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

MONEY AND BUSINESS.

(Front the Springtielh?epublican, 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 tlirosghout the West is
being forwarded to market, an .I 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 54,500,000 in the single item of legal tenders,
which indicates to some extent the 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 in tho New York sub-treasury. The demand
for money for purely speculative uses has been percep-
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 are hastening their stocks of wheat to
market, to make way for the growing crop. The
movement is fully a month 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 stringency is partially
owing to the recent heavy demands of the Central Pacific
Railroad, but more, it is thought, to the hoarding and
biding 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 bo
increased. Our bills for foreign imports aro steadily
swelling, and at the dose of last week amounted to
$110,339,004, 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
513,613,623, leaving a heavy balance against us, to bo
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 Euglish press is
remarkably mild and lamb-like. The favourable debt
statements of Mr. Beutwell, 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
chigan Southern" has been "hampered" repeatedly and
suffers under its attacks. The general tone of the market
is heavy and lifeless, and if a panic is avoided a term of
inactivity and suspense seems probable. The 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 coot. on its nominal capital, equal to 13
per cent. on the present market value of its stock, and
transacted 93 per cent. of the business of the country.
Pacific Mail stock has recovered from its extreme depres-
s'ea ou the opening of the overland railroad, and ha
managers expect to reap a profitable business iu the freight
traffic, for a long while to come. Its passenger business
also continues good—the last beat 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 mines is said to have caused the decline. Trade in
dry goods had considerably improved, and many purchases
are reported, to be held over until the fall trade. Those
transactions have already sufficiently reduced the stock in
first hands as to relieve the manufacturers of any 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 seine 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 in the
supply,anodaymoderate improvement in the prices.
The :Mon
ey Article of the Philadelphia Public Ledger,
June 11, denounces the misrepresentation by 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
examine and expose the many efforts made to palm
off speculative 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
with 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 bas been more than a mil-
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 in the way of the success of the bull'
movement in all stocks, inaugurated here a month 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-
bable.

(From the Wall-street Journal.)
Friday Evening, Juno 11, 1869.
The Money Market shows increased activity, and bor-
rowers at the banks are 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 boing
just now more profitable to employ money on call. Thu
gold market is firm and higher, having oponod at 138 i,
and closed at 1391. At the ninth Treasury sale of gold,
on June 7th, the bids were for a total of nearly six mil-
lions, at prices ranging from 138.76 to 138.38. The awards
were as follows:—$50,000 at 138.76, $250,000 at 138.66,
$300,000 at 138.65, $250,000 at 138.63}, $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,
8100 000 at 138.95.

QUOTATIONS FOR SPECIE.
Amer. silver... 95 to 951 I Eng. sovs 4BG to 488
Mex. d011ar5...1031 „ 101 j2O francs 381 „ 386
Eug. silver 475 , 480 I Thalers
Five francs .... 95 „ 96
Foreign Exchange is quiet, but steady.
Sixty Days. Three Days.
Londcn Bankers
Lc,Lc:. n, Prime Commercial lOBl-109i
Paris, Bankers 5.221-5.161 5.161-5.134
Bremen, Bankers
liamburgh, Bankers 351-35i
Frankfort, 0.111 394-40-1
Berlin and Cologne
Antwerp 5.22;-5.161
Amsterdam, Bankers
Swiss 5 4.) 5.1.61 ......
In Government Bonds there is riot much ci,ing, tho
unsettled state of the market checking purchases. Prices
are, however, firm.
Sixes, 1861, registered
Sixes, 18E1, coupon l2li to 1211
Sixes, 1868, coupon
U.S. 6s. Pacific ltaihead lO6l to IC7
Five-t weLties, 186-,, coupon
Five-twouties, 1864, coupon
Five-twenties, 1865, coupon
Five-twenties, 18.15, coupon, new
Five-twenties, 1867, coupon
U.S. 5-20 Coupons, 1868 lln to IN
Ten-forties, coupon lOBB to 1084
Seven-thirties, 2d series
Seven-thirties, 3d series — to
Oregon War Loan, Sixes, 1881

