The Sun.
London, England, 1866-12-15 00:00:00

COMMERCIAL.

NEW YORK, Saturday Evening, Dec. 1.
Tho excitement in Wall-street last week reached a high
point ; and, I can assure you, uncommonly long faces were
met in the neighbourhood. There must have been some
epidemic about, for the flight seemed to seize alike on
" bulls" and " bears," and the " bulls," by a rapid trans-
formation, became sheep, and went off with the panic-
stricken flock. They have now brought up and turned
back, and those who were " bulls" are again becoming
"bulls." The panic is attributed to various causes, pro-
minent among which was the demands said to have been
made by the Secretary of the Treasury upon the National
Banks fur the Government funds deposited with them.
Mr. 31'Culloch denies that ho drew to a sufficient extent
to cause even a momentary panic, and attributes it to other
and more obvious reasons. Money has again become easy,
the prevailing rate being 6 per cent., and in Government
Securities any amount can be got at 5. A con-
siderable fall has taken place at Boston. Last
week 7 per cent. was the rate, while this week 5
only can be obtained on first-class securities. There has
been much fluctuation during the week in stocks and
shares. So many have been frightened that they sell on
every rise, and thus check any tendency to buoyancy.
Lower prices are not looked for, but neither, on the other
hand, is there much hope that the prices of a month ago
can be recovered. New York Central Railroad is excep-
tionally firm, owing to the rumour of au extra dividend to
be declared before the annual election. Tho American
express interest will endeavour to secure enough of the
stock to influence the election and turn out the present
board of directors. Numerous reforms are promised in
case they succeed. Gold has also fluctuated more than
usual ; the extremes of the week were from 147 to 144. 1
cannot help thinking that the price must sett:e down as
gold continues to accumulate in the hands of the Govern-
ment, and the volume of currency is constantly decreas-
ing. The exports to Europe by the Saturday steamers
were $697,000, and on Wednesday $250,000. Eighty-eight
million dollars are in the Treasury, besides twenty-two
millions gold certificates. The commissioner of the re-
venue estimated the receipts from imports for the present
fiscal year at $175,000,000, but they will fall short of that
sum. The decrease since the recent stagnation in trade
has been very marked. The receipts at the five principal
ports, for the last week reported, were $2,740,821, a dimi-
nution, as compared with the previous week, of nearly
half a million of dollars at New York, and of over
$lOO,OOO at Boston. Tho entire revenue for the present
fiscal year will be about $470,000,000, which could with
safety be reduced to $350,000,000, but not without stopping
the largo reduction in the public debt which no are
now making. It is expected that twenty millions
more of that " national blessing" will be sliced off
this month. The disbursements of the treasury
last week, on account of the war, navy, and
interior departments, were respectively $2,781,983,
$2,717,988, and slo7,424.—National bank notes were
issued last week to the amount of $1,134,010, and for
security for the entire circulation, now closely approach-
ing the limited $300,000,000, the Government holds United
States bonds amounting to $340,338,650. The amount of
fractional currency received from the printing bureau, last
week, was $194,500, shipped to assistant treasurer and
national banks. $121,615, redeemed $185,200.—A1l con-
versions of seven-thirties after December 1 will be made
into five-twenties bearing interest from January 1, 1867,
and persons transmitting seven-thirties for that purpose
should adjust the interest to that date;

(From E. F. Satterthumite and Co.'s Weekly Circular,
December 12.)

It is a matter of surprise to us that investors seeking a
good rate of interest, with at same time ample security for
their capital, should not turn their attention more to such
descriptions of American Government and railroad securi-
ties as combine both of these advantages. Tho integrity
with which obligations in the Northern States were met
during the war should, we think, be accepted as an earnest
for the future by all reflecting persons. There can be no
doubt that the security offered by the mortgage bonds of
some of the leading railroads in the United States is quite
equal iu point of safety to similar securities on our bust
English lines, and it is difficult to understand why the
price, especially of those payable in sterling, should re-
main so low. Take, for instance, the Pennsylvania Rail-
road Second Mortgage Six per Cent. Bends. They are, in
every respect—Sterling Bonds, and, therefore, exempt
from depreciation, and from the fluctuations to which cur-
rency Bonds are liable. The interest is payable half-
yearly, and the bonds are redeemable at par, in London,
in 1875. The last official quotation was 83 to 85, at which
price the interest on investment would be a little over
seven per cent., in addition to the bonus of fifteen por
cent. (the difference between present price and £100)
accruing on redemption. _ _

An investment, say in
..£1,000.0f theso Bonds, would
stand thus :
Cost price ... ... ... ... ... £B5O

Nino years' interest .at six per cent. ... £5lO
Difference beiween the sum invested and

amount received at maturity (1875) ... 150

£690
or more than nine per cent. per annum. On looking back
to the 3d December, 1856, just ten years ago, when the
minimum rate of discount at the Bank of England was
seven per cent., we find those Bonds standing at 92 to 94,
and it certainly appears to us an anomaly that now, when
the rate of discount is only four per cent., and they are
ten years nearer maturity, the price should be ten per cent.
lower. As to the security on which these Bonds rest, we
look upon it as fully equal to any first-class railway pre-
ference stock and mortgages in this country, which are
bought to pay 4i to 5 per cent.
To show the growth of this railway, it is only necessary
to mention that in 1855 the gross receipts from all sources
were $4,720,193, while in 1865 they had reached

$17,459,169. The bondholders have always been paid
their interest with punctuality, and the shareholders have
received dividends of ten per cent. per annum, besides a
large stock bonus and allotment of new stock at a consider-
able advantage to holders, these representing the sums
taken from the earnings of the line to improve the road,
and increase the rolling stock and plant.

