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 are
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 Great 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 strong 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 Horace 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 Now 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 Treasury 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
continue, and, although not as large as a few weeks

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 fallen off a little from their highest quota-
tion (1151), but they aro still active and there is still a steady
export demand. Ten-forties are 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-twenties continues
quite brisk. Thursday's quotations of Five-twenties in
London wore 681, which is really about the Fame as they
were quoted before the November coupon was deducted,
though nominally lower. Erie Railway shares sold at 501,
and Illinois Central at 771.

From E. F. Satterthwaile and
_co.'s Weekly Circular,

November 7.)
Our advices 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 cont. 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 week.
State Stock and Railroad Mortgages were neglected. Gold
steady at a fractional decline.

DEBT OF VIRGINIA.
The following extract from the Richmond Times of
October 10th will, we think, prove interesting to holders of
Virginia State Bonds in this country :
" The credit of the State of Virginia has been somewhat
damaged by the ill-advised and incorrect statements of her
financial condition which have appeared from time to time
in different newspapers. In order, therefore, to correct,
as far as possible, false impressions, and to place before the
people of Virginia facts which they are entitled to know,
we have investigated the subject for the purpose, giving
them a reliable statement of our State finances :

In April, 1861, tho public debt of Virginia
amounted to

Interest on the same to July 1, 1865

5;071,337.29

Total debt of the Commonwealth, including
interest, July 1, 1865 540,040,718.67
"As no provision had been made up to this time by law
for the payment of any portion of tho interest on the State
debt, and as the Legislature found upon assembling that
all the State revenue that could be collected would not be
more than sufficient to defray the ordinary expenses of the
Government for the current year, no interest could be paid
upon it. An act was therefore passed authorising the fund-
ing of the interest due upon the State debt up to January
1, 1867. Under this act not two millions has yet been
funded. It is not probable that very much more will be
funded until the act expires by limitation on January 1,
1867. Theu on the first day of January, 1867, the State
debt will stand thus :

Public debt duo April 1, 1861 534,969,381.38
Interest on same to July 1, 1865 5,071,337.29
Interest on same from July 1, 1865, to
_ _

January 1, 1866 1,039,216.95
Interest from January 1, 1866, to January

1, 1867 - 2,078,433.90

Total amount of debt and interest due on
January 1, 1867
" The State of Virginia will require for the expenses of
the year beginning January 1, 1867, inciuding the interest
of the State debt, $3,409,433.48.
"As things stand. now the whole of this debt rests
upon us, and none upon the State of West Virginia. At
the last session of the Legislature Commissioners were
appointed to confer with other Commissioners to be ap-
pointed by the State of West Virginia, which were to con-
stitute a body empowered to apportion the debt justly
between the two States. West Virginia, however, failed
to appoint Commissioners to confer with ours, and nothing,
therefore, has been done. Some action will probably be
taken at the next session of the Legislature of West
Virginia."
The business in the London market for American secu-
rities has again been on a very limited scale, and the trans-
actions which have taken place have been chiefly on
American or Continental account. Quotations show no
alterations of any moment, at the close United States
5-20 Bonds being 6811; Illinois Central Shares, 761 to
771 ; and Eries 501 to 11.
For Atlantic and Great Western Consolidated Bonds
we have again to note a fair inquiry, but the Certificates
of Debentures have been a little more offered.
OFFICIAL TRANSACTIONS FOR THE WEEK.—United States
6 per Cent. 5.20 Bonds, 1882: Thursday, ; Friday,
681 1 1 1 1; Saturday, 681 1; Monday, 68 1; Tuesday,
681 1; Wednesday, 641 1. Virginia 5 per Cent. Sterling
Bonds : Thursday, —. Virginia 6 per Cant. Dollar
Bonds : Thursday, —. Friday, ; Monday, 421; Wed-
nesday, 41. 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.) Ist Mort Bonds, 1877: Thursday, —; Friday, 701 ;
Wednesday, •—. Atlantic and Great Western (Pennsyl-
vanian Section) 2nd Mrt. Bonds, 1882: Thursday, —;
Saturday, 661 7 ; Wednesday, —. Atlan. and Great
Western Consolidated Bonds, 1895 ; Thursday, —; Fri-
day, 41 401 ; Saturday, 41 401; Monday, 4FI 1; Tuesday,
40 1 391 401 391; Wednesday, 391 40 391 401. Erie
Shares, $lOO, all paid: Thursday, —; Friday, 511 ; Satur-
day, 511 4 ; Monday, —; Tuesday, —; Wednesday, 51.
Erie Shares, 6 per cent. Convertible Bonds : Thursday,
House closed; Saturday, —; Wednesday, —. Illinois
Central 6 per Cent. Bonds of 1875: Thursday, House
closed ; Wednesday, —. Illinois Central 7 per Cent. Bonds
of 1875: Thursday, House closed; Monday, 65; Tues-
day, —. Illinois Central Shares, all paid : Thursday,
House closed; Friday, 77; Saturday, 81 ; Monday 761;
Tuesday, 77; Wednesday, 77 61. Michigan Central 8
per cent. Convertible, 1869: Thursday, —. Philadelphia
and Erie First Mortgage, 1881: Thursday, —; Satur-
day, ; Monday, 711 5 ; Wednesday, Philadelphia
and Erie First Mortgage, 1881, with option to be paid in
Philadelphia: Thursday, —; Monday, —. Pennsylvania
Second Mortgage Sterling Bonds, 1875: Monday, 81.

