The Sun.
London, England, 1869-01-11 00:00:00

MONEY AND BUSINESS.

(From the Springfield Republican, Dec. 26.)
The New York money market, which was fairly tense
at the close of last week, has experienced a sharp turn, and
is now uncomfortably stringent. This has been in part
caused by the approach of quarter-day, but chiefly by the
speculative disturbances of the week and by the distrust
occasioned by two or three failures at New York, followed
by suspensions at Louisville and St. Louis. Seven per
cent. in currency is now the minimum, and seven per cent.
in coin not infrequently on cable loans. In many cases a
commission of per cent. has been paid on round amounts.
The pinch was particularly severe n 'Wednesday, and
the weaker classes of borrowers found great difficulty in
getting what they wanted. The 'pressure is not owing
to any scarcity of funds, but to an indisposition to lend.
It
is not considered improbable that in a few dass-it-InaY
be worth while to hive money on hand, and that
holders may be enabled to pick up some good things
that will be lying loose should the stringency pro-
ceed to extremities. Money has come into New York
freely from Boston and the country during the week, and
except for the approach of quarter-day, and the stimulus
given to stock operations by the rise in New York Cen-
tral, there would be no reason for anything more than
legal rates in money at the present time. The demand
from the West has entirely ceased; and the cotton crop
at the South has already been in great part moved. At
the West the complaints still are of slow and painful
country collection. Debtors in the interior are taking
their own time pretty much ; and the demand in the large
centres is constantly being increased unexpectedly by the
failure of correspondents to remit. Eastern exchange is
firmer, with small supply. This week and the next have
been or will be much broken up monetarily—Christmas
and New Year's-day coming on Friday. This, as Satur-
day, is always a broken day, and causes the week to end
practically with Thursday.
The gold market closes dull for the weak, under more
peaceful advices from Europe. There is an abundance of
cash gold, and yet* high rates are paid for" carrying"—
the reason being found in the general desire to keep hold
of the greenbacks. The January disbursements of coin
interest will be unprecedentedly heavy, reaching the enor-
mous figures of $30,000,000. Formerly, the gold interest
paid in January and July was insignificant as compared
with that of May and November; but the conversion
during the year of the Seven-thirties into the bonds
of 1868 has brought it up to the present enormous aggre-
gate. The bonds which now bear January and July in-
terest, are the 6's of 1861, the loans of 1558 and 1860, and
the Five-twenties of 1868, 1857, and the " new" bonds of
1865. The payment of this interest will, according to
custom, be anticipated by the sub-treasurers, as indeed it
already has been by the market;and, the effect on prices
fully discounted. It will be observed that the January
and July are not held abroad to the same amount as those
of May and November interest bonds. Consequently, only
a small portion of the interest will go abroad, or be avail-
able to buy new bonds on European account. The origi-
nal loan of 1862 embraces the great proportion of the debt
held abroad—although the bonds of 1867 became quite the
favourites in the German market this summer, and were
exported very freely. The payment of the interest will
still leave considerably over seventy millions of gold in
the sub-treasury.
Governments have been dull and lower during the
week, partly from the stringency of the markets, partly
from a speculative disposition to be ahead of a possible

fall and to have the money in hand. Very likely, too,
the public mood has bad something to do with it.
At any rate, we find the fact of slightly lower prices,
the bonds of 1861 holding their own best. At the close
there is more buying, and greater firmness in the market.
The New Fork Herald seriously attributes this improve-
ment to a general disposition on the part of certain classes,
especially the banks, to purchase just before the Ist of
January, in order to escape taxation. The article in the
_Herald is a little confused by the subtlety of the distinc-
tion between taxes imposed by State, and those imposed
by national authority, and between those laid on property
and those which are laid on income. The desire to escape
taxation is a great force and an important fact ; but it is a
constantly operating rather than a spasmodic or periodical
force. The number of those who purchase Government
bonds a week or so before assessment day, just to hold
them over, is probably not as large as the Herald tries to
make out.

