The Sun.
London, England, 1854-09-19 00:00:00

MONEY MARKET

AND
COMMEIZCIAL INTELLTGENC.k.

CITY, TWO o'CLOCK.

The sales of cotton at Liverpool yesterday
were estimated at 5,000 bales, ,including 1,000
American, taken for export and on speculation ;
140 Pernam and Maranham, at Old. to 71d. ; 50
Bahia, at 61d. ; 200 Egyptian, at bid. to 71d. ;
and 500 Surat, at 3d. to 41d. per lb. Railway
shares wore dull and heavy, at rather lower

prices.
,The occurrence of failures is at all times calcu-
lated to arrest attention, and the information has
been received with much regret, therefore, of the
suspension of Messrs. Dean, Youle, and Co., of
Liverpool, in the South American trade. We
fear, nevertheless, that many other stoppages will
occur ; the result, in the first place, of that re-
striction in business occasioned by the war, and
more recently of the embarrassments on the other
side of the Atlantic. The agriculturists of the
United States will he partially crippled in their
means, and will be more economical in their
purchases of manufactures, owing to the partial
failure of the Indian corn crops, while
the derangement among the railway speculators
will prevent the extension of the lines and the
giving of contracts for iron and other materials.
Here then is a direct influence exercised upon our
manufacturers, and those who were originally
weak, and who have suffered by the reaction in the
Australian trade, by the China rebellion, and the
Turkish war, may perhaps have to succumb. One
result of the reaction in America will be to arrest

the remittance of State bonds and securities, which
was being so freely made to Europe, and so far the
London money market will experience relief. How
far the convulsion in American railway property is

ustified, it would be impossible for us at a distance,

to say, though we apprehend there has been enough
of extravagance and mismanagement, as in England.
While one party maintains that railroad stocks are
inherently rotten, and must further decline iu the
United States, others who have also local opportu-
nities of judging prognosticate an improvement.
The Erie stock has fallen seriously, and the holders
at New York have laboured under a complete
panic, but the directors assert that this is not
justified by the position of the company. This
they explain in the following circular, which is in-
teresting to many parties having shares and stock
here :

"Office New York and Erie Railroad Company,
New York, September 4, 1854.

" The directors observe with deep regret the great de-
pression in the market value of the stock and bonds of
the company, and the almost total loss of its credit, so
much so that the board have been compelled to resort to
very extraordinary measures to fulfil the obligations of
the company.
" The airectors have not lost confidence themselves
in the ultimate success of this great enterprise, and are
confident that the plans they will adopt for relieving the
company from its present embarrassments, and provid-
ing for the income bonds due in February next, will
meet with the approval of those interested.
" We think that, taking the country through, there
need be no fear of scarcity, for the drought has been
more severe here than in any other part of the country,
and must be felt more here than on the rich lands of the
West. That the corn crop is short there can be
no doubt, but when the effect of this is brought to
its proper bearings, which will hardly be before next
spring, we shall find that it will simply be a short
supply of pork and lard, and whisky, and a price
for corn more nearly approaching that of wheat than
usual. If the speculators understand this and buy up
the pork, lard, and whisky early in the season, they
will do a service by seasonably checking the consump-
tion, and more nearly equalising the price through the
winter and spring, and so high a maximum will not be
reached as would otherwise happen, except for a brief
period, while they are making their purchases.
"At an early day their plans will be presented to the
public, with a report of the business and condition of
the company, which the board confidently believe will
be satisfactory.
" The operations of the road during the 9 months of
the present fiscal year, commencing Oct. 1, 1853, and
ending June 30, 1854, down to which time full accounts
are made up, have been as follows :
Transportation earnings 53,953,298 42
Transportation expenses, including inte-
rest on the funded and floating debt 3,336,776 78

