The Sun.
London, England, 1867-05-25 00:00:00

COMMERCIAL.

NEW YORK, Saturday, May 11.
Business during the week has been very dull, and money
continues easy with little demand. The rates are unal-
tered at 5 to 6 per cent. on call, and 7 on Government and
other good security. Since Tuesday the price of gold has
taken an upward turn, advancing on Wednesday 1} per
cent., and on Thursday closing at 137. Last Saturday's
steamers took out $493,857 in specie, and $131,973 on
Wednesday. The Cuba left Boston last Wednesday with
$54,000 in gold. Against this export the Aspinwall
steamer brought in $236,000 on Saturday. As the
export demand for gold is not large, the greater
part of the payment by the Treasury, on account of
the May dividends, were made in gold certificates.
The Custom-house continues to receive large sums
averaging daily above $300,000 in gold and gold certifi-
cates. In the banks of this city the deposits have increas'ed
by $2,500,000,000 during the week. All issues of Govern-
ment securities are steady, the 7-30's and the new issue of
1865 being in especial favour. It was thought that the
latter will be purchased by the Treasury for conversion
into 5-20 gold-bearing bonds. On Wednesday the sub-
Treasury purchased 8'2,000,000 of the 7-30's, and will
probably continue its purchases, and even increase them.
When the payment of the May interest is completed, it is
thought there will remain in the sub-Treasury gold to the
amount of $75,000,000. On the 15th June $9,000,000 in
currency will become due on the 7-30's.

The New Three per Cent. Certificates, $50,000,000 of
them in all, have received the Spinner autograph, and will
be immediately issued. They are in denominations of
$lO,OOO and $5,000 each, with a large vignette of Secre-
tary M'Culloch on the left hand end of the not; below
the numerals.

The Railway Market is dull, influenced by all sorts of
unfounded rumours. The April earnings of both the New
York Central and the Erie are unexpectedly large,
considerably exceeding the corresponding months of
1866. The Metropolitan Insurance Company was
one of the heaviest sufferers by the Portland fire,
which swept away a fourth of its capital. It has reduced
its capital to $300,000. All the Insurance Companies have
suffered and are suffering from the numerous fires. The
conflagrations' at Chicago have been appalling, which,
coupled with the labour and other threatened riots and the
frequent strikes, have had a very material influence on
capital, which is invested with the greatest care and cir-
cutnspection. The weather has been rainy and cold,
which has had anything but a cheerful influence on busi-
ness. Add to this the failure of Watts, Crane, & Co., and
you may imagine that the revival of last week has re-
ceived a few dampers. It is said that the sufferers by that
failure are private bankers and firms at New Orleans and
the South. The following are the latest quotations
Gold 137, United States Five-Twenties (1862) 1061,
(1864) 105 f, (1865) 1.06, (1865 new issue) 1071, United
States Ten-Forties 991, United States 7 3-10 loan
1061, Missouri sixes 95, Tennessee sixes, 641, New
York Central Railroad 991, Erie 63, Hudson River
971, Reading 1031, Michigan Central 110, Michi-
gan Southern and Northern Indiana 671, Illinois
Central 1131, Cleveland and Pittsburg 721, Cleveland and
Toledo 113, Chicago and North-Western 351, Chicago and
North Western Preferred 601, Pittsburg, Fort Wayne, and
Chicago 961, Chicago and Rock Island 89, Ohio and Mis-
sissippi Certificates 221, Western Union Telegraph Com-
pany 43, Pacific Mail Steamship Company 1281, Atlantic
Mail Steamship Company 96, Cumberland Coal Company
Preferred 31f„Cauton Company 43k, Quicksilver Mining
Company 29, Mariposa Mining Company 7 to 8, Mariposa
Mining Company Preferred 19k, Boston Water Power
Company 30.

(From L. P. Morton and Co.'s Circular.)
Since our last financial affairs have borne a more settled
aspect. The reference of the Luxemburg question to a
conference of the leading Powers has strengthened the
hope of a pacific solution, and the irregularities growing
out of apprehensions of war have in a large measure dis-
appeared. The probabilities connected with this question
have now been fairly weighed on both sides; and, how-
ever the deliberations of the London Conference may
result, the consequent fluctuation in affairs here will, per-
haps, prove comparatively slight.
The pecuiar condition of the country resulting from the
derangements inherited from the late war has produced a
marked conservative feeling in every branch of business.
The prevailing disposition is not so much to speculate
upon the uncertainties of the times as for each one to keep
his affairs, as far as possible, in a safe and controlable posi-