Tho event of the week is, of course, the scrip divi-
dend of the New York Central. We have previously dis-
cussed the morals and the methods of this high-handed
outrage. The effect upon the price of Central stock,
and on the rest of the market, has been much more
striztly limited than would have been anticipated,
and than otherwise would probably have taken place
had not the old Commodore readily manifested the good
sense to let his victims off "easy," and settled gener-
ally at 150. Had he kept the screws on, and sought to
run the stock, of which he and his family aro said to have
held from ten to fifteen millions, up to Harlem prices, he
would have driven the bears to desperation, and very
likely not have realised as much in the end. It is under-
stood, however, that there are certain parties with whom,
on account of old scores, Vanderbilt declines to settle, and
prefers to hold them over the fire and toast their heels a
while—perhaps also with a view to keeping them on their
good behaviour when the matter of legalizing the issue
comes up in the Legislature. The question on which side
the Erie clique were in the battle is settled. That re-
markably long-headed young financier, Mr. Jay Gould,
was one of the largest holders of the stock; and has cer-
tainly made his pile, This might have been accident or
shrewdness ; but the fact that the Erie suits against Van-
derbilt are to be withdrawn, and that a friendly under-
standing has unquestionably been established between
them, shows plainly enough that Gould was " let in" to
this thing, even though some of the closest of Vander-
bilt's associates, and even stock-jobbing members of his
own family, were kept completely in the dark till the
memorable Saturday night which brought the explo-
sion. It shows another thing, too, namely, that the
two forces, Erie and Central, will appear on the same
side in the Legislature at Albany, and press the legaliza-
tion of the issue of certificates together. As to the exact
worth of these certificates opinion is divided. The refusal
of the stock boards to call the stock, ex-dividend, is a per-
manent stamp of inferior or questionable quality, and must
have a decided influence upon their value. The certificates,
when detached from the stock, cannot be negotiated or
hypothecated, which limits their uses and restricts their
price. The dealings in them for some time must continue
to be comparatively limited—at least until public opinion
has manifestly settled down to some general opinion con-
cerning them, and it becomes evident whether the courts
will act in the matter, or no. Thus far the operations in
them have been small ; and the clique remains pretty
generally in possession of the stock. How they will
finally dispose of it remains to be seen. There is a great
deal of bluff and brag on both sides, besides a good deal of
honest uncertainty in the minds of the community, in re-
gard to the stock. To show how widely opinions are
apart, it may be mentioned that on Wednesday one per
cent. was paid to call the stock at 160 in 30 days, and the
same was also paid to call it at 140 in 30 days. Other
stocks, particularly Rock Island and Pacific Mail, which
have been held in huge blocks, shared in the good fortune
of the Central; their holders have unloaded at a hand-
some advance, Rock Island reaching 1141 but closing
at 112—the Pacific Mail closing at 1191. Toledo and
Wabash improved several per cent. under reports of nego-
tiations with Central, but closes lower. Hudson River, in
sympathy with Central, rose to 135, but closes 131. Mil-
waukee and St. Paul is more active.

The steady improvement in the price of cotton has
given a decided upward impulse to cotton goods, notwith-
standing the difficulty of the money market, and a consi-
derable advanc) has already been realized, with every
prospect of its being made good. In domestic cottons the
advance has been from lc to lie a yard, with a strong de-
mand for the finer grades of bleached shirtings and sheet-
ings. The sales have been very large, an 1 the stock in
first brands has been pretty much cleared out. Printing
cloths have partaken of the excitement, and shared in the
advance. Prints aro generally a cent higher, and prices
are firm at the advance, with still an upward effort. This.
condition of things is what the trade have been waiting for
with immense patience, and now it has come they are en-
joying it greatly. The uncertainty in regard to cotton
and cotton goods has been a very unpleas.int feature of
business this season ; and something positive and definite
will be welcomed by all classes of dealers. The parties
that sold cotton for December delivery at 23 cents are
now settling by paying 2to 21 cents. The arrivals are
not as free as heretofore, and whereas last week the ex-
cess of receipts over 1867 was 14,000 bales, it is this
week but 127,000 (895,000 bales against 768,000). Low
water in the creeks and bayous is assigned as the
cause. Messrs. W. P. Wright and Co., in their Wednes-
day circular, say, "We have reason to believe that in
Texas, Alabama, Georgia, South Carolina, and in the
country of which Memphis is the centre, planters are hold-
iug back their crops. Under these circumstances, we re-
peat the opinion that our present scale of receipts is very
liberal." The New Orleans Price Current of the 16th
inst. announces the first killing frost of the season—a very
good reason for not trying to raise cotton in the Connecti-
cut valley. So much for the crop of 1868-9 (the cotton
year, be it remembered, begins September 1). The crop
of 1867-8 proves, as was anticipated, greatly in excess of
that of 1866-7. The receipts at the ports foot up 2,240,284
bales, against 1,951,988 the year before. If we include
the increase in cotton consumed at the South, and that
sent directly to the North from Tennessee, we shall find
the crop of 1867-8 nearly, if not quite, half a million bales
better than that of 1866-7. Considering that cotton is
now selling at ten cents a pound higher than last year at
this time the increase to the wealth of the South can
easily be seen, and promises nobly both for the rehabilita-
tion of that section and for our trade with it. At the
West, the grain markets have been quiet during the week,
and prices have declined materially on cereals. This is
due to the falling off in shipments; the increased receipts
from producers who are about tired of holding for "that
rise," and no less favourable advices lrom the East. The
folly of the " holding-back" policy is, we trust, sufficiently
manifest by this time. The provision trade is very active ;
sales have been unprecedentedly large, and prices have
advanced on all articles of hog and beef product.

