The Sun.
London, England, 1870-03-28 00:00:00

'ENING, MARCH 28, 1870.

amounting probably to $35,000,000. But altogether our
foreign trade wears a cheerful aspect. State Bonds have
steadily advanced during the present week. Virginias
have improved about G per cent., Tennessees and Louisi-
anan about 2to 3, and the others in a less degree. Stocks
are " being carried" by the bulls, who thus hope to stave
off a fall. The ease of money assists their endeavour; as
does also the demand for good railroad securities to go
abroad. Railroad stocks and bonds have during these
war years rested under the stigma of being greenback
contracts, and it may be that with the rise of greenbacks
they will recover a quotation nearer to Governments.
Still we cannot but think that, if they are let alone, they
will suffer some apparent depreciation with the fan in gold
The Union and Central Pacific Stocks have kept up, the
former even rising 2 Per cent. on Tuesday. New York
Central is 1 to 11 per cent. higher than last week.
The Western road. aro oxpootios Luso spring earn-
ings and have mostly maintained their quotations.
There is much squabbling just now for the control of
the Great Western line. The London Times' Phila-
delphia correspondent claims that a lease is perfecting
by which the Chicago, Rock Island, and Pacific will
pass into the hands of the Pennsylvania Central and
For t Wayne, thus giving the latter a consolidated line of
1,317 miles from Philadelphia to Omaha. It is rumoured
that the Pennsylvania Central is also attempting to gain a
controlling voice in the Chicago and North Western, the
rival of Rock Island. This is the more •difficult, as the
president of the North Western, Alexander Mitchell, is
also president of the St. Paul and Milwaukee, and will run
these two roads for their mutual glory rather than in the
interest of the Pennsylvania Central. Pacific mail has
fallen off 2 to 3 per cent. under the competition of the
Pacific Railroad, the last steamer being delayed for lack

of freight. The fall in gold has affected trade less than
might have been expected. Cotton has declined within
the week from 234 to 24 for uplands, but a part of this is

due to unfavourable advices from Manchester. The re•

ceipts thus far, since September 1, have been 2,189,513
bales, 486,502 more than for the same period last year. The
stock on hand is 568,761 bales, against 429,057 last year.
The abundance of this staple, the fall in gold and the panic
at Manchester, if there be one, render the price very sen-
sitive to decline. Wheat has declined 2 to 3c, and flour
from 15 to 25c, though choice family brands are scarce and
_ • ._ _

well maintained. In dry goods the movement of A. T.
Stewart to undersell has produced a break along the whole
line, and a general reduction in prints, bleached and brown
goods, and imported dress goods.

(From the Wall-street Journal.)
FRIDAY EVENING, March 11.

Money on call continues in ample supply at four to five
per cent. on Governments, and at five to six per cent. on
railroad and miscellaneous collaterals. Discounts con-
inue easy., and choice acceptances, double names, pass
easily at seven per cent.; No. 2, at eight to nine per cent.,
and single names at seven to twelve per cent. Gold has
fluctuated heavily, having fallen, on the 9th inst., to 1104,
but has since rallied to 1134, closing this afternoon at
three o'clock at 113, with an advance at later hours to 1141.
The market has been largely oversold by outsiders, who,
imagining in their innocence that gold woald at once
reach par, are badly bitten.

QUOTATIONS FOR SPECIE.
Amor. silver... 9.51 to 961 1 Eng. sovs 486 to 488
Mex. dollars...lo3k ,„ 104 i 120 francs 3E14 „ 386
Eng. silver 475 , 480 I 'ntters
Five francs 96 „ 97 1
Government Bonds are active, the old bonds being
higher and especially strong. Ten-forties aro also firm
and higher.
sixes, 1861, registered — to
Sixes, 1881, coupon ll4l to 115
Sixes, 1868, coupon
U.S. 6s. Pacific Railroad ll2 to 1121

Five-twenties, 1862, registered — to
Five-twenties, 1862, coupon

to :190
,
- - ,
Five-twenties 1864, coupon
too
Five-twenties,,lB6s,.coupon
Five-twenties, 1855, coupon, new
Five-twenties, 1867, coupon
U.S. 5-20 Coupons, 1868 .... 1091 to 1091
Ten-forties, coupon lO- to 1072
Ten-forties, registered .....
Oregon War Loan, Sixes
Closing quotations this da

1881
y for the railroad and miscel

laneous stocks :
N. Y. Cent. & Hud. Rr 971
Erie 25
Reading
Mich. Central ll9
Illinois Central
Cleveland & Pittsbrg 9B
Chi & North-West
North-West Preferred 88i
Canton..

