The Sun.
London, England, 1866-11-05 00:00:00

COMMERCIAL INTELLIGENCE.

NEW YORK, Oct. 20.
The tone of the market continues bullish. Government
stocks 'still have a rising tendency, and the Railway
Market is strong. Gold closes at 1471, after selling at 149.
The bogus despatch of the Philadelphia Ledger exorcised
a strong influence for two or three days, although few
believed ono word of it. Gold rose 4 per cent., and it is
generally thought the object was to effect this ; if so, the
ruse has been successful. The excitement occasioned was
very great. People freely discussed the chances of a civil
war, although scarcely one of them believed a word of the
despatch. Money continues abundant—the price may be
quoted at 5 per cent., though a great deal is loaned at 4
per cent. Best commercial paper sells at 5 per cent., and
good at 51 per cent. to G.

Exchange is firm at the following quotations :—London
prime bankers', 60 days, 1081 to 1081 ; London, prime
bankers', sight, 1091 to 1091; London, prime commercial,
1071 to 108 ; Paris, bankers', long, 5.21 f to 5.20 ; Paris,
tankers', short, 4.171 ; Antwerp, 5.231 to 5.221; Swiss,
5.23 k to 5.221; Hamburg, bankers', 361; Amsterdam,
bankers', 40 to 411 ; Frankfort, bankers', 41 to 41k ; Bre-
men, bankers', 781; Berlin, bankers', 72.
The purchase of St. John's Park by the New York Cen-
tral and the Hudson River roads is regarded by railway
people and merchants as a step calculated to benefit alike
the roads and the trade of the city. Parties owning real
estates fronting on this park, and who have the right to
enter it, have sold their claims at a certain price per foot.
The President of the Erie Railway has invited the direc-
tors to make an official examination of the road next week.
As the two new directors are both thorough accountants
and business men, the stockholders would be glad to have
from them a detailed statement of the financial condition
of the property, and what, in their opinion, it can pay in
the way of dividends.

Tho business of the Sub-Treasury was—Receipts,
$1,586,823 65—for Customs, $316,000; payments,
$456,365 24; balance, $100,408,262 80—gold notes,
$150,000. _ _

Glenn and Co., in their weekly circular of November 2,
remark as follows:—" There has been a fair demand for
choice American Securities during the past week. United
States 5-20's have advanced 1 per cent., closing to nght at
681 t. Illinois Central remained at 77 to 1. Erios have
advanced to 511 I. There is but a small amount of Erie
Stock now held on this side of the Atlantic, nearly all
having beenbought up and sent to'New York to influence
the recent election of Directors. Numerous transactions
have been effected in Atlantic and Great Western Conso-
lidated Bonds, but prices have not materially advanced
We are in receipt of many letters asking information of
the United States 5-20's—whether the principal will be
paid in gold ? The word " coin" not being inserted in the
Bond has led many erroneously, we are happy to state, to,
believe that they will be redeemed in greenbacks, which
are a lawful tender in the United States. They will be
paid off in gold for these reasons—first, the Act of Con-
gress authorising this issue was passed before specie pay-
ments was suspended, and the Act would be broken should
paper be substituted for specie; secondly, the American
Finance Minister, Mr. Chase, says that the spirit and in-
tention of the Aot of 1862, which ho framed, was that
they should be paid off in specie. This decision is now
being practically confirmed by the present Finance
Minister, Mr. M'Culloch, who is now anticipating the pay-
ment of the old 6's of the United States due next year in gold,
in consequence of which they are now selling in Now
York at 140. Our advices from New York are by mail to
20th ult., and by telegraph to 30th. Gold was less firm,
with a downward tendency. The sub-treasuries at New
York will disburse $24,000,000 in gold on Ist November
on account of dividends, a large amount for the speculators
to control. Railway shares were buoyant, and a strong
demand for Government securities ; 5-20 s, 115, buyers.
Money easy, at 4 per cent. on call. Cotton was coming in
from the South'; probable yield 2,000,000 bales this season,
we are confident, notwithstanding many reports to the
contrary.

(From E. F. Sattertkwaite and
_Co.'s Weekly Circular,

October 31.)

Our advices from New York by the " Persia " reach to
the 17th inst., and report continued activity in the Stock
Market, prices generally being well maintained, notwith-
standing an increased demand for money from the corn and
cotton districts. Government Bonds were in good demand
at former rates. In Railroad Shares there had been a
general advance during the week, but prices gave way,
and Stocks were mw-o freely offered. State Bonds were
steady, but Railroad Mortgages, with few exceptions, were
lower. Gold, after having risen to 53, declined to 48
premium.