Segliman help sell US loan
UNCLE SAM'S NEW LOAN. $35,000,000 IN 4 PER CKNT. BONDS. A Popular Subscription lo be Offered . for Thirty Days at Par lu this Couutry Secretary Niter - '1 man's Arrangements. of - a ninety .lays after subscription upon delivery. : Washington, June 10. A contract been entered into and signed by the Secretary of the Treasury and Messrs. Rothschild, J. Morgan & Co., Seligman Bros., and Morton, Rose & Co., of London, England, and Messrs. Belmont & Co., Drexel, Morgan & Co., J. W. Seligman & Co.,' and Morton, Bliss & Co. and the First National Bank of the City New York, for the sale of the four per thirty year consols at par in coin, of which $ 25,000,000 are subscribed for now, to be paid for in July and August, 15,000,000 to be resumption purposes and f'20,000,000 for redemption of the six per cent, bonds, and sales are to be continued as rapidly as possible. The contract is for six months, and similar iu its general terms to the former contract, but has this important provision, that for thirty days after full notice the loan shall be open to popular subscription in the prin cipal cities ot the United Mates at par in com, wi h the right to pay for the bonds within THE NEW FOUR PER CENTS. Upon a notice given some days since the secretary of the treasury has withdrawn from the market one hundred millions of the four and a half per cent bonds, aud the former Syndicate have subscribed under Ihe old con tract for $25,000,000, in four and a half per cent. bonds,being the balance ol the $200,000,, 000; of the amount of that loan $5,000,000 to be applied during June for resumption pur poses, 5J,UUU,U0U during July for flic same puriiose, and Sro.OOU.OOU to be applied to the redemption of six per cent, bonds. . These agreements close out the four and a half tier cent, loan, and place uiion the market the four per cent, loan with a firm subscription 01 f2o,00U,U00. LESSENING THE PUBLIC DEBT. The new loan, drawing four per cent., and exieuuiug mr iniriy years, wun iniereBi, uaya ble quarterly yearly, is not only far more fav orable for the government than any ever before issued, but Irom its permanence and security, will become the natural investment of the earnings of the people, both in the TTnlfoM tlataa anil IT,,ivt,a k'tiu.u hnn,l al.l - - - - Wl11 legleu the burden of the public debt, to lne eilent 01 one - tnira of the annual interest, 00 tne amount of the bond. Ibe bonds are i8Sued for 50. $100. $500. $1,000, and larger amounts, and will by the mode of theirsale be i 1. . i i ,, i f "roiignt wiuiiu me reacn oi an masses oi P0?'6 - secretary Sherman wins his point. It is understood that in the negotiations for the four per cents. Secretary Sherman insisted that for a reasonable period the bouds should be sold in this country at par. This the Syn - dicate resisted, as they undoubtedly propose selling these bonds at a premium, and they declined to contract on .these terms. The Secretary was, however, unyielding, and. as the above official elatarmtnt ohrt,o n ' - the four per cents at the limit fixed by law - oar in gold. After tne eipirauuu ui " thirty days, however, the Syndicate can ad - vance the bonds to a premium if tney see m to do so.