The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-04-09
JOHN SHERMAN IN wan STREET
ConferrinE with the Foreign Syndicate
Funding the Teu-Forties.

John sherman, the de facto Secretary Of
tho Treasury accompanied hy J. X. Upton
chief clerk Of the department and his private
secretary Mr. Babcock. drove up 10 the Sub
Treasury in cab drawn by an indifferent
looking iron-cray horse. at about IL O'Clock
Yesterday morning.
Mr. Sherman was received by the Assistant
Treasurer Gen. Hillhousc. As soon "a II WINS
known that Mr.. sherman was in Wall street. q
large number OF bank oni 'ers and private
bankers. who have boon interested in placing
the four per cent. bonds hnstened TO greet him.
Among them were Presidents Fry of tho Bank Of
NV York Vail Of tho Bank of Commerce Ran
dolph Of tho Continental Woodward ~ tho Han
over. icc-President Fahnestock of tho First Ma
tional, and mnny others Before " o'clock Mr.
sherman was clos ted with the following
bankera: August Belmont oi August Bel
mont 4 Co.. George Bliss OF Norton Bliss &
Co.. Jesse Scligmun Of J. & ". Sagman ami T.
r. Fabhrl OF DrrXel Morgan \ Go. These firms
appeared in their own behalf. and alro As rep
rrsrnting their foreign corr'epond.nls IN Lon
don. whirh are, rrspectiNey the Rothschllds
Morton. Rose Co.. S"ligmnn brothers. and
Morgan 4 Go. Early IN the yrur these iour IN
tcrrsis formed eyudicnte 10 place four Der
cent. bonds in London. Tho terms ot their con
tract with tho department w"ro understood to
be as favorable to thom ~ those obtained by the
four per cent syndicate formed IN this city to
place tho four per cents when thry wrr" nIst
Issued. One " the terms was an option TO sub
scribe for s5,QOQ.0OO Of the bonds per month
The syndicate claims that thrir oltun was Tor
t5OOO.OOO per mouth untli July !. whlle Mr.
sherman claims II was Tor thu amount per
month until sufficient DESCRIPTIONS hHd hr"n
received to meet the called fye-twrniles of 1867
By a subscririion Of $40 900 O0N made hy tho
Bank OF Commerro for liz own account and the
accounts OF certain private bankers, who united
their subscription (Aprll A.. together with the
usual subscriptions from other sources received
ON that day me amount desired by mo depart
mont WAS subscribed to. The syndicate repre-
scntod by tho above named hnnkeIs and which
is generally known NJ the foreign syndicate
now put IN "A claim Tor $40 COCOON more Of the
MIR. sherman denies the claim, thoy hastened
10 confer with him yesterday. One gentleman
connected with bank which has had a great
deal to do with John sherman, said that to have
this conference was not the object ~ Mr.. Shcr-
mans visit to this city Tor 4 my bankers had
the nature OF n com plant. they would have 10
20 to Washington. but as Mr.. Sherman was IN
town on other business he consented to hear
What the result of tho conference was it is
hard to say. as the reports from apparently
Trustworthy sources are lnarkedly conflicting.
Mr.. sherman said that he would, OF course, nj
low the syndicate tho 81 900 900 tor which they
subscribed but Rs to whether they should have,
Ms they claim so OOO.OO0 more. $4,000 900 for
May and June eHrh. he would hold tho matter
under consideration, Tho general report WIS
that a compromise would be effected. After the
conierence one OF the representatives was
found in great glce He said; Mr.. Sherman
replied that we did not ask any more than we
thought was fair and Just We agreed TO a
compromise which Is TO submit both sides to
the Attorney General. with the agreement that
we shn abide by his decision"
Owing to some misapprohonsion on tho part
OF some of the persons Interested, two other
members Of the conference denied that it was
agreed to submit the difference 10 the de lacto
Attorney General. Tho proposition was spoken
o. hut was not adopted thoy sald. just how
the matter was left they would not say.
IL was learned from some of the persons who
were in consultation with Mr. sherman that his
visit here was not on account OF his funding
operations. but that his consultations here
have decided him that II would be advisable to
begin 10 turn thctCn-iurics nt once 10y the issue
Of moro four per cent bonds, lie told the re-.
porter for THE Sun Monday night thai he would
not announce the terms upon which he would
offer further issue of four per cents. for ten
DAYS or two weeks. But this gentleman says he
viii issue n circular relative to them as soon as
he returns Mr. sherman himself said that no
could not give the object Of his visit at present
| that he WIS not ready-but that il would be-
| known in a fow days, as soon as he had accom-
| plished what he wished.
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