The Sun.
London, England, 1869-03-22 00:00:00

MONEY AND BUSINESS.

The Pennsylvania Railroad is quoted in the Philadel-
phia Ledger of March 8, at 56i to 57 ; Sixes, let Mortgage,
93-} ; 2d Mortgage, 961- 97.

(From the Springfield Republican, March 6.)
The course of the Money Market at New York has been
fluctuating, with a decided tendency, during the early part
of the week, to stringency. Subsequently the 'pressure
relaxed, and money was abundant at 7 per cent. in gold,
and in some instances in currency. The situation of the
market has been so frequently changed, and always for
speculative-purposes, that it can hardly be said to have a
distinctive or independent character, and probably will not
settle on a firm and solid foundation until the new Admini-
stration shall have made its financial policy felt, and re-
stored to some degree the business confidence of the coun-
try. The danger of a "lock up" of currency still exists,
and this bugbear is at any time used with effect to affright
timid capitalists. The bankers and brokers are extremely
wary in discounting paper, and only approved and un-
doubted names are received with any favour. I n Boston
the market is net materially different from that in New
York, while at the Western monetary centres, money is
scarce and in active demand. The activity, however, is
said to be due to an unnatural and speculative demand
rather thin to any real necessity in regular and legiti-
mate business. Much capital is locked up in grain
and provisions, and the real estate agents and stock
speculators are the most active seekers for money. The
farmers of the north-west are still holding on to their
grain and other products in anticipation of an advance,
which they are not likely to secure, and in the mean-
time are causing stringency and pressure in the money
market.

Government Bonds continue to be the leading feature
of the stock markets, at home and abroad, and the de-
mand is increasing and the price steadily advancing. On
Wednesday there was a slight depression, on account of
the delay and possible failure of the Public Credit Bill in
Congress, but the final success of that important measure
will doubtless have a speedy restorative effect. For,
though the bill may fail to become law, because of the
capacity of ex-President Johnson's " pocket," it will
stand before the world as the expression of the Ame-
rican people and their representatives, that our debts
are to be honourably paid, and paid in coin. The
.New York Sun, however, labours, and with good suc-
cess, to prove that the advance in our national securities
is due more to the action of the Supreme Court, declar-
ing that contracts for payment in gold are valid, and
can be enforced, than to the action of Congress. The lat-
ter can at any time be preserved by the power of the ma-
jority, but the decision of the Supreme Court remains firm
and permanent. Bath events have combined to produce
the same result, and both .lend harmoniously in their
effect. If Congress would now enact the Hooper Bill, re-
straining the further issue of United States Five-Twenty
Ponds, and the increase of the aggregate of the Funded
Debt paying interest in gold, the financial legislation
would be truly hopeful, and the situation more encourag-
ing for a speedy return to specie payments than at any
time since the war. But the administration of General
Grant will soon be in running order, and with this new
force at work in our financial legislation Congress may
well make haste slowly. The foreign demand has almost

exhausted the supply of Five-Twenties of 1862 in the
New York market, and in some cases orders aro trans-
mitted by cable from London and Frankfort for the pur-
chase of 1867's instead. The Bonds of 1868 are an equally
desirable investment. The National Debt statement for
March I—Secretary ‘M'Culloch's last—shows a gratifying
reduction of $12,000,0_00 in the total indebtedness, and an
increase of coin in the Treasury of nearly $9,500,000. The
detailed statement, together with the corresponding figures
for February 1, appear below :

- DEBT BEARING COIN INTEREST.
March 1. Feb. 1.
5 per Cent. Bonds 5221,589,300 $221,589,300
6 per Cent. Bonds of 1881 283,677,400 283,677,400
6 per Cent. 5-20 Bonds 1,602,587,350 1,60',583,350

Total
DEBT BEARING CURRENCY INTEREST.
Certificates,3 per Cent 557,140,000 $57,410,000
Navy Pension Fund 14,000,000 14,000,000

Total
MATURED DEBT NOT PRESENTED.
Seven-thirty notes
Compound interest notes 3,422,460 3,599,170
Texas indemnity bonds
Treasury notes, Act of July
17, 1861
Bonds prior to March 31,
1848
Treasury notes, March 31,
1863

Temporary loans
Certificates of indebted-

1896.

