The Sun.
London, England, 1868-06-11 00:00:00

AIONEY AND BUSINESS.

(Front the Spring field Republican.)
NEW YORK, Friday Evening, May 22.
The money market continues without excitement, and
almost without interest ; the change being very slight, and
the tendency towards greater ease and a greater supply of
loanable funds. The current rates of New York and Bos-
ton are not above G par cont., and many loans are placed
as low as 5. There is a steady flow of currency from the
country to the city banks, and the modes of disposal are
by no means adequate to those of supply. The cause
for the situation is attributed partially to the general
dullness of business, and to the almost entire absence
of speculation in the stock market. Pending the
decision of the Impeachment trial, and the turn
which events subsequently will take, the speculators aro
more than usually cautions, and employ only a small
amount of money in their business ; the manufacturing and
commercial industry of the country is only partially occu-
pied at best, and the effect on the in eney market is simply
what might be expected. There are predictions that the
close of the Impeachment trial will revive the activity of
the speculators, quicken the demand, and tighten the
money market. Should these results be realised, nothing
worth gaining will be secured. A tight and firm money-
market, on a legitimate and healthful demand, is an en-
couraging sign of business improvement and confidence,
but stringency and an insatiable demand for money,
imply, or mainly, for speculation, is a sign of anything
but a favourable condition or satisfactory result. The
political campaign will create and sustain such excitement
all summer; but it is, however, doubtful if the regular cur-
rents of business and industry are at any time in free and
liberal operation, and the money market in consequence
will be unsettled and fluctuating. When the administra-
tion adopts a decisive policy, which commands the respect
of the people, and adheres to it, then will be the time of
business confidence, activity, and prosperity.
But if the money market is dull and stagnant, it is not so
with that for permanent securities. The, promises of the
United States to pay its debts have never been i❑ better
demand than at the present time, and the price of all the
varieties of bonds is steadily advancing. The progress
and result of Impeachment has evidently strengthened
public confidence in the stability of the Government, and
especially has it encouraged the holders abroad. They,
with. the rest of the world, find new proof of the American
theory that our Government is sure to live, succeed, and
pay its debts. The Republican Convention at Chicago
has planted itself and the party squarely and cre-
ditably upon the basis of payment of the debt in gold,
and this, not so much as a party or partisan measure,
as from a sense of the simple justice of the action and
the ineffable meanness of doing anything else. The
party will accept the declaration as the first principle
of its policy, and will find in it an honest and honourable
position. The special causes of the active demand for
Government Securities are partly from the general with-
drawal of money from speculation, partly from the large
foreign sales, and partly from the fact of largo investments
by the farmers from the proceeds of their last year's crops.
The supply is comparatively limited, and it is reported
that the Secretary of the Treasury has closed out the last
of the Ten-forty Beads on advantageous terms. Seven-
thirties are especially wanted in consequence of their con-
vertibility into a Five-twenty Bead dated July 1, 1863,
which will be issued June 15. The new bends will then
be exchangeable for the June Seven-thirties, and holders
will be allowed 7 3-10 per cent. anti interest on their bonds
from June 15 to July 1. The conversion of Seven-thirties
into Five-twenties still continues at the rate of about
31,000,013 per day, m est of the exchanges being given in
the issue of 1867.

