The Press.
London, England, 1854-10-07 00:00:00

gontg glathrt anb Citg Inttifirm.

FRIDAY EVENING.
THE Stock Exchange has been agitated throughout
the week by victories and the rumours of victory.
Nevertheless, the fluctuations of price have been
circumscribed within a narrow range, showing a
singular difference from the last eras of war and
Extraordinary Gazettes, when stocks danced up and
down four or five per cent. upon the publication of
every war bulletin announcing success or discom-
fiture. Now the utmost variations in the quotations
are barely a half per cent., and even these are not
sustained. It is also worthy of notice that the dis-
appointment of over-sanguine hopes caused by the
formal contradiction of the reported capture of
Sebastopol occasioned a greater decline of prices
than the first news of the alleged exploit did a rise,
so that, when time last despatch of Lord Eedcliffe
transpired yesterday afternoon, the quotations sunk
to a lower point than they reached even before the
victory upon the Alma became known upon 'Change.
For several weeks past the price of Consols has
adhered with singular constancy to one mean, which
may be placed at about 951. On each side of this
average the quotations have vibrated according to
the expansion or pressure arising from momentary
causes, but were departing from it by more than or I
at the utmost, and always reverting to their equili-
brium when the passing influence had ceased to
operate. Amid the most exciting hopes or appre•
hensionF. of the current week, this remarkable stabi•
lity of the Consol Market has been maintained un-
shaken. Saturday's closing prices were dull at 95
to for transfer, and 951 1 for account on the 17th
inst. On Monday, with a certain success on the

955

Alma, and a credited surrender of Sebastopol, the
quotations rose in the first moments of enthusiasm
only to 951 f, and settled down afterwards at tfsl for
money, and 95f for account. As might be expected,
while stirring events were in the wind, the market
displayed unwonted activity, and transa2tions were
more extensive than for this long time past. On
Tuesday the market became more quiet, and deal-
ings fewer. Prices also grew flatter, exhibiting their
natural tendency towards the mean, while specula-
tion remained in suspense, waiting for official con-
firmation of the report that Sebastopol bad been
taken. Before the close on that day the quotations
had sunk to 95f During Wednesday the same
doubts and reserve predominated. Some commer-
cial disasters of rather extensive character were also
reported from Liverpool, and the prices of all secu-
rities underwent a marked depreciation. Consols
touched 95f
.at one moment, but ruled throughout
the day at 95/ j, and closed flat at that quotation.
For account the prices were I to I higher.
Yesterday's market was unsettled and drooping.
The Times' presumptuous announcement of definite
intelligence respecting the fall of Sebastopol did not
overcome the doubts expressed by other authorities,
and was supported by far more feasible arguments.
Late in the day the truth transpired upon the arrival
of the Government Gazette Extraordinary, when the
downward tendency of the market received an addi•
tional impetus, and prices fell to a lower point than
they had reached for many days past, closing at 941
95. For account the quotations were 05 to e ; the
removal of uncertainty and some easiness in the
Money Market having diminished the difference
which had previously ruled between the prices for
money and account in Consols.
To-day the market has been steadier and firmer.
I The dealers have begun to discover that, even if Se-
bastopol is not taken, the allied forces on the whole
are doing well in the Crimea, and that the event
which they believed to have occurred is only post-
poned. Prices have accordingly risen once more al.
most to the " mean," and left off at 051 for money,
and 95/ for account.
Wednesday, being the 4th of the month, and end
of the commercial quarter, was awaited with much
anxiety in trading circles. An immense mass of
bills fell due on that day, while the state of trade
during the three previous months had been notably
turbid. On the whole the day passed over favour-
ably. More bills than was customary or pleasant
were " noted," but no failures occurred among Lon-
don firms. One house of very extensive business
in Liverpool as merchants and shipowners, that of
Oliver and Co., had their bills returned, and an
inquiry into their position was subsequently instituted
by the creditors. It was found that the liabilities
exceeded 700,0001. On the other side, the assets,
chiefly ships, were estimated at nearly a million,
while some very lucrative Government contracts were
still in course of completion. The result has
been that aid was afforded and claims adjourned,
so as to avert an actual stoppage.
FOREIGN FUNDS. .

The market for foreign stocks has been inactive.
Turkish New Loan improved in consequence
of the better aspect of affairs in the Crimea,
marking 3e on Wednesday, but declining per cent.
when the less favourable news of yesterday afternoon
came to hand. To-day prices were 2f 3. Russian
stock has fallen considerably. The Fives were US
to 100 on Monday, and have been done to-day 9
97. In other stocks there are no variations of im-
portance.

RAILWAY SHARES.
The Railway Share Market has been firm on the
whole, though reflecting from day to day the fluctua-
tions in Consols. This afternoon the quotations were
heavy, and a decline of ss. to 10s. per share was
marked in many description*.
An Irish Land Tontine is proposed for certain
estates in that country, valued at 1t40,000/., and yield-
ing a rental of 7,5001., which is expected to increase.
It is to consist of 1,800 shares of 1001. each, and the
interests of the holders are to depend upon any lives
they may respectively nominate (either their own or
others), the persons so nominated not being less than
seventy years of age. When only twenty lives re
main, the estates are to be sold and the proceeds
divided among the shareholders represented by them,
or the distribution may be made at. any earlier period
if required by four-fifths of the persons interested.
A sum not exceeding 1,2001. per annum is to be ri
served for management, and the net rental is to be
invested in Consols, or such other securities as may
be agreed upon, and to be distributed in 1800 and
11465 and after that annually, until the final disposal
of the property. Besides its value as a commercial
enterprise, this project is of importance, as proving
the interest taken by English capitalists in the acqui-
sition of property in Ireland. The returns of the En-
cumbered Estates Court, and the advance in the
prices of land sold during the period of its opera-
tions, exhibit a marvellons increase in public con.
Hence, and of the wealth realised by the purchasers
whom timidity or prejudice did not hinder from
making investments in Irish landed properties.

Per Cent.
Belgian 4}
Ditto 2*
Brazilian 5
Do. New 4l/
Buenos Ayres 6
Chilian 3
Danish 6
Ditto 3
Dtch. (Ex 12 Otul )24
Ditto 4
French 8
Do. 4ll
Do. Bank Stock
Granada Deferred 'Et
liesiean 3
Do. Account ..3
Peruvian 4*
Peruvian Scrip ....
Portuguese 4
Ruscian 5
Ditto 4e
Sardinian to
Spanish 9
Do. New Deferred 3
Do. Pass. Convert.
Turkish Scrip A00t.6