The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-06-16
PATRIOTISM OF THE BANKERS
EAGER TO GET GOVERNMENT
BONDS AT PAR.
The Morgan Syndicate Offers to Take
All or Any Part of the Issue of
$500, 100000.

Washington, June 15.-If there was
ever any question about the success Of
| the new 3 per cent war loan it has beer
set at rest by the way in which sub
scriptions are already coming in at the
treasury department. The assurance
of the success of the loan has, how
ever, been made absolutely certain by
TWO propositions, each covering the en-
tire present issue OF $780, 100000. The
subscription of the National City bank.
the Central Trust company and Veratic
& Co., made the day the loan was
opened. was for any part of the total
issue that should not be taken by the
public Another proposition was form
ulated the same day, covering the en-
tire amount. IT came from j. Pierpont
Morgan and a number of associates.
The treasury department regards the
spirit shown in the proposition as par
ticularly praisewOrthy. 1t IS set forth
in a preamble to the proposition, and
says:
Whereas, 1t is the opinion of the I'M
dersigned that, although the amount
offered viii be largely oversubscribed,
ii is essential that the secretary should
be assured of the absolute unqualified
success of the issue by an advance sub
scription Of the entire amount, and,
Whereas, In the opinion of the I'M
dersigned, for the purpose of carrying
out these ends, a syndicate should be
formed who shall agree in advance to
subscribe at par for the whole amount
of such issue of 5000, 00G 600 or such part
thereof as may not be subscribed for
by the general public,
Therefor now, we, the undersigned,
agree to accept firm participation in
any such syndicate to the extent of the
amounts set against our names.
by this preamble the subscribers ex-
press the opinion that the loan will be
subscribed for Independently of this ac-
ton on their part, and besides, they
have no wish to interfere in any way
with the popular character of the loan,
as desired by congress and the admin
the only desire is that without
any delay whatever the government
should be assured of the full amount
asked for.
THE subscribers to the syndicate are
as follows: J. P Morgan, & Co. of
New York. $50, co., 600; Harvey Fisk &
Sons of New York, 10000, 600; First Ma
tional Bank of New York, 500, 00C, 900;
Mutual Life Insurance company of
New York. $50. OOO, 900: Kidder, Peabody
& Co. of Boston, 500, 0O0 900: United
States Trust company of New York,
SO, 100000; Drexel & Co. of Philadelphia,
SO, 100000: Belmont & Co. OF New York,
SO. 000 900; Kuhn Loeb & Co. of New
York, $4,000, 900; National Park Bank
Of New York, $4,000, 900; National Bank
Of Comm erce, New York, $4,000, 900;
American Exchange National bank.
New York, $10,OOO,0O First National
tank. Cincinnati. $4,000, 600; The Phil
adelphia National bank of Philadelphia,
80 GOO, 600; The Pennsylvania Company
for Insurance on Lives and Granting
Philadelphia, 100000
ION behalf of such syndicate we
therefore subscribe at par for the whole
amount of such issue of two hundred
million dollars ($20O, 900, 00O), or such
part thereof as may not be subscribed |
Oy the general public"