The Sun.
London, England, 1869-04-05 00:00:00

APRIL 5,

169.

FOREIGN NOTES.

MORE RUMOURS.

The Continent is clearly determined upon keeping up
a state of chronic alarm. War rumours are still circulated
with indefatigable energy. At present the French, intent
upon the approaching general election, are less vigorous
than usual in the manufacture of panic, but the Germans
have taken to rumour instead. From Hanover comes the
statement that .the reserve of one corps d'armee
has been called out, and that the landwehr has been or-
dered to hold itself in readiness. The enigmatical speech
of King Victor Emmanuel has already been given. The
Rome correspondent of the Tablet believes that the new
"triple alliance" is an accomplished fact. A complete
change of policy will take place in France after the elec-
tions. The French occupation in Italy will in no case be
of long duration. Italy, the writer adds, is evidently
mustering her forces. The Paris journals have been very
sparse with bellicose announcements for some time past,
but their provincial contemporaries seem disposed to make
up the deficiency. The Phare de la Loire, the leading
French country paper, says that an order has been received
at Cherbourg for all the ironclads to be got ready by the
Ist of May. The work is going on night and day with
extraordinary vigour. These are not all the signs which
are pointed to as indicative of the ever-threatening war.

MONEY 4ND BUSINESS.

from Messrs. Henry Clews and Co.'s Monthly Circular.)
32, Wall-street, New York, March 13.
United States securities, after a period of unusual acti-
vity and firmness, have subsided into a quieter and
steadier condition. Appearances justify the supposition
that a joint speculation, between capitalists here and in
Europe, has been in operation, with a view to profiting by
certain circumstances peculiarly favourable to the improve-
ment of the public credit, more especially the inaugura-
tion of a now Administration favourable to economy and
the conservation of the public faith, and the certain pros-
poet of the enactment of measures directly designed to
enhance the credit of the Government. If common report
may be credited, between s3o,ooo,ooeoxaagngderBa3tesd,o,oiot,oboeoinof
u thatr
. whereasouhgt
bonds have been sent to Europe since Feb. 1. These esti-
mates, hgonr, vhe vuesne
es arerhr
e o
horn
probably
taod e all
shipment bonds hg
recou c
muchdesigned for abaylvaer commonf°rgyre°pi
roportion are regularly taken merelyupon; h
ome
speculation. There can be no doubt, however, that,
uwointhdisn
hthaovelabsetensixe
xwpeeerktse, da; nauundustuhaallt; large amount of
should have baen absorbed by investors, thisand yneetwthsupripelye
of Five-Twenties advance 71 pe.wr
able to obtain ready credence. cent., nat.., seems too
.ime.pp.robd-
to the supposition therefore, incline
that a considerabilee, proportion of the
seen rities recently sent to Europe are held by speculative
capitalists, with a view to their ultimate distribution at
higher figures. It is to be presumed that, in conducting
such a movement, a certain amount of stock must have come
from investors into the lir.iads of the manipulators. If these
suppositions be well founded, it follows that a large
amount of binds are being carried by dealers at London
and Frankfort; and, although it is by no means impro-
bable, assuming that the money markets do not prove un-
favourable, that the confidence of investors may ulti-
mately respond to the circumstances legitimately tend-
ing to beget an improvement in the credit of our Go-
vernment, yet is patent that time must be required for
the transfer of the present large supply into private
hands ; and the inference from this conclusion would be
that we cannot expect to export any further impor-
tant amounts for some time to come. It is not im-
probable, therefore, that the home market may in
the immediate future receive little support from the foreign.
It is certainly a favourable indication that the recent large