(From L. P. Morton and Co.'s Circular.)
NEW YORK, Oct. 27.

The week opened with a slight reaction from the late
extreme easy in money, arising from anticipations of a
demand for funds from the interior ; but at the close an
easier tone is apparent, and money may be reported abun-
dant at 4 to 5 per cent.
The change in tho tone of monetary affairs has some-
what checked the speculative activity in the stock mar-
ket, but without producing any marked change in prices,
some stocks having advanced materially notwithstanding.
Erie has been comparatively quiet at 811 to 841, and
closed at 84 to 841. Illinois Central has fluctuated between
125+ and 1261 with moderate transactions, and closes at
125 to 125+.
Government Securities are in steady demand from home
investors, and have been generally!' firm during the week.
The purchases of Five-Twenties of 1882 on foreign account
have been limited, and prices have declined 1 from our
latest quotations; the closing quotation yesterday was
1144 to 1144.

State Stocks have been less active, but steady in price.
The closing quotations are as follows :—" Tennessee 6's,
1890, 93 to 95 ; North Carolina 6's, 821 to 831 ; Virginia
6's, 684 asked ; Missouri 6's, 824 to 824.
Gold has been irregular, under active speculative opera-
tions. On the one hand, the anticipation of the disburse-
ment of $24,000,000 of coin by the Treasury, upon
coupons due on the Ist proximo, has tended to depress the
premium; and on the other, combinations who held large
amounts of gold have supported the market by fictitious
means, to secure an opportunity for selling. The price
has ranged at 1451 to 1484, and closes at 1474.
Foreign Exchange has been more active, and the rates
are 4 to 4 per cent. higher than at the close of last week.
Largo remittances will have to be made after the let No-
vember on account of coupons payable at that date, of
which it is estimated that not less than $7,500,000 will be
forwarded from foreign holders of bonds. At the same
time, bills drawn against current shipments of produce
show an increase. Bankers' 60 days Sterling closes dull
at 109 to 1001; 3 days do., 1091 to 1104 ; Bankers' bills on
Paris, 60 days, 5.171 to 5.15 ; 3 days do., 5.134 to 5.121.
The cotton market has sympathised but little with the
decline at Liverpool, or with the announcement by cable
that the Lancashire spinners have decided to run on short
time. The market is sustained by the steadiness of do-
mestic cotton goods and the general tenour of advices from
the South, which do not encourage anticipations exceed-
ing the estimates of yield given in our former advices.
The price has fallen 14 to 2 cents, in sympathy with the
decline in gold, and closes firm at 384 to 39 cents for
Middling Uplands. The receipts at all the ports for the
week ending Ootober 13 amount to 25,000 bales, and the
exports to only 1,000 bales. Subsequently the exports
from this port and New Orleans have largely increased,
the shipments from New York for the week ending October
22d having been 4,317 bales.
FOREIGN QUOTATIONS.
Oct. 26. Oct. 19.
London commercial 1074 1034 1064 1071
Do. bankers' long lO9 109/ 108 1081
Do. bankers' short sight lO9l 1104 1084 109
Paris sixty days 5171 515 5221 520
Do. short sight 51- 5125 5184 5171
Antwerp 5214 520 525 021
Hamburg
Amsterdam
Frankfort - 41 414
Bremen
Berlin 72/ 72

(Glenn and Co.'s Weetly Circular.)
LONDON, Nov. 9.

The London market for American securities during the
past week has been, on the whole, remarkably active and
strong, considering the great depression which exists in
nearly all other securities dealt in on the Stock Exchange.
United States 5-20's, on the news of a riot in Baltimore, at
ono time fell to 68, but have since rallied and close to-day
at 681 to 68i. Illinois Central aro steady at same quota-
tions as last week, viz., 76177 k. Erie Shares, notwith-
standing the lower quotations received from New York,
still remain at about 51. Atlantic and Great Western Cer-
tificates of Debentures are a shade lower, and are quoted
at 64 to 66 ; and Consolidated Bonds at 39; to 40k.
The exports from America are rapidly increasing, on

Ir. •-•"..

account of of the new crop of cotton coming in, and from the
increased production of petroleum, one million gallons of
the latter having been shipped from Philadelphia during
the week ending October 24.
We have orders from New York to purchase the follow-
ing coupons and bonds : —United States Government Cou-
pons, United States 6's of 1867-8, do. s's of 1874, Nov York
Central Sinking Fund, and Erie let, 2d, and 3d Mortgago
Bonds.