The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-08-24
FINANCIAL And COMMERCIAL.
WALL STREET, |
TUESDAY, August 23-6 z. M.

WALL STREET,
TUESDAY, August 23-6 z. M.
FURTHER ADVANCE IN GOLD
was the single item OF interest In the several markets
here to-day. The altered aspect OF the war news
Withdrawing from the market that opposition to
rise which was ofered by the German bankers
curing the receipt OF dispatches favorable to Prus-
sia' the feeling In the room, based upon various
theones appeared to be all on one SIDE and the ad
vance was steady throughout the day with only
shght fluctuations, the highest figure Of the pre-
mum being reached at the close OF business
ihe influences operating to this were FIRST
no oouot' the change IN the military
SITUATION The constant and 1t appeared uninter.
rupted successes Of the Prussians had become 80
Identified with falling premium that 1t was
natural result that their first reverses should be
nDOnssE applied. In addition to this the
REPORTS FROM LONDON
OF the state OF the bond market there hclped this
conclusion. The first price there represented bonds
to be S2H. Later the noon quotation was reported
SsH SsK and the price at the close IS ssk. Con-
sos showed fractional decline In the middle
OF the day from their opening figure,
going on from ok Elk Ok q
ok, which, IL was supposed, indicated
the same feeling In England In respect to the war
news as prevailed here. In the afternoon, however
these recovered and closed steady the first figures.
further influence operating to advance the pre-
MUM was the circulation OF report which Obtained
considerable credeace in the room, that
A POOL
had been formed for that purpose and that already
large sums had been bought with the object OF
making squeeze This report could not be traced
to any source whence further particulars could be
obtained, ana although the scheme Is possible 1t Is
quite as probable that the suspicion originated
In the favorable opportunity which the recent heav
loss OF specie on the part OF the banks and the con-
tnued drain for exports affords now for carrying 1t
out. Besides 1t Is doubtless recOected that about
this time last year originated the conspiracy which
resulted IN the famous September gold corner, and
the fear of history repeating itself may be in the
minds OF many OF the sufferers by that incident,
especially as Its chief promoters still move In the
same sphere more admired for their cleverness than
reprobated for the ruin they brought about. more
reasonable solution OF the change in the condition
OF the market Ia to ne found In the
LARGE OUTSTANDING SHORT INTEREST,
which. Notwithstanding the purchases OF yesterday,
caused demand this morning for cash gold the
loanng rates ranging from / and per cent for
carrying to nat and and per cent for borrowing
1t would not need much prudence to prevent one
gong short OF gold on the OF such great battle
as is now impending, especially considering how i'm.
perfect Ii our knowledge OF the condition of the op-
posing armies. nor would 1t be considered overcau-
ton for one who was short to cover at such time In
view OF these facts 1t would seem as Lsoagh there
were quite enough In the
NATURAL CAUSES
operating upon the market to bring about the ad-
vance OF to-day, after all less than per cent with
out dreaded 'corner." which 1t Is sincerely hoped
Tor the honor OF Wall street may, In this instance,
turn out to be myth. One such holocaust as that
of the Black Friday year ago ought TO satisfy the
most devoted worsnipper of Mammon.
ThA RuhQinAd ah0 mo