The New York herald., 1871-08-24
FINANCIAL and COMMERCIAL.
WALL STREET. I
WEDNESDAY, August 23-6 +. nj. {

WALL STREET. I
WEDNESDAY, August 23-6 T.. Nj.
On change to-day wheat was little more active
at slight concession in prices. The cotton market
advanced Ac. Oh the reports OF injury TO the crop
from the army worm and closed steady at the Inn
provement.
TIE NEW LOAN.
Wall street was visited to-day by a large number
OF omcers rom the 0ut-Oft0wn national banks,
whose presence Is explained by the announcement
OF the American Syndicate that the addi-
tiona subscriptions to tho new loan on
domestic account, representing the CONVEX
sion OF fve-twentles by about fifty national banks,
were IN this city and Philadelphia nearly s5,oOooOo
Cable dispatches confirm yesterdays kilograms
That the subscriptions In Great Britain and on the
Continent exceed the amount offered by the agents
OF the lcan The books closed this afternoon, the
right to close them having been reserved. The
bonds In London are quoted at premium OF q u
per cent In this market they not offered at less
than par In gold.
THE GOVERNMENT GOLD SALE.
The government sold two millions OF gold to the
highest bidders. The bids were "a In number for q
total OF $6036,o0O, AZ prices ranging from Ill TO
ll&3SH. The sale was effected at 1l2.17 q 112.38H
TIE GOVERNMENT PURCHASE OF BONDS.
The Assistant Treasurer next opened the pro-
posals to sell bonds to the government and found
seventeen offers, embracing total or S., 374, $50
fvetwentes at prices ranging from lll.sS to 1l2 49,
The supply at below par in gold was sufncient to
enable purchase Of the entire million, which was
obtained at 111.sS 1l223-gold at the same time
being ll2H hay.
MONEY TWO TO FOUR PER CENT.
Money was less active, and, while four per cent
was quoted as an exceptional rate among the stock
houses, 1t was also extreme. Among the govern
ment dealers there were also few transactions in
or turn
rates are best quoted as 216 per cent on govern
ment bonds and 2k a 81 on stock coaterals. Loans
on time were made at 5h per cent, with pledge OF
the usual securities OF the street. The paper market
Is becoming inactive at current rates, which for
prime range from 51 to TX per cent.
Foreign exchange was dull but rates advanced in
response to the relaxation In the gold loan market
and closed on the basis OF 1925 for prime sixty day
| sterling and 109X for sight bills.
GOLD UNsETrLED-112H A 112H.
The gold market opened weak, In anticipation Of
the government sale, which, being capable OF ex.
tension to the amount OF all the bids submitted
served to depress the premium, decline to I12H
ensuing during the forenoon, despite the CORE
spending relaxation of the rates for cash gold,
which, after opening at 1-16 a. fell to iat and
eventually changed to the other Of the account
so that owners of gold were compelled to pay o
consideration OF a 4 per cent to have their bal.
ances carried over. In fact. the market was
entirely manipulated by the clique. who
played the game OF fast and loose to
Obvate the effects Of Mr.. BOutwell's
interference with their plans. They accordingly
receded from any contest with him and left him
master Of the field They declined the battle offered
by the enemy and executed skilml retreat. by
lending out all their gold they stopped the clamors
about the corner" and by letting the premium
take care OF itself Mr. Boutwell, lowered the price OF
gold to 112A. at which point they began buying.
The next few days will doubtless witness the results
of their strategy. In the afternoon gold advanced
to 112% the loan market subsequent to three O'Clock
being very feverIsh, the rate frequently nuctuatng
between three per cent for carrying and 1-16 y
for borrowing At the very close gold for tomorrow
was offered at le4 for its use, with two per cent
bid. The course OF the market Is shown In the