New-York tribune., 1879-04-28
SALES OF FUNDING CERTIFICATES
A NEW FIELD FOR sPECULATORs.

A NEW FIELD FOR SPECTATORS.
THE LARGE SALES OF SO CERTIFICATES DUE
MAINLY TO WALL STREET BRoKERs-THE SUB
TREASURY BEsIEGED BY THE MESSENGERS or
sPFCUIATORS-sCENES AT THE POST OFFICE.
The sale of the SO funding certificates has in
creased rapidly since the subscription TO the four
per cent bonds was closed The issue of these GER
tifcates was authorized by act of Congress passed
February 26. 1879. In that act 1t was provided
that the money received from the sale eff the Gel III
Gates should be applied only to the payment OF
bonds bearing interest at rate not less than per
cent The certificates with accrued interest were
made convertible in mutiples of $780, into four per
cent bonds. The certificates were offered
for sale, on April l, at the various
sub-treasuries and United States repositories.
The sales Oh the first two days amounted to S23,OO0
and in the first five days to $7jOOOO. Up to April
II the total sales had amounted to $1,40l,010-a
daily average of about 100000, On that day
syndicate of bankers subscribed for the residue of
the four per cent bonds and the funding certificates
offered by the Secretary Of the Treasury in crcu
lar issued on the pre- gious day Ii decided that
the funding certificates should be reserved for pop
uar subscription for sixty DAYS, and that then the
unsod certificates should be delivered to the syndi
cate on tho terms of their subscription On ApIll
16. when Secretary Shemans circular was Issued,
four per cent bonds were sold at abOut 993i. The
price has advanced, since the closing OF the sub
scriptions, to premium of between and per
cent, and the sale of the funding certificates has
kept pace with the price of the bonds.
inquiry at the Sub-Ireasury III this CITY, and at
other places where the certificates are solo, 81 0ws
that the great majority OF the recent sale nave
been made TO spectators. The amount of any one
sale has been limited TO 500. The most of the
sales have been made III the sums to which they are
limited. 1t was said on Saturday at the Sub-lreas-
ury that not one person in four bought Tor invest
ment. Il do not know who buys them " the officer
sald" but do dnow that poor people do not. Brok-
ers and spectators send messengers here, and some
of them bring down their families 10 make the puT-
chases." While he was speaking he was counting
large bundle of deposit receipts, each one OF which
The sale Of the certificates on Saturday at the
Post Office was unprecedented-Sl05,09 $50 having
been disposed of. Many of those who purchased
were OF the poorer classes, but the line OF applI
cauts included a large number Of well-dressed
men. Fully one-haf OF the applicants are French
men and Germans, who, being accustomed to a
Maternal interest by Government, have readily
accepted this provision for the storing OF their
savings. Postmaster James has received "A letter
from Secretary Sherman ia which the latter says:
"It Is the policy of the Department to secure
persons of small means an opportunity 20 invest
their savings III the certificates, and this policy Will
not be departed from III any case lou may not be
able TO prevent persons desiring larger sums from
eyading some extent the limit OF purchases, but
YOU should Seek 50 far rs you can, TO make the
distribution among the greatest number possible"
Tho difficulty referred to III the Secretarys letter
is one that is diihcult to meet. The law provides
chase, but nothing Is sad against the same person
m2L,ug frequent applications. One speculator did
thison SATURDAY. ard he also had four or five boys
i'm the ne one a coiored lad. They made the
cult at least half "a dozen times and would have
continued all day probably, or AT least until the
yestor'. money was exhausted had not the smiling
features OF the colOTed Iad become familiar TO the
cashier Then Assistant Custodian McAfee was
called in and the speculatOr was ruled out The
authorities, however have succeeded III defeating
any organized attempt To secure the certncaCes III
largo amounts, althaugh person cGnnct DO pre-
vented from visiting Iae twenty different places
where certificates are fol sale aud pure chasing 500
at each place. Frequent visits can DO made al M
teryals 10 these places and large amount secured,
but the plan cannot be rcCOrted 10 10 any great
tent. On saturday every purchaser OF 500 IN GER
tlicates had TO pay 27 cents additional and tO-mOr
row the amount Will be 80 cents Ihs 10 the
crued interest Many Of the purchasers paid gold
for he certificates The sales are conducted from
a. H. until y. m., under the supervision OF Harvey
Major in the cashiers Office on tho Park Row slde
of the building and after p III. III the office of
Mr. Pllmley, superintendent OF tho Money Order de-
partnent, on the broadway sde.
The report that purchasers OF certlhcateS were
those who were drawing their money from the saw
ings banks for the purpose Is not borne ont by the
facts. Inquiries were made on Saturday AZ the
Bowery Savings Bank and the Emigrant Industrial
savings Bank ia ChambeTs-st. At the latter iu8fi-
tuition no Withdrawals had been mads for the pur
pose but the opinion was expressed that country
saylurs banks might suffer. In the country. farm
ers who allowed their money TO remain after once
placing 1t on deposit having no Use for IL. might