The Sun.
London, England, 1866-11-12 00:00:00

COMMERCIAL INTELLIGENCE.

Money is not so abundant as when I last wrote, but
there is still a large supply, and such low rates as 4 to 5
per cent. continue to prevail. This applies, however, only
to call and short-time loans, long-dated paper is not
cashedat less than from 6 to 7 per cent., and the tendency
is to discourage long credit, as during and before the war.
The deposits in the Boston Bank are larger than at any
previous time this year. At Chicago there is now no
stringency, the money required for the movement of the
crops having been supplied, and little further call being
needed. At Cincinnati there is more than usual
ease. A short time ago 16 to 18 per cent. were
the terms there, now the best paper can be done
at 6 and second class at 12 per cent. Stocks aro
irregular, and vacillated between Bull and Bear ex-
tremes. The expected renewal of the upward move-
ment which, two weeks ago, hoisted stocks to their pre-
sent altitude, is still delayed, though abundant money at
low rates and almost every other circumstance favours a
season of vigorous and exciting speculation. The rail-
roads are all doing a very large freighting business at pre-
sent, and their October receipts will be certain to make a
much more favourable exhibit than those of September.
Illinois Central fell off $118,715 in that month,
the earnings being $551,021. The earnings and the
decrease reported by some of the other roads for that month
are as follows :—Atlantic and Great Western, $526,959,
$13,578; McGregor Western $18,472, $7,781 ; Marietta
and Cincinnati $108,331, $15,914 ; Michigan Southern and
Northern Indiana $429,191, $54,982 ; Milwaukee and
Prairie du Chien $150,989, $77,031; Milwaukee and St.
Paul $275,906, $24,935; Erie $1,411,346, $23,637; Pitts-
burg, Port Wayne and Chicago $661,608, $134,330 ; Cleve-
land and Pittsburg $217,940, $25,472 ; Chicago and North
Western $987,052, $32,492 ; Chicago and Groat Eastern
$526,959, $13,578; Michigan Central $429,160, $47,501;
Ohio and Mississippi (Cincinnati to St. Louis) $278,700,
$41,647. The Western Union railway earned $106,388, a
gain of $3,351, and the Chicago and Rock Island
$396,050, a gain of $ll,Bll. The New York Cen-
tral's, figures for the fiscal year ending with September
are more favourable than was generally expected. The
gross receipts show a gain of $600,000. The operating
expenses are reduced $1,000,000, and during the year
20,000 tons of rerolled'and new iron have been laid. Its
stock of fuel is 242,000 cords of wood. It has no floating
debts, and on the 20th of October its cash in bank was
$500,000. The October earnings bid fair to exceed the
large traffic of 1865, when over $1,500,000 was earned.
The very pretty fight among the stockholders of the New
York Central concerning the presidency and future man-
agement of the road is still kept up. The Wells-Fargo
(western) party are making a strung show, and will present
a strong candidate in Mr. Fargo himself. It is not known
yet whether Commodore Vanderbilt will go for James H.
Banker of New York, who has long been a director of the
road, or brace F. Clark, Vanderbilt's son-in-law—pro-
bably the latter.
Gold has wavered about 3 per cent. during the week,
but has been oftenest quoted at 147. The market is
rather unsettled, but has some firmness, and there is
a strong bull clique movement to force higher prices. The
bulls will have to operate in the face of the fact that the
Treasury will disburse early in November a large quantity
of gold to take up the November five-twenty coupons.
These disbursements will amount to $18,000,000 at New
York, and about $6,000,000 more at Boston, Philadelphia,
and Washington. The bulls are helped, on the other
hand, by a temporary scarcity of gold for delivery and by
the demand for customs, which amounts at New York to
about $450,000 a day. There have been numerous hints
that the Treasury is about to sell gold, but there is no evi-
dence that it has yet done so. The uncertainty with regard to
the future movements of the Secretary of the Treaiury in
this respect makes the speculators hesitate. The amount
of gold in the Treasury has reached $95,000,000, and Mr.
M'Culloch can therefore pay his November coupons with
the greatest ease, and will be equally well conditioned to
meet the demand for gold which will be made upon him.
January I.—The exports of specie from New York last
week were quite light, amounting to only $66,202. The
total amount since January 1 is $54,180,135 against
$24,253,204 in the same time last year. The gold re-
ceipts from California this year have been $35,357,013
n increase of $20,266,091. The shipments from Europe
contipue, and, although pot as large as a few wpeka

ago, considerably overbalance our exports to Europe.
Foreign exchange has returned to about its normal level,
and is quoted at 109 to 1091-.
Government stocks continue very firm and steady. Five-
twenties have Wien off a little from their highest quota-
tion (115 D, but they are still active and there is still a steady
export demand. Ten-forties aro firm at par. There is
little change in the price of the other public securities, but
higher prices are more likely to come than lower. The
conversion of Seven-thirties and Five-tiventies continues
quite brisk. Thursday's quotations of Five-twenties in
London were 681, which is really about the FaMO as they
were quoted before the November coupon was deducted,
though nominally lower. Erie Railway shares sold at 501
and Illinois Central at 77i.

(From E. F. Satterthwaite and Co.'s Weekly Circular,
_November 7.)
Our advises per "Asia " from New York are to the 23rd
ultimo, they report a more active demand and a higher
rate for money, but the Stock Market was still buoyant
and active, Government Securities being well supported
at a further advance of quite 1 per cent.. In Railroad
Stock a large amount of business was reported. Chicago
and North-Western and Erie were most largely dealt in,
the former exhibiting an advance of $lO on the woek.
State Stock :mil Mortgages were neglected. Gold
steady at a fractional decline.