The Sun.
London, England, 1869-12-27 00:00:00

_MONEY AND BUSINESS.

(From the SprinOeld Republican, Dec. 12)
The financial excitement, gold speculation, and what
not, that were expected to ensue in Wall-street upon the

opening of Congress and the recoipt of the Prosident's
Message, have not made their appearance. Money con-

Cones steady at its former figure of 6 to 7, and the prospect
is that it will remain so till New Year's-day and alter.
A review of the month al November shows that though
$5,000,000 of currency went to the South and West
dur-
ing the last two weeks, the effect upon the New York
market was very slight. The amount of currency re-

quired during the present month in those section; has

been very light, and probably will not prove embarrassing.
Some of the Chicago papers are calling attention to this
distribution of money from New York and the alterna!e
return to that centre of the ready money of the country,
especially as concerns the West, and are inquiring very
properly into the cause of it. While money is 5 to 6 in
New York it is tight in Chicago, and it is claimed that
this state of affairs is purposely encouraged by the great

runroads of the West. The IllinoisvCentral, North-
Western, lock bland, Burlington and Quincy, &0.,

all have their treasuries in New York, and daily re-
mit thither their surplus earnings, thus depriving the
West of the ready money which its labour not only
earns, but needs to have kept iu eit ciliation. The object
of this elaborate disarrangement of :the natural currents
of circulation is to provide the railway kings of the me-
tropolis with money in hand fur stock gambling. Tlf
Illinois Constitutional Convention is called upon to inset-6
iu the new Constitution a clause compelling railroads to
keep their offices and money at home, a most clumsy re-
medy. One of the prominent features of the present money
market is the number of railway loans that are being De"'
gociated here at home. The American public learned the
art of subscribing to public stocks during tho war, and no
longer drives corporations into the European markets. It
is also a reliable evidence of the essential ease of money
that the bonds now offering are readily taken. Indeed,
looking back over the past five years, during which time
$500,000,000 of these new corporate loans have found
takers at from 80 per cent. to par, it is wonderful how we
have converted so."' ucL floating into fixed capital, without
having au embarrassing deficit of the former. Much of
this amount, however, has probably come from the pro-
ceeds of public loans (city and State debts, &c.), that
have been paid off and reinvested in railway bonds.
We were told last week that the jolly red days of the
September panic were soon to be repeated in the gold
market.. Mr. Boutwell had refused to sell below 122, and
the bulls were confident they had touched hardpan and
were bracing themselves for a toss. Whatever may have
been the foundation for this croaking, it is certain that
speculation and the upward movement received a direful
chock in the President's Message. On Monday forenoon
gold amounted from 122/ to 1231, but the first paragraph
of the Message dropped it to the former figure It was the
imperturbable tone of the document and its general good
sense and confidence in regard to financial questions rather
than any sirgle proposition of it, probably, that produced
this result. The course of gold during the month of
November was from 1284 on the Ist, down to 1211 on the
3Cth. The receipts of coin for export during the month
at New York were $9,190,801, against $7,638,868 for
the same month last year. The export was quite
small. Governments, in which the transactions during
November were only one-fourth as large as they were
last year, are now having a revival on account of an
unexpected foreign demand. The call from Europe was
felt in the market on Saturday and still more on Monday
morning. The orders on the latter occasion were peremp-
tory, and coming at a time when most dealers were shot t,
produced quite a flurry. The rise was from 1144 to 116
in 67s and 1144 to 116 in 625. This corner in London and
Frankfort is said to have been brought about by parties
who have been buying in ever since October, when the
foreign market was called overstocked. The course o
bonds (625) at Loudon since November 1 has been fro DI
83 to 854, the latter being Monday's quotations, and the
highest ever reached. To enable a comparison between
our own and European credits, we give the following quo-
tations from a recent Paris Journal des Debats : Austrian
5 per Cents., 65; Russian 5 per Cents., 854; Italian 5 per
Cents., 534 54; Portugal 3 per Cents., 401. 404 ; Turkish 5
er Cents., 44 ; Egypt 7 per Cents., 80 ; Spanish 3 ; er
Cents., 264 27; United States 6s of '62,'65,' 67, 964, 974, 981
and on the sth November 991, French. In the New York
quotations of Southern Bonds New Tennessees are up to
454, Virginia 534, Georgia 6s 82, is 91, North Carolina 6s
434, New 324, South Carolina Gs New G 7, Missouri 6s
90. Stocks have not been of especial interest during
the week, as the meeting of Congress has directed
public attention more especially to gold and bonds. On
the whole, however, they are rather more active than dur-
ing November, when the whole number of transactions in
the New -York market was but 705,000,.0ne million short
of last yeatts number for the same month. The cessation,
we wish wo could believe it permanent, of the stock-
watering mania bus deprived the business of its sweet ele-
ment of risk, and reduced it from the fine art of gambling
to the ranks of unesthetic and possibly honest business.
During last month the Feneral tendency of prices on the
stock list was downward, Vanderbilt's especially feeling
the evil effects of consolidation. The Chesa, cake and
Ohio Railroad hopes directly to earn the right to le s
called, by completing its lino to the Ohio river, and ha
been reorganised, with C. Huntington as president, and
'titer New York capitalists as directors. Tho Pennsylvania
Central Railroad has bought, through the Panhandle
Railroad Company, the Cincinnati, Wilmington, and Zanes-
ville Railroad in Ohio, 131 miles long, for less than $B,OOO
per mile, not sufficient to pay the bonded debt by
1325,000. Business in dry goods and general merchandise
:ails below the autumn expectations, but compares favour-.
ibly with last year'o. The reduction of the estimates of
the cotton crop and the return to full wolkieg ttme of the
Aunchester mills have given an upward turn to the Liver-
peel cotton market. The export of this staple continues
large from both Northern and Southern ports, amounting,
last week, to 76,116 bales, against 55,355 last year, or since
he new year (September 1), to 454,262, against 388,344
last year. Recent rains have raised the Southern rivers,
and cotton is coming down to the ports for export rapidly
The same cause has floated the Pittsburg coal boats, and
the largest shipment ever sent from that city started down
:Ire Ohio last week. Forty-three steamers, towing boats
containing 5,000,000 bushels of coal, were waiting for the
else in the river. The receipt of flour at Buffalo during
±e month of November was 320,906 barrels, 60,000 more
than last year, and the largest since 1863, when it reached
170,000. The number of bushels of grain and flour toge-
ther was 5,717,165, against 6,258,000 last year. The whole
amount received since January 1 of both staples, reckoned
together, was 48,443,000, or a minion less than last year',l
The aggregate export from the Atlantic ports, however
continues greater than last year's.