The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-08-12
FINANl!iL Ind COMMERCIAL.
WALL STREEr.
FRIDAY, August IL T. M.

lutely refused 10 60 any higher the shorts pre-
ferrlng TO pay these eXtravagant figures to
covering. In the afternoon, however, when
the same rates were maintained even to
the close OF business, 1t advanced to 1929,
where 1t remained firm at five O'Clock, 1l2H bid.
The report OF the Gold Exchange Bank shows the
extent OF this lookup, as also the large business
done yesterday. Gross cearings, $4,000. 900: gold
balances, $5,o54o5i; currency balances S. 6s4 ASA
The market throughout the day was excited. but
the principal dealings were ip loans.
THE SPECIE SHIPMENT.
The following engagements are announced for
the shipment OF specie tomorrow
Per steamship Hermann $3.50 600
Per steamship CITY OF Brussels. ......... 1878
Per steamship vile de Paris. ............ $4,000
ioH .....''......'............ S3ia,194
The bullion In the Bank OF France increased
1000. 900 francs during the past week.
GOVERNMENTS STEADY.
The government list continued quiet throughout
the day. with only narrow fluctuations. The issues
most in demand are, OF course, those having the
longest to run. The tenfortles are less sought for
the announced success Of the new loan rendering
them less desirable, and the market closed strong
as fOllows:-Unted States currency sixes I147f a
49, do, 1881, registered, 110< III; do. do, cOu.
pom, III l17x do fve-twentes, registered May and
November 1881 la; do. do, 1862, coupon, do,
1l4t4 1141f; do do, 1884 90. d. 113A ia; DO
do. 1885, do. do, lax l14S; do. do registered
January and july 112X 1lS>4; do. do, 1865, cou-
pon do, 112,s ll2a<; do do. 1857, do do, 1l3A
1lS3s; do. do, 1868, do. do, 1879 ll37.; do. ten
forties. registered, 1o9H 1OoH; do. do, coupon,
1875. 1891 Central Pacific gold bonds, sa4 a ssh.
THE NEW LOAN.
AS the particulars OF the reported negotiation Of
$3.50 900 OF the new i've per cent loan learned
there less to occasion surprise at Messrs Jaw Cooke
Co. assuming such largo responsibility. 1t will
be noticed that present subscription Of $780, OO0 900
is all that has to be Immediately provided for. or
this amount $40, 600 have been taken up by
syndicate Of European bankers, and we leara to-day
that the remaining 49, 900 nave been guaranteed
by q syndicate OF bankers here. This leaves only
$100, 100000. AS return for the former subscrIp
ton Messrs. Jay Cooke Co. made the agents OF
the government, between Secretary Boutwell, and
both syndicates and as regards the balance Of five
per cents yet unsubscrbed for, virtually these and
all others. To aid In placing this amount Secretary
Boutwell, announces that $4,000, 600 will reserved
for sixty days for the national banks. should they
desire to subscribe, and, to induce such subscrp-
lions, brings the following pressure to bear in his
recent circular:-
Banks making or obtaining subscriptions payable
IN coin VIII be designated by the Secretary OF the
Treasury as repositories OF public money upon the
urer OF the United States bonds Of the United states
for the security OF such deposits. At the commence
ment OF each month notice VIII be given OF the re.
demption OF an amount OF bonds equal to the
amount Of subscriptions in coin Tor the preceding
months interest to cease In ninety days from the
date OF such notice. AS the bonds specified shall
mature, the deposits will be withdrawn from the
| several banks proporticnately. A commission Of
onc-sighth OF one per cent Will be allowed upon all
subscriptions made or obtained 10y national banks.
| twill thus be seen that should any OF the bonds
called in be among those kept on deposit at Washing
ton by the national banks as security for their cir
cuaton they would be compelled to exchange them
for others, with proportion Of ~ or per cents.
besides losing the commission Of q of per cent.
In addition to the redemption provided for above,
Mr.. Boutwell, engages, on the 1st OF September, to
add und Of $2o,OoO,ooo gold from his surplus to
| the amount obtained from Jay Cooke q Co. as
agents, with which to proceed with the redemption
OF the fve-twenes, independently of current sub
scriptions SuppOslng the national banks to accept
the privilege offered them there would then be only
$50 0Oc 600 In the hands OF the general agents. To
urge the placing OF this amount Mr.. Boutwell, limits
the authority Of former agents to the sale Of equal
amounts OF Az ana per cent bonds
or 4 and per cent bonds, oil subscrlp-
lions OF s per cents to DO credited to the
amount in the hands OF the general agents.
Taking all these things into consideration 1t does not
appear that any great risk pertains to the firm
named in this negotiation other than any large
banking house might be supposed to take. The
uuestion Is rather one OF profit. Mr.. Boutwell, is
limited to onehalf OF one per cent the extent Of
commission he can pay, and supposng the national
banks to take fifty MILLIONS there would be only three
| eighths OF ono per cent to the agents nom that
amount. The real source OF remuneration, however,
| ia In the temporary use OF the money subscribed
until such time as it is called for by the Secretary
who from the necessary requirements Of trade, will
be compelled to proceed cautiously IN this direction
| so as not 10 cause monetary embarrassment, and
this he has pledged himself TO do. The control OF
the foreign exchange market Will also supply large
| source of profit.
| THE REDEMPTION OF THE FIvE-TwENTIEs,
announced to commence shortly, will be work OF
considerable time. and may extend over series OF
years. The plan determined on Is simple one, and
such "a TO equallze the value OF all or the issues
liable to be called in. 1t has been decided to com.
mence with the 'e2's, and the numbers to be can
ce,led will be determined as follows:-Into wheel
similar to any used ordinarily for such purpose OF
| drawing lots tickets viii be numbered, one to the
highest number Of millions OF the issue chosen.
| Each number will represent one million, and the
| number being drawn all OF that million will be
announced for redemption, interest to cease at the
end OF three months. As many numbers will be
drawn as the Secretary Is prepared TO cancel mil.
| lions. BY this means the last OF the series Will
during the progress OF redemption be OF equal and
not greater value than the nfst, ana so OF all the
| numbers OF oil the series,
The subscriptions to the new loan to-day were
$4,000.
| STOCKS DULL.
The stock market was OF less interest to-day thah
either yesterday or the day previous, and, except
| ING Union Pacific and one or two others, was ex-
tremey dull Union Pacific showed some VIDE ana
freouent fluctuations, being strongly supported by
party apparently operating Tor rise, and as rap
idly sold Off when any success IN that direction was
attained. The precise purpose Of the clique manpu'
laiinp II does not yet seem clear The sales to-day