The Sun.
London, England, 1869-10-07 00:00:00

(From Fun.)

A HINT FOR Lino INSURANCE COMPANIES.- -Honesty is
the best Policy.

STANDING SnoT.—A well-known Irish Q.C. has refused
to stand for Tipperary. He declines to be its Butt—and
we don't wonder, considering the amount of shooting that
is done there.

(From Judy.)

A HINT FOR THE NEXT ELECTION.—Mr. H. B. Sheridan,
it appears, is likely to be called to account by his consti-
tuents for his transactions in re the Albert Asssurance. It
is quite certain that any of them who happen to be policy-
holders will much prefer his room to his company.

MONEY AND BUSINESS.

(From the Springfield Republican, Sept. 18.)

The feature of the money market, the past week, has
been the New York bank statement, left over as a basis of
business from the preceding week. This document is of
such extraordinary character, however, that it partakes
of the na' lire of a financial curiosity, or of one :of the in-
geniously difficult "sums" in the back part of the school-
bo) 's arithmetic, rather than of a monetary exhibit, on
which business calculations may be based. A ccording to
its terms, the loans of the banks at the close of business,
September 11, amounted to $268,864,533, au increase of
more th;in six millions over the previous week; the specie
amounted to $14,942,066, a decrease of two and a half
millions; the circulation to $40,000,000, an increase of
$4,161; the deposits to $188,823,324, a decrease of
$2,277,762; the legal tenders $51,487,867, a decrease of
$4,341,915. Putting the loss in currency and coin toge-
ther, we have a not decrease in the reserves of $6,391,321,
1. e., from $17,025,224 to $10,733,303. The object of a
bank statement is undoubtedly to register the amount of
available funds at any given centre, to show whether
money is retiring to the outer circles of circulation, or
piling npin the middle. For such a purpose it is evident
from the state of business that the above exhibit is worth-
less. New York has lost little if any of this 6,000,000, and
probably most of it lies in the vaults of the banks that profess
not to have it. It is " sealed," locked up, for a few days, by
parties who will pay apittance for having it withdrawn from
sight, in order that they may speculate ou the possibility
of a stringency. One bank alone is known to have dis-
posed of $2,000,000 in this way. Probably the banks
would not permit a legitimate loan of so much to be taken
bodily from the vaults, but so long as they can have it
under their own eyes they seem to entertain no scruples
of Indulging in this game of give-away. Last year, with
a reserve at this time of twenty millions, there was a sharp
stringency before snow fell, and the prospect of entering
the present fall campaign with a purse of only ten millions
would certainly produce a panic, if the bank statement was
received at its face value. As it is not, however, money
throughout the week has been quite easy, and at no time
more than steady at the usual rates of 6 to 7, with com-
mercial paper at 10 to 12. Some inconvenience is being
felt from the scarcity of small bills. It is estimated that
the effect upon the market of the withdrawal of $l,OOO in
small bills from circulation is equal to that of the with-
drawal of $2,500 in large bills. The present contraction
in the former is due to the fact that the Treasury has been
in the habit of replacing the mutilated small money with
bills of high denominations. Hereafter, however, like is
to be replaced with like. In the aggregate, of course,
no expansion of the currency of the country takes place.
Gold has been obstinately heavy, and all the efforts
of the " bulls" to give it buoyancy have been most labo-
rious, so far as they have been made at all. Every
elevation in price has been procured by expensive
purchases of gold, and the payment of carrying rates
that must have deducted largely from the final profit of
the speculation. The effect of this labour has been to raise
the premium about one per cont., an advance that is en-
tirely temporary and may fall off at any moment. On
Tuesday, private telegrams from Europe, which are be-
ginning to be as great a bore as the "reliable gentleman"
in war times, reporting an unusual dullness in the London
and Paris markets, gave gold a start from which it mostly
recovered before night. The number of business men
who take an interest in these moderate fluctuations is
very small, as we remarked last week, the only effect of a
rise being to produce a dullness in foreign exchanges.
The export of gold during the thirty-sixth week of
same or aboutper
i do n
ien-
sliBx6t9h,
of endingth be
the amount
aSmepoteunmter 11,
xp
1868. Since January 1, $25,274,067 has gone out
inss6tl;4e39
exported in
against $65,352,056 iu 1869. The former sum is less than we
exported in 1851, and not half as much as in 1859. There
have been but two of the last ten years in which we have
shipped less than in 1869, and those were 1861 ($3,264,953)
and 1865 ($21,081,780). Governments have been steady
for the most part, though they foil off a little on Tuesday
rather unaccountably, considering that it was the day
before the purchases by the Secretary of the Treasury.
Those purchases, however, were made at 118.20 and
upward, whereas last week the whole amount was obtained
for 117.50. Southern State Securities have been without
interest. The stock n.arket has Lad a sensation, literally
of the first u ater, in the restoration of Erie paper or
pulp to the New York Stock Exchange, a kind of cnun-
cil of forty thieves, who endeavour to maintain the honour
attributed to that class in the proverbs of tiro police. It is
now seven mouths since the operations in Erio became
scandalous, even in the eyes of the Board of Brokers,
wherefore it was kicked out of their midst, as one may
learn in tho last of Charles Francis Adams, jun.'s novel-
ties on railroad management. - It was excluded by the
enactment of a rule that no-stock should be admitted to
the call the exact amount of which is not registered with
some reliable banking or broking institution. Tho time
for the annual election of Erie directors draws nigh, and
opreferred, t there theiis
$
b promisee7soi,dibesides
,
Jay Gotld has therefore written a letter to the Farmers'
Loan and Trust Company, detailing the amount of stock
thatl i bears
o$
003f0,01,00i
of common
,oroooa dO. f Afisrctsocteokrmd,
mortgage
nrutgdg
ast
goB:slb3i so6,n9edxlso-
ib
$4,000,000 of the second,s6,ooo,ooo of the third, $4,441,000
of the fourth, $926,500 of the fifth, $586,400 of the Buffalo
• branch, and $4,844,440 of sterling; in all over $100,000,000
of liabilities afloat. AU these mortgage bonds are courser-