-45,-
103,313

ness

12,000

13,000

$6,422,463 $6,910936
DEBT BEARING NO INTEREST.
United States Notes ... $356,021,073 00 $356,021,073 00
Fractional Curreacy ... 36.781,547 00 35,511,127 00
Gold Certificates 28,775,560 00 32,659,520 00

• Total $121,578,180 00 $424,191,720 00
Six per cent. lawful
money, bonds issued
to Pacific Railroad
Companies

'Total debt • $2,660,931,644 0052,662,379,707 00
AMOUNT IN TREASURY.
Coha in hand
Currency in hand 16,853,529 00 17,441,332 00

The contest in Dumfries promises to be a close
one. Both sides are putting forward their utmost
endeavours, and meetings are being held in all parts
of the county. Those called by the Liberal candi- Amount of debt, less
date are public, but Major Walker's have hitherto cash in Treasury ... $2,545,236,904 052,556,205,658 00
been of a private nature. The Scotsman asserts that The warrants issued by the Treasury Department d r
ing February were, in round numbers, as followsu
-
the screw is being put on by the
exclud-
thatConservatives, and
they rely solely upon this weapon in order and
to
reverse the decision of the constituenc ing those of the redemption of the üblic debt': —Civil,
miscellaneous, and foreign intercourse, $3,433,200; interest
y
Our contemporary reminds the Conservative
Party on the pu debt, $2,206,
where he declared that a certain circular 700; war department, $2,493,400;
of the judgment of Justice Willes at Blackburn, navy, slblic
,028,000 ; and interior, pensions and Indians
, issued $5,496,200. The gold market is rather quiet and the
by the leaders of the same party in the
~
It
is
well
known,„
town, was intimidation, general tendency downward. The decline of United
continues the Scotsman, " that not one, but
States bonds on Wednesday had no perceptible effect
'
several circulars of the same class on the gold market, and the popular impression that
, but more peremp-
gold will hereafter ba lower is undoubtedly correct.
employed in Dumfriesshire o
tory and incautious in their exprn
behalf of Major essions have been
Thus far at least events favour the theory. The in-
Walker. In short, in the highly improbable and un- crease of gold customs receipts during the present
desirable event of his being elected, there is already fiscal year, of which eight months have elapsed, is about
evidence enough to unseat him and expose all his $10,500,000 over the amount for the corresponding time
factors." The day for the election has not yet been in the last fiscal year, and the aggregate amount for the
fixed. The Liberals speak confidently of being able
entire current year will undoubtedly be $175,000,000,
and is even set as high as
to return Sir Sydney Waterlow by a larger majority
5180,000,000. Last year they
than the number he obtained at the general election.
were only $164,492,000, and as the interest on the gold-
We understand that it is the intention of the bearing debt for the current yearis only $124,255,092, there
Conservatives to bring forward the Earl of March as will remain from
the customs receipts about $56,000,000
in gold, to be
'candidate for West Sussex, in the room of Captain applied to the reduction of the principal of
the Hon. Henry Wyndham, who takes his seat in the
the debt. The receipts of the customs at the New York
House of Lords by the death of his father, Lord office of the United States Treasury, from July 1, 1868, to
Leconfield. February 28, were 580,725,627, and the gold interest paid
The writs for Hereford and Blackburn will be
563,158,346, against $73,631,248, and $51,166,606 for the
moved for to-night, the former by Mr. Glyn, the corresponding moths during the previous year. The ex-
latter by Mr. Noel. ports of specie from Now York, since July, 1868, have been
It is stated that Mr Whitworth, lately unseated at
$28,184,461 against $38,562,730 for the corresponding
Drogheda, and Mr. Ilagehot, editor of the
_Economist time in 1867 and 1868, and the experts exclusive of specie,
will become candidates in the Liberal interest for for the week ending 'March 2, 52,108,676, and since Janu-
B ridgwater, whose representation is now vacant by arY 1' $26'035'420 against $3,980,200, and 529,892,329
the unseating of
for the same time in 1868. The supply of California
Messrs. kinglake and Vanderbyl. Is
not this statement a little premature ? Bridgwater, gold and silver in New York, fur the current year is over
Beverley, and Norwich have been proved to be $6,000,000 less than for the corresponding months a year
thoroughly corrupt, and the two first are old and i ago.
notorious offenders. We suspect that the result of The railway share market has been variable, in sym-
a royal commiEsim would be the disfranchisement '
pathy with the money market, and its general course has
of at least the two first boroughs. Should the writ be been active and upward. No great excitement or panic
issued, it is supposed that the old Conservative candi-
has marked the week, but the demand for most of the
dates, Messrs. Gray and Westropp, will stand. Mr. western railroads has been sharp and competition lively.
Westropp was on a former occasion unseated for The new stock board has not yet gone into operation, but
On I.zery. reports are plenty of the strength which it will command,
THE ELECTION PETITIONS.
1 and of the power it will exert when it commences busi-
The. ba Aews thus, summarises the results of 1 noes.
y The low-freigllts war between New York and ,

