The New York herald., 1874-08-01
An Inquisitive Instinct on Wall
Street.
THE SECRETARYS CALL A SURPRISE.
What Does This Negotiation
Mean?
THE FACTS CALLED FOR.
WALL STREET,

WALL STREET
FRIDAY, July 3l-6 p. M.
great mistake has been made. We had a
right to expect that with the closing out of this
new loan negotiation, especially when we were
informed that the Syndicate had bid for S45 900
arm, and the American bids had aggregated
$10 900, that call should be made for the en-
tire $55.OO0 00O In this article the effect OF such
result its moral influence in con-
nectiOn with the call for the balance
OF $124. 900 0OO has been carefully pointed out and
now We are shocked with the fact that the Secre-
cary has only marketed SIS, OOO 900 firm outside OF
the American bid OF $40. 100000. Else, what means
this call for only s25, ooos There is
GREAT DANGER
that this disappointment, when the other effect
had oeen SO fully discounted will produce serious
damage throughout the country. The Secretary
nor the President had
NO RIGHT TO TRIFLE
thus with the people the interest OF any comht-
nation. The Treasury circular issued in this con-
necti0n read as foiiows:-
TREASURY DEpA
s.,,.a o.o,s 1, W1,AsIIscIos D. c. July 2 is74S
parment until twelve o'clock the 23d inst. and
thereof OF 1 unded oan SeaG
.g s rate
coin and exempt from taxation authorized BY The act
1uay say = h @ and the act amending the same
gnsa oeesa' coin OF
s.Sew York. to the per cent Of
Deposits ccompanying rejected bids will be returned
Deposits accompanyng the bids that accepted will
be Or faTes a
s S shs or s FINAL n
psymsnt s6si s!tssr
pond nd al IF nsqes n h
shall accrue bonds delivered to the expiration Of
sss ger
thereafter in coin. matured United States
The department right to reject any of said
that are not deemed for the Interest OF the
The proposals should marked Sealed Proposals for
Loan and addressed to the secretary Of he Treasury
Secretary Of the Treasury
Now the point OF interest in this circular in con-
nection with the recent Treasury action Is that
''Parties whose bids are accepted win be allowed
three months from date OF subscription to make
partial or fnal payments, provided that any bonds
delivered to them prior to said final payment
shall be secured" &C.. as aSOve stated in the cir
cular. 1t is probably upon this provision in Mr..
BrsuOws circular that this dalliance has been per-
mitted with the Syndcatea who, alter taking first
$55,OOO,OO0, and then, after the American sub
scriptons OF $4,000, 600 were made, reduced their
Did to s4O,oOo,ooO firm, nsy bring 1t down to
$4,000, 900. TAis may be
. TREASURY PoLytV
but it is not fair dealing. The people now appeal
to General Grant, If he has any conception left OF
their right Of appeal, and ask that the un par
ticulars regarding the bids for and award of this
loan be made public. 1t Is done every week in
the matter Of the gold saies and why not in this,
unless there is something to hIdeF At present
THE FEELING u oNE OF UTTER DISGUST
that enthusiasm should have been provoked upon
matter which turns out under present lights to
be mere question of pettifogging rivalry be-
tween various Treasury lobbyists. II the Secretary
THE FULL PARTICULARS
Of the bids for this loan, with the causes OF rel &C.
tlon, as also his actual agreement with the syudi-
cate, he may possibly stay the disappointment
that Is likely to be felt through out the country at
this lame conclusion OF what was regarded as a
great triumph Of fnancierng SKILL II he will not
We have again to grope in darkness respecting the
negotiation, and suffer oil the untoward effects Of
a great dlsappoin tment 1t Is. without mincing
terms miserable business The first effect was
glow OF reawakened enterprise throughout The
= entire country. With this wrerched conclusion
win come dulness far more damaging than
the inertia which preceded 1t. II is
SAID that one or the reasons OF the
short call is to save the exchange and gold mar
kets from disturbance; but tbs Is only petit
logging argument. II the Secretary will give
plain statement OF the case from twelve O'Clock
on the 23d inst, the bids received, rejected,
accepted and the conditions attached thereto, we
will have clear understanding of how this loan
Is going TO AFFECT the market. At present all IS
log and business suffers.
THE sECRETARY's CALL
for $25,0o0,0O0 comprises S2o, 100000 coupon and
$6,0O0,00 registered bonds These registered
bonds are almost exclusively held IN this country.
The excuse Of want OF clerical force put forward
Tor the deficient call OF $25,o0o000 instead OF
S550O0,oO0 Is too absurd for reIutaton. There are
plenty of idle young men and women in this coun-
Try competent to sort and count all the bonds
that might be onered for redemption, even If we
were In position to call In our entire loan. We
mention this only as lame excuse, which pro-
vokes greater suspicion OF the animus of trans
action which seeks In such an excuse its justilca-
t0n.
STOCKS OPENED QUIET,
with slight Improvement In prices until after
the nrst call, when the market became heavy and
0 fall OF Y to 1 per cent took place. The decline
was generally due to rumors that O., c. and l. O.
would default upon it's interest payments on
second morteage bonds due tomorrow. To.mor.