The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-07-20
FINiNiI.L Ind COMMERCIAL.



wKp>sspay. Juls is--sr. MI
on 'change today wheat IVES nesvJ and 20 a
sllghi extent bower. win an irregular aDd dull
market. coigoa was quiet Ani without neS TEA.
ture.
aosEY rwo ~ fnnrE ran cEvr.
Money wa casJ AZ two per cent on governments
and at tnrrc ger cent on siock~ Borrowers ga "a g
latter coiiaicr4is wee accommodated "a FEW M
stances al two aud hair per cent.
Prime paper T. qloied ate 81. per cent discount.
Foreign exchange was steady ami rather hrmr
on the eass OF no. a llcs for bankcrs siNti day
and ilois ilo'. for sight rtering hils-
TIE U0vEaNHENr ruacnAsg o. HosD~.
The Assistant Treasurer opened proposals a. moo,
for the sale o the government of million ~ ave-
twentles ana found tencerr OF en-. -sssDe bonds a.
prices ranging ca interest. Irom mass % ii2-".
The price Of gold at this time alternately be-
tween li2'. ana li21s. The proposals and prices
were telegraphcd TO Washington, whence insirac-
tions were sub sequent, received 90 buy At aud ua
der the limit Of li2'.--or lI2.ssh Tue purchases
were Tor TINS reason limited 90 s5,3.cl0 bond. at
1925 li2.31-the government tnereby adhering 10
the determination not TO pas over par IA gold sor
such bonds as may be bought for the sinking ana
special funds.
GOVERNMENTS LOWER.
The action OF the Treasury department WIS
variously canvasscd In the street, bat doubt
expressed as to the propriey OF Mir. Boutwelis con-
duct IN refusing 10 PAY premium for bonds, tho
only difference seeming 70 arse about the hxing OF
the value Of gold, which, being taken a. ii2s. TO
day, excluded The purchase OF quite large propof-
ton OF tue bonds offered by the brokers' VINO wire
consequently deprived OF their market The price
bid for gold ought naturally 20 be the one adopted
as the standard IN this matter; but a
little variation in favor OF the sellers
~ hur.l Nv ha rt.1
If "a on to-day there have been simultaneous sales
OF gold at the next fraction above the figure that
bid in the Cold ROOM II feared that this action
OF the Treasury Department will produce an unIa.
vOrabe effect on the London market the
facts are known there; but such an inference In
doubtless hasty The English ana other foreign
bankers VIII that with the government ready
buy its Obligations up to their par In gold there "
no reason for changing their opinion OF their merits
as investments. Our own people Will not be dis.
pleased II this policy should lead to reduction
the annual purchases Of bonds ana consequently 10
an important reduction of the taxes. Mr.. Boutwell,
Will eventually find, as we often told him, that lie
will enhance The credit OF the country more by
reduction OF tie taxes than by an Overwhelming
annual cancellation OF the fvetwentes. FOR the
immediate present the street is disposed to look for
i'll effects from this limitation OF the weekly pur.
chases and hence the government list closed
tonight only steady at a slight decline
In prices, which are quoted as fOllows:-UnIted
states currency sizes 1l34 ia; do. 1881, regis
tered ll5}6 1875; do. do, coupon, 1851 ll5s;
do hve-twenties, registered, May and November,
1l3S ll37s: do. do, 1862, coupon, do ll44 "a
ll43a; do. do, 1854 DO do. 1l35s 1l37s; do do.
1855, do. do, 1875 ia; 40. do. registered Jan.
nary and July. ll2ss MA do DO, 1885, coupon,
Co., ll25s ll22s; do. do. 1867 DO. DO, 1i3 13i.;
do. do, 1865, DO do, l13 q 49,; do teniorties,
registered, ll2l, il3: DO. do, coupon IL 1885.
GOLD srEADy-ll2l4 l12H.
Tho gold market was steady and rather stronger.
An early advance to 1925 was occasioned by n
moderately large specie Shipment, and later one to
1l21a by The expectation that, as the government
had bought only $3S5, 600 bonds to-day, the sale
gold Tomorrow would limited TO the same pro-
portion OF the milton An INCLINATION TO sceptcism
on this latter point eventually led TO reaction TO
1925. The course oil the marke. shown IN the