The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-07-07
FINANCIAL and COMMERCIAL.
WALL srHIlr,.

THURSDAY. July &c r MI
+, I'm ,ryhaure to-day wheat was better and steady.
me cotton market was more active and prices nrm
|fDut unchanged. .
mere was no perceptible change in the money
market beyond q dimlnuton OF the pressure to
lend, owing to the diversion OF balances
10 investment In prime paper which has
been Offering 30 many advantages OF late
IN this respect Some strictly prime notes
we're done to-day at four per cent discount, and
quotations for what is included in the general desig-
nation of prime paper now range from four to six
per cent On call loans, with pledge OF stock oollat
erals, the general rate was three per cent, and on
government securities two to three per cent. The
lowness OF these figures Is due to the fact that the
speculative demand for stocks has almost entirely
ceased, and In the absence OF the usual demand
from brokers doing business for the public at largo
the funds now available for carrying stocks are
nore than SUFFICIENT 10 meet the demand.
FOREIGN EXCHANGE LOWER.
Tho large supply Of bills on Europe made by the
heavy expectation OF nve-twentfes and ten-iorties
within the past week compelled the leading bank
ers to reduce their rates an eighth per cent for
Aterling, the Market alter some hesitation, closing
with q rather steadier feeling az the lower quota
lions, which are as demonstrating, sixty days.
commercial, ITO 11OX; good to prime bankers,
days. 5l6 5l3X short sight, sos 5.1o; Ant
werp, 500 a SIG; Switzerland, 5.1sA 618xj Ham,
ourg, SO SO 5.18; Amsterdam, 4o% Al; Frankfort,
a AN; Bremen, 70 o 79k; Prussan thalers, Tx
Q t2K
THE NEW LOAN.
A cable despatch to the Associated Press dated
IN London today states that Judge Richardson,
Assistant Secretary OF the Treasury, reports the
complete success OF his negotiations for the sale Of
the new five per cent bonds. While hoping the news
Is true we are inclined to suspect some mistake
about It. The London bankers are generally
credited with the possession Of an ordinary amount
of sagacity and shrewdness, ana hence 1t ID
difaculr to understand why they should pay
par FOR the bonds to Judge Richardson who
Is compelled by the terms OF the Funding act to
accept no less) when they can buy them IN this
market ct discount varying according to the rate
OF exchange from one TO two or three per cent.
Either the Associated Press agent has made mis-
take or great generosity Of the London bankers
in paying 80 literally for bonds another result
OF the entente cordide established by the Treaty Of
Warrington Still another theory has 1t that the re.
port Is fabrication, originating In the brain OF
some spectators in the gold market.
GOLD LowER-l13H 113h.
The decline In exchange referred to above was
made known at an early hour In the Gold Room and
occasioned rapid decline in gold to l13H. Here
che market became firm and eventually recovered to
113K. but became weak again on the telegram re-
porting the success OF the new loan in London, and
yielded to 113 8-l6, closing with the quotation 11SX
l18x. The intermediate rise to 1131s In the middle
OF the day was due to the incidents attending the
sale Of gold by the government The amount
bid for at the Sub-Ireasury was s2,4s5,oOo,
and the prices offered ranged from
1880 to 1l3.3S-the latter figure being bid
for the entire million. This plump bid, as well as
the restriction of the sale to the amount advertised
TO be sold, overcame the influence OF lower ex-
change and was operative until the cable despatch
from London was published. The course OF the
market Is shown In the tablet