The Sun.
London, England, 1869-08-09 00:00:00

of our merchants are lotting their foreign bills stand over,
in the hope of being able to meet the balance more cheaply
by and by, either by the shipment of gold when it is lower
than it is now, or by the shipment of bonds to meet the
foreign demands which it is hoped will result from Secre-
tary Boutwell's policy ; or again by the export of cotton,
the aid of which is being already somewhat relied upon.
The expediency of shipping bonds to the Old World as a
means of paying our more strictly commercial debts is be-
coming the subject of considerable discussion. One third
of the whole debt, or $900,000,000 is, now held Ly
foreigners, on which the annual interest is $55,000,000
On Miscellaneous Stocks, hold abroad, the interest and
dividends must amount to about $10,000,000 more. These
two last named sums must of course come out of Uncle
Sam's pocket as though they were paid for imports ; so that
the question really is, shall we pay as we go, or send over
promises to pay on what interest is continually accruing?
At present we are compelled to accept the latter terms, but
should regard them as only temporary, until the surplus
of imports over exports can be reduced, and, if possible,
reversed. Meanwhile the European capitalists will have
acquired a knowledge and confidence in our securities, so
that when the hour comes for refunding them on long
time and at lower rates, there will be plenty of
bankers abroad to take them up, even if our own
people, accustomed to usurious rates, shall not have
learned the value of such investments. In regard to the
amount of bonds sent abroad for the past ten months, esti-
mates founded on consultation with foreign bankers, who
are accustomed to compare notes and figure pretty closely,
give a result of about $70,000,000, gold value. Even this
export loaves a balance of imports against us of over
$50,000,000. The excitement iu the stock market has been
entirely usurped by the brands of King Vanderbilt for the
past week. New York Central and Hudson River ab-
sorbed almost the entire business, though transactions in
those stocks seem to have been indulged in only by a
select ring, the rest of the operators looking on as specta-
tors and not caring to interfere. Some regard the expected
consolidation and issue of new stock on the part of these
roads as the cause of all this excitement, while others shake
their heads mysteriously and hint at some more ambitious
piece of knavery among the railroad giants. Suddenly
and inexplicably on Tuesday the prices of these shares fell
two or three per cent., the incubus was removed, other
railroad stocks emerged from their obscurity at advanced
rates, and business went on as usual. The difficulties be-
tween Erie and Wabash are said to have been settled.
Pacific Mail got a lift, probably speculative, of 4 per cent.
on Tuesday. The dry goods market is at an absolute
standstill, and dullness reigns around. The favourable
indications from the agricultural sections of the country
and the South are held to justify expectations of an early
and brisk fall opening. The importations aro increasing,
but the goods are not yet in the market. Breadstuffs are
in good demand, without much change in price. Spring
wheat extra sells freely at high prices, and has completely
superseded winter wheat brands, which can only de dis-
posed of at low rates. Corn has been variable, but in good i
demand, while oats have been some depressed. The pro-
vision market has been entirely without interest.

(From the Wall-street Journal.)
Friday Evening, July 23, 1869,

Money on call continues to work easy, and is readily
obtainable at seven per cent. on railroad and miscellaneous
collaterals, and at six per cent. on Governments, with
some few exceptions at five per cent. Discounts are
quoted for prime paper at 8 and 12 per cent., with the
majority of business done at 10 per cent. Gold, in conse-
quence of the decline in price of Five-Twenties in the
London market, and the increasing export of specie, is
very firm, and a large business has been done to-day at
13f and 1351 closing at the former rate.

Foreign Exchange shows considerable firmness, and
the demand is good.

Sixty Days. Three Days,
London Bankers
London Prime Commercial 1094 —lo9f
Paris, Bankers 5.181— 5.12} 5.121--5.105
Bremen, Bankers
Hamburgh Bankers 35 —36 ......

Frankfort, 0 If
401-407

Berlin and Cologne
Antwerp 5.18i-5.12f
Amsterdam, Bankers - —4oi
Swiss 5.181-5.121

QUOTATIONS FOR SPECIE,

Amer. silver... 964 to 97 I Eng. sows 486 to 488
Mox. d011ar5...104 „ 105 2O francs 385 „ 387
Eng. silver 475 , 480 Thalers
Five francs .... 95 „ 96
Government Bonds are very strong, and prices are a
little higher.
Sixes, 1861, registered l2ok to 1201
Sixes, 1868, coupon ..
Sixes, 1881, coupon l2ok to 121
U.S. 6s. Pacific Railroad lO7l to 168
-
--1,-

'ive-twenties, 1862, registered l2ll to 121
Five-twenties, 1862, coupon
Five-twenties, 1864, coupon
Five-twenties, 1865, coupon
Five-twenties, 18:35, coupon, new
Five-twenties, 1867, coupon
U.S. 5-20 Coupons, 1868 l2Ol to 1201
Ten-forties, coupon llOl to 1101
Ten-forties, registered
Oregon War Loan, Sixes, 1881 — to
In Miscellaneous Stocks there is little doing, excepting
on Pacific Mail, in which considerable business is doing.
Railroad Stocks are brisk, especially New York Central
and Hudson, which have both advanced in anticipation of
the long expected amalgamation of the two companies.
N. Y. Central 2131 Fort Wayne 1521
Erie
Hudson
Reading
Mich. Central 1331 W. U. Telegraph 37
Illinois Central
Cleveland & Pittsbrg lOB Ohio and Mississippi... 311
North-West
North-West Preferred 941 Cumberland
Canton..
Rock Island
Jleveland and Toledo IM & St. Paul Preferred 871
The Toledo, Wabash, and Western Railway Company
has adjusted its legal difficulties, and all the suits are to
be withdrawn. The company is only to issue $1,000,000
of new stock, instead of $4,000,000 to be divided equally
among the parties, represented by Azariah Boody and
Jay Gould. The road from Akron to Toledo is expected
to b,) built within eight months, and also that from De-
catur to St. Louis.

