The Sun.
London, England, 1869-09-09 00:00:00

MONEY MARKET

AND
COADIERCIAL INTELLIGENCE.

CITY, Two o'CLocK.
At the Stock Exchange to-day a stronger feeling
prevails from the statement that the Emperor is to
return to Paris to-day. The Funds consequently are
steadier, and Consols are unaltered. Railways,
however, are again lower.
Consols are steady at 928 to 921 for money ;
ditto, for Ac2ount, 93 ; Three per Cent. Re-
du dce, 918 a ; New Tkree per Cents, 918 -3. ;
Exchequer Bills £l,OOO, March, 6 prem. ; June, 10
prem. ; ditto £lOO, £2OO, and £5OO, March,
prem. ; June, 10 prem. ; Bank of England Stock,
4 Per Cent., 245.
India Stock, 101 per Cent., April, 1874, 210 11 ;
ditto
5 per Cent., July, 1880, 1141 ; ditto
4 per Cent., Oct., 1888, 991 ; ditto Enfaced
raper, 4 per Cent., 928.
The better news from Paris has caused a more
settled feeling to prevail as regards the speculative
stocks which suffered so severely yesterday. All
Egyptian and Turkish Stocks are f per cent. better.
The Railway traffic continuing very unsatisfac-
tory,
the market is again lower. Great Northern
[Wares are lower, and the A, 1 ; Great Western
are lower ; Caledonian, 1 ; and Metropolitan, ;
Ltnidon and North Western have recovered if.
American Securities are firm. United States .Five-
Twenty Bonds show a recovery of I, at 821 to 83.
Bank Shares are without feature, and prices are
without movement.
4., There were no gold operations at the Bank yes-
V 43% The operations of the week since the date
o' the last return have comprised withdrawals to
the extent of £163,000.
The private letters and telegrams received from
"rig yesterday by the leading City capitalists
APPear to be unanimously favourable as regards the
health of the Emperor Napoleon, and there now
seems to be little doubt that the financial dis-
turbance is almost entirely due to, the collapse at
ier,
tin, where, during the last 18 months, the pro-
ceedings on thelßourse have been in their degree an
exact reproduction of those that p
d receded the Lon-
a° panic of 1866.
It Would seem hardly credible that the American
Government can contemplate the recognition of the
Cuban
,insurgents, considering the confusion into
vinell the prospect of a war with Spain would throw
their Commerce and finances, while Spain herself
could have little to lose beyond the island, which
she herself admits she must ultimately consent to
abandon. On the other hand, whatever difficulties
may arise, the folly of Spain will stand out as some-
thing unparalleled in the history of nations. Al-
a, ()ugh a " categorical denial" was given to the
itatement at the time, it is well known to certain
aean ling American capitalists and politicians, as well
_; to more than one Spanish statesman, that an
;t thorised proposal was submitted from Washing-
o
two months ago for the recognition of the
zu"ePendence of the island, on the basis of a pay-
eut bang made to Spain of 21 millions sterling
'...e.onds endorsed by the United States.
.4_41 Confidence once utterly broken could be re-
7.tered by
new protestations, or by anything less
roan long years of amendment, certain representa-
th ns
that are now being circulated with regard to
e notorious Erie Railway might, perk tps, raise a
gleamout, of hope among the defrauded shareholders.
CoLua like people in the hands of outlaws, they have
terule to the conclusion that it is useless to look for
ma, and that if a new promise were made to
thetabeen
there is no reason why, like those that have
_ made before, it should not be broken the ino-
zent it had served its purpose. The lesson has
OW been ineradicably learnt by the European
Public that in the State of New York there is not
aBbaciew of legal protection for investors in any
of
its securities, and that if in any given case the
holders are not plundered of every dollar it is
Simply because in that specific instance the ma-
nagers or directors happen to be persons who have
a sense of distinction between their own property
andthe property of others. As regards the Erie
nne, it has been frequently alleged that there were
means by which the foreign holders might bring
their case before the Supreme Court of the United
States with some hope of redress, but experience
Seems to show that this is practically a fiction, since
efforts have unquestionably been made in that
direction by sufferers who can get no tidings of
auY prospect of success. A libel suit, brought by
'clue of the Erie managers against the New York
"es, was believed at one period to be likely to
have the effect of bringing about, at all events, a
full exposure by subjecting the complainants to the
Per is of a cross-examination upon oath ; but even
proceeding appears to have died out or to have
jell indefinitely postponed, while at the same
c.,141,e, from evidence lately afforded, there is room
nonbt whether any development of mendacity,
_3!°vided it could be shown to have been finan-
;ally
Ear public. successful, would draw forth any material
mptOtns of indignation on the part of the
publie. Hence it is plain that if the
recre,Peoll shareholders in the Erie Railway ever
receive a dividend, or recover a dollar of their
rtc;:Perty, it will come in the shape of a volun-
pro3: act of grace from the parties who hold that
pQat:7V in unlimited control. Under the circum-
bableesi the rumours now afloat, however irnpro-
he,e
Am, ay be their fulfilment, are therefore, per-
eaea ule hest that could be circulated. Any state-
to bc, (,)f the Prospect of legal justice would deserve
naps ed merelytreat as a worn-out deception. Per-
aui, assurance of intended amendment on
~.t."° Part
"nrthl of the Erie people is almost equally
4t of ess' but we know that if they choose, in a
liberality, to throw something to the share-
far tb
f. 41. 4aElbsOklu eteYlyilnaove the power to do so, whereas, as
ha e "4° law is concerned, we know that that
is 8 •
atisfac, power whatever. Accordingly, it
-orY to be told that the Erie managers,
(1-reautgu,effeeted a consolidation of the Atlantic and
thelr• o:eaer; and also the Lake Shore line, with
as eati; system, and thus obtained command of
Put fore and first-rate western route, are about to
the th next month a report which will devclope
advant
ditieu
0, ages gained, and also the financial con-
and thel the Concern as it will stand at that date,
11. course to be
"it beit, pursued for the future, one re-
oftei-i that they will then be restored to an
sareetutielllBtolon the New York Board. At the
to be
well even assuming all these representations
loan . founded, the English public must not
-
bi
ruaii of the contingency that any succeeding
may bring the news that Commodore Vander-
°Peret Mr- Daniel Drew, or some other veteran
tO lat4tefwhom the new arrangement may be
'attire 11'Chas commanded the New York Legis-
er,_ or
~er that e New York Courts to set it aside in
and app the property may again be torn up
laatietreN°Priated for the benefit of rival combi-
It je
aver tt-g 'sted that the number of messages passing
end e thech en
Atlantic Telegraph during the week
°f the „„, of September was 448, the earnings
,AteeZeA
during the same period being £1,040.
ilii4to tidohn Balster, T. B. Muggeridge, and
eount ee_arveY, the liquidators of the City Die-
Oared a fitur_l3,any (Limited and Reduced), have de-
-4a the 13:i dividend of 4s. in the pound, payable

