New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-04-19
THE SYNDICATE'S LARGE BID.


OOO. 600 funding certificates was accepted IN
part Yesterday by Secretary Sherman. lie
declined 10 award the $4,000, 600 funding
certificates, claiming that they were IN
tended for popular subscription and not
for absorption by banks. Several propo-
sitions for settlement of the DIS
puted point were made on both sides,
but no decision was reached. The Synd-
cate receives only Sill, 600 on the bid
for $50. 600. 600 of four per cents, $39,OOO-
OOO having been subscribed prior to It's large
bid. Ii is believed the matter will be COM
promised today. Secretary Sherman was
taken by surprise by the subscription for the
whole Of the loan. The Syndicate dispatch
WAS DELAYED two hours in delivery, and that
DELAY allowed the other subscriptions to be
made. The call for $1G0, 100000 tcn-forues
has been formally issued.
MR.. SHERMAN AGREEABLY SURPRISED.
ATuK WITH HIM BEFORE TIE TELEGRAM OF TIE
SYNDICATE WAS RlCrIvED-TnE SECRETARY
A,roN1sHrp wHrN TIE TELEGRAM CAME-AN
UNACCoUNIABLE DELAY OF TWO HOURS.
icy TELEGRAPH To TIE TEscNrl
WASHINGTON. April 1S.-Ihc subscription OF the
Ncw-York and Boston banks for The whole amount
oftbo 4 Der cent bonds offered on "Wednesday for
Of the SO refundng certificates, was not known
in Washington outside of the Treasury Department
and newspaper Offices until this morning. The dis
patch making the subscription appears 10 have been
sent from New-N0T6 az o'clock yesterday alter
noon By some unaccouutablo delay of the
telegraph it was not received until 5 o'clock in the
evening. In the meantime, other large subscrlp-
tons. amounting iu all tOab0ut S4O,OOO0OO, were
received. some of which were probably teeCraphed
after that of the Ncw-Iork and Boston Syndicate.
This DELAY. Secretary sherman remarked tins
morning, has caused some confusion IN regard to
the alloments. but the Department VIII have to
deal with all subscriptions In the order OF their
reception, and not i'm the order IN which the dis
patches announcing them were sent.
The sale Of all the per cent bonds offered made
necessary the immediate Withdrawal of the circular
Of Wednesday, and that was done this morning.
All of the bonds remaining after deducting prlor
subscriptions from the qlJO,OOOOOO offered VIII be
assigned 10 the newborn and Boston Syndicate
but part of the $40 reminding cerhhcates VIII he
reserved for sale TO the class Of persons for whom
Congress intended them-thoSe OF small means who
cannon buy $50 bonds. The sale OF the SO ceTtlh-
Gates will be discontinued when those just offered
Bre disposed Of The law authorizes the issue OF
these certificates only for refunding purposes and
when there are no refunding bonds TO be placed on
verted on presentation no more certificates can be
,od Tho efac+ of inuinp the sale Of these cer-
.I9 -, ,
thcates would De 10 contract the currency ana 10
Increase the debt of the United States on which
interest has 10 he paid
Troos,r1 officials do not an+iciDate any disturb-
-, 49,,
in the money market growing out OF the settle
mcuts for the enormous amount Of per cent bonds
.old during the present month. The fact that all
W." '- - ,oa - IN Il "a "a
the per cents OF lHO" o. ana all tue 4o-iVS
have been called will cause all bonds of these
&c., .. La ,,rosorted for rodor,nfinn within, tho
''"' ~ w - -,
next 'hree nio",nS' anu inc sup,yi I'i 'ne
per cents VIII Obtain the most Oh thcln III exchange
81 rr.o,.r "a oo,,,,or,tiV-.I,- littIo ,,c,o,.
W '"o iiC'>"'S az - '''''0 '"''
VIII be used IN making the cOnNcISlol'
The immediate sale of all of the per cent bonds
,s,rd ,r,s q gapuine surnriec 70 = .crptarv Sber-
-. I,.I IL, -. 81,
man. III Il CONVERSATION "HiOh 'o"N II''o 'I'0I ING
close of the Department yesterday afternoon, but
before fine dispatcL from Nry-York and RoSion
cl,o+o ,-,s ro,,,rod Ia toll o ,.,r,. b,,,of,,
~ ""''"' vas '' '.
view OF the case ana predicted RAPID SAFE OF the
100000. 900 of bonds offered the day before. lie
cold that D.. had mara difficulty in adiustiug the
-. - ~. -. .,r,,,l,r ,l,.r an. ,,.;o
terms Oh JhIs "eeh Ciic''"I IMAM any previous
one. 1t seemed possible to advance the rate of 1
nor co,,. h,pd. RI above mar and Tins IN covar -
~ 80 ..
p"i'Ioh Vi '"c uo"'io '"'oi',' ''''c i'''S>,iS ~
the law which requires ninety days notice before
fine purcb9se money can be applied in payment of
- 7. T. .o H. .o;d ~ ~, 49,.
tueu ponu' - - I; L td ri'2J ,ils Tas
aD"Ic We i',,i - -" l i 'i j:f, 't,
tIt ma IAN n, H., 10 wa" n ,. 49,, Ie:I
NJ al rtcs tr a ocna p,n1,,nt of rf,nd
lhI'eu ,l1les Hu''S iol a.. efu"I am ul' VI
M 'SIIHCS,T' ~ 10 'ol''il'u my PEI, o'Is'
therefore, il le Idte were ADVANCED IL coulu hOJ De
alphcablc To thGse ceTImcales'
In substance me pan ADOPTED was 10 sen me
bonds at par i9r cash but when SOFA thFongh Ma
t0uaI banks i'r lhciI ceftihcdtGS IN q cedlt ol
ninety days thS premium on oIe-haIl OF per cent
vas 10 p' "u'u' '.v iu' "oo "P,' ~ '',oN o'' .
iitlI OF per cent tol'tN tAp'INtN ~ lut Hdit ~