The Sun.
London, England, 1869-07-20 00:00:00

in a circle around a single listener, and the same
note struck at once on each, the listener would bear
nothing more than one note." The laws of sound
have been practically impressed on the people by
this monster concert, and as it is shown that the
mere multiplication of instruments will not produce
the effect anticipated, to achieve it other means
must be adopted, or the attempt relinquished.

HONEY AND BUSINESS.

(From the Spiny&ld Republican, July 3.)
A great and violent unlocking and locking up of funds
has been the leading feature of the market during
the past week. Ordinarily the operations of honest thieves
do not affect the bankers and brokers, though there seems
to be no reason why burglars should not appear on
'Change with other rogues ; but the robbery of the Ocean
bank was such a triumph of the kleptic art that it has made
a profound sensation, not only in Wall-street, but through-la
out the country. The other rascality of locking up green-
backs has been expected and dreado all through the strin-
gency of the money market. On Monday morning, mono)*
was easy in New I'. ork at 7 per cent. currency, but
tightened in the afternoon to a greater degree of tension
than had been before experienced. Tuesday was a wild
day, and the fluctuations were from I to z per cent. per
diem commission. Borrowers wore surprised at the sud-
den reaction from the ease of the day before, and after in-
vestigation found that it was due to the manipulation of
funds by clique combinations to influence the prices of
speculative stocks, as there were evident indications of a
more liberal supply of currency seeking emplOyment
through the customary channels. The lock-up, which
covered about $5,000,000 of greenbacks, culminated on
Wednesday, but failed to affect prices generally. The
stock and gold markets continued firm, to the evident sur-
prise, and in spite of the parties who wore flattering them-
selves that they held the key to the situation. Finding
that their little game to " bear " prices didn't work the
conspirators began to break with each other, and to appear
on 'Change as buyers. At the close of the day, money
was easier. The stringency was also relieved by
the regular purchase of $1,000,000 of bonds by the Govern-
ment, and the imminent disbursement of $15,000,000 of
interest and dividends in addition to the July coupons
The currency value of the amount of these last to be paid
at New York, Philadelphia, and Boston is estimated at
$42,000,000. There is also an unusually large sum to be
distributed among the Eastern money centres under the
appropriation Acts of Congress. All these influences are
expected to at least prevent the Eastern money market
from growing more stringent. The New York Times,
speaking of the respectable fractions of one per cent. that
are paid as a per diem interest in Wall-street, says :
" Some of our neighbours, by multiplying these rates by
365 days, figure up enormous rates for money per annum.
This cannot be called a fair criterion. The extra rates paid
for a few days are nothing more than commissions to carry
over the railway stocks, many of which, singular to say,
advance in price Ito 2 per cent., while paying to per cent
per day. The practice recently introduced of buying and
selling money for a day in front of the Exchange is, in
one sense, a vicious and demoralizing plan to depress or
advance the price of money for effect on the stock market,
and it already begins to be so understood and appreciated
that stocks are constantly bought on dear and sold on
cheap money by the rule of contraries, and most frequently
with profit to the operators in either case." The misciaief
is not confined to the brokers, however, for the banks are
also disturbed, not being able to rely on the brokers'
balances through their ups and downs. It really
operates more efficiently and perniciously than a re-
gular "lock up." Gold opened the week rather dull but
closed firm and steady. It has been little affected by the
stringency in the money market, fictitious or otherwise,
and has stood on its bottom with a security that encour-
ages a hope that it is not the toy of speculators to such an
extent as formerly. The lowest point was 137 on Friday
and the highest 137 f on the following day, the change
being due to the Treasury movements and not to specu-
lative excitement. It closed firm on Wednesday at 137 f.
The Treasurer has been taking receipts for the July regis-
tered interest and Issuing for them gold checks payable
July 1. Bids for the weekly sale of gold currency were
accepted' from H. Clews and Co., for $BOO,OOO, at from
137 47-100 to 137 54-100, and the remainder to various par-
ties at nearly the same rates. The correspondence in the
case of 'the resignation of Mr. H. H. Van Dyck, for four
years assistant United States treasurer at New York, has
been made public, and is highly creditable both to Mr.
Van Dyck and to Secretary Boutwell. As a proof of the
arduous duties of the post, it is mentioned that there were
very few applicants for the office, and that several men
who were requested to take it very peremptorily declined.
General Butterfield, the• new treasurer, entered upon the
duties of his office on Thursday. Governments have been
quiet but healthy, the market being a little stronger at the
close of the week. The assistant treasurer purchased
$1,000,000 at prices ranging from 115 48-100 to 115 90-
100. Coupon or registered bonds of every date were
bought, the accrued interest being paid in gold as a sepa-
rate transaction. Hereafter the purchases will be fort-
nightly. Southern State securities have been unusually
quiet with the exception of Teunessees, which were quite
active on Saturday, but have fallen since, so that holders
are urgent to sell. The Stock Market was unfavourably
affected by the monetary stringency ou Monday and Tues-
day, and there was a general decline of 1 to 2 per cent., most
marked in New York Central. On Wednesday, however,
when the cat with a green bag appeared under the mea