Gold has hardly moved a figure daring the week, and
Vie range of fluctuation has boon less than 1 per cent. Tho
closing rate of Thursday was 1391, an 1 the market is quite
dull and deserted. The acquittal of the President had no
elect, and speculation 53)313 utterly deal. There is an
abund int supply, although the exports have lately been
unusu illy heavy. The steamers of Wednesday took out
over $1,030,0.)0, and those of Thursday $530,030. The
total supply for the week, ending We In4slty, was aboat
$5,230,000, of which $1.,170,000 was gold by the United
States Treasurer, $1.,170,030 was brought by the California
steamer, and $2,410,000 was paid in coin interest. Against
this, the total amount drawn from the market was
$0,051,030, or three-fourths of a million more than was re-
ceived. The stxt erneut of the New York banks on Satur-
day morning showed a reduction of the supply of specie iu
their vaults of $317,763, and the amount drawn out for use,
in excess of deposits, must have reduced the amount con-
siderably mere. The export demand and the amount paid
in custo:ns will pre'eably be large for sometime t) COITIVIII,I
even though the President should be acquitted on the re-
maining ten Articles of Impeachment, and no others be
reported, it would not b 3 wise to predict a very marked or
speedy decline in the price of gold. Aid whether there is
or not is of comparatively trifling importance. The United
States sells gold freely, nowadays, from half a million to a
million and a half daily, and somebody is making a fortune
out of the very liberal percentage allowed. The sales
have amounted to g 233,030,000, and the comtniss7on on
this to the comfortable sun of $231,030, and more than
one-half of this amount has been pail to a house of New
York brokers, which contains a relative of Secretary
31‘Calloch, which doesn't look very well, to say the least.
Jay Cooke made $1,500,000 in selling the Steven-thirties,
but that doesn't give any claim for unlimited future Trea-
sury speculations. The most respectable as well as the
most economical way for the Government to dispose of its
gold would be to put it up at auction to the highest bidder,
and sell it in the open market.

Ralway and miscellaneous shares are dully and heavy,
in sympathy with the rest of the market, and the tendency
of the prices is downward. The railroads generally show
an encouraging increase of earnings,
and the spring busi-
ness is opening unusually wall. The New York and New
Haven Railroad is before the Connecticut. Legislature for
leave to increase its capital stock to $10,000,000, and the
bill is already through one branch. It was managed with
ability and shrewdness, the pretence being that the com-
pany wished to expend the proceeds in laying steel rails
for the entire track of the road, but it is hinted that there
is a cat under the meal, which will make its appearance in
due time. If the company are really anxious to improve
their equipment, let them not forget to put some of their
money into new and respectaUe cars. Those which they
have run, to the annoyance and disgust of the travelling
public, are a disgrace to the wealthy and flourishing
corporation, and ought to give way to something safer,
more comfortable, and creditable. The railroad legisla-
tion in this session of our Massachusetts General Court
will not be very important, unless some new develfp-
ments arise. The Legislature has found the liquor ques-
tion and the governor altogether too much for it, and will
not attempt any other matters of consequence in its pre-
sent unpleasant state. The Kansas Pacific Railroad lately
announced the completion of an additional section of 20
miles, and the South Pacific Railroad Company has just
been organized at New York, and will operate on the old
line of the South-west Pacific Railroad of Missouri. The
Central Pacific Railroad of California earned, last year,
upon loss than 100 miles in actual operation, $1,037,901 in
gold, and the earnings of the first quarter in 1868 have been
50 per cent. greater than for the same time in 1867. The
not earnings for 1808 are estimated at $.2,500,000, from
which, after deducting $1,000,000 for interest and pay-
ments, the remainder will be applied to the construction of
the road eastward. The Pacific Mail Steamship Company
will pass its usual quarterly dividend of June 1, and Pre-
sident M'Lane announces in his note to the directors that
their relations to the " Opposition " line remain un-
changed, but declares his determination to fight it out on
that line. He says that in his " judgment there can be
neither arrangement nor compromise with it, which would
not prove a greater evil to our interests than a continua-
tion of the struggle for the object of compelling its with-
drawal, a result which I believe can be obtained, but only
by unflinching firmness and unrelenting persistence in
our present policy."
Breadstuffs and provisions continuo to decline slowly
at Ne iv York, but the demand is small, and only for home
and immediate consumption. The business done in wheat
has been rather larger than usual, and as the receipts have
been hardly equal to the demand, the price is firm and
higher. Cotton is no higher, and the market shows no
signs of improvement, and the wool market is in a similar
situation. The mercantile business for dress goods and
prints is poor, and the late season operates very unfavour-
ably. Goods are low, andjbut few sales are made. The
market for foreign goods is not active, and the jobbers and
importers are accumulating large stocks. Tho receipts of
cattle at the Cambridge and Brighton markets this week
were unusually large, and the price gave way about one
cent on a pound. The receipts of sheep were small, and
those from the west sold at higher rates.

(From the Wall-street Journal.)

FRIDAY EVENING, May 22.

