The Sun.
London, England, 1869-02-16 00:00:00

MONEY AND BUSINESS.

Messrs. Stokes, M'Haffie, and Co., have received the
following message from their New York correspondents ;
(By Atlantic Telegragh.) " New York, Feb. 10.—Four
days' receipts of cotton at all ports are 30,000 bales. Ap-
proximate estimate for the week, 65,000 bales; against
same week last year, 96,000 bales. New Orleans, Feb.
10.—Middling costs, laid down in Liverpool, with all
charges, 1313. per lb. Savannah, Feb. 10. —The cost of
middling from this port, laid down in Liverpool, with all
charges, is 131 d. per lb. Galveston, Feb. 9.—Good ordi-
nary costs from this port, laid down in Liverpool, with ell
charges, 13d. per lb. Markets rather steadier." The
above quotations include an allowance of 6 per cent. for
loss in weight.

(From the Spring/Lid Republican, Jan. 30.)

The condition of the money market is reported much
the same in every commercial centre—a lively demand
with a comfortable supply. At Chicago, where there is
so often complaint of a Ecarcif y of currency, the market is
steadily working easier, and so in other western cities. At
Boston strong borrowers experience little if any incon-
venience. The banks are freely meeting the applications
of depositors at 7 to 71 per cent. (mostly at 7), and several
institutions are doing something in the choicest "outside"
paper at 71 to 8 per cent. The Boston market has not
even winked under the windy bombardment of George
Francis Train, who has been pompously advocating at the
labor reform convention there his pet policy of issuing
$200,000,000 of greenbacks and the abolishment of specie
payments. Train, however, was quite cast into the shade
by a new light in finance at the tame convention, who
proposed not only that the Government should issue Trea-
sury certificates to any amount required, but that "States,
communities, and individuals" should also have the privi-
lege of issuing money "to any extent they deem best."
The financier of Essex, thus outstripped in his own
ground, will have to try again. The last reported ex-
ports from New York include 3,568 bales of cotton and
foot up :

1868. 1869.
For the week ..... —.. $3,269,323 $3,080,903
Previously reported ... 10,091,381 7,991,016

Since January 1
The trump card of the bears at the New York Stock
Exchange this week has been the bugaboo stories from
the Illinois Legislature. A bill for restricting railroad
freights and fares is now beforc that body, and is attract-
ing general attention in the West as well as in New York.
Already it has gone through the Senate, and the House
has already passed it, but with so many amendments
tacked upon it that its own father wouldn't know it.
There are reports that the Governor is pledged to sign it,
if it should get through both houses; but as the Senate
isn't likely to agree with the House, and as the Attorney-
General pronounces it of doubtful constitutionality, there
is no occasion for much of a scare among the stock
gamblers. The movement for restrictioa comes very
naturally from the patrons of the railroads, who are
compelled to pay much heavier local fares and
freights than our considerate eastern roans pretend
to exact. Nevertheless the Chicago papers condemn
the measure in unstinted terms, declaring that its effect
would be to drive from the State foreign capital, hitherto
its chief reliatuce is railroad building. Tho road which
would be most affected in case of the passage of the bill
would be the Illinois Central, but at the same blow this
great corporation would be released from its contract to
Pay 5 per cent. of its earnings to the State—an aspect of
the case whictrwill tell against the bill. 'I he North-western
road w'll suffer but slightly, should the bill become a law,
as its average receipts collected in Illinois do not exceed
31- per cent. per mile, and its total loss would not be more
than $200,000 a year—a small matter in view of its im-
mense traffic. The favourable financial reports of this
road have stimulated large purchases on European ac-
count, over a million dollars of its stock having been
bought by foreign capitalists within the last three months.
The most marked rise in stocks this week has been in
Harlem. It has been selling at 133 or thereabouts, but on
Tuesday jumped up to 140 upon a report that the earnings
used in construction and the real estate of the company
are to be capitalized in the same manner as those of the
New York Central have been. This road owns considerable
real estate in Westchester county, Now York, the value of
which has been largely enhanced by the appreciation of
property in and near the metropolis. Another stock that
is particularly firm is Pacific Mail, which company has
earned, if rumour may be credited, 8 per cent, in the last
quartor—at the comfortable annual rate of 32 per cent.
The Californian fares have been increased so much since
the opposition steamers have been withdrawn that the re-
port of its earnings is not improbable. The telegraph has
a'ready informed us of the completion of 1,000 miles of
the Union Pacific Railroad, and of the fact that it is neces-
sary to build only 267 miles more to complete the connec-
tion of this road, going west, with the Central Pacific,
coming east, and thus open an iron pathway for the
locomotive across the continent. This grand accom-
plishment cannot be deferred beyond mid-summer. The
five millions of dollars earned by the Union Pacific
in 1868, with an average length of 700 miles of road,
in operation, were derived from these sources:—Frorn
passmgers, $1,024,005 ; freight, $2,040,223 ; express,
$51,423; mails, $136,235; miscellaneous, $91,626 ;
Government troops, $101•,077; Government freight,
$449,440 ; contractors' men, X 201,179 ; contractors' mate-
rial, $968,430. Total, $5,066,651. This amount is largely
in excess of what was expected to be done simply front
the local traffic of a new and unsettled country, and would
seem to justify the estimate that the earnings of the road,
when completed, will be from $15,000,000 to $20,000,000
a year from the ctart. The " bull " cliques in Wall-street
and the railway magnates on all the lines from New York
to the west, are predicting their operations and schemes to
a very great extent on connecting with the Union Pacific
on favourable terms. Their aim is to control a through
line from New York to Omaha, eo as to catch some of the
great trade from the Pacific Ocean and China, which will
pass through that channel ; and the importance of this con-
nection with the Pacific railroads to the receipts of the
other roads is consequently not over-estimated. The pub-
lic debt, according to Washington predictions, will bo con-
siderably increased this month. The receipts of the Go-
vernment from customs, internal revenue, and other
sources will be about $29,000,000 for the month. On
tho other side of the account must be placed nearly
$29,000,000 in coin expended in paying the interest on
the Five-Twenty Bonds and Bonds of 1881 ; $1,500,000
paid out in interest on the Pacific Railroad bonds; and th 3
current expenses of the Government about $13,000,000,
making a total of about $43,500,000. Tho increase of the
national debt will be in the neighbourhood of $14,500,000.
The statement for the month of February, however, will
show a material reduction, as the expenditures will be
much smaller than they have been this month, and the
interest to be paid will be only about $4,000,000, while
increased receipts are expected from the internal revenue.
The following statement shows the sources whence
the Government has derived internal revenue in the last
two years