r,
YEu tßiTistr rtrlips—TWU O'CLOCK.
lif3l.,,‘tEN-r ri.IND.I.:
i/143bitCeilt• CoUSOIS .
S to for Account, • Bcpt 8
r tjent. lteduced ..........................
ti
New 93
r,s3 Per Cent ..........................
41 per Cent. Jan. 1891
03,4 °•.;", Per Con
.Mn. 1.873
.....
unities, SO yrs expire sth Jan, 18°
11°' for 30 yr, ' expire sth April 188 a —
tx I 5 Wed t3lt Telehraph). Aug., 190 m•••
LIANA: Rills zi,uuo, 2i p. ct. larch
Do. '
3 do. June pm
hi))
4440
£lOO, 4200 & £501) —
ciihlt of England Stock, 41 per Cent
t`'44. Opeuiug
......
later. 4 Per (lent. Bonds ................
1-Colonial Unintinn .................. ;
Indi,4,l>l4N UOVlsattililaiT Skcincrr.t.b4
210 11
/00:0t°ek: 10i per Cent.,
, penin for Account April 18/
1141
Do. a pur Cent. July, 1880
991
1300. 4 Per Cent , Oct. 1888
Do,. Certificate; . .. ._. ............ " 9-21
. -
• aced kap,"; 4 ..... iUI ;tat.. ...