Railroad Gold Bonds contii
will find, in another column,
in reference to the Seven
Missouri Valley Railroad Co,
N. Y. Central Cs, 1883 98
N. Y. Central Gs, 1887
N. Y. Central Cs, R Est 87
N. Y. Central 6s, Sub'n ;88
N. Y. Central 7s, 1876 --
N. Y. Cen. 7s, con. 76
N. Y. Cen. 7s, '65-'76 —
Erie Ist Mort, Ex 99
Erie 7s, 2d Mort., 1879 93
Erie 78, 3d Mort, 1883 B9
Erie 7s, 4th Mort, 1880 BO
Erie 7s, sth Mort, 1888 75
Long Dock Bonds
Buff. N.Y. & E. Ist M,'77 B5
Hud. R. is, Ist M,
Hod. R. is, 2d AI, 'B5 1031
Harlem Ist M, '6B '72 1001
Mich. C. Ist M, 69'72 125
Mich. new Ist AI Bs, 'B'2 125
Mich. No., 7 p. c. 2d M 94
N. Ind. Goshen Line '6B
Mich.S.&N.l.S.F'd7p.c. 98
111. Cen. 7 p. c, '7O 119 i
Alton &'l'. 11. let 31
Alton & T. 11. 2d pfd
Alton & T. H. 2d M. Inc 77
Han.& St.J. LaudGrantsloB
Ilan. & St. J. Con 117
Chi. B. & Q., Ist M 112
& N. West, S. F 9B
& N. W. Con Cony 99
('hi. & N. W. Ex'n B —

aue to sell steadily. Investors
, soma interesting particulars
er Cent. Gold Bonds of the
mpany.

Chi. & N. W. Ist M 93
Tol. & Wab. 2d M Ex B3
Gt. Western 2d M '93 79k
Mil. & Pr. du Ch. Ist M —
Gal. & Chic. Est 100
Gal. & Chic. 2d M 96
Chi. & R. I. Ist M 1001
Chi. H. I. & Pacific 7's 9Bi
Cleve. & Tol. S. Fund 100
N. J. Central Ist M 99
N J. Central 2d M 100
Pitts. Ft.W., & Ch. Ist M —
Pitts. Ft. W , & Cli.2(111 9B
Pitts. Ft. W. & Ch. 3cl M 95-1
Cleve. & Pitts. 3d AI 95
Chic. & Alton, S. F. Inc. 97k
Chic. & Alton, S. F. lstM.lo-1
Mil. & St. P•tul Ist M 93
Mil. & St. Paul 2d NI B3
Marietta & Cin. Ist M B7
Morris & Essex Ist M 9B}
Morris & Essex 2d M 95
Joilet & Chic. Ist M
& Gt. East'n
N. Y. & N. H. 6s 95
Dubuque &S.City,lst M 92
Peninsula Ist M
Ohio & Miss. Ist M 94
Ohio & Miss. Con B5l
Tol. P. W. Ist M. E. D B4
Atlantic & G. W. 2d M —

Miscellaneous Stocks show much activity, more espe-
cially Pacific Mail, which has been largely dealt in at
advancing rates. Mariposa has, like Humpty Dumpty, had
a great fall, the common stock having suddenly dropped
from 23 to 5, the Preferred Stock from 491 to 15, and the
10 per Cent. Certificates from 811 to 35. To-day, how-
ever, the market shows slight advances on these securi-
ties. The rapid decline in Mariposa knocked over some
half-dozen bankers and brokers, but they were mostly of
the smaller fry, and not much harm has been done.
N. Y. Central lB7a
Erie 2 29*
Hudson
Reading
Mich. South. &N. I llsa
Illinois Central
Cleveland & Pittsbrg 951
N urth-West
North-West Preferred 99i
Canton G3I
Rock Island
Jleveland and Toledo
Express Stocks are dull an
Adams
American Merckants' Union 391 to 40
Merchants' Union, old Stock l4 to 111
United States
Wells, Fargo, and Co 3O to 30i

Fort Wayne
Pacific Mail 844
Atlantic Mail
Quicksilver
W. U. Telegraph
Mariposa Preferred 474
Ohio and Mississippi 324
Boston Water Power l6
Cumberland
Bankers and Brokers lO7
M & St. Paul
M & St. Paul Preferred 854
td neglected :

Messrs. Drexel and Co., Philadelphia, report as fol-
lows :—Pennsylvania Railroad were 57 57-1,-; Sixes, Ist
Mortgage, 101; Sixes, 2d Mortgage, 96 97.

