New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-05-06
SUCCESS or mn SYNDICATE.

SUCCESS OF 1HE SYNDICATE
The financial event of the week is the
anticipation by the Syndicate of the subscnp-
ton stipulated to be made during the month
Of June. Within three weeks the Syndicate
has taken 10000, 900 of the amount required
to be sold for resumption purposes, leaving
only 10000, 900 10 be placed before the prep
arations will be complete. Sales are so rapid
that the July $5,O00,0O0 are expected to be
taken this week, and the whole FjO,OOOOOO,
it is now thought, may be taken by July /.
| Those who anticipated that the Syndicate would
have great difficulty III dispOsing of bonds,
and would fail to perform its agreement, are
naturally surprised and not a little ashamed
of their predictions. Those may well be sur
prised, moreover, who asserted that the sales
of the per cent bonds would be stopped
by the operations of the Syndicate. The
very fact that this strong combination OF
bankers undertook to place the 4l2 per cents
at Il price above 1O2, has given increased con-
fidencc to purchasers of 4 per cents at par
and the amount sold on Friday and SatlT-
day of last week was $4,000. Apparently
there will soon be another call for $40 bonds,
and the funding of the debt will go forward
all the faster as the preparations of the Treas
ury render early resumption more probable.
The great success of Secretary ShcIman's
negotiations is especially seen i'll the large eX-
cess of imports over exports Of specie During
the last week the exports from New lork were
only $3.50, 800; during the corresponding
week last year the amount exported was
%2,3IO.OOO. During the four weeks ending
April p, the imports here exceeded the CN-
ports by So ,GSO2SS. There il something
amazing in the folly of those prOfcssyd CX-
perts in banking, who have been assuring Con-
gregsmcn that Mr. sherman "could not possibly
"gct any gold into the Treasury by his sales
"of bonds, or, if he gained any, must take it
" all from the banks" The debt statement of
{ May / showed an actual increase during
| April of $2O,51S, 52S "A in the amount of
coin held in excess of certificates, and
! about SIS. 100000 in amount Of coin
! held. Moreover, less than half of this
! increase in coin owned came from the banks
! the bank statements show loss III specie,
! from March 80 to May 4, OF only $S,7l5,IOO.
! Adding losses, according to the latest state
mcnts of Boston and Philadelphia banks,
! the entire amount which can have been drawn
from the banks of The three cities is
! So. S26, 800. Adding also the excess Of i'm
| ports, So, GS0,2SS, We have only 81, 5O6,5SS
! and the actual increase of coin owned by the
| Treasury was greater by $S,O11,940. But
! eight millions per month is exactly the
usual estimate of the production OF
| precious metals. It follows that the Treasury
! has virtually possessed itself OF The entire
product of the mines, and drawn 50, $50,
| 600 from foreign countries, and less than
! $4,000 600 from the banks. IL there
| should be any pressure i'll the money
market, or such demand for gold
as to affect the price, the Secretary could
readily and doubtless would meet 1t by III
creased deposits in the banks legally dcsig-
mated. In view of this fact gold has remained
very steady, with scarcely a fractional yaria-
ton in price, since the Syndicate began its
work.
The retirement of less than $4,000 of
| fractional notes III April indicates, not that the
whole number outstanding" has been lost Or
destroyed as some wise Congressman fancy,
but that nobody wants to increase the
food of silver small coins, of which the
amount in circulation is already excessive. There
is some reason for the belief that the scarcity
of fractional notes is felt by many to be an
| Inconvenience, particularly IN the making
of small remittances, and it might, perhaps.
be well to provide that small notes should
be issued, in limited amounts, in exchange for
silver. The full amount Of silver coin in
actual use does not appear in the debt state
ment, as any one can satisfy himself by not
! inc the dates of coins in circulation. Millions
of old coins have emerged from hiding places,
and II is Thought by some dealers that the
subsidiary silver in circulation cannot be less
than $44, 100000, of which about f5,OOO,OOO
| was coined before the war.