The supply of Money is rapidly increasing, and far ex-
ceeds the demand, large lots being offered (without being
taken) on call at Five per Cent.
First-class paper is scarce and discounts are readily
effected at Six per Cent. No. 2 is superabundant and
ranges from 71 to 12 per cent. per annum.
Government Stocks are very firm, although to-day some-
what less active. The Treasury is buying Seven-thirties
at the current high quotations. The Assistant Treasurer
has bought this mouth about• 510,000,000 of Seven-thirties.
The whole authorized issue of Three per Cent. Certificates
has been absorbed within about 5709,000, and this small
balance is likely to be taken up before the end of the week.
Gold is very stiff in view of the continued large ex-
ports, and has to-day scarcely varied, having opened and
closed at 1.39.
American silver sells at 5 to CI cents below the price
of gold. Mexican Dollars are still quoted at 103,1 to 1031
in gold. _ .

Foreign Exchange is quiet, with, however, a fair busi-
ness doing.

Ibtilroa4 Stocks are brisk, and wo note to-day a general
advance of 1 to 11 per cent.

Miscellaneous Stocks do not show much animation, the
exception being Pacific Mail, which is a trifle better.
Mining Stocks show very little change, and the business
continues on a very small scale.
Petroleum Stocks are active, and a good business is
doing. United States is strong and scarce, and Union has

advanced to 65 25. There is a good demand for the stocks
of all companies owning their properties in fee simple.
Express Stocks are quoted as follows :—Adams, 58 to
581; American, 551- to 561; United States, 571 to 58 ;
Wells, Fargo, and Co., 2-14 to 25 ; Merchants' Union, 35
per cent., 29i: to 29k.
The following report has been presented to the board of
directors of the Pacific Mail Steamship Company by the
Auditing Committee:—

"Office of the Pacific Mail Steamship Conipany,
New York, May 20.
" To the Board of Directors.

" The Auditing Committee respectfully report that in
consequence of delay in the transmission of the Pacific
accounts they are unable at the present time to lay
before the Board the customary quarterly statements and
balances referring thereto. They have, however, exa-
mined the company's securities, and found the same cor-
rect and in order.

" They bag leave to submit tho accompanying report
of the Presileut to their committee, on the subject of
dividends, whicli they have unanimously adopted, and
to recommend its acceptance by the Board.

" WM. DENNISTOUN, Chairman.
" JONATHAN THORNE,
" GEO. B. 1-IARTsoN,
" Auditing Committee."

PRESIDENT'S REPORT TO TIIE AUDITING COMMITTEE.
I beg leave to report that our relations with " the Op-
position" remain uncha.nge I, and to add that, with such
knowledge of, and experience in, the case as I have been
able to acquire, there can be neither arrangement nor
compromise with it, in my judgment, which would not
prove a greater evil to our interests than a continuation of
the struggle for the object of compelling its withdrawal ;
a result which I believe can be obtained, but only by un-
flinching firmness and an unrelenting persistence in our
present policy.
In view, therefore, of such a continuation of this
struggle for the preservation of the company's business
integrity, with the consequent vital importance of main-
taining the largest amount of strength and resources, I
respectfully recommended that the considerations of the
question of a dividend be postponed, and indefinitely.
All of which is respectfully submitted.
(Signed) ALLAN MCLANE, President.
On motion, the report of the Auditing Committee was
unanimously accepted and adopted by the Board of
Directors.

(Attsst) THEO. F. JOHNSON, Secretary.
The following were the closing quotations this evening
for the Railroad and Miscellaneous Stocks :

N. Y. Central 1291
Erie
Hudson
Reading
Mich. South. & N. I B7
Illinois Central
Cleveland & Pittsbrg 854
North-West
North-West Preferred 771
Canton... 504
Rock Island

Cleveland and Toledo 108
Fort Wayne
Pacific Mail 924
Atlantic Mail 33
Quicksilver
W. U. Telegraph
Mariposa Preferred
Ohio and Mississippi 3O-
l Water Power 2li
Cumberland

