Evening star. [volume] (Washington, D.C.) 1854-1972, 1879-04-18
Z he New Four Per Cents All Taken.
BIG DAYS WORK YESTERDAY

Yesterday was another great day In the filan-
cial history OF the country. The history of the
day following so shortly upon the date when all
the then outstanding five-twenty bonds were
refunded into four per cents by enormous sub
scriptions to the latter loan, is calculated to
surprise any one at the great confidence shown
in the credit of the government. Day before
yesterday the Secretary Of the Treasury Ie
opened the subscriptions to the four per cent
loan at an advanced price, ,and offered S4 600 90
OF re1undlng certificates for sale. The amour
OF the bonds which he would sell was $50 OO0, 900
and with the certificates offered at the SAM
Till e would be sufficient, when disposed OF. to
refund all the forty bonds-the only bond,
now subject to call-fnto four per cents. Last
evening he received from New York subscrlp
tion for all the four per cents tn that IT, he had of
funding certificates. When it is remembered
that both Of these securities were to be sold az
premium the true significance OF this offer Is
apparent. 1t was made by
A SYNDICATE
composed of nineteen banks of New York and
Boston. The heaviest subscribers are the Net
ropolitan Bank, First National Bank, FiSke &
Hatch, and the Seligman Brothers all OF New
York. The nineteen banks in the syndicate are
understood to be the First National Bank,
d ske & Hatch. the Metropolitan National Bank.
Winslow, Larner & Co, j. & w. Seligman, Nor
ton, Bliss CO., the Third National Bank, the
Bark, the Park National Bank. the Importers
and Traders National Bank, Hatch & Foote,
Verni We Co., the United States Trust Com
branch OF the Bank of Nevada, of New York; the
Maverick National Bank, Foote & French, and
c. A. Sweet Co, of Boston. The combination
u take the normous amount OF four per cents
already noted was not fully organized until a
late hour yesterday afternoon; and no response
was sent them by Secretary Sherman to this
offer.
HE WILL ACCEPT THE OFFER
for $50, 600, ,0GO four per cent bonds, deducting
miscellaneous subscriptions which had been
made before the syndicate'S offer was accepted
a q rn NO Unf
In, 1t is not known how much less than $780,
100000 the syndicate will secure. The deduc
tion will, however, be very large one fn
amount. AS to the acceptance Of the offer
for all
THE REFUNDING CERTIFICATES
announced for sale by the Secretary, there is
some little doubt. He. can accept them If he
desires to- and thinks 1t the better course. It is
we'll known. however, that he would prefer that
the certificates get into the hands OF the people
generally. 1t was partly for this reason that
he offered them on better terms to depOSitors of
lawful money therefor than upon the certiff-
Gates OF national depositary banks. If he does
not take the syndicates offer, there is every
probability OF their speedily being taken else
where. If he accepts the offer the whole of the
forty loan, which is about sl94.O0O, 900, can
be called in Immediately, and the conversion Of
these bonds into tours are thereby perfected.
IN the former contingency 1t would take but
little lorger for the conversion. For a man
VINO was not In hurry TO refund the ten-fOrty
nohds, the secretary seems to be getting along
IN day or two calling In en-forties. The next
bonds that are subject to call are the five per
cents OF 1881, which were themselves issued as
Iefunding bonds.
CALL FOR $160OOO,OOO OF 1O.4O's
Secretary Sherman this afternoon issued
call for one hundred and sixty million ten forty
bonds, being the second call for bonds OF this
class. This leaves outstanding about $50, ,OOO,-
600 ten-fOrtieS.
Circular Of Secretary Sherman.
Secretary Sherman this afternoon issued
circular resembling his circular of the 10th in
slant, giving the terms under which the four
per cents would be sold. The sale Of refundtng
certificates WILL however. be continued by the
bonded officers for that purpose and by the as
sistant treasurers. No refunding certificates
Will, however, be sold upon the certificates OF
national bank depositaries
The bond call this afternoon was made partl
upon the large subscriptions from the syndcat
ard partly upon the large amount subscribe
previously. The exact amount that the synd
cate Will get upon its subscription cannot now
be given. Secretary Sherman was at a lat
hour this afternoon arranging this matter, an
also the question OF making calls for ten-fort;e
upon subscriptions to four'per cent. refundIny
certificates