Railroad Bonds continue to be readily taken by inves
tors, and large purchases have been made.

CLOSING QUOTATIONS FOR MORTGAGES :
N. Y. Central 6s, 1883... 91 Tol. & Wab. 2d MEx 83
N. Y. Central 6s, 1887... 89 Tol. & Wab. Equip 76
N. Y. Central 6s, R Est.. 89 Gt. Western 2d M '93 7B
N. Y. Central 6s, Sub'n.. 89 Mil. & Pr. du Ch. Ist M —
N. Y. Central 7s, 1876... 9J Gal. & Chic. Est 96
N. Y. Cen. 7s, con. 76,... Gal. & Chic. 2d M 96
Erie Ist Mort, Ex 9B Chi. &R. I. Ist M 9B
Erie 7s, 2d Mort, 1879... 94 Chi. R. I. & Pacific 7's 94
Erie 'is, 3d Mort, 1883... 88 Cleve. & Tol. S. Fund —
Erie 7s, 4th Mort, 1880... 81f N. J. Central Ist M 100
Erie 7s, sth Mort, 1888... 76 NJ. Central 2d M 100
Long Dock Bonds
Buff. N.Y. &E. Ist M, -77 B5 Pitts. Ft. W., & C11.2(131. 98

Hud. It. 7s, Ist M,
Hud. It. 7s, 2d 31, 'B5-1011
Harlem Ist M, '6B '72-101
Mich. C. Ist M, 69'72...131

Pitts. Ft. W.. & Ch. MM. 91
Cleve. & Pitts., 4th M... 74
Chic. & Alton, S. F. Inc.
Chic. & Alto; S. F. lstM,

Mich. new Ist 31 Bs, '82..132

Mil. & St:1)-5;1;11st M

Mich. So., 7 p. c. 2d M. . 93j
N. Ind. Goshen Line '6B

- - -
Mil. & St. Paul 2d 51... 84
Marietta & Ciu. Ist M. 90

Mich.S.&N.l.S.F'd7p.c. 981
111. Cen. 7 p. c, '7O 1191
Alton & T. H. let M 9oi
Alton &T.H. 2d pfd B3
Alton & T. H. 2d M. Inc 76
Han.& St.J.LandWrntslo7
Han. & St. J. Con
Chi. B. & Q., Ist M 108
Chi. & N. West, S. F 95
Chi. & N. W. Con Cony 9si
Chi. & N. W. Int B —
Chi. & N. W. Ist M 94

Morris & Essex Ist M 100
Morris & Essex 2d M 95
Joilet & Chic. Ist M
Chi. & Gt. East'n lstM 82j
N. Y. & N. El. 6s . .. 93
Dubuque &S.City,lstM.
Peninsula Ist M B7j
Ohio & Miss. Ist M 9O
Ohio & Miss. Con B2
Tol. P. W. Ist M. E. D B3j
Atlantic & G. W. 2d M —

Express Stocks are quiet,
actions. We quote :

ith a fair amount of trans.

Adams

Atnerican Merchants' Unio:

60f to 61
al 421 to 42i
:lc lO to 11
70 to 71i
22. to 25

Merchants' Union, old Stoc'
United States

Wells, Fargo, and Co..

THE PACIFIC RAILROAD.—CoIoneI C. H. Hammond,
who was appointed General Superintendent of the Union
Pacific Railroad, has accepted the position on condition
that the differences with the Central Pacific Railroad be
compromised, so as to admit of good service to the public,
and fair rates be established. The companies have agreed
to carry fruit to New York at five cents per pound green-
backs; also to furnish emigrant trains at $3O per pas-
senger from New York and $3B from Chicago.
RAILROADS IN SOUTHERN ILLINOIS.—The following
railroads are now in course of construction or iu contem-
plation :—The Cairo and St. Louis Road ; Cairo and Vin-
cennes Road; Evansville and Metropolis, Danville, Olney
and Ohio River ; Belleville, Mount Vernon and Albany ;
Mattoon and Grayville ; Effingham, Flora and Shawnee-
town; Belleville, Du Quoin end Shawneetown ; Moun-
Carbon, Marion and Shawneetown ; Edgewood, Fair-
field and Shawneetown ; Tamaroa, Pinckneyville and
Chester: St. Louis, Carbondale and Metropolis.

Messrs. Drexel and Co., the Philadelphia bankers, report
as follows on July 23 : Pennsylvania Railroad shares, 56i
55 ; Sixes, Ist Mortgage, ; Sixes, 2d Mortgage,
96.

(From Messrs. Henry Clews and Co.'s Monthly Circular.)
NEW YORK, July 15.

The past month has been distinguished by very extra-
ordinary irregularities in the Money Market. instead of
the usual summer plethora, we have experienced an ex-
treme scarcity of money, with the result of rates of inte-
rest ranging from per cent. in gold per annum to p.2r
cent. per day additional to the full legal rate. This con-
dition of affairs has been the result of a combination of
singularly unfavourable circumstances. (1.) The South
has retained, for the purposes of hoarding and of local cir-
culation, a large proportion of the currency sent there
in payment for the cotton crop, this detained circulation
being variously estimated between $20,000,000 and
$30,000,000. (2.) The West, in expectation of abundant
grain crops, has forwarded to the East a very heavy
amount of its last year's surplus of breadstras, which has
called for the remittance of several millions of currency
to that section; while the purchases of the new wool crop
hays been attended with an outflow of money to Ohio