Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1878-03-29
1 NEW SYNDICATE.
Another Organization for the Purchase
or Government Ronds.--What Shcr-
man Wants.
NpM l0rk lrihUnp.

NoN york lrihuHC.
4 new syndicate has been organized
for the purchase Of government bonds,
which includes members " the late
Four and Four-and-a-half Per Cent.
SvndicateS Last week Secretary SHEER
man requested visit from representa-
tiveS of the new syndicate to make
bid for the Slo0,000,000 AZ per cents III
the treasury. and Francis o. French, oil
the First National bank, and Jacob Ill
Schill, Of the banking firm Of Kuhn,
Loeb 4 Co., We're selected to soto Wash.
ington. They wcnton Friday, a mem
Der of the new syndicate said yesterday
in regard to the matter.
"When our representatives visited
Secretary sherman, he said that while
the bond market ut New York VAS very
active. and sales had been made in a
single week Of $l0,00O000 government
bonds, the treasury department MAS
doing com arativclv nothing, and there
was no sale to speak Of for per cents,
and he had decided To request them To
make bid for $l00Q0,O00 Of ~ per
cents. After il consultation, McsSrS
French and Schiil proposed to take Sl0,-
\ 000 400 mt a rate | per cent above the
! price in the London markets that uav
and per cent. below the price in the
American market, or nj Sl0l15. This
offer Secretary sherman declined, stat
4 ing that he would not sell the ll per
cents except at 4 price based ON par in
com for the ! per cents, and even at
\ that price lie did not care to sell moro
than Sl00Oo,000 The price ON that
basis would be Sl05s or per cent above
the price now ruling in che New York
market, and higher than was ever paid
\ for This class of bonds Secretary Shcr-
! mans argument was that the bond
market Was strong, and as soon rs the
bonds sent here from abroad on account
Of the silver agitation We're disposed of,
as they soon would he, there would lie
II sharp rise i'll the values of govern
ment securities, and they would reach
the value he had placed upon them.
The New York representative de
clined this offer, and the conferences
We're terminated. Four per cents are
now selling ut about par in coin, and
the4!s, for which the secretary demands
l04Ss, are now selling at about l0l in
coin. The greatest danger to be appre-
hendcd now is Il heavy importation of
government bonds, which would Of ne
ecssity bring exchange to the point ut
which export of gold would begin
England does not hold any Of the 1 per
cents, but she has Il large amount of AS
and IS. Should these he thrown upon
the American market, rs is quite prob
able, il will result in the withdrawal Of
gold from this country, and virtually
put stop to the possibility of resump-
ton in January, lS79. This tendency
the secretary has IN opportunity to
check by the offer made by the syndi-
cate on Saturday If our offer had
been accepted, or the secretary had
submitted u proposition that we could
have agreed to, We should have been
able So to interest the London holders
Us to stop the importation Of bonds, and
turned the tide of gold to this country.
The present condition Of the market is
| such that the same offer would not lie
renewed-some Of the bankers inter-
ested expressing satisfaction that the
| proposition was declined"
Among the banks and hanking-houSes
composing the new syndicate are the
/ First National bank, the American EX-
change bank, Messrs. Kuhn, Loeb 4
I Co., and prominent clearinghouse
with important interests III London.
! The sales Of government bonds on
yesterday in this city We're considerably
\ in excess Of 81 100000, the orders from
Boston alone amounting 70 about $500
a.
comes from depositors who have drawn
their earnings from savings banks, and
4 who desire to invest them ingOvcrmcnt
securities Of small denomination.
| Heavy orders We're also received from
Philadelphia and tie west, principally
for 4 per cents During yesterday 500
\ 600 new 3 per cent. bonds changed
hands at 104l. The Bowery Savings
bank and the Metropolitan Savings
bank, on Saturday, purchased $250000
government securities for investment,
and 100000 ) per cents were purchased
yesterday by the trustees Of a large
estate.
TIE residuum oil obtained by di.till-
ing petroleum is now efiicaciously en-
ployed in currying and dressing leather.
When the resdrum oil is Of q specific
gravity " about $50, itis used With tall
low. BY thus using such oil for this
purpose, it 50 combines with the tallow
IL 70 carry II almost into tie skin, and
50 gives it good stufiing, lmparting also
greater elasticity and more permanent
weight 10 the skin than other oils, be.
sides rendering the leather more I'M
pe-yious to water and les liable u de-
cay or gum A mixture, consisting Of
fourteen parts Of the residuum oil 70
sixteen parts oftallow, with two or three
parts Of cod oil added, 70 make the COM