New-York tribune., 1879-04-05
DETAILS OF THE SUBSCRIPTION.

A subscription for S1O,OOO,OOO or per
cent bonds made yesterday by the National Bank OF
Commerce. through its president. Henry +. Vail Under
the rules OF the circular letter issued March by Secre
tary Sherman the subscription made yesterday virtually
completes the present funding operations OF the Govern
ment In his tecgraphic acceptance the Secretary said
that calls would be issued for the balance of the
52O bonds.
The public announcement OF the subscription, al
though not made until late in the afternoon, caused
considerable excitement From dispatches re-
ceiyed last evening from Washington it was
learned that large subscriptions sent to
the Secretary after the subscriptions had been closed
by the acceptance Of that Of the Bank Of Commerce.
These offers said TO have been declined by Secretary
shermln and understood that under his circular OF
March ho will refuse any further subscriptions to the
per cent bonds II the foreign Syndicate exercises ts
privilege, previously granted.
From trustworthy sources it was learned yesterday
that the subscription by that bank was made in behalf
of a Syndicate composed in part OF the Bank OF Com
merce Drexc Morgan & CO.. Morton, Bliss Co.. August
Belmont & Co., and Seligman Brothers 4 Co.
The acceptance by Secretary sherman OF the Offer OF
the Bank OF Commerce was as follows:
HENRY +. VAIL, President Of the National Bank of
bonds having been repeated by telegraph IA accepted.
A cali will issue to-day for the balance OF thc 'G7
bonds. and tomorrow call Will issue ior me whoie oI
In reg ,ri ie the subscriptions Joseph seemaD Of
had been made simply as matter OF BUSINESS.
II thought 10 be- he said. favorable time 10
take advantage the loan. The bonds VIII he marketed
eosily for although for money have been high
during past week be strngency Is only temporary.
The subscription $40 600 II exclusively for this
country and calls for Sl0,G0O0O0 more made on
account the foreign Syndicate. The members OF the
last syndicate compose he present with the pOss
bic exception OF Belmont Coz about that firm cannot
speak positively The First National Bank which not
member OF the former does not belong To the present
SYNDICATE. The feeling the part OF the members
toward that bank IL pleasant but the subscription was
made in the regular course OF business"
COMMENTS OF wELL-KNowN BANKERS.
leading banker said last evening: This subscription
was made by the oil foreign Syndicate. The National
Bank OF Commerce OF this city has either been made sub
scrlbing agent. probably On commission or with
small interest In the bonds. When
Secretary Sherman made bis last call Thurzday there
was a fraction OF over Sjs,O00.OO0 OF 4 per cent
bonds subject subscription. Under the terms Of the
London Syndicate contract the option 20 subscribe
ured when all the cen, bonds necessary 10 fund
ihc 5-2O bonds snOnld be sold, aud It was
known that Kuhn. Loeb 4 CO., L. Won Hoffman < Coz
Fisk Il Hatch, Hatch 4 fOOtc, the Continental and
Hanover National Banks and Others were contemplating
"A general subscription for the balance or available
per cent bonds the Syndicate acted promptly today
and secured them. All the outstanding 5-2O
bonds are covered Ivy this subscription and LO
more subscriptions Will be received. Secretary sher
mans viii be to receive subscriptions Tor
4 per bonds fund the of 1910
onds accordance with the law passed
4 Winter. This issue IL about Sloi,OOOoOO. The
ew subscriptions will be made new basis, as fore
adoW ed his circular Of March. The new subserip-