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City cancels auction and seeks negotiated sale of 280 million notes
New York City halts Monday bid on 280 million dollars in city notes amid high interest fears. Controller Harrison J. Goldin will seek a negotiated sale with two major bank syndicates sharing the offering. The move aims to ease May 30 debt obligations as cash flow remains tight and bankers proposed fiscal steps to Beame, who backed some measures but called others politically naive.
MENTIONED IN THIS ARTICLE
New York
NYTS
Harrison J. Goldin
Goldin
Bankers Group
David Rockefeller
Chase Manhattan
William S. Spencer
First National City
Beame