The morning times., 1896-01-07
SYNDICATE MAY GET nj
Bankers Inclined to Doubt the
Popular loans.
WILL THE PRESIDENT wAIT9
All.
HIM, bieton q Co. of Baltimore Say
That Cleveland Ia justified In His
Experiment. But the Idea of His
Waiting Thirty Days Is Out of
the Question.

new YORK, Jan 6.-J. Pierpont Morgan,
the head of the bond syndicate, said this
| afternoon:
Il 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 withdraw wn frum the syndi-
cate. 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,
| John A. Stewart, president Of the United
States Trust Company, said this afternoon
that there WAS no truth in tine report that
he was organizing an independent syndicate
to subscribe for the new bonds.
Chicago. Jan. 6.-Whiie there Is some diff
| Terence or opinion among Chicago bankers
and brokers In regard To the acLion of The
national administration In issuing "a call
for popular loan of SlOo, 900 900, The gen
erai impression Is That the President did the
proper thing. and that Chicago capital will
do It's part In floating the bonds.
President John J. Mitchell or the Illinois
trust ana Savings Bank, said: There Is
no doubt about the amount called for being
subscribed FOR many times over. IL was
the only thing the fresident could do under
the circumstances and II was necessary for
MS v,ndicatioR in the eyes OF those who
opposed his policy In such matters in the
past"
ARIA ANGEMENT IS AN EXPERIMENT.
Mr.. Mitchell thought bids would range
from par to cents premium. President
Lyman j. sage OF the First National Bank
said:
As n matter OF Patriotism there will
doubtess he ample bids, but people are
beginning to think Congress should exhibit
htue patriotism in such matters. | do
not ullhR the move altogether advisable
when the country is In its persent financial
situation and with the airfull Of warrumors.
IL would nave been better, practically
from cold, business point of view, if ffe
President had arranged the matter with a
syndicate That would not have been an
experiment. This arrangement is"
President ueorge Schneider OF the Illinois
National Bank, said: at is an cxDcri-
ment just as the President has said. The
advtsability OF the step. as in all expert
ments, must be determined 10y the result
and the result yet remains to he seen.
Baltimore, Jan. 6.-In commenting on
the proposed goyetnment loan. Messrs.
Hambletou 4 Co. said I'VE fear that the
popular loan now proposed 10y Secretary
Carlisle will be failure
The government wants what the public
does not possess-gold II is true there
pr" about S2fn, . 900 gold held 10y the
National banks all lover the country.
nearly half OF It 1T New York, but this
gold is generally counted as the bank re-
serve fund, and any, very large portion
of II could not be released. even If the
banks desired to buy the bonds
POPULAR LOAN JUsTIFIABI.E.
Certainly the tanks Will not give up
their gold u customers. Ia Difference to
the sentiment Of the United States Senate.
the President is justified III trying a popular
loan, but we have no flea that he proposes
to wait thirty ddss before taking steps
TO strengthen the gold reserve fund and
anticipate that he VIII, should it become
necessary not iirsititc to sell bonds pri-
vatciy TO a syndicateT
st. Louis, Mo-, Jan. 6.-Rut one Of nine
bank presidents interviewed today would
speak definitely OF the attitude OF the
banks toward the new bond issue.
President Lucas, OF the Citizens Bank
declared that his bank would no; buy
the new securities. The others were dis
posed 10 await the effect the new issue
would have on She New York and European
money markets before deciding for
OF against investments.
Berlin Jan. G.-The Deutsche Bank group
which proposed TO take part of the new
American iu1n, urun learning that the
bond issne called for by Secretary Carlisle
would be home loan, for which / .0s
would be offered in the United States. have
dHlouilCtu tEdt tuey tOnSiucr IL tnpDS-
sibie for the German banks to take any
n 20 lIpd
They assert that there Is no market
in Germany for a per cent coin Ioanat .0S
London, Jan. 6.--The Daily News will
tomorrow appeal to Americans to Subscribe
to the new United States loan. which. il
adds, involves much greater difficulties
than those which were su successfully met last
February. The country. it says, is ap-
prccishlF near the danger Of a silver basis.
The subscription invited is obviously
Inadequate to meet the case President
Cleveland seems to be fully alive to the
gravity OF the situation. but Congress
apparently requires a further object lesson
In the clements of sound finance.