New-York tribune., 1877-06-11
EoI-R PER GENTS For SALE.

THEY ARR OFFERED TO AMERICANS FIRsT-T1,O0o,-
900 MONTH FOR RE,UMPrlOS PURPOsEs-THE
CABINET PLEASED WITH rHE SUCCESS OF The
LOAN.
WASHINGTON. June 1O.-A contract for the sale of
the four per cent bonds has boen entered into with
the Syndicate. The report upon this matter made
to the special Cabinet meeting yesterday was very
favorable 10 the prospects of the new loan. The
Cabinet approved Secretary Shernan's proposition
to award to the Syndicate contract for the four
per cent loan; but they attached 10 the contract
some new conditions which make 1t much more adj
vantageous to the Government. Secretary Sher-
mans policy to hasten resumption Is shown by the
amount Of the bonds which he reserved for resump-
tion purposes. - 100000 a month.
All the members of the Cabinet appear highly de-
lighted with the success Of the Administration in
placing the per cent bonds. OIe OF them remarked
tonight that there is Government on the face of
the earth besides the United Stans that now sell
a / per cent loan at par away from home. he En-
glish Belgian, and French Governments, which bor-
row at low rates of interest sell their bonds 10 their
own people. No country that goes into foreign
money markets can make favorable terms for
itself the United States The best feature of ne
new loan is the provision made for Offering II 10 the
people Of this country for 30 days and giving them
90 days to pay for the bonds after subscribing for
them. The syndicate will not therefore take all the
bonds abroad.
The contract has been entered into with Messrs
Rothschild J. :. Morgan Il Co., Segnan Brothers.
and Morton, Rose Il Co. of London. England, and
Messrs. Belmont Il Co., Drexel, Morgan ~ Co., j. n
w. Seligman N Co., aud Norton Bliss II Co., and
the First National Bank Of the Clty of New-lork.
The bond. per cent 3O-year consols and are
To be sold at par in gold OF these bonds go, ,OOO-
600 are subscribed for nOw 10 be paid for in July
and August; S5,OOO,0OO to be devoted to resump-
tion purposes and $40 900 600 to the redemption Of
the per cent bonds. The sales are to be continued
as rapidly as possible. The contract is for
six months and is similar in it, general
terms TO the former contract, but 1t has
this important provision that for 80 days after full
notice the loan shall be open TO popular subscription
in the principal cities of the United states at par IN
coin, with the right to pay for the bonds within 30
days after subscription upon delivery.
Upon a notice given some days ago the Secretary
of the Treasury has Withdrawn from the market
$1OO,OO00O0 of the 4l2 per cent bonds and the
former Syndicate have subscribed under the old con-
tract for 81, 100000 in IL. per cent bonds beng
the balance of the 5000, 900 600 of the amount OF
that loan S5OOO,OOO 10 be applied during June lor
resumption purposes, 5000, 900 during July for
the same purpose, and ST., 900 900 to be- applied to
the redemption of per cent bonds. These agree
ments close out the z per cent loan, and place upon
the market the per cent loan with trIn subscup-
tion of $25 100000
The new loan drawing four per cent and extend
ing for 80 years, with interest payable quarter
yearly, ID not only iar more favorable for the Goy-