The Sun.
London, England, 1867-12-16 00:00:00

THE SUN, LONDUN, MONDAY EVENING, DECEMBER 16, 1867.

NEW YORK _MARKETS.

(From the Correspondent of the Anglo-American Times.)
NEW YORK, Nov. 30, 1867.
To the list of failures given in my last I have now to
add the firm of Harris and Dayton, sugar refiners, of New
York, and others too numerous to mention—mercantile,
stocks, and shipping. Among these, however, there is
one house that deserves a record, as I hold it to be little
less than criminal, when the whole capital, which ought
to be embarked in the business, is expended in mere out-
side show. P. 11. Sherwin and Co., retail dry goods
dealers, Union-square, commenced with $150,000, most of
which was expended on the grand premis,,s formerly
known as the Maison Dor6e, of which they had a2l years'
lease. Scarcely had they opened before they sank under
the pressure of hard times. These repeated suspensions

have created sonic alarm, and -York paper i.i now
everywhere carefully scrutinised. Tho contraction

I noticed during the preceding week in the Money
Market has proved brief. The demand for money is far
from pressing and the supply abundant, at 7 to 8 per cent.
Business is less brisk in the West, though the pork
trade still creates an active demand, and the market at
Cincinnati is decidedly stringent, as the rate for mercantile
paper is from 18 to 24 per cent. It is said that the New
York canpls will be closed unusually early, the Albany
Argus reporting ice as having formed, and there are be-
tween 4,000,000 and 5,000,000 bushels of grain afloat,
besides a large supply of lumber, salt, potatoes, and other
produce. 'Wall Street regards with increasing interest the
financial action of Congress, and anticipates a sharp con-
test between the advocates of contraction and expansion.
The composition of the Committee of Ways and Moans
and that on Banking and Currency is eagerly scrutinised,
as all measures in finance will be submitted to thorn. Both
committees are ascertained to favour stopping the present
contraction. The action of Congress cannot come into opera-
tion for several weeks, and Mr. M'Culloch continues for the
present to decrease legal tenders at the rate permitted. It
is considered certain that his power in this respect will be
withdrawn, but no one can predict what further steps
will be taken. The West strongly advocates inflation,
and there is a danger that to conciliate them for the
coming Presidential election injudicious measures may b
adopted. The 7-30's aro being converted at the rate of
V 2,000,000 per diem, and it is calculated that the sum
transferred since October 15 is upwards of 844,000,000.
Tho transfers stop to-day for securing the January gold
dividend on the 5-20's. Those who bought and held since July
in other names than the present owners should send
their certificates to Washington immediately for registra-
tion to the names of parties entitled to the January divi-
dend. From next Monday, Dec. 2, the conversion will be
continued with interest in currency up to the 31st Dec.,
the 5-20 Bonds being delivered with the January coupon
detached ; and if registered 5-20 stock be preferred, the
certificates of registration will be returned from Washing-
ton on the re-opening of the transfer book on January Ist.
Ten-Forties continue to grow favour, and all Govern-
ment securities are slowly rising. Gold is weak, closing
yesterday at 139. The publication of the reports of the
impeachment committee have extinguished the hopes of the
speculators, who looked for something strong, and got :a
thing as weak as water gruel. The New York Chamber
of Commerce is about to present a memorial to Congress
on the relation of gold to currency, and a select committee,
through its chairman, A. A. Low, has reported strongly in
favour of M'Culloch's contraction scheme, alleging that,
with a proper and judicious policy, a return may be made
to specie payments in 1869, giving these preliminary essen-
tial conditions; —That the floating Debt of Government be
funded; that gold and greenbacks be equalised in value by
act of Congress, making greenbacks receivable at the
Customs for a tenth of all receipts and retiring from circu-
lation those paid in ; that the Treasury Department redeem

greenbacks with gold whlu the value approximates, pro-
vided there be ao falling off in the revenue or the gold in
the Treasury, and banks and merchants must inevitably fol-
low in this resumption of specie payment. Mr. Chittanden
observed that if Congress would repeal the tax on
cotton and adjourn for six months, gold would fall to 120
by Christmas. American silver is at 5 to 6 cents below
gold. Mexican dollars, 1021 to 103 in gold. Exchange is
dull. Petroleum Stocks are active and rising, as are also
Express Stocks, which closed yesterday as follows:
Adams, 79i to 80 ; American, 76k to 77} ; United States,
79 to 791 ; Wells, Fargo, and Co., 54 to 54}; Merchants
Union (535 paid), 39k to 40. Mining stocks continue the
same, with a restricted business. Railroad stocks are
steady, and there is a fair business doing in Erie and New
York Central, the former closing at 1131, the latter at 711.
The great excitement is in Pacific Mail shares. They de-

dined to 116 under heavy " bear" sales, then rallied more
rapidly, closing on Thursday at 12.-4, and yesterday at 127
to 129. The company is engaged in completing its line

