The Sun.
London, England, 1869-07-12 00:00:00

MONEY AND BUSINESS.

(Front the Springfield Republican, lane 26.)
The stringency in the Money Market, unusual at this
season of the year, is unrelaxed and unchanged ex cept by

slight and temporary fluctuations. The peculiar situa-
tion is attracting very general attention and comment in
financial circles, and in all quarters there is solicitude fcr
the future. The scarcity of money is an encouragement to
the Wall-street speculators, and an undefined dread of a
"lock-up" of greenbacks, at some unexincted moment, or

of the springing of some new and unknown strategy upon
the market, tends to increase the contraction and check

all permanent investments. The smaller the amount of
money, the easier it can be controlled, and the reduction
of nearly a million a week in the loanable resources of the
New York banks, for the last month, is a fact more plea-

sant to the speculators than to their helpless customers.
The causes of the scarcity are still variously stated, and
no two authorities agree in their theories. The de-
mocrats and inflationists arraign the Secretary of the

Treasury, as the cause of all the woe, and bitterly up-
braid him and his actions. Tho aggregate reduction

of cui rency, during the first part of Mr. Boutwell's admi-
nistration was something over $10,500,000, and since
June 1 the process has been going on at about the same
rate. Something of the money pressure muy be due to
this influence, but it is scarcely possible that our eircula-

tion should be restored to a sound basic, and a return to
specie payments effected, without producing a sensation
somewhere, and the present situation of affairs proves
nothing except that there is an executive officer at the
head of the Treasury Department. Mr. Boutwell, how-
ever, shows no disposition to establish settled opposition
between the Government and the bankers, and has accord-
ingly crdered that, after July 1, the sales of gold and pur-
chases
of bonds shall be reduced cue-half—•to two millions
of each per month. This will tend to an even and steady
state of affairs during the summer, and afford ample time
for preparation for the more active business and em-
ployment of money which will come with the autumn.
There is a greater supply of money in the westward
markets, and the flow of money will soon be reversed
—from West to East. The Chicago banks are loan-
ing money freely, and the country orders for cur-
rency have greatly fallen off within the last fortnight.
There is no excitement and scarcely any change in the
market for Government Securities, which hold up firmly
under the scarcity of money and the weakening stock
market. The Assistant-Treasurer at New York bought
$1,620,000 in bonds on Wednesday, at 115 31- 100 to 115
52-100, and will buy $1,000,000 on Tuesday next, which
which will complete his purchase for the month, and will
bring up the total amount for the four months of the ad-
ministration of its proportion for an average of 1 per cent.
per annum of the total debt. Hereafter, however, until
further notice, only $2,000,000 of ,bonds will be pur-
chased monthly, or $1,000,000 on each alternate Thurs-
day. There is talk in some quarters that Mr. Bout-
well is bound to atone for all the neglects and omis-
sions of his predecessor in office, and that he should
proceed to augment the sinking fund by the purchase
of bonds equivalent to 1 per cent. per annum of the
total debt, since the passage of the Sinking Fund Act
in 1862. This would require about $70,000,000 in gold,
which the Tribune says the Secretary can spare just as
well as not, his coin surplus, Juno 1, having been some-
thing over $105,000,000, and probably not much re-
duced since. The Independent, also, which has "full faith
in the purity of his motives," approaches Mr. Boutwell
from an opposite quarter, and urges him to the same ac-
tion, telling him that iI he don't increase his weekly pur-
chases of Government Bonds after the close of the present
month, " the mercantile community had better prepare at
once for financial earthquakes, and the Secretary may as
well make up his mind before Congress meets in Decem-
ber that he will be required to vacate his place by a loud
call from the people." The Secretary, however, appears
willing to take the risk of the situation, and understanding
the Sinking Fund Act to require only that he shall sot
aside 1 per cent. annually during his own Administration,
ho will wait the authority of Congress before attempting
to correct the failures and omissions of Mr. M'Culloch's
regime. The current finances of the GovernmeLt are in
good condition, the receipts both from revenue and cus-
toms being largs, and the expenditures not above the
ordinary amounts. The next statement of the debt,
which will close the fiscal year, will be a favourable
one, and is already awaited with a good deal of inte-
rest. Gold is declining quietly and unobserved, and the
market is almost entirely free from speculation. The bear
movement is undoubtedly in anticipation of the July in-
terest, of which over $30,000,000 will soon be put upon
the market, and which it is important to take at as low a
figure as possible. The chief feature of interest connected
with the gold market market is the continued increase of
importations, and the augmented balance of trade against
us, while the premium declines, and the foreign shipments
of specie amount to only a nominal sum. For the first
five mouths of the current year we imported, at New
York, nearly $10,000,000 worth of merchandise more than
last year for the corresponding time, and for the same
months our exports, specie included, were over $28,000,000

