, 1870-05-03
United StsaHcx KondA In Europe.
ytssafa1ton (dprA %. Despateh to dc Ssso Torl


Eorid
The practice Of sanding German and French
tranalainns Of. the monthly statements OF tho
public debt to CIR Consular agencies abroad,
for distribution in foreign financial circles, hiss
been attended with results OF greater import
anee than would on. f1st sight appear. A
more extended and deaper interest in our
mune7Ey Affairs has followed, and the market
for government securities. appears to ksva
never been stronger than 1t present. Consul
Schultz. Of, Amsterdam, has addressed Secre-
tary Boutwell, long letter, IN which he giyeaa
gratifying EXHIBIT OF tho condition Of E IN
Europe 20 faE HH our financial inta4S-- '
involved He aaya thar tho conviction il strong
and general that the UnsNh States Govern
ment can fund the paper currency whenever it
shou1d deem, 1T, and that tho reserve OF coin
deatined for that puzpoBe7 would naver really
be called ont to any great snount. In connec-
ton with the Funding bill> III It passed. ths
Senate, he says that It Is the conviction OF thu
leading hankera in Eotter<l2m that the ~ and
per cent loans would not be taken in E1-
Hne: Not ona million Of the former would
ind buyers there 1t would be mistake, to
take tha Belgian ~ per cents, the Eng
! fEh consoIs. the French 5 per cents, and
the Pruss;an Treasury bills as the standard by
which tha succesa Of United States loan At
and ~ per cent could be Judged The Bel.
gian II per cents are the only fund of that
| kind which is little above par, because the
amount Of it ia extremely sm11. and it his
! been Issued in shares as low rs ono hundred
| francsn attracting great many Kuau lnvest-
menta- The English consols, standing At u,
| and paying 8 per cent. aTe go much demanded
because, notwithstanding the immense amount
! Of the debt, there are very few titles in the
market, as all the money Of minors and public
institutions have by law to be invested in cou-
landed a1istoczacy and other rich pr
ratem nan are generally invested in that nataon-
al fund Ihe French per 5 cents also owe
| their standing to peculiar elrcumstances. and
| there Is constantly forced demand for them;
because the vast Hums assigned to the ciTtl
have to be invested In them. Moreover, these
French 8 per cents are the standard
| Exchange OF Paris, but also On all the
! ever Intends to bring new loan or the shares
Of new company into the market has an
interest IN contributing to make the
| French per cents rise. The Pruss1nn
Treasury uotea, paying-a per cent, owe their
high course to the circumstance that they are
issued in small denominations, and thns tho
money Of minors and the bonds OF c1yl otacers
are to be represented By them. Ths United
| States and ~ Per cents would not ta snA
tAined by such peculiar circumstances. me
proposed United States per cent loan may
possibly have more success IN The E11opean
markets, but it is not to be expected that
large amount Of it would ind buyers- at par,
and most likely none at an, II the interest bad
exclusively to be paidin America. They would
find IN Europe very dangerous eonRetE,
tors in the 5 per cents of Holland
and Prussia, which for soma time
past have offered perfectly safe opporr-
tunity Of investment to those satisfied WITH
such Z rate Of interest The amount OF those
two loans may be considered - salteaens so<
the existing want Lstter1y The amornt o.
United States bonds sent to the market OF
| Rotterdam a. we'll aa to other markets., has
Greatly decreasei but on the Hst Of March
1atfe amount Of them again arnved shere-
4 l. great many Austrian ooudss t1o olu 1aVoa1to
stGrk. Of tho Dutch money market, have been
ooii n huy United States bonds. The reason
~ e1 he Interruption and Of the resumins OF tho
How OF United States honda to the European
markets is to be found in tha proposed Fund
ing bill For . time there was beIct here
that the bill would pass Eboth houses now the
opposite opinion prevails Large sales Of
Uni.ed States bonds have lately taken
plaee to. buy American ssilroad
such shares we're brought in The Rotterlam
! dorins PEI week The favo1ites among these
! shares are the Illinois Central, Union Paclas
| Csouthe1n branchl. and the Chicago r North
! western The latter Was brought in the n1r-
| ket by the Rotterdam Bank There ia, how
ever, at present 4 strong reaction against
United States railroad shares in general,
caused by the lnaaa Of new ernissions- II Lon
don could be made market for American
railroad shares, it would give them al in,nanss
succeas in Europe But more than any other
circumstance would 3 change Of the adminis-
! success Of the United States 1.il1oad shares
Consul Schultz also transmits List Of pr,:s7s
Of bonds ut Rotterdam, March 81, 1870 - lot-
| lows: