The Sun.
London, England, 1870-07-18 00:00:00

MONETARY REPORTS.-SATURDAY.

Now that:all'suspense with reference to the result of
the dispute between France and Prussia has been removed
the stock markets have been less excited, and although
business has been by no means exhaustive, more disposi-
tion to enter into transactions has been manifest. Con-
siderable depression was apparent during the earlier
hours of the day, in consequence of the uncertainty of the
manner with which a settlement of the account would be
ultimately arrived at. Eventually the tendency to de-
pression became less marked, and, although we have to
chronicle a further reduction in the value of nearly all
elasses of securities, the fluctuations, as a rule, have been
much less severe. As regards foreign bonds the bulk of
the alterations have been unfavourable ; but the decline
has fallen far short of former occasions. Italian, Turkish,
Peruvian, Brazilian, and United States Five-twenty
Bonds have continued to exhibit signs of weakness, but
Egyptian have been without further aiteration, whilst
the belief, which is gradually gaining ground, that Spain
will escape being drawn into the quarrel, has strengthened
the inquiry for the 1867 and 1869 Bonds, and has led to a
fractional recovery. Railway stocks have continued to
be adversely influenced in sympathy with foreign bonds,
a marked falling off in the receipts being expected to
follow the anticipated interruption of our export trade.
Without exception prices have given way, but the average
decline has not exceeded per cent. It may not be out of
place to notice here the depreciation in the value of the
principal f oreign speculative bonds and railway stocks during
the past fortnight, that is to say since the 2nd inst. The
first public intimation of General Prim's proposal to offer
the Spanish throne to Prince Leopold of Hohenzollern
was recaived in this country on the 4th inst. At first
the idea was regarded somewhat favourably, but the
angry remonstrance of the French Government soon
altered the complexion of affairs, and caused heavy sales
to be made of all kinds of speculative stocks, resulting in
an average decline of about 8 per cent. A reaction
then ensued, consequent on the withdrawal of Prince
Leopold from the dispute, a hope being then entertained
of an amicable arrangement being effected, and an aver-
age recovery of 2 per cent took place. This tendency to
improvement, however, was soon checked by the hostile
attitude of France, a return of heaviness supervened, and
the quotations relapsed below even their former low
level. The actual declaration of war has not had
any particular effect upon prices, in fact by removing all
doubts as to the future relations of the contending parties,
it has in some measure assisted in stimulating business.
The following quotations shew the prices now current for
the annexed stocks compared with the closing rates of the
2nd inst.:—

Present price. July 2nd.
Consols Money
Do. Account
Egyptian (1868 74
Italian 1861 ...... ...... 47
Mexican

89,1 ex div.
30* ex div.
29 15-16 ex div.
692 ex div.

Peruvian 1865
Spanish 1867 2si ...
Spanish 1869 25 .....
Turkish 1865 6-
... __

Turkish 5 per cents. 41 ex div.... 51116.
Turkisn 1869
Brazilian 1865 9O
U.S. 5-20, 1882
United States 1885 ... 85
Caledonian -2
Great Eastern 37
Great Northern A ... 128 k -
Brighton ... ......... 38.
North-Western
North-Eastern
Midland
Metropolitan
Great Western
South-Eastern 7l'
Lombardo
The settlement of the account has now been concluded.
That it has not been attended with the disastrous cir-
cumstances anticipated is generally admitted; but it is
believed that the foundations of some establishments have
been so severely shaken as to engender extreme caution
with respect to future operations. Two further failures
have been announced to-day, making a total of thirteen
for the account. In addition, two well-known firms are
stated to have been compelled to receive assistance to
enable them to tide through their difficulties. A person
who was unable to settle his differences has disappeared,
and has taken with him a large amount of valuable
securities.