less than in 1868. The trade of all the other Atlantic
ports has boon similarly unfavourable, and the shipments
of cotton and Government Securities have done but very
little toward restoring the equality. The last monthly
circular from 11. Glows and Co., New York bankers, says
of this balance against us and its future effect on the gold
market : -"It would appear then that wo have outstanding
a heavy amount of postponed indebtedness. It is the
very general testimony of foreign bankers, that the im-
porters have freely deferred their remittances, probably
under tire usually fallacious hope that gold may dodine
after the payment of the July interest. Their payments,
however, cannot be much longer postponed. Foreign ex-
change now rules at rates close upon the specie shipping
point; the supply of cotton held in the South has been re-
duced to a low point, and is little more than will be re-
' quired for home consumption ; while our surplus of bread-
stuffs, if sent freely to Europe, would realize comparatively
little at the now reduced prices. There remains there-
fore but one circumstance which may prevent free ship-
ments of gold during the summer and fall months, viz.,
the continued large export of bonds, a contingency too un-
certain to admit of definite estimate. The bears have been
masters in the stock market for the past week, though their
authority has not been wholly undisputed. The general in-
flation and watering of stock, actual and prospective, has
nearly expended its effect, and the speculative tide now sets
the other way. The Vanderbilt roads aro the strongest,
and the western roads are also pretty firm, under the in-
fluence of a good business and a handsome increase of
receipts over last year's figures. The returns from all the
leading railways aro favourable, and the 'summer travel
will swell the receipts to still higher figures for tho next
three months. The July dividends will nearly all be
larger than those for July, 1868, and there is no doubt
that, despite the slight failing off in the market quotations,
the stock of the roads is actually more valuable than it
was a year ago. The Southern State Securities are get-
ting in bad odour at the stock board. Tennessee announces
that she cannot pay the July interest on her bonds, which
amount to 51,100,000, and the report that Missouri had
decided to redeem her bonds in gold turns out not to be
true. South Carolina, however, promises to pay her
$700,000 July interest promptly on maturity, and
will raise the necessary funds by taxation. Dry
goods have been very active, and have advanced
to a state bordering on speculation. The heavy
dealers in staple fabrics, cottons, and domestic goods,
have been steadily increasing their stocks, in anti-
cipation of the early fall trade, and there is no apparent
probability that prices will he any lower at present. The
result, however, depends considerably on the state of the
money market and the abundance of capital, for with a
tight market, and no money available, a crisis might be
forced, which would cause a general tumble in the prices
of cottons and all other goods. The prospect, as far as it
is visible, is strong and confident. The activity in cot-
tons has produced a corresponding movement in woollens
and flannels, both of which have advanced slightly. In
grain and breadstUffs more business has been doing, and
prices for flour aml.nbeat have appreciated considerably
at New York, and somewhat less in the Western markets,
The foreigddemand stimulates the movement, and prices
will undoubtedly be higher, until the new crop is delivered
in market. The weather for the last few days has been
quite unfavourable for the growing crops, and the effect is
perceptibly felt in the quotations. Live stock, as is usual
at this vegetable season, is dull and heavy, with little
doing either in the Eastern or Western markets.

(From the Wall-street Journal.)
Friday Evening, June 25, 1869.
Money on call is easier, and although the market is
active, borrowers are freely supplied from 7 per cent. cur-
rency to 7 per cent. gold. In discounts there is little doing,
the rates being 9 to 12 per cent. • prime paper. Gold is
strong, in sympathy with the business in Foreign Ex-
change, having opened to-day at 1371, thence rising to
1371, and closing at 1374. At the 13th Treasury sale of
gold on the 21st June the total bids submitted were for
$3,870,000, at prices ranging from 136.03 to 136.76. The
whole amount, $1,000,000, was awarded to Marvin,
Brothers, and Co. at 136.76. At the 14th Treasury sale
yesterday the bids were for only $1,625,000 ; the gold was
awarded in $25,000 at 136.59, $lOO,OOO at 136.61, $lOO,OOO
at 136.63, $lOO,OOO at 136.65, $lOO,OOO at 136.67, $lOO,OOO
at 136.71, $lOO,OOO at 136.65, $lOO,OOO at 136.70, $lOO,OOO
at 136.87, $lOO,OOO at 136.68, $50,000 at 136.62, $25,000
at 136.62. _