CLOSING QUOTATIONS FOR RAILROAD MORTGAGES.
N. Y. Central 6s, 1883... 91 Chi. &N. W. Ist M
N. Y. Central 6s, 1887... 90 Tol. & Wab. Ist MEx 92i
N. y. Central 6s, It Est.. 86 Gt. Western 2d M '93 76
N. Y.:Central 6s, Sub'n.. 86 Mil. & Pr. du Ch. Ist M
N. y. Central is, 1876... —Gal. & Chic. Ext
N. Y. Gen. is, cop. Gal. & Chic. 2d M
N. Y. Cen is, '65-'76 Chi. & It. I. Ist M.. 98

hile Ist Mort, Ex 101
Erie 7s, 2d Mort, 1879 971
Erie 78, 3d Mort, 1883 92
Erie 7s, 4th Mort, 1880 86
Erie 7s, sth Mort, 1888 36
Long Dock Bonds
Buff.N.Y.StAlstM,'77 B2
Hud. R. 78, Ist M, '69 100
Hod. IL 7s, 3d M, '75 —
Harlem Ist M, '6B '72 99
Mich. C. Ist M, 69'72 1.13
Mich. new Ist M 85,'82 —
Mich. So., 7 p. c. 2d M 96
N. Ind. Goshen Line '6B
Micb.S.&N.l.S.F'd7p.c. 9G
111. Cen. 7 p. c, '7O ... . ll4l
Alton & T. H. lEt 92
Alton & T. H. 2d pfd 831
Alton & T. H. 2d M.. Inc.
Han.&St.J.LandGrants 103
Han. & St. J. Con
Chi. B. & Q., Ist M 1111
Chi. & N. West, S. F 96
Chi. & N. W. Con Cony —
Chi. & N. W. Ein B —

Chi. R. I. & Pacific 7's 100
Cleve. & Tol. S. Fund 98i
N. J. Central Ist M —
N. J. Central 2d M —
Pitts. Ft. W.,1& Ch. Ist M 1031
Pitts. Ft. W., & Ch.2d M 97
Pitts. Ft. W.. & Ch. 3d M 93
Cleve. & Pitts. 2d M
Chic. & Alton, S. F. Inc
& Alton, S.F. lstM 102
Mil. & St. Paul Ist M 102
Mil. & St. Paul 2d Nl_ 82
Marietta & 'in. Ist M —
Morris & Essex Ist M 95
Morris & Essex 2d M 92
Joilet & Chic. Ist M —
Chi. & Gt. East'n Ist M 731
N. Y. & N. 11. 6s
Dubuque &S. City, 15t3.1 —
Peninsula Ist M
Ohio & Miss. Ist M 96
Ohio & Miss. Con B5
Tol. P. W. Ist M. E. D —
Atlantic & G. W. Ist M —

(From the New York Tribune, Dec. 24.)

