New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-28
SECRETARY CAGES VIEWS.
HE CONSULTS WITH BANKERS ABOUT
THE PROPOSED BOND ISSUES.
PLANS FOR FLOATING THE LoAN-THE RATE OF
INTEREST PROPosED-HIs VISIT AT
THE

PLANS FOR FLOATING THE LoAN-rHE RATE OF
INTEREST PRoPosEp-HIs VISIT AT
THE sUB-TREAsURY.
Lyman j. Gage Secretary Of the Treasury, who
arrived in the city Tuesday for the purpose Of
attending the dinner OF the trustees Of the Grant
Monument fund and incidentally consult with
leading bankers and hnanciers about the proposed
bond issue. had busy day yesterday. While al
breakfast in the Waldorf-Astora he chatted with
several early visitors His first engagement was
a visit the new Public Stores. Later in the day
he held important conference at the Sub-Treas-
ury with several OF the leading hnanciers Of the
city and In the evening attended the Grant dinner.
which he of the speakers and which no
left to take the midnight train for Washington
After breakfast and before going downtown Mr..
Gage said: While here ! want to ascertain the
views Of some OF the leading bankers and inanciers
with reference to another bond issue believe
that the Government get all the money it wants
for per cent upon issue Of bonds. am in
favor of a so-caled popular loan. think that
bonds OF small denomination well as Of large
denomination should be issued. so that the people
in general may have opportunity to show their
faith in the Government and at the same time may
have good investment for their savings
NO TIME FOR A CHANGE.
Secretary Gage touching upon the question cf
making all bonds hereafter read that they must be
paid in gold remarked that it bad policy to
word coin is used In all the present bonds OF the
United States In defining what they snail be paya-
bic in. II would seem TO me unwisc to attempt at
this time 10 change the form OF the bonds. There
has been some talk that now would he an excellent
time to insert the word gold but hardly look to
the Republican party put itself on record as
trying to play upon the patriotism Of the American
people by forcing them. in the hour OF danger, 10
adopt some party mo lsure.
When the Secretary was asked II the proposed
issue would be 500 10000 for a popular loan and
SaOOooooJ to be placed by bankers az reported. he
said that II had not been determined VIVA amount
Of bonds would be issued
Mr. Gage went downtown shortly after 10 o'clock.
ACCOMPANIED by Local Appraiser Wakeman Mr..
Gage went first TO the new Public Stores. at Chris
TOPPER and Greenwich SITS. and made thorough
inspection OF the structure. Af'erward he said to
4 reporter This is magnificent building IT i
tho finest mos; convenient and best arranged OF its
kind I'm tho world. one cannot help being impressed
hv ITS completeness and the way in which il so
thoroughly comes up TO the purposes for which it
was designed
CONFERENCE WITH THE BANKERS.
From the public Stores the Secretary went to the
Sub-Troasury reaching there little before noon
He had half-hour's talk with Assistant Treasurer
Jordan before mis- first caller arrived In the person
of James Spoycr. senior member OF the banking
firm Of Speyor & CO. Mr Speyer. 1t was reported.
orr connections OF his firm receiving subscrip-
tons I'm Europe for any bond issue which the Gov
erumeut might decide 10 make. Mr.. Speyer on
leaving the Sub-Treasury. declined 10 discuss me
object ~ his call few minutes later secretary
Gage and Isaac y Seligman. who had arrived
meanwhile. went over 10 the lawyers 'iuo Win
Mr. Jordan for luncheon.
Tho conference with the bankers was held IN the
Assistant Treasurers room in the suo-Treasury AT
o'clock and lasted about an hour Besides the
Secretary Of the Treasury and MI Joruan' there
were present
o., Bacon OF j. = Morgan & CO. John stewart.
pros dent OF the United States Trust Somp%S nyk
n,e.ite9ts Of banks ! Edward simmons. Fourth
u Tsppen Gaiatn National: Dumoni, tIsrke'
Hr., N 2 Esward F. POOR Park National!
George g. Williams, chemical National ,,;,,, w ".
sash corn Exchange and lanes 7 WOODWARD
after me conference n give any informauoh as 20
wha had Deen done further than 10 say ma, ne
financial situation senefay ns snb@ct ~ the rev.
onuss and the scarcity OF small notes The SUP,
,en@rs and these are no, directly available toT
,-a,sfcr purposes Banks here hold only SIS 900
leeul tender and big banks hold Comparatively me
smai.ts' amounts as their Western correspondents
i... reduced their accounts here in order TO lodge
~ ,;sge however received the reporters
af,e- ;he conference and stood lively lombard
H. said - wished 70 hear from bankers what
'hey would Ike 10 say as 20 the financial outlook
ami ,e 20 the financial measures now Deiore ton-
gross asked nothing and had no proposition 10
make ! wanted the Information myself. In order
10 get a ,uu comprehension. TO be used as gllde
4. The culture Each gentleman here expressed his
favorable opinion Of the proposed loan ana thousnr
cooperation in friendly way in making 1t pop,
ullr loan All side issues 10 be sunk: ana an
hands will get together and help sustain the credit
and dignity OF the country.
THREE PER CENT SUFFICIENT.
A,to he rate OF interest. Mr. Gage said: Those
present were all OF opinion that per cent bond
could he foa,ed readily There one or two
individual suggestions that the rate should ne Ga
pe~ cent but they could hardly be called genuine
suggestions. and were put aside AZ once ~.-
Answering question suggested ny MI Speyers
reported offer for the placing OF bonds abroad the
Secretary remarked that anybody having foreign
bonds where he pleased. leaving the impression IN
tho minds OF his hearers that in hls opinion the
,iyvarnment would not ind II necessary 70 seek
market in Europe for any part of the contemplated
issue The suggestion WAS made al the conference
loan should be- s9nVo"' and ms sum WIN the
war taxes. amounting to slCog"0"o year and ne
he ample for many months 10 come Ihen II heed
should arise. a further loan would he raised.
DO you feel that the will bA long one.
Mr. Secretary asked a reporter.
Il don't feel" he answered. with a smile.
SOME DOUBTS EXPRESSED
Som. Of tho leading bank presidents Of the city
are reported 10 have expressed the opinion before
the conference that a bond issue OF sCono6oo per
cent ten-twenty bonds would not be very attrac-
tive TO the public They doubted. too that the
public at large would take more than s25."@Goo OF
he nrs slOoGoOoo offered. and they thought that
the banks and capitalists could not b" expected TO
difiona issue Ct SaoeNlo0 or s4Coc1no on a 2 per
cent basis. To make the loan a success under
writing syndicate would undouht eddy have TO be
formed aud a higher rate of interest than per
cent would have 10 he paid on such bond as was