The New York herald., 1872-07-31
Boutwell, NOnplussed and the Admins
tratiOn COrnered.
THE SITUATION MIXED.
Foreign Exchange Firmer and
Money a Shade Harder.
WALL STREET,

TUESDAY, July 3c--6 p. M.
On Change to-day wheat was firm but inactive,
with moderate offerings, the market closing low,
with an indifferent export demand. Flour was
hrm but inactive, with light arrivals Of strong
brands. At the close the market was fairly active.
Cotton was dull and lower at 2O1Gc for low mid
ding, and q &c for middling.
THE SUCCESS OF THE FRENCH LOAN
has been one of the most extraordinary surprises
that the financial world has met with for some
time and has called forth mmeasurable comment.
The loan asked was three miliards Of francs equal
to six hundred million dollars gold. The subscrip-
ti0ns were for twenty-one million francs, equal to
forty-twO hundred million dollars about twice
our national debt 1t is said that Germany In fact
Berlin took the entire loan In subscriptions. This
CLAsPING HANDS ACROSS THE BLOODY CHAsM
with generosity that points moral to u.s. We
are puzzled however, to discover the Of this
wonderful reliance In the credit of France. 1t may
seem strong assertion, yet the writer appeals to
any financial writer In America, England, France
or Germany that no country in the world can offer
better security in borrowing money than the
United States. BY security, the writer means
available assets. Yet while France can market
her loan three times In a single day
we have to carpet-bag our bonds over
Europe for nearly year, and then send an Assist
ant Treasurer-not to put too fine point upon it
to puf them And this is the success OF the Grant
Boutwell, administration. President Thlers is an
old man; may die at any time. After him comes
anarchy. yet the credit Of france astonishes the
world. After Grant comes constitutional Govern.
ment. no matter who succeeds him-the peoples
Will Still it took Secretary Boutwell,
nearly year to market $Soo,ooo,oOo Of
that i've per cent funding loan. Let
rs compare the two securities for instance.
France, it is known, has got large industrial
population who possess the quality which phrenol-
.Oglsts call acquistiveness in large degree, but
lack the opportunity for the employment OF their
capital which people find in this country. Hence
upon the presentation of this loan there Is no
doubt there was q large searching Of odd
hiding places whence were unearthed francs
carefully saved and hardly earned, but which
under the influence of that efllorescent patriotism
brought it forth to government struggling for
istence, did the Romans their rings. The enthu-
siasm Of France today is remarkable in another
respect. In all the revolutions that have occurred
whether it was king, emperor or president France
never repudiated In all its
DOLLY WARDEN HISTORY.
1t always sustained its financial ObligatiOns-a cur
ious promise for a people accounted SO tickle,
but one which is justified by yesterdays triumph
Theirs is an old man, as we have said before, liable
to die at any time and ordinarily supposed anarchy
comes in. But France lives, and France has writ
ten her signature upon all the loans that France
has made hence while she exists her creditors will
be quiet.
THE FIRES TO-DAY,
particulars of which will be found elsewhere, call
attention again to the extreme reticence Of insur
ance companies In regard to their losses. The
recent heavy fires have made policy holders un
easy. Since the Chicago fire they have lost con-
fdcnce In any OF the companies, and upon a heavy
loss feel anxious and want to know who is hurt
GOLD lis.
The gold market was more active and higher late
in the day, when several millions OF gold changed
hands at 114X to lis. The brokers reporl increased
orders from merchants for gold to pay into the
Treasury on account OF customs
The rates paid for carrying to-day were Ia and
2 per cent