Money opened in sharp demand at 7 per cent. in gold
and 7 per cent, in currency, with a commission added.
The rates for carrying stocks show the activity in
money ; } was paid for one day, and from 1 to lf per cent
was paid for thirty days. At the close of basiness the
rates were less firm, and loans on Government and miscel-
laneous securities were made at 7 per cent. in currency.
Sterling Exchange is steady at quotations : London, 60
days, 109}; London, sight, 110} ; Paris, long, 5 15 to 5
13/; Paris, short, 5 12} to 511}; Antwerp, 17} to 5 15;
Swiss, 5 17} to 5 15 ; Hamburg, 36 to 36} ; Amsterdam, 41
to 41} ; Frankfort, 41 to 41} ; Bremen, 78} to 79 ; Berlin,
71-/- to 71-1.
Freights to Liverpool by steamer, 40,000 bushels
wheat at Sid, 7,000 bushels corn at B}d, 500 bales cotton
at id, and 500 boxes bacon at 45s ; and to London by sail,
1,000 boxes cheese at 32s Gd ; a ship to Antwerp with
petroleum on private terms.
-

The following is from the Philadelphia Public Ledger,
Dec. 24 :—" The general stock list shows noimprovement
in the volume of business and prices generally are un-
changed, closing rather heavy. State and City loans were
in moderate request, but not quotably higher. Reading was
off a fraction, and for the moment while the conduct
of New York and Erie and New York Central aro
fresh in recollection, there is au indisposition to go
into the stocks of the large corporations. Canal shares,
Bank stocks, and Coal Company stocks are dull, with
more disposition to sell than to buy. The present con-
dition of monetary affairs would aprear adverse to a re-
vival of speculative schemes, especially such as have so
signally disgraced Wall-street, and yet we hear that some
of the clique are even now engineering other schemes, no
less villainous, so confidently do they rely on the short
memories of tbeir victims."

The Chicago Republican of ltiondny, Deo. 21, says :
"Local Monetary affairs have undergone no material
alteration. A very good, we may say pressing, demand
has existed for loans, and the market has worked close
and firm at 10 per cent. por annum. Nearly all of the

larger institutions have been ordering currency from Nevi'
York, large amounts of which have arrived daily, and are
still being received. Interior bankers have ordered
large amounts from the city, and balances are now
very low, and some accounts have been overdrawn—
indeed, the currency received from the East has
been little more than sufficient to meet the calls from
the country, so that no great relief has been afforded to
the city banks. Country collections are still made with
difficulty, and merchants are quite out of patience with
interior debtors, as they are obliged to borrow from the
banks here, which tends to increase the stringency.
Eastern exchange was firmer to-day, as the supply is not
very large, and it is predicted that rates will be better next
week. Transactions between city banks were made at
$1 to $1 .50 off, closing at tbo inside figure. Over the
counter bankers were making remittances on account of
interior banks, and selling to customns at par and buying
at 1 discount."
New York, Jan. 6.—According to Messrs. Neill
Brothers' report the receipts of cotton at all ports for the
past four days have been 40,000 bales, against 46,000 the
same time last week. Exports to great Britain, 9,000
bales, against 25,000 bales the same time last week. Ex-
ports to France, 4,000 bales, against 5,000 the same time
last week. Exports to other foreign ports, 4,000 bales,
against 16,000 the same time last week. Total export for
the four days, 17,000 bales, against 46,000 the same time
last week. Middling upland, laid down in Liverpool
per steamer, a decline of 8.

New Orleans, Jan. s.—Middling, 111, laid doll n by
sailing vessels. Weather rainy, checking deliveries.
Messrs. Stokes, Millaffie, and Co. have received the
following from their New York correspondents :—" New
York, Jan. 6. Pour days' receipts of cotton at all the
ports, 39,000 bales. Approximate estimate for the week,
86,000 bales. Same week in 1868, 86,000 bales. Market
quieter. Good ordinary Texas costs 111; middling, Or-
lenas, 111; middling from Savannah, 111. These prices
are for cotton laid down in Liverpool, including all
charges and allowance of six per cent. for loss in weight."

Foreign Mail Packet List.

MAILS DIIE.

ustrana and New Zealand, via Southampton Jan. 30.
Ditto, via VArseilles
Ditto, via Pa,. arna
...... ......... ...Jan 28
1.,z11., Buenos Ayres, awl Monte Video Feb. 3.
Ditto, by French packet
Jape Verds, by Brazil packet .... . Feb. 3-
'ape of Good [lupe. Ascension, and St. Helena Jan. 12.

