, 1874-07-28
MONEY AND COMMERCE..
MONDAY EVENING, July az.

TnE NEW LOAN.
Up to this afternoon no more definite atate
tnont has reached us OF tho bids for
tho new loan Of Is than that only
4l0,00O,000 hnvo boon accepted. The
worry plain Inference forces itHotf that tho nt-
tempt to negotiate tho loan has boon q failure
In fact, tho Becresary's plan hau been nolthor ono
thing nor tho other. Flo took no measures to
introduce the Investment 10 tho public, and to
throw II opon to the pcoplo for sub.
scrtptions largo and small; on tho
other hand, he did nothing to encourage
tho formation Of a eynlieate to tako tue loan on
mutually advantageous tor1nH. II The loan WA
meant to DO popular Investment, tho mistake
WAS mado Of addressing tho Introductory circular
Of tho I'D ftst to but n fow Of tho large Eastern
bRuking-houBes; II \ 8yMdtcato wna wanted to
present tsolf, tho Secretary throughout ratllor
ropelled than attracted any auon procedure. lie
interrupted negotiations with two private eyn-
dicates to iaHuo Lis circular, aud tho terms Of
this paper did not appear to be framed with any
intention OF facilitating the formation OF other
Byndicatca. ,..... ''
Tho President and tie Secretary Of tho Treas
rry wore in consultation on friday. at Long
Branch, considering the bids. About el0, ,ooo, ,o60
q q bids wore accepted. Tho most Important bid,
1acted. Il was for 900, standing as follows
In tho schedule: Rotlaohids i %. ndtheir ASSOC
o'atos $4,000, ,ooo. md nd :: .s "; seligman aud
bids were deposited 81, 10y, 900, gold, md they
were to be considered togother; the understand
Ing being that tho two parties wore to not togeth-
erin concert, to take tue. S5500o 900 In ninety
specified time for tho romainlor. Tho bid was
for rar ind insoreat in gold, with Il per cont
commission doduosod md was on condition that
al other bids, except for Investments. should bo
thrown ont, ~, ,.,-
This may bo fairly gaid to close tho frat chap
tor in tue negotiation Of loans by our new Boore-
tary OF tho Treasury. While indubitnbly failure
Of tho United States, or to prosent tho future %
negotiation of this loan aud other ones. It le
to be surc a 1ttle distressing to think that tho
finances Of tie country arc still In crude hands,
and that onco again they must DO subjected to
tentative experiments till at last have Secre-
tary by e1ptrience-a our expense. Pcr-
haps there ia no holp for 1t under our froo and
tion of large loans; like this Of s170 00G now
In Secretary Bristow's hands, ia business TINT |
mus mast 10 managed in aceoEdance with ocrtain
wel,hnown practical ruloa Our credit is good,
States bond ia m investment Chat would be con-
sidered very donirablc in Amsterdam, Parle, or !
London, q par. Money, ls very cheap in Eng
lower rates Of interost than theso new 5'y viii
pay. The bonds arc wantod thoro, and, If Judi
clously offered, would Soon bo taken out Of tho
market.
81, NATIONAL BAaxs ORGANIZED.
The United StRtes Comptroller Of tho Cur.
rency furnishes tho following statement Of M
Aonal Banks organized last week O. 2158-Farm-
ere National Gold Bank OF San Jose, California
authorized capital. @500, 900 paid In oap.tal'
s25o,oog: John W. Kinds President, George r.
sparhs Caehier. Authorized to commence buai-
mesa July21, 1871.
LOCAL FINANCES.
. In the local money markat the domnnd for
loans is light and tho supply Of funds very large.
Nouinallf tho ratio of discount at the bauhs /
Is 10 per cent for regular customers, but other
borrowers with the right kind Of paper or col
cent Real estate loans arc SOLO per cent On
the street money is 8@18 por cont.
Nav York exchange Is inactive and quoted OF
5o@976o premium botwoen banks tor $1,000.
shlpmonta Of currency eastward were made BY
banks to-day.
Greenobaum Droa l. Co. quote foreign ex- !
change as follows: j. Paris, 518I@51916. frank
: sofs ni al@9alA. NJ Berlin, 71s4@7296. Bremen