at .
tible into stock, to be added to the 70,000,000; but Gifeci
says that no further conversion itay he "apprehended" at
present, and pro Mises t? obey the rules of the exchange.-
This Trust Company, under whose apparent guardianship
the stock mill is placed, is said to be ready to smile upon
any new issue, after a nominal delay of 24 hours, in which
to "examine it." Their approval of it is therefore about
as valuable as would be the countersignature of the proof
reader. Under the prestige of this return to favour,
Erie has gone up several per cent, and Broad-street
has become quite merry over its old stimulant, so cheap
and yet so intoxicating. An exhibit of the earnings of
the Erie Road has also been made, and a very flattering
one it is. Daring the eleven months ending September 1,
the road earned $17,348,355, a sum that will grow to over
$19,000,0C0 before the end of this month. This is the
largest sum ever earned by any railroad in this country
during one year. The New York central reaches
$15,500,000, and the Chicago and North-Western a mil-
lion less than this sum. Of the Erie earnings, 7 per cent.
is consumed in expenses, leaving, besides the interest on
its bonds, five per cent on its $78,000,000 of stock. These
figures show of what immense value the road is to the
country, bow it succeeds in spite of a chaotic, or worse,
direction, and how pitful it is that its name should be the
symbol of the lowest deep of railroad rascality. Other
stocks have been almost deserted through the week for
this old favourite. Lake Shore and Rock Island have
looked up a little, and Vanderbilt have maintained a com-
mendable firmness. From the advance sheets of the
Commercial and Financial Chronicle, were are able to
give an account of the old cotton crop, except for all
practical purposes, for the harvest year ending Sep-
tember 1. The total crop was 12,439,939 bales, against
2,593,993 of 1867-8. This is larger than the crops of
1865 and 1866, but smaller than any previous crop
back as far as 1851. The last crop, with 38,130 bales
left over from the previous year, was consumed as fol-
lows:—Exports to foreign porta 1,448,020; sent to
Canada directly by rail 18,000; now on hand at Northern
ports 9,536, at Southern 2,807; total consumption in the
United States 998,806, of which but 80,000 was used in
the Southern States. The great body of spinners are
lightly stocked, though some large corporations hold
several weeks' supply. The new year begins with a de-
ficiency in the visible supply of cotton for this country and
Europe to the extent of 330,000 bales compared with the
amounten hand at the same period of last year. Hence
to permit of the same consumption the coming season as
during the season which has just closed, the cotton pro-
duction of the world must be increased to that extent. But
this year the average weekly consumption of Great Britain
has been about 3,000 bales less than during the same pe-
riod of 1867-8, while the Continent and the United States
have probably together consumed about 3,000 bales less
per week. If therefore the mills this season return to the
consumption of 1867-8, 300,000 bales additional will be
needed, or in all an increased production of 639,000
bales, without allowing any accumulation of stock. The
extent of the new crop cannot be with accuracy ascer-
tained as yet, but is thought to exceed last year's by enough
to make up this deficit. The receipts for last week were
1,350 bales in excess of those for the same week last year.
During the last of August prices at New York and Liver-
pool were 34c. and 141 d. against 30.3 c. and 11d. of the pre-
vious year, and much the highest rates obtained at any
time during the previous two years. Last week, however,
prices began to feel the effects of the new supply and fell
off considerably. The receipts of wool at Boston for
the week were 5,565 against 8,848 for the same week last
year. Trade is generally dull, and the failure of a wool-
len mill at Glendale has not helped the matter at all.
Shrewd buyers, however, both at Boston and at New
York, are investing, and as the receipts continue light and
manufacturers are running all their machinery, a rise can-
not be far distant. Tobacco transactions for the week
ending September 15 were light, on account of the ab-
sence of Western buyers. Prices are firm, but the market
is quiet. The reports of the new crop are more favour-
able than was expected. Quotations are as follows :
Connecticut wrappers, 35 to 40c; good to fine wrappers,
45 to 55 ; seconds, 20 to 28 ; fillers, 11 to 12. The dry
goods trade finds a ready customer in the South, as we
predicted would be the case some weeks ago. Western
buyers have been behindhand, but are now beginning to
appear. Prices are firm and are likely to be still more so.
A few failures have occurred among the smaller houses
but not to an extent to create any alarm. The trade
seems to be in a healthy condition, and expects to handle
a large portion of the procaeds of the abundant crops
throughout the country. Shirtings and sheeting; both
bleached and unbleached are firm. Cotton flannels are in
less demand on account of a large auction of Laconia and
Saco flannels. The demand for woollens and foreign
goods is improving. The retail trade of New York, which
in these days of quick transportation means the retail
trade of a vast tract of country, is rather slack. Bread-
stuffs are unusually slow in getting to the lake ports on
account of the unwillingness of the farmers to accept the
low prices, which the abundant harvest induces. Enough
comes forward to supply the demand, even a slight falling
off in price.

