The Sun.
London, England, 1870-03-12 00:00:00

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, Two O'CLOCK.

Business on the Stock Exchange was very con-
tracted to-day, but prices were in most cases main-
tained. In railway stock the quotations were in
most cases higher than yesterday, but for banking
and miscellaneous securities the prices remain
almost unaltered.

Consols are now at 92 to 92 for money;;
ditto, for Account, —; Three per Cent. Re-
duced, gla ; New Ts.:ree per Cents, 91:E} ;
ditto Annuities, 1885, 11.

Exchequer Bills £l,OOO,
.March, 2 dis. ; June,
prem. ; ditto 100, £2OO, and 1:500, 1 dis. ;
June, prem. ; Bank of England Stock, 41 per
Cent., 2.0.

India Stock, 101 per Cent., April, 1874, —;
ditto 5 per Cent., July, 1880, 1111 12 ; ditto 4 per
Cent., Oct., 1888, 991 ; ditto Enfaced Paper,
51- per Cent., 1091.
In the Foreign Market Argentine Sixes are 884
to 88; ; Brazilian Fives, 87,3 871-; Egyptian Se .tn
per Cents., 1868, 79 to 791 ; Italian Five per
Cents., 1861, 551 55i1-; Mexican Three per Cents.,
14 144 ; Peruvian, Five per Cents., 1865, 811 82 ;
Spanish New Three per Cents., 1867, 27/
271; Turkish Five per Cents., 1865, 451 451;
ditto Six per Cents., 1865, 681 69k; Grenada (New),
40 41 ; Ditto deferred, 11 111; Nicolai, 681 69 ;
Orel Vitbesk, 87 871- ; Moscow Jaroslaw, 83
84i; Charkof Azof, 821 63 ; and llonduras Loan,
831 84.