The Philadelphia Public Ledger, June 25, says —" There
was no marked movement in Government Bonds yester-
day. The market has been exceedingly dull here for all
classes of our national securities since their decline from
the highest point three or four weeks ago. Holders here
were then sellers, and while they are not disposed to con-
tinue sellers at the present lower prices they are not
buyers, restrained probably to some extent by the Wall-
street stringency in money, which to a considerable extent
controls all stock prices. There will probably be some
improvement shortly. The July dividends upon the stocks
of the United States and the bonds of the Pacific road in
gold will be larger than last year, and the currency divi-
dends upon bank stocks, railway bonds and shares, and
various other investments, it is thought, will also be in
excess of the corresponding dividend period of 1868. At
the same time, it is believed that the currency balance in

_rte

the Treasury Office will be made more available for relief
to the market by substituting newly printed greenbacks
for a large sum of the original issue of 18C2, now assorted
and sealed up for this exchange. The following were the
quotations as compared with those of the previous day :

QUOTATIONS FOR SPECIE.
Amer. silver... 951 to 96 I Eng. sovs 486 to 188
Mex. d011ar5...104 „ 101 '2O francs 3SI „ 386
Eng. silver 475 , 480 I Thalers
Five francs .... 95 „ 96 I
Foreign Exchange is stronger, and is generally lth
higher.

Sixty Days. Three Days.
London Bankers
Lot.e.:n, Prime Commercial IOK-1091
Paris, Bankers 5 214 5.161 5.15 —5.131
Bremen, Bankers
llamburgh, Bankers 351-351
Frankfort, O.M 894-401
Berlin and Cologne
Antwerp 5.211-5.161
Amsterdam, Bankers
Swiss 5.21f —5.161
Government Bonds are buoyant, the advance in Lon-
don of 1 to i on Five-Twenties stimulating prices.
Sixes, 1861, registered llm, to 117
Sixes, 1881, coupon 12.11 to 121 a
Sixes, 1868, coupon
U.S. 6s. Pacific Railroad lO6 to 1061
Five-twenties, 1862, coupon
Five-twenties, 1864, coupon
Five-twenties, 1865, coupon
Five-twenties, 1835, coupon, new
Five-twenties, 1867, coupon
U.S. 5-20 Coupons, 1868 ll9i to 1191
Ten-forties, coupon .. lOBl to 1081
Ten-forties, registered
Seven-thirties, 3d series
Oregon War Loan, Sixes, 1881

Railroad Stocks are active, with a large business doing,
especially in New York Central, Hudson River, Michigan
Southern, Chicago and Northwestern, Chicago, Rock
Island and Pacific, and Milwaukee and St. Paul. Railroad
Gold Bonds of the better class continue to be sought after
by investors.
N. Y. Central Cs, 1883 92
N. Y. Central 6s, 1887
N. Y. Central Cs, R Est 98
N. Y. Central 6s, Sub'n 88
N. Y. Central 7s, 1876 --
N. Y. Cen. 7s, con. 76:
N. Y. Cen. 7s, '65-'76 —
Erie Ist Mort, Ex 9B
Erie 7s, 2d Mort, 1879 93
Erie 7s, 3d Mort, 1883 BB
Erie 7s, 4th Mort, 1880 Bl
Eriols, sth Mort, 1888 75
Long Dock Bonds
Buff. N.Y. &E. 1801, '77 —
Hud. R. 7s, Ist 111, '69 —
Hud. R. 7s, 2d M, 'B5 101;
Harlem Ist AI, '6B '72 100
Mich. C. Ist 31, 69'72 128
Mich. new Ist 31 Bs, 'B2 128
Mich. So., 7 p. c. 2d Al— 93
N. Ind. Goshen Line '6B
Alich.S.&N.l.S.F'd7p.c. 96
111. Cen. 7 p. c, '7O 1201
Alton & T. H. let 11
Alton &T.H. 2d pfd
Alton & T. H. 2d Al. Inc. 77
Han.& St.J. LandGrantsloB
Han. & St. J. Con 107
Chi. B. & Q., Ist 3/ 118
Chi. & N. West, S. F —
Chi. & N. W. Con Conv. 99
Chi. & N. W. Ist M 9l]