(From the Wall-street Journal.)
FRIDAY EVENING, September 17.

Money on call continues easy at 7 per cent. in miscel-
laneous collaterals, and at 6 per -cent, on Governments.
Discounts are also easier, and there is less difficulty in
placing thirty and sixty days paper. First-class bills a e
current at 10 to 12 pr cent., with some exceptions at 9 to
9, per cent. Gold is moderately strong on small transac-
tions, having opened at 1362- and closed at 1:361.

QUOTATIONS FOR SPECIE.
Amer. silver... 97 to 98 f Eng. sous 482 to 485
Mex. d011ar5...1031 „ 1011 j2O francs 383 „ 386
Eng. silver 475 , 480 Thalers
Fivo francs t, 96i i

Foreign Exchange is dull, and the market is oversup.
plied with borrowed bills.

Three Days,
108i-108i

Sixty Days.
London Bankers
London Prime Commercial.., 107-1071
Paris, Bankers 5 231 5.211 5.211-5.20
Bremen, Bankers
Ilamburgh, Bankers
Frankfort, O.M. 4Ol-401
Berlin and Cologne
Antwerp 5 271-5.26
Amsterdam, Bankers
Swiss 5.271-5.461
Government Bonds are generally quiet, with small
transactions.
Sixes, 1861, registered l2ok to 121
Sixes, 1868, coupon ... — to
Sixes, 1881, coupon l2ll to 1211
U.S. 6s. Pacific Railroad lOBl to 109
Five-twenties, 1862, registered l2Ol to 121
Five-twenties, 1862, coupon
Five-twenties, 1864, coupon
Five-twenties, 1865, coupon
new
119 to 1191
U.S. 5-20 Coupons, 1868 llBl to 120
Five-twenties,Fivewenties 11886675,, ccoouupoponn,
Ten-forties, coupon
Ten-forties, registered
Oregon War Loan, Sixes, 1881 — to
In Miscellaneous Stocks there is little doing except in
Pacific Mail, which is steady at about 72.
N. Y. Central ......... id 199/ Fort Wayne
Erie ........................ 39 Pacific Mail 72/
Hudson .................. 179 Atlantic Mail —
Reading ...... - .......... 951 Quicksilver
Mich. Centra1............ 128 W. U. Telegraph
Illinois Central ......... 137 Mariposa Preferred
Cleveland & Pittsbrg. 1071 Ohio and Mississippi 3ll
North-West ............. 771 Boston Water Power l6
North-West Preferred 874 Cumberland
Canton.. .................. 552 Bankers and Brokers —
Rock -1.e...0- 1 111
M & St. Paul
Cleveland iM & St. Paul Preferred 831
°ec lslandd
and n d. . .1. ;0d

