The New York herald., 1865-07-21

than during the previous part OF the week and the
prehen IONS OF stringent money market gave place to
more confident feeling Erie closed x higher than Mt
the second board yesterday Reading M Michigan South
ern y, Cleveland and Pittsbure ~, Northwestern =,
Rock Island l4 Fort Wayne izs, Ohio and Mississippi
cer,iacates ~ Quicksilver lh Government securities
were duh but STEADY excepting coupon skies of 1881
which were q lower.
AZ the orcn board at half-pas. the market
buoyant, Illinois Central excepted and the advance
equal TO a l2s per cent Al the second regular
board the speculative feeling tame but the improve
ment maintained Erie closed higher than the
first board Reading * Michigan Southern ~ Cleveland
and Pitlsbarg n, Northwestern 81, Rock Island 1a
Fort Wagnc l. Cumberland Quicksilver Il, Ohio and
Mississippi certificates p. Government securities were
neglected. Coupon hvetwenties of the new issue de-
oned " AT the open board at half past three the
market was steady, but without much activity New
York Central sold the call 94s, Erie s2tS Reading
10i Michigan Southern 635S. Rock Island 1917, Glove
land aud Ptsburg 665S, Illinois Central 49, North
western 21il Cumberland 4l5s
The money market has been easier today, although
the general for call loans six cent with occa-
siona transactions at miscellaneous coatcrals
In the dcagnt line there little frmness. and
good commercial paper is taken at 4 per cent
The gold lnarl.ct has been barely steady in conse-
quencc Of avy by the bears under the belief that
Tue saios Oh goa are"iy 'naee " '''e 49,, a,.a.,
continued Il Is reported that the former sold about
throe millions during yesterday and o-day IL Is also
alleged by The bulls profess to have correct infor
ma''"h' 'ia- ''e s',". ~ -. =. - :,
p"hu'en '"p'S''lN "o' ~, IN,
settle a 60 ton Transaction, and that the sales Will
not be repeated. Our information however, is 10
the effect hat they will be repeated, but TO limited
extent II price of gold for instance should rise to
l44 higher tAe Treasury would prott by the cppoTtu-
i, ana e million or so yts object In so dom is TO
80 - : - ..,, MI, ...o,, - ,,,,,o..-. c,ro
turn It's surplus Sou in'o outieu'y io' 'e'Po"iy e
nience l. ns no deslre 10 pfea- io"h tue nafhc' ou'
on 'oe CO" FS-i y ANXIOUS 10 avo'o u ana"'cr' 'a' o
panic whirh "ouo DC hNeN 70 ionowi o"'
desroas o. perenng any consiaerapc rise peyoho 'he
present point HOW lT its sa:es OF 8o'a wiz "ne0 ''o
premiuln r'Ta!ils to be seen anu me"'iwhiie opohs
are divided npon the subject the secretary Oh '"e
Treasury has by law no right under existing CIR UNI
stances, to sell his surplus com; or thc feso'oh VI
Congress authorizing nm TO DO 80 was 10 the eheo o'
in thc eYen' That the oolga'on 10 create 'ie Sn"'ns
FUND according 20 the act OF feDf"ai! % ioo-' S' o
be impaired thereby" As the SINKING iuhd n''s no'
been created the authority TO sen any portion oi Tue
gold in the Treasury does not exist. Inc fesou''on
approved March, 1904, reads thus:-
Resolved ia.t inc oocrc'ay .. VI aie 80, M ~ ~
hi, d ' " .r ~ not cycce,i ng o,c year ir,,u time
to tin either wn or without bate of interest upon
.t..N
of ,hs imi, sstes not necessary for the payment OF
int rest VI the public debt poscl thai the obligation
70 create "a sinking iund accoedhs % 70 .ne Ac' VI
~ -, =. ,.-,. :, ..,,. 49,,
.u,, ... -, - -. I, T., o;, -. e., s.o,,rd
notes an1 ~. ,e,in GO maid sha be set a,a as special
fund and Shall applied as ioilows:-
,l Istio ~ pa. , ',',, a, ~ ' " ' "'' = " '
"'.' ~ ,....,.o,,, ,r ~, nor rort
Of ,c III. -, lie Inifi Sal,,, within ca IN fiscal
& y, s.e IN, vas', ~ ~ -, - ~, ~ IN Nv ise., ~
yer W. a,es t.'' i's ~ 'uy, 81 50. ; ,, rr.,,,, of .
Unl,ct ST..
The sccona c.aas, may be 80 construed By the ccsc-
t,rv Of tie Trea,ury AZ to admit OF his selling
po,d To r,rns.. carrracy for meeting cnrrcnt
obiua.long, u,t this was obviously not the iu-
tn,ou OF .he act and although il may be CON
sderod eypcdea; nov to tru some the Treasury gold
into ,lc boudholdcrs VII have good reason 10
compu II eyer the Trasary should default in The pay.
man, of i,a ,,oi, int,.os,
'heH' Vi i' va" 'A'
Gold was lent ut l-32 l'l6 per cent per day
during ths io enoon bu: afterwards il loaned fiat
The rrac pol decline OF five wentics abroad on the
ino '''' ~ " nv ~ =,
Sth inst 10 IL ia vas 'hsu'hceh' eoue'so' "'e
effect n the bear in the market and the price,
a''or oponh' ." A41a' "'o"'Vu ' W - ""s
quenily recovered :" the opening pfee o 's 'ho'hhs'
a, which !; closaJ
r-u, ,,. ,os ,,ocr s,,,, nm, ar, Bankers,
~ -, - -, ',,. 80, an,
bills Ut Ay Jays were quoco " iVo ou 'hc sr'e' an"
109 a 1925 VA the rate asked 10y eadins drawers
Their, was aaD.hcr government c''to" s"ie t'-cay'
yiyc thousl bales were sposed OF from ~ &c for
,,,, 81. .. oa,>, far or.,,,,,r Tn. host cua,;i. of
"'o'"S -" " 80 "
Sea Island brought SIC oo%c ayaoic n boiu On .io
basis or a premium of aOit
r, .,..,,., ., tho srh r-easpry IN a,v was ne fol-
i"e oN'" " W"
lows
Rocep;s FOR g s,ons Observation-Disclosures. S3Sacoo
Total recep..I.. 5,stoISO
payments asa loo
5aa'sV S,r 49, :, :. - a. ;, arnn,.n; Loan IG, 600
The D.lav,ro and raritan run,l and the Camden and
-, ,....,..,,,a- h.r, ,o,,.rod i, d,,se,d ~
>' -, -, -, T.. ,,.,,.,.,
five per cont fr3e OF tax payable July 3l IN fniihuei