Surplus 5616,521 64
Which shows a profit of $616,521 64, equal to 8 per
cent. per annum upon the capital of the company, over
and above all expenses of every kind, and the interest
and commission which have been chargeable upon its
entire funded and floating debt.
"Notwithstanding the sickly season through which
we have just passed, and the depressed state of the busi-
ness of the country, and the consequent effects upon
the business of the road, the board entertains the opi-
nion that the returns when rendered for the last quarter
of the year will present a net gain equal to the average
of the three previous quarters.
"This brief statement is now made, in advance of a
more full report, in answerto numerous anxious inquiries
concerning the business of the road, and in the belief
that something of the kind is necessary to prevent timid
holders of the stock and the bonds from unnecessarily
sa,crificing their property.
"Published by order of the board,
"HOMER RAMSDELL, President."
Showing a decrease on the Welland and Chambly Canals,
and an increase on the St. Lawrence, Burlington Bay
Canals, and St. Ann's Lock, and a decrease on the
whole of 251/. Bs. 311 The amount of tolls from the
commencement of the season to July, 1853, was
40,193/. 15s. 9&d. ; ditto same period 1854 39,812/. 16s.
Sid. ; decrease this year, 3801. 19s. Id.
Advices from Peru state that the contending
armies were near each other, and that Castella's
forces in a skirmish had the advantage of the Go-
vernment troops. Castella was receiving assistance
from Belza, the President of Bolivia.
The demand for gold for exportation has in-
creased, and some large shipments are in progress,
the amounts from Australia and America furnish-
ing the means. The Turkish Loan and the war
expenditure in the East, together with the liqui-
dation of debts due by merchants on the other
side of the Atlantic to their French correspondents,
the money being remitted through England, will
account for the exports.
There has been a decline in English Securities,
and Money Stock has been brought to market.
Consols have been at 95i to g, and since at 95 to
for transfer, and at 951 to for account, being now
95g to 1. Exchequer Bills are 6s. to 9s. premium.
All are anxiously awaiting news from the Crimea.
Foreign Stocks have been heavy. Mexican
Bonds realise 24i 2. Spanish 3 per Cents. are
steady at 38. The Turkish Scrip is at 3to 3± pre-
mium. Dutch 21 per Cents. have been done at
61k.
The following are the nominal prices of foreign
stocks :—Grenada Deferred Bonds, 6 to 6i ;
Mexican, 24i to 241; Peruvian, 70 to 72 ; ditto
3 per Cents., 51 to 53 ; Portuguese 4 per Cents.,
retdto,
18
440 i top 42
erCe;ußtsu.
9poe;r Cents.,spanie 98
Spanish
IDoOef;eidi.
5± to 5i ; ditto Passive, 4 to 41.
Certificates, ,ssBiaBlltos
i to 18± ; ditto 3 per Cents., 37i to 38 ; ditto
rally rath Shar
er lower. shar Beare
rally es have
The bmiscellaneous een inactive, and gene-
are
at about previous rates.

--------
BRITISH FUNDS THIS DAY AT ONE O'CLOCK,
(Prom, the 09icial List.)
Bu•iness done.
3 per Cent. Consols Al2llAltieS 9sh 1 5 i
bong Annuities, Expire sth Jan., 1860
Ditto 30 Years, Expire sth Jan.,1860 44
Consols for Accoun t 17th Oct.
Exchequer Bills, 2id.
£lOOO ........ ...... .... 9 p
2500 6 p
Exchequer Bonds 1858, 34 per Cent.
Ditto 1859, „
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK,
ABXiCall 3 per Cent.
Spanish Bonds, 3 per Cent 38
Turkish Scrip
Ditto for the Account 3g i
Dividends on the above payable in London.
Dutch Exchange, 24 per Cent. 12 Guil ..... 614
HALF-PAST TWO.
Consols
Ditto October Account

Out of 110 steam-packets now employed in conveying
mails 54 are built of wood, and 56 of iron ; 89 are pro-
pelled by paddle-wheels, and 21 by screws. Only 21
out of the 110 steamers have lightning conductors fitted
to them, All the mail packets between Liverpool and
America, and nearly all of the Royal West India 'Mail
steamers are wooden ones, are propelled by paddle-
wheels, and have lightning conductors. All the Chan-
nel Island, the Panama, and General Screw Companies,
and the greater portion of the Oriental Company's
steamers are iron ones. All the General Screw Com-
pany's and a considerable number of the Oriental Com-
pany's steamers are screws.
A FORTUNATE FICHERMAN.—The Bavffshire Journal
states that George Wood, a fisherman at Potknocl,ie,
has fished 595 trans of herrings during the present year,
the value of which, when cured, will be upwards of
6001.