The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1898-06-16
PUBLIC COMES FIRST
SECURITIES UNSOLD WILL BE
TAKEN UP
THE GOVERNMENT PLEASED
Preamble and Resolutions Accompany
ing the Offer-No Response Made
as Yet-Gage Feels Easy
Press Special Wire


1. WASHINGTON, June 15-If there i,
4. was ever any question about the sue +
r cess of the new per cent war loan it !,
r has been set at rest by the way in !.
+ which subscriptions are already COM +
+ ing in to the Treasury Department. +
+ The assurance of the success of the +
r loan has, however, been made abso- +
+ lutely certain by two propositions, +
+ each covering the entire present is +
r sue of 5000 100000. The subscription r
r of the National City Bank, the Cen r
+ trail Trust Company and Vermyea & +
1. Co. made the day the loan was +
+ opened was for any part of the total +
+ issue that should not be taken by the +
r public. Another proposal was for +
r mulated the same day covering the +
r entire amount. 1t came from ]. Pier 1,
+ pont Morgan and number of asso- +
f ciates. !.
The Capitalists Offer
The treasury department regards the
spirit shown in the proposition as particu-
larly praiseworthy. 1t is set forth in a pre-
amble to the proposition, and says:
Whereas, 1t is. the opinion of the under
signed that although the amount offered
will be largely oversubscribed 1t is only
essential that the secretary should be as
sured of the absolute unqualified success of
the issue by an advance subscription of the
entire amount; and,
Whereas, in the opinion of the under
signed. for the purpose of carrying out these
ends a syndicate should be formed that
shall agree in adavnce to subscribe at par
for the whole amount of such issue of $780,
100000 or such thereof as may not be SUBJ
scribed for by the general public.
Therefore, 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 express the opinion that the
loan will be subscribed for independently
of this action 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 administration, their
only desire is that without delay whatever
the government should be assured of the
full amount asked for.
List of Subscribers
The subscribers to the syndicate are as
follows:
]. p. Morgan & Co. of New York. $50 900 900
Harvey Fisk & Sons OF New York 20 900 900
flrst Natlonal BANK OF new York.. U,0OO, 600
Mutual Life Insurance Co. of N. Y. x, 900, 900
Kiddock. Peabody & Co. of Boston. 20 900 900
U. S. Trust Co. of New York;. 10 900, 900
Drexel & Co. of Philadelphia. 10, OOO Don
A. Belmont & Co. of New York.. 10, 900 900
Kuhn, Loeb 4 Co. OF New York. see. II, coo 900
National Park Bank of New York. 10000 900
National Bank of Commerce of New
York ACKNOWLEDGEMENTS. 10 900, 900
American Exchange National Bank
Of New York. ACKNOWLEDGEMENT 10 200, 900
First National Bank of Cincinnati 10, 900 900
The Philadelphia National Bank
of Philadelphia. OBSERVATION-DISCLOSURES. 10000, 900
The Pennsylvania Company for In
surance on Levees and Granting
Annuities, Philadelphia. 10, 900 900
On behalf of such syndicate we therefore
subscribe at par for the whole amount of
such issue, two hundred million dollars
($200 900 O0O) or such part thereof as may not
be subscribed by the general public.