The New York herald., 1874-07-29
The Final Adjustment of the
New Loan.
$k,O0o,o0 Firm, With a Six Months Call
for the Balance.
GOLD. 100 A 100 1.s.
Stocks More Active and
Higher.
WALL STREET.


TUESDAY, July 28-6 p. NJ
~ lass We have learned something definite In
regard to the supplementary negotiations In the
matter OF the new loan, after the Secretary
either OF himself under the order OF higher au.
thortty-had shut out all bids which were not
simply hrm-that is, par and interest-wthout re-
strictions or conditions. 1t Is well understood
tnat there were numerous bids that have not been
published, which fully coniormed to the law under
wnich the Secretary's circular issued; the law
Of Congress that permitted the payment OF or
per cent commission less the cost of preparing
the bonds for the placing OF the new bonds rhe
COST &C., being estimated at y Of per cent, yet
These bids were rejected simply for this condition.
Ano now we find the syndicate getting
THAT Il OF PER CENP COMMISSION
ana these other bidders shut out, although In o
strict Interpretation Of law, their bids un-
accompanied With any such condition as call,
they we're entitled to acceptance. there being
nothing IN them contrary to law They may have
fallen short Of the Treasury circular requirements,
hut what II the Treasury circular requirements
le'i short OF the awy IL is not satisfactory re.
salt to discuss, Notwithstanding that 1t Is great
success in measure, and 1t Is TO be hoped win
Improve our credit both al home and abroad. OF
course. when our people only bid Tor $l00000oO
for solid investment The Secretary is NOT TO be
blamed Tor seeking foreign agencies to consum-
mate the lunding operation so lar as the balance
Of the five per cents are concerned. Whether he
could have done better Is not now the question. Is
THB NEGOTIATION is CLOSED
1t S45, 900 600, firm, with o six months call for
the balance and he is not an experienced nnan-
rier. The effect here has been q lower gold pre-
MUM upon the moral influence OF exchanging
100000 OF six per cents for the same amount of
i've per cents, which, OF course, the gold Market
vi to nc q.
accepts as q necessary conclusion OF this negotia-
ton. There is no doubt there could not be better
time for this funding operation. Money is plenty
Ia oil the European centres. American credit
emerging from the recent panic never stood bet
ter In regard to recognized securities, especially
governments, and II the syndicate can only furnish
the means TO the Secretary TO create calls in ad.
vance, so as to make market. there is no doubt
that the whole amount can be placed within the
time asked.
opened at loeH, declined to 100 and closed at lOsh
me carrying rates we're to X per cent; borrow.
Ing nat. The customs receipts were $4s3 900. The
Snb.Treasurer paid out to-day $4,000 on account
OF interest. anu $4,000 in redemption or nye.
twenty bonds.
FOREIGN EXCHANGE
was quiet on the basis OF 4.ss for bankers sixty
day sterling. and 4.9oA for short sight, nominal
b q
respectively. Continental was steady. Reich.
marks, e5s< e6.s; Gables, o67s 81; prime Paris
s.l3A 5101.
MONEY CONTINUES TO RULE EASY
al TO 8 per cent for call loans and TO per cent
LOT prime mercantile paper, the rates being gradu
sted by the time the paper runs.
THE STOCK MARKEr
opened dull, with decline in the early dealings OF
y to h per cent, from which there was supse.
quently recovery, the principal dealings having
been in Lake Shore, Western Union. Pacific Mail,
Rock Island, and st. Paul and Wabash. During
the last hours OF business the market was firm,
upon the expectation that negotiations concerning
the new loan mad been closed out salts.
highest OF the day. Lake Shore exhibited an
advance OF u per cent. Northwest common
Union Pacific and western Union "a per cent and
wabash, Rock Island and st. Paul common ?.
per cent The balance Of the list showed
an improvement OF q TO a per cent
The aggregate sa.es Of the day were s9.5s3
shares which, although small. exceeded those OF
yesterday. meeting OF the Governing Committee
was held to considered the propriety of fixing the
hour OF opening the Exchange at hallpast ten
O'clock instead OF ten O'Clock, as now and provid
ing Tor vacation period during the day, which
was promptly and properly answered by u resou-
ton OF the committee that it would be inexpedient
TO alter the hours of business present fixed by
the bylaws. THIS Is correct. The matter was not
properly presented to the Governing Committee.
Suppose they be asked to adjourn the Exchange
for certain period during the heated term, Just
before the second call. Then the first call might
be postponed to half-past ten O'Clock This would
anord ample time to members and others sojourn.
ing IN the country near by to attend the regular
call, nx the value OF collateral so as to keep the
loan market moving and give them each half
holiday while the rule lasted. This suggestion ia
practicable, the other was not, and no wonder the
Governing Committee rejected it. The subjoined
table shows the sales in each stock during the day
and
THE HIGHEST AND LOWEST PRICES