The Sun.
London, England, 1868-09-19 00:00:00

MONEY AND BUSINESS.

(From the Springfield &publican, Sept. 5.)
Money continuos in positive exeese at the East, though
the West reports an increased demand and a gradual
tightening of the market, without, however, anything like
stringency as yet. Most of the public journals seem to
feel under obligation to warn their readers against trust-
ing these appearances ; and money-articles, and even
editorial columns, are full of predictions of a squeeze by
and by. That money will not be so easy, a month
from now, is a matter of course ; but we think that most
of these prophets are overdoing the thing in their extreme
conscientiousness. There appears to be no sufficient reason
to anticipate more than a fair degree of tension at the
worst. The currency of the country is in unmistakable
excess; and it is notorious that mercantile credits—that
great cause of periodical pressure and occasional panics
—are much less extended now than usual. Moreover the
facilities for transporting goods and remitting money
have been so greatly increased of late, as to distribute the
fall trade over a much longer period, and at the same time
to make currency more active, enabling a much smaller
amount to effect the same number of exchanges. Cur-
rency will of course set strongly to the West during the
next four weeks, and money in New York will unques-
tionably be brought up to legal rates and kept there
through the season; but more than this there are no pre-
sent grounds for expecting. Theexisting ease of the mar-
ket has led to a large investment demand for Government
and other favourite stocks.

At Boston call loans are made at 4 to 5 per ceni. on
-Governments, and the banks are able to employ the bulk
of. their f ands at 61 to 7 per cent.: At New York money
:continues easy on call at 3 to 4 fel, cent.; and-ran as low
,as-2 pc-r
-cent. ,Saturday ; disconnta- are d-ull;ftlie gefierar
-ratelorlatitne-liperlieittg- ti):81 Or-cent. fcir short, and
• 61. to . 71 par cent: .for tem:- iiiontha- paper. The weekly-
statement of the associated banks shows an increase of
three and a half millions in loans,. and of six millions in
deposits, the decrease in deposits in three weeks having
reached 21 millions. At Cincinnati the demand for loans
is better, but the market is easy at 8 to 9 par cent. for
first-class paper at bank, and 10 to 12 per cent. outside.
At Chicago the exigencies of the season aro beginning
to be felt, and the market is working close. Grain con-
tinues to accumulate, and its movement eastward is
looked for to give ease to the market. At St. Louis,
money is in good supply at 8 to 10 per cent. by the
banks, 12 to 15 per out. being the outside nteN. At lati-

don the rates for short first-class paper are 11 to 1i per
cent., with little offering. The movement of bullion to
Paris has ceased, and the amount drawn away in con-
sequence of the French loan is being replaced from
Australia and the United State. At New York
the import entries for the week have been $6,198,507,
against $6,362,630 for the same week last year ;
the export clearances of domestic produce amount
to $3,568,654, against $2,991,242 ; and the export of
specie and bullion has been $492,034, against $103,792.
The gold values of import entries of foreign mer-
chandise at New York since January Ist have been
$171,341,129 against $179,316,448 for the same period last
year, a decrease of $7,975,319 ; the currency value of the
exports of domestic produce and miscellaneous goods
for the same period amounts to $105,856,152 against
$123,790,485, a decrease of $17,934,333 ; the exports of
specie of all descriptions since January 1 has been
$64,409,113, against $11,163,077, an Increase of $23,246,036.
The deliveries of California geld and silver for the same
period have born $23,802,121, against $19,939,520, an in-
crease of $8,862,901. Of course much gold roaches Now
York which does not enter into the tables of receipts and
exports. Many millions come overland from Montana
in the form of dust or " bricks," and so escape the sta-
tistician. An analysis of the import entries for tits
week, given above, shows a considerable improvement
in dry goods, but a falling ca in g moral en n•caan
The exports for the week show a decided improvement.
Cotton has moved more freely than fur SO.llO weeks p tst,
the shipments reaching 2,700 btles. Illy has been in un-
usual request for shipment, but closed for th 3 week less
active, though at full prices. The export of cheese has
almost entirely ceased, but not until considerable money
has been lost on it. Petroleum has been largely shipped,
though prices have given way under heavy accumulations
and less favourable foreign advices. Petroleum is an
article which has not yet found its price.
A. report has just been published by the Statistical
Bureau at Washington, which enables us to determine
exactly the balance of our foreign trade for the eleven
months ending June 30. The general facts are, that we
imported of dutiable merchandise $310,838,935, of free mer-
chandise $14,410,251, of specie $1.2,197,615; and exp3rted
of domestic merchandise (in currency values) $311,576,718,
of foreign merchandise $10,807,947, and of specie
$81,063,062, making the balance apparently $101,000,831
in our favour—but reducing the exports of domestic
merchandise to gold values at the several monthly pre-
miums of gold, we shall have the excess of exports only
$8,401,857. But, as this was obtained by parting with
$71,849,339 of domestic coin and bullion, it cannot be re-
garded exactly as a triumph of American production. Of
that seventy-two millions, one half, possibly, we could
have afforded to send (provided we did not wish ever to
resume specie payments) as the proper product of the
year, and so a legitimate matter of export. All the rest
must bo regarded as a clear loss of the capital of the
country, attributed to the advantages of a depreciated cur-
rency.

