The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-01-13


"Rumors have been atloat in Wall street for
some days past that the Secretary of the Trea-
sury was about to issue and sell an additional
amount OF gold bearing bonds, under the act o (
March 8, 1865, under which he still claims the
right to issue bonds in lieu OF 730 Treasury
notes which have purchased and redeemed on
Monday this rumor assumed the form of q de-.
finite and positive assertion that a certain Gov.
eminent banking-house, known as the medium
through which the secret sales of the Secretary
have recently been conducted, would receive
from the Department between now and
Fsssua'y s6s ss5 TSese rumors ns ang
assertions exert more n fiuence than they or.
wise would, from the fact that certain operators
in Government bonds, who have generally been
credited with more knowledge OF Treasury
secrets than other people possessed, nave been
large sellers and active bears In the bond mar
ktt, in the face of the immense investment oe-
mand, the growing ease ease IN money; ana other
characterized the first ten or twelve days OF the
opening year. We do not believe that there Is
any foundation for the rumor of the expected
sales beyond The explanation OF Mr. Van d ok
that there are some remnants OF the different
amount ny 10 $500 OCO or 5000 co., which it may
be Ceened advisable 10 sell to I'LL ap consecu-
that Mr.. McCulloch viii do so foolish a thing as
tosell any more six per cent. gold bonds In face
of his own declaration in his annual report
that he did not design to do so. while the great
burden of our financial talk is the large amount
OF gold interest TO which our de0t II subject,
cuse for selling anything in the present oondi-
tion of the Treasury. The misfortune Is that
such TuIlOrS are rendered possible ana credible
al all by the existence of any authority on the
part of the Secretary to sell gold bonds in any
event. They are constantly being made use
of to'depress the Government credit, to alarm
the money market, TO help the Shy locks. aud to
bring reproach upon the Treasury manage.
ment. They would be effectuslly and perma-
nenily sileDoed by prompt resolution or Con-
gress declaring all existing gold loans positively
closed and all authority 10 issue gold bonds
under existing acts ierninated There is mo-
necessity for continuing any such authority for
a day longer, as any temporary wants or the
Oh <NNrNh mn hn &0Ivv
and abundaptly supplied at any time by mean
of temporary currency loans. and there Is not
six per cent gold bond. Mr.. McCulloch him
self could hardly object to such action on the
part OF Congress, as IL would relieve , MIN from
the modification of having his name used an d
his administration of the Treasury periodically
covered with odium, In the interest OF unprln-
cipled spectators and manipulators OF the
maj Rets."
From the Times.
THE rates for money to the brokers. which
suddenly advanced at the close OF business yes
tel day 10 the equivalent OF 10 per cent that Is.
2 per cent. In goidl, opened on the same terms
urgent, there was considerable business done
before the close OF bank hours at simple cur.
rency interest. This was probably Induced by
the fact that money was abundant enough, il
not otoverabundant. at the n igher (on gold) rate
early in the day The brokers in the public
funds were generally accommodated ct per
ssnt G5ene the brokers In the railways
A.
lent OF 7a8 per cent. currency. Altogether
the N oney MAJ ket cannot be called q very com,
forts BILE one for bor OVERS except at extra rates
OF interest. Why this is 30 admits of O variety
OF explanations, such as the reduced green back
basis at bank as compared with this time last
year; the much higher prices for stocks, espe-
ctally the railways; the wants of the Pacific
Railroads for temporary accommodation In ad.
vance Of the regular sales of their own mort.
cages. and the local speculation, for New York
and Southern account, In cotton. The singu
lar feature of the market Is that while
money commands extra rates of interest,
nearly all departments of the Stock
Exchange 0ncluding coIton) are stubborniy
sustained Little or no impression was made
upon the Gold Room TO day. Tne puo,ic funds
opened with some signs OF wea akne ess but closed
d m 1.-The railways we're better than at the close
of business on Monday; the Southern state
bonds were well supported; and the Foreign
Exchanges disposed 10 firmness, though the
cash sales OF bills on the street for cash We're
reported Is@M per cent. below the highest ask.
ing rates at tne counters OF the leading bankers
Il range OF first class sixty days eXchanpe
on London was l09N@lC9M per cent"