, 1877-06-21
srtsdsturs Weak EARLY, bat Pirner After.
Wlrds..-A Fair Outward Aorement
Of Corn.
FINANCIAL.

July will have peteeptIblc effect in limiting
the amount that will be taken. The 1et Of July IL
tho date to which Interest s calculated On deposits
By all the savings banks IN tho country and on
that day deposits can be Withdrawn without losing
any accrued intercst The Now York eayings
banks arc now limited by Law to per cent iutcs.
est on deposits, and tho samc limitation has been
stf'lmpused by largo number Of savings banks
In this State and In othos. As ali these deposits arc
subject to taxation at the rate Of moro per cent
AyeAs It 10 evidont that considcr rabie share OF the
permanent savings. banks dcpoats would BE- likely
10 b withdrawn and Invested In 50 good sccuri.y
~ thtsty.yeas per cent coin bond Of the
United States. But 10 do 50, the action Of tho
Syndicate makes Il necessary 70 lose half or quarter
Of a years interest, aad great many persons will
be unable 10 make up hsr minds 10 DO this.
TnH " POPULAR LOAN" IN 1906.
Thirty days. Of which twenty remain. have been
given tho people in which to snbscrbe to tho 1 per
cent. The 7-30 loan, the only ono over eucccss.
fully presented In the United States to the public
whsopcn from August, 1854, TIL May, 1906. The
rate Of Interest then not actually much higher
thau 4 per cent ~ now. But the bonds
were taken for rlx months At tic rate
Of million dollars day. After tho Secretary os
tho Treamry hsl disposed Of s1ao. Voo 900 he
placed the management Of tho loan IN tho hands Of
Jay Cooke 4 ca. This nrm placed s7o0. GOO, ooo
al tho rate Of s. 0o0.0 QUO q day for tho whole
period It wue under thcsr CONTROL On the last
week the subscriptions averaged $40, 0o0 600 dsY
The policy Secretary Sherman il patsutng has a.
ready remuvet my possibility that lila altuinl+trn.
t!on Of The Tfca.ury will bo rendered rc.uarkable
by any similar brilliant annnc1a, achievement
TllE LONDON CLEARINGHOUSE.
The returns Of tllc London Clearing. House for
scvcrsl years past, which published shurt sno
ngo exhibit moro than mere decline In BUSINESS.
The vcfy-dny busiEens Ut the Clearing iIousr,
rejecting general traac, hrs accfrascd hcnstly,
but the greatest falling on Is noticed In tho opcrn-
ttons Of the Stuck Exchange sn,tltny days. TllEa
proves that the Grc.te.t diTinntton of ynlucs and
Of transactions haa b.cn on the STOCK Exchange
that Il to say, In speculation The Clearing. House
return. for May amount to 81 MI, Adj ono, AGAINST
ST. s0 Ji, ooo IN stAy Of last year, decrease Of
about 80, 0Oo. 600.
4 FhEScIl DECISION on "orr,oNs."
Tho toarl Ut Appeal VI Paris has Fcccntly do.
l!vcrrd an oNinlon On tho legality Of '.opt!ons"
In tsnnsactlois On the Ioulso. Tho Court laid
down two principles:
''Thv sale ut option for tho account OF securlsy
negotiable on the l'oursc does not necessarily i'm
yly that It Ism gambling Transaction, Or tbat tho
to cancel II On noaBstonins tho urfes forms con.
d!ll1n Of naturo to vtiute the convention; 1t il
intention Of the pastIes. md to declare null ana
ySa tne M c%nt'e ,S tos opton whrn not to b 'o
so ai To- ss see3 o tpS ny ts usyemt "
dlIerrnsc and 10 ieciats It yat!d il eonciaIea by
the parties, or by un1y, With tho ecfious
intention 10 carry it ont"
ooLD IN TIE TREASURY.
Tho sos. LII. oe:1 ~ gold I'll tho Treasury, ac-
eotdn2 to the last tcht statement, ts not, u sns
been mistakenly AsscELcli. available Tor tho pur.
poses OF FraatnptIon. There 10 owed Of II 4ii,.
4O7, 600 on coin css,.jcatcn; sli 200 munt hs
held 10 pay bonds that have Lecn ca1iod and may
be presented at my moment; 81, 1U0, lit. o. IL
due Al Interest NOT yet called for. TIE "accrucd
Interest, not yet due. amounts n $!D 7sO DlO ST.
suhttactiax these iscms leaves but $40, ~. 2s 10
that the Treasury can call its own. II t,e accrued
iptettst IL regarded an amply ptuyi1rd for Nv tho
futuru receipts Of gold tue balance VI gold nynit.
aolc for thc purposes VI tho Treasury wou1L DO
sl0, I'D. i7O.ui.
CAscEl,lNo fkoAL-TyynErs.
The I1o.tou Commercial bulletin u,euca ,oair,t
tho power Of SECRETARY hhurn,an IN ect,ro ,sr...
backs for resumption pur,o,es, IL uuo,ot lin
law Of kch T. l6tyH which trada ~ fo,,or,.
"Ths authority of III, Secretary Of thc Tern.urv
10 make any fclu..,,u of thu currency nv ,.Irjnn
or canec.ing Cui,ua hiate. potct eha,l la anI i
hcEuby suspended " Tho suhsuuucnt autho,t,, ,ttcr
20 cancel 3r,enbachs To tbe oxtrn, NJ M mr. r.r,
af our National .nnk CURRENCY i, on,trvca o r,o.
lily tho law or lps, only 10 far A. II tocs w Is, ~.
pEcss to.u., and ts nut hu,J ,u rrvtvc M. .,,,..
II 1t cyvr existed, TO CANCEL lopni.trnso.. ,,J.n
nltely.
uounLn 1SrruEsr ron THE svx,,c,-,
,u ."u "oAp.a 'h'er''t tha Syndicate received nm.
aer t'o9twell Wl1llu thu called bunda we.e being
exchanged for tho new onrs IN not allowed under
their presc1lt contract rh. GenLtrnt, 7. ,i.,
:, ~. ,, :, . " ~ .'a'1"'e - to9aNeA
pu' ."' 'f""e'nfaeht par ana accrucd Inssrcst,
o1aat ~ IT pays interest on tho rsr cents until
'or thsu cease to draw Interest,"