- -
advance in prices, affording many holders a handsome
profit upon the principal, has brought but few bonds upon
the market ; holders appear to consider their investments
good ones, even at present high prices-; and as Congress
is not likely to do anything calculated to impair the public
credit, but rather otherwise, it seems reasonable to con-
clude that the future of prices must depend mainly upon the
course of the money market and the general state of trade.
Some sensitiveness is felt respecting the consequences
that may arise from the President's well-known views
upon the Alabama question, and from the fact that his
position is likely to be backed, at an early day, by in-
fluential Senators. The Cuban revolution, with the
possibility that the President might take an early op-
portunity of recognizing the rebel party as belliger-
ents is also becoming an element in the prospects
of the premium. The foregoing considerations,
with no counteracting influences which have not about
exhausted their force, do not appear favourable to the con-
tinuance of the premium at present low figure. At the
moment large sales have been made upon the supposition
that, the currency on hand in the Sub-Treasury having
been reduced to about 85,000,000, the Government will
have to sell a portion of its gold. It appears, however, that
the change in the currency balance arises from the transfer
of a largo amount to the Pension Bureau ; so that the
decline is rather apparent than real. The Sub-Treasuries
at other points are understood_ to be well supplied with
funds, and a portion of their balance will probably be
transferred to New York. Next month the income tax
becomes payable; when the Treasury wiil receive about
$25,000,000 of currency from that source; connecting
with this fact, the known opposition of Secretary Boutwell
to selling the Treasury gold, and the further fact that the
Committee of Ways and Means have recently expressed
an opinion rafavourabh3 to the Treasury carrying a large
balance in currency, it would seem quite possible that the
expectation of sales of coin by the Treasury may be dis-
appointed.

