The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-08-03
FINANCIAL And COMMERCIAL.
WALL STRRBT.
WEDNESDAY. August &c P. N. !

WEDNESDAY. August PC p MI
The FEATURE
OF the Wall street market to-day was the light oner-
ing at the Treasury We noticed yesterday that
large short interest existed in governments, espe-
ciay in hvetwenties. This Is further shown by the
small amount OF bonds offered TO the Secretary.
The aggregate OF these offerings $l,oo0coo, with
fraction over, the accepted amount being Slo26oo
This latter figure represents the Offering at
PAR IN GOLD
and under, and In view OF this immediate stoppage
OF Mr.. Boutwell's buying policy there has been
much interest the street to know what his future
action would be. The popular opinion runs into the
idea that the Secretary OF the treasury has the pow
er at the present time to cancel the interest the
fve-twenty bonds whose five years option has ex-
PRED. This Is a mistake. Taking the law as 1t &C.
tuay stands the best Interpretation Is that the Sec
Rotary authorized to exchange dollar for dollar Of
the present six per cent against the new five per
cent loan.
authorize him TO stop the interest on the hvewen-
ties except that for every five per cent bond Is
sue he can withdraw O six per cent bond.
GOVERNMENTS STRONG.
The government list to-day was firm, being stimu-
lated to higher both by the light offerings Of
the Su5-Ireasury ana stronger disposition IN the
London market. We notice the same f1rmness for
currency sixes largely In advance Of the gold bonds
Tho length OF time which this latter bond has to run
of course explains this discrepancy.
IN SOUTHERN SECURITIES
we notice general Oulness. South Carolina bonds
however, appear have recovered from the bearish
influence OF the supposed new ISSUE
Georgia bonds, Notwithstanding the recent ru-
mors are firm. Private advlces from Wash.
ington state that the evidence before the
Senate Investigating Committee shows that the
taxable property OF the commonwealth Is
1928 529 being an increase or $22, 100000 over
the previous year. The tax rate ts only four
tenths OF one per cent The debt OF the State on
the first OF January last was $6544,5oo the revenue
receipts from oil sources was 81, $780, 1885, the maxi
mum Of railroad guarantees Is $7,645,sOo. This cor.
Yoborates the statement we previously published
from Governor Bullock's message.
GOLD 1l2 1121.
The gold market to-day resumed its dull condi.
ton. Sales were made at 1l2A, but these
were exceptional, and in the afternoon
112H was fair price for gold. The
loaning rate exhibited similar demand
for cash gold noticed yesterday, and ranged from
nat 10 three per cent for borrowing. In one case
Lea of per cent per day was paid for immediate
delivery. The condition OF the gold market at the
present time is interesting. There is evidently q
largo short interest," without any bulish sentiment
Whatever.
STOCKS HIGHER.
The stock market exhibits a further purpose on
the part OF the bull cgues 10 advance prices; and In
the general result of operations today they have so
far succeeded as to put stocks up quarter to one
per cent. We have already drawn attention to the
fact that all the leading stocks in the hands OF
the cliquea 1t Is their interest to bull the list in
order TO make o market.
The following were the highest and lowest prices