Railroad Stocks have been excited all day, with wide
and frequent fluctuations, closed heavily. Railroad Bonds
continue to be rapidly absorbed by home and foreign in-
vestors.

N. Y.,Central 6s, 1883 901
N. Y. Central Cs, 188' 90
N. Y. Central 6s, 11 Est 87
N. Y. Central 6s, Sub n 87
N. Y. Central 7s, 1876
N. Y. Cen. 7s, con. 76 97
Erie Ist Mort, Ex ..' . . 9B
Erie 7s, 24:1 Mort, 1879 95
Erie 7s, 3d Mort, 1883 86
Erie 7s, 4th Mort, 1880 83i
Erie 7s,sth Mort, 1888 77
Long Dock Bonds
Buff. N.Y. &E. lstM,'77 B7
Hud. R. 7s, Ist M, '69._ 981
Hud. R. 7s, 2d M, 'B5 102 f
Harlem Ist M, '6B '72 —
Mich. C. Ist 31, 69'72
Mich. new Ist 31 Bs, 'B2 —
Mich. So., 7 p. c. 2d M 92
N. Ind. Goshen Line '6B
Mich.S.&N.l.S.F'd7p.c. -
111. Cen. 7p. e, '7O ... . ll9l
Alton & T. H. Ist 31 92
Alton &T.H. 2d pfd 80f
Alton &T. H. 2d M. Inc. 751
Han.& LandWrntsloB
Han. & St. J. Con-
Chi. B. & Q., Ist . . lO6
Chi. .& N. West, S. F O3
Chi. &-N. W. Con Cony 931
Chi. & N. W. Int 8..,,,, 89
('hi. & N. W. Ist M BB
Quiney & Tol, Ist 31, '75
111. & So. lowa Ist M

Tol. & Wab. Equip 781
Mil. & Pr. du Ch. Ist M
Gal. & Chic. Eat 96
Gal. & Chic. 2d M 95
Chi. & R. I. Ist M 100
Chi. R. I. & Pacific 7's 941
Cleve. & Tol. S. Fund 9B
N. J. Central Ist M 99
N, 3. Central 2d M 100
Pitts. Ft.W., & Ch. Ist M 100
Pitts. Ft. W., & Ch. 2d M 95
Pitts. Ft. W., & Ch. 3d M 9l
Cleve. & Pitts., 4th M 74
Chic. & Alton, S. F. Inc" 99
Chic. & Alton, S. F. Ist M 991
Mil. & St. Paul Ist M 9l
Mil. & St. Paul 2d M B6l
Marietta & Cin. Ist M
Morris & Essex Ist M 99
Morris & Essex 2d M 9O
Joilet Sr Chic. Ist
Chi. & Gt. Essen Ist M B3
N. Y... .
Dubuque & S. City,lst M 92
Peninsula Ist M 9O
Ohio & Miss. Ist M 921
Ohio & Miss. Con B2l
Tol. P. W. Ist M. E. D —
Atlantic & G. W. 2d M —
Del., Lack., & W., 2d M 9O
Lake Shore Div. Bonds
Cleve, P. & A sh. N.B —
Do.
ITnion Pacific Gold B B5
Central ERR. Gold B 93
Pacific BR. guar. by Mo• 90

Gt. Wed. Ist M, 'BB .. . ... 88
Gt. Western 2d M 811
Tol. & Wab. 2d M Ex. 84
Express Stocks are quiet.
Admns

----- :
American Merckauts Uuic
Merchants' Union, old Sto,
Unifed States

635:071
too}
0000
6351
7611
18
to 19

Wells, Fargo, and Co:

Messrs. Drexel and Co., the Philadelphia banliers, report
as follows on Sept. 17: Pennsylvauia Railroad shares, 563
5%1 ; Sixes, Ist Mortgage, 99 ; Sixes, 2d Mortgage,
98 —.

