New-York tribune., 1879-04-10
SHERMAN'S FUNDING PLANS.
ANOTHER LARGE CALL FOR BONDS.

sECRRTtkY SHERMAN CONTINUES HIS FINANCIAL
CONFERENCE.-The FIRST CALL FOR TEN-FoRTY
BONDS IssUED-CoMPRo.IsE OF THE CLAIMS OF
THE LONDON sYNDICATE-CoMMENTs on THE
sECRETARY's FUNDING SCHEMES.
Secretary Sherman Yesterday held further
conferences with bankers at the Sub-Treasury
in this city. The National Bank of Com
merce surrendered from its recent subscription
the 1000, 900 bonds claimed by the Lon
don Syndicate. The first call for 100000
of the 1910 bonds was made yesterday under
orders from the Secretary. In the afternoon
the Secretary visited a commercial club on
Leonard-st., where he met many prominent
merchants and importers. To-day he Will
visit Collector Merritt at the Custom House.
CONFERENCES WITH BANKERS.
THE CLAIMS or THE LONDON SYNDICATE CoMPR0-
MIsED-THE SECRETARY RETICENr ABOUT HIS
PLANS.
The subscriptions to the per cent bonds had
fallen, toward the last of March, to so scant proper
tions that it thought at Washington necessary
to the public confidence in the oan To this
end Secretary Sherman then prepared for his present
visit to this city. After his arrangements had been
made and his purpose announced, the subscriptions
revived last Wednesday, aud two days after
virtually were closed by the subscription for
$f0,000000 by the National Bank of Commerce
in behalf of the present syndicate. The main
purpose Of his intended visit 10 this city
therefore had already been accomplished and it is
believed that the contemplated visit was mado
from a desire to carry ont his known nten-
tions and 10 escape for few days from the duties
Of the Department than from any new funding
schemes or political plans.
The Secretary yesterday visited the Sub-Treasury,
where he remained in his private room until nearly
3 p. IN. During the day he held conferences with
bankers in regard to the funding operations Of
the Government. Among those whom he re-
ceved were Henry F. Vail, president of the
National Bank of Commerce: George f. Baker.
president and II. c. FahnestOck, vice president, OF
the First National Bank, and August Belmont No
conference In regard to the claim Of the former
London Syndicate 70 a share OF the recent sub
scripuon for $iOOOO,OOO bonds was held.
Late on Tuesday the National Bank Of Com
merce rendered 10 the members Of that syndicate
surrender OF the $1O,0O0,O0O bonds claimed by
them under the terms of their contract. This vol
untary offer Of the bank was accepted yesterday
afternoon by August Belmont in behalf of the
Rotbschds and the foreign syndicate. Secretary
Sherman adhered throughout to the opinion
that the former syndicate was not entitled
under the contract to the bonds, but he
declined to interfere in the settlement of the ques-
the members of the syndicatss. In this position OF
the Secretary, the offer of the National Bank Of
Commerce to surrender from their subscription the
sum demanded by the London Syndicate made
and accepted
A call for so, 900 900 Of the 1910 bonds was
made Yesterday by the Treasury Department at
Washington. The announcement of the call was
not made until after the close OF business,
and was not known generally until evening
Secretary Sherman said that the call had
been decided on before his departure
To the per cent loan were closed for the present.
and the terms on which they would be renewed
had not been fixed absolutely, the Department was
not prevented on this account from callin the
certificates would be likely to amount before
CALL but if it did not the bonds would be paid for
according to the call. The Secretary declined
further TO reveal his future plans, but intinated
that he should issue soon a circular embodying his
intentions
In consequence Of his conference ar the SubTreas-
ury the Secretary's visit to the Custom House was
to the city yesterday morning, and was IN his Office
during the day. Shortly before 2 p. N. secre-
tay Sh%rmsn Hanss tSat fGnt be woa& unable
to pay his intended visit, according TO agree
ment. He will hold to-day conference at the
Custom House and in the afternoon will inspect
personally the water frouts Of the city. Tho
changes recently made in the business methods Of
Sherman before they were put into effect.
Ii is said that no further changes
will be made at present and that the intended visit
of the Secretary had no ulterior significance After
leaving the sub. Treasury Secretary sherman yes
terday visited the Commercial Club oD Leonardst..
where he met many mefchants ald importers Az
the conclusion Of TINS reception he returned TO his
BANKER's VIEW OF RErUNDING.
A leading banker, who conversed yesterday with
Secretary Sherman, said last evening: The Sec
retary proposes to make calls in anticipation of the
, do Il Ia,
in order that he may thus effect saw
ing in interest 20 the Government. lie has here
toforc made his calls after the sales of per cents.
aud there a constant though small loss Of in
terest As intimated in his circular OF March 4. it
is the intention of the Secretary 10 make less favor
able terms for 4 per cent subscriptions TE than
the 800 refundngs were IS per cent
commission upon subscriptions ii SlO0OOo, 4
per cent upon subscriptions OF 81 100000, AID 4
per cent witt $500 cent added on all -ub,crlp-
tions Of 81 o, ,O0O,OO and above. In addition,
credit of three months was given 10 subscribers.
SION on future subscriptions to the lowest
possible point and 1t is believed that
cent the same as is provided by law for The
sale of refundng certificates. II is also probable
that he will reduce the credit allowed on such sales
10 thirty or forty DAYS, ana IN TINS way cas mado
in advance Of sales Will effect large saving Ok in-
terest 10 the Government. -
The call for the redemption Of 100000
1O40s made TO-DAY has sales of about 81 100000
to ITS credit which include the bona file sub
criptions uade on April 4, and the sales of fund
ing certificates. The latter growing
into popularity, and the Secretary re-
ported to-day that he was selling about
100000 OF them day, or Sl,00o,000 week.
He is in haste about refunding the l0-iOs.
The exact amount outstanding IS Sl94, ,566,3OO.
and after they are retired nothing can be done in
the way of funding until the 6s of 1881 are
reached so that practically he has two years in
which to retire the l0-i0e. Ths will make
an average of little over t0,000,00O a month.
1. ~. Il