The evening times., 1896-01-15
Respectfully yours,
~. PIEEfONT AlO R,iAN.'
CALLFORPO POPULAR LOAN.

"On Monday, January 6, the call for pub
lie bids for bonds TO the extent Of Sl00,
600, 900 was issued by the Secretary OF tht
Treasury.
..The amount of bonds thus offered made
the syndicate coutract-owlng To the mini
mum therein fiXed-available only TO bid
for all OF none / should be unwilling To
make such a bid under present circum
stances, as i might thus seem 10 present
for consideration by the Secretary OF the
Treasury the throwing out OF smaller bids
made i'll good faith under pubic call The
only emergency which would justify such
n course would be the failure OF the public
to respond to the call OF the government.
Under these circumstances at once decided
to dissolve the syndicate.
1T has, however, been necessary to
delay this action up to the present time,
as every financial interest required the
protection afforded by the knowledge that
the syndicate was in existence. prepared
to make the loan success under all cir
cumstances, but happily this necessity y
does not exist any longer.
The subscriptions by individuals and
others, including many OF the syndicate
whom / have encouraged to subscribe, from
Present Indications will insure the complete
success OF the issue. l therefore feel that
the time for announcing the dissolution OF
the syndicate has arrived, and an official
notice To that effect has been issued.
NO QUESTION OF SUCCESS.
81 feel perfectly satisfied that there is
no question as to the success OF the loan.
~ desire to sustain the Executive to
the fullest extent In his eDdeavors to main
tain sound currency and the credit of the
country, for which every loyal citizen
should hold him in honor. Ny firm will
gladly assist any party desiring to sub
scribe under the present call ana will join
withthoSe prepared to take any am cunt tha t
may 10, be desired by smaller investors. l
feel sure, should IL hereafter appear de-
sirable To make such a bid, that you will
gladly cooperate with them in such action,
either individually or otherwise.
Thanking you for the confidence re-
posed in me, for which shall ever be CRATE
ful, L am, very truly yours,
u. PIERPONT MORGAN"
In spite OF the dissolution of the syndicate,
1t is known there will still be more or less
individual bidders for the loan as, how
concert OF action among them as large
ever unbuSinesslike the method of issuing
the loan was, the members of the syndicate
are men of experience, and are not apt to
of its successful fotation.
Probably, also, the strongest pressure
will be brought to bear on the administra-
ton to extend the periods of installment
payments on the loan, as the money market
will be seriously affected If the payments
are made every ten days, as provided in
the Secretary's circular.
TALK OF DISSOLUTION.
The dissolution of the bond syndicate may
be said to have been under discussion ever
since January b, Wntn tne new government
loan of SlOO,OOO,000 was offered for pub
lie subscription. Opinion was not unani-
nous a. tn the best wa VS. and means ofbring-
ing this about, nor was it the unanimous be-
lief that the syndicate should be dissolved
prior to February o, which date was fixed
by Secretary Carlisiein his circular as the
time limit OF subscriptions. Toward the
close of last week, however, the feeling be-
came stronger in favor of dissolution and
members OF the syndicate openly discussed
with each other and with outside friends
the wisdom of withdrawing.
1t was through these discussions that the
rumors OF dissolution first became current,
though they were set at rest to some ex-
tent by Mr.. Morgan's diplomatic announce
mept on Sunday that the syndicate was
still intact. The statement was one of fact,
and it may be added that until the MEN,
bers of the syndicate received today Mr..
Morgan's circular uOte the syndicate was
entirely intact.
There had been no withdfawalsin in the real
sense of the term. Some of the members
had as stated, discussed the wisdom of such
action, and had made public statements to
that effect, but that was all.
Two OF the largest bullion dealers in the
city announce that they will contract to sup
ply gold to intending subscribers to the new
loan and will carry 1t until February 8 on
payment of a premium and interest. The
premium this morning was 1-2 OF per cent.
BETTER PRICE FOR BONDS.
Speaking of the dissolution of the Nor
gan syndicate, banker said that it meant
that the government will get much bet
ter price for the new bonds.
He knew OF q new combination of capi-
tnlists, led by the president OF prominent