Freeland tribune. (Freeland, Pa.) 1888-1921, 1896-01-09
THE new BOND CALL
How 1t Is Viewed by New
York Bankers.

Generally Approved, But Some
Doubt Entertained as to whether
1t Can Be FIoated by Public Let.
ting-Members of the Syndicate
Have Nothing To Say.
New York, Jan. u. Pierpont Nor
gan, the head of the bond syndicate,
said this morning regarding the govern
ment bond issue: 81 am not prepared
to say what course the syndicate will
pursue. There is thirty days in which
to think over the matter. No one has
yet withdrawn from the syndicate. l
do not see why people who desire to
bid for bonds should not be able to get
gold The syndicate has no corner
in it." Generally speaking it may be
said, as result of a canvass of the
banking fraternity in Wall street, that
the presidents action in calling for
bids for new loan was approved, but
it was thought unfortunate that so
long a period as thirty days must elapse
before the question whether the loan
will be foated by public letting can be
determined. The call, it was said,
leaves everybody in suspense for
whole month, during which time
great deal of harm may arise. Freder-
ick D. Tappen, president of Gallatin
National Bank and chairman of the
clearing house loan committee, was an
exception to the rule which apparently
prevailed among bank presidents gen.
orally. He was willing to speak on the
subject of the call for the loan and was
willing to be quoted. He said: ~ think
the call for a loan is a good thing, and
think it will succeed. At any rate it
will settle the question whether the
people want the bonds or not If they
don't, the bonds will have to be placed
through a syndicate"
Believe the Plan VIII Fail.
Baltimore, Jan. Tn commenting
on the proposed government loan,
Messrs. Hambleton &c Co. said: ave
fear that the popular loan now pro-
posed by Secretary Carlisle will be a
failure. The government wants what
Vic puDiiC uoco hoo pOoocoo IL IN
true there are about 100000, 900 gold
held by the national banks all over the
country, nearly half of it at New York,
but this gold is generally counted as
the bank reserve fund, and any very
large portion of it could not be re-
leased, even if the banks desired to buy
the bonds. Certainly the banks will
not give up their gold to their custom
ers. In Difference to the sentiment of
the Uuited States senate, the president
is justified in trying a popular loan,
but we have no idea that he proposes
to wait thirty days before taking steps
to strengthen the gold reserve fund
and anticipate that he will, should it
become necessary, not hesitate to sell
bonds privately to a syndicate.
Paper for tho Bonds Ordered.
Washington, Jan. T. - Orders have
been given to Chief Johnson of the
bureau of engraving and printing to
prepare the distinctive paper for the
printing of the new issue of bonds. AS
all the plates are ready, all that
will be necessary will be to print the
face of the bonds when it is known how
many of each denomination is wanted
The treasury has not figured officially
on what the new bonds should sell for
to bring them up to the market price
of the bonds sold to the Belmont-Mor-
gan syndicate, but it is stated unoffi-
cially that 119 to 1915 is about the
proper rate to put them on a 3 per
cent. basis.
Sees Danger in silver.
London, Jan. THE Daily News
to-day appeals to Americans to sub
scribe to the new United States loan,
which, it adds, involves much greater
difficulties than those which were sue
cessfully met last February. The coun-
try, it says, is appreciably near the
danger of silver basis. The subscrip-
tions invited is obviously inadequate
to meet the case. President Cleveland
seems to be fully alive to the gravity
of the situation, but congress appar'
emily requires further object lesson
in the elements of sound finance.
Approve the Presidents Action.
Chicago, Jan. While there is some
difference of opinion among Chicago
brokers and bankers in regard to the
action of the national administration
in issuing call for popular loan of
500, oOO,o 900, the general impression is
that the president did the proper thing
and that Chicago capital will do its
part in floating the bonds.
Not Organizing New Syndicate.
New York, Jan. John A. Stewart,
president of the United States Trust
company stated last evening that there
was no truth in the report that he was
organizing an independent syndicate
to subscribe for the new bonds