Chi. & N. W. Int B —
Tol. & Wab. 2d 31 Ex B3f
Gt. Western 2d M '93 77
Mil. & Pr. du Ch. Ist M
& Chic. Ext 100
& Chic. 2d M 96
Chi. & R. I. Ist 31 101
Chi. R. I. & Pacific 7's 99
Cleve. & Tol. S. Fund 101
N. J. Central Ist M 100
N, J. Central 2d 31 100
Pitts. Pt.W. &Cb.lst 31.1053
Pitts. Ft. W. , , & Ch. 2d M. 98i
Pitts. Ft. W.. & Ch. 3d M. 66
Cleve. & Pitts. 4th 31 76
Chic. & Alton, S. F. Inc. 97/
Chic. & Alton, S.F. l'stM.lo4
Mil. & St. Paul Ist 31... 931
Mil. & St. Paul 2d 11/41... 83
Marietta & Cin. Ist 3.1... 89
Morris & Essex Ist 31...
Morris & Essex 2d 31 96
Joilet & Chic. 1A M...
Chi. & Gt. Easfn
N. Y. &N.IL Gs 9s'l
Dubuque &S.City,l.stM.
Peninsula Ist 31 '
Ohio & Miss. Ist M 96
Ohio & Miss. Con B4
To'. P. W. Ist M. E. D B4i
Atlantic & G. W. 2d M --

Express Stocks have been much excited throughout the
week, under the completion of new arrangements as to
routes and rates, but to-day have not maintained the ad-
vance of the past few days.
Adams
American Merekants' Union 4ll to 411
Merchants' Union, old Stock l5 to 15. f,
United States

Wells, Fargo, and Co 3ll to 32
Miscellaneous Stocks do not show much activity, c'"
cept in Pacific Mail, which continues to show much
variation.

N. Y. Central 1938
Erie
Hudson
Reading
Mich. South. & N. I —
Illinois Central
Cleveland & Pittsbrg 9Bl
North-West
North-West Preferred 96
Canton... 623
Rock Island
jleveland and Toledo I

Fort Wayne
Pacific Mail B6i

Atlantic Mail
Quicksilver
..91
NV. U. Telegraph
Mariposa Preferred
Ohio and Mississippi j,
Boston Water Power 1"
Cumberland
Bankers and Brokers 11194
M & St. Paul
M & St. Paul Preferred 80

TIIE EUROPEAN AND NORTH AMERICAN RAILWAY."'
Thirty-five miles of rails are laid, so that cars will run
this week over the entire line to Hart's Mills, 42 nOO
from St. John West, where the Frederickton branch env
nects with the main line. This branch is being rapidly
completed. From Hart's mills to the line of the N'avr
Brunswick and Canada Railroad Company, to Woodstoelrl
a distance of 40 miles, the grading is so far in progrns°
that the rails will be laid the present year over the entire
distance, and to within six miles of the Maine boundary'.
This will leave about 60 miles of new line to build nest
year to connect the two ends of the link remaining, bei
tween the mouth of the 3lattawankeag and the line °
the Canada and North Brunswick Railroad, which 11°i
runs from Calais to Woodstock. This lino is to
opened through from Bangor to St. John in the F 3
of 1870.

Messrs. Drexel and Co., the Philadelphia hauliers, rer°rit
as follows on Juno 25 : Pennsylvaniaßailroad shares, 5'4
; Sixes, Ist Mortgage, 100 100+ ; Sixes, 2d Mortgog°'
951 96.

MR. MORRIS, DR. HOWE, AND THE EDITOR 01

THE "DIPLOJIITIC REVIEW."

