The Express.
London, England, 1853-10-27 00:00:00

several large operators for the fall eviuccd much
eagerness to buy back, and the dealers at once
put prices higher, the advance being further assisted
by some considerable and influential purchases, based
upon advices from St. Petersburg,—which were inter-
preted as more favourabi?, and as indicating a pacific
disposition on the part of the Czar. At one time the
rise was equal to fully per cent. since yesterday.
This marked advance, however, led to a supply of
stock, and to renewed spcaulative sales, and, after a
sudden fall of per cent., the market slightly ral-
lied, and finally closed about per cent. higher than
yesterday. No definite political intelligence of a
nature to account fur the rise was published to-day,
and altogether it would appear that the explanation
of the present phase of the market rests in itself, and
in that oversold position, to which we have repeatedly
drawn attention of late. The continued steady ab-
sorption of stock by the public has caused uneasiness

among operators for a fall, and has induced consider-
able purchases to cover speculative sales. We
have already adverted to the extensive loans
of stock latterly obtained from the Bank
of England, and from other banking sources,
to meet the demand for stock on the part of
the public. In well-informed quarters it is computed
that several millions sterling of stock have already
been borrowed to adjust past transactions of this
nature. Under these circuuu.tances the Consol mar-
ket is very susceptible to any further absorption of
stock. The less stringent appearance of the money
market is also in favour of the funds, although few
people appear confident that money has reached its
highest value. As regards the Bank of England,
reports are circulated that its position has been im-
proved by farther sales of Exchequer Bills, whether
conducted publicly or privately, and that the "reserve"
of that establishment will thus be increased. The cha-
racter of the intelligence from the East of Europe
is still very unfavourable, but it seems for the moment
to produce little effect, owing to the hope that even
actual hostilities will be attended by fresh negotia-
tions. It should be mentioned, however, that many
parties, looking to the threatening aspect of politics,
to the tendency of the money market, and to the
acknowledged serious deficiency in the harvest,
do not hesitate to look for a lurther decline in the
stock markets during the coming winter. The
Paris Bouree to-day was reported as rather better.
Consols opened 92 to -, gradually improved to
92: to thence to 921 to declined suddenly to
921, and were last officially quoted 924 to 1, both for
money and the 10th Nov. At 4 o'clock the quota-
tion was 921 to 1, but the foal tone of the market
was rather heavy, owing to the return of rain, and'
the last price we heard was 921 to 1. The official
business report includes :—Three per Cent. Consols,
for money, 921, 92, 921, 1,1, .1, ; ditto, for ac-
count, 10th Nov., 921, 92, 92,, .i, I 1 Three per
Cent. Reduced, 911, 1,1, a, a, t„. Three-and -a-
Quarter per Cents., 931,1, 1,1,/. South Sea Old
Annuities, 99. Bank Stock, 212. Long Annuities,
1860, 5 3-16, 5 5.16; ditto, 30 years, 1839, 5 1-16, 5.
Notice was to-day issued from the India House,
that the rate of interest on India Bonds will be
raised from 21 to 3; per cent. per annum from and
after this day. The effect produced on the price of
the bonds by this announcement was not material.
The closing quotation was par to 10s. prem., or about
ss. better than that of yesterday. Exchequer Bills
were again offered, and sales were made at Is. dis.
The closing onotation was Is. dis. to 3s. prem.
In the foreign stock market the transactions were
the reverse of extensive, and prices were generally
well supported, without any change of import-
ance. At 4 o'clock Mexican Bonds were quoted
24„ toil. Spanish Deferred, 211 to 1; the Certifs.,
41 to 31 per cent. Peruvian Four-and-a-Half per
Cents., 70 to 71 ; ditto Three per Cents., 49 to 5L
Granada Active, 191 to 201; ditto Deferrd, 71 to 1.
Russian Five per Cents., 111 to 113; ditto Four-
and-a-Half per Cents., 96 to 98. Sales are thus
recorded in the official list :—Buenos Ayres Six per
Cents., 56. Chilian Six per Cents., 991. Danish
Five per Cents., 103. Dutch Two-and-a-Half per
Cents., 621; ditto Four per Cent. Certificates, 93,
93, 931. Mexican Three per Cents., 25, 241.
Peruvian Three par Cents., 491. Portuguese Four
per Cents., 40, 41. Russian Five per Cents., 1121,
112, 1121 • ditto Four-and-a-Half per Cents., 961;
ditto Small Bonds, 97. Spanish Old Three per
Ceuta., 441 45 ; ditto New Deferred Three per Ceuta,
211, 1; the Committee's Certifs., 5 per cent. Vene-
zuela Three-and-a-Half per Cents., for account, 301.
Money continues easy. Gee short-dated paper
has been discounted "out of doors" at 41 to 41 per
cent. Long-dated bills, however, are still regarded
with much disfavour.
As we anticipated, large amounts of specie are
still coming forward to this country from the United
States. The Baltic was to-day reported by telegraph
as having nearly a million of dollars on board, or
about 200,000 f. ; and further large remittances are
expected by future packets. Attention may be use-
fully directed to the very, unfavourable position of
the money market of the United States, as reported
by this steamer. Several failures are already re-
ported on that side, and, with discount accommoda-
tion unobtainable in most cases under at least 12 per
cent., there is great fear of the pressure leading to
further casualties. Tree shipments of gold to this
side naturally assist in aggravating the tight-
ness of that market. A serious fall in railway
and other stocks is reported, owing in part
to sales on European account, the proceeds of which
tend to increase the demand for the medium of re-
mittance. The decline in the Federal stocks, how-
ever, seems to be comparatively slight, owing to the
course at present pursued by the United States
Treasury. At the same period when so much mone-
tary pressure is being generally experienced, the
balance of gold standing at the credit of the govern-
ment in the various state depositaries is about six
millions sterling, and the Treasury, with a view to
employing this large sum, has publicly announced its
intention of redeeming seven millions of dollars worth
of stock at a premium. As a considerable propor-
tion of this stock is probably held in Europe, this mea-
sure of the Treasury, should the stockholders ie.
cede to the terms offered, would further stimu-
late the efflux of gold from the United States; and
it would thus appear that the policy of the Treasury
is viewed in many quarters with grave reprehension.
With the continuance of the demand for grain for
shipment to Europe, it is worthy of remark that the
rates of freight have again risen, and that this move-
meat of itself tends to check the shipments of
breadstuffs to this side. It is very evident that the
enormous rates of freight current in most parts of
the world will have an important influence in main-
taining the price of bread during the coming winter.
This was "making up" day. in the railway mar-
ket. Stock is still scarce and in demand for the set-
tlement, but the pressure seems to have been less
than at the last two settlements, and the rates of
" backwardation" (or premium realisable by holders
of stock for the temporary loan of it) have been
generally lower, becoming gradually easier as the
day advanced. This change, however, chiefly re-
sults from the fact that stock has been extensively
borrowed of late, as in the Consol marke to supply
the investments of the public. The stock held by