The Sun.
London, England, 1866-10-29 00:00:00

New York Markets.

• SATURDAY, Oct. 13.
Money continues very easy at New York, call loans
being available in abundance at 4 to 5 per cent., while
many parties are supplied at 3 per cent. The demand for
currency for the West is much smaller than last week, and
a return is expected, the tendency now being to flow back.
The strong upward movement caused by the bull opera-
tions last week has encouniered a slight reaction. The
abundance of money aids the bulls, but the caution of the
public checks in some measure a rise without reason in its
grounds. Indications, however, still point to another great
rise, as the operators are many, and their command of money
almost without limit. When once the fever fairly sets
in, there is no knowing where it will stop. Erie has been
more than usual the rallying ground for speculators of late
on account of the election of a new board of directors.
The choice was made on Tuesday, and the party who
worked so hard to oust Daniel Drew from the manage-
ment found that they had undertaken a bigger job than
they could carry through, and made no great show at the
balloting. Mr. Drew was prepared to come down upon
them himself with 86,000 shares, to say nothing of what
his friends own. The old board of directors were sub-
stantially re-elected, though Frederick A. Lane, who
claimed to manage 50,000 or 60,000 proxy shares, was put
in place of Commodore Vanderbilt, who refused to run
again, and a Mr. Randolph was chosen to a vacancy
caused by death. The spasmodic efforts to relieve the
Erie railroad from its present management will probably
be abandoned for the present, as the clique are not likely
to lose control of a majority of the stock, and all efforts of
the kind will therefore prove futile. The general superin-
tendent of the New York Central railroad is out with a
circular to the heads of departments, forbidding the exer-
cise of political influence over employes, or any advantages
to one party or the other. This reads very well, but the
fact remains that the road is a vast political machine. The
railroad earnings in September did not generally show the
increase which was expected. Michigan Southern and
Northern Indiana earned $429,191, a decrease of $54,982 ;
Rock Island' and Pacific $396,050, decrease $11,761 ;
Atlantic and Great Western, $526,959 ; decrease
$13,578. The last named road earned $4,141,037
in the nine months ending with September, a
gain of $342,454. Comparisons of the earnings of the
first eight months of this year with the first eight of 1864,
instead of 1865, make favourable showings—thus, Pitts
burg, Fort Wayne, and Chicago, $4,808,157, an increase of
$666,456 ; Chicago and North Western, $5,184,128, in-
crease, $748,505 ; Michigan, Southern, and Northern In-
diana, $2,957,680, increase, $507,393 ; Michigan Central,
$2,314,057, increase $248,380. The Central railroad of
New Jersey has declared its quarterly dividend of 2/ per
cent. ; Cleveland and Toledo has made a half-yearly one of
8 per cent. ; Reading will soon make a semi-annual 5 per
sent. ;and the other roads divide as usual.
As the current expenses of the Government are now quite
small, a large part of the receipts can be applied to decreas-
ing the public debt. In the fourteen months since Aug.
1, 1865, when the debt reached its maximum, the reduc-
tion has been $183,916,334, a rate of decrease which
will suffice to extinguish the debt in a dozen years. The
gold interest on the debt amounts to $80,000,000 a year,
but the Government's annual receipts from customs are at
present 200 millions. Besides, the Treasury has now 88
millions of gold in its vaults. Mr. M'Culloch is thus in
quite "comfortable circumstances." Gold sold within the
range of 149 to 151 during the week until Thursday, when
it jumped up to 1534 in consequence of the sensational re-
port that President Johnson proposed to discharge the
present Congress and engage a new ono. It is a hard
comment upon the course of the President that such
rumours can obtain sufficient credence to influence even
so delicate a thing as the gold board. The exports
of gold continue light and far below the im-
ports from Europe, of which $400,000 arrived on
Wednesday.—So far this year we have received $6,788,841
from Europe and $30,623,114 from California, a total of
$37,611,955 ; and have reported $54,026,200, a loss of
$16,414,335. The exports from New York (exclusive of
specie) for the week and year were $2,930,151 against
$2,418,527, and $148,258,934 against $120,219,890 ; and
the imports were $4,407,005 against $5,845,786, and
$240,867,268 against $144,685,121. Government securities
have strengthened a little during the week, though they
suffered a slight decline on Thursday. The most active
one on the list at present is the new five-twenty bond, the
interest on which falls due in January and July, and
holders of a large amount of August seven-thirties are
exchanging them for it. Foreign exchange is quiet at 1074

