The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-01-09
THE NEW BONDS.
Financiers Discuss the Prospects of
Their Sale.

Their Sale.
The Views of Philadelphia Bank Officers-
San Francisco Thinks tho Bonds VIII
Go Fast.
Philadelphia. January S.-James v
Watson, president of the Consolidated
National Bank, said last night: :"
have no doubt there will be some bid
for bonds, but whether they Will be O
sufficient amount to be of material bene
lit to the government have my doubts.
My own judgment is that the manner
heretofore pursued in disposing of the
loans of the government is the better
one, the most reliable one, and the one
most likely to be success. think the
bond syndicate will get them anyhow. ]
have not formed any guess as to what
the total of subscriptions may be, but
hardly think great deal will be SUBJ
financial institutions of this oity will be
purchasers to any great extent. OF course
there is great deal of private wealth in
the city, and there is no telling how
much the individual investors may
take.
seem inclined to do anything to better
the situation, the only means of preserv-
ing gold payments Is the sale of bonds
for gold to relieve the treasury
f.. W. Aver, president of the Merchants
National Bank, said: "To my mind the
best plan is the one that has heretofore
prevailed, that Of placing bonds abroad.
Ii patriotism has not brought out
the gold already, those that have boarded
Samuel r. Shipley, president of the
Provident Life and Trust Company.
said: 1.-THE best way of replenishing
the gold reserve is to go direct to the peo-
pie that have gold and make the best bar
gain you can. This has been the practice
not only in the United States but of all
governments.
Finance Company of Pennsylvania, said :
II think there is a good prospect OF the
public taking the bonds, but there is no
certainty, unless it appeals to the people
from patriotic view point rather than
from a business basis, in which case it
VIII be enormously over subscribed. Al
any rate the loan will be a success, for
it may be taken for granted that what
the people don't take the syndicate will
purchase. In mr. judg lnent the situation
is going to rapidly improve, especially
if the banks make out clearing house
certificates more expeditiously.
From the Pacific Coast.
San Francisco, January S.-Secretary
Carlisle's call for bids for new bonds is
being discussed on Change and in po-
Iitino1 nj 10 ba ~ nj,
all other topics.
Campbell p. Berry, assistant United
States treasurer in charge of the San
Francisco sub-treasury, said last night
Competition for bonds should be
brisk, and there should be little trouble
in disposing of the new issue at home as
the bonds bear the high rate of per
VIM. H. Croker, president of the
Croker Woolworth national bank, said
81 agree with President Cleveland's
policy in Issuing the bonds, though the
business is not as practical as dealing
with syndicate through one man, nor
is it as satisfactory to the government.
There is little doubt that the bonds will
be absorbed as7soon as issued ;still it would
be better for the government to deal with
one man or syndicate. Considerable of
the bonds will be taken here, and know
several persons who will take 500, 900
EACH"
Pittsbure Likes 1t.
Pittsburg, Pa, January -Financiers
are immensely pleased with the decision
of the administration to make the bond
say their banks will subscribe literally
to the bonds.
James 81. Wilcox, of the Second Ma
tiODs.l Bank, said the local institutions
have $1,000, 900 in gold in their vaults.
James Carothers, who purchased the
city of Pittsburg $6, 900, 900 loan last fall
said: ~ believe the loan will be largely
subscribed. My guess is the SUBJ
will aggregate fully $500, O00,-
al banks will have to buy 30-year
p er cent government bond at low price,
anG l think they will be quick to seize
the opportunity. 1t looks as If Mr. Car
Isle had SO arranged the payments to
mako it possible for the national banks
to subscribe literally. and at the same
time prevent any undue stringency in
the money market"
Windy City Joins the Syndicate.
Chicago, January 8-Chicago banks
signed the agreement yesterday with J.
p. Morgan with reference to subscrip-
tions to the government bond issue. All
the banks have not been invited to par
ticipate in the purchase of these bonds,
but such as have been, closed up the deal
Yesterday so far as the arrangement be-
tween them and Mr.. Morgan goes. By
the terms of the document the banks
agree to pay MIR. Morgan one per cent
on the amount apportioned to them, and
the other features Of the agreement are
the same as with the New York banks.