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All persons afflicted with bad legs, sores, ulcers, and skin
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ficial results by checking inflammations. cleansing ulcera-
tions, and restoring soundness. Internal pains, rheumatic
the
disorder,
the pills
and gouty tortures, enlarged jocliaensststsi,sevsecerdosfulfou scrofulous
duration swellings,and contracted sinews-- may be overcome by dilligently
r shouldu bb ionf
be
gut hnuinstskuceoanol ltiosnegrvoeuornti
tgyouuietunttheiexn to the skin. In all mala-
dies
and to hasten the desired end.

THE TrEAT ib-Pgi 127'.

(F'om the-Anll7;- Times.)
"And now, Messrs. Gold-gamblers ! a word with you!
The gentlemen who conspired to lock up greenbacks, and
thus rob their neighbours, have been taken in hand by the
law. They were let off easily the first time ; they will go
to the penitentiary if caught again. But we reckon the
first lesson will suffice them. Why should not you take
it to heart? The law is plain ; the injury to the public
weal unquestionable; we have known poor, ignorant work-
men to ba hauled up and punished for disobeying this
statute ; you ought to be treated no better than they, and
we shall try to see that you aro not. Your next con-
spiracy to lock up gold must be dealt with as the law
directs."

So spoke the New York Tribune on the 14th Sept.
Ten days later the premium on gold was forced up
from 37 to 62k. The wildest excitement prevailed,
business was suspended, as in the violent fluctua-
tions and the uncertainty produced by the rise,
values were wholly unsettled. Thus was the challenge
answered, and now we await the result. If the
brokers who availed themselves of locks-up in
greenbacks to obtain an interest for money beyond
the legal rate could be indicted by a Grand Jury,
and sentenced by a Judge, surely the conspirators
to lock up gold, and thus derange the whole busi-
ness of the country, are equally liable to punish-
ment. The law says :
"If two or more persons shall conspire to commit any
act injurious to the public health, to public morals, or to
trade or commerce, or for the perversion or obstruction of
justice, or the due administration of the laws, they shall
be deemed guilty of a misdemeanour."

