The New York herald., 1871-03-31
FINANCIAL and COMMERCIAL.

On 'Change to-day wheat was dull and the var
ous grades irregular In price. The cotton market
vas heavy. ,o,.. ..x
The disbursements of the government for the
bonds purchased yesterday, amounting to about two
ana quarter millions Of currency, came upon the
street late this afternoon ana made the money mar
ket additionally easier. Exceptional loans on stocks
had been made early in the day at five per cent but
the bulk OF business was at four per cent at which
figure large balances were offered at the close with
out takers. Prime commercial paper was quoted Q
q on per cent discount.
FOREIGN EXCHANGE HIGHER.
The foreign exchange market was active under o
better demand for remittance the merchants hay
ing In many cases concluded 1t best to buy gold at
t10K, since the market had shown 80 much strength
at that figure. The inquiry led to an advance of H
Dor cent In the rates for sterling, quotations
cioslng as demonstrating, sixty days. commercial,
100 1o9h; good to prime bankers l09S o 1O9T;
DO, short sight, l1o>S a 1lO1s; Antwerp. 51sX
S1sx; Switzerland, b17H a 5.12k; Hamburg, 35X
> sek; Amsterdam, 4Oss Al; Frankfort 4Ox
III Bremen, 78X 70; Prussan thalers, IN o Tx.
THE NEW LOAN.
The following despatch was received in Wall
street this evening"
WASHINGTON, March 80, 1871.
Messrs FISK HATCH, Bankers. New York.
Total subscriptions, fOrUy-seven millions seven
GEO. s. BOUTWELL,,
Secretary OF the Treasury.
In accordance with an agreement to that effect the
total subscriptions to the new loan Will be tele.
4raphed daily hencelorward to Wall street, In order
that the financial community may know at the close
OF business each day the progress OF the refunding
OF the national debt. This information will be of
great value In guiding the public as to the success
OF the new loan.
THE PUBLIC DEBT.
A semi official statement from Washington esti.
mates The reduction Of the national debt for the cur
gent month at seven to eight millions OF dollars.
THE LONDON MARKET.
4 cable telegram from London quotes 'money
very easy" and states that the Bank OF England ex
hibit for the week ending this morning shows gain
IN bullion OF f406,000 sterling. A subsequent
despatch dated five p. NJ, quotes five-twenties OF
1882 as having advanced to 92h 92ss.
THE GOVERNMENT SALE OF GOLD.
The government sold one million of gold at the
Sub-Treasury. The bids were twenty-six In mum.
ber, calling for total OF S. 122 ,Ooo and the prices
onered ranged from 109.51 to ITO 20. The million
was sold at 11017 11O.28.
GOVERNMENTS STEADY,
The government list was rendered buoyant by the
moro satisfactory reports OF the progress made in
placing the new loan, and prices steadily advanced
the best quotations prevailing the street at the close
OF business subsequent to the cable prices Of 52os
In London. We called attention yesterday to the
tact that t-2o's and gold were approaching each
other In value. The difference between them on
Wednesday night was 1.2O per cent. Tonight the
92s closed at 112h and gold at 11oA. Deducting
from the quotation 1121s the accrued interest on
the 'o2's since November 1870 which 2H per cent
in gold or 275 per cent in currency the 62s closed
at 10e.75 when gold was 110.25-a difference OF only
n per cent. The chief features In governments,
however, were the currency skies, which, as a long
bond and bearing currency interest that steadily
enhances as gold declines, advanced to 1I5 closing
with that figure bid for more.
GOLD sTEADY-1loI A 11016.
Gold opened weak especially when II was discov-
cred that the Bank Of England had not only not ad
vanced the rate OF discount (as was feared to
some slight extenD, but had made large
gain in bullion, and sales were made at
11OH. But here some Of the importers began cover
ing outstanding contracts well as buying afresh
on the theory that it was safest to take profit
while they had 1t on their foreign accounts and
when exchange afterwards stiIened gold rose to
HOY, closing finally at 1104. The general specula-
tive movement In the Gold Room, however, Is In
deadlock, and both sides seem content to await de.
vclopments, especially the interest charge is such
that the 'bulls" have their gold carried for about
nothing. They manifested great deal OF courage
to-day lit is confessed even by the "bears' to stand
out against the gain In the Bank OF England stock
OF bullion, the advance OF lve-twenties In London
and other depressing influences.
A SUMMER CAMPAIGN on THE STOCK EXCHANGE.
Now that the period for possible activity in money
In connection with the April settlements has gone
by the stock cques are getting In line for grand
summer campaign which shall carry prices up after
April as they were advanced after January l. AS
Rt New Years there were large disbursements OF
interest moneys that sought reinvestment in stocks,
DO at April there will be large disbursements Of
similar character, the buoyant effect Of which specu
lation at the Stock Exchange already anticipated
by the cques. The following are some OF these pay
ments of interest to be made April L.
Securities. Rate Per cent.
South Carolina new bonds (gold). ...............
p0L, Chic. and Ind. Central mortgages. ........ 3H
Columbus and Hooking Valley mortgages. 49,. 3Js
Louisville and Nashville mortgages. az
O. Jackson ana Great Northern e. .I morigages:..
Da1yille, Urb., Bloom. and Pekin mortgages. 3H
Louisville, Gin: and Lexington mortgages. ......
Chicago and Alton incomes 3X
Dubuque and Southwestern mortgages. ........ az
Detroit and Pontiac mortgages. sK
st. Louis, Jackson and Chicago mortgages...... 3X
Union Pacific incomes. northumberland
western Railroad Of Alabama mortgages....... sH
Rartford M and New New Haven stock.
The above list comprises only few Of those prin-
cipaly advertised, and completed SO as to embrace
ali the various securities which pay interest or divI
dends April would have to be much more lengthy.
II serves however, to illustrate the great periodical
contribution OF money to the public through tho
division Of profits in railway and other corporate
enterprises.
STOCKS STRONG ANd HIGHER.
The stock market was again in the hands Of the
t'bull'' cllques, who encouraged rumor that the
sbear'' cques OF last winter had formed comblna-
tio1 with new TO locking up money and creating
break In prices, The real state Of the case will
doubtless prove to be that the late ''bear cliques
Seeing the danger Of opposing public sentiment at