The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-05-17
REFUNDING CERTIFICATES.
THE DEMdND AT THE POST OFFICE
and TIE sun TREASURY.
Nearly Two millions sold by Postmaster
James-Ihe Subterruges OF the Applicants
How the Ladies Fare-Commissions, &c.

Nearly Two MulIon. sold by Postmaster
James-The Subterfuges Of the Applicants
How the Ladies Farce ommissions, &c.
Postmaster James has sold nearly
$4,000, 900 worth Of tho $40 rounding certih-
Gates. and yesterday the number Of applicants
was greater than ever. At least 40 women and
more than as many men awaited the opening
OF Cashier Harvey Majors window ut II \. NJ
Then. in an hour and n half the $4,000 worth
on hand was sold. and hundreds who had
| waltod to be served went away disappointed.
Among these was nm old gentleman who had
paid fifty cents for a place near the head Of the
line.
" How do you account for this rush forthese
certificates ?" THE Sun reporter inquired
" Tho explanation is simple" said the Major.
They can take each hundred dollars worth to
a broker and get about one dollar profit by sell
ing them"
How do the brokers mako any money by the
transaction ?"
These certificates are exchangeablc for four
per cent. bonds. of which tl4,000.000 are re-
served by law. Since the syndicate took all the
| four per cent. bonds except those reserved for
| exchange for these certificates the price Of the
| bonds has steadily gone UP. until now they are
! To buy these certificates Mt par Is. therefore,
equivalent TO luying four per cent bonds ut
/ par NItn lilf uItlh'T pVN~ ~ premium iOl flVN
! be- stands fair chance Of making sl.5O on cach
| 500 he buys. That. OF course. depends upon
NE price Of the four per cent. bonds on or after
July /. The time Tor beginning the exchange OF
/ the certificates for bonds"
Have you found it. practicable to keep re-
Hardly. We have become familiar with the
names OF many Of tho buyers especially tho
| women. Often. indeed we have had them fol-
Z lowed out OF the building. and found them
! handing over their purchases to mon. Where
I we catch them at II we stop them. Some Of tho
!
/ I'm the hall. Whom Custodian McAfee catches
them he puts them ont; but the spirit OF the
the sign OF no moro sales to-day the crowd goes
away. and we have few inquiries after that SO
we know the most OF them IRE regulars"
what occasions the delay IN supplying the
dcmaand 7" ,.,..,...,
iihcates fast enough at the Bureau OF fngrav-
ing ana Printing. The popular rush ms taken
the syndicate may take all that the people dc
not take before June II. hut the prospects are
that there Will he none loft Tor tho synd cate
The people will tako the whole sl4.OOOOOO with
suppose the price Of tho bonds should fall?'
| " do not think the rush for thcsr certificate {
would continue in such case We should sci
some. of course. and "a large quantity: hut AN
satisfied that most of our applicants buy the
eNact amount Of interest. To-day II Is As cents
! tomorrow II will be- 40 cents. Tho intent OF the
law is that these ccrtih 'ntes shall be sold 4
small purchasers who wish To- make bona nd'
investment OF savings. As far ~ we cun. W.
carry out that intent. But th"r" IA nothing q
prevent people from coming every day that We
" You don't give the ladies the preference n
the window as you did at first. Why Is that 2
" Well the men sent their sisters. and theii
cousins. and their aunts. ana they were too
mnuy foru So now W. sell u "a lady and
gentleman nltern1teiy. We can't help kespin.
them waiting. The certificates are brough
from Washington By the Adams Express, wh'
o'clock. but do not deliver them TO tho Assist
ant Ireasurer IN time for US to get ours beior'
Why could not the Treasury Department
send these certificates by mail Why not saw
the expense Of sending them by private hand
4" That cannot answer Tho highest sale
we nave made IN any one day were s2oOOpO
- Does Mr.. James have TO give bonds for III
= sate handling Of this enormous sum-"
, | Yes. BESIDES his bonds ol about al 900 600 n
! Postmaster custodian OF tho Federal Building
give bonds ns one of the depositnres Of the cer
! tihcntes. We must advance the capital to bu
| al the certificates We sell. Most Of the 300 DC
/, posimrics get their supplies lromthe Treasury
/ but through the Kindness OF Assistant Treas
| urrr iiilhouse We get ours direct from IN
. sub Treasury; which saves considerable TIM
. To-day Gen. Hllihouse gave rs $50 900. and IT.
. / Postmaster at " wark $4,000"
y N the Sub-Irct-ury the experience ha
/ ben mere repetition Of that at the Pos
/, .. A. tho Suh-Trcasury tho reporter inquired
~ How about commissions on sales -
, We gct no commissions or sales at thi
~ office. but perform the work In addition TO on
- regular duties. The POstmustrrs who sell IN
=. ] certificates get oue-oighth Of one per cent. O
!, sums less than $4,000 Tho commission 4,
h crra-es AS the sales advance so that they r.
p, r"lN" 81 per $1,000 ON excess ot sales ahoy
$4,000 UP 10 Sj1OuO. Then for sales ubu,
s5nO9J they get 80 cents per $1,000 on the eA
This makes Postmaster Jamess commi.
sions on all his sales thus far Il little oy,
y, How much has been disposed Of at the Sui
FL Treasury -
Oar last report is ssOG.il0. Tho Govern
/, mont has sub r"Hsuries also az Philadelphia
i, Baltimore. Boston. Chicago. 81. Louis. St
d. / nHii. ! hcuev" about sl4.ulu.uOJ of the s44
Oh 900 900 has already been disposed of and ti
ll prospect is that III" whole will be taken as sou
D, rs the Bureau of Engraving and Printing ca
=, / furnish the supply. The last report saw
~ tho newspapers was about sl3 0OO 900. You St
- W. often Set Information. even of our own IL
% partment from the newspapers. sometime
s. w get in this way the Information that a
- on 'lal order H. 10 be issued twouty-four hour
AZ before the mail brings the order 10 us"
% What DO you think Of the popular loan
- the reporter asked OF "A grun, hard-headrd &C
. Of toll. who often speaks at popular discussion
- OF passing events.
what DO think Of It? Why. think it is
~ very late day for John sherman TO find ont tn
Cd the Government can borrow lots of money
30 per cent without begging 10 OF a syndicate.
ID, udk's my hluou boil io rrud Oi mon Being co
nd AIRED ami r"huilei M the Post Oniro and Il
100 Treasury hN W"I-lall OH 'luls whom their on
n oi'n'e IL 20 try and lend the Government mo-
N money al per cont. than the GuVerume
DO wants To- borrow Of them: nnl 40 the sntur n
1, the Government is paying ore per cent. Tor
,l good many millions OF dollars. II that IL Jot
.n sherman great Imam 'lrrlug. all have got
" saw Il, don't under stund 10. But one thing
' eettNn-thr popular loan Is great success.