For such offence the penalty is one year's imprison-
ment, or a fine not exceeding $250, or both. A
complaint had, at the time the Tribune wrote, been
made to the Grand Jury by merchants who had
suffered from a former combination to lock up
gold, and the recent proceeding has brought the
subject; £o prominently before the world that the
complaint cannot now fail to be pressed home. One
of the evils of an irredeemable paper currency is the
speculation it engenders. The uncertainty always
attaching to trade becomes when it is thus based its
curse, being carried to an extreme ; it passes first into
speculation, and after into gambling, which, in the
Gold-room of New York, has reached its wildest phase.
It was created to facilitate the exchange of gold and
paper money, and it has been of great service to the
mercantile community in providing an organization
through which the home and foreign trade interests
can adjust the relative values between gold and paper.
Respectability in membership was supposed to be a
guarantee that the sound business rules upon which
the Exchange was framed would not be infringed ;
but when we see corporations and great banks
combining to sweep the market clear of greenbacks
or to flood it, so as to favour their speculative ope-
rations, it would be vain to expect the Gold Room
to restrict itself within its rules. In civilised coun-
tries conducting a large trade, gold is a barometer
so sensitive as to be affected with an ease marvel-
lous to the looker-on. Most distinctly, is the pass-
ing cloud felt either in the Gold Room of New York
or over the vaults of the Bank of England. The
withdrawal of a few hundred thousand sovereigns
from Threadneedle-street, or the export of a mil-
lion dollars in specie from New York, may affect the
value of all property dealt in either in Capel-court
or in Wall-street, though the property be counted
by billions sterling, and the alteration in value to
millions, while the withdrawal consists only of a
few hundred thousand pounds. The pyramid is on
its apex, and by a slight push it gets intu tremulous
motion. More especially is the gold lever in New
York powerful in hoisting or depressing values, as,
though distinct from the currency of the country,
yet it is kept in a large quantity only in one store,
the Treasury of the Government. Being the real
standard of all foreign as well as home values in the
United States, if currency declines in its purchasing
power, the fact is is indicated by an addition to the
number of dollars in'greenbacks it takes to purchase,
say, one hundred dollars in gold. It is not the
gold that rises or falls, but the currency used in mak-
ing purchases of every kind. When the gold-gam-
blers then are doing what is called sending up gold,
they are in reality sending down all values ; and a
man who is a " bull" in gold is simply a universal
" bear." But, while we say so generally, we do not
mean to assert that gold in America does not vary
in price, though in a degree wholly disproportioned
to the apparent rise and fall in the Room. On the
Tuesday of last week it was 137, on the Friday it was
162, but this is the apparent, not the real, change
i;I value, that being indicated by the exchange on
London and elsewhere, which, from 107-i-, fell,
while this rise was in progress, to 107, and finally
beeline nominal. The decline was, however, sufli •
cient to turn the tide of specie transport, and half
a million sterling left the Benk of England vaults
for New York. Doubtless banking and mercantile
houses connected with America had sharp orders to
remit when the operations of the bull clique began
to tell ; and bad Secretary BOUTWELL not broken
the combination down by ordering the sale of
$14,000,000 in gold from the Treasury, it would,
in a short time, have been broken down by a large
export of specie from Europe. Still the extraordi-
nary fact remains on record, that, for some three
days, the internal business of the United States was
paralysed, and its foreign trade deranged, by the
open, audacious, barefaced operations of a gaming
clique in the public mart. Never outside New
York did bolder or more extensive gambling tran-
sactions occur, nor ever seen a more glaring con-
trast than between the proceedings in Wall-street
in the broad light of day, with the police to guard,
and the petty gambling with dice or cards in the
dead of night, with the police to break up the hell. It
may be said that the clique got their deserts—that
they broke under the operations of the Treasury
that heavy failures resulted, and enormous sums
were lost; but this no more derogates from the
crime, if the law disallows such conspiracies, than
does the case of a murderer who after disposing of
his victim finds that he has secured only unne-
gociable paper, or of a burglar who breaks into a
house prepared to destroy any obstruction who
discovers the plate he has stolen to be spurious.
We merely write on.conjecture aided by a few tele-
grams, but our experience leads us to conclude that
there never before occurred in any capital the
" running of such a-muck" on business. The more
we try to comprehend these operations the more
astounded we become at their magnitude and their
audacity. It was announced in our columns a
fortnight ago that a ring had been formed with
s2s,ooo,ooo,having connections in London,to carry
out their operations, but, large as the capital men-
tioned is, unless available in the hands of the ope-
rators, it could scarcely have carried out affairs on
so grand a scale. It is hard to conceive the full
extent of the influence exercised indirectly by their
proceedings. On the Thursday and Friday of last
week business appears to have been suspended in
New York. No man knew what an hour might
produce; the outsider did not fully comprehend
the cause, he only felt that money was unobtain-
able, that no bills could be paid, no commitments
met, nothing bought or sold, for, no one could cor-
rectly appraise values. What the influence was on
all the Securities of the Union, we can only tell
when the mail arrives, but the buoyant rise of the
Erie on this side was interrupted, and all American
Securities fell heavily, even the English Funds being
affected. Bullion began to flow from the vaults
of the Banks of England and of France, these great
indicators of European commerce, and the effect
extended throughout every country. It is not,
then, an exaggeration to say that all Christendom
was moved ; and thus defiantly the gold-gam-
blers answered the challenge of the Tribune: It
now remains to be seen whether or not they will
assume a meek and lowly appearance before the
judge, and express their sorrow for having unwit-
tingly infringed the law. But the community may
incline to forgiveness, not less for the grand and
fearless nature of their operations,which Americans
i)erliaps more than any other people admire, than
for the disastrous result to themselves. Ordinary
trade is too humdrum for an excitable people. Such
schemes may be very wicked ; but so is war; while
there is nothing a nation more enjoys than a san-
guinary battle, unless it be a frightful murder, such
as that which has lately excited Paris. People
want danger, generalship, the strong excitement
while oscillating between ruin and fortune, with the
roar of the great contention in their ears. On the
the
one side are ranged the " bulls," on the other

"bears
only," after fonimanceuvring, negotiationB,
marchings and counter-marchings, to gain the van-
tage ground. Then the supreme moment has come,
and the contending factions hurl themselves into
the conflict as reckless of results as though the strife
was with bullet and with bayonet. For hours the
struggle rages, with a rapid exhaustion of strength
and resources. Some droop and faint, some turn
to fly, the victors secure the prize, the excitement
subsides, and none but the killed and wounded with
the wrecks of the strife, remain on the field. Such
was the " Bull" Battle of yesterday week. It shook
the commercial world more than did Gettysburg,
and the history of the operations, when we get them,
will be worth reading.