(From L. P. Morton and Co.'s Circular.)
NEW Yonx, Dec. 1.

Advices per City of Washington report :—The derange-
ment in financial affairs, noted in our last advices, has since
gradually subsided, with none of the grave consequences
at that time anticipated. The deposits of the banks were
drawn down to the extent of eight millions during the
crisis ; but funds have since flowed steadily in from the
interior, and the loan market is again in a comparatively easy
condition. The excitement is succeeded by a lull, and de-
mand loans range at 5 to 7 per cent. Discounts also era
easier, but quiet, at 6 to 7 per cent..
Speculative operations in securities have suffered a severe
check by the crisis in the money market. Efforts to rally
the stock market from the depression noted in our last have
been but very partially successful, and present indica-
tions appear to point to a season of dullness. Erie has
fluctuated between 71 to 731, and closes at 711. Illinois
Central has been, on the whole, dull at 1181 to 1191, and
closes at 1181.

United States Securities have ruled steady but active,
under an investment demand from the interior. Five-
Twenties of 1882 were in moderate demand early in the
week, causing an advance to 1091 to 1091 ; but the price
has since ranged 1 to 1 lower, and closes at 1081 to 1081.
Consolidated Five-Twenties of 1865 close quiet at 1081.
State Stocks have been fairly active, and have generally
recovered from the depression at the close of last week.
Tennessee 6's, 1890, close at 92 to 94 ; North Carolina Cel
74 ; Virginia 6's, 60 to 64 ; Missouri 6's, 871.
The gold market has been unsettled, under rumours
connected with the Mexican question, and the premium
has fluctuated about six points. The price closes at 1411.
Foreign Exchange has been firmer, under an improved
demand for bills, with a limited supply. Bankers' Ster-
ling closes at 1091 to 1091, for 60 days, and 110 to 1101
for 3 days' sight ; bills on Paris, 5.15 to 5.131, for 60 days:
and 5.121 to 5.111, for short date.
Cotton has ruled firm, but with a limited demand both
for home consumption and for export. The market closes
weaker at 331 to 34 cents for Middling Uplands.

COUNTRY MARKETS.

RIPON-FRIDAY.

There was a good supply of grain at market to-clin
and the demand was steady at last week's prices. mere
barley shown than last weak, and it did not sell so well.
White wheat, 8s 04 to 9s Od per bushel ; red, Gs 6d to 80
Od ; beans, 7s 3d to 7s 9d ; oats, 26s to 32s per qr ;
34s to 42s Od.

WAKEFIELD.—FRIDAY.
Wheat is is per qr higher than on Friday last, and the
trade has fissumf.(l ft firmer tow., but baied alo not pressed
to any extent. Barley met with a slow trade, and prices
in favour of buyers. Beans is lower. In oats there was
no material alteration.

LINCOLN.—FRIDAY.
New white wheat 36
, 60s to 68s ; new red, 54s to 60s per -
stone. Barley for malting, 49s to 51s per qr ; grinding,
26s to 36s per 30 stone. Oats, 24s to 31s. Beans, 48s t°
50s per 38 stone.

DERBY—FRIDAY.
Now white wheat, 62s to 66s ; old red, 56s to Gls per 3
stone. Barley for malting, 44s to 48s per qr. ;
37s to 38s per 30 stone. Oats, new, 27s to 29s ; old,
34s per 24 stone. Beans, old, 50s to Us ; new, 46s to "'
per 38 stone.

LIVERPOOL.—FRIDAY.
We had a moderate attendance at our market to-BAP
Wheat was in limited demand, and quotations upon
decline. Flour sells slowly. Indian corn in very sulBid
supply. Oats at last week's prices. Oatmeal 6d per lea
cheaper. Beans, peas, and barley easier to buy, but very
limited in request.

STAMFORD—FRIDAY.
New white wheat, 56s to 60s ; red do., 52s to 560 per 86
stone. Barley, malting, 42s to 48s ; grinding, 34s to 883
per qr. Oats, new, 24s to 28s ; old, 28s to 32s per 24 stone'
Beans, 52s to 54s per 38 stone. Peas as of late.

BRISTOL SUGAR.—FRIDAY.
There has been a very active demand for all kinds of
raw and refined sugar this last week, and large sales ha"
been made at full prices to 6d per cwt. advance.