The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-01-07
BANKERS TO GET THE BONDS.
WALL STREET DON'T BELIEVE THE
PUBLIC CAN HANDLE THEM.

stocks Rise at First, But slump After
the street Has Time 10 Consider
the SituRtiOn-Mr. Morgan Nom
Communicative. But His Syndicate
Expected To he "a Bidder-Other
Syndicntes Also Among the PrObn-
biIitieS.
New York, Jan. 6.-Wau streets first
impulse at the opening of business was
to buy stocks. Secretary Carlisle's call
for bids having been favorably received.
A rise Of iaG2A per cent. followed in
which Sugar. the Changers and
Manhattan were the most FROM
inent. The more the street
looked into the new bond call, however
the less it liked it, and during the later
part OF the session lquidations we're
quite pronounced. Bankers were not dis
posed to talk about the mater. and It was
impossible to obtain any information
about it. Statements were current that
John A. Stewart OF the United States
Trust Company intended forming a new
combination to take a block of the bonds
but this could not be confirmed. About
the only thing about which there seemed
to be any unanimity of opinion was that
the uncertainty in financial circles will
be extended thirty days
The statement that Lazard Freres
and l.. Won Hoffman intended
forwarding 100000 gold. which
had been detained here on London orders,
on next Wednesdays steamer also hurt
the market. The decline in stocks ranged
from l to per cent. outside OF Metro
politan Traction, which fell s to 92d9i The
particularly weak spots We're the ,Grang-
ers, Coalers, Industrals, Nanderbilts,
the southwestern and Manhattan. In
the specialties Cleveland, Lorain and
Wheeling preferred broke 8 TO AZ. The
market closing was weaker than at
markets closings Were weaker than at
any other time OF the day. The total
sales We're 3l4 408 shares including 1850
81. Paul 1880 Sugar, Y 400 Tobacco and
2l.70O Burlington ana Quincy Bonds were
heavy, and the sales aggregated 81, III, 900.
Bullion dealers now state that
IL Is impossible to quote the com
ers, are completely al sea, the open bond
issue having upset the calculations of the
street. Last week It was known that the
Morgan syndicate was ready to take a
block Of the new bonds at an agreed price
and furnish the gold in a business-like
way Mr. Carlisles action, however. has
put an entirely different phase on the
matter. 1t is understood, however, that
the syndicate will be held intact pending
developments.
Az the Office of ]. Pierrepont Morgan &
co. to-day, no information could be OBJ
tanned as to the position of the syndicate
on the new bond issue. The impression
in bank circles is, however. that the syn
dicate will put in a number OF bids FOR
the bonds. although it is impossible to
obtain anything official.
The clearing house company held its
meeting. to-day, but M to a late. hour nc
application had been received for loan
certificates. There were rumors I'm plenty
however that certain Wall street banks
would ask for certificates either to-day OF
tomorrow.
J. Pierrepont Morgan the head of the
bond syndicate, said this afternoon: 81
am not prepared to say what course the
syndicate will pursue. There is thirty
days i'm which 90 think over the matter
No one has yet withdrawn from the syn.
dicate. l do not see why people who de-
sire to bid for bonds should not be able tc
get gold. The syndicate has no corner
in It,"
Berlin Jan. 6.-The Deutsche Bank
group, which proposed to take part OF
the new American loan, upon learning
that the bond issue called for by Secretary
Carlisle would be a home loan, for which
1.OS would be offered in the United States.
have announced that they consider II
impossible for the German banks to take
any part of 1t. They assert that there
is no market in Germany for a per cent.
United States loan.
Washington, Jan 6.--Orders were to-day
given to Chief Johnston 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 and what
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 Morgan syndicate. but
it is stated officially that ll9 and 1925 is
about the proper rate to put them on a
per cent. basis.
London, Jan. G.-The Daily News will
tomorrow appeal to Americans to sub
scribe to the new United States loan,
which, it adds, involves much greater diff
fculties than those which were success
fully met last February. The country, IT
says, is apprecably near the danger OF
a silver basis. The subscriptions 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 elements Of sound
finance.