The Sun.
London, England, 1866-09-08 00:00:00

American Financial News.

. SATURDAY, August 25.
Gold continues firm, the closing rate being 148. I still
believe the tendency to be downwards, though there is a
large short interest which must first be settled. It is
known that a quantity of the precious metal has been or-
dered from Europe, and the tendency of our 'tocks being
upwards in the European markets will enable us to turn
the flow backwards from Liverpool. Still the shipments
from our side have not ceased, the last steamer having
taken a considerable sum. One per cent. has been
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5-20's are at 1101, and 7-30's at 106. The Tribune remarks
per cent,
that at present rates, in point of interest, there is a decided
advantage in favour of the 5-20's, which bear
interest, about equal, with gold at 1471, to 9
per
cent.
currency, whereas the 7-30's bear currency interest. Gold
at 140 would make the interest on 5 20's equal to 8 40
gal are less7-3° '
active,for
currency, hence the high premium on gold-bearing bonds.
mortgagesforetlgaehgaesn
5-an2lyst.hesta immediatetebonds
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railway
and the railway share market is irregular. After the call,
the market was dull, and the ordersT few,. which is
to be expected at this time of the The
inating. prices,n tem-how-
ever, are still upwards, " bulls pre
per of
the street continues decidedly " bullish," and prices
will be pushed still higher. The speculators, however,
are not strong, and stocks being pressed for sale before the
second meeting sent the market down. Erie went down
but dull. The following are the quotations : —ohi o and Mis-
sissippi, 201 to 291; Canton County, 524 to 53 ;
... Boston
721, and were pressed for sale. Other shares closed steady,
Water Power, 32 to 33 ; Cumberland Preferred, 4r 1 to 48;
Quicksilver, 501 to 504; Mariposa Preferred, 271 to 271 ;
Western Union Telegraph, 571 to 58 ; Now York Central,
1044 to 1041; Erie, 721 to 721; Reading, 1151 to 1151;
Michigan Central, 1134 to 114 ; Michigan Southern, 851
to 851 ; Illinois Central, 1224, to 123; Cleveland and
Pittsburg, 87 to 871; Cleveland and Toledo, 1151 to 116;
Rook Island, 1094 to 1094 ; North-Western, 361 to 37; do.
Preferred, 68 to 68}; Furt Wayne, 1041 to 105.
Money is very abundant, and there is great ease in the
market. On call 5 to 6 per cent. is the figure. The busi-
ness done is small, and at unchanged rates in commercial
paper. Large sums are being paid by the Sub-Treasury
on account of temporary loans. The payments are made
in National Bank notes. The 'City Banks do not view
these notes with favour, and in some places have declined
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Next week an attempt will be made to force the City
Bank into making settlements at the Clearing-house in
these notes, and will, it is thought, be carried.
Produce bills are with difficulty negotiated, and Ex-

change remains unsettled. London, prime bankers', GO
days, 106+ to 1071 ; at sight, 1071 to 1081 ; Paris, bankers,
long, 5.32; to 5.28+ ; Antwerps, 5.35 to 5.30 ; Hamburg, 35+
to 36 ; Amsterdam, 401 to 4G+ ; Frankfort, 40+ to 41;
Bremen, 771 to 78 ; Berlin, 71 to 711.
Freights are very dull, and rates are nominal to Liverpool,
Wheat, 44d. ; flour, ls. 6d. ; corn, 4-12-d. ; heavy goods,
12s. 6d. to 15s. London, flour, ls. 10}d ; wheat, 51d. ;
corn, 5-14. ; heavy goods, 15s. to 20s. Cotton, 3-16 d. ;
ditto per steamer, id. to id.
Nearly $300,000 have been stolen from the Marine Bank.
The money was placed on special deposit by Messrs. C rocker,
Wood, and Co., ship-chandlers, who will, it is said, be the
losers and not the Bank. The robbery was not discovered
for 18 days. The thieves have so far got clear off, but the
detectives are on their trail.