1867. 1868.
Manufactures and productions $146,223,673 $100,274,508
Gross receiptsre 7,444,719 6,280,069
Sales
Special taxes
Income 66,814,429 41,455,598
Legacies
Successions636,s7o 1305023
Articles in schedule A
Pas spo
Bank cirrts, Iceculation and deposits 2,046,562 1,866,745
28217
Slaughtered animals 262,210 6,030
Fines, penalties,and forfeitures 1,459,170 1,256,881
Stamps
16,093,718 14,852,252
Special Treasury agents - 64,262
Total

$265,920,474 $191,180,554
The general abstract of the quarterly statements
made by the 1,626 national banks in the country, on
the first Monday in this month, embraces the following
items under the head of resources : Loans and discounts,
$643,090,736; United States Bonds to secure circula-
tion and deposits, $372,8.28,300; due from banks, &c.,
$13,790,525 ; cash items, $142,405,590; specie, $29,590,960 ;
Legal Tender Notes, $87,980,726. Among the liabilities
are—capital stock-,5418,858,931; pr0fit5,5116,433,650; Bank
Notes outstanding, $297,000,000 ; deposits, $584,857,850;
due to banks, .8rc.,5121,431,000; aggregates, $1,539,669,920.
Dry goods are rather quiet. There has been a fair trade
in most of the leading fabrics, but no special movement
in any department. The recent active demand has been
checked in part by the comparative quietude of the cotton•
market, with its accompanying depression of prices of the
raw material. But there has been no reaction in the
prices of cotton goode,tbohzh some assortments are offered
on terms more advantageous to the buyer. That sellers
ate more disposed to sell at the market price than they
were a week ago, is evidenced by the fact that many
fabrics which were then withhold from the market in an-
ticipation of better prices are now freely offered at prices
current a week ago.—The number of buyers in the Boston
boot and shoe market is constantly increasing. Prices
generally are higher than last year, and unless labour or
stock advances the manufacturers will realise handsome
profits. The total shipments from Boston in the past week
were 20,199 cases against 6,590 last year; and the ship-
ments since Jan. 1 have been 51,165 cases, or more than
double the sales of the same portion of last year.-- The
Brighton cattle market han been heavily stocked, and
prices have fallen off this week, but trade has been
tolerably brisk. Many drovers who purchased at prices
of two or three weeks ago will find their profits small,
if indeed the balance does not fall on the wrong side of the
sheet.

The firet of a series of monthly trade sales of wool took
place at New York on Thursday. The sale was largely
attended by the trade and by manufacturers, who bid with
considerable spirit. On the whole, the result was satisfac-
tory, though pulled wools sold rather low. The following
were among the prices obtained :—Western unwashed 32c,
tub washed 47c to 60c, lowa fleece 47c to Mc, unwashed
Michigan fleece 29c to 34c, unmerchantablo Ohio fleece
31ic, lowa ditto 420, Western ditto 38c, unwashed lowa
31 to 36-1-c, ditto combing 65c, Ohio No. 1 50ic to 54e,
Ohio X Mc, Ohio XX 54c, Michigan X 44 to 50c, West
Virginia XX and picklark 60c, Ohio No. 2 53c, coarse
fleece 45c, extra pulled 41c, No. 1 scoured $l, No. 2 ditto
92p, No, a ditto 80c, No 5 ditto 77c, No. 6 ditto 6007 OM'