The Sun.
London, England, 1867-03-25 00:00:00

COMMERCIAL.

NEW Yonx, March 2.
Although money continues plentiful, and is procured
easily on Government collaterals at 5 por cent., yet it is
loaned with the greatest caution, on securities narrowly
investigated before it is parted with. The same remark
applies to business paper, which is now rarely obtained
under 7 per cent. Long dates aro looked at unfavourably
four months being the limits, and one to two months pre-
ferred. A wholesale grocery and tea house has failed, and
there aro indications that more will go if credits are fur-
ther restricted. The stringency in this respect in the
face of an ample supply of money indicates some-
thing bad, and it is idle to disguise that there
is an uneasy feeling abroad. The tendency of
gold is upwards-if slowly, still surely, and closed on
Thursday almost touching 140. It is probable that this
advance has been caused by the suspension of sales on
Government behalf. There is a considerable demand also
to pay duties at the Custom House. There is no great
export, though the steamers from this port last Saturday
took out $486,000. There were no shipments last Wed-
nesday from Boston nor from New York by the late
steamers. The whole amount in January was but
$2,505,211, being loss than half that exported for January of
1864, and considerably less than for that of last year. Bullion
must, under these circumstances, be increasing in Now
York, as the last Aspinwall steamer brought in nearly a
million of treasure. While fancy stocks continue to fall,
the stocks of the Government of all kinds are daily grow-
ing in demand and rising in price. This is more marked
in the gold-bearing securities, which receive a strong sup-
port from the European demand. The Cable news reports
favourably of the 5-20's in your market, and the conversion
of other stocks into 5.20's continues to be made on a large
scale. The Treasury-office in New York on Wednesday re-
mitted $7,000,000 of conversions of 7-30's to the Department
at Washington. The inclination is very general to close
transactions in speculative investments, and the securities
now preferred are the Government Stocks, though some of
the best paying railway and other sound paying securities
are in favour. Some attention has been attracted to a
London circular, which speaks unfavourably of the man-
agement of the Atlantic and Great Western Railroad,
accusing it of being untruthful in the returns of the busi-
ness in 1865. On this subject, however, your London
readers are more fully informed than we are here. The
Report of the Pennsylvania Central for 1866 is favourable.
The net earnings were $3,792,973, and the gross receipts
$16,583,882. The company claims to be the owner
of property to a total of more than $45,000,000.
It is said that their earnings for January show a consider-
able increase, not in the gross, but in the nett amount,
and there is no doubt that the line is thoroughly well
managed. Both Erie and New York Central have risen ;
the latter, in consequence of an expectation of favourable
legislation, the Pittsburg, Fort Wayne, and Chicago are
depressed. Hereafter, the dividends are to be 4 per cent.
half-yearly, instead of 21 quarterly. American gold
1391, United States Fivo-twenties (1862) 1111, (1864) 108,.
(1465) 1081, (1865, now issue) 1061, United States Ten-
forties 1011, United States 7 3-10 Loan 106, Missouri
Sixes 921, Virginia Sixes 58, Now York Central
Railroad 103, Erie 561, Erie Preferred 73, Hudson
River 1381, Reading 1031, Michigan Central 1071,
Michigan, Southern, and Northern Indiana 721,
Illinois Central 1161, Cleveland and Pittsburg 80, Cleve-
land and Toledo 119, Chicago and North-Western 354.
Chicago and North-Western preferred 651, Pittsburg,
Fort Wayne, and Chicago 941, Chicago and Rock Island
054, Ohio and Mississippi Certificates 251, Western Union
Telegraph Company 421, Pacific Mail Steamship Com-
pany 138, Atlantic Mail Steamship Company 79, Cumber-
land Coal Company Preferred 34, Canton Company 451,
Quicksilver Mining Company 381, Mariposa Mining Com-
pany 91, Preferred 221.

(From E. F. Satterthwaite and Co.'s Weekly Circular,

March 20.)

The advicos from New York by the Java only came to
hand this morning. During the fortnight which had
elapsed since our last report of the Now York Market,
business has been on a limited scale, Government Secu-
rities being firm, especially for the Bonds issued before
the war, and for the last issue (1865) of 5-20's ; the former
axe quoted at an advance of 1 per cent., and the latter 3
per cent.

The evident intention of Congress to proceed with the
gradual contraction of the currency has operated un-
favourably on the share market, and most railroad stocks

exhibit a decline of from 2to 3 per cent. Railroad bonds
and State btocks were rather more offered. The Now
York banks' return shows some important changes, the
discounts having increased seven million dollars during
the fortnight, and the specie exhibiting a decline of three
millions. The monthly official statement of receipts and
disbursements at the Sub-Treasury indicate an addition
to the balance on hand of eleven millions, the total amount
to Feb. 28 being $114,386,074.