Total cash in Treasury $115,594,789 00 $106,174,049 00

(From the New York Tribune, March 9.)
Government Bonds opened steady but declined from I
to 1 per cent. on the quotations from London, which
were ; per cent. lower than on Saturday. At the Second
Board prices rallied to the opening rates, and there was
a heavy demand for all classes. 62's sold at 1181 ; 65's,
1161; 67's, 1121. At the close the market was steady, and
there was a good demand for bonds, at our quotations.
The market has been strong throughout the day, but lacks
speculative spirit. New York Central was purchased
largely, and Michigan Southern was in active demand for
the election purposes. The strength of these stocks gave
a firm tone to the whole market. The delay in the selec-
tion of a Secretary to the Treasury, and the disturbance
caused by the now rule in certifying checks, had a ten-
dency to restrict operations. Rock Island sold at 129
Money was in good supply at 7 per cent. in currency.
There was but little activity in call hours. Commercial
paper remains unchanged at 7to 9 per cent. The Banks
to-day generally enforced the new law in regard to the
certification of checks. No checks were certified unless
the money was in the bank to meet them. Considerable
disturbance was caused by the change.
Sterling Exchange was dull and steady atquotations—
London, 60 days, 1081 to 109 ; London, sight, 1091 to 10.4
London, prime commercial, 1081 to 1081; Paris, long,
5.20 to 5.171 ; Paris, short, 5.171 to 5.15 ; Antwerp, 5.21;
to 5.20; Swiss, 5.211 to 5.20; Hamburg, 35; to to 35;;
Amsterdam, 401 to 401 ; Frankfort, 401 to 401; Bremen,
781 to 78; ; Berlin, 711 to 711.

' Chicago has ended, with a victory for Commodore Van.-
derbilt and the despatch companies in league with him,
and prices are back to their old rates. The reduction,
while it lasted, was entirely unprecedented and the busi-
, ness enormous. Freights went down from $l.BB to 25
cents per hundred pounds, and on the last day of grace,
Saturday, 27th ult., 70 car loads of merchandise left New
York for Chicago by way of the Central Railroad. The
order of ejectment of the United States Express Compaq
from the Erie Railroad has been suspended for a week, and
in the meantime it is understood that negotiations are
pending to retain the company. The Erie and the
Pittsburg, Fort Wayne, and Chicago Railroads are re-
ported to have made up their differences and to have
effected an arrangement, by which a third rail will be laid
from Mansfield, 0., to Chicago, thus giving the Erie the
terminus at the Garden City, which it lost when the "Bea
Smith" roads—the middle tier of Ohio and Indiana—were
taken out of its mouth by the Pennsylvania and Pan-handle.
The annual earnings of the Union Pacific Railroad will
be $46,491,500, provided it reaches the average of the
New York Central, Erie and Pennsylvania, $48,545
per mile, but it will hardly do this for the first year
of its operation, althougt the Senate Committee at
Washit gton on the road express the opinion tbat its busi-
ness will prove greater than the caracity of its single
I track. The opening of the spring trade in Now York
wholesale houses is moderate and a heavy business is not
expected. Money is not plenty at the West, and the
Southern demand is mostly for domestic and heavy goods.
The Southern buyers, however, are purchasing judiciously'
and payiug cash, or on thirty days, which is a great im-
provement over the old system of large and endless credit.
The wool market at Now York is firm and strong, with an
upward demand for all descriptions, and at Boston no ma-
terial change in prices has taken place. Prices of raw
cotton are firmly held, and there appears no desire to press
sales at any considerable concession. The boot and shoe
business of Boston is under all sale, and the manufacturers
are hard pushed to meet their orders. The Brighton and
Cambridge cattle markets have been but scantily supplied
with northern stock, on account of the heavy snowstorms
and railroad blockade, but the trains from the West were
not greatly delayed, and prices did not advance over Oa*
per 100 on the best grades.

