New-York tribune., 1868-08-05
TrEsnAY. Aug. l-P. NJ.

Gold Opened ut l4js, sold mt liGs, 49,! l46l Jag,
closing 146!. The clearings at the Gold Exchange
Bank were S6j PA 600, and the balances sl2234 40
Government bonds opened with an improved tone
with an advance of Ia! per cent. The investment
demand which has been delayed by the various bills
introduced in Congress TO tax the interest and fund
the bonds at low interest has again become the
feature of the market and large purchases are being
made by parties who have delayed investing since
the 1st of July The lnew G5s 67s, and Gss were all
issued under the act of March 3, 1865 which left it
optional with the Secretary of tie Treasury to issue
Currency Notes at 1910 interest, payable, principal
and interest in currency to issue Gold bonds pay
able principal and interest in coin. at not over per
cent 1t was left optional with the Secretary to issue
either class he chose and his decision TO the pay
ment and rate of interest TO decide the question
as to the bonds, without any additional act OF
Congress. As this was the plain meaning OF
the law it would appear that they are
as much gold bonds as the 1O4Os and it viii be hard
work TO convince the common people who took the
oan under these stpuatons that the act means any
thing else, as Mr.. McCuloch has always said his cur
Iency interest bonds issued under the act were paya
blc principal and interest in currency and the gold
interest bonds TO be payable in coin The act under
winch these bonds were issued reads as follows
The principal and interest both may be made payable
In coin other lawful money Provided that the ldte
4 interest on any such bonds treasury notes when
payable in shall not exceed per cent per auuun
snd when not payable IN coin shall not exceed $40 per
cent per auBuIn.
The chief interest in the market has been the adj
vance of lO4Os to 1C9l This is entirely speculative
price for this per cent bond that natures IN SIX
years and holders will make good turn by selling
them at this price, and taking '6Ss which have five
Years TO run with SIX per cent gold interest The
.hanpe is paying one TO all investment holders.
state bonds were irregular. Tennessee ex coupons
old at GS. Gi new bonds, G2.d63 North Carolina
x-coupons Cgi; North Carolinanew pcrcents' O. a
tq Missouri declined one per cent, selling at '@.'
Reading bonds continue 10 be spannely offered.
The subscription 10 Missouri Pacific at 9i continues
active Central Pacifcs IN demand at JOS.
Express shares continue dull. Wells Fargo was
in request at 26l Railway shares opened
in panic IN Erie, which declined to 56,, fall Of IL
per cent from the opening price of yesterday. AT
he decline large line of weak opcrators were closed
out and the stock rallied 10 COZ, but immediately icl
off again. closing weak and unsettled at 81. New
York Central sold at l20.; Reading, eil; Michigan
Southern, SO; North-Westem shares. Sli; Rock
Island, llOl; St. Paul preferred, So; Fort wayne
1909. The break in Erie was used by the bears 10
hammer the market and cover their shorts in other
stocks and with the exception Of Erie the market
rallied sharply and stocks were sparingly offered.
Rock Island maintained great hrmness throughout
the day The books of the Company viii be returned
10 this city next week preparatory to paying the
dividend which will now be PAID mere
instead of Chicago previously announced
AZ the one o'clock Board the market was weak on
Erie Michigan Southern, and Reading, and firm on
the rest of the list At the Second Board, Iennes-
sees were strong at Is for eXcoupons and O3 iorneW
Ionds North Carolina eX-coupons sold at Vl Chi-
caao Rock Island, and Pacific IS were III de-
mand at q42 Atlantic Mail sold at IS, de
cline Of u per cent from last transactions. Rail
way shares were irregular; Reading under large
sales by parties holding Erie, declined to 9i Cleve
land and Pittsburgh strong; Northwestern
shares and Fort Wayne steady; Rock Island strong
and in request at llll0lllI. Government bonds