The following for the Ne
Merchants'
America
Butchers and DroverS 123
City
Now York
Manhattan
Mechanics'
Union
Phenix 1074
Tradesmen's
Gallatin National
Merchants' Exchange 113
Seventh Ward
State of New York
Commerce
Ocean lO5l
American Exchange.— 119
Bank of the Republic ll7
Bank of North America 110
Eleventh Ward 105
Mercantile
Fulton
First National 2034
New York County 145
Marine 145
By telegram from San Fr,
we have the following quotah
Gould and Curry
Savage
••• ..• •••
CholarPotosi
Ophir
..• ••• •••
Hale and Narcross
Crown Point
•••
Yellow Jacket
Belcher ••• .•• •••
Alpha ...
Kentucky
Bullion
Overman ...
Empire Mill
Imperial ••• ••• 4.94
Confidence
Amader ••• • •..
Exchequer ... •..
Quartz Hill „,„ ..• •.. 17
Lady Byron ... •••
The following wore the closing quotations for the
various Public Funds of the United States in New York :
Sixes, 1868, registered 143 to 1431
Sixes, 1868, coupon
Sixes, 1881, coupon ll5l to 1131
Five-twenties, 1862, coupon
Five-twenties, 1864, coupon
Five-twenties, 1863, coupon
Five-twenties, 1865, coupon, new - to 1101
Five-twenties, 1867, coupon ...
Ten-forties, coupon lOO4 to 105
Seven-thirties, 2d series
Seven-thirties 3d series
Oregon War Loan, Sixes, 1881

, York City Bank Stocks:—
Manufac. and Merchts' 103
Mechanics' Association 118
Broadway
Hanover
Irving
Metropolitan
People's
Market , ll5
Nassau lO4
Shoe and Leather ll7
Corn Exchange 126
Continental lo3j
St. Nicholas
Common wealth
Importers and Traders' 129
Central National
Pond h National lO7
Ninth National
Park l5l
Leather Manufacturers' 170
Oriental Bank l3O
Tenth National
East River
Pacific l6O
Chatham l4B
,ncisco, dated May 20, 1868,
,ions:—

... $l3O per foot
... 3,147 „

... 220 „
... 165 „
.., 2,119 „

... 2,110 .„.

:.: I*o ,",

.. '305 ',,

..• ••• 17
... 200 pr share.

The following vessels compose the North German
fleet which, on the Ist of April, hoisted the North German
flag. It possesses only seven sailing vessels. 1. The
Barbarossa, of 1,313 tons burden and nine guns. 2. Three
sailing frigates : the Gefion, the Thetis, and the Niobe,
together containing 3,909 tons and 114 guns. 3. Three
brigs of war: the Rover, the Moskito, and the Bela, to-
gether containing 1,367 tons and 38 guns. For local de-
fence, 36 gunboats. Steamers of War—For the defence of
the coasts : 14 second-class screw gunboats, together 3,458
tons burden, 840 horse power, and 28 guns; also, two cut-
ters, together 1,376 tons burden, 400 horse power, and 14
guns ; one screw steamer, 445 tons burden, 400 horse
power, and 14 guns; 1 screw transport steamer, 280 tons
burden, 50 horse power ; ironclad, no guns ; 8 first-class
screw gunboats, together 2,400 tons burden, 640 horse
power, and 24 guns; 4 screw corvettes, together 1,543 tons
burden, 1,200 horse power, and 62 guns; 5 light screw
frigates, together 9,104 tons burden, 1,950 horse power,
and 140 guns. Ironclads.-5 ironclads ; the Prince Adal-
bert, the Arminius, the Friederich Carl, the Kronprince, and
the Konig Wilhelm, together 15,338 tons burden, 3,500
horse power,and 62 guns. The entire fleet contans 83 vesselS,
which are together of 43;898 tons burden,B,9Bo horse power,
and armed with 553 guns. They will shortly be armed
exclusively with cast steel guns. These shoot very far,
are lighter and more durable than the heaviest artillery",
and, therefore, every way more suitable for ships. Thus
the iron-clads carry almost exclusively 300-pounders, and
frigates 72-pounders. While the heaviest iron-clads of
6,000 tons burden will require a crew of only 700 men, the
large wooden ships of 3,300 tons of former times required
a crew of 1,000 men. The steamers, with the exception
of two cutters, are fitted out with a complete tackling, so
as to be able in case of a naval combat, storm, or other
accident, to employ full sailing power. Thus a corvette
steamer will only need coal for 60 days on a voyage of
three years.

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