The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-08-09
FINANCIAL and COMMERCIAL.
WALL STREET. I
TUESDAY, August SO +. Nd. J


AN ACTIVE MOVEMENT IN STOCKS
was the feature of the Wall street markets to-day,
which resulted In a very considerable advance IN
prices III the present average OF dealings. me
most marked improvement was in western union
and Union Pacific, the former advancing u per cent
upon story started that reduction OF the captai
stock contemplated to the extent OF $l,OOO,0OO
by the use of surplus earnings to be applied to the
purchase OF that amount. Union Pacific was less d.
rectly Influenced, the movement IN 1t being ex-
planned by the familiar story OF increased earnings.
present and prospective. The ADVANCE was marked
and general however. and, being once started, was
accelerated, and continued up TO the close by pur-
chases both by the cliques and to cover short con-
tracts.
THE CHANGE IN THE REVENUE POLICY
OF the government, or rather OF the President who
formerly was supposed to favor General Pleason-
TOMS more liberal Interpretation OF the revenue
laws as opposed to that OF Secretary Boutwell, fore
Swallowed in the removal OF the former,
and the appointment OF a successor sus-
tanning the latter, formed the theme OF much
discussion this afternoon, and parties were OF
course rs usual divided IN their opinions as to its
effect upon future values The point most clearly
stated was this: BY increasing the taxable burden
OF property you give it nominal appearance or in
creased value, you at once induce the owner to
put up IT'S price, while on the other hand Is depre
GATED from the less disposition people will have to
buy it, Mr.. Boutwell's policy is to gain revenue by
the stricest Interpretation of the laws they stand;
his opponents being tighten the burdens of tax
alton the people by straining the laws in their
favor against revenue receipts.
THE CONCLUSION
arrived at upon this statement OF the case was that
the recent change would stimulate speculation and
advance speculative values, dlscouraging business
enterprise Of more solid basis, in increasing Its
burdens as before pointed out, without additional
chance to the investor Of making up a correspond
ing amount such as the speculator may so easily
look forward to.
GOVERNMENTS STRONG.
The government market continues to show mod
crate activity with firm feeling, being sustained
both by the steadiness Of the gold market here and
the strong tone OF the London quotations. The
dealings to-day were favorable to higher prices ON
those issues most dealt in in the domestic market,
ana the 62s and closed strong Prices at close were
as follows:-United States currency skies, 114S
1l42s; do 1881, registered, 116A lit; do. do cou
pom, III 1171s; do. fve-twenties registered, May
and November, ia a ll41s; do do. 1862 coupon.
do, 1l4s4 49, do. do 1864, do. do, ia 1l416;
do do, 1866, do. do, 114ti Hay; DO do. regis
tered January and July. 1l22s 1877; do do, 1865,
coupon do, 1925 49, do. do, 1857 do. do, 1l3S
1l31a do do, 1865, do. do, 1884 llS7s; do ten
fortes, registered 1Osh 1O92t; do. do coupon
1875 l13%; Central Pacific gold bonds 9S1a 9SA.
THE SOUTHERN LIST Is FIRM,
upon the support OF further demand for Tennes-
sees, the latter being stimulated by the publication
or circular which Is thus spoken or by the Cone
nierciat OF TINS city,
From Nashville we learn that the Comptroller of
the State of Tennessee has addressed q circular.
dated 1st of this MONTH 70 the presidents OF the
desiring them TO make out, with the least possible
delay, sworn statements OF the damages done TO their
roads by the United States government during the
war, for which no compensation has been received.
This is for the object Of making claims upon the
National Treasury, which, II hOnOred, would 20
toward indemnfyjng the State Of Tennessee for It's
deprecated interest in the properties concerned.
Tennessees IN consequence OF this brilliant pros
pect sold at 1914 for both issues at one time to-day,
but closed lower. South Cardinals and Missouris
also advanced closing firm. The general list was
steady.
The following were
CLOSING PRICEs:-
Tennessee, ex coupon, rs q 20; do. new. 751s 7e;
Virginia, coupon 64ta Go; do. new, u IS; do.
registered stock DID, 81 So; Georgia skies, SO So;
do. sevens, 81 a 90; North Carolina, ex coupon,
IS a As; do. funding, 1866, 80 35 do. do. 1868,
80 81; do new, 261s %: do. special tax, IS
10; Missouri skies, 957s u 90; do. Hannibal and
st. Joseph "a q 95; Louisiana sixes 60 a
90; do new GO go; 10. levee skies, 20
~; do. do Fights, s4 a So; do. Penl-
tertiary sevens, II Il 10; do railroad Fights, u so;
Alabama nves, "a a 20; do. Fights, 100 1O016; do.
railroad Fights, 90 95 South Carolina sixes 70 rs;
do. new, January and July, IS 5s4; do. do, April
and October, SO 81; Arkansas SKIES, "a a So; do
sevens, 40 a s.; Mobile and Ohio Railroad sterling,
SIS a 90; do interest eghts 81 49, do second mort
gage Fights, 20 10; Mississippi Central Railroad
first mortgage sevens, So a SO; do. second mortgage
elghts, ~ 70; New orleans and Jackson first mort
gage, "a So; do. second mortgage, rs a 80; Men,
phls and Charleston Railroad first mortgage, IS
IS; do. second mortgage, rs IS; Greenville and
Columbia Railroad, guaranteed by South Carolina,
So u 81; Macon and Brunswick, guaranteed by Geor-
gia, 70 10; Wilmington, Charlotte and Rutherford
eighis So a 59ls; Memphis and Little Rock Railroad
eights 76 a rs; Memphis city SKIES, IS 80; Savan.
nah city sevens, 81 &c. New Orleans consols, Old,
20 IS; do. Issued railroad SKIES, IL 10; do.
sevens, 81 a 90.
GOLD sTEADY-1121 1123$.
The gold market, with a somewhat nrmer feeling,
was steady throughout the day, with all the sales al
1l2k q 1929. Also the loan market rates ranged
from one per cent Tor carrying to four per cent
borrowing. The shipment OF specie to-day was
s225,o0O. The following is the report of the Gold
Exchange Bank
Gross cearings $40 552, 600
Gold balances. OBSERVATION-DISCLOSURES. 16j1,52t
Currency DdldnCes... l,eObIZs
FOREIGN EXCHANGE LOWER.
The dulness IN the foreign exchange market con-
tnues to increase greater ratio than the supply of
bills These being In excess Of the demand, leading
bankers were compelled again to-day TO reduce
their rates. Hence the rate for sixty days sterling
went OF this morning at 1929 1924 and to 11oi4
for sight, continuing quiet throughout the day
at these figures. Sales are reported Of bond bulls at
10 net.