(Front the Springfield Republican, March 20.)
Money is by no means easy. The banks plead povet ty,
and generally have good reason for doing so, as they have
been loaning every cent they could reasonably spare.
At New York 7 per cent has been the rate for call loans,
and very good names have had to pay 8 and 9 per cent.
for longer loans, although most prime discounts have been
at the legal rate of 7 per cent. The stringency, as usual,
produces still higher figures at Boston. There the very
highest grade of paper is held at 8 and 81 per cent., while
prime commercial names aro rated as high as 9 to 10, and
some good jobbing houses have to pay from 10 to 12 per
cent. Boston had lost consid treble capital by accepting
offers of 8 and 9 per cent. from New York for thirty
and sixty-day loans on Government collaterals ; and
the last weekly statement of the Boston banks is by no
means favourable. Loans Lave decreased $305,629, but
deposits have fallen off $1,443,965, and the only item of
increase is circulation, which is $16,277 larger than
it was a week ago. At Chicago, says the Republican.
of that city, " the supply at most of the banks is inade-
quate to the demand and the market is working stringent,
so much so that only first-class names are accepted, and
then only when the proffered collateral is entirely safe
and satisfactory. Deposits have been drawn down and
are now lower than at any time during the past two years.
Rates of interest remain firm at 10 per cent. per annum
The movement of currency to and from the city is com-
paratively light, and against the city. The supply at best
is limited." The most interesting financial feature of the
week has been the Government Bond Market, which has
been hammered with some success by the bears. It is not
surprising that the strong and significant advance which
accompanied the frank announcement of the policy of
honesty by President Grant and the disposition of Congress
to pass the Public Credit Bill, should have been followed by
a slight re-action. The bears, too, have had various Wash-
ington rumours to help them. Senator Sumner, they say,
_se._
has in preparation a defiant and threatening speech on the (From the Wall-street Journal)
Alabama claims, which means war with England; and our I NEW YORK, FRIDAY EVENING, March 19.
Government is going to recognize the independence I Money on call is active at 7 per cent., and in some cases
of Cuba, which would make a further sensation in Europe, coin interest has been paid. Discounts do not show much
and perhaps damage our credit. These stories affect the t
activity, as the demand for paper is limited, at 9 to 12 per
London market, and of course a decline there is quickly cent. for first-class names; at 9to 10 for prime dry gOods
responded to here. They also influence gold, and the gold names, and at 10 to 11 per cent. for prime auction names.
and bond markets aro so nearly allied as to sympathise Government Bonds have been very active all the week,
under such circumstances. Furthermore, the beats would but in sympathy with the increased activity of money
have us believe that the late advance was the result of a have receded to-day Ito 1 per cent., but the decline is
joint movement between capitalists in this country and in looked on as temporary, and higher prices are again looked
Europe ; that the foreign demand has ceased for the pre- for. Gold is firmer, and has fluctuated to-day between
sent ; and that the market need expect no support from 1301 end 1311, closing at 1311. Foreign exchange, in
that quarter. But after all has been said the facts remain consequence of the large supply of bills resulting from the
that confidence in the Government's intention and ability negotiation in England of large blocks of securities, is very
to pay its d bts -especially now that the Public Credit dull and heavy.
Bill has been repassed and, thanks to Grant, has become a Quotations for specie:-
law- is not to be shaken by passing rumours; and that . Amer. silver,,, 95 to 951 I Eng. sous 486 to 489
there is a steady demand for the bonds from persons who Mex. d011ar5...1031 „ 104 120 francs 384 „ 386
I
wish them, not for speculation, but for a permanent Eng. silver 480 , 485 Thalers
I
investment. Another cause for confidence is the eco-
Five francs .... 951 „ 961
nornical administration promised by President Grant, ! FOREIGN EXCIL4NGE.
and certain to be secured, so far as the Executive L Sixty Days.ouden Bankers
pursued, is sure to improve our credit at home and Paris, Bankers 5 20 - 5.171-5.161
Bankers
abroad, and will operate potently towards hastening Bremen,
Hamburgh, Bankers 351-351
the day of specie payments, will make our Government lerrinkfort, O.M. 4Ol-401
securities among the most desirable in the world. Indeed Berlin and Cologne
711-71
the late decline has already been followed by another ad- Antwerp 5.221-5.181
Amsterdam, Bankers
vance. The American market has been pretty much s
wiss
5.221-5.181
cleaned oat of the Five-Twenties of 1862 on account of
the recent heavy demand for them from Europe. The
Express Stocks are barely steady, and business
limited.
fluctuations in gold for the last week have been very
The United States Company being duly registered, their
stock is now called at both Boards. We quote:s-83 9
slight, but the dullness of the market was broken on Wed-
Adams ..
nesday by reports that the Government was about to soil
American Merchants': Union ::: ::,' ::. 414 Li°. ,11' 1
gold freely; also that there were to be liberal importations Do. Old Stock .. ... ... ... 151 to 16
from Europe. The .price declined on these rumours from United States .. ... .. ... ... 551 to 56
1311 to 1301. In regard to gold sales the transfer of Wells, Fargo, and Co. .. . ... ... 301 to 31
$3,000,000 in currency, from Washington to New York, PUBLIC FUNDS OF THE UNITED STATES. which has just been made, certainly looks as if Secretary Sixes, 1881, coupon ll6l to 1161
U.S. 6s. Pecific Rail, gad lO3l to 1031
Boutwell did not intend to sell any coin in the irnme-
Five-twenties 1862 coupon
diate future ; and it is not easy to see how gold could
Five-twenties, 1864, coupon
come from Europe with exchange at the present rates. Five-twenties, 1865, coupon
The receipts of specie at New York for the week ere Five-twenties, 1835, coupon, new
$193,217, and for the year $2,590,669 against Five-twenties, 1867, coupon
$1,106,837.-The general tone of the stock market has U.S. 5-20 Coupons, 1868 ll3l to 114
been weak. Pacific Mail has been run down without Ten-forties, coupon lO5/ to 1051
mercy, and on Wednesday sold at 92, a decline of
