The Sun.
London, England, 1869-06-29 00:00:00

MONEY AND BUSINESS.

(From the Springfield Republican, June 12..)
An increasing stringency, which a variety of causes
combine to produce, is apparent in the money market.
Large shipments of currency have lately been made from
New York to the banks in the country, the Government
continues its sale of two millions of gold weekly, the rem-

nant of the grain crop of 1868 throughout the West is
being forwarded to market, and the producers of the wool
clip of the present summer will soon be seeking to ex-
change it for cash—all facts which stimulate the demand
for money and increase the rate of its interest. The pay-

ments of revenue and of the income tax create a consider-

able call for money, and in many districts it will continue

through the current month. The last weekly statement
of the New York Banks showed a decrease in their re-

sources of $4,500,000 in the single item of legal tenders,
which indicates to some extent tho greater employment

for funds, and caused an immediate advance in the mar-

ket. The currency balance of the United States Treasury
is now about twenty-three millions; of which nearly two-
thirds are iu the New York sub-treasury. The demand
for money fur purely speculative uses hai been percel•-
tibly checked, in consequence of the dullness and decline
in the stock market. Chicago is leaning money .. on
considerably higher rates, and the farmers of the in-
terior country aro hastening their stocks of wheat to

market, to make way for the growing crop. The
movement is fully a mouth later than usual, and cur-

rency will soon be flowing from New York to Chicago.
San Francisco has quite a scarcity of money, and 1 per

cent. a month is readily paid. The string-pricy is partially
• - - -

owing to thu recent heavy demands of the Central Pacific
Railroad, but more, it is thought, to the hoarding and
hiding of the Chinese labourers and small dealers. The
gold market has been quite steady through the week, and
almost undisturbed by speculation. The high price of
foreign exchange holds the premium firmly at about 138,
which is 1 per cent higher than the average for the year,
thus far. The Treasury sales are well patronized, and the
assistant treasurer receives bids amounting to five or six
•millions, from which to select the purchasers of the one
million, to which his semi-weekly sale is limited. The-
Government is also disbursing about a million of coin
weekly, in payment of interest, some of it in advance on
the July coupons, and there is apparently no difficulty about
an adequate supply of gold for all demands. The heavy
payments of coupons which will begin July 1, will set quite
a quantity of geld on the market, and shipments to Europe,
which have of late been quite limited, will undoubtedly be
increased. Our bills for foreign imports are • steadily
swelling, and at the closq of last week amounted to
$140,339,004, since Jan 1, or about $34,000,000 more than
those for the corresponding time in the previous year.

The export of specie for the same time has been only
$13,643,623, leaving a heavy balance against us, to be
defrayed in some way or other, and to which our
foreign sale of bonds will hardly prove adequate, and in-
deed at the present quotations there is no profit in ship-
ping any bonds to Europe for disposal. Government
securities have met with scarcely any noteworthy change
in their market value. The greatest demand in the New
York market is for the Currency Sixes of 1881, which are
a thirty-year loan, and on the resumption of specie pay,
ments will be one of the most valuable securities issued
by the Government. They have been comparatively
neglected by speculators in the popular Five-twenties,
but have been quietly absorbed in large quantities by per-
manent and steady-going investors. This issue is not
negotiable in Europe, and is also of limited amount. The
foreign demand for our bonds has again revived, and at
London and Frankfort prices are higher. The loss to
London dealers by the recent decline in American and
other stocks, in consequence of the raising of the rate of
the Bank of England, is estimated at £30,000,000 sterling,
and in the light of this experience, it is unlikely that the
operation will be soon repeated. Continental brokers took
the stocks as fast as the prices declined, and now the Lon-
don dealers are compelled to buy in again at a consider-
able advance. The home and foreign markets have been
altogether undisturbed by any warlike reports or sen-
sational rumours, and the tone of the English press is
remarkably mild and lamb-like. The favourable debt
statements of Mr. Boutwell, which grow better every
month, and more favourable the more closely they are
examined, undoubtedly have a powerful influence in sus-