the Stock Market became active and buoyant, the upward
turn being so sharp that there was an impression that. the
bears had been buying. The leading features were New
York,Central, Pacific Mail, Michigan, Southern and North-
western stocks, Erie seems to be severely lot alone. The
Reading Railroad has declared a stock dividend of 5 per
cent. The Western Telegraph Company has made its
semi-annual exhibit, showing that the gross receipts have
been $3,558,408, and expenses, including repairs and re.
construction, $2,221,923, leaving a net profit of $1,346,484.
Out of this profit a semi-annual dividend of 2 per cent.
will be paid, and the remainder will be.applied to the
construction and purchase of new lines, the reduction of
the debt, &C. The last Now York bank statement, though
not calculated to send anybody into ecstasy, is ea the
whole satisfactory. The banks hold $14,423,690 in excess
of the legally required foundation, being about $1,000,000
more than they held last year at this time, and have de-
creased their liabilities $4,453,450, and their total reserve
only $226,872. The tone of the dry goods market has been
honester and healthier than during last week, and the
speculative feverishness has given way to a firmness that
is quite decided. The stock has moved along ono stage,
from the hands of the commission merchants and manufac-
turers' agents into those of the jobbers, and the prices
with which it started are likely to cling to it. Great ex-
pectations are entertained of a heavy fall trade, though the
demand from the West thus far has been less than was an-
ticipated. Notwithstanding the small demand for bleached
shirtings and sheetings they have advanced one cent

a yard.—The advices of the Financial Chronicle show that

the receipts of cotton at all the Southern ports for the week
ending June 25 were 9,440 bales against 2,615 for the same
week last year ; the total receipts since September 1, 1868,

amount to 2,310,702 bales, or 20,741 less than during the
previous season. The exports for the week were 8,101

bales, 301 less than the same week a year ago. Cassimeres

and satinets, and other woollen fabrics, are thought to
have a better day in store than they have had for some

,ime. The trade in foreign trash is happily slack. The

buoyancy in breadstuffs continued nearly through the
week, but experienced a collapse under the influence of

unfavourable European advices. Winter wheat has im-
proved steadily, and the advance has been sustained. Pro.

visions are heavy under a large shipment of hogs east.
Butter is lc. to 2c. higher, and cheese similarly lower. At
New York, American gold 136 k, United States coupon

sixes (1881) 117, United States Five-twenties (1862)121x,
(1864) 117, (1865) 118, (1865 new) 11t: (1867)115x, (1868:

1151,- United States Ton-forties 108;, Pacific Railroad

Sixes 1051, New York Central Railroad 1941 Erie 30},
Erie Preferred, 531 Hudson River, 1.644, Reading 98, Mil-

waukeo and St. Paul 75k, Milwaukee and St. Paul Pre-

feried 85k; Toledo, Wabash, and Western 72i, Toledo,
Wabash and Western Preferred 78, Michigan Central 128,

Michigan Southern and Northern Indiana 1081, Illinois
Central 143, Cleveland and Pittsburg, 1021, Chicago Rock
Island and Pacific 1171, Chicago and North-Western 811,
Chicago and North-Western Preferred 951, Pittsburg,
Fort Wayne and Chicago, 1561, Hartford and Erie 221 to
23:, Ohio and Mississippi Certificates 33, Western Union
Telegraph Company 381, Pacific Mail Steamship Com-
pany 891, Mariposa Preferred 15, Boston Water Power
Company, 151 to 17.

(From the New York Tribune.)

FRIDAY, July 2, p.m.
Gold opened at 1371, sold at 137, 1361, 136}, closing
136/ to 1361. The clearings at the Gold Exchange Bank
$85,047,00e, and the balances $3,430,079 66. The pay-
ments to-day on account of July interest amounted to
• $3,978,021. The announcement that the Secretary of the
Treasury would release a portion of his currency balance
by purchasing $3,000,000 of Five-twenty Bonds gave ge-
neral satisfaction to the public. This action sets at rest
the report that he would hoard currency to the damage of
legitimate business. This amount, with the July dis-
bursements, will reduce the Treasury balance fully sic
and a half millions, and will no doubt give the required
ease after to-Morrow. The fact of two holidays falling
together will have the tendency to increase the ac-
tivity iu commercial circles, as merchants have to pay
their maturing obligations for Monday on Saturday.
The Government Bond market was stronger, advancing
from to I per cent. from yesterday's closing quotations.
The withdrawal of four millions of bonds by the Govern-
ment, in addition to those purchased for investment and
shipment, will leave but a small amount cf bonds in the
hands of the largo dealers. The currency 6 per cents
issued to the Pacific Railroad were in request from in-
vestors, and are now relatively the lowest priced Govern-
ment bond in the market. The increased purchases of
bonds by the Government has had the effect to advance
the price in London to 81/ an advance of 1 per cent.
since the morning quotations. This advance had no effect
upon bonds here, but had its effect in the Gold-room,
where gold fell to 136}—a decline of per cent. from the
opening prices. The market closed firm, with few bonds