The Sun.
London, England, 1870-03-07 00:00:00

handsome profit from the appreciation of the former and
their conversion into gold at par into the new issue. There
being some discrepancy of statement as to the amount of
Pacifi2 Railroad Bonds issued and the actual decrease of
the public debt since General Grant's Administration,
Secretary Boutwell in a letter -to Senator Cragin shows
that the issue of Pacific Bonds during the eleven months
ending Feb. 1 has been $10,520,320 ; the direct debt has
diminished meantime $80,619,971. Substracting the former
sum from the latter we find the diminution of the entire
debt, direct and contingent, to be $70,129,651. State
stocks have been firm. On Monday ad vices from Ten-
nessee of the probable sale by the state of its bankrupt
railroads tan the stocks of that State up to 54 to 55, so
high a figure that the market was very soon depressed
with the amount of offerings. Let Massachusetts notice
that to get rid of bankrupt proteges raises one's credit
Railway stocks have been buoyant, but not so much so as
would be supposed from the ease of money. Vanderbilt
stocks continuo to rise, the earnings since the consolida-
tion on the first of October being large beyond all prece-
dent. The company has paid $2,000,000 of Hudsrm mort-
gage bonds, due February 1, withoutrecourso to $3,600,000
of net earnings, with which will be paid a 4 per cent.
semi-annual dividend on $90,000,000 stock and scrip.
North-west is a favourite stock also, having the advan-
tage of two markets; New York and Amsterdam, the
latter promising to be the higher. Chicago and Rock Island,
having been restored to the "call," has reached 122 k. All
the grain-carrying roads are expecting more business in
that staple. Erie was active and strong on Wednes-
day, owing to the reported arrival of Burt, the agent of
the English bondholders, to open war on Fisk and Gould
Breadstuffs continue unsettled and depressed. No. 2
spring wheat bias sold in Chicago lately at 70c. per bushel
against $1.47 in last August. It is believed that the bot-
tom is nearly reached. The Financial Chronicle estimates
the wheat in the markets of Great Britain and the United
States at New Year's-day to be respectively 16,000,000 and
12,000,000 bushels, nearly.double the stock of the previous
January. During January, 1870, these figures are calcu-
lated to have been reduced 25 per cent. The imports into
Groat Britain from the Black Sea have ceased with the
closing of navigation, and the cargoes from California will
probably all be in by April 1. The field for the seven
mouths prior to the next harvest is therefore open to the
Atlantic ports. And nearly all the wheat that has thus far
been sent to the coast has been exported and eaten up, and
the farmers will soon feel a demand—a very tender and
delicate one though, which will wait long before paying
much of an advance. General trade has been somewhat
impeded by storms, but continues moderately active. Pork
has had quite an exciting week, fluctuating between $25.50
and $27 at New York; butter is dull, and cheese mode-
rately active for export. "Wool continues attune, except
for foreign grades. Hops are moving more freely for ex-
port. Tobacco is quiet. Dry goods are having a stronger
and more vigorous trade.