(From the Wall-street Journal)
FRIDAY EVENING, March 5.
Money is freely offered and borrowers have no difficulty
in supplying their wants at legal interest, occasionally in
gold, but mostly in currency. Discounts show little
change, the extreme rates for first-class names 8 and 10
per cent. Government Bonds are generally strong, being
stimulated by the heavy orders from Europe, buyers well
knowing that although the ex-President forgot to sign
the Public Credit Bill, that the emphatic declaration of
the inaugural, that the Government indebtedness must be
paid in gold, will send prices mush higher, which, coupled
with the appointment of A. T. Stewart as Secretary of the
Treasury, gives much satisfaction. Gold is heavy, and
with few fluctuations to-day, closes at 1311.

Quotations for specie:—
Amer. silver... 94 to 951 I Eng. sous 486 to 489 •
Mex. d011ar5...1034 ~ 104 20 francs 381 ~ 386
Eng. silver 480 , 485 I Timtors
Five francs .... 95k „ 964 I
Foreign Exchange is weak and unsettled, with little
doing :

London Bankers Sixty Days. Three payns,
108i-109k 109k-I°';
LoLd, n, Prime Commercial 1081-108 f ......
_.,
Paris, Bankers 520 —5.16 k —5.13
Bremen, Bankers
Hamburgh, Bankers 351-354 ••••
Frankfort, O.M 4Ol-40f ....
Berlin and Cologne
Antwerp 5.20 —5.16} ..•••
Amsterdam, Bankers
Swiss
Express Stocks are higher, with more confidence.
quote:—
Adams . ... ...
American Merchants' Union
Do. Old Stock ...
United States .. ...
Wells, Fargo, and Co. ...
PUBLIC FUNDS OF THE UNITED STATES.
Sixes, 1868, registered — to
Sixes, 1868, coupon ..
Sixes, 1881, coupon ll6l to 1161
U.S. 6s. Pacific R' ail' oad lOll to 102
Five-twenties, 1862, coupon
Five-twenties, 1864, coupon
Five-twenties, 1865, coupon
Five-twenties, 1865 coupon, new
Five-twenties, 1867, coupon
U.S. 5-20 Coupons, 1868 11333613
tttt to 113
111113
03n611
Ten-forties, coupon .. lO5l to 108
Seven-thirties, 2d series ..
Seven-thirties, 3d series ..
Oregon War Loan, Sixes,
CLOSING QUOTATIONS F
N. Y.lCentral 6s, 1883... 911
N. Y. Central 6s, 1887... 91
N. Y. Central 6s, It Est.. 87
N. Y. Central 6s, Sub'n.. 87
N. Y. Central 78,:1876-1001
N. Y. Cen. 7s, con. 761
N. Y. Cen. 7s, '65-'76 ...110
Erie Ist Mort, Ex —
Erie 7s, 2d Mort, 1879 .—
Erie 7s, 3d Mort, 1883 —
Erie 7s, 4th Mort, 1880 B5
Erie 7s, sth Mort, 1888 —
Long Dock Bonds
Buff. N.Y. & E.lst 31, '77 BB
m]. IL 7s, Ist M, ', 9 —
ii Lid. It. 7s, 3d M, '75 102
Harlem let M, 'JB '72 101
Mich. C. Ist 34, 69'72 _I 18
Mich. new Ist M Bs, 'B2 118
Mich. So., 7 p. c 2d M 934
N. Ind. Goshen Line '6B
Micb.S.&N.l.S.F'd7p.c. 96}
111. Cen. 7 p. r, '7O 118
Alton &T. H. let M
Alton &T.H. 2d pfd
Alton &T. H. 2d M.lnc 79
Han.& S LI. LandGrantslos
Han. & St. J. Con —
Chi. B. & Q., Ist M 111
Chi. & N. West, S. F 95
Chi. & N. W. Con Cony 92
Chi. & N. W. Ex'n B BB

