New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-12-26
READY SALE FOR BONDS
OPINIONS OF FINANCIERS ON PROBABLE
GOVERNMENT ACTION.

GOVERNMENT ACTION.
J. PTERPoNT MORGAN SAYS THAT FULL INFoRMA-
TIoN WILL BE GIVEN WHEN THE TIME
COMEs-CoNFERENCE WITH MR..
CLEVELAND
Wherever bankers, stock brokers and specu-
lators congregated yesterday the talk was on
the forthcoming issue of Government bonds.
which was relied to effect a continuance of
the improvement In the financial situation. The
understanding that a measure authorizing
low-rate, short-term gold bonds would pass the
House of Representatives. but that 1t would not
get through the Senate Anyway, it was
thought that the President would not wait for
action by Congress- but would make contract
II that had not already been done-with a syndi-
cate headed by j. Pierpont Morgan and August
Belmont TO take thrty-year per cent coin
bonds, the were put out in February
last. 1t was assumed that provision would be
made to substitute 3 per cent gold bonds in
Congress should authorize them thereby saving
per cent In interest for the Government.
While nothing definitely known on the
point. 1t was believed that the issue would be
only $50 900. Could gold bonds be issued the
Issue would be 800 900, 900. and possibly $203 0O0-
00O In order to place the Treasury In an mpreg-
nable position. 1t was taken for granted that
some time during the session Congress would
make heavy appropria tions for additions to the
Navy. for seacoast defences and for internal i'm
provements, and that it would grant authority
for the emission of class of bonds to de-
fray the cost. While coin bonds would be re-
garded in the United States as being as good as
bonds specifically payable in gold, 1t was con-
ceded that they would not be salable on as
favorable terms In Europe absolute gold
bonds
MR.. MORGAN'S ANNOUNCEMENT.
]. Pierpont Morgan. who was in Washington
Tuesday ir consultation with President Cleve-
land. said yesterday at his home. Madison-ave.
and Thirty-sxth-st.:
There is nothing tha: can say about
prospective issue Of bonds by the Government.
When the time arrives for announcement on
the subject have doubt full information will
be furnished. 1t would not be proper for me to
speak to the views of tho President on the
situation
Henry w. Cannon. president Of the Chase
National Bank, and formerly Controller of the
Currency said
There ought to be an issue Of 100000
bonds. 1t ought to be known in a few days wha.
congress is llkely 10 90, ana tne IreSluent anu
Secretary of the Treasury can act accordingly.
The bonds to be issued will be taken quickly.
The banks will be anxious for them. The Ma
tions ard State banks hold 100000, 900 in gold.
I do not know Of any Ntw-York banks that
want to take out clearing house loan certif-
Gates
member of tho syndicate which bought the
last issue Of bonds said There will be
difficulty in selling the bonds that are to be is
sued. even II they are coin bonds. large por-
tion Of them Will undoubtedly be placed in Ger
many, Holland and France | expect, also. 20
see many of the bonds sold In England. despite
the tai 70 the contrary. So far as that goes, the
whole issue could be promptly sold In America.
Banks all over the country will want them I
am not so sure that there will not be a greater
demand for the new bonds than there was for
the last issue. which sold to the syndicate
at 1o4la and by the syndicate to the public at
u2h." .....-
Brokers reported the receipt of large orders
from investors for stocks at current quotations,
which indicated a belief that the lowest prices
for them had been recorded. 1t was said that
the inquiry not alone for dividend-paying
stocks. but for the stocks OF reorganized COM
panies which gave promise OF returning to a
dividend basis. The absorption of bonds not IN
default was likewise said to be extensive. Al
together brokers and operators took cheerful
view of things, and looked for maintenance
of the upward movement in values
In the gathering at the Windsor Hotel yes
terday were Frank W Savin. Wayne Grswold.
Henry a. Taylor, George Rutledge Gibson. James
J. Belden. Frederick 5: Flower. Lansing La
mont Stephen u. Caldwell. Isidor Wormser,
Edward Wassermann. Samuel Lavanburg.
NJ. Gernshem. Leopold Schepp, Henry A.
Peck. Colonel Augustus G. Paine. George West
nghouse, jr., and D. b. vaa Emberg
Leopold Schepp said: II think prices for
stocks will be kept up The scarce is all over.
Most of the bears are now long OF stocks.
cannot say | expect to see Europe Ouy our
stocks until our currency is fixed up.
Edward Wassermann said: Stocks are going
higher The feeling in Wall Street is confident.
The drop In prices last week not the out
growth Of commercial disorder like the panic
Of 1898 1t was the result II a senseless scare.
For another thing investment holdings of stocks
were NOT thrown on the market. There sim
ply demolition of marginal accounts. There
will be a ready sale for the new Government
bonds in France. Germany and Holland Eng
land will also take bonds"