The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-07-14
plNANtIaL And COMMERCIAL.
WALL STREET,
TQIIRyDAv Iulv l3-Rp Al.

THURSDAY, July 1875 PM
on Change to-day wheat was lower and dull.
The cotton market was unsettled, but prices showed
no nportanr change. w. r t
MONEY TWO TO THEE PER CENT.
The cable brought the announcement that the
directors of the Bank or England At their usual
weekly meeting this morning had reduced the rate
OF discount to TWO per and that the bullion OF
the Bank had increased f422,oo0. The money
market Immediately sympathlzed with this change,
particularly as the foreign bankers displayed much
concern toiend money (which was the real secret Of
their greater willingness to draw bills on London).
On call loans the highest rate In any fresh business
was per cent and toward the close balances were
freely lent at per cent on stock coaterals Prime
commercial paper still quoted per cent, the
easier rate on call not having HAD Its influence as
yet. roer ..s Lrt
DECLINE IN FOREIGN EXCHANGE.
The nrst result Of the cable telegram above re
ferred 70 was the marking down OF Is per cent for
sixty-day and y per cent for sight sterling by the
foreign bankers. which made the asking rates Tor
the former 1907 and for the latter 1102<. These
figures were purely nominal however, and transac-
lions were reported to have been made the street
out OF second hands al concessions OF fully x per
cent upOnthese rates. . tr... .ft..
The Assistant Treasurer opened bids ut noon for
one million OF gOid offered for sale by the govern
ment There were nine proposals, calling for total
OF S2,22b.0oo, at prices ranging from l1l.7e to
112.2sI. The million was awarded at I12 112.2sis.
elar THE NEW LOAN.
The subscriptions 10 The new loan, a. reported
from Washington to. day. amount TO $1,000.
The reports Of negotiation OF the new loan In
London appear, az far as can be ascertained 10 be
based on q simple repetition OF the proposition
made some time ago by Messrs. Jay Cooke & Co,
whose London agents have organized a similar
combination IN that city TO take the new bonds on
terms which the Secretary Of the Treasury cannot
accept any more than ne could previously.
DECLINE IN GoLD--112ss A I1lX.
TIE very forcibe combination OF circum-
stances above recorded gave gold "c0lored op
tic,u and their pugilislc combauvcness rested
ouly aner the market had been knocked
down from l12,s TO l11Y--at which latter
point "bulls' aad "bears'i declared trnce and adj
journed for the night, not without leaving reason
for believing that the morrow Will bring forth fur
,ncr interesting Incidents in tho golden arena. The
"busn were quito disheartened ana were heavy
sellers all day, the lurn OF the foreign exchanges
having been most unexpected In view OF the heavy
travel to Europe hs summer ana the diminished
volume Of the cotton crop and OF tire exports. In.
deed the markets oil around have been o trap aud
a snare 10 The ciqucs AMI professional spectators.
rhe collapse OF the gold premium at this season OF
tho year. when, according 10 the history Of several
wears, 1t has been usually at the top Of the
curve OF its fluctuations, Ia only on a
par with the sudden desertion OF the stock market
by the public after the cliqucs had loaded them.
selves up with heavy lines OF stock aud advanced
prices TO hisn figures. For some reason It seems an
unlucky time every where for speculative calcula'
tons, which all go wrong. The course OF the market