;irina. realm:, and Singapore, via Southampton.. Jan. 16.
iibraltar, via Southampton
I ndla, via Southampton

Ditto, via MarseiLes
n.:gypt, &c Jan 15.
Ditto, Marseilles Jan. 12
Irani-10ns, Cape of Good Hope, and Natal, via
Sc u aro/ ton
Ditto, Ramifies Jan. 13
,exvfoundla Lc ...... ........... . ....... Jan 13
t'ortugal •• • •
•-It‘tes - anada, California, Ste., by British
Jan.: 13
Ditto, by Canadian packet .... Jan 15
Ditto, by 1. Mind States packet
Ditto ditt ( (Baltimore)
West Coast of Africa, Madeira, and Teneriffe ......J an. 17
Wept Indies and Paz,ific (except Mexico and Baha-

mss)
Falkland Islands .......
Cub i and Mexico
Bermuda, via nalifax... .. Jan 11.
B.naahas, via New I. ork

Chief Justice Chase went to Rhode Island to sp nd
Christmas. His son-in-law, Senator Sprague, has bought
an island containing 9,000 acres on the coast of Georgia
and Florida, near the mouth of the St. Mary's River, over
which his influence will be more dominant than even over
Rhode Island. The Secretary of State, accompanied by the
English and French Ministers, proceeded to Auburn for the
Christmas holidays. Commissioner Rollins left Washington
Dec. 22 for New Hampshire, where, we regret to say, his
wife is dangerously ill. Senator Henderson left Wash-
ington on the 23d December for Missouri, to forward his
re-election, and ho is backed by the President's journal/
the National Intelligencer. That piper recites his services
in a leader, and urges the Legislature of the State not to
deprive itself of so valuable a representative. Henderson
professes to be a Republican, but the advocacy of the
Intelligencer makes the party to which ho belongs
doubt his soundness. Carl Schurz, an able editor, is
more likely to be elected, notwithstanding the advocacy of
the Intelligencer. One good reason is advanced in his
favour, which is, that in the Senate there is not a single
Representative of the Germans—a strange fact that, and
one which more than any other supplies an answer to
those who affirm that the Anglo-Saxon race is not the
ruling element in America, for, from beginning near to the
end, the Senate is composed of the descendants of Bri-
tishers. Gen. Schurz will be an admirable Representative
for the great and thriving German section of the Republic.

THE UNION DEAD.—" Roll of Honour," No. 16,
has been published by the Quartermaster-General. It
contains the names of 20,500 soldiers buried at Gettys-
burg, City Point, Danville, Glendale, Richmond, and at
various barracks and forts in New England, New York
and Pennsylvania. Ia former lists the proportions of un-
known occupants of graves was one-third, but in the pre-
sent list it amounts to more than one-half. The total
number of graves now recorded in printed rolls reaches
155,000, of which 55,000 are unknown. It is con"
jectured that the records of about 150,000 more grave;
of deceased soldiers and prisoners of war are
yet to be printed, making 305,000 to be the whole
number of graves of soldiers who lost their lives
during the rebellion, and of these about 100,000 will re-
main nameless. The whole number of soldiers who fell
in the contest is estimated at 355,000, leaving 50,000 un-
accounted for. This discrepancy is explained as follows
—Killed in battle and never buried, 25,000; drowned,
5,000 ; graves in remote localities and not yet found
15,000 ; graves covered by deposits of gravel by floods
2,000; graves carried away by the caving in the river
banks, 3,000. The number of soldiers who died at bonas
after having been mustered out, from wounds or disease
contracted in the service, is not embraced in any of the
above rolls or estimates.

At Manchester, New Jersey, C. Bristol has been
appointed Postmaster in place of the Hon. John Torrey,
jun., Senator elect.

_ •
Governor English, of Connecticut, has given all
railroad conductors commissions as special policemen/
thus enabling them to m)re completely control the conduct
of passengers.

riinvEßTisEmEvr.l —Holloway's Ointment and
Chest Complaints.- It is a source of the highest satisfac-
tion that an easy and expeditious mode of checking and
conquering these constantly occurring affections has been,
discovered. The propriety of disturbing the nervous and
vascular system, in pulmonary maladies, by administering
internal medicines, was long questioned before Professor
Holloway was enabled to prove the practicability of reliev-
ing over-gorged lungs, and relieving and restoring their
natural action by external means. His ointment thoroughli
rubbed on the walls of the chest twice a day gives ate
utmostsecurity and comfort in influenza, acute and chronic'
cough, bronchitis, pleurisy, stitches in the side, shortness
of breath, and palpitation, with other allied and daneroxi9
diseases.

[ADVERTISEMENT ) Consumption, and all bilious, nervous,
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11
the Holy Father is excellent, especially since, abandoning all
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