The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-09-23
FINANCIAL And GOMNnaCIAh.
WALL STREET,
FRIDAY. Sent. 22--0 Z. n.

WALL STREET,
FRIDAY. Sept. 22-6 p NJ.
On Change to-day wheat was lower. but active
On European ORDERS the execution Of which was en-.
abled by the advance in golo. The cotton market
was dull and lower.
MONEY FIVE TO SEVEN PER CENT.
The money market was more active In the respect
that the lowest saie even government collateras
was ve per cent with dealings both that rate anu
at six per cent rho bulk or business In stocks at
seven per cent with few exceptions at seven,
gold. but toward the close Of banking hours the
supply became abundant ct seven per cent and some
balances were loaned late In the day at SIX per
cent. afi.a> 's's-'.'.f-
Prime commercial paper was quoted seven per cent
discount, but the business was light.
ADVANCE IN FORRIGN EXCHANGE.
the very marked relax alton In the rates for the
use OF gold led to sharp upward turn in the for
eign exchanges, particularly as the London money
market was reported active ana American securities
lower The sterling market has been heavily over.
sold the past season, ana the sh0rts" in bills of ex-
change are naturally alarmed at the prospect OF
demand for settlement Subsequent to three O'Clock
prime bills were again offered on the street ut quitea
concession on drawers rates, the decline being due
to the better Inquiry for the use OF gold tomorrow
The following shows the range OF quotaions:-Ster-
ling, sixty days. commercial, los 1882; good to
prime bankers, 1887 105X short sight, 1897
1OsK; Paris sixty days, 5.s1x o 1904; short sight,
5.24H 6.22h; Antwerp, $50 q 5.25; Switzerland,
6.2sA 62sal; Hamburg, s5X a s5al; Amsterdam,
4oK 4o1s; Frankfort AK 411s; Bremen rs
7sK; Prussan thalers, Tx a 2S.
THE NEW LOAN.
This topic was revived In rather startling way
to-day. Gable reports from London state that the
no va nor cant hOnn vvnr at Of
27-18 per cent, and improved to ~ per cent dis
count but later in the afternoon fell of TO 2,S
per cent discount. RumOrs were also curreny that
the European Syndicate had made two successive
calls on the subscribers to the new loan to pay the
balance s5 per cent OF their Subscriptions but
ceived only partial response. We give the latter
rumors for what they are worth Under the pre-
sent circumstances we think Mr.. Boutwell, should
now declare on what terms he committed the
marketing Of the new loan to the Syndcate
SECRETARY BOUTWELL, AND THE GOLD MARKET.
The Secretary OF the Treasury has finally disap-
pointed the expectations of a visit to Wan street.
He arrived in the city on Thursday afternoon, but
left the same evening for Washington. During the
few hours OF his presence in town he was visited
by number OF bankers and merchants at his hotel,
to whom, after expressing his regret at the failure
OF his sale of six millions gold TO break the gold
market he stated that he deemed IL imprudent to
make any further efforts Of similar character lie
assured his hearers, however, that If the specula-
tors should render the money market stringent and
derange the business Of the country he would make
use Of the resources condded to him by the act OF
Congress, which allows him 10 draw On his reserve
OF $50 oO0. 900 tunprlnted) greenbacks.
GOLD sTRONG-1137s A 115je.
Tho gold market opened with hesltating tone,
particularly as the rates In the loan market indi-
Gated heaviness, ana the price fell of from 114h 20
1l3z<. Subsequently the 'shorts began covering,
q heavy mercantile interest being represented In
the purchases made. In fact the utter failure OF
Mr. Boutwell, backed with the enormous resources
Of the Treasury, to make more than passing i'm
preston on the market seemed to be most con-
vincng argument against the possibility OF an I'M
mediate decline. Next the foreign bankers began
buying to the heavy balances against them in
the foreign market occasloned by the almost unre-
served freedom with which they drew bills all
summer to help the Spectators on the Stock
Exchange Finally the reports or decline In our
securities and OF an active money market in London
gave the gold market It's last impulse for the day,
tue quotation standing 15 1l5s at six O'Clock, or
one per cent higher tnan MIR. Boutwell, obtained for
his six millions. Eight days ago gold was 1I3i1,
and meantime Mr. Boutwell, has sold ten millions OF
gold the rise late this evening was also assisted
by the rumors current of q backing out on the part
OF the foreign subscribers 10 the new loan. For
the honor OF the country we trust NO have been
rendered no such insult. But, preposterous as may
he the rumor, 1t was current the street this after
noon where 1t was coupled with speculatlons as to
the predicament in which it would place M, Bout
well In view OF his having called In one hundred
millions Of fve.twente5 for redemption ON the 1st
OF December. Cash gold became so heavy at one
time that seven per cent in coin was paid to have
balances taken care OF, but the rate subsequently
fell to nat, and borrowers offered to use more to-
morrow on the last mentioned terms. The course
of the market Is shown In the table,