The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-07-06

MONEY TWO TO FOUR PER CENT
money was easy at two to three per cent on gov
eminent c0llaterals and three per cent stocks
In loans upon the latter class OF securities four per
cent was paid In few instances. The abundance
OF money IN the CITY at the present time stimulates
competition between lenders, particularly as the
memory OF the Rock Island affair has nearly dlsap-
peared, and the question has become one less OF
security than OF interest. The banks and many
OF the private bankers have immense amounts on
deposit with them, for which they allow four per
cent "A rate agreed upon earlier In the year, when
they were able to lend 1t In turn at higher rates.
Now they are clear losers OF at least per cent
on all such deposits and TO keep their losses down
to this limit they compelled to do great deal OF
solicitation for custom, and in many instances
to take the risk Of lending TO within
small margin OF the market price OF
many Of the inflated railway and miscellaneous
stocks with which Wall street is glutted. At the
same time excellent mercantile paper which does
not present the same liability to the heavy depreca-
ton which stocks may undergo In day, as recently
witnessed In the case OF Consolidation Coal and
Rock ls.and is quoted q 8 per cent discount with
an occasional transaction at as low as AZ per cent
where the makers and endOrsers names are ap-
pended only to what Is known as "gilt-edged"
paper.
FOREIGN EXCHANGE STEADY.
The leading bankers continue to ask the same
rates for bills on Eur0pe but several OF the smaller
houses are drawing freely at concession upon the
rates OF the former and the market IL thus Temporal
riy supplied from the latter source. the bills being
drawn against shipments OF fve-twenties and ten.
forties The following figures give the full range OF
the various rates:-Sterling sixty days, CONNER
cia ITO 110ss; bankers, 1103s Hons short sight,
ll0A nix; Paris, sixty days. 5.16x SIS; short
sight, 511a $40; Antwerp, $40 SIS; Switzer
land, 6.lsai 5l32l; Hamburg SO a S6}s; Amster
DAM 40sS o Al; Frankfort, 4O1S a 41,S Bremen,
70 a 7sH; Prussian thaers, Tx 724.
GOVERNMENTS BUOYANT.
The government bond market was buOyant, and
presented the only active IN the generally dull
condition OF the street. The ratification of the
Treaty Of washington and the prompt payment OF
the July interest on our public debt as we'll as the
statement Of further large reduction
in the latter for the month of June,
have had their Joint influence in LON
don, where hve-twenies and ten-rorties
have sprung up good one per cent within the past
few days. The relatively firm quotation for gold in
this market, coupled with the purchases OF the
foreign bankers, has therefore rendered govern.
ments doubly strong, and In the issues having the
readiest market abroad the advance to-day is quite
important The highest prices were made before
two O'CLOCK the decline In gold subse-
qucut w tudb HOur having eXeTteu some
influence In producing what after all was only
very natural reaction. The latest street prices were
as follows, the market closing very strong:United
States currency SKIES lis q 11514; do 1881, regis
tered, 1l51S 115x; do. do, coupon, 1853 ll5X;
do. fve-twenties, registered, May and November
1l44 HAY; do. DO, 1882 coupon, do, 1l5X a
1l5'S; do do, 1884, DO. do, 1l49s a 1l41s do. do
1895, do. do, ll4h ll41s; do, do, January and
July 1884 ll31s; de- do, 1866, coupon do. 1l3,S
1l3h do. do. 1857 do. do, 1881 O 113k; do. do,
1865, do DO, 1l31s ll3A; do. ten-fortes, regis
tered, 111,< 112; do do, coupon, 1924 O 1921.
THE JULY PROGRAMME.
The July programme OF the Treasury Department
In the matter OF bond purchases and gold sales was
inaugurated TODAY with the purchase OF one NIL
lion Of fve-twentes out OF seven proposals convey
ing offerings to the extent OF 1851, $50 bonds.
GOLD UNsErrLED-1133I A 113X 1881.
The reduced amount OF GOLD to be sold by the
Treasury during the month OF July started some
buying OF gold and kept the price steady during
most of the forenoon and even lea to an advance
later in the day. when the Secretary Of the Treasury
by adhering to the July programme for to-day,
gave virtually promise OF his adherence to 1t to-
morrow. A few sales were made at Il3X under
this influence. But the rise In governments abroad
led to large sales OF gold by the foreign bankers
and its price declined to l13,I again. The of
the market Is shown III the table,