The Sun.
London, England, 1868-06-23 00:00:00

AMERICAN MARKEIS.

(Front the 'Springfield Republican.)
NEW Yoxx, Friday Evening, June 5.
The supply of money in the market was not diminished
during the week, nor have the rates of loans advanced.
Four and five per cent. are still the ruling terms at New
York, and many investments are placed on long time and
good security, at even lower rates. The speculative de-
mand for money has almost entirely ceased, and only so
much is sought as is needed in the daily and regular trans-
actions of business. The prospect of any favourable ehange
in the market, or of any greater demand for money, is not
good, and under the present accommodation it, is not
likely that the rates of loans will rise perceptibly for some
weeks to come, unless some unforeseen emergency should
force an advance. The banks of New York now hold a
large and steadily increasing surplus of legal tenders, and
were it not for the heavy export of specie during the week
the aggregate increase of the funds on hand would have
been nearly five millions, while the loans have increased
hardly three quarters of a million. A similar condition of
things exists everywhere, and capitalists and moneylenders
have good reason to look blue and call business'clull. The
only investment for money which is at all popular is the
Government Securities, and these are advancing so ra-
pidly in price that the premium is becoming no small por-
tion of the purchase money. As the Government will
soon pour large quantities of money on the market, there
Is no probability that it will find ready investment at any-
thing like remunerative rates, nor that the demand
from south and west for the movement of the crops,
which will soon begin, will create any stringency
in the market or any lack of supply of funds. In
view of the abundance of money it is not surprising that
the Senate refused to consider Mr. Sherman's bill for
adding $20,000,000 to the national currency, and that the
chances for any further inflation of the greenback circu-
lation are growing rapidly smaller, with good prospect of
speedy and final disappearance. With more money in the
country than can b 3 disposed of, the cry for more will not
be heard, and there would doubtless be general approval
if Secretary M'Culloch should resume his practice of re-
tiring $l,OOO 000 of greenbacks monthly, although it pro-
voke opposition from the western inflationists.
The sales of Government Securities continue to in-
crease in amount and advance in price, and with no
apparent obstacle to unlimited further progress in
either direction. The demand at the counters of the
leading Now York brokers comes largely from the country
banks and other outside purchasers, while many foreign
customers are in the market, waiting to buy, but waiting
for lower prices. At the present indications they aro
likely to wait and go away empty. The Government loans
will soon be closed out, and, with the 'United States in the
market as a purchaser of its own bonds, the competition
and the price will exceed anything yet known. '1 he great
abundance of money stimulates the operations of the specu-
lators in Government Securities, as they are confident that
there will be no difficulty in finding a ready sale for all the
bonds which they may possess, and at the highest figure to
which they can force the market. Five-twenties of 1867
are selling at from 114 to 114 k; and no cessation of the
demand, and the Government has not enough printed to
supply the needs for purchasers, and for the conversions
of seven-thirties, which have lately been pouring in at a
rate altogether unprecedented. The whole amount of this
loan now outstanding is less than $70,000,000, and it will
probably all be exchanged before the close of the month. The
fact that this floating debt will all be safely funded and per-
manently disposed of, at so early a day, removes one of the
most doubtful class of Government Securities from the
market, and enhances the price of the remaining debt,
Secretary M'Culloch's monthly statement of the national
debt has not yet made its appearance this month, but it
will show a reduction of the indebtedness, though smaller
than that of last month's exhibit. The amount of currency in
the Treasury is said to have considerably iuereased, but
the heavy payments of interest have necessarily reduced
the surplus gold in the Treasury vaults. The whole dis-
bursements due were over $27,000,000, and the last
claimant has not yet been paid
The price of gold has been steady, but it has slightly ad-
vanced in consequence of the heavy demand for export,
and closed on Thursday at 139}. The Treasury has made
no sales, and will probably reserve its future surplus for
the payment of the coin interest on debt due on July 1.
The whole export for the week ending Wednesday was
$4,211,723, making an aggregate of over thirty-seven
millions for the year, thus far, and much more than has
been sent out of the country for the corresponding time
in any previous year. The expert for the first five
months of 1867 was thirty-three millions, and that was
largely in excess of the average, which has been scarcely
one-half of this great shipment. The payment of duties
in gold last week realized $2,305,000 to the Government,
and the disbursements of coin interest required
$1,645,000. The arrivals of specie at New York were
only $618,000, although over $1,000,000 is now on its
way thither by the last steamer from San Francisco.
Tho imports at New York for May, 1868, were $25,676,113
against $35,285,742 in 1867, and the experts for the month
just closed were $14,345,860. The premium on gold is
not likely to change much during the summer months,
especially should the large export demand continue, as
that will fully relievothe market of any surplus from the
Government payments of interest.
Speculation has been rather tame at the stock board
during the week. and the little bull movement in the
Pacific mail stock met with so rttle success that it has
been given up, and the stock has suffered a relapse in con-
sequence. It, however, represents efforts of speculators
to live and command a ready sale in the market. The rail-
road shares are all advancing slowly in price, doubtless as
the result of the appreciation in governments, and the
reports of the earnings aro favourable and encouraging.
Some of the older and more wary dealers predict that the
term of high rates is near its end, and that the next
turn will be downwards. The general expectation, how-
ever, is the other way, and all parties are buying for a
rise. The Rock Island difficulty is in the courts, but a
party of its, stockholders, in the face of an injunction by an
lowa judge, met at Chicago, on Wednesday, elected officers,
and will proceed to sell the shares, issued for the construc-
tion of the road to Council Bluffs, lowa, at the earliest and
best terms they can receive. They are confident that they
can procure the removal of the injunction, and that the
officers of the company will work out all right if they are
only allowed to go on without factious hindrance and im-
pertinent opposition. The great Erie war seems to have
utterly died away, and the lingering lawsuits, which come
up periodically for postponement, aro the only reminders
of the sanguinary conflict. Drew and Vanderbilt have
buried the hatchet, and the Erie directors are doing what
they ought to have done long ago, retrack their road with
substantial steel rails, and make it safe for the life and pro-
perty entrusted to it. The annual meeting of the New
Jersey Railroad and Transportation Company was held on
Wednesday, and a comfortable increase of $37,131 in the net
profits of the business of 1867 over those of the previous
year reported. The total receipts wore $1,865,303, and the
total expenses $1,019,153. The receipts for the first four
months of 1868 have been $333,990, against $199,551, for
the corresponding time last year. The New York and New
Haven Railroad Company denies any intention to issue
stock dividends as has been reported, but President Bishop
says that the whole amount of the recent large increase of
stock authorised by the Connecticut Legislature will bo ex-
pended in permanent improvements on the road. Steel rails
will come in for a principal share of the outlay. The ex-
press and miscellaneous shares are dull and declining, and
the transactions have been smaller than usual. A break
iu the San Francisco mining companies checked the sales
considerably, and they w:11 be made by the share instead
of the foot as heretofore.
The dry goods market has suffered for another week
with hope deferred, and the summer trade has been so
long delayed that it must be only limited in amount, and
only for goods that will have an immediate sale. The
New York merchants still hope for some encouragement
from the southern and western trade, but it will be light.
The trade of the year is, however, less distinctly divided
into the summer and winter portions than it used to be
before railroads had made communication of the interior
with the metropolis frequent and easy, and the business is
now more evenly distributed, with less accumulation on
any particular month. The market for domestic cottons
has been dull and transactions small, while the raw ma-

