The New York herald., 1874-07-27

RESPECTING THE NEW LOAN,
the latest nor nation from Washington says the
BIDS at par and upward have been accepted
except the large one, 10 whIcn negotiations
pending All other bids have been rejected. The
accepted bids for the loan amount thus far to
$I0lls55O winch amount. it is believed, Is for per-
Manelt investment at home.
The large bid here referred to is one for
sss OoOOOO, conditional with call for the balance
winch provoked the Secretary's circular and gave
occasion Tor much OF the feeling which prevailed
on the street reference thereto. 1t is the bid OF
y syndicate composed in part OF Germans and
IN part or American bankers, the First National
Bank OF this city being leading figure. It does
not appear Notwithstanding the unusual action
of the Secretary in opening the bids for this loan
privately and Withholding them from publication,
although some OF our leading bankers mad gone to
Washington for the purpose OF being present at
the opening, that any other than strict business
principles have governed the negotiation OF this
loan, however much indifference may have been
SHOWN 10 the legitimate curiosity OF the public.
The Secretary might have closed with the first
offer OF the syndicate without issuing his circular
al all and few would have questioned his right
In issuing that circular he gave an opportunity to
the American public to become subscribers II they
wlsned, directly themselves That they did not
choose 70 do 40 70 an extent beyond $4,000 600
is not his iault, and that. they so fail
ing. he falls back upon tne synd
cate ami enters upon fresh negotiation
with it cannot be charged upon him as al act Of
favorItism. 1t may be regretted. however, in view
Of the Importance of retaining our own indebted.
ness much possible among ourselves, that
the Secretary saw fit 10 reject the bids Of bankers
who only asked legal commission ione-fourth OF
one per cent the law allowing One-ha! OF one per
cent less the OF preparing bonds, which ls
about one-quarter, and whose facilities would
have enabled them TO rapidly place the amounts
asked for at home, 80 preparing 5ne way Tor the
steady and gradual absorption of the four and one
hall and four per cents, The iu text OF the award
T. promised for Monday. Dy wach time, also. the
arrangements with the syndicate, which were de-
layed because OF the difficulty OF communicating
with the Rotnschllds on saturday Will probably
have been completed and be made pubic. Alto
getner
1T ~ GRATIFYING
to see matter which excited no little criticism on
the street, and AZ one time seemed suspicious,
TIE private opening VI she BIDS being especially to
be deprecated, closed out In such shape as what
ever Jeaouses may exist IN respect to the result,
leaves no ground 70 impugn the good iaith OF the
secretary. Mr. Brlstow may not be a great imam
cier. but that he has acted squarely aud honestly
IN some respects mistakenly, in TINS matter no one
Will question. IL is a remarkable develop
ment OF TINS loan business, although by no means
. new one, the singular unanimity with which our
people AVOID permanent investments. One would
think that with nearly $50, 200, 600 surplus in the
New YORK banks and money only and per cent
IN wall street. that larger amount than 10000 oot
o, tnat new loan would be taken on home account
but such was not the case.
THE BANK STATEMENT
abows a decrease al 81 LI0s.GO0 ia specie. an in