Glenn and Co., in their weekly circular of October 26
remark as follows :—" The market in London for Ame-
rican Securities has been rather inactive during the past
week. Several large purchases of 5-20's has been made,
but the large supply of these Bonds recently sent over from
New York and thrown on the market has weakened prices,
and the 5-20's, after touching 691 ex c, are now quoted
681 Eries have been firm at 501 1. The recent election
of directors resulted in the chosing of the old board, excepting
Messrs. F. A. Randulph and F. A. Low, in the place of
Messrs. Vanderbilt and Mead. It is said that the Erie
will resume its former position of a dividend paying stock
next Christmas. Illinois Central close to-day at 781.
Atlantic and Great Western Consolidated Bonds are 1 per
cent. lower, viz., 991 401. Our advices troll: Now York
are to the 13th inst. Money was very abundant, call
loans being done as low as 3 per cent. The steady demand
for Government Securities continued, and railway shares
are all higher. The Cleveland and Toledo Road has paid
a dividend at the rate of 16 per cent. per annum, and the
Chicago and Rock Island a dividend at the rate of 10 per
cent. There are but very few American railways now that
are not paying good dividends."

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

October 24.)
Per " Australasian " our adviees from New York are
to the 9th inst. ; they report a continued steady demand
for Government securities at full rates.
In Railroad Stocks there was a very active business, the
glut of money seeking employment bringing forward large
buyers both for investment and speculation. Railroad
Mortgages and State Stocks were reported firm but quiet.
Currency continued very abundant, but the large amount
of gold absorbed by the Treasury for customs duties tended
to keep up the premium, the last quotation being 1484.
By a telegram dated New York, October 23rd, per the
Atlantic Telegraph, the following prices have been re
ceived

Gold

_l47+.

United States 5-20's 1141.
Illinois l26+.
Erie (Common) 824.
Exchange l6l
The following is tho return of the New York Banks :
Discounts. Spescie. Circulation. Deposits.
' $ Circulation. Deposits.
5ept...29, 269,807,383 7,643,960 29,213,950 223,336,785
0ct.... 6, 274,210,161 6,203,698 29;302,358 228,484,370

ATLANTIC AND GREAT WESTERN RAILWAY.
The following is an extract limn a letter just received
from one of the officials of the Company with regard to
the present condition of the line :
" The Superintendent reports everything going on
well. The new transfer depot at Salamanca is now in
use, and is a great improvement on the old. The transfer
of passengers and baggage, where necessary, taking place
entirely under cover. The road-bed is in good order, and
trains are running on time. At Meadville the station has
been considerably
enlarged, and they have now every
facility there for shunting and making up trains promptly.
We are doing a very large oil business, last month's returns
showing an increase of 70,000 barrels over the same mouth
of last year ; in connection with the oil trade, it is grati-
fying to note that we are doing quite an immense business
with Cleveland, where within the last two years nume-
rous refineries have sprung up. The Erie railway is work-
ing in thorough harmony with us, and affording us all the
facilities we require. Our Cincinnati travel is very good.
We have now to run two sleeping cars in and out of Cin-
cinnati, whereas a few months back one sufficed.
"The floods round Dayton last month did us a good deal
of harm, not so much from actual damage on our road as
from loss of business, consequent upon other lines being
closed to us. Our receipts would have been near 8700,000
had it not been for the freshets. It will take us some time
to get over the effects. It has been estimated that
10,000,000 bushels of corn wore destroyed."

TRAFFIC RETURNS FOR SEPTEMBER.
Miles open. 1866. 1865. Increase. Decrease
$ $ 8

Atlantic and

Great Westernso7 526,959 540,537
Chicago and Nth
Western 676 989,053 946,707 42,346
Chicago Rk. Ind
and Pacific .' 396,050 384,239 11,761
Illinois Central 706 551,021 686,381 135,360
Michigan
Southern 518 429,191 484,173

13,578

54,982

We have had a very inactive market in Loudon for
American securities since our last, the fluctuations have
been unimportant, and closing prices vary but little from
this day week. United States 5-20's are last quoted 681
to 8 ; Illinois Central 77j to 78; and Erie 501 to f; which,
at present rate of exchange, closely approximates to prices
in New York. • _ _

