The Sun.
London, England, 1870-03-11 00:00:00

MONEY MARKET

AND
COMAIERCIAL INTELLIGENCE.

CITY, Two o'CLocK.
Business was rather dull to-day, but in the trans-
actions that took place in British and Foreign
Securities lower prices were not submitted to.
Railway Shares were falling, and the prices of Tele-
graph Shares were not so good as yesterday. There
was rather an active demand at the Bank for dis-
count, at 3, but for short loans only 2i is asked in
the open market.
Consols are now at 92i to 921 for 'rnouey ;
ditto, for Account, 99-1 ; Three per Cent. Re-
duced, 91i 1 ; New 'PAree per Cents, 91! 1 ;
ditto Annuities, 1885, 111.

Exchequer Bills £l,OOO, March, 1 dis. ; June,
pretn. ; ditto £lOO, £2OO, and £5OO, 1 dis. ;
June, prem. ; Bank of England Stock, 4.1- per
Cent., 2 0.

India Stock, 104 per Cent., April, 1874,
ditto 5 per Cent., July, 1880, 122 111 ; ditto 4 per
Cent., Oct., 1888, 99.1 ditto Enfaced Paper,
54 per Cent., 1094.
In the Foreign Market Argentine Sixes are 881
to 884; Brazilian Fives, 874 871 ; Egyptian Se.rn
per Cents., 1868, 85 to 851 ; Italian Five per
Cents., 1861, 554 554; Mexican Three per Cents.,
14 141; Peruvian, Five per Cents., 1865, 814 82 ;
Spanish New Three per Cents., 1867, 27 3.16
27 5-16 ; Turkish Five per Cents., 1865, 454 454
ditto Six per Cents., 1865, 69 69; ; Grenada (New),
40 414 ; Ditto deferred, 11 114; Nicolai, 684 69 ;
Orel Vitbesk, 87 874 ; Moscow Jaroslaw, 83s1
841; Charkof Azof, 824 831; and Honduras Loan,
84 85.

Railway shares are dull, and prices are giving
way. Caledonians are now quoted 781 to 781 ;
Great Eastern, 375 to 371; Great Northern, 115
to 116 ; ditto (A Stock), 1191 to 119} ; Great
Western, 664 to 66! ; Lancashire and Yorkshire,
125 to 1251 ex div. ; London and Brighton, 431
to 434 ; London, Chatham, and Dover, 145 to
151 ; London and North Western, 1235 to 1234 ;
London and South Western, 895 to 90 ; Sheffield,
511 to 514 ; Metropolitan, 80 to 801 ; Midland,
124/ to 125 ; and Dovers, 75 to 751.
American Five-Twenty Bonds are 904 to 91;
Tee-Porties, 871 to 87/ ; Eries, 21 to 211; and
Illinois, 1134 to 1145.
Anglo-American Telegraph Shares are now 171
to 17 T 3 i Anglo-Mediterranean, 175 to 18 ; Fal-
mouth, 101 to 104 ; French Cable, 161 to 161 ;
India Bubber, 565 to 574 ; British Indian Subma-
rine Telegraph, 124 to 12/ ; and Construction and
Maintenance, 414 to 414.
In Bank Shares Imperial Ottoman is now 34 to
4 Prem. ; London and Westminster, 60 to 61
Alliance, 13 to 14 ; Agra (A), 111 to 11/ ; and
London and County, 48 to 49.
In Miscellaneous Shares Credit Foncier are
quoted 25 to 3 ; General Credit, to 5 dis. ; Berlin
Works, 144 to 145 ex div. ; Hudson's Bay
Company, 121 to 124 ; Italian Irrigation Six per
Cents., 634 to 645 ; London General Omnibus
°I4PanY, 2 9-16 to 2 11-16 National Discount,
41i to lg.
13111 Burn of £20,000 was withdrawn from the
Gaudsa he
yesterday in sovereigns, for the Cape of
uopo.
The following note suggests that the rule appli-
le3able to shares in banks—that the numbers should
e given at the time of sale—might be extended to
telegraph
r shares. But the circumstances are dif-
f
rent' By heavy sales of bank shares, coupled
with the circulation of disastrous rumours, a run
,could easily be created sufficient to cause the stop-
nag
'ae of au establishment, or, at all events, to
essitate
heavy sacrifices. In the case of tele-
graph and other shares no such danger exists.
eitber railway lines nor submarine cables can thus
be
holdersthe
acts
of the notorious crew who, in and out of
Stock Exchange, make a trade of attacking
ono conz.orn after another, must be regarded as
the natural prey of these parties, and as entitled
duly to such sympathy as is accorded to ordinary
pes

