The Express.
London, England, 1867-10-14 00:00:00

'l7 63 to 73
„ Do. wake, 131 to
„ 'O7
Natio& and bwin C 5 to 75
HALF-PAM THREE O'CLOCK. I ma •

Public securities remain flat, owing to a fresh
rise in the corn market, and a further withdrawal
of 41,0001. in gold from the Bank for exportation.
Consols are quoted 94} to for money, and 941
for the account.

At Paris this morning the Three per Cent.
Rentes opened at GBfr. 37c. for the account, shot..
ing no change.

The market seems at the moment to be await-
ing some decided impulse, pending which the
speculators do not see their way to enter into trans-
actions of magnitude. The market will probably
continue in a dull state until something decisive
transpires with regard to the course of affairs in
Italy. Meanwhile, a check is given to any ten-
dency to improvement by the withdrawals of gold
from the Bank, and by some occasional sales for
account of the public, more especially as the pur
chases which were made some months
ago by bankers, over-supplied with money,
have not been resumed. At the same
time it must be borne in mind that the
price of Consols for the November settlement in-
cludes four months accrued dividend, which is
equal to 1 per cent., and that this consideration
will exercise a more distinct influence upon the
market two or three weeks hence.
The failure is announced of Messrs. Theodore
and John Rani, a respectable mercantile house, of
London, with branches at Liverpool, New York,
and New Orleans. Their liabilities reach about
150,00(11., and an unfavourable liquidation is ex-
pected. Annexed is a copy of the circular which
has been sent to the creditors:

We are under the painful necessity of informing you
that we find ourselves compelled to suspend our payments.
This necessity ham partly arisen from the great deprecia-
tion which has recently taken place in the price of cotton,
in the purchase and sale of which we were largely en-
gaged ; but more particularly from • heavy loss we have
sustained through advances by onr Ncw York house to a
house at New York, which has failed. Our establishments
at New York, New Orleans, and Liverpool being all iden-
tical with our London firm, the whole will be adniicistered
together. We have placed our books in the hands of
Messrs. Quilter, Ball, and Co., by whom a statement of
our affairs will be prepared andsubmitted without delay.—
We remain, lee., Tit CoLIORE AND JOlllf
11, Finsbury-circus, E.C., London, Oct. 12.
• • • •

At the present period of inaction in the railway
market it may be interesting to call attention to
the effect which has been produced upon the value
of this class of property by the experience of the
last eighteen months. It has been a period of
dulness of trade and complete prostration of finan-
cial enterprise, while, as regards the railway
interest, it has been specially disastrous, being
marked by the financial collapse of the London,
Chatham, and Dover, Brighton, and Great Eastern
Companies. It cannot be denied that railway
traffic has been wonderfully well maintained, con-
sidering the state of trade, and the economies
which have been forced upon a vast number of
families, and, in so far as the mere receipts
of our railways are concerned, there does not seem
to bo any adequate justification for the depreciation
which has taken place. It is to distrust on the
part of the public, therefore, that the fall in price
must be chiefly attributed, and it is precisely for
this reason that discrimination on the part of in-
vestors is essential. It will be conceded that a
good line—one well administered and free from
financial blots—ought not to sutler simply because
the unsound finance of the Brighton, Chatham
and Dover, and Great Eastern Companies has been
exposed. Each railway is distinct, and ought—to
use a vulgar phrase—to stand on its own bottom.
The following comparison of the present quotations
with those current in May, 1866, when the panic
was at its height, shows, however, that with only
two exceptions, the depreciation, though of course
differing in degree, has been general throughout
this department of the Stock Exchange :
May 11, She Fall
18nd. Now. per cent per cent.
hledonian
Great Nader!'
Great Northern
Great Northern "A"
Great Western Mls .. 48
Lancashire and Yorkshire 110 .. 127

C
8 .. -

London, Brighton, and
&oath Coast

63 to 73

Mining
Distilling
Oriading _ _ $4 to 28

MaL2.
lea, Norfolk. and
Suffolk 6B to 72
Kingston and Ware 72 to 75
Brown 6B So 42
RTC _ _

New 36 to 46
OATS.
. .

tagUsb,frl:

to!

- potato
*each, teed
Pow
Per qr.
Willi?. S S.
Matsle and IC ou to-
tors 7B to 81
Rostock & Markle:to-

t 9 to 77
14461 ah
KUW/111.1.Ird
soft
American, red —
to
white to
BAILLIT.

Onndlei
Dinaling ..
Malta% ....

34 to 31
36 v, 33

Dutch brewthi

14 to 32

feedln; ii to si I
ARRTVALS OF GRAIN,
NAT FE CARRIAGE FROM
INCLUSIVE-

Maple ..
belles*

Per Qr.

—Whet. 3arley. Malt.; Oata loons eta,.
Or. qrv,;yra I gra I VI'S. i yri
Mgligh 1141:1 2241 1!•1/7, Y+^_l :ro= 411
beotch .... 11 2..14'
lorelzu ; 4147 • .... 7,101 (3;7. "7,1
Total ..!-439. 18-; 6391 ; 111,17 471.9 6052 t 1103 0.721 31910

brIA.

^7;1'10:12

LIVERPOOL COTTON MARKET.
(THIS DAY.)
,BY
(rum' ous OWN CORRIMPONDENT.)
The market continues to improve in demand and prices,
and the sale. foot up from 15,000 to 14,000 ',ales.