RAILROAD AND MISC
N. Y. Central l5Bl
Erie
Hudson
Reading
Mich. South. &N. I 951
Illinois Central l4l
Cleveland & Pittsbrg B9l
North-West
North-West Preferred 89f 1
Canton..: 59
Rock Island
Oleveland and Toledo 105 I

... 62f to 62}
... 42i to
43
... 16 to 13
53 to 5
... 31i to 32

to ---

1881 ...
OR RAILROAD MORTGAGES.
Chi. & N. W. Ist M......
Tol. & Wab. 2d M Ex. 84
Gt. Western IstM
Mil. & Pr. du Ch. Ist M..
Gal. & Chic. Ext .......... 9`"
Gal. & Chic. 2d M........• 951
Chi. &R. I. Ist ......... 1002
Chi. R. I. & Pacific 7'5... 9„4„t
Cleve. & Tol. S. Fund... ~,"V
N. J. Central Ist M.....•
N J. Central 2d M ...... 101
Pitts. Ft.W. & Ch.lst M. 192
Pitts. Ft. W. & Ch.2d
Pitts. Ft. W. &CI 3,1 M.
Cleve. & Pitts. 2d .M
•••
Chic. & Alton S. F. Inc.
Chic. & Alton,'S.F.lstM.l9"
Mil. & St. Rini Ist 31...
Mil. & St. Paul 2d
Marietta & (An. Ist M...
Morris & Essex Ist M... Q-4;
Morris & Essex 2d M u""
Joilet & Chic. Ist M.... :7,1
Chi. & Gt. East'n lstal v.'
N. Y. & N. H. 6s ... :..
Dubuque &S.City,lstM.
85
Peninsula Ist .......
Ohio & Miss. Ist ...... 93
Ohio & Miss. C0n......."
Tol. P. W. Ist M. E. D..• 8
Atlantic & G. W. Ist M.

,ELLANEOUS STOCKS. 417
Fort Wayne ............ 1,4 t
Pacific Mail ...............

Atlantic Mail .......•• 2}
Quicksilver .............371
W. U. Telegraph ...... A
Mariposa Preferred 331.
Ohio and MississiPrs." 161
Boston Water Power...
a„7l
Cumberland ............. iO3O
Bankers and Brokers... 65
M & St. Paul ...........96
M & St. Paul Preferred

