New-York tribune., 1879-04-05
AGOVERNMENTLOAN CLOSED
TAKING FORTY MILLIONS IN BONDS.

TAKING FORTY MILLIONS IN BONDS.
SYNDICATE OF NEw-YORK BANKERS sUBsCRIBEs
FOR FORTY MILLION DOLLARS or THE FOUR
PER CENT BONDs-A VIRTUAL END or THE
FUNDING oPERATIONs-wHAT BANKERS THINK
OF SECRETARY snERMANs SUCCESS.
Asubscripdon for $40 OOO, 900 four per cent bonds
was made yesterday by the National Bank Of Com
merce in behalf of a syndicate Of New-York bank
ers. The present funding operations of Secretary
Sherman are virtually closed by this sub
scrption. Other largo subscriptions made after
ward are said to have been refused by the Sccre-
tary under the rules of his circular of March 4. The
banks subscription was accepted and calls Will he
issued at once for the outstanding tive-twenty
bonds A number of well-known bankers give their
views of this latest exploit of Secretary Sherman.
HUGE PURCHASES OF FOUR PER CENTS.
MORE THAN $50 900, 600 TAKEN IN ONE DAY AND
HAVING ORDERS BESIDES WHICH CANNOT BIZ
FILLED.
iBY TELEGRAPH TO TIE TRBUsE.l
WAsHINGToN, April 4.-The Secretary of the
Treasury received subscriptions to-day for S59,-
SOP. $50 Of the 4 per cent bonds thus closing out
all of that class of bonds that have
thus far been offered, and enabling
him to call in all the outstanding
5-2Os. The Secretary has long anticipated that
as the refnnding of the j-20s should approach COM
pletion there would be great rush by the banks to
take advantage OF the favorable terms on which
the 4 per cents were offered, and that this would
occur some time this month; but the manner in
which nearly sixty millions of them have been
snapped up to-day unquestl0naby was surprise to
| Secretary Sherman az it was to every one else.
The dav opened at the Treasury Department with
unusually heavy subscriptions, moro than $4,000
600 having been disposed Of before ~ O'Clock
After that larger orders were received, among
| them being one from tho National Bank
of Commerce of New-York for $i0,0G0,OOO,
and Others from several other Aew-lork
| banks ranging from one to three or four
millions. The whole amount of bonds remaining OF
those advertised sold in two hours TINS after
noon and calls were issued for ali the q per cents
/ that remained outstanding.
After the 4 per cents that have been offered were
| all sold. many large subscriptions were received,
| particularly from New-York banks. These were
not, of course, accepted. Some of them
were forwarded to the Secretary after he
! had left the Department for the day.
He is in doubt tonight whether these are all bona
fde subscriptions. or whether those who sent them
were not already aware that more per cents
were just now for sale, and whether they did not
therefore make their offers for fame and not foE ihe
purpose Of obtaining the bonds.
The sale of sos, 800, 900 of per cent bonds to-
day makes the total amount of consOls OF
that class disposed of since Mr.. Sherman
became Secretary of the Treasury, $3.50, 600.
OF these S7jO0O,O00 were sold during the first
year. 1926, 900, 600 in the second year and $780,
600 600 since the 1st of January last. The annual
saving Of interest is about $11. 100000.
The Secretary OF the Treasury has not vet deter
mined upon the conditions upon which he will
offer the remainder of the 4 per cents about
S2OOOO0,OO in AMOUNT which are to be sold
for the purpose of refunding the outStand'
ing 1910 bonds, but his programme will be
announced in the course of two or three weeks
The amount of ten-dollar certificates sold during
the last three days was more than half a million.