The daily morning journal and courier., 1896-01-14
SYNDICATE INFECT.
No Dissolution SO Long as It May be Need-
 ed--Mr. Morgan's Hes0,ution Causes n Renewed Feeling of Confidence in Wall

| | Street.
 New York, Jan 1S.-Mr. J, Pierpont
 Morgan's announcement, made on Sat
 urday night, after his return from Bos-
 ton, that the bond syndicate is still in
 tact, that he Is bound to see the issue
 of bonds a success, and that he believes
 the outcome will be satisfactory, re-
 suited in a much better feeling this
 morning in Wall street.
 The New York Evening Sun said last night as follows:
 The improvement in the Wall street
 temper was reflected in a sharp ad-
 vance of prices in the stock market at
 the opening of business.
 | It had been rather generally expect ed on Saturday that MT. Morgan would
 make what statement he thought prop
 CT as to situation to-day at his office
 As it was, however, he replied on Sat
 uday night to the various rumors
 which had been afloat to the effect that
 the dissolution of the syndicate organ
 ized to furnish gold in exchange for
 the issue of $10o,00O,000 of government
 bonds was about to take place. When
 asked on Saturday night whether the
 syndicate was to be dissolved MT. Mor- l gan Said
 up to the present time the syndicate
 Is intact, and until it is demonstrated
 that there is no need for it's malnten- ance it will not be dissolved" Do you stand ready under any cir
 cumstances to lend your aid in placing the new government loan?" was ask ed.
 T am bound" said MT Morgan "to
 see the loan made a success, and it will be-
 In the opinion of Wall street the statement made by MT. Morgan settles satisfactorily any doubt as to the sue
 cess of the government loan. It had been known that some prominent mem-
 bers of the syndicate, in view of recent l developments, had thought it would be a good plan to officially dissolve the
 present syndicate. Their idea seemed
 to be that recent criticisms might thus
 lose their point and that later perhaps another syndicate, which would, how ever, p6 equally dple u tethS up IitS
 bonds, could be formed.
 | The financiers who favored the disso- | lution of the syndicate are known, how ever, to be steadfast friends and admir-
 CTS of MT. Morgan Whatever he be- lieves best they are likely to favor, and in view of his publicly expressed opin- ion they will probably no longer advo- cate the syndicate's dissolution. It was learned to-day on unquestion- able authority that the statements re- gently published that the Deutsche
 Bank of Berlin, and the Bleichroders, bankers of that city, would bid direct for s40,0O0,000 of the new bonds were without foundation in fact. What may be done after February it is now 100 early to state with certainty. 1t was pointed out that the still grave condi-
 tion of the diplomatic relations between
 Great Britain and Germany was a fac tor that must be counted upon in the
 meantime Unless the dispute between those countries is amicably settled, | large German subscriptions are unlike ly.
 There was some disappointment eX- pressed that the treasury department did not issue this morning a circular modifying the terms of the first circu- lar in so far as the time for making payments on the new loan is concerned.
 It is feared that the money market may become disturbed if the payments have to be made every ten days, as set forth in the treasury circular issued a week
 ago, and it is hoped and believed that
 the time for making payments will be extended
 President John A. Stewart of the United States Trust company said this morning:
 There will be no subscription for the proposed bond issue on the basis of the whole or none but the public will have all the opportunity they desire to get whatever bonds they wish to take, as there are interests in New York which will bid for the whole issue or any part thereof, and in either case the public will be accommodated.
 When the time comes it will prob | ably be found that the banks and other | financial institutions will stand ready | to take all of the loan which the pub | lie has failed to subscribe for-in other 1 words, should the foreign and domestic institutions subscribe, say, for two thirds Of the loan, and should it then | be found that of the remaining one third any proportion of it had not been taken by the public, then the banks or
 other financial institutions will stand
 ready to take up that amount | There is not the slightest desire on | the part of the bankers to stand in the way of the public subscribing for | the issue, but on the contrary there is
 and will be disposition to help the
 matter along in the best way possible Had matters gone on as originally expected the big banking houses would l have imported such of the gold as might | have been necessary to complete their | subscriptions, so that none of the
 amount required would have first been | withdrawn from the treasury, and in that way the government would have
 had net gold, but, even as matters stand, there will be everything done
 which can be done to make the loan a
 success"
 | Further consignmentS of gold believ-
 ed to have been shipped from Europe
 to be used in subscribing for bonds,
 reached this port yesterday The steamship La Champagne. which
 arrived from Havre, brought 7,50O, GOO | francs in gold, imported by the follow ing firms: Zimmerman Sl Forshay, l. | 500,000 francs; Credit Lyonnaise, 1000, 900 | francs; L. Won Hoffman & Co.,, 5000 900