The consol market to-day has been without change of
importance. Opening quietly, but without depression a
few purchases raised the price to 91, 92 ; but there was
subsequently a reaction, and the quotations returned to
their former point—namely, 914, 91i, for delivery, and
91i, 91g, for the August account ; Reduced and New
Three per Cents., 91i, 91i; Exchequer Bills, is. to 6s.
Bank Stock has marked 233, 235 ; India Five per Cents.
have been done at 111, 114 ; and India Bonds at 20s. to
255, prem. For Colonial Government Securities there has
been very little inquiry, and no change has taken place in
the quotations.

Transactions in foreign bonds have not been numerous,
and they have consisted principally of sales. Spanish,
however, have been better, the 1867 bonds being quoted
at 25 to 251, and the 1869 at 24/ to 25k. On the other
hand, Italian (1861), at 47 to 48, have been
lower ; Peruvian (1865), 1 at 86 to 88 ; Brazilian
(1865), 1 at 90 to 901; Turkish (1865), 2 at 63 to
64 ; ditto (1869), 1 at 551 to 561; ditto 5 per cents., 1 at
401 to 41i ; Five-Twenty (1882) Bonds, lat 841 to 851;
ditto (1885), lat 841 to 851; Egyptian (1868) are quoted
at 74 to 75. The Spanish Quicksilver loan is quoted at 8
to 5 dis., and the Honduras at 1i to 2 prem.

Depression has continued to 13e the feature of the mare
ket for English railway stocks, and a further general de-
cline has ensued. Metropolitan has fallen i, or to 681 to
69 ; Brighton, I, or to 381 to 39 ; Caledonian, /, or to
75/ to 76; South-Eastern, i, or to 711 to 72; Great
Northern (A), 128 to 129 ; Great Eastern i, or to 37i to
37i ; North-Western, 1., or to 126/ to 127 ; and North-
Eastern i, or to 140 to 141. Midland, at 1271 to 128 k,
and Great Western, at 68/ to 69, are unaltered.
There has been very little inquiry for Indian Railway
Stocks, and Canadian shares have commanded but little
attention. Foreign shares have been dull ; Lombards
have been i lower, at 13k,14.

Bank shares have been dull, aed Imperial Ottoman, at
1,2 i prem., chew a further decline of
Telegraph shares have been dealt in to a very moderate
extent, and the transactions in miscellaneous securities
have been restricted.

There has been a strong demand for money to-day,
both at the Bank and in other quarters, and very few
transactions have been effected under the official mini-
mum. Capital has been freely offered.
The sum of £47,000 has been sent into the Bank to-
day, and £lOO,OOO has been withdrawn from shipment to
Belgium.

The Bank of Prussia has raised its rate from 31 to 6 per
cent.

The report of the directors of the General Credit and
Discount Company shows that the realised profits during
the past six months, admit of the usual interim dividend
at the rate of 5 per cent. per annum, free of income tax,
amounting to £37,500.
It is stated that the Albert Reconstruction Committee
have appealed to the court to sanction an arrangement
which has received the approval of the majority of the
shareholders and policyholders.
At the annual meeting of the Crown Life Assurance
Company it was shewn that 828 policies for the sum of
£426,620 had been issued during the past year, yielding
£13,294 in new premiums, and that the nett funds were
£1,126,281. The assurances in force amounted to
£4,325,308, and the annual income was £178,374. The

quinquennial were stated to be £82,576.
At a meeting of the Thames a nd Mersey Marine Insu-
rance Company (limited), at Manchester, a dividend of
2s. and a bonus of 4s. per share, making, with previous
payment, Bs. per share. or 20 per cent. per ann um, was
announced,

LONDON STOCK EXCHA.NGE.-SATURDAY.

LATEST PRICES.-AFTER OFFICIAL HOURS.

The prices under the lines indicate the business done.

GCVERNMENT SECURITIES.