Our attention for the first time was yesterday called ta°
an article headed "Russia, England, and the 17°Ut.
States," which appeared in this paper on the 29th 3ifeY13,,,-e
The article was grounded on matter furnished bpi
Diplomatic Review, one portion of which was a letter, l
out address or signature, with which we did not coneeut
the American Minister at Constantinople, though the t°
might be construed as alluding to him, as the article
enced with a quotation from the Baltimore American' co::ret:
fleeting on the conduct of Mr. Morris. That item way
pure invention, and was contradicted both in the eura,i-ic
of this paper wherein it was copied, and more poll:0-'i
afterwards on attention being attracted to it. We callllr
understand why the Diplomatic Review published its le",-..g
without the address, as its readers might infer that d
intended for the American Minister at ConstantinoP:o
The letter was written to Dr. S. G. Howe, the well-ke°d
Philhellenist of Boston, and had nothing whatever Mad
with his Excellency the United States Envoy, nor c
he in any way have been connected with it had the PIP
matic Review added the address. In the June nernbec °of
his paper, the Cretan, Dr. Howe thus answers the editor
the Diplomatic Review : noes'
you inquire, if I' have asked myself severe' for
tions, as For whom am I working ?' I answer 'l'l, °„.,'.501
Ido not care, so that I work in the cause of freedom
righteousness. I hate not the Turks, but the oPPrAirwit
I love not the Greeks, but the oppressed. You Ask, nitil
business had 1. to meddle ?' In the name of heel, not
what excuse, what justification, could I have had Lessor
meddling in such a strife as that between the 0P1),,„r rated
and oppressed in Crete ? The spirit which e.l3,7„eyer
you in old Pelopenessus had not died out in me.
will."
From the following extract it may be gathered how le' sed
Dr. Howe thinks of the gentleman who thus cateci`toi
him, one whose singular fidelity to an idea and °IWO' 10
persistency in working for it has made his career in {Ol3
remarkable, and will yet leave a curious tale to bevot
by a biographer. Alluding to the generous and g 3 and
Philhellenists, with whom were Hastings, Gordon'
Byron, he says : sie
"Distinguished even among this band of ee,',:„„tipe,'A
was a yoith of great personal beauty, intense 403A-
ment, brilliant talents, and turbulent bravery- Ile st, seP-'
the hardships of killing campaigns, and of a gbastly„,-.,,4tet
to become a distinguished writer, and defender of-i-
-the
a member of the British Parliament, and editor 0"
Diploniatic Review." A or °At
As it has appeared to some, though not to the e-
the Diplomatic Review himself, or we presume he "„0 to
have corrected us, that our application of his letter ore
the /11
the American Minister at Constantinople, We •riog
pointedly draw attention to our own article, deslikterfl..'g
show that the letter had no reference at all to Mr.,20,10'",
while the intelligence extracted from the -06.11 t 1)
American was invented, we presume, somewhere came
neighbourhood of Baltimore, though it is said the' {rev
from Washington, but certainly it was not IOW"
Con sten tinople.—Anglo-Amoican Times.

[ADVERTISEMENT. I—Holloway's ,1
the Blood.—To ensure health it is absolutely
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humours which taint or impoverish the blond, T 11,17,
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licate.
BIRTHS. 0,110
TOWER— On the 9th inst., at Thromhall S'
Essex, the wife of Major F. Tower, d-S.c,Of
of a son. ry-
WYNDHAM —On the 10th inst., at 42, Charllo°lo, P
South Belgravia, the wife of Florance WYndl'iL

of twin sons. "
iA
MARRIAGES.
t tlrri
lIARDCASTLE—CAMPBELL —On ao Bth ills'', Lta
Church, Mayfair. Joseph Alfred dcastle, yra
for Bury St. Edmund's, to the Ilou. tol'
Campbell.
hql
O'CONNELL STUART—On the Bth inst ,A. -Tha't ora 0-
W. B. O'Connell, son of the late Lieut.-O°W.
Maurice O'Connell, K../1, to Mary Janet
the late Gen. the Bon. Sir Patrick Stuart,
DEATHS. 01'
MAINWARING— On the 9th inst., at Christ's .1-0
win George Mainwaring, Warden, aged SS. irior,OAAM
TINKLER —On the Bth inst., George Joseph
years of the late firm of Tinkler and Co., I'
London, aged 80.

London: Printed and Published by NVILLIA•:.O2. ',f
a No. 112, Strand, Printer, at TUE SUN °file° 11
in the Precinct of the Savoy, in the CouatY of
Mondey, July 12, li)G9.