The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-04-19
The Largest Single Subscription Ever
Made to n Govern tent Loan.

new YORK, April ia syndicate, com
posed of nineteen banks and banking firm:
of this city and Boston, to-day made sub
scription OF Sl5O,000,O00 Of per cent
bonds and S40.000,000 Of funding ccrtih
Gates, making the largest single slbscrip
ton ever made to a Government funded
loan il this or any other country.
The Tribune furnishes the following de-
tails: The syndicate was not fully organ
| lied until after the close OF business hours
| in Washington, and the bid for all pei
cents available for funding the 10-40 loan
was not telegrapbed in time to receive a
response before the Treasury Department
was closed for the day.
The syndicate which has made this unpa-
ralcled subscription OF $3.50, 100000 is COM
posed, it is understood, OF the First Ma
tionaI Bank. Fi>ke Il Hatch, the Mctropoli-
tan National Bank, Winslow, Lanier Il Co.,
J. Il W. Seigman. Morton, Bliss 4 Co., the
Third National Bank. the Bank OF New
York, the American Exchange Bank, Park
National Bank, importers and Traders Ma
tional Bank, Hatch & Footc, Fcrmilye Il
Co., United States Trust Company, Kuhn,
Loeb & Co., and tic New York branch OF
the Bank OF Nevada, OF this city; and
Maverick National Bank. Footc IL French,
u. ~ ~
nineteen institutions, representing COM
bincd capital Of over 800.
Tne subscription OF yesterday was made
according 10 the new terms prescribed by
Secretary Sherman in his circular OF April
1G,h. While the First National Bank. for IT.
self and associates. has subscribed for the
full amount Of 800, 00,0G0 in I per cent.
bonds available for Government sale un-
I'll 1881, it is understood that the amount
will be SMALLER, as the Treasury Department
will grade it down according to tie number
of bona ftle subscriptions which may have
been forwarded before 8 =. VI. by the banks
and banking institutions in the regular
course OF business, and by actual sales or
the funding certificates all over the coun-
try.
THE sECRETARY'S CIRCULAR RESCINDED.
WASHINGTON, April lS.-Sccretarv Sher-
man announces that in consequence OF the
proposal OF Il New York syndicate 10 take
$3.50, 900, 900 OF per cent. bonds and
$40, O0O, COO OF rcfundng certificates his cir
cular Offering the bonds for sale will be at
once rescinded. The subscriptions made
by other parties previous to the receipt OF
the syndicate telegram at 6 last evening
amounted to S4S,000,00 The Secretary
states that the bonds will all be divided be-
tween these subscribers and the syndicate,
but he is not prepared at present to state
the nature OF the allotment or amounts to
be awarded the respective parties.
Secretary Sherman this afternoon issued
a circular resembling his circular OF the
10th, giving the terms under which the i
uer cents would be sold. The sale OF re-
fundinc certificates will, however, be con-
tinued by the bonded officers for that plr-
nose, and by the assistant trea>urerS. NO
rcfupdlng certificates will, however, be sold
upon the certificates Of the national bank
denositories. The bond-call this evening
was made partly upon the large snbscril'-
lions from the syndicate and partly upon
the large amount subscribed previously.
The exact amount that the syndicate VIII
Get upon its subscription cannot now be
given. Secretary Sherman was at late
| hour this afternoon arranging hi; matter,
and also the question OF making calls for
1O.4O's upon subscriptions to the per cent.
refunding certificates.
The circular issued this afternoon pro-
vides that the ten. dollar rounding certli-
Gates will hereafter be exchanged for lawful
| money in sums net 20 exceed 500 ii one
time, By the Treasurer and Assistant Trea-
surcls of the United States, and by all pub
| lie officers bonded for that purpose. They
| will not be issued hereafter upon the certlfl-
cate of any national bank depository. The
commissions on such exchanges, heretofore
or hereafter made, will be allowed at the
ia? OF one.cighth Cf one per cent. on an
e 5resatc OF $1,000. without regard to the
period in which such exchanges are made.