The Sun.
London, England, 1870-09-26 00:00:00

MONETARY REPORTS.-SATURDAY,

The news from the Continent to-day has had a depress-
ing effect upon the Stock Markets. The failure of M.
Jules FaVre's mission, and the statement that the
Parisians had already commenced fighting among them-
selves in the streets, augur ill for any speedy return of
peace, and engender much caution in all business transac-
tions. Hopes of a speedy settlement of the dispute be-
tween France and Prussia, and of the conclusion of a
treaty likely to promote an enduring peace being
thus rudely shaken, a falling off has been noticed
in the operations for investment, and a weakening
tendency has been imported to prices. Consols have been
flat, and per cent. lower, at 92A and 92i for delivery and
the account. Reduced and New Three per Cents. 901, 91.
Exchequer Bills, 35., Bs. prem. ; India Five per Cents.,
110, 1101; and India Bonds, 155., 20s. prem. In Colonial
Government securities very few transactions have taken
place, and prices have been without change of importance.
English railway stocks have been purchased quietly,
but prices have shown no quotable change. Metropoli-
tan, 651 to 652 ; Caledonian, 74i to 75 ; Brighton, 401 to
41; South Eastern, 72i to 731 ; Great Northern, 1211 to
1221 ; ditto (A.), 133. to 134 ; Great Eastern, 37i to 38i ;
Midland, 126 to 1261 ; North Western, 127i-1271 ; Great
Western, 70 to 701 ; and North Eastern, 1431 to 143.
For Indian railway stocks the demand has been to a
fair extent. Bombay, Baroda, and Central India, 1051;
East Indian, 1101; Great Indian Peninsula, 1061, f-2 ;
Madras.,lo:s, and Scinde, 1031. Canadian shares have
been quiet. Foreign shares have been dealt into a limited
extent. Great Luxembourg, 12k, ; Ottoman, si, ;
Lombardo, 14k, 15A.

In the foreign bond market the transactions have been
to a limited extent. Brazilian, 1865, have fallen a/,or to
891, 90 ; Egyptian, 1868,1, or to 76/, 764 ; ditto, Nine
per Cents, /, or to 98, 981 ; Italian, 1861, /, or to 531,
531 ; Spanish, 1867, /, or to 28, 28/ ; ditto, 1869, 1, or to
271, 271; Turkish Five per Cents., 1, or to 421, 43i ;
ditto, 1869, g, or to 54, 54/ ; American securities, how-
ever, have been steady ; the Five-twenty bonds have risen
1, and Erie shares 1.
Bank shares have been purchased quietly. Anglo-
Egyptian 221, 22 ; London and County 48; Joint
Stock 331.

Telegraph shares have been in moderate request. Anglo-
Mediterranean, 14i ; British Indian Submarine, 74, 8 ;
Falmouths, loi; Telegraph Construction, 26i and Sil-
ver's Indiarubber, 39. _ _ _

Miscellaneous securities have commanded but little at-
tention. London and Provincial Marine, 2/.
In the discount market there has been an absence of
any. feature. Capital has been plentiful, and the demand
for accommodation has been limited. Three months'
paper has been taken at 22 to 24 per cent.
The half-yearly meeting of the Midland Great Western
Railway Company has been held at the Broadstone Ter-
minus, Mr. R. S. Cusack, who presided, gave a detailed
statement of its financial position, which shewed satisfac-
torily that the traffic had considerably increased. The
general results were so prosperous that, although the
board had expended a large sum in keeping up the per-
manent way and sppplying new rolling stock, they felt
justified in recommending that a dividend be paid to the
shareholders, amounting now to 31 per cent., shewing a
progressive improvement during the last few years. The
increase of traffic over the " Western Highlands " route
was stated to have been remarkable in June and July.
Mr. W. H. Bishops, stockbroker, of Royal Exchange
Buildings, remarks :—The effect of the war upon the
prices of the various foreign stocks has been in diminish-
ing quantity since the first moment of alarm. The libera-
tion of more than £20,000,000 of specit and bullion from
the vaults of the Bank of France has led to a more abun-
dant supply in the English and German markets. In
London the consignments of capital have been largely
applied to discount purposes, with the effect of causing a
decline in the Bank rate from 6 per cent., the extreme
point to which it had recently been carried, to the pre-
sent quotation of 3 per cent. The cash in the hands of
investors, who have not been previously accustomed to
witness advancing prices in the neighbourhood of such
dire calamity, has been freely employed in investments in
stocks and shares, both home and foreign, with the effect
of restoring quotations in many cases to a par with those
current before the declaration of war. French Three-
per-Cent. rentes, and French shares, are exceptions,
and it is quite possible that they may be still
pressed for sale to some extent. I find myself under
the necessity of repeating a caution I have already given
respecting Turkish securities. The Ottoman Government
is not in a position to equal its expenditure by incom-
ing revenue, and has even lately been compelled to con-
tract short loans on onerous terms to provide the neces-
sary sums to meet its enagements. I cannot undertake to
say that a suspension of payments is imminent, but I need
hardly point out that the smallest political difficulty by
which Turkey would be prevented from raising fresh funds
must be followed by inability to meet the payments upon
a debt that has latterly outgrown safe proportion to the
revenue of the country.

LONDON STOCK EXCHANG E.-SATURDA Y.

LATEST PRICES.-AFTER OFFICIAL HOWLS.

The prices under the lines indicate the business done.