Pacific Mail 37i
Atlantic Mail —
Quicksilver
W. U. Telegraph
Miraposa .. 8
Mariposa Preferred
Ohio and Mississippi BO
Boston Water Power l7/
Cumberland
__ 2Bl

Rock Island
Cleveland and Toledo M & St. Paul
Fort Wayne 931 lAr & St. Paul Preferred 751
Express Stocks do not show much animation, but are
not pressed on the market.

Adams 62 to 63
American Merchants' Union 38 to 381
Merchants' Union, old Stock to
United States
Wells, Fargo, and Co 2l to 21}

FOREIGN EXCHANGE.
sixty Days. Three Days.
London Bankers
London, Prime Commercial 1071.-108
Paris, Bankers
Bremen, Bankers
Hamburgh, Bankers
Frankfort, O.M
Berlin and Cologne
Antwerp
Amsterdam, Bankers
wihti tem, •

John Porter was betraying General Pope, far back in the
gloomy summer of 1862. In that black harvest season gold
reached a premium often per cent., but the people hardly
thought of it, and little suspected that before many months
they would learn to watch the gold quotations with as
much interest as they did the war telegrams. To-day there
is hardly a man or woman so disinterested in this topic,
commercial though it be, as not to have a nerve to note
the vibrations in the premium, cud, at least, a passing
thought as to whether the end is really nigh. The ques-
tion is decidedly speculative, and no one can feel safe in
predictions. We may sail along like an inflated balloon for
some months to come, just above terra firma and within
hailing distance of specie resumption, or wo may bump
down upon hard money within a week. Gold has declined
5 per cent. within ten days, and 91 per cent. within twenty
clays, and it is not impossible that in twenty days more
will do as much again. The sun sinks pretty fast when
it gets near the horizon ; and a margin of only 10 per
cunt. inspires little hope in those who would keep up
the gold premium. The demand for gold for business is
very light. The high price of American Bonds abroad has
checked investment in them to a certain extent, but the
falling off in their export is more than counterbalanced by
the foreign demand for American railroad securities. The
cotton and produce bills are so plenty as to be a drug in
the foreign exchange market, thus preventing the renewal
of the export of gold. Every move in Congress in favour
of the Funding Bill has a depressing tendency, as also did
the mere introduction of Senator Wilson's bill to allow
the payment of half the import duties in greenbacks. MI
these causes weaken gold and render. possible its imme-
diate decline to par. On the other hand, we cannot trust
too much in spasms and must be on our guard against
reaction. Healthy changes in finance are not apt to be of
this jerky character. If Mr. Boutwell lets things take
their course, the road to resumption will probably be
longer, but will undoubtedly be safer. If he attempts to
bear gold and force resumption, we may have a season of
irregularity and wide fluctuation. Silver has lready
made its appearance and is being given in change ome
traders, principally yet as an advertisement, however. Its
repudiasion by the Canadian Government is a lucky move
in our favour. The effect of the present crisis in money
and stocks is quite complicated. As greenbacks appre-
ciate in value, the immediate effect is expansion of the
currency; that is to say, a paper dollar now worth 90
cents represents more wheat than it did when it was worth
only 82 cents, and will therefore do more exchange work.
Fewer dollars being required to do the same work, the
dollars thrown out of employment come into the loan mar-
ket and contribute to the already prevailing ease. Distrust
of the present chaotic state of affairs also leads men to buy
and sell and shift es rapidly as possible, and in as small
quantities as possible. The effect on Government Bords is
very depressing. Although the value of the bonds really
appreciates with the fail in gold and with the correspond-
ing declineof their own currency quotations, this fact is of
no value to the present holder, looking forward as ho does
to a time in the immediate future when greenbacks will be
as good as gold He is verily in prospect of losing all the
premium if he holds on to the end, and is therefore anxious
to sell - as anxious as the man who has a stock of cotton
or sugars. The fact is that greenbacks and greenback
stocks are the only rising commodity in the market. The
foreign quotations of bonds have been steady during the
week, 1862's at London ranging at 90f, but rising on
Wednesday to 91, 1 per cent. below par. Foreign ex-
change is very low, and the statistics of our foreign trade
for the last six months of 1859 show that tho balance
against us has been much reduced. The bureau of slat is-.
tics has figured down the balance to less than two millions
by reckoning in a credit item of freight carded in Ameri-
can bottoms and reeving out a similar debit item of freight
p 141 to foreign shipowners. Leaving out these calcula-
tions, we have against us a balance of 1114,000,000, or ten
millions, less than for the same time of 1868. We are
also owing six months interest on bonds held abroad