Daily globe., 1879-06-05
IT rs FINISHED.
The Official Sale Of the $40 RefundinE Ger
tificates at an End.

The Ot1icial Sale of the $40 RefundinG Ger
tificates at an End.
Postmaster Day disposed of $S4, 900 more OF
the $40 refunding certificates yesterday The
sale was conducted in the street, as it has been
for several days, about one hundred joining in
the amusement of standing in line AND earn
ing their dollar from tho banks for whom they
purchased. The bank employees wore badges
to identify them, but there was larger pro-
portion than usual of outside speculators, and
quite good many were taken outside OF the
syndicate. The sale was rapid and quiet and
without unusual incidents.
The work Yesterday closed the official sale OF
the certificates in St. Paul Altogether Dr.
Day has sispnsed of $4,000 worth, upon
which his commission for selling amounts to
$3l7. While the banks aud spectators have
conducted the sale that purchasers actually de-.
string Investments have not beer deprived OF
the privilege. Previous to yesterday he has
reserved few thousand dollars from the
public sale to enable investors to buy at
private sale without delay or annoy
| ance by crowd. AS a matter OF tac.,
people in Minnesota can do better than four
per cent with their money, and consequently
| there were very few who bought certificates TO
hold.
The Second National bank was the first in
stltution in st. Paul to take in the situation,
and they began early to buy certificates. As
| SlOO was the highest amount sold, it took sew
eral persons to buy, but without attracting
much notice for time the. Second National
managed to swing around the circle and rake
I them in. About two weeks ago the
other banks saw the point and joined
in the raid. Then it was that that
memorable scene took place on the 26th OF
May, when thousand or more men, women
boys and girls gathered at the sale, the First
National bank alone having three hundred II
line at 7 A. N. This sale, which was fully de
scribed in the GLOBE led the banks to poo
! their issues and form syndicate. all tn
banks in the city save Dawson d. Co., were IN
cate, and the st. Paul Fire and Marine insurance
company also took hand in. The syndicate
was placed in charge of Vice President Cowley
of the Second National, and Vice Presiden
Reed, of the First National bank. Since the1
the purchases have been put into a common
pot and divided among the banks upon basl
privately agreed upon. Many have supposed
that the banks were boarding these certificates
but that is mistake. They bought them TO
the money there has been in them day by day
Government bonds, owing to the corner of tn
New York syndicate, command premium.
these certificates are interchangeable for bonds
they also command premium. good man,
people think the premium will be still highe
in July, and hence there is a ready market
The Sc. Paul banks have accordingly mad
daily shipments of their purchases to New Yor
and made immediate sale Of their certificate
!, to speculators in that oity. At times, the Gel
, tifcates have commanded nearly three per cent
premium, and none of the time sine
, these heavy sales have they bee
below two per cent. AS the peopl
did not want them for investment the bank
went in and made neat speculation.
:, , But the banks have not been alone IN thl
matter. good many outside and privat
speculators have joined in the jamboree. The
l saw the banks buying and concluded the1
| were millions in them. They bought, and
good many who didn't know how to hand
! them are now looking about for their prof
= The consequence is that the people ca
still obtain all they desire of the disappointe
speculators and the bank purchases have n
prevented any one from loaning money to IL
government at one-third its value, If the
d think there is either amusement or profit
such e course. - -