The daily morning journal and courier., 1896-01-09
LOCAE BINKS WILL ED.
Many of the New Bonds Win be Purchased
 by This City.

by This City.
 The local bankers have been invited by the treasury department to bid for the proposed new issue of $lOO,OOO,- 900 government bonds to be issued for | thirty years at per cent. It is un- derstood that few of the bankers have already taken action. The Mer- chants National has forwarded its bid. The amount bid for has not been made public.
 At the Second National bank, Pres- ident Arthur D. Osborne, said that the ! directors had taken no action in the 1 matter and he could not say whether | they would or not.
 l We already hold $350,000 in gov | elnments," said MT. Osborne. "The money market is rather tight, and We ! must protect our customers" 1 When asked if he did not consider the loan e safe one, he replied: Well, matters are topsy turvy, If the goVern- ] ment declares war on England, Spain and Turkey and then the silver people l get control, all that might make some difference with the bonds."
 At the New Haven County National hank it was learned that the bank | had not decided concerning making ] bid The matter was under consldera- 1 ton.
 The Connecticut Savings bank will buy quantity of the bonds if the price is right. They have purchased these securities in the past and the trustees look upon the bonds as excel l lent securities.
 Julius Twiss treasurer of the Ma tional Savings bank, said:
 Our bank would take perhaps $25,- GOO of the new bonds at lO9 which would net us about 31s per cent. We have thirty days in which to send in our bids. After that, it will be op tional with the government about ac-' ceptance of the bid If the syn dicate puts in bid for the entire amount, which to the government would seem more satisfactory than the other average bids, it would probably sell to | the syndicate. The bonds are offered from $50 and multiples of $50 Up to $1o- 000"
 No action has been taken by the Union Trust company.
 Pierce N. Welch, president of the First National bank, said the bank had not decided in the matter of subscrib- ing, although it had been considered, There was plenty of time to think about the project, he added President George w. Curtis of the City National bank, said: "Our bank has taken no action, and I cannot say whether we will subscribe or not. While it will be a considerable amount of gold to get together. 1t can be had by buying it. There is q standard price for gold, controlled by the markets of the world. I do not be- lieve the banks will be hard on the government by charging Q particular ly high price for the gold. There are several contingencies surrounding this loan. If the silver mine men would be a little reasonable, then the govern ment would be able to market this loan at better advantage. Of course there is a possibility that the silver interest will come to the front and control the monetary system, although that is not likely; but the fear has its effect upon marketing a loan.'
 President Charles & Leete of the Me chanics' bank, said:
 "The project has been considered, but we have not decided what we shall do."
 George A. Butler of the National Tradesmen's s bank could not say, wheth- CT they would subscribe or not. He be- lieved it would be rather difficult job to get together so large an amount of gold as the government had called for.
 General s. E. Merwin, president of the Yale National bank said no action had yet been taken by his bank.
 "We have plenty of time to decide in this matter" said General Merwin of course it is a good and secure loan as all government loans are good, as it has the whole country to back it. But that is quite a pile of gold to get to- gether."
 President Wilbur r. Day of the Ma tional New Haven bank, said:
 We belong to the New York syndi- sate and if we bid we bid through the syndicate. I cannot say whether we will send in a bid or not, for we have not yet decided. I understand the average bids from this city are at about 108.''
 Treasurer Robert A. Brown of the New Haven Savings bank said the bank had sent an order for $5O,OOO of the 1 bonds several days ago through J. Pierpont Morgan & Co., the New York bankers. He regarded the loan as an excellent security.
 The statute regulating national banks requires the stockholders to meet on the second Thursday ill January to elect directors. The attendance upon these meetings to-day is likely to be larger than for several years in conse- quence, of the sale of bonds soon to be 1 made by the government. What was speculation in relation to the action of many of the local banks will be made l certain.