The telegrams of the last few days indicate the dis-
turbance caused in Wall-street and the Gold Room,
by the extraordinary operations of last week. After
seeing gold rise to 1621, and fall to 132 on the Friday,
the Board continued its adjournment from that day
through this week to facilitate settlements. Values
could not be readjusted, the stock market re-
mained feverish, and several of the great brokers
suspended or have failed. Among them are names
which will create astonishment when made known,
but, although some houses are positively announced
in private telegrams, we do not consider ourselves
at liberty to mention the firms. On the 15th Sept.,
the 'Tribune, in a double-leaded article, repeated
the information we gave a fortnight ago that a ring
had been formed in combination with European ca-
pitalists to buy and lock up $30,000,000 of gold. Se-
veral leading financial houses werein the conspiracy,
the object being to force purchasers under engage-
ments to deliver gold within a short time, to buy
from them at exorbitant rates. Not only has the
rumour proved true, but the plan suggested by the
Tribune to Mr. BOUTWELL to break dow❑ the com-
bination was used, and ruined the clique; " Sell
gold as long as there are good buyers and you have
it in the Treasury ; and to prevent a lock-up of
greenbacks, purchase Bonds as fast as you sell
gold." Towards the close of the week before last,
railway and other stocks became unsettled. The
New York Central, Michigan Southern, and St.
Paul's Roads were so pressed that a sharp decline
ensued. After a rally the New York Central left
off on the 17th of September at 197 ; Michigan
Southern, 951 ; St. Paul (common), 714, (preferred),
821. In one day, by Cable, a fall of 50 was re-
ported in New York Central. It is evident that a
great disturbance has been caused in financial circles
which we fear will not be confined to the clique, for
the collapse of the great houses involves the smaller,
and the consequences ramify in uulooked for direc-
tions. The actual condition of trade generally, is
reported by most of the newspapers as healthy, but
the Nation of Sept. 16, in an article on the fall
prospects, takes a very gloomy view of national
industry. For weeks it had been gathering
facts which contradicted the opinions of the mer-
chants of New York, who described the present
condition and the immediate prospects as favour-
able. The Nation has always predicted that the
bubble of high prices could not outlast an abun-
dant:crop of grain. Such a harvest had been secured,
and with it has come a general decline in values,
scarcely any manufacturesyielding a profit. The men
chant lowered the prices to the manufacturer, he re-
duced the wages, that led to strikes, and the grew'
fight between capital and labour commenced. Tbt
loss in coal caused the strike in Pennsylvania, which
led to the Avondale disaster. Plate-printers, ship-
builders, miners, shoemakers, and tailors are now
on ttrike. The lumber of Maine is reduced to
half the production ; the cotton mills of New Eng-
land are closing to work off stocks ; in New York,
San Francisco, and Philadelphia real estate has ma-
terially fallen ; beggars are steadily on the increase,
85,322 persons-having received out-door relief last
year in Philadelphia. This does not, however, tally
with the general opinion, business being considered
healthy, and trade showing good prospects for the
autumn. If there be anything really unsound in
New York, the trial of last week will search it out,
and we look with much interest and some anxiety
for full details, which we fear we may not get in
time for our next issue ; but, meanwhile, it is satis-
factory to observe the steady decline iu the pre-
miums on gold.

