view. The surplus money IN the New
York banks Is very great, and Treasury onclais
here who watch the course of money matters 90
not hesitate to express the opinion that the solci-
tude expressed by Wall Street magnates Tor the
Treasury Is not entirely unselfish. but that
new bond issue is desired by Wall street SIMPLY
as means Of providing an investment for thelr
surplus and accumuating funds Intlmauons OF
god exports to force the Treasury 10 issue ponns
have reached here through broker sources ana
others who keep in close touch with New-forK
financiers =, ,r...
The opinion however, is expressed IN treasury
circles that Secretary Carlisle Will permit the
gold reserve to reach much lower point than
II now IS before he will feel justified in the pres
emf condition Of the Treasury In making another
issue OF United States bonds.