Railroad Stocks to-dap aro generally strong, and a large
about 10 per cent. since last week. New York Cen-
business is doing :-
CLOSING QUOTATIONS FOR RAILROAD MORTGAGES.
tral has also fluctuated a good deal, and that famous 80 per
N. Y.,Central 6s, 1883... 911 Chi. & N. W. Ist
cent. stock dividend has proved another source of trouble, N. Y. Central 6s, 1887... - Tol. & Wab. 2d M 90
M Ex. 91
the Government having just claimed a tax of $1,200,000 N. Y. Central Cs, R;Est.. - Gt. Western lstM 'BB B6
upon it. The stock has had some buoyancy, however,
in
N. Y. Central 7s, N. Y. Central 6s, Sub'n.. 871 Mil. & Pr. du Ch. Ist M -
- 96
consequence of reports that ti e litigations against the com- ,
N. Y. Cen. 7s, c0n1876.... Gal. & Chic. Ext
-
pany, caused by the same dividend, have been stopped
N. Y. Cen. 75, '65-'76 -76.... - Gal. & Chic.
110 Chi. & 11. I. Ist M2d M -
The
a 5 he Chicago, Rock Island, and Pacific Railroad has de- Erie Ist Mort, Ex ......... 1031 Chi. R. I. & Pacific 7's 94
deer cent. dividend. The Fuller Railroad restric- Erie 7s, 2d Mort, 1879.., 871 Cleve. & Tot. S. Fund 99}
tion bill, about which so much noise was made in the Illi- Erie 7s, 3d Mort, 1883... -. N. J. Central Ist M 99
Erie 7s, 4th Mort, 1880- - N. J. Central 2d M 102
nois Legislature, was shorn of all its objectionable features
Erie 7s, sth Mort, 1888... - Pitts. Ft.W ,dr CU. Ist M.lOll
before its passage. As finally agreed to it merely requires that Long Dock Bonds - Pitts. Ft. WI, & Ch. 2d M. -
where A and B, living at the same station, have the same Buff. N.Y. &E.lstM,'77 - Pitts. Ft. 'W., &Ch.3d M. 90
class of freight to be sent to the same point, the railroad Biel. R. 7s, Ist m, 'e9 100 Cleve. & Pitts. 3d M ... 90
company shall not charge the one any higher than is Herd. It. 7s, 3d M, '75 1021 Chic. & Alton, S. P. Inc. 93
Harlem Ist M, '6B '72 1011 Chic. &Alton, S.F. lstM.lol
charged to the other. The requirement that the rates
Mich. C. Ist M, 69'72 1131 Mil. & St. Poll Ist M... 88 '
shall be uniform has no other effect than this, all others Mich. new Ist MBs 'B2 1171 Mil. & St. Paul 2d M.. 83
having been taken away by the exceptions in the bill itself. Mich. tio., 7p. a. 2dM 93i Marintta & Ciu. Ist M... -
The exports front New York for the week and year are
I,ll.iclllll:lB..,t_GNosjh.esn.e.Flldin7ep'.6cB
98-
~.t.Ml7loei:rrerrtiiase,lrCEEhsaisacee.xxl2lBdstt3Mmi
.........
909 i
$2,67,',878 against $1,052,946, and $31,577,637 against
$36,520,120. The stock of wheat in store at Chicago at
Alton 'Cen.
r‘l.' r ).
'I
(il. 1 sot M. . . '9- ;1 niEallt.'nBalst3l... 895.1
present is 1,427,000 bushels against 1,105,600 a year ago •; Alton &T. 11. 20 pfd B2 N. il-j4
and the stoat of wheat at Milwaukee 1,572,000 against Alton &T.H. 20 M.lnc 771 Dubuque &S.City,lstM. 94
1,170,000. The comparative receipts of flour and grain Han.&St.J.LandGrants - Peninsula Ist M ....... at the five ports of Chicago, Milwaukee, Toledo, Detroit, Han. & St. J. Con — Ohio & Miss. Ist Al 94
and Cleveland, from January Ist to March 13th, were as Chi. B. &Q, Ist ISI 111 Ohio & Miss. Con -
Chi. &N. West, S. F.... 95 'Pol. P. W. Ist M. E D,. -
follows :-Flour, 1,137,610 barrels against 577,536, wheat Chi. &N. W. Con Cony. 931 Atlantic &G. W. Ist. M.
4,445,182 bushels against 2,026,045, corn 5,580,580 against Chi. &N. W. Ex'n 8.... -
5,891,376, oats 1,730,860 against 1,285,409, barley 280,563 , RAILROAD AND MISCELLANEOUS STOCKS.
against 302,504, rye 316,921 against 124,845. It will be N. Y. Centra1,,,,,,...... 1591 Fort Wayne
observed that this year's receipts are much larger than . Hudson
Reuaadsionn .................. 1. 11- Atlantic Pacific
M3afial i 1
last year's in every case but two (corn and barley), and
Quicksilver that in them the difference is small, while the receipts ' Mich. youth, &I. ...... 96' el U. Telegraph
of wheat and flour are double those of last year. In ' Illinois Central 37
oMhairoi Pansda Mississippi.,, 32
33241
the light of these figures it is easy to account for the Cleveland & Pittsbrg. 139
87
'North-WestB4l Boston Water Power l7l
North-West Preferred 92 Cumberland
decline in breadstuffs, which is likely to go on, especially
as canal navigation will be open in a few weeks. The 36 cotton market is rather weak, and the stock at New York ' Rock
Island l2Bl M & S Paul
is unusually large. There has been no change in the Cleveland and Toledo
1061 IM & St. t. Paul Preferred 79
Hartford tobacco market during the past week. The pack- Messrs. Drexel and Co., Philadelphia, report that on
ing season is about over, and packers are picking up the ' March 18, the latest sales in Pennsylvania Railroad
odds and ends. Prices for old crops of '66 and '67 have Shares were 571 58 ; Sixes, Ist Mortgage, 991 ;2d varied but little, and the sales have been for shipping only, gage, 97 971.
Mort-
and at low rates. The quotations are as follows :-Crop ,
of 1866, wrappers, marked weights, 12c to 15c; fillers, 5c
to 7c; crop of 1867, wrappers, 30c to 45c; extra, 45c to
55c ; seconds, 15c to 18c ; fillers, 7c to 9c ; crop of 1868,
wrappers, 35c to 45c ; fillers, 7c to 8c ; seconds, 10c to 15c.
The wholesalers of dry goods, who expected a marked re-
vival of trade immediately after the inauguration, have
been disappointed. Business, although not remarkably
dull for the season, is not by any means so active as many
jobbers expected. The market, however, is not overstocked
with goods, and if a moderate demand should spring up,
prices would probably stiffen. Perhaps it is for this rea-
son that the larger houses do not share in their impa-
tience to sell which is noticeable among small dealers. The
demand for prints is improving, except for dark winter
styles, now passing out of date ; the spring styles, many
of which are very attractive, sell well at full prices. Ging-
hams are also in good demand, and there is no weakening
in the market. Delaines are dull, but steady, awaiting the
coming of spring styles. Cottons are a little lower. The
call for unbleached shirtings and shootings has been small,
and prices of standard goods have dropped half a cent a
yard. Bleached goods have been more active, and prices
for the best qualities have been sustained, but those .f
poorer grades have declined a trifle. Woollens are dull,
but unchanged in price. In all the cheaper kinds of
cloths our home manufacturers are driving out foreign
goods, as importers cannot compete with them so long
as the present tariff of 75 per cent. remains in force. But
other importations continue to be very heavy, and
although importers complain of small profits, their orders
on Europe, as yet, show no falling off.

