The New York herald., 1871-08-11
FINANCIAL And COMMERCIAL.
WALL STREET. I
THURSDAY, August 100 +. M. !
THE NEW LOAN.

f WALL STREET. I u
.N THURSDAY, August l0-6 L. MI
THE NEW LOAN.
The particulars regarding the reported negotiation
or the new loan and the changed conditions likely
to arise therefrom formed the subject Of chief In
terest IN Wall street to-day Early in the morning
despatch was received from Washington con-
rmatory Of the press despatch OF yesterday as fol-
lOWs:-
been perfected with Jay Cooke McUulloch Co.,
and other London capitalists. take the remainder
OF the two hundred millions five per cents, amount
ing to over one hundred and thirty millions.
This despatch, seemingly indicative OF a complete
negotiation, whereby the government and people
were relieved OF all responsibility and anxiety IN
regard to the first nstalment Of bonds Issued under
the Funding act Of 1870, was subsequently modified
In very great degree, and 1.-THE arrangement" with
Jay Cooke, McCullOch Co. placed in new light
by further dispatches, as follows:-
NEW FINANCIAL DEPARTURE.
| A later despatch from washington says that Sec.
retary Boutwell, will issue orders to-day to the na-
tOnal banks ana other agents OF the new loan DIS
viii hereafter receive subscriptions for the remainder
or the 5000 900 five per cents, 900 oil which
Will be appOrtiOned to the national banks.
Ii Is lurther stated that the agents OF the new loan
also authorized subscriptions equal III
amount OF four, four and half and i've per cents.
This seemed to suggest that the arrangement was
MUCH VI uuCuTe VI VI CeCrctttTy al
early part OF the war, when the same firm were
called on to complete work he found himself un.
able to perrorm-viz., popuarize the then new gov.
ernment loan. 1t is however, positively stated that
the combination certainly take 500 900 In EurOpe
and Sl0O00 900 In this country, retaining also the
privilege OF taking the remaining S100,000,o0O II
they can successfully market the same. 1t Is also
stated 500 900 900 Will be taken and paid for within
thirty days. whereupOn the Secretary will issue O
notice calling In an equal amount Of 1s62s, giving
the holders thereof three months elect whether
they will take new five per cents or gold In payment
| thereof.
| THE MONTHLY POLICY.
Secretary Boutwell, will continue his monthly
policy Of buying bonds and selling gold as usual as
| far as his means will permit and in addition thereto
will hereafter call In on the first Of each month an
amount of 1ve-twenties equal to the subscriptions
| to the new loan for the previous month. He Will
aso 80 1t Is said from Washington, when he cannot
OBTAIN the amount of flvetwentles required by his
! programme, call In sufficient amount to make up
| the deficiency. This he cannot do, however, until
the margin of subscriptions outside of conversions
In the amount of present subscriptions Is exhausted,
and after that he must proceed In the regular way,
which, as In the above exposition, all new subscrip-
tlons are provided for, Will be to wait his Oppor-
tunty to buy below par. In any event three
months notice OF intention to redeem Is necessary
before the interest ceases
GOVERNMENTS FIRM
The government list was seemingly Indifferent to
all these changes and rumors or changes in the pre-
condition OF affairs affecting dealings, except
perhaps less disposition 10 engage In transactions
pending better understanding Of the general sltu
alton. 1t seems to be generally accepted that the
new order or things will gradually take the place
OF the old without any violent disturbance and very
little apprehension Is felt OF any untoward result
from the proposed large operations. 1t is thought In
some quarters that the presence Of much foreign
money in the street. which has been l9aning out aE
such cheap fates Tor months past, may become
source of danger especially II suddenly Withdrawn
for investment in the new five per cents. but fear
OF this kind is yet speculative. Governments
were generally firm throughout the day, with but
small fluctuations responding to a similar condition
in London and closed strong at thefolowing prices
United States currency skies, 1l4sl us; do, $751;
registered 1l6Z I17 do. do, coupon, 1l65s III;
| do hve-twenties, registered, May and November,
| 11SI l144; do do, 1862 coupon, do lis a 1lb%
| do do. 1864 do do, 113H 114 do. do. 1866, do
| do 1I47s Has; do. do registered, January and
July 1873 a ll3,s; do. do 1896, coupon, do, 1928
II2al do. do. 1867 do. do 1l314 1l33S; do. do,
1865, do do., llS1l ll4 do. ten-ortes registered
1o9Is 1O9a; do. do, COUPON 1l3A ia; Central
Pacific gold bonds, 9sk a oS4.
STOCKS UNSETTLED.
The stock market less active to-day and
almost wholly without the buoyancy which marked
the dealings yesterday. In the early part of the day
there was general decline In values upon reports
OF still further reduction OF freight tolls for West
ern bound freight In the afternoon there was
sharp recovery simultaneously with the advancing
gold premiums and prices all moved upwards,
reaching their highest figures at about half-past
three Later there was another reaction, and prices
closed at considerable decline. The following table
shows