between San Francisco and Hongkong, and four of the
finest steamers afloat will next summer bo regularly
plying. A compromise is understood to have been
effected between the Directors and the Opposition;
six of the former retaining office, and admitting three
of the latter. The following gentlemen are proposed :
Messrs. Allan McLane, Howard Potter, James M. Brown,
Louis McLane, Jonathan Thorne and William Dennistoun
of the old board, and Abiel A. Low, George B. Hartson,
and Samuel G. Wheeler, jun., for the stockholders. The
exports of flour and wheat have lately been very large, but
prices decline ; and though domestic cottons have slightly
risen the raw material is still falling. The numerous and
heavy Aitilures exercise an injurious influence on all trade,
and business remains unimproved. The following were
the closing quotations yesterday :—New York Central
1134, Erie 711, Hudson 125, Reading 961, Michigan South-
ern and N.I. 80, Illinois Central 131/, Cleveland and Pitts-
burgh 83k, North West 57k, North West Preferred 67t, Can-
ton 45, Rock Island 96k, Cleveland and Toledo 101-1, Fort
Wayne 97k, Pacific Mail 129, Atlantic Mail 119 k, Quick-
silver 15, W. U. Telegraph 33i, Mariposa Preferred 15,
Ohio and Mississippi Certificates 271.

(From Messrs. Belding, Keith, and Co.'s Circular.)

FRIDAY, Dec. 13.

The fall in the price of gold in New York to 133; has
had a beneficial effect on all American securities. Five-
twenties of 1862 touched 72} this morning, or 14 per cent.
higher than this time last week. The rise in 5-20's of
1865 has been also 11 per cent., the opening quotation being
701 71. Ten-forties show but little change ; this morning

they aro quoted 671 68.
The improvement in railways has not been so uniform,
Illinois Central Shares having declined 1 to s per cont.,
and opening at 891 901. Erie Shares, on the other hand,
have improved about 1 percent. during the week. They are
now quoted 48 49. There has been no change in the
price of Atlantic and Great Western Consolidated Mort-
gage Bonds, the opening price being 19 20.

(Front Messrs. Bowles, Drevet, and Co.'s Circular.)
Paris, Dec. 13, 1867.

We have had an active and steadily improving market
during the past week, and prices show marked advance.
United States Securities have been strong. Quotations
have steadily improved, the continued decline in gold re-
ported from Now York exorcising a very favourable in-
fluence.
We quote :

For the issuo of 1862
For the issue of 1864
For the issue of 1865
Our advices from New York are to the 10th instant.
Gold
United States Bonds, 1862 (currency) lOB
The Rente closes at 69f. 45c.
The Italian closes at
Exchange ou London

(From E. F. Satterthwaite and Co.'s Weekly Circular, Dec.ll.)
The advicos from New York, by the Scotia, to the 26th
November, are only four days later than those referred to
in our last. The stringency in the money market was
sensibly reduced, and brokers were well supplied at seven
per cent. Government Stocks on firm quotations from
this side were strong, especially the 10-40 Bonds.
Railroad Stocks were largely dealt in, and quotations
had fluctuated considerably at almost each call of the
Board, the general tendency being towards improvement.
Illinois Central was quoted one per cent. higher, and Chi-
cago and North Western had also further advanced. In
Miscellaneous Shares, Pacific Mail was, as usual, the lead-
ing speculative stock, and on a reported failure had de-
clined nine per cent.
Gold was quoted one per cent. lower.
ILLINOIS CENTRAL.

Advices from the office of this company to Oct. 31 show a
large increase of collections in the land office, the amount for
ton months being $2,457,066, or nearly half a million
dollars over corresponding period last year. Sales of land
have reached $1,688,000, or $520,000 in excess of 1866.
This still leaves on, hand unsold 750,000 acres, and seven
and a half million dollars are owing on current contracts
for land sold. The bonded debt of the company, which,
on the Ist January last, was upwards of twelve millions
has, it is understood, been reduced by more than one
million dollars.
It appears probable that the directors of this company
will, during the coming year, in addition to the ordinary
cash dividend of 5 per cent. for each six months (being at
the rate of 10 per cent. per annum), also distribute a stock
dividend of the balance of stock the company is authorised
to issue (v 17.., 251 million dollars); this will give about 8
per cent. Thus it appears that this railroad, which for
some time after its opening throughout was financially in
so deplorable a condition that any one having any large
portion of his property in Illinois Central was considered
a ruined man, and that while 7 per Cent. Bonds had to be
issued at 70 to provide funds to finish up the road and
furnish it, it has now, like most other American railroads,
emerged from its difficulties, and biome a sound dividend
paying security.
Since our last the London market for American Secu-
rities has been mainly affected by quotations per telegraph
frcm New York of prices of gold and Government stock ;
to-day, however, although gold was reported lower, there
has not been a corresponding advance, owing to some con-
siderable sales on continental account. The closing
price of 5-20's is 71i tot for the 1862 Bonds, and 1 per
cent, lower for the 1865 issue.