Gold has fluctuated less violently this week than for
some weeks past. It has kept chiefly between 141 and 115,
although touching 146 for a moment on Tuesday and
Wednesday. The demand for customs has been large,
while the export has fallen off to less than half a million.
The Java, from Liverpool, on the other hand, brought
back half a million of dollars in American small coin (half
eagles) which had been sent out as a part of the Alaska
remittances, but could not be disposed of to advantage by
weight in London. From the way this remittance was
managed, it would seem that " some one had blun-
dered." Freight and insurance for specie across the At-
lantic twice, for nothing, are "no joke." We alien pro-
bably hear no more of the return of specie from Europe.
The September interest ($5,000,000) on the Ten-Forties
(Five per Cents.) has been paid out this week. This has
had an influence, unquestionably, in reducing tempo-
rarily the, premium. The victory of the party of peace,
and order, and national faith in Vermont was instantly
followed`by an advance of one per. cent. in Governments,
which had before been slightly depressed. The opera-
tions in the Five- Twenties of 1867 alone amounted td
several millions of dollars, and the investment demand
for the whole list was heavier than it had been for months.
The tendency to equalize the prices of the different issues
has become very marked. Even in Europe this is be-
coming quite perceptible, although the preference is still
given to the Bonds of 1862 at the London and Frankfort
boards. 10-40's and the later 5-20's are being sent abroad
very-largely. Particularly at Frankfort the dealings in
American Securities have been greatly stimulated by the
rise in the premium on gold. Coupon Ten-Forties and
the old Bonds of 1865 are in especial request at home.
In the railway market attention has been confined mainly
to two or three properties. Milwaukee and St. Paul has
more than recovered from the effects of the injunction
and stands higher than before. An injunction from Judge
Barnard is getting to be considered a certificate of re-
spectability and good character. Not discouraged at all
by this move of their enemies, the directors have accom-
plished the purchase of the Prairie du Chien Road, with
which they had previously consolidated earnings. Erie
still continues the football of the market. On Monday the
stock fell several per cent. under the report that the in-
terest on the 2d and 3d mortgage bonds due September 1
—amounting to s3so,ooo—was to be passed. The report
probably originat d in the fact that no advertisement of
the payment had appeared. The effect of course was to
depress the stock, though the report was absurd on its
face, as if the rascals who have the direction of the road
would allow the mortgages to be foreclosed and the road
to be put into the hands of a receiver They know too
much. As long as they can steal $350,000, the interest
will be paid on the day. On Tuesday, again, the stock
went up to 491. under a rumour that the road was to be
consolidated with the Atlantic and Great Western, but
went back to 46 the same day. The directors of the
Great Western are actually on their way over to try
to do something with their beggarly concern. They
will try to sell their road to the Erie—if not, to lease
it. The consolidation of the two concerns would be
painfully like a wedding in the poor house. Tho
earnings of the Great Western for the third week in
August were only $91,107 against $120,226 last year, a
loss of $26,092. North-western has advanced to $B5. Its
earnings for August were $1,265,830 against $1,063,236
the same month last year, showing the handsome gain of
$202,594. The payment of the 10 per cent. stock divi-
dend on the Rock island Stock commenced on the Ist inst.
The New York rror/d says that the stockholders, before
receiving payment of the dividends, are forced to sign
an agreement ratifying the sale of 49,000 shares, issued
in accordance with the resolution of the execution
committee on September 13, 1867. Central Stock has
advanced during the week, and it is in better request.
Pacific Mail went up several per cent. on a rumour
that a settlement had been made with the opposition, but
fell off the same day. In Express Stocks Adams and
Merchants' Union remain about as last week. Adams
indeed slightly stronger. The others have declined, Wells
Fargo $3 per share, American sl} per share, and United
States nearly $2 per share. Tho Boston' and Albany Rail-
road has completed its double track, the last rail having
been laid between Chester and Middlefield. The Reading
and other coal-carrying roads advanced their freights on
the Ist instant, and this, as well as the increased demands
of the mining companies, promises to make coal higher
very speedily.
The new National Life Insurance Company, chartered
by act of Congress at its last session, has organized with a
" swinging" board of officers, and is now.in full operation.
A company, called the East India Telegraph Company
has been organized in New York, with Governer Curtin,
of Pennsylvania, as president ; which proposes to lay
down nine hundred miles of telegraph at once, between
ten enumerated Chinese ports, having obtained the pri-
vilege throhgh Minister Burlingame. The company ad-
vertises for subscriptions to its stock.
In provisions the only marked feature is the increasing
steadiness of pork. The supply is reported scant, (and the
stock on hand is firmly held at an advance. Dairy products
show a downward tendency, butter and cheese being both
considerably " off." Breadstuffs still tend downward, except
the bottorgrados of flour. Unless the export detnand quickens
more than to be expected a still further decline is inevit-
able. The subject of the crops, we believe, has been ex-
hausted for the present. Wool is in better demand, at
full and buoyant figures. Cotton closes for the week a
trifle lower. There has been a noteworthy improvement
at New Yosk in the dry goods trade. The town is filling
up with merchants, but there is still a great disposition
to hold off, and a general feeling that prices must give
way. In domestics there has been some movement,
but prices are unsettled. In printing cloths there is little
doing, with a declining market. In brown sheetings of
standard makes there has been a decline of about one cent
a yard, while in light weights the fall has averaged about
half a cent. In bleached shirtings and sheetings prices
rule lower by half a cent to a cent per yard. Foreign
dress fabrics are freely taken. Shawls and carpetings are
in good demand. Woollens show a marked improvement.
Fine cashmeres and fine overcoatings are considerably
higher, and likely to be.