The New York herald., 1878-10-15
SECRETARY SHERMAN IN TOWN.

He HOLDS IMPORTANT CONFERENCES WITH
LEADING BANKERS AND DBoKERs-THE Gov
EKNMENT TO BUY SILVER BULLION ON
AMERICAN MARKET QUOTATIONS..
Secretary sherman, accompanied by his private
secretary, Mr.. Babcock, and Assistant Treasurer
French, arrived In this city yesterday morning. The
secretary repaired to the Sub-Treasury building ur-
irving at hhecn minutes past eleven. He inmsdl.
atsiy notified the largest bullion and specie brokers
and some bankers that hc desired to have confer.
ence with them.
In a short limo the following gentlemen answered
his Invitation MIR. II. =. Vail, President OF tho
Bank OF Commerce; Mr. Ellis, banker; Parker Handy
and James b Colgate, bullion brokers; August Bel
moni, banker; IL Q. Fahneslock, Of tho First Ma
uonai BANK; L. +. Morton, OF Norton Bliss Ca.
Mr. Wright, Of Drexel, Morgan Go. j. W. Selig-
man. oi seligman h Co.; Charles Laner, OF winsIow,
Lanior Co, and Mr.. schin, OF Kuhn, Loeb & Co
Unned States Treasurer Gin an anJ Mr.. Babcock.
Secretary Sherman's private secretary, were also
present. The object OF the meesiDg was 10 devise
some Improvement on the present system Of pur-
chasing silver. Secretary Sherman that, Ia HIS
opinion, silver bullion should be purchased on an
American market QuotatIou. and NOT on that or the
London markoi which was somewhat higher and he
proposed TO cut loose IRON tho latter. The United
states governmsnL which was tho largest buyer OF
silver, should bo ablo to mako It's purchase OF an
American product on nm American market quotation
He wished 10 call the attention Of tho gentiensn prs
ont TO the iact that hereafter tho would
purchase bar silvor BIDS the gold tho pro-
posais 10 be scnt 10 Washington.
-
The meeting broke up at one O'Clock, and notices
then sent TO the members Of tho iour and
hllf ndicatc that the Secretary desired
them. In response to the call the following NON.
bors oi The syndicate appsarea.-August BE mont, OF
Belmont Il Co.; George r. Baker, president oi tho
n Co: H. H. Fabri, OF Drexc, Morgan Co, and
>. W. SelIgman, oi Sell gman Il Co. Tue question un-
der discussion was tho premium on god, and tho
present situation OF the money market. Tho subject
Of Resumption on January was gone over. and ths
views of the members OF the syndicate Ia regard
asked tor anu given. II was Thoughts advisable 10
Keep The market supplied with gold, and TO scconi-
plish this Secretary sherman uecued NJ the meeting
TO issue the following ordor:-
The Secretary OF the Treasury has authorised until
osherwisc ordered the Treasurer In Washington,
Assistant Treasurer In New YORK. pay any
called bonus ~ time before maturity Of the ca
with interest nccruing thereon 10 and including tho
oil presentation.
treasurer Gilnilan sa,d that this order affected
$50, 000 600 OF nvo-twentes, Of whion mad ma
turcd The tota number of calls OF these BONDS,
TO the present time, has been the
one having made tho l6tn Of September. The
next call will bs made In a lev days Inc number Of
those bonds caled $355 OOU 00O lea
secretary Of tue Treasury tho holders of these bonds
ON presentation. are pud IA. gold. and con
q large amount OF coin ~ thrown tho Market Ihe
meeting adjourned ~ tcn minutes past three.
RuMoRs DkNIKD.
The members Of tue syndicaso denied yesterday
that they heavily In dobt to the Cover
gold OF the four and hall per cent bonds,
and that the govorbnsut had repeatedly called
thsm for the amount. They claim that all tney
the four and hairs Is 81, ,0Uu 600; that tnoy
although tney are not Obliged to do until January
l. Socie etary Sherman having been interviewed on
tho subject said that all those reports were ground
less, anu confirmed tho statements OF tho bankers.