terial does not show much improvement. Prints and
printing cloths aro slightly better, and for printed lawns
there has been a good demand, the season for that kind of
goods being now at its height. Woollens have a better
prospect, as the accumulated stocks of three or four years
is pretty well cleared out, and the new stock and the new
styles are coming into demand. Flour and provisions
have been dull and declining, while the cattle markets of
Cambridge and Brighton, being better supplied with better
qualities of stock, have advanced.

(From the Wall-street Journal.)
NEW YORK, Friday Evening, June 5.
Money is a perfect drug, and we hear of some transac-
tions on call at 2} per cent., the general run, however,
being at 3 to 4 per cent.
Discounts are readily obtained on first class names at
5 to 6 per cent., but that quality of paper is very scarce.
Government Stocks are very active and a large business
is doing. Sixty-twos are especially firm.
Gold shows very little variation, having opened to-day
at 139 i and closed at the same figure.
American Silver is in limited request at 61} to 7 cents
below the price of phi. Mesienn dollars are worth 1031
to 1034 in gold.
Foreign Exchange is firm, although the business is on a
small scale.
State Stocks are in good demand, and we note very
large purchases at advancing prices. Most of the Western
Bonds are becoming very scarce, particularly those of
Illinois, Indiana, Michigan, and Ohio.
Railroad Stocks aro unsettled and weak, it being sus-
pected that many holders of the clique Stocks, such as
Erie, New York Central, and Cleveland and Toledo, have
been quietly unloading.
Secretary M'Ctilloch has responded as follows to a latter
addressed to him by a number of bank officers in this city,
relative to the redemption of matured Compound Interest
Notes :

