The Sun.
London, England, 1854-08-21 00:00:00

MONEY MARKET

.tNI)

COJII,IIERCL4I. INTELL I GENCE.

• CITY, TWO o'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at 5,000 bales, including 500 American
taken for export. The market was heavy, without
change in prices. The sales comprised 4,200
American, 250 Pernam and Maranham, at 6d. to
61d. ; 200 Egyptian, at 64d. to 9d. ; 300 Surat,
at 3d. to 34d. ; and 40 Sea Island, at ls. to
ls. ld. per lb. Railway Shares were firm at
improved prices.
Letters from Birmingham mention that there has
been again an improved feeling in the iron trade
during the past week. Pig iron, of good quality,
has been in increased demand, and Scotch pig has
risen 2s. to 4s. per ton.
The Peninsular and Oriental Company's steamer
Tagus, which left Southampton, yesterday, for
India, &c., has on board 350,2701. in specie.
The following are the nominal prices of foreign
stocks :—Grenada Deferred Bonds, 6 to 61 ; Mexi-
can, 241 to 241 ; Peruvian, 69 to 71 ; Ditto 3 per
Cents., 51 to 53 ; Portuguese 4 per Cents., 40 to
42 ; Russian 5 per Cents., 99 to 101 • Ditto 41 per
' Cents., 85 to 87 • Spanish New Deferred, 18± to
181 ; Ditto 3 per Cents., 38± to 381 2 • Ditto Certi-
cates 4.4 to 5i ; Ditto Passive, 31 to 4.
The Africa steamer from New York with advices
to the 9th inst., are but four days later than pre-
viously in hand and do not report anything of par-
ticular importance. The close of the Session of
Congress there, like that of Parliament here, had
somewhat cooled down the political atmosphere,
and left the public mind more free for the calm
consideration of all the consequences of the railway
stock and bond panic, with the probabilities of or
against its early subsidence. From all appear-
ances, it must be doubtful whether even the most
accredited and most correctly managed of the rail-
way lines will be able to recover their previous
standing for some time to come, owing not so much
to the enduring remembrance of the frauds which
have been perpetrated and exposed in other lines as
to the grievous amount of borrowed on bond
debt with which they are overloaded, and on
which heavy amounts of interests are payable, thus
swallowing up a large proportion of the earnings of
the most successful. In some cases these bond
debts exceed more than twoor threefold the amount
of the paid-up capital stock which was the basis of
the enterprise, and according to which the measure
of credit, or the borrowing power, should have
been prudently limited.
Although commercial affairs do not appear to
have been tainted with any of the recklessness of
the stock market, but rather to have been con-
ducted with becoming caution—for there were no
signs of overstocking markets and large speculative
movements, but the reverse—it is evident that the
commercial community must have been hampered
to an inconvenient extent by the curtailment of cus-
tomary banking accommodation, consequent on the'
high bidding for money in the market against them
by railway boards, and the enormous absorption of
the funds which else would have been at the disposal
of the banks for answering the legitimate demands
of commerce and industry. It is evident from the
returns of the City Banks, publislfed weekly, and
brought down to the sth inst., inclusive, that so
far as New York is concerned, the amount of loans
at nearly 94 millions of dollars, showing an actual
increase of 4 or 5 millions, must include and re-
present a very heavy weight of advances on rail-
way stocks not readily realisable in the existing
state of the stock market, although originally
loaned upon, no doubt, with what was considered
a sufficient margin of price against any probable
depreciation. The banks, therefore, must con-
tinue to be the holders in cases where those who
have lodged them as security, direct or collateral
are not able to redeem. Otherwise the position of
the cranks cannot be deemed unfavourable, since
collectively their stock of specie had been increased
to the date mentioned above to nearly 14i
millions of dollars, (nearly one million less,
however, than July 29, the week before), against
two months before about 10 millions. Their
note circulation, moreover, does not exhibit
any sign of being in excess at over nine mil-
lions of dollars, which has been about the average
for nearly a year past. The deposits meanwhile
show a large addition at nearly 76i millions, or
about four millions more than they were two
mouths before, and twenty millions or more beyond
their amount at the same time last year.
The corn trade was heavy to-day, and prices were
2s. per quarter lower for wheat. All other sorts
of grain were heavy. About 200 quarters of new
wheat were on sale in middling condition.
The letters of allotment of the Turkish loan
were, it is understood, delivered this morning,
which of course gave an impetus to the transac-
tions. It readily found buyers at 5 and 5i
premium. The attempt to discredit the power,
however, of allocating the Egyptian tribute by
parties in Paris claiming to have a prior lien upon
that fund, have been met promptly by a letter from
M. Musurus, the Turkish Envoy, by which it
appears to be incontestably demonstrated, that
those parties could have no such pretension-4, inas-
much as the contract upon which they were
founded, and which they had " failed" to fulfil,
had been "cancelled" upon their own formal
request, to be exonerated from " their engage-
ments."