taining our national credit at home and abroad. Railway
stocks have been generally unsettled and declining, and
the market has a squally lock ahead. The absence of
many leading railroad men from Wall-street last week to
attend the stockholders' meetings at Cleveland and Chi-
cago afforded the " bears " an opportunity for a raid on
the market, which they made with considerable success.
The Vanderbilt scheme of absorption and consolidation of
roads from New York to Chicago, by way of Albany, Buf-
falo, and the Lake Shore, does not seem to prosper quite
so well just now, and the advance in New York Central
and associate roads has been seriously checked. " Old Mi.
chigan Southern" has been "hampered" repeatedly and
suffers under its attacks. The general tone of the market
is heavy and lifeless, and it a panic is avoided a term of
inactivity and suspense seems probable. Tha Western
Union Telegraph stock holds up strongly under the influ-
ence of a 2 per cent. semi-annual dividend and a generally
flourishing condition of the company. The company last year
earned 6 11-100 per cont. on its nominal capital, equal to 13
F.. ...A. oiz thc; prosont iiiarkot Value Of its stock, and
trans acted 93 per cent. of the business of the country.
Pacific Mail stock has recovered from its extreme &Tres-
s'on on the openiug of the overland railroad, and its
managers expect` to reap a profitable business in the freight
traffic, for a long while to come. Its passenger business
also c.mtinues good—the last boat from New York having
taken over 800 passengers.—Mariposa mining stock has
been sent tumbling from its recent ascent, and is settling
rapidly back to its old rates. Decrease in the products .of
the wince is said to have caused the decline. Trade in
dry goods bad considerably improved, and many purchases
are reported, to be held over until the fall trade. These
transactions have already sufficiently' reduced tliie stock in
first hands as to relieve the manufacturers oVany embar-
rassment and to ensure the disposal of their products dur-
ing the summer months. Prices have not materially ad-
vanced, but the tone of the market is stronger and more
confident. Cotton in the Southern ports is, however, per-
ceptibly higher, and the reports from the interior,which do
not indicate more than average crops, will probably keep
up prices for some time to come. In all kinds of manu-
factured fabrics business is better, but for imported goods
a dull time is prevalent and likely to continue. —The live
stock markets, west and east, show a falling off iu the
supply, and a moderate improvement in the prices.
The Money Article of the Philadelphia Public Ledger,
Juno 11, denounces the m!srepresentatiote4 which agents
secure the sale of American railway bonds in Europe. It
gives a long extract from a leading French journal
L' Eclaireur. Financier, and concludes by 'regretting that
there is not some official power in the United States to
eeathine and expose the miry efforts made to paint
off Fpnulativo stock, "as it may aid in protecting Ame-
rican credit abroad if villainy cannot be prevented
at home." The same article contains the follow-
ing : --" The London Times' Money Articles are watched
Kith more than usual interest here since the avowal
by that journal that the Bank of England had de-
termined to stop the very large speculations there in
United States bonds. In this connection, in its issue of
the 13th ult., it says it is estimated that 'the amount of
foreign securities sold by English holders to foreign buyers
within a week or two previous has been more than a mull-
lion sterling'—'sufficient to exercise a very distinct effect
on the money market,' and lessening the probability 'of
any further. immediate action by the Bank of England.'
This information, if verified in fact, will remove the only
apparent obstacle sin the way of the success of the ' bull'
movement in all stocks, inaugurated here a mouth since,
and for a time held in check by the threatening announce-
ment that the Bank of England had determined upon a
course that might send our 5-20 Bonds home. This ap-
prehension removed, a huge stock excitement seems pro-
beble.

(Front the ►Wall-street Journal.)
Friday Evening, Juno 11, 1869.

The Money Market shows increased activity, and bor-
rowers at the banks aro glad to be accommodated on call
at 7 per cent. in currency. On the street the same rate
is readily paid in gold. Discounts aro neglected, it bning
just now more profitable to employ money on call. The
gold market is firm and higher, having opened at 1382,
and closed at 1391. At the ninth Treasury sale of gold,
on June 7th, the bids were for a total of marly six mil-
lions, at prices ranging from 138.76 to 133.33. The awards
were as follows :—550,000 at 138.76, $250,000 at 138.66,
$300,000 at 138.65, $250,000 at 138.631, $150,000 at
138.63. At the tenth sale of $1,000,000 yesterday the
amounts bid for were over two millions, and the awards
were as follow:—$100,000 at 138.921,5250,000 at 138.911,
$lOO,OOO at 138.921, $50,000 at 138.921, $50,000 at 136.46,
$50,000 at 139.12, $lOO,OOO at 138.96, $lOO,OOO at 138.95,
$lOO 000 at 138.95.

QUOTATIONS FOR SPECIE.
Amer. silver... 95 to 95i I Eng. goys 486 to 488
Mex. d01b4r5...103} „ 104 20 francs 884 „ 386
Eng. silver 471 i , 430 I Thalers
Five francs 95 „ J 6 I

Foreign Exchange is quiet, but steady.
Sixty Days. Three Days.
Londcn Bankers
Lor..d. n, Prime Commercial lOBl —lo9k
2 ..... :
Paris, Bankers 5.221r-5.16f 5.161 —5.131
Bremen, Bankers
Ramburgh, Bankers 351-35i
Frankfort, O.M 394-401
Berlin and Cologne
Antwerp 5.221-5.161
Amsterdam, Bankers ......
Swiss 5.221-5.161
Iu Government Bonds there is not much doing, the
unsettled state of the market checkieg purchases. Prices
are, however, firm.
Sixes, 1861, registered ........................ 117 to 1171
Sixes, 1881, coupon 1211 to 1218
Sixes, 1868, coupon
U.S. 6s. Pacific Railroad lO6l to 107
Five-twenties, 1862, coupon
Five-twenties, 1864, coupon -
Five-twenties, 1865, coupon .. llBl to 1181
Five-twenties, 18d5, coupon, new
Five-twenties, 1867, coupon
U.S. 6-20 Coupons, 1868 ll9l to 1191
Ten-forties, coupon , 1081 to 1081
Seven-thirties, 2d series
to ---
Seven-thirties, 3d series — to
__
Oregon War Lean, sixes, 1881 • — to --