The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-10-27
MR. slyp9 FssstiL NEGOTIATIONS ey
sEBALF o. the CITY.

NV foRx. Oct. ~, 1871.
TO rns Edition or rHx HERALD
IN rcnly 70 the article IN the MINING fosf of TINS
date, In relation TO the negotiation By myself OF the
bonds OF The city ann county Of New iorS, with
hessrs. Belmont A Co, beg leasc 70 state 'ha'
upon the 10Th day OF April ISL, was requested ~
the Comptroller. In tue subloined letter, 70 take
charge OF negotiating the loan OF the consolidated
debt oI the city and cospty OF sew York
prraarsrSr oT fIsAser.
-. SosvrhoLIfus OrFicr. Arn ~ ls'h,
ny pas sIa~fosr ions and varied experience.
and able y. Vain s. Aa siui y% me =
ASK You whethsr weai ,. agreeable % yourself
ihe hat vii nav: 70 ss ylsssa ior *. ass
s!sy and county . ss. nos. within =. Der. yo ns.'ss
aursd during your there w soabssss able you
20 s . e, II. ssa .ss %
ySSr r.. q srsa q n. sy e soa
ssy expense Tor advsrsns 70 IN. aspsr,msni YIN allow
hands for nssoiisilea he .ss sSSsssss3 sss, q he
ss ssa O y. :. ssr ~ s.s n sss ~
Ki,nAkD B. CONNOLLY. Comptroller.
Seven per cent thirty-year currency bends OF tho
city and county OF New York were being freely o.
fered at this time In wall street and to the savings
banks by brokers, ~ appeared by the printed CIR
culars OF that date advertising said loan, In sums OF
5000 and $4,000 and upwards, at loas, out OF
which the city paid brokerage, ana II was dinicult
TO find buyers even at TINS price, and seven per cent
par. Az the amount Of the deb, Of the city and
county was not known with certainty 10 the puohc,
made ana inc credit Of the Guy was me subject Of
daily criticism both here and abroad. 70
have thrown the amount Of this loan loan upon
cumstances would certainly have greatly
lowered the price or the bonds and alarmed the
savings banks and holders generally. other mar
kets must be sought and therefore turned TO those
bankers who represented the great moneyed centres
q E@Spc esa emoS OF
Messrs. Rothschlld AZ lo3, clear OF ali expenses Tor
advertising. commissions and charges, Including
those for drawing bills OIL exchange and ior taxing
The city thus received 1903 net cash for six per
los soiu5 or seven per cent CURRENCY bona aud
which was over six per cent above the then market
price, and much higher price IMAM .he CITY nad re,
the public debt was small and when the regular
statements were published and the credit OF the city
The distinguished house OF the Messrs. Ro,hs.
child placing this loan upon the European market
under very favorable circumstances aud drawn 10
New York large amount OF foreign capital. There
under my direction and supervision, for many OF
the leading financial journals OF Europe articles
which nave been published weekly, showing the
correspondent travelling In Europe laborlng zeal
0usy among the principal banking houses 70 raise
to obtain even better rates for subsequent loans,
which the development OF New York VIII require,
by reason OF the projected improvements In the
docks and other public works.
The city of Providence about the same time that
this loan was placed advertised SIX per cent gold
loan or 81 000,000 They succeeded In placing
about 81, OOO, 600 at about four and q half per
cent premium, the balance Of the bids being
much lower. The city OF Providence Is celebrated
for It's great wealth, and has no public debt yet
these were the best rates which that city could Sc
cure under these favorable circumstances.
The attainment I'm the EyeRtyl0 Post that the mar
ket value or the bonds was 115 IS entirely incorrect
as no sales were made In the market at the time for
that price, or above the price Of 1855 for seven per
cent thirty year currency bonds rs shown by Oil the
quotations In the financial journals Of the day.
| THINK the course pursued by me in the negotia.
ton or the loan ana the success OF my endeavors,
as shown In the above statement, Will meet the mp
prevail OF all business men.
Very respectfully
NATHANIEL SANDS.