Three Days
109--109 k

The experiments which have been made over the
telegraph lines between Harvard College and San Fran-
cisco show that the travelling time required by electricity
is as follows:—From Boston: To Buffalo and back 0.10
seconds. To Chicago and back, 0.20 seconds. To Onaaha
and back, 0.33 seconds. To Salt Lake and back, 0.54
seconds. To Virginia City and back, 0.70 seconds. To
San Francisco and back, 0.74 seconds.
The Times City Article of last Wednesday even-
ing wrote as follows :—" Some time back the New York
State Legislature issued a commission to examine into
the question of alleged over issues of stock in the Erie
•Railway, and also in the New York Central, the Hudson,
and the Harlaem lines; and the advices to-day an-
nounce that the schedule of the Erie Company, put in
under their corporate seal and with the affidavit of
I the secretary shows the total of ordinary stock to be
$57,000,000, all of which was created prior to the 20th of
sBOctober last ; that the preference stock still consists of the
,000,000 issued on its reorganisation some years ago,
and that the bond debt is $22,000,000. As these figures
do not confirm the statements and evidence recently
given regarding excessive issues of new stock by the ex-
isting Board of Direction, it is surmised that any such
issues must have been in the shape of pledges for loans,
and that they have been recalled by the discharge of the
loans."

