The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-08-30
FINANCIAL md COMMERCIAL.
WALL STREET.
TUlDAY, August 20-8 z, NJ.

WALL STREET.
TU1DAY. August 20--8 z. NJ.
On 'Change to-daywneat dull ana steady
until toward the close when 1t became heavy and
prices slightly declinh. The cotton market was
moderately active andl fraction higher.
THE EXPOS OF THE WEEK.
The aggregate expos, exclusive OF specie, from
the port OF New York foreign ports for the week
ending August 20, ls7lamounted to 50, s55.742.
THE lew LOAN.
The Treasury Department announce tina: the
$500 OOo 900 OF five pc cents has been subscribed
for and the books clos1 Much interest is mani
tested as to what will Q the Treasury programme
for September, and aso whether Secretary Bout
well VIII Issue noticeOf his intention to redeem
the old nve-twenties, o. achieve the same object by
an enlarged purchase bonds during the ensuing
month The '62's were selling to-day at n25S, with
gold at 1884, PerhapsaIs policy contemplates both
the special redemption OF bonds and the enlarge
ment OF his puroh AZ the Sub Treasury-h ne
cessities in the formeirespect being measured in.
versely by his abtiesin the latter to buy below
par in gold. 1t seems he most sensible course at
least to continue his veekly purchases of bonds
until he can no Longer buy at a discount In the
open market, when ecourse can be had to
special redemption. Inc fact should be re-
membered throughout all these considerations:
the placing OF the soO.OoO,OOO five per cents
does not reduce the principal Of the debt
one dollar. However intricate the process the
eventual result will be the simple conversion Of
500 100000 OF six per cents into i've per cents.
Any redemption OF the dot, strictly speaking, must
lie accomplished by the purchase Of bonds with the
present resources OF the Treasury. 1t true that
the European subscriptions were mostly in cash,
but Judge Richardson, ne Assistant Secretary or
no Trau In fuAN
nve-twenties in the proportion OF dollar for dollar,
thereby pursuing quietly policy which Mr.. Bout.
well pursues openly here In he Sub Treasury weekly
purchases In fact, the European bankers who
constitute the majority OF he Syndicate, would
never have entered into any agreement to suddenly
withdraw sS000o.000 OF god from their money
market. AS the law stands Mr.. Boutwell, must give
ninety days. notice to holders OF the
oldest fve-twenties that interest Will cease
and the principal BIO redeemed. He must
also begin with the first numbers OF the first issues
OF 1ve-twenties Uhe 1925 1t must strike every
body at once that before he could redeem and can
eel an amount of the Old bonds equal to the sub
scriptlons to the new loan he would produce
spasm IN the European money market that would
lead to the dlrest consequences. Doubtless many
OF the older 1ve-twenties which would be called in
for formal redemption could not be Immediately
reached on account Of their being held by peasants
ana private investors In the interior OF Great Britain
and Germany. Redemption in rotation therefore,
presents so many difficulties, and the market
price of the 62's In New York London being still
under par in gold the, conclusion seems inevitable
that Mr.. Boutwell, can make no startling changes In
mis- Treasury programme and that he Will simply
pursue his usual weekly purchases here while Judge
Richardson and the Syndicate in Europe buy as best
they can in the foreign market
MONEY TIRMER.
The money market was frmer and there was a
to make the rate STOCK colaterals
81 per cent, but good houses were abundanuy sup
piled at three per cent, while and 21s per cent
were the figures on government bonds CONNER
clal paper was unchanged at 5 q TX per cent for
prime names.
FOREIGN EXCHANGE LOWER.
The foreign BANKERS were unable to maintain the
recent advance IN the rates for bills on europe,
especially as the gold loan market showed
hardening tendency and reduced quotations to the
following Misunderstanding, sixty days. cont
-""-a'"'. 1851 loSs; good to prime bankers,
as S. SPORT sight ts losnr ,9S PH6st 1S:
Antwerp, 5.26a $50; Switzerland, 525 $40;
Hamburg. ass4 80 lis; Amsterdam, 4o,s AK;
FRANKFORT 405s Az; Bremen. 1914 o 7sx; Prus-
sian thalers, tx a Tx.
GOLD DULL AND sTRoNG-1l2% 112L.
The gold market was duh, with all the sales at
l125s and 1l2X-a stronger feeling being percepibe
on the s,iner rates for cash gold.
The attention OF the Gold Room was largely occu-
pied late in the day with forgery involving the
sum OF $50, OOO the particulars OF which Will be
found In our general news columns.
The following table shows the course of the
market:-