The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-05-23
Rapid sales or the Government ccrtIn'
Gates Rt this Point,

Gates ne this Point,
The sale Of ! per cent certificates was
commenced yesterday after dinner ut the
Wheeling PostoNice, and the thin slips
went Off like hot cakes, and would have
gone OF still faster could they have been
served more rapidly to those who wanted
them. AS il was, however, $4,000 were
disposed Of. The sale will so on to-day,
and from day to day, for as last as they go
airesh lot will be coming on. The banks
would probably take themall at one swoop
II permitted, but they are not sold to
banks, andTnly 500 to any one individu.
al on any one day, the idea being to get
them into the hands Of people Of small
means as iRr as possible.
The bonds into which these certificates
arc fundable on the LIST OF July are quoted
this morning at 3! premium, which is II
more than the accrued interest upto J July,
at which rate the certificates ought to be
worth over . per cent. premium. The
extraordinary price Of the bonds shows
the active hand Of the Syndicate, who are
undoubtedly endeavOring to corner the
banks that hold the called bonds Of the
old issues. The Pittsburg Commercial OF
yesterday remarks that this advance in
the four per cent. bonds is likely to bring
out u good many sellers who are ready
to realize the profit comprised in the diff.
ference between their present prices
and 90sa99i, ut which figures a
large amount sold during the inst
three months of the year. Holders are
still very strong in their views, US they
think it absolutely necessary that the
banks shall replace their called bonds
from the tours, This, it is true, is the
most likely course, but it should be re.
memhered that there are several other al
ternativcs. They can purchase other
bonds at q premium for one thing, or they
ran replace some ut least Of their called
lO40s with new IS or AIS from their bonds
on hand, not heretofore used for circuIa.
ton, or in the present condition OF slight
profit on circulation many Of them will
doubtless accept q shrinkage Of circulation
until such time rs II more active de.
mand for money shall make national
bank circulation more profitable and
decrease the premium on four per
cents. A western paper says that
some Of the shrewder bankers in the in.
terror have discovered in the 4 per cent.
r%efunding certificates q medium hv which
to escape from the corner the New York
bond syndicate have forced them into.
Postmasters have the right, upon filing u
good bond, to receive retunding certificates
for sale. These bankers are supplying the
PostmRsters with the necessary security for
their bond, Il are seeing to il that the
retunding certificates do not remain a drug
m the officials hands. In this way $50.
0OOOr more %relunding certificates eau easi-
ly be sold IN a town where the natural
popular demand would not take up 81, 200.
The Postmaster likes the operation, as he
gets his commission on all his sales, and
the banker, who gets the bulk OF
the certificates, likes it because it
makes his 4 per cents cost him only par
and accrued interest instead Of lOSal6SI,
Wherever this plan can he worked it is in
successful operation, or about to be SO.
Some Of the country bankers have decided
not to replace their l0.4Os with 1 per cents,
even upon maturity Of the call. They
argue that when midsummer is reached
every days delay increases the probabili.
ties Of a break in the prices of 1 per cents.
They will leave their 1O-tOs in the Treasn.
ry till the market suits them. Probably
no objection will be made BY the Treasu.
ry, as the transaction amounts TO a loan to
the Government without interest. Banks
doing this will act on the calculation that
the depreciation they expect in the price
OF Is will more than Offset the loss Of in.
tereSt.