New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-04-18

heaviest subscribers are the First National Bank,
Fisk d Hatch. the Metropolitan National Bank ana
j. d W. Seligman. Members of the Syndlcate
retcent about the matter last night, ana there
was an apparent understanding that the subscTip-
ton should not be made public until to-day, when
Secretary Sherman, as they hoped, would propaoly
issue call for the entire outstanding issue Oh loioS
of 1864.
TALK WITH II. c. FAHSEsTocK.
III. G.. Fahnestock, vice president of the First
National Bank and who was active in organizing
the subscription said last evening: 1t is true that
the First National Bank on account of itself and
its associates made q bid to-day for Sl5O,-
100000 covering all the bonds offered IN
Secretary Sheman's circular of April 10,
and for $40, 100000 of funding certificates.
The movement looking TO this large sub
scription was begun about noon to-day, ana was
not finally consummated until after o p. M lhere
were several conferences and the subscription was
sent by telegraph. and will probably be responded
to to-day. The heavy sales of per cent bonds
within O week set financial men TO think
ing, and it was believed that the entire
loan could be placed readily. The First National
Bank alone has sold since April 1. when the BANK
of Commerce made its $l0,000OO0 subscription,
about ~ 900 900 four per cent bonds ana they are
selling with great rapldity. They go into the hahHs
of investors, institutions ana private persons VINO
mostly hold Government bonds, and largely TO tiose
who hold called bonds. We sold to one institution
on Wednesday 81 1000 4 per cent bonds, and we
only received 100000 in cash, the remalDS 9l,-
200 900 being paid for in called bonds"
When pressed for the names OF the members OF
the syndicate and the precise allotments, Mr'
Fahnestock said: | cannot give these particulars
for the present, but | think | may, say with
prCpriety that the bonds are taken substantially
bv the banks and the bankers W no are conspicuous
for dealings in United States bonds IN TINS cry
and Boston. The only important effect OF TINS SUP
scrlption will be that the Treasury Department
will Oe ont of the market for the next year ana a
half, when it will be necessary to make prepare
tons for funding the SKIES OF Iool rms VIII leagg
clear field to the Syndicate. Tho control
of the loan is more important than
ever before as the end of 1t has been reached and
there is no present fear of the Treasury Depatment
as an issuer OF bonds for nearly two years. III
must be borne in mind that these snDscrptlohS
20 funding loans cause displacement OF
other bOnds-n the present case OF the lO-iOs-
which creates market for the new ISSUE
Thus IN the end, after the settlements are com
peted, no larger volume OF bonds Is IN existence
than at the time the subscription IS made lueIe
is however a saving in interest, which amounts 10
$1,0J0,000 a year on the funding Oh the IO-toS
alone"
member of the Syndicaue said When secre-
tarv Sherman issued his circular of April 10, he
stated that subscriptions would be brisk and that
he anticipated several heavy bidsj but he
scarcely expected that his entire available
four per cents would be exhausted in twentv-tour
hours. His success in funding about SOO,OOO.OOO
of bonds in two years is marvellous piece OF IMAM
cial skill and stamps him as the greatest hnancier
OF the century" ., -,
George Bliss, of Morton, Bliss & Co., said that
there was no doubt that the entire issue OF 4 per
cents at present available had been subscribed Tor,
and he had no doubt that the price would advance
to 10l. q,
A weIl-known banker and member of the Syn;
dictate said last evening: " The enormous retaI
trade of the past week shook the entire lO4O lhe;
and bankers saw the necessity OF securing them an
at once. The allOtments cannot be madeup correctly
until we know precisely what quantity we
will get. which probably will be today. 1 IN,
will be to advance the price of 4 per cent bonus
in the English market and make them
much-sought-aier investment NJ FrS iJn neone
will begin TO take them. These enormous
subscriptions only illustrate the great material
the last three years which passes the understand,
ing not only of Europe but of our own hnanclal
men. The evidence of It is In our ability to import
and pay for,with our surplus exports practlcay an
the loose United States securities held abroad; so
that the amount held there which ago was
estimated at from SOOOOO,OOO to 81 ,OOO,OOe,0O0'
cannot now be over one-ffth and possibly one.sxth
of that amount. The entire importation OF bonds
has taken place without any material export OF
gold. and has been paid for altogether IN our pro-
ton In London month ago, was tnat
when we came to the April settlement there
would n% be ESgai for he T5ey asad
that the subscriptions of January were SO largely
speculative and fictitious that the Treasury
Department. would nnu IL ulllCuiJ w n4ho
collections from its subscribers. Now that
one-half of April has gone without
the slightest difficulty, and the new impulse ex-
ceeds the expectations even OF the most salguine
exper,s the English will begin to realize the great
ness of this country and our bonds will be taken in
preference to any others in the world The subScip7
tiOn of to-day ought to educate even the most rapld
Greenbackcfs to see the value and economy of hav
ng reached the highest credit. The transactions by
Secretary Sherman since January alone will save
the Government -, 900, 900 year. which Is equal
TO about S25 900 day. This is worth saving, even
if some of the fayOnte Greenback theories are
knocked over"