LAD ViRTISEMENT.]-llenceforth no oue will doubt the valuable
properties of Du Barry's health restoring Revalenta Arabic&
Invalids' and Infants' Tood, singe to the thousands of blessings
it has already received from Invalids whose position had been
deemed hopeless, we may now add that of his Holiness the Pope,
whose health has been perfectly restored by it after thirty years of
unsuccessful medical treatment. We quote f. om the " Gazette du
Midi," July 25th :—" Rome, July 21,1866. The health of the Holy
Father is excelelent, especially since, abandoning all other reme-
dies, he hoed himself entirely to Du Barry's Revalenta
Arabica Food. of which he consumes a plateful at every meal.
It has produced a surprisingly benefici
al. elect on his health, and
his Holiness cannot praise this excellent food too highly." We
extract a few out ofinore than 63 000 cures :—Cure No. 58,216, of
wasting
the Marchioness de Brehan, of seven years' liver complaint
away, debility, nervousness, wi:lr a nervous palpitation,
all over, bad digestion, constant sleeples-mecs, and the most in-
tolerable nervous agitation. Cure No 1.771: Lord Stuart de
Decies, Lord-Lieutenant of Waterford o': many years' dyspepsia.
No. 49,832: "Fifty years' indescriba tale agony from dyspepsia,
nervousness, asthma, cough, constipation, .aatulency, spasms,
sickness, and vomiting —Maria Joly." Cure N. 46,270: Mr.
James Roberts, of Frimley, Surrey, of 30 years' dieeased lungs,
spitting of blood, liver derangement, and pariial deafness. Im-
portant Caution—Beware of the many unsavoury and more than
sloppy imitations to which, without authority, Baron Liebig's
name is most audaciously attached.
In tins, at Is. I}d.; 1 lb. 2s. ed.: 2 lbs. 4s. 6d.; 5 lbs. Ils. ; 12 lbs,
225..; 24 lbs, 40s, —Also Du BARRY'S REVALENTA ARAB/CA CHOCO-
LATE POWDER is packed in tin canisters; for 12 cups at 25., for 24
cups at 38. 61., for 48 cups at 65., for 288 cups at 308., for 576 cups
at 555.—being about one penny per cup. The 30s. &sad 558. tins
are sent free of carriage in England on receipt of Post Office
Order. BARRY Do BARRY and Co., No. 77, Regent-street. ton
don; and all Grocers and Chemists.

Births.
FRASER On the 2d inst., at 77, Eaton-place, the Hon.
Mrs. Fraser, of Lovat, of a daughter.
GARRETT —On the 2d inst., at Hornsey-rise, the wife of
Mr. Frank Garrett, of a son.

Marriages.
BEAN —HAMMOND—On the 3d inst. at St. Mary's, Lam-
beth, Mr. Bean, 119, Wood-street, city, to Miss Ham-
mond, 9, Albert-square, Clapham-road.
MAcKIE—MILLAP.D—On the 31st ult., at Christ Church,
Clifton, Mark Mackie, Es 1., to Susan Jane, eldest sur-
viving daughter of the late Samuel Millard, Esq. of
Whitchurch, Herefordshire.

Deaths.
BLYTH—On the 2d inst., at 4, Park-lane, Piccadilly, Robt.
C. Blyth, aged 39.
DE limns —On the 2d inst., at 35, Clarges-street, the lion.
Mrs. De Rodes.
GATES—On the 3d inst., at his residence Goodwood Lodge,
Lee-park, Kent, Mr. George Gates,
aged 60.

London : Printed and Pabliehed by WILLIAM ANDREWS
of No. 112, Strand, Printer, at ¶ SUN 011ie; No 112
Strand, in the PreCinct 'of the Savoy :n the County of
Aliddlesex.—Monday, April 5, 1869.