Three per Cent Consols 911 911 Vict 5p c Jan & July 1894. 101 102
911 1, /, 1 Brazilian, 1865. 5p c .... 90 901
Do for Account
91, 2, / Egyptian, 1868, 7 p c.. .. 74 75
Three per Cent Reduced 911 911 74, 31, 41, 31, 11
911, 2 Do Rail Deben 7 p .. 97 99
New 3 per Cent
911, 2 481. 9, sg
Exchequer Bills, March ls, 6spm Peruvian, 1885, 5p c
Do, June 1% 6spm Portuguese, 1869, 3p c 3O 32
Bank Stock
India 5 per Cents lll 1111 Russian, 1866, 5p c
111/ Do Nicolas 4 p c .
India Bonds 2ls, 26spm 601. 8
26 par Spanish, 1867, 31)0
Can 6pc Jan&JulylB77-84 10311041 251, 4, 51, 41
1031 • Do, 1869, 3p c
Do March & Sept. 105 106 25, 4 - ~, ..
Do 5p c Jan & July .. 951 961 Turkish, 1854, 6p c . B5 87
96 Do, 1865, 5 p c
Do Inscribed Stock .. 95 97 40, 12, 401, 40, 11

. 93 94
. 66 68

Dom of Can 5p c 1903 .. 97 981 Do, 1865, 6p c
Ceylon 6 p c May and 64, 61, 5
November 1878 lOB 109 U.S. 5-20 Bonds, 6p c 1882 841 851
Mauritius 6 p c Jan and 851. 1
July 1873 lOl 103 Do do 1885 841 851
New S Wales 5p clB7l-76 100 101 851, 1, 1
101 Do 10-40 Buds, 5p c 1904 84 851
New Zealand 6 p c 1891 lO9 111 851
Do 5p c
Do 5p c Consolidated 981 991 Illinois Central Shares .. 104 108
981 x d Atlantic and G W R Con
Do 6p c Mar & Sept 1891 111 113 Mortgage Bonds 22 23
Do June & Dec 1891 109 111 23, 21
Vict 6 p c Jan & July 1891 112 113
DoApril & Oct 1883-85.. 111 112
1111

RAILWAYS.

Bristol and Exeter B5. 87 Grand Trunk of Canada

Caledonian
6i, 6 7si 76 2nd Pref Stock
7 41
Great Eastern
371 8 Grand Trunk of Canada
Great Northern
Do A
___ . -1272128 f Great Indian Pen g 5 p c 106 107
. ...

... — - --
129, 8, 8 - Great Western of Canada 141 15
Great Western 6B} 69 14/
69, 8, 8 Do op .3 Bonds, 1873.. 98 101
Lancashire & Yorkshire 132 133 Do 5i do, 1877-8 97 99
132, 3 Do 5p c pref, issued 80 3 4pm
Lon, Brigh, and S Coast 388 39 Madras guar 5p c
Lon, Chat, and Dover .. 148 15 106
Lou and North-Western 1268127 N. Railway of Canada,
127, 8, 61,71, 68 6p c Ist Pref Bonds
Lon and South-Western 89 31 Oude and Rohilkund g
90 5 p o
Man, Shef, and Lincoln 468 47 1048, 4
47, f Strode, Punjaub, and
Metropolitan
69, t 87 1041, 8
Midland 1273128 Bahia and San Francisco
128, 71, 88, 78 g 7 p c
North British - 2 21
North-Eastern Consols 14011413 Buenos Ayres Gt Sthrn.. 25 26
1418 Dunaburg and Wltepsk 178 188
South-Eastern 7ll 721 Dutch-Rhenish 22 23
Atlantic and St Lawrnce 79 81 Eastern of France 228 23
Bombay, Baroda, and Great Luxembourg
Central India, g 5 p c.. 105 106 . 113, 7
105, 8 Lemberg Czernowitzgua
Buff & Lake Huron Pref 4 5 7p c l5B 163
Do 58 p c Bonds, 1872-3-4 80 83 Northern of France
Cape guar 6p c
East Bengal guar 5p c lO6 107 Recife and San Francisco
106 (Limited) guar 7p o .. 16 17
East Indian, g 5p c
110, 7, 9,108 San Paulo (L) guar 7p c 21 21k
Grand Trunk Canada
Do Equip Mort Bnds, 1 131, 14, 13:
charge 6p c
Do 2nd do Scrip
Do Ist Pref Bonds
618,1