The following reply was sent by the Poet .011 r
Club
fellow to the invitation of the Junior United Service
il
to become an honorary member:—" Laugh:m.l{o°l Ja t
4, 1868. Dear Sir,7—l beg leave, through you, to Pres:l
to the committee of the Junior United Service Chiba 01
thanks for the honour they have done me in elecfil;g
'Honorary Visitor' of the Club during my stay in a
rivi-
It will give me great pleasure to avail myself of this
Please
lege as soon my engagements permit. kleanwiD.,"e,brolieve
accept my acknowledgments of your courtesy', and
me your obedient servant, HENRY W. LONGFELLOW.' is
LADVERTISEMENT.I—HoIIoway's Ointment and rinds of
Systematic Treatment.—Few statements are more the
truth than the assertion that for the cure of disease, col
ailing part alone demands attention, whereas both to
and general mischief require redress. These InedicaL'elief
boldly face the evils they profess to remedy. LO 3.1 scd
the die° ' and general purification progress together, way
portion is cured, the foul whole is cleansed. Ltel!°oB the
Ointment rubbed on the throat and chest exercis.tt, and
most beneficial influetce over sore throats, diphthel:bron"
coughs, whether resulting from catarrh, asthma, ~. the
chitis. This unguent acts miraculously in arrestie.: dig-
extension of sores, healing ulcerations, curing 61%futur
eases, and completely stopping all destructive 1
'nation.
lashlo
[AD VERTISEMENT.]—Henceforth no one will doubt the Toicre
properties of Du Barry's health-restoring Revolents „wings
Invalids' and Infants' Food, since to the thousands of 11,3,:d been
it has already received from Invalids whose position poPs;
deemed hopeless, we may now add that of his Holiness L.
,srs of
whose health has been perfectly restored by it after thirty Y't,
unsuccessful medical treatment. We quote from the "lg, OM
Midi," July 25th :—" Rome, July 21, 1866. The health rove-
," oth .
Father is excellent, especially since, abandonin,, ,s govalel,
dies, he has confined himself entirely to Du Barr( „.v toad
Arabica Food, of which he consumes a plateful at eve fib, and
It has produced a surprisingly beneficial effect on hi 5,11,15,."
his Holiness cannot praise this excellent food too
..,n1.7'8216,
extract a few out ofmore than 68,000 cures :—Cure °_cnplain
the Marchioness de Brehan, of seven years. liver u ipitations
wasting away, debility, nervousness, with a nervons,timost
,
de
all over, bad digestion, constant sleeplessness, and Smart
tolerable nervous agitation. Cure No 1.771: Lord
dyspepsia'
Decies, Lord-Lieutenant of Waterford, of many years
uleuen .
No. 49,832: "Fifty years' indescribable agony freln "Y;prasras,
nervousness, asthma, cough, constipation, Bat 46,2, 0. _
sickness, and vomiting —Maria Joly." Cure br.o. 's,'
James Roberts, of Frimley, Surrey, of 30 par' aLn'nesa.
spitting of blood, liver derangement, and ial dead wore tha,°
v• big
portant Caution—Beware of the many unsavoury „„rou
sloppy imitations to which, without authority, -.`"
name is most audaciously attached. 110.; 2 co-
In tins, at is. lid. ; 1 lb. 2s. 9d.; 2 lbs. 4s. ed.; 51-s' xcA CBO „4
228. ; lbs, 40s, —Also Du BARRY'S BRVALENTA ARAD
a. 25., for
LATE POWDER is packed in tin canisters; for 12 cups 576 cull
c at 3s. 6d., for 48 cups at 65., for 238 cups at 305.. 655. tins
at 55s.—being about one penny per cup. The 30s- rpost Oa°.
are sent free of carriage in England on receit
Order.—BAßßY nu BARRY and Co.,
don; and all Grocers and Chemists.
No. 77, Reg.-- street, Lon

Gnosnotolt—On the 19tBhirintshLt., at St. Lavrrence, or,
Velltil
Lady Constance arosvenor, of twins —sons. the
IfAavitir—On the 19th inst , at Sunnyside, Weimer,
wife of Rear-Admiral Eiarv.ey, of a daughter.
Marriages. vrr. (1'
PROTEST—NIXON—On the. 18th inst , at Windsor, . • _f
- the late Thomas NA
Provest, to Mary
Stephen e+
RAMSDEN—CLARK—On the 11th inst , at St. SteP—
Audlq;
Paddington, Thomas Ramsden, of .29, North
inxno
nF, Fanny Nixon,' eldest daughter v
street, Grosvenor-square, to Catherine Mary, (laugh"'
( f John Clark, of 28, Tavistock-crescent, Westbourue-
park.

Beathg. late
MATHER —On the 19th inst., Robert Mather, Esq.',
Captain 14th Hussars, aged 34.
SHELLEY— On the 19th inst., at Shobrooke Park, De'r°ll,
the Rev. Sir Fredk. Shelley, Bart., aged b 9.
THOMAS—On the 18th inst., at his residence, Fulh, W.
Thomas, Esq.

London : Printed and Plbliehod by WILLIAg A-ND,II 11/,
of No. 112, strand, Printer, at Can SUN 010, of
t-trand, in the Precinct of the du ivy. in the 02'44
Aliddlopex:--119nday, Much 22, 1868,