The business of the Sub-Treasury was : —Receipts,
$3,522,589 39—for Customs, $538,000; Payments,
$1,883,810 83.—Balance, $95,555,905 57. Gold notes,
$276,000.
The Chicago Tribune of Wednesday says :—" Business is
improving, though not rapidly. The receipts of grain are
more liberal and the demand for money is more pressing.
To-day there was an increased demand for currency from
every quarter, and in some instances considerable " ship-
ping" was made use of by some of the banks to meet the
cheques drawn on them by their correspondents. Exchange
was thrown upon the markets with a looseness ; Govern-
ments were being realised on, and in some quarters we
hear that telegrams had been sent East ordering currency.
There is no surplus of money at any of the banks. Paper
Is being more closely discriminated, and nothing but what
is gilt-edged' will now pass. For such the market is corn•
paratively easy at 10 per cent. Outside paper is ignored,
and second-class names aro rejected. On the street
these sell at 12 to 18 per cent. per annum. There was
more exchange offering in view of the scarcity
of currency, and the market was ' slumpy' and lower.
Round lots of bankers' sold at 50 to 1-10 discount, with a
greater supply at these figures than the demand called for.
Counter rates were also easier."

The Cincinnati Commercial of Wednesday says Ex-
change.is still heavier. Some of the dealers confine their
purchases at 50c. off to their customers, and do not offer to
take outsiders' cheques at better than 1-10 c. off. The offer-
ings of paper for discount were a little more regular in the
experience of different bankers. In the aggregate they
appear to have been less than usual, but the checking was
correspondingly increased, and as great closeness in the
working of the market is noticed as heretofore."

(From L. P. Morton and Co's. Circular.)

NEW YORK, Aug. 25.

Since our last the course of monetary affairs has been
somewhat disturbed by speculative movements in Gold.
Money has been in active demand for gold operations,
and the rate of interest has ruled about 1 per cent. higher.
Demand loans on the best collaterals aro made at 4 per
cent.; but the prevailing rate is 5 per cent. Discounts are
more active ; but rates remain steady at 5 to 61 per cent.
United States securities have been somewhat irregular ;
but the late advance is well supported by a steady demand
for investment. Five Twenties of 1882 have been less in
demand for export, but, with the comparative scarcity of
bonds on this market, have maintained the improvement
of last week, fluctuating between 110 and 1101 and closing
at 1101 to 1101.
Railroad Stocks have been irregular, in connection with
speculative movements, but aro on the whole firm. Erie
has touched 741 during the week, but subsequently de-
clined to 721, and closes at 721 to 79i. Illinois Central
has ranged at 1221 to 123:, and closes at 123. The anti-
cipation of monetary ease, resulting from the redemption
of about $70,000,000 of the Temporary Loan, sustains the
prevailing speculation for higher prices of securities gene-
rally.
State Stocks have been firmer, in sympathy with the
improvement in other classes of securities. Tennessee's
of 1890 have sold up to 94, and close at 931. North Caro-
lina 6's close at 84 ; Virginia 6's at 70 ; and Missouri 6's
at 781.
Gold has fluctuated widely, under an unusual scarcity,
produced by combinations withholding gold from the mar-
ket ; loans of coin have been made at 1 to 1 per cont. per
diem. The price has ranged at 1471 to 151, and closes
weak, under speculative sales to realise, at 1481.
Foreign Exchange has been dull, owing to the indis-
position of remitters to buy at the current premium on
gold. The market is woll supplied with bills, and rates
have fallen to 106 to 107 for bankers' 60 days' sterling,
and 107 to 1071 for sight. Francs close at 5.35 to 5.30 for
bankers, long date, and 5.30 to 5.271 for sight.
Cotton has ruled quiet, with a slight downward move-
ment in quotations. Middling Uplande close steady at 33
to 34c. The receipts at all the ports, reported for the week
ending August 21st, amounted to 7,000 bales, and the ex-
ports for the same period to 7,000 bales.

FOREIGN QUOTATIONS.
August 24. August 17.
London commercial lO5l 106+ 106+ 107 i
Do. bankers' long lO6 107 1081 108-i-
Do. bankers' short sight lO7 107/ 5.271 5231
Paris sixty days 535 530 523; 5221
Do. short sight 530 527/ 5234 5221
Antsverp 536+ 531+ 530 526+
Hamburg 354 36 36 36+
Amsterdam 4Ol 401 401 41
Frankfort 4Ol 41 41i 42
Bremen 771 78 784 79
Berlin 71 714; 711 72