People's Pilot, Volume 5, Number 28, Rensselaer, Jasper County, 16 January 1896 — PEOPLE WANT BONDS. [ARTICLE]

PEOPLE WANT BONDS.

SECRETARY CARLISLE IS ENCOURAGED. Korean Syndicate Is No Longer Needed by the Country —Gold Returning to New York —Outlook of National Finances la Good Washington, Jan. 16. —The treasury officials were gratified when they learned yesterday that the gold withdrawals were only a trifle over $1,250,000. They had looked for reports with a good deal of anxiety, for the fact that today is the day for the sailing of the "gold steamers” had led them to expect heavy withdrawals. Therefore it was with a sigh of relief that they read the closing telegrams, and, footing up the day’s business, found that they had lost only a trifle over a million and a quarter in gold, and that the withdrawals were for exportation, being taken In the form of gold bars. The officials are gradually coming to the conclusion that the expected drains upon the reserve which were anticipated when the bond sale was announced are not likely to be nearly as troublesome as had been anticipated. The promptness with which the people of this country are preparing to take bonds seems to have a good effect upon the minds of investors abroad, and has apparently reassured them as to the financial condition and ability of the people of the United States. As a result there is not the scramble to dispose of American securities by foreign holders that had been expected, and it is now believed that there will be no Serious trouble in that line. On the other hand, the treasury is advised that considerable quantities of foreign gold are now being received at New York, so that probably the gain nearly or quite equals the loss. While all the officers of the treasury department decline to express themselves for publication, it is found that those best able to form an opinion as to the success of the proposed bond sale are very confident. It is known that large numbers of bids are already being received at the treasury department, though the officers of the division to which they are consigned are absolutely silent as to their numbers or location from which they come. Of course all the bids are sealed, so that not even the officials of the department themselves have any definite Idea as to the amount offered. But it is appa* tent from the number of bids that are Already being received that the public is feeling a good deal of interest in the matter, and that there are likely to be some pleasant surprises when the bids are opened. THINK ODELL'S PLAN GOOD. Hi* Financial Bill Has the Approval of Bankers. Washington, Jan. 15. —Several members of Congress have heard from their constituents in the banking business upon the forthcoming bond issue, with requests that some sort of legislative provision be attempted to allow the use of the bonds as reserves. By this arrangement, it is said, the smaller banks would subscribe more freely to the issue. A bill with this purpose has been introduced by Mr. Odell of New York, providing that not to exceed 50 per cent of bank reserves may be held in bonds, but no committee action has been taken on it. T. E. Clement, president of the First National Bank of Faribault, Minn., has telegraphed to Representative Heatwole that if the bond bill which passed the House and is before the Senate can be amended to permit banks to hold bonds for a limited time as part of their reserves, the banks undoubtedly would exchange gold for the total issue, and the banks of his section would make large subscriptions. Comptroller Eckels of the treasury spoke rather disparagingly of the movement, and suggested that banks could not pay depositors in bonds and that they might be embarrasisted in case of unexpected demands. Omaha Banks Want Bonds. Omaha, Neb., Jan. 15. —Four Omaha ■ national banks have bid for half a million of the new bond i’sue. They are the Merchants’, Nebraska/ and two not made public. All the banks held their annual meetings in the city yesterday, and the subject of bidding for bonds was given attention generally. The banks hold a heavy gold reserve and are favorable to the new bonds .or any other measure calculated to show their faith in the ability of the government to pay its liabilities. London Times Does Not Like the 1 can London, Jan. 15. —The Times says, in* its financial article, that it doubts whether the popular loan will permanently strengthen the American treasury. A 20 per cent deposit, it says, will add $20,000,000 to the stock of gold, but it is not easy to say whence the remaining $80,000,000 are to come, unless, later in the year, Europe again becomes the buyer of American securities. t Gold Bars Coming from England. London, Jan. 15. —About £30,000 in gold was dispatched from here yesterday to New York. It is bai* gold, picked

up quieuy in the open mtfrket oy me bond syndicategor by individual members of the syndicate. «