" London, March 9.
Sir,—lt may be fairly assumed that the exces-
'live fluctuations which have lately occurred in
111113inarine telegraph lines are principally due to
inlthe operations of speculators for a rise or a fall
.° the prices of the shares in these undertak-
uul'lnge. The successful working of the new line
elating to Bank shares, which necessitates the
I:lumbers of such shares being given at the
tee of sale, suggests the advisability of ex-
g the operation of the law. If some
Ill'elber of the House of Commons, connected with
e2re
"merce, could secure the extension of the opera-
1e 7" of this law to transactions in telegraph shares,
would confer a great benefit on the thousands of
"commercial holders of these securities, and pre-
vent the despondency and anxiety which they must
die on finding their shares quoted at a heavy
-igeount one week, while the quotation was a
Proportionately heavy premium the previous week.
"tam, Sir, your obedient servant, y. 71 The advises from Frankfort state that on the
Bourse of that city it appears as if there is to be a
revival of the speculative mania of last year. New
issues of securities are made almost every day, and
they and all subscribed for in confident reliance on a
prerniore. Thus, for the 5 million marks banco of the
llaraburgh Commercial and Discount Bank, the
applications were for 685 millions, 127 i mil-
lions cuminshares
g from Frankfort alone, and the
Mor are quoted at four prem. This is the
e remarkable as there is nothing to pre-
Other parties from starting similar con-
cerns. 1-
411 the present case, however, the
promoters are of the first respectability. The
subscriptions for Seven per Cent. Mortgage Bonds
of the Michigan Peninsular Railway, $1,700,000 at
70i, and of $2,500,000 Seven per Cent. Chicago
and South Western, have been beyond the re-
quired amount, and only 15 per cent. could be
allotted.
A.t a meeting of the Surrey Commercial Dock
pan
Year of
‘-;°ll2y a dividend was declared for the half-
£,3 per cent.
At the annual meeting of the New Brunswick
and Nova Scotia Land Company a dividend of 15s.
per cent_ was declared.
Ths ordinary general meeting of the British
American Land Company is called for the 28th
instant.
The return from the Bank of England for the
week ended the 10th March gives the following
rosults when compared with the previous week : -
Rest
£3,631,780 ... Increase ... £784
PuLlic deposits 10,907,699 ... Increase ....1,114,3,072
Other deposits 16,762,453 ... Increase ... 512,318
On the other side of the account :
Government securi-

ti.s £13,831,314 ... No Other securities 19,648,672 In alteration.
crease 156
Note. unemployed... 11,836,085
... Ittereaee 397'355
34
The amount of notes in circulation is £22,298,5,5
45 being a decrease of £360,915 ;
and the stock of
bullion in both departments is £20,085,619,5h0wing
an increase of £56,164 when compared with the
preceding return.
Subjoined is a comparison of the present position
of the Bank of England and the prices of Consols
and French Rentes with the corresponding week of
last year :

At Present. Same Week
last Year.
Bullion
Reserve
Notes in circulation 22,298,545 ... 23,204,915
Rate of discount
Consols
Preach Renter
The following is the official return of the cheques
and bills cleared in the Bankers' Clearing-house for
the week ending Wednesday, March 9 :
Thursday £15,837,000
Friday
14,K5,000
Monday
'Saturday 12,431,000
Tuesday
Wednesday 11.913,000
11,562,000

£77,297,000

BRITISH FUNDS—CLOSING PRICES.
UOVIMNMENT FUND&
$ Per Cent= Consols
-Ditto for Account 92 1
921
N 8 : )er.t. Reduced