The New York herald., 1871-08-23
FINANCIAL and COMMERCIAL.
WALL STREET. I
TUESDAY, August 22-6 p. NJ. Z


WALL STREET.
TUESDAY August 22-6P p. MI
On Change to-day wheat was heavy ana inactive.
The cotton market was quiet and steady.
THE EXPORTS OF THE WEEK
The aggregate amount of exports exclusive Of
specie from the port OF New York to foreign ports
for the week ending August 22 1871, was $4 72s 37
THE NEW LOAN.
The private and press dispatches by the cable
leave no room for doubt that the negotiation OF
the $50, ,O0O, 900 five per cent bonds in Europe
has been q complete success. The public are
already In possession OF the several facts
as to the "new departure" taken by Mr.. Bout
well In abandoning his former method OF Offering
the loan and entrusting 1t to the combination
OF American and foreign bankers known as the
Syndicate. The European members Of the Synaicate
had seems placed S. 900 OF the bonds by their
private efforts before they undertook the enterprise
exclusively. This explanation accounts for the
offering OF only $76,00OoO0 In the advertisements Of
the Syndicate as published In the leading journals
Of Europe. The books were opened at ten O'Clock
this morning, and advices from London late this
afternoon state that the amount offered has been
fully covered by the subscriptions in that city and
on the Continent. One press despatch says that the
books VIII close tomorrow, although the 1nten-
ton was 70 leave them open until Thurs
day. The custom Of the stock exchanges
OF Europe is rigorous in demanding
that the agents Of any such enterprise the pres
ent shall leave the books open for the period adver
sed unless 1t is specifically stated that they may be
meantime closed on the taking Of the whole amount
TO be negotiated. In the absence of the Oflcal ad-
vertsement OF the European Syndicate 1t Is lmpos-
sibe TO say whether such provision has been made;
but If not and the books are required to remain
u otxy
we shall have an opportunity Of learning to what
extent Europe Is willing to take our i've per cent
within so limited margin Of tlme Under the Gus
tom alluded to all subscribers will be furnished
with the bonds, each receiving his due proportion.
Tie Syndicate have 30 arranged the terms OF sale
ana delivery that the negotiation Of this large
amount will be attended with no arrangement OF
the foreign exchanges or money market Private
advices say that the subscriptions In Europe have
been cash offers. In this the Secretary of the
Treasury Will proceed to cancel @ corresponding
amount OF the '62s, which are held chiefly in Eu-
rope, giving the three months preliminary notice
required by law, at the end OF which time
he Will make simple substitution in
London and elsewhere Of the cash received
for the new lves for the six per cent 62s surren-
dered to the agents OF the government there al the
expiration OF the specified time. 1t is obvious that
the plan will work with even more ease where the
European holder or fve-twenties is willing to eX-
change direct for the new bonds. The negotia-
tOns have been attended with so much success that
We hardly know which to admire most the high
estimation OF American credit abroad the abund-
ant wealth OF the Old Country. which can in q single
day subscribe the enormous sum OF $75 900, 900 to
single object. The home progress OF the loan seems
lacking as yet IN the element of attrac-
ton with the people, but the subscriptions
are coming in rapidly from the national banks,
who appear to have been aroused 70 the advantages
Of subscribing 70 the new lives BY the guarantee
accompanying them OF an undisputed ten years.
lease of the banking privilege, for which surren-
der OF less than one per cent interest per annumi
during the next ten all that is asked in
turn. The domestic subscriptions to-day, as re-
ported from Washington, were from this source
over two millions Of dollars, being, as may be In
ierred almost exclusively conversions OF FIVE
twenties now held by the Comptroller Of the Cur
rency as security for the issues Of the national
banks 1t is intmated that the success Of the pre-
sent negotiation In Europe Will enable the Secretary
OF the Treasury to redeem at least $780, 900 FIVE
twentes before the 1st of December.
MONEY TWO TO FOUR PER CENT.
The money market was more active and borrow
ers on stock colaterals paid In few instances as
high as four per cent for accommodation until to-
2 per cent, and the market closed with a 4 per
cent the rate on miscellaneous securities, the
tivity being confined 1t will be perceived to tine
latter class OF collaerals Prime paper ranges from
5Aa7H per cent discount
FOREIGN EXCHANGE NOMINAL.
The leading drawers OF foreign exchange aban-
doned the endeavor to Keep their rates In con-
formity with the fluctuations In the rates for the
OF cash gold and, pencilling the nominal rates on
their bulletin boards transacted business at dis
count varying with the changes In the Gold Room.
The following were the nominal rates referred to,
the reader being able to cipher out actual rates &C..
cor1ing to his remembrance Of the time of day and
simultaneous rate for cash gold:-SterliDg sixty days.
commercial, 1os 10sh; good to prime bankers,
1855! lOsN; short sight, lO9H 1OsH; Paris, sixty
days, SIS $50; short sight, 6lSal 6.l71S; Ant
werp S.264 5.2OH switzerland, 5.2215 $50; Ham,
burg 35X SO; Amsterdam, 4OH Al; Frankfort
40H Az; Bremen, tx a 1914; Prussan thaers
71% a 721I.
GOVERNMENTS LOWER.
The government list was weak, despite the ad :
vices concerning the success of the new loan n
Europea result due to the influences arising out Of
the dear rates for cash gold, the explanation OF
which lies the involved process whereby bonds in
London are bought with cheap bills of exchange and
then sold in this market. Moreover the success Of
the new 1ves. in providing the Secretary Of the
Treasury with the means Of redeeming the five-
twenties, payable, but not due" challenges the
ability Of the older lve-Jwenties to maintain their
recent relation to the par OF gold, ana the decline
to accommodate themselves TO the new
platform OF values which circumstances
have thus constructed for them has helped
the influences first spoken OF. The question
OF prices In the government market is likely,
therefore, TO be attended with Interesting fea-
dept. The following were the closing street
prices:-Untcd States currency sixes 116 1l614;
do. 1851, registered l1s1a 119; do. do. coupon,
ll9 l19A; do flve-twenties, registered, May and
November I13'l a ia; do do, 1862 coupon, do
ia l14A; do. do, 1864, do do. 1l37s ll4h; do
do. 1885, do. do, ia ll4j4; do. do. registered
January and July. ll3 1l3h; do. do, 1865, cou.
pom, do, 1l3 IlS1d; do. do 1857, do. do, 1l33s
1l31s; do. do 1868, do. do, 1l44 ll4l; do. ten