"All well in the department. Matters are going along quietly and steadily.
"Very truly yours,
"John Sherman.
"Hon. Chas. F. Conant, London."
This letter he received about the time the new contract was executed.
I subsequently sent him the following cable telegram:
"Washington, June 9, 1877.
"Conant, London:
"Contract of August 24, 1876, closed new four and a half per cent. bonds of $200,000,000. New contract twenty-five millions four per cent. bonds taken firm. Particulars by mail.
"Sherman."
Two days later I received a reply, as follows:
"London, June 11, 1877.
"Sherman, Washington:
"Congratulations. Rothschilds request me to say that it is important for this market that the public subscriptions in America for four per cents. should be a success, and this will make the market for London. N. M. Rothschild & Sons hope Secretary of the Treasury will advise that banks subscribe immediately. J. S. Morgan & Co., N. M. Rothschild & Sons, think subscription should be opened soon, in view of preparing London market.
"Conant."