In the Railway Market the prices are now as
follows :—Caledonian, 781 to 78 ; Great Northern,
115 to 116 ex div. ; ditto (A Stock), 1191 to
114 ex div. ; Great Eastern, 371 to 374 ex div. ;
Great Western, 67 to 671 ; Lancashire and York-
shire, 125 to 1251 ex div. ; London and Brighton,
431 to 434 ; London, Chatham, and Dover, 14+ to
; Loudon and North Western, 1224;3 to 1231 ex
div; London and South Western, 88 to 89 ex div;
Metropolitan, 80 to 801 ex d'ry . ; Midland, 1244
to 125 ex div.; and Sheffield, 521 to 521.
American Five-Twenty Bonds are 90:1 to 91 ;
eo-l'orties, 871 to 87:1 ; Eries, 21 to 21'2,- ; and
Illinois,
1131 to 1141.
Anglo-American Telegraph Shares are now 18
to 181 .
Anglo-Mediterranean, 171 to 18 ; Fal-
mouth, 104 to 101 ; French Cable, 161 to 163 ;
India Bubber, 561 to 571 ; British Indian Subtua-
/ie Telegraph, 121 to 11 ; and Construction and
Maintenance, 411 to 44.
Bank Shares Imperial Ottoman is now 3:1 to
4 Preen- ; London and Westminster, 60 to 61 ;
Alliance, 13 to 14 ; Agra (A), 111 to 114 ; and
Loudon and County, 48 to 49.
In Miscellaneous Shares Credit Foncier are
Water
quoted 28 to 3 ; General Credit, to I die. ; Berlin
Works, 148 to 14+ ex div. ; Hudson's Bay
,i°lllpany, 121 to 12',3, ; Italian Irrigation Six per
ents', 63i to 64* ; London General Omnibus
-1- ~111PanY, 2 9-16 to 2 11-16 ; National Discount,
to 118.
The annexed memorandum has been received
with regard to a report circulated in the Stock
an expenditure
as to the probability of the scheme for
expenditure of £410,000 on a competing tele-
graph line to Egypt being withdrawn, which caused
,Ipa rise in several descriptions of telegraph shares.
-,"1 I,le expediency of such a withdrawal seemed so
vious that no surprise can be felt at the cur-
eneY it obtained. The promoters, however,
llew announce not only that they intend to
111.I3cee(11 but that the whole of the capital is
Subscribed, and that they have found " one
of the moat influential men in London can-
eeted with the telegraph word" to join the
o°,,zll.drse• If the capital really be subscribed, of
sin g° applicants after this ;date; can receive a
igle share, unless, indeed, the subscription has
dZn made by parties who are already eager to in-
ea the outside public to take their place. If the
st is t 0 be considered closed from this moment not
another Word need be said about the matter, but if
stibscriPtiona contiuue to be invited an explanation
ti'ay be asked as to what is meant to be conveyed
by the announcement that all the capital is taken,
and whether, iu fact, it is to be held to imply
from the public, or simply that a small knot of
capitalists have committed themselves to a
eertaia
preliminary risk. According to a semi-
Meial notification transactions have been effected
1,,,0 the £lO shares at 11, or 15 per cent. premium.
his should establish one of two facts—either that
the subscrip
la tion is now full, and there are no more
!hares to be had by applying for them, or the price
the fictitious result of some Stock Exchange
°Peraliona akin to those which, previously to 18C6,
distinguished the introduction of the most question-
able finance and other companies. That any portion
Zf the public should be so eager to invest in a new
thePtian cable as to pay 15 per cent. premium for
Privilege, when it is iu the power of any set of
Promoters to bring out further competing lines at
Pleasure, seems an idea too preposterous to be enter-
Coiled ; while, on the other hand, the names put
forth lu connexion with the present scheme arc too
l(aaeetable to warrant a suspicion that they would
't themselves to a revival of the practices that led
be the disasters from which the nation is but now
aboutowe to be strengthened by the accession of
of the most influential men in the telegraph
'world affords no security to the public as to the
Safety of their scheme as an investment. At the
pofreseut moment it may be feared a
majority
the most influential men in the telegraph
I.vorld are inspired in the manner that was
or
inerly the case among the most influential
.men in the railway
t world—namely, by the desire
o make a large sum out of the laying out of any
great line, and then with all haste to find new
employment by devising a rival one to which the
Public may be attracted by lower terms
:—" Re-
ferring to the paragraphs which appeared in this
Morning's papers stating that the directors of the
Franco-Egyptian Telegraph Company were about
to withdraw their prospectus, a letter from the
secretary was at once posted in the Stock Ex-
change: giving giving the report an unqualified contra-
ioland we may state that, on the contrary,
the whole of the capital is subscribed, and the cab!e
will be manufactured and laid without any delay.
The Board of Directors is, we hear, to be strength-
ened by the addition to its number of one of the
most influential men in London connected with the
telegraph world."
In reply to a communication from the '
of the Baltic Association, the CommitteePostruaster!Ge
has intimated that no pains 7l
11.1
spared to improve the telegraph or expense ~,system, and that
be
m
he is quite prepared to increase the means of com-
unication as quickly as circumstances will permit
between London awl other important cities of the
kingdom. Also that with regard to the special
business of the Baltic it is proposed very shortly to
carry a pneumatic pipe from Telegraph-street to
that establishment in 'Threadneedle-street, through
which from 12 to 20 messages can pass in the course
of from 10 to 15 seconds.
The colonial produce markets this week have
been quiet, owing partly to protracted arrivals and
the indisposition of the trade to hold stocks be-
Yond their requirements while the question of a
reduction in the duties is impending. No altera-
tion
secan be quoted in sugar. The tea market is
lldull, but there has not been any pressure to
while the duty question remains in doubt ;
unleanwhile the depress.on in the trade has hal an
nfavourable effect upon the deliveries.
lira following with re.-;,rd to the Erie Company
_eas been
4 posted in. the Stock Exchange :—" Thread-
-3,oeucilestreet, Marcia 11.—I am desired to inform
a tel
Iny committee have this morning received
eg rani from Mr. Burt, which does not contain
anythingA,,,, alarming or unsatisfactory.—W. A.
I,ltel LL, Secretary. The Secretary of the Stock
4xebange.e
illa‘:eording to a circular of Mer.srs. Kinnear,'
"! and lierlZ '‘ an atternvt bas been made to