New-York tribune., 1879-02-24

Der 81, 1890 It does not now appear that
the Government will have any occasion
to sell four per cent bonds Tor more
than a full year, from the completion OF
calls for the ten-fortes, which will probably
be effected during the first half of this year,
until the end OF the next year, unless steps
should be authorized for funding and retiring
the lega-tender notes-a change not now TO
be expected. The probability that sales OF
four per cents will entirely cease for nearly
or quito eighteen months will have
tendency to accelerate sales or the
$500, 900 yet to be subscribed in order
to retire the six and five per cent bonds now
rcdeemablc. If large speculative purchases
were warranted in January, when there was
no idea that sales of four per cent bonds by
the Government at par would be arrested lor
several years, similar purchases may with
much more reason be expected from this time
onward.
1t is probable, also, that the purchases by
holders of called six per cents will be much
larger than they have been thus far. In jan
uary, out of $15S. 900 of four per cents
subscribed. there was good reason for beliey-
ing that less than $50, 900 900 was taken by
holders Of SIX per cents. The proportion in
February has been much greater, and the
old bonds have been coming i'll quite
rapidly. the chief dealers report, but
there is still very wide gap between the
amount of new bonds taken and the amount
Of skies brought in, and there is yet no reason
to suppose that holders of more than $780,
000,0 600 OF SIX per cents havo replaced them
by purchases of fours. This would leave over
$50, 900 900 of capital which has already been
notified of the date of its displacement from
profitable investment without having invest
mcnt as vet in the new bonds. This fact
abundantly explains the strong demand which
has sprung up for the more desirable railroad
mortgages and stocks, but a brief inspection
of the late market reports sutiiccs to
show that a large part of the dSeneaged
capital has not as vet found employment. The
prices of valuable bonds and stocks have been
pushed up so rapidly and so far, ALSO that
there are not many of the best character as to
security which yield more, free OF taxes, than
the Government four per cents.
1t is a very encouraging fact that the peO-
pie have already saved themselves $5,OOO,0O
"a year by their purchases OF United States
bonds within less than two months, and will
probably save themselves nearly S4.OOO,OOO
a year more by the purchases to be made be-
fore the current year ends. But 1t Is still
moro encouraging that the recent sales have
been Of such character as to give very large
number OF persons new interest IN the pub
lie credit. We believe that over 300 dis
tinct orders for registered Government bonds
were executed in a single month by only one
of the many banks engaged in that busi-
ness besides, probably, as many more
for coupon bonds. II was particularly no
ticeablc that about onc-third of the orders
were from women. and very large
proportion of them for small amounts. Last
wear Treasurer GIfllan stated that out OF
11.3j7 holders OF 500, ,464, 600 registered four
pcr cents then outstanding, 10,093 persons
held less than $4,000 each. II is probable
that the proportion Of holders to amounts
held has been greatly increased by the pur-
chases this year, and that not less than 10000
persons have recently acquired a direct inter
est in the maintenance of the public credit.