tion, so as to be prepared for whatever may occur in the
return of affairs to a normal condition. This feeling ex-
hibits itself in a disinclination to invest in new enterprises
in the low prices of many classes of securities as compared
with their current dividends, and in a disposition to curtail
the production of many kinds of manufactures which are
selling materially below cost.
Partially owing to this feeling there is a growing abun-
dance of idle capital, and the rate of interest has fallen to
4to 5 per cent. Another result is apparent in the increas-
ing demand for Government securities, which, more than
at any other period, have the preference over other forme
of investment, and have consequently advanced to unpre-
cedented prices. The maturing of the May coupons has
not been attended with the demand for bonds from foreign
of
coupon-holders which usually occurs on the payment f
the half-yearly interest. From the monthly statement 0
the condition of the public debt, appended below, it will be
seen that the aggregate, less cash in Treasury, has been
reduced during April, 82,641,974, while $37,165,070
short obligations have been converted into the Consolidated
Five-Twenties of 1865. On the 30th April the Treasury
held $114,250,441 of coin, of which $15,400,440 was due to
public depositors.
cula-
Railroad stocks continue to show considerable spe
tive movement, and generally retain the advance noted in
our last advices. Erie is kept firm under the operations of
an active combination. In the at sence of an investment,
demand for railroad shares, the market, however, lacks relit
strength.
Since the reaction in gold consequent upon the dissipa-
tion of the fears of war in Europe, the premium has shown
considerable firmness under the expectation of shipments
of specie, and partially from lingering doubts that the
e
difliculties in Europe may issue in hostilities. The pric
closes at 1371 to 137-1.
The cotton market is weak, in sympathy with the de-
cline of prices at Liverpool, and despite advices from the
South which tend to moderate estimates of the next crop:
The floods on the Mississippi have ruined the prospects of
the crop in that section, and the planters around MemphiS,
being surrounded by the floods, are abandoing their pla!1.-
tations. The smaller planters are discouraged by the dif-
ficulty in procuring advances from the factors, and are
turning their attention to the cultivation of other crops.
The receipts at all ports for the past week, amount to
19,600 bales, against 18,000 bales last week, and the shun
ments to 43,000 bales ; the present total stock at all the
ports is estimated at 406,000 bales.
Accounts from all parts of the country represent till
prospect for the grain crops as unusually promising. Whea
looks remarkably healthy, and the acrorage is, on the
average, unprecedented iu extent.
Foreign exchange is firm, at figures admitting of abil/a-
ments of specie. Tho exports of gold to-day exces
$1,500,000. Bankers' 60 days' sterling closes at 1091 01
109} ; ditto sight, 1101 to 110}; bills on Paris, 60 days'
' 5.131 to 5.121 ; ditto sight, 5.11* to 5.10.

(From Messrs. Bowles and Drevet's Circular.)
Increased and strengthening confidence has been the
feature of all markets during the past week, and price°
again show a further advance.
United States 5.20's have fully shared the improvai
feeling, and large purchases for investment have carrio.
prices to the highest point yet reached (82D, though a
slight reaction has occurred since, owing to the advaDoe
in gold in New York, and consequent order for sale at the
higher figures ruling here.

V'e quote as follows :-
17 May ... 82/
18 " 82k 14 5-16
20 " 82/ i
21 " 82/
22 " 82-/
23 " 81f 5-16
_

The Ronte closes'at 69.80. The Italian closes at 8
Exchange on London, 21.171.

i2.3°'

(From E. F. Satterthwaite and Co.'s Weekly Circular, MO 22'3,)
The latest advices from New York by the Cuba reach
to the 7th inst. The supply of money from all quarteA
was still very large, and much in excess of the denasn'
31, and in some cases 3 per cent. being taken on they secir
rity of Government Bonds, which were conseqent Ir
favourably affected in price, and were quoted at a furtb,e,t
advance. The favourable nature of the Governm,e-,
statement of the public debt also contributed to strengtu`-
lio
the market. The weekly return of the New York ton.tb.
was also of a satisfactory character, and, compared Wifor
previous month, show soma great alterations ;
the
instance, the deposits had increased 812,000,000, and pf
specie $1,700,000, while the loans exhibited a decrease

i3,700;600.
The above causes had induced more speculation int
railroad shares, Erie-again being the most promieelib
stock, but no material alteration was established, thong
c
the tendency was towards improvement. In State Stet
Tennessee Sixes had recovered $3. Railroad mortgag"
were steady at full prices.
PENNSYLVANIA RAILROAD.
.1 rid
This company have announced a semi-annual divl"ei
of three per cent., payable in cash, free of tax, on the 30ta
instant. Also an extra dividend of five per cent., begef
upon the profits earned prior to January 1, 1867, clear et
national and State taxes, payable in stock, on and afft,er
May 30th, at its par value of $5O per share, the shares teg
stock dividend to be dated May 1, 1867. Scrip Certifi,can
will be issued for fractional parts of shares. Said 010
will not be entitled to any interest or dividend, but will
convertible into stock when presented in sums of ssl3* 1,55
In the London market for American securities there hag
been a fair amount of business transacted during the ISt'
week, especially in United States Government 8e1!,,,s
5.20's of the 1862 issue have been freely dealt in at Prl'.;
ranging from 721 to 72i, the quotation of to-day, 721. t 4
teing the:lowest of the week, owing to an advance 11,
der
premium on gold in New York. The 1865 issue of 5.2013°310
a precisely similar security to the bonds of 1862,
again quite 1 per cent. cheaper, and advantage is bella
taken of this to a considerable extent to exchange the °
for the later issue.
In neither Illinois Central nor Erie shares is there
an
change of importance to record ; the former close 7,63;e0
77, or about jper cent. higher than last week, while Pr'
show a fractional decline, leaving off 411 to 421.