OBITUARY.—The llon. John Bell, of Tennc,see,
who died at his residence at the Cumberland Iron Works,
Sept. 11, retired into private life in 1860. He was born
near Nashville, Feb. 18, 1797, graduated in Cumberland
College, now Nashville University, in 1814, admitted to
the bar in 1816, and was elected State Senator in 1817.
He was elected to Congress over Felix Grundy in 1826,
and continued member of the House of Representatives 14
years. When President Harrison was forming his Cabinet
in 1841, Mr. Bell was placed at the head of the War De-
partment, but resigned in the autumn with the rest of the
Cabinet, except Mr. Webster, when President Tyler left
the Whig party. In 1847 he was elected to the United
StateS Senate and re-elected in 1853 and 1859, when he
retired from public life. In 1860 the old Whig party in
the South nominated Mr. Bell for President and the Hon.
Edward Everett for Vice- President, who, being sup-
ported by Southern Unionists, received 590,631 votes,
carrying the States of Virginia, Kentucky, and Ten-
nessee.—Rev. Dr. Joseph B. Felt, the Massachusetts
antiquary and historian, died at Salem on Wednesday,
September 8, aged 80. Of his published works the
principal are the " Annals of Salem," the " History of
Ipswich, Essex, and Hamilton," the "Ecclesiastical His-
tory of New England," with various shorter biogra-
phical sketches and historical essays.--Mr. S. P. Fisb, well
known from his connection with the express business; died
in Boston, Sept. 11.—The Hon. Israel H. Watson died
suddenly at his country seat, in the town of Westchester,
on Sunday, Sept. 12, at 5 a.m., at the advanced age of
nearly 80 years.—James Forneri, LL.D., late Professor of
Modern Languages in University College, Toronto, died
in that city on Tuesday, Sept. 7. He wasdescended from an
old Italian family, and was educated for the Romish priest-
hood. He served fcr some time in the Spanish army, then
resided in Germany, afterwards in England, where he
taught and lectured. While living in Belfast, Ireland,
where he married, he was invited to the chair of Modern
Languages in Toronto in 1853, a position he resigned, on
account of age and disease, four years ago. He bad been
proscribed from Italy as a dangerous " Liberal." - Udol-
pho Wolfe, Esq., known as the. Schiedam Schnapps mer-
chant, died on the night of the 14th, leaving a handsome
fortune and a family of seven daughters and one son.—
Gershom B. Weston died on Tuesday, Sept. 14, at his resi-
donee in Duxbury, aged 70.—Frederick A. Tallmadge,
died on Friday, Sept. 17, in Lichfield, Connecticut, at the
house of his daughter, the widow of William Curti
Noyes.

WILLS.—The late Jabez C. Howe, of Boston,
made many charitable and benevolent bequests, among
them $2,400, to be expended by his brothers Francis and
Oliver C. Howe, and Rev. Joseph P. Ceite, for the benefit
at the religious society to which they belong in Brook-
field, his native town, and a similar one of $3,000 to be
paid within one year after the decease of his wife. The
American Board of Foreign Missions receives $6,000, and
other missionary societies $2,000 and $3,000 each.—The
late Robert Waterson, of Boston, left bequests of $l,OOO
or $2,000 each to nearly all the local benevolent societies,
and a fund of $lO,OOO, the income of which is to be ex-
pended by his son, Rev. Robert C. Waterson, in publishing
and distributing tracts and books best calculated to pro-
mote spiritual culture. The aggregate of the bequests is
nearly $200,000.

A " Wild Goose Type Setter" has been invented
near Raleigh, North Carolina.—Motto for the Custom De-
partment : Columbia expects every man to pay his duty.
—A Michigan editor wrote to Carlyle for his autograph,
and got this reply: "Here is my autograph. Much good
may it do you. T. Carlyle, Chelsea, 23d June, 1869.
The last rising in Cuba: The price of cigars—Boston
Post.—New York Express thinks " races" are "well-timed
proceedings•".—Hero is a Lafayette (Indiana) marriage
announcement : "Married, on Wednesday last, after a
vast amount of trials and tribulations, by Squire Duffield,
Colonel Robert M. Foster and Mrs. Sarah Hughes, all of
this place.",

Mr. Guy 11. Salisbury, whose body was found
floating in tho creek at Buffalo ou Sunday morning, Sept.
5, has been identified with the press of that city since the
year 1829. In that year, when ho was but 18 years
old, he became editor of the neNY Buiplo Republican, the
first Democratic paper of the county. In 1830 he left the
city and attempted business pursuits in Illinois, but re-
turned to the editorship of The Buffillo Courier in 1817.
The latter years of his life have been marked by many
financial misfortunes. His domestic relations also became
unhappy, and ho had been the victim of hypochondria for
several years. His death has created a profound impres-
sion in Buffalo, althouzli he has led a very retired life
since 1857.
The Spring field Republican of Sept. 18 says—
“Vico President Colfax and his party, which has been
somewhat increased in number, wore to spend Sunday in
Eugene City in Oregon, having made an excursion thither
from Portland. The journey from San Francisco to Port-
land was made by steamboat, instead of by stage. When
last heard from, on Friday, all were well, and preparing
to start from Portland for Eugene City, which is about
half the length of Oregon, southward from the mouth of
the Columbia river, and near the head of the Williamette.
Mr. Bowles does not now expect to reach home before the
Votircf October. - .