There has been some demand for the Certificates of De-
benture of the Atlantic and Great Western Railway, which
close firm at 65 to 66, an advance of two per cent. on the
week. The Consolidated Bonds leave off at last week's
quotation, 401 to 411.
OFFICIAL TRANSACTIONS FOR THE WEEK.—United States
6 per Cent. 5.20 Bonds, 1882: Thursday, 6,•!1 1 8 1 x.c. ;
Friday, 681 1 1. 1 x.c. ; Saturday, 691 81 91 x.c.; Monday,
69/ 9 / 81 9/ x.c.; Tuesday, 681 9 81 x.c.; Wednesday,
681 1 / 1 x.c. Virginia 5 per Cent. Sterling Bonds : Thurs-
day, —. Virginia 6 per Cent. Dollar Bonds: Thursday, —;
Friday, ; Tuesday, 44; Wednesday, 44. Atlan.
and Gt. Westn. (N. Y. Sect.) Ist Mrt. Bonds, 188(
Friday, —; Tuesday., —; Wednesday, —. Atlan. and
Gt. Westn. 2nd Mrt. Bonds, 1881: Friday, —;
Monday, —. Atlan. and Gt. Westn. (Penns. Sect.)
2nd Mrt. Bonds, 1882: Thursday, ; Friday, —,
Atlan. and Great Western Consolidated Bonds, 1895 ;
Thursday, 411 xc.; Friday, 4211 xc. ; Saturday, 4 13.21111 m
Monday, 411 2 1 xc. ; Tuesday, 411 2 1 1 xc.: Wednesda;
41 1 401 xc. Erie Shares, $lOO, all paid : Thursday, 51 soi;
Friday, NI 1; Saturday, 501 ; Monday, 501 ;
Tuesday,• 51 50/ ; Wednesday, 501 /. Erie
Shares, 6 per cent. Convertible Bonds : Thursday, 68 ;
Saturday, 69 ; Monday, 681. Illinois Central 6
per, Cent. Bonds of 1875: Thursday, —; Monday, —;
Illinois Central 7 per Cent. Bonds of 1875: Tuesday, ;
Illinois Central Shares, all paid : Thursday, 78* 1 ;
Friday, 78a; Saturday, —; Monday, • Tues-
day, 781 8 ; Wednesday, —. Philadelphia and
Erie First Mortgage, 1881: Thursday, ; Saturday, ;
Tuesday, —. Philadelphia and File First Mortgage,

1881, with option to be paid in Philadelphia : Satur(l9ll
.
—. Pennsylvania Second Mort. Sterling Bonds, :
Tuesday, —. Pennsylvania Second Mortgage Sterling
Bonds, 1875: Thursday, —; Saturday, —.

From L. P. Morton and Co.'s Circular, New York,

Oct. 13.)
The extreme ease in the money market reported
for several weeks past still continues. The apph;
cations for discount are comparatively limited, and
the rates on prime bills range at 41 to 6 per cent.
The demand for call loans from the stock brokers
is unusually active, but is generally supplied at 4
per cent., with exceptions at 5 per cent.
Government securities have been, upon the whole,
firm at higher quotations. At the close of last
week heavy purchases of Five-Twenties of 1882
were made on speculation, causing an advance to
113 to 113/, which has been sustained. The in-
terruption of cable communication, during the,
greater part of the week, has however checked
transactions. The bonds closed yesterday at 113 i.
The statement of the Public Debt for Oct. Ist,
1866, shows a_further reduction in the liabilities of
the Government, amounting to $22,346,227. During
the month of August the total debt was reduced
$37,416,108; and during the combined months of
June and July, $37,289,991. The total reduction
during the four months ending September 30th,
1866, thus amounts to $96,951,426. According
to the monthly official returns, the amount of the
Public Debt, at the beginning of each month, from
October 1, 1865, to October 1, 1866, has been as
follows :

1865. Oct. 1, $2,744,947,726
Nov. 1, 2,740,854,758
Dec. 1, 2,714,633,314 i
1866. Jan. 1, 2,716,581,536
1, Feb.• 2,716,898,152

. „
Mar. 1, 2,711,850,000
April 1, 2,705,646,516
May 1, 2,680,689,842
June 1, 2,670,688,367
July 1, (no statement)
Aug 1, 2,633,099,276
Sept. 1, 2,595,683,168
Oct. 1, 2,573,336,941
During the last six months the extraordinarY
aggregate of $132,309,575 of debt has been liqui. "
dated—a rate of payment which would extinguish
the whole indebtedness of the Government within
9i years. Duringthelasttwelvemonthssl7l,6lo,7B6
of debt has been paid off—a rate of liquidation
which, though not so large as that of the lagt
months, would yet wipe out the whole debt within
fifteen years. This large reduction of debt has been
effected through the ordinary revenues, which have
been collected without any symptoms of discontent
at taxation, and which, it would appear, Congress
is not likely early to reduce.