The New York herald., 1871-08-17
PiNANUIiL And COMMERCIAL.
WALL STREET.

kAthlvVAuA nlsD VVUAuA0ASOAiAA ~
WALL STREET.
WEDNESDAY August 16-6P. M.'
On Change to-day wheat was less firm. and
toward the close became irregular for the several
grades. The cotton market exhibited considerable
animation and quite large business was trans
acted, but without eecting any essential change IN
quotations.
The furry In the Philadelphia money market pro-
duced no change III the situation here and
rates on call were 2, az and per cent,
according to the shades Of variety In bOr-
rOwers and cOllaterals. Tle activity IN Phila-
delphla while directly due to the calling In OF
money to make heavy loan to the Pennsylvania
Railway Company. Is remotely due, 10 IS alleged, to
the plans OF certain parties who have sold Reading
Railway shares for q decline, and who hoped TO pro-
duce stringency In money and fall in stocks.
Prime mercantile paper OF short date IL quoted at
8 per cent, but longer dates are irregular.
FOREIGN EXCHANGE FrRMER.
The foreign exchanges, while still unsettled by
the nuctuating rates demanded for the use OF cash
gold, were rmer ana closed with the following quo
tations:-sterling, sixty days, commercial. 1888
i0sH; good 10 prime bankers, 10s o l09M; short
sight, 1Os1s 1OoA; Paris, sixty days, 5.22H
5.lsX; short sight, 5lSh 5.l71l; Antwerp S.25A a
$50; Switzerland, 5.2lk a6.1sA; Hamburg s5H q
AN; Bremen. Is 70; Prusslan thaers Tx 72H.
TUE NEW LOAN.
The additional subscriptions to the new loan
reported at the Treasury Department to-day were
SsO,OOO-probably conversion to that extent OF
hve-twentes. The new bonds are selling In Wall
street at 1113 INK, and continued TO be
offered. Considering that gold Is 112A 1l2n
some surprise is manifested at this d scOunt upon
the government price, which, allowing for the
commission, should not be less than liz.
inc despatch of yesterday concerning proposed
cancellation of $45,OOoooO or the nve.twenties
ninety days after September Is denied to day.
The statement originated, doubtless, In hasty con-
cuslon OF the Washington news gatherers that, with
the subscription Of 600 by tho American ana
European syndlcates, and prospective subscrip-
tion during August OF $40, 100000 from general
sources, the Secretary OF the Treasury would be
enabled TO cancel portion OF the old debt equal TO
both these amounts. The denial, which has direct
ness and force apparently inspired by an inquiry at
the Treasury Department, leaves II to be Inferred,
however, that Mr.. Boutwell, may so far exert his
powers as to cancel twenty. possibly thirty millions
OF the older hve-twen,ies In the manner Indicated
by this sensational despatch.
Is THE LOAN PARTIALLY ABANDONEDP
A very important supplement to all these various
teegrams is given In q special from Washington
this afternoon asserting that Mr.. Boutwell, has
decided to withdraw wholly tho offerings Of four
ana four and half per cent bonds-a step TO which
lie paved the way by his recent circular to the
former agents OF the loan, as f0llows:-
TREASURY DEPARTMENT.. |
WASHINGTON, August H. 1871.
GENTLEMEN-I have deemed 1t advisable, upon
further consideration to withdraw the loan Tor the
present IRON the market with the exception Of the
i've per cent bonds as offered to the national banks
By the circular letter oil the Secretary OF the Treas
| ury, dated the 10Th instant. This communicaton
relates 10 the tour per cent and the iour ana nan
| per cent bonds, IN combination with the i've per
cent bonds Very respecti1lly porrwr,,
Secretary Of the Treasury
To agents designated by the Secretary OF tho Treas
ury to negotiate the new loan
| All OF which suggests the important question
Has MIR. Boutwell, abandoned the hope OF placing
the loan outside Of the i've per cents as this would
seem TO indicator II So 1t Will be readily understood
that after the heaviest uphill work In floating
$40 OOO 900 OF the five per cents, and with as yet
questionable success, to attend the efforts OF his
syndicates here and In Europe ne felt 1t would be,
perhaps the better policy to do what he could with
the fye per cents alone and exclusive OF the other
bonds until the session OF Congress next winter
shall permit him TO recommit tile whole funding
question to that body once more. These consldera.
tons are, OF course, based simply on the circular
above quoted and the Washington despatch referred
TO. A few days must clear up the confusion and
connicting statements connected with the whole
matter.
GOLD STRONG-112I A 112H.
The gold market under continued belief In the
forty i've million redemption telegram. opened at
ll24, but the denial above referred to occas!oned
an advance later In the day to l12h, especially as
The foreign exchanges stifened and cash gold re.
laxed together. Here the market became Intensely
dull and left of stagnant. The fluctuations OF che
day are shown in the table:--