The dealings in English Stocks have been
limited this morning, and prices rather in decline.
This is attributable, no doubt, to parties realising
their profits, which was to be expected after the
rise of Saturday. Consols opened at 941 to 94k,
but since have been done at 94 for money, while
for account the quotations have ranged from 94i
to 94k. The New 31 per Cents. have been done
at 94R- and 95k, and the 3 per Cents. 94k- to 94g.
Exchequer Bills ls. discount to ls. premium.
The Foreign Stock Market is generally heavy,
and the quotations rather flatter. Peruvian Four-
and-a-Half per Cents. are firmer, however, at
72, but Spanish Deferred are weak at 18 i ; Dutch
Two-and-half per Cents. at 62, and the Four per
Cents. at 94. These are the only transactions offi-
cially recorded. Turkish Loan Scrip has been done
at 51 premium.
The railway meetings announced are the fol-
lowing :

Company. Date. Place.
Ambergate, &c.
Be fast and County Down
Birken. Lane. and Ches. Jnc Aug. 26, Birkenhead.
Blackburn
Bristol and Exeter Aug. 24, Bristol.
Cornwall
Dublin and Wicklow Aug. 29, Dublin.
Dundalk and Enniskillen Aug. 29, Dundalk.
East Lancashire Sept. 25, Bury.
Eastern Counties
Glasgow and South-Western Sept. 6, Glasgow.
Great Northern
Great S. and W. of Ireland
Hull and Holderuess Aug. 29, Hull.
L'pool, Crosby, & Southport. Aug. 29, Liverpool.
Llanelly
Llynvi Valley Aug. 25, Paddington.
London and Blackwall Aug. 22, London Tavern.
Manchester, Buxton, and
Matlock
Maryport and Carlisle
Melbiurne Dock and Railway Aug. 21, London Tavern.
Metropolitan
Newmarket (Extension)
Newry and Enniskillen Aug. 29, Guildhall Coffee-h
Norfolk Aug. 30, 69, Lombard-at.
North Devon Aug. 30, London Tavern.
North Eastern
Northern Counties Union
Oxford, Worces., & Wolver Aug. 29, London Tavern.
Rhymney Aug. 30, New Palace-yard
Royal Danish
Royal Swedish
St. Andrew's and Quebec (A) Aug. 31, 26, Parliament 4
Sambre and Mouse Aug. 24, Jardinet.
South Devon
b..._

South Eastern Sept. 7, Bridge-house Hotel
South Wales
South Yorkshire Aug. 31, Sheffield.
Staines,Wokingh., dr. Woking Auugg.. 2248,, London London Tavern.
.
Thames Haven . . A
Vale of Ncath Aug. 30, Neath.
Waterford and Limerick Aug. 30, Waterford.
Wells and Fakenham Aug. 23, Fakenham.
West Cornwall
W. E. Loudon and Crys.Pal Aug. 21, London Tavern.
West London Aug. 22, London Tavern.
Wharfdalel
Wimbledon and Croydon Aug. 22, Fendall's Hotel.
Worcester and Hereford
Railway Shares have not supported the rally
which was observable on Saturday, and a decline
has occurred in Great Northern, Great Western,
and all the principal lines. In the Foreign Shares
the dealings have not been of importance.
Mining Shares are dull, also those of the Banks,
and in the Land Shares there has been no business
done.

BRITISH FUNDS THIS DAY.—CLOSING PRICES
( Front the Otkcial List.

3 per Cent. Reduced Annuities Business done,
3 per Cent. Consols Annuities 94
3i per Cent. Annuities
India Bonds, £1000
Ditto, under £lOOO
Consols for Account 13th Sept.
911
Exchequer Dills, 24d.
£IOC3
2500
Small 3 pm par
Exchequer Bonds Scrip, 1858 ..........
Ditto 1859
PRICE OF FOREIGN FUNDS THIS DAY.
Afexican 3 per Cent.
Peruvian Bonds, 4A per Cont. 72 704 1
Ditto 3 per Cent
Spanish New Deferred, 3 per Cent lBl
Dividends on the above payable in London
Dutch Exchange, 24 per Cent. 12 Gull .. 62 14
Ditto 4 per Cent. Cm tifieates
THREE O'CLOCK.
• Consols 94 h
Ditto September Acoolut mmm.1.6,1 941