New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-01-07


cover premium - 7o4 "a
No, r,c.o,. So So 1s
,iSoo losnsbie at per 400 90
Apparent profit on circulation 81 22' III
In the latest bond call of the Cleveland Admin
istration ii appears that the Government OFFERS
10 sell bonds and not to buy gold. This indicates
that the bonds will be issued under the Resump-
ton act of 1875. Had there been an oier 10 ouE
gold it would have meant that the bonds We're 10
be issued under the Gold Purchasing act of 1864
The Morgan-Stillman syndicate was organized
to sell gold to the Government.
ONE EFFECT OF THE CALL.
One effect Of the bond call was to cause can
collation. Of orders for gold to be brought from
abroad There is however 100000 to s5.oooooo
on the way across the ocean. that started last
week. The bond call also took the premium off
gold for a time. but before the day over five
eighths OF per cent paid for round lots
which. II was said were to be used in bond pur-
chases The prices of stocks were depressed by
the fear that the failure of the call to prescribe
that gold should not be taken from the Treasury
70 pay for bonds would result in resumption OF
rold exports and that between the with'hawals
Tor export and the Withdrawals Tor poho Pui-
chases the Treasury would be drained OF gold be-
fore the time set for the opening or the Dlds LOT
the bonds The steamship ST. Paul OF the Amerl-
can Line sails tomorrow and 1t is expected that
n will carry gold 1t will take at least 100000 In
bars which was obtained at the Assay Once two
weeks ago but was withheld penang the Dohu
issue developments.
MAY DEPEND on THE SYNDICATE
Some Of the opponents of the popular loan go
% far as TO say that the Administration VIII pe
compelled 10 ask the bold syndicate to come to
its aid within ten days or two weeks. Inc iact
that the syndicate did not disband when the
bond call came out demonstrates that 1t intends
10 hold itself in readiness TO help the Govern
ment in case its services are needed. 1t is con-
tended that the Administration should have
limited the time in which bids could be rendered
10 ten DAYS at the outside, and that bidders
should have been required to accompany their
bids with 5 per cent Of the amount OF their SUD
scriptions in cash guarantee OF their good
faith. AS 1t is. any person. no matter no" IRE
sponsible may apply for bonds
President Frederick d. Tappen, or the Hai,
latin National Bank. said Il think the bono
call'is a good thing, and believe 1t Will succeed,
AT any rate 1t will settle the question whether
the people want the bonds or not. II they 90
not the bonds will be placed through syndi-
cate / do not care to say what l. think lhe
bonds will sell for do not think the delay OF
thirty DAYS which will intervene before the bids
are opened will produce trouble. In the mean
time the fact that the loan mas peeh ca.eu ,Di
and the Presidents determination to MAINTAIN
the National credit is once more made manifest
will have a reassuring effect on the public mind
4 PATRIOTIC DUTY TO RESPOND.
Colonel John McAnerney. president of the
Seventh National Bank, said: Il think. in view
OF the generally disturbed financial and bust
ness conditions throughout the world it would
have been better for the Administration TO have
followed the usual heroic manner Of treating
questions of urgent public importance by ar
ranging the gold loan with a syndicate or
bankers on fair terms The President doubt
less felt himself to be in delicate position and
he was therefore mpelled to make a public
offering of the bonds. If our National finances
could be adjusted would certainly enter
upon an era Of business activity and prosperity.
Now that the bond call has been issued, | con-
slider It the patriotic duty Of everybody TO re-
spond to it, Success for ii largely depends
upon the cooperation Of great financial interests
and believe that after the first feeling OF dis
appointment has passed away the spirit Oh
American patriotism will prevail and the loan
will be success. go
Russell Sage said: Il think the bonds will
be readily subscribed for by the public. at 1Os
! shall bid for 81 600 900 | am jubilant over
the situation. Everything will come out right
now | am glad the Secretary OF the Treasury
believes in the popular loan idea 1t Is booho
10 be successful. 1t will result in Keeping inc
bonds in this country, and Will PROVIDE souiiu
assets for our small banks. When man or
an institution has sound assets II cannot fail
There between 5000 and 1000 Na'ona'
banks IN this country, and they Will all SUD-
scribe for the bonds -,
"IIad the Government accepted proposition
from the syndicate the bonds would nave gone
abroad. We may now show our PATRIOTISM WIN VIZ.
the proper spirit and at the same time Keep tie
solid securities here for own protection. II
small banks business men carry these securi-
It's thev can borrow on them at any time. An
other good effect will he that by the popular
loan persons boarding gold VIII reiinqulsh II, /
can see better terms in the future. IL Is as cisai
as the unclouded The business outlook To-
day is brighter than II has been for long time
/ cannot find any who is opposed t. the
popular loan. ! am certain that the entlre iot OF
bonds will be taken. | have statements showing
that there is more than $500 900 In gold held
by banks and individuals which may be used IN
buying bonds. ,, =,
a chance for every one TO show his PATRIOTISM
The poor man who could not attend meeting
of bankers will now have cnance 20 lhNs ESQ
] predict that there will be no bid under 10Y
The syndicate cannot hold the s2OOoooooo IL
has collected. The popular loan will have the
effect Of causing the tn thi TO oopa loan
and the profits will go to the Government ana
not to a few and some Of these few foreigners
THE situation Is unlike any one we have NTH
its possibilities That the bonds will be taken
we do not doubt. but the Treasury Is hardly
likely to gain anything like as much net gold
from the operation as II the Government had
closed with the Morgan syndicate That would
have closed the question at once shut OUT a
month Of doubt, given the Treasury an assured
gold fund additional to that now existing. and
II would have paved the way for better times
II. indeed it dill not usher them in Granting
that the popular loan will be taken at higher
prices than the syndicate would have paid
an immediate solution and settlement OF the
doubt as to the maintenance Of gold payments
would have well been purchased b. the difference
I'm price lost in the operation
1--WE must remember that the interests OF Mr.
Morgan and the great banks is with sOlvency,
prosperity and confidence. After few days re-
Election they will certainly begin TO feel. II they
do not so feel to-day that they must aid and re-
lieve the situation by their power rather than re-
sent what they believe to be laundering method
OF Mr.. Cleveland
Presiden, John A. Stewart, Of the United States
Trust Company, denied a report that ne was
organizing a syndicate in opposition to the Nor
gan-Stman syndicate to bid for bonds
United States Senator Edward O. Wolcott, VINO