LITERARY ITEMS.—Mr. John Morley, editor of
the Fortnightly Review, is to assume the editorial chair of
the London Star.—Alexander IL Stephens published a
letter in one of the Washington papers, Wednesday, June
9, in reply to some criticisms on his history of the rebel-
lion. He takes a very gloomy view of the situation, and
argues that wo are drifting lo consolidation and empire.
Not hing, he thi❑ks, can prevent the final establishment of
imperialism but a determined effort on the part of the
people to preserve free institutions. The remedy, he says,
is not in secession. That was tried and found insufficient.
It must be at the ballot box. He calls upon the people of
the several States to seriously consider whether they will
maintain free institutions or accept imperialism.—The
Pall Mall Gazette announces a reduction it price to one
penny. We Lope it never will be reduced to the standard of
the Echo, and become a nuisance. After all the organ for
gentlemen has discovered that there can be respectability in
a penny, a fact it professes its sorrow not to have known
from the beginning. It will be the cheapest paper in
London, indeed the cheapest thing in Loudon, if main-
tained up to the present mark. The Pall Mall, in an-
nouncing this alteration in price, insinuates a delicate
compliment to the public. Those who started the gen-
tlemen's organ had no idea that such a recherche article
as they were about to prepare could bo relished by such
chaw-bacons as the common people, and are agreeably
surprised that they have only to reduce the price to what
these can afford, to find their paper read over the kingdom.—
Amongst the most beautifully illustrated of trade circulars
arc those of the publishers and the stationers. Of another
order, yet of singular artistic merit, is ono by Messrs.
Hailes and Co., illustrating the articles turned out of the
manufactory of Messrs. J. Drew and Co., 33, Rege❑t's-
circus, Piccadilly. The advance in taste of the British
public is as noticeable in this respect as in the decorations
of the parks and the improved style of architecture. By
degrees it will be carried into such trifles as match-boxes,
and the thousand little nick-necks of every-day life, when
England may challenge comparison with Prance in taste. If
continental manufacturers now compete with English
manufacturers in cottons and iron work, the English
people have so far invaded the Continental domain that
they now compare with the most tasteful i❑ design. Some
of these catalogues deserve more notice than they get, but
newspapers naturally object to giving advertisements for
nothing, otherwise they could scarcely fail to receive more
attention. The Messrs. Drew invite gentlemen to design
their own trunks and camp furniture, s hich they will exe-
cute according to pattern, and certainly in the book before
us they show how these designs should be drawn.

NAVAL ITEMS.—The Iron steamer Shamokin, ad-
vertised for sale by the Navy Department, was to be disposed
off by auction at Washington on the 19th inst. The Go-
vernment steamer hornet was to be sold in Philadelphia on
the 21st. The Hornet was formerly the Lady Sterling,
built in England, and captured from the Rebels during the
war. The Algonquin will also be offered for sale during
the present month. Those vessels have been appraised
by a competent board of survey, and will not be sold un-
less the bids reach the amounts sot by the board. Thero
are a number of interested parties in America toascertain the
value of the vessel, in order that they may range their bids
accordingly.--Rear-Admiral Hoff, commanding the North
Atlantic squadron, in the U.S. flagship Contocook, left
Havannah on the 20th May for Matanzae, Cuba, where she
arrived May 27.

The following political conventions will be held
during the months of June and July:—
Date of Con-
Politics. Location.
vention.

June 10—Iowa Rep..... Des Moines.
June 10—Iowa Temp... Des Moines.
June 16—Vermont Rep. ....Rutland.
June 17—Vermont Dem....Montpelier.
June 23—Pennsylvania Rep, ....Philadelphia.
June 23 -Ohio Rep. ....Columbus.
June 24—Maine Rep..... Bangor.
June 29—California Dem.... Sacramento.
June 29—Maine Dem. ...Bangor.
June 29—Maine Temp... Portland.
July I—Mississippi Rep..... Vicksburg.
July 7—Ohio Detn.....Columbus.
July 14—Pennsylvania Dem. ....Harrisburg.
July 21—California Dep. ....Sacramento.
....

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nervousness, asthma, cough, constipation, flatulency, spasms,
sickness, and vomiting —Maria Joly." Cure No. 46,270: Mr.
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0
spitting of blood, liver derangement, and partifirayl daenadfnnelossr..
than
portant Caution—Beware of the many unsavoury
nslaomppeyisimmoitsattiaoundsactioouw.lhvicahtta, withoutched. authority, Baron Liebig's
5N64 IA
A 5 ni bAsn el A -11 s 12 lbs 22s ;
000LATRI
2 tllabsti4noss,. t-Also
1 1
Dd
u; IBAlbß2usy9,sclit;
132‘1, b
As 4LE
POWDER is packed in tin canisters: for 12 cups at s, for cups
at Is 6d, for 48 cups at Gs, for 288 cups at 30s, fur 576 cups at 55s
—being about one penny per cup. The 30s and 55s tins are sent
free of carriage in England on receipt of Post-Office Order,—
RAE. Y Du BARRY and Co, No. 77, Regent-street, London; and
all Grocers and Chemists.