" Treasury Department,
" WASHINGTON, Juno 3, 1868.
" Your favour of the 2d inst. is received with accom-
panying petition.
" I found that I could not with fairness continue to re-
deem compound interest notes in Now York without
authorizing redemptions at Philadelphia, Boston, and
other important points ; and as such general redemptions
would subject the Department to groat trouble and no
little expense, I some time since directed that all such
notes should thereafter be redeemed at the Treasury of
the United States.
I am advised by the Treasurer that parties forwarding
notes to him for redemption will b 3 subjected to no delay
in receiving remittances for the proceeds. Any person
holding compound interest notes can send them, at his
own risk and expense, to the Treasurer of the United
States, and on the very day on which they are received,
every check on Now York for the proper amount will be
forwarded in return.
"Regretting that I cannot consistently with a sense of
duty to the Government comply with the request of the
bankers of New York, I am, &e.,
"11. APCULLocit, Secretary of the Treasury."
The following is the ordinance of the Constitutional
Convention of the State of North Carolina providing for
the payment of the interest on the public debt :
" Section 1.. B 3 it ordained by the people of North
Carolina, in Convention assembled, and it is hereby or-
dained by the authority of the same, that the first General
Assembly that shall be convened under the provisions of
the Constitution framed by this body, be, and the same is
hereby directed to make the following provisions for the
payment of the interest upon the public debt.
Sac. 2. It shall provide for the payment in cash of the
iutere3t falling due on and after the Ist day of January,
1869, upon that portion of the bonds of the State which
are dated prior to May 20, 1861.
"Sec. 3. It shall provide for the payment in cash of the
interest falling due on and after the first day of July, 1869,
upon that portion of the bonds of the State which are
dated on and after January 1, 1866.
"Sec. 4. It shall provide for funding all such coupons
upon the above specified classes of bonds as are now due,
or which may become due prior to the time when the
payment of interest shall be resumed as above directed.
And for such purpose the General Assembly shall autho-
rize the issue of bonds of the State, bearing six per
cent. interest, which shall be given at par in exchange
for such coupons as are now due or may become due prior
to the time when such resumption of the payment of in-
terest shall take place.
" Sec. 5. This ordinance shall bo in force and take effect
from and after its passage.
"Passed March 14, 1868."
Miscellaneous Stocks are generally active, particularly
Pacific Mail and Quicksilver.
Mining Stocks, which had experienced a sudden revival,
are agaia drooping, Consolidated Gregory closing at $4.10.
The other stocks are also down (the business not having
been on an extensive scale), and the market is altogether
weak.
Petroleum Stocks continue to be inquired for, but all
good securities are scarce, and are not pressed for sale.
The Iron Age, June 4, says of general hardware—After
a spring season in which they did better than their neigh-
bours, the hardware men are now d ping better than any
one else, many of them now doing a fair amount of busi-
ness, though trade is generally pretty dull. A good many
orders are coming in from such travellers as aro out, and
some letter orders are received. There is a good deal of
complaint from manufacturers that the prices they are
able to obtain are not sufficient to allow them a living
profit, though they aro thankful for the relief afforded
them by the removal of the 5 per cent. tax.
Of iron it states :—" A fair business is doing, consider-
ing the season, in both Scotch and American irons, at firm
rates. There have been no very large sales. More has
been done in forge pig than any other kind. One hundred
packs of Russia sheet were sold at 17 cents, currency.
METALS.—We note an improved feeling in trade circles,
and though the spring business is now fully ended, a fair
trade for the autumn is anticipated. The peaceful and
legitimate workings of the recent political pressure and
excitement at Washington are considered to have again
tested the stability of the country, and have awakened re-
newed confidence in the future. But it is necessary in
fairness to remark that there exists all through the coun-
try a marked and immovable caution as to future engage-
ments. The great financial and political issues of this year
of the national struggle for the system of pacification and
reconstruction to be adopted in 1869 involves interests so
great, and measures so very opposite, as to compel trade
and manufacturers to wait as it were the result of the
struggle now being initiated.
In metals prices are generally firm and stocks wall held.
Money is easy, and on prime collateral is working at less
than the usual interest rate. It is predicted that it will
continue abundant till the usual call for means to move the
harvested crop. In September, October, and November
the customary monetary pinch may be looked for ; but
with the realization of the good harvest now confidently
looked for throughout the land, the wholesome financial
measures promised by the Chicago Convention, and similar
honest measures that it is well known the Democracy
will embrace in July, the return of prosperous industry
and healthy commerce may be speedily looked for.

NEW YORK R ITES OF EXCHANGE,
June 5, 1868.

•
Sixty Days. Three Days.
London Bankers
London, Prime Commercial lO9l-1094
Paris, Bankers
Bremen, Bankers
Hamburgh, Bankers 36 —36
Frankfort, O.M. 4Ol-41-1
Berlin and Cologne
Antwerp 5.161-5.121
Amsterdam, Bankers
Swiss
The following for the New York City Bank Stocks:—
Merchants'
I America
.......

Butchers and Drovers 135 Broadway
City -200 Hanover
New York
Manhattan
Mechanics' l3O People's
Union
Phenix lOB Nassau lO5
Tradesmen's
Gallatin National
Merchants' Exchange 118 Continental lO3
Seventh Ward
State of New York ... 116} Commonwealth
Commerce
Ocean
American Exchange... 1191 Fourth National .. 108
Bank of the Republic... 120 Ninth National
Bank of North America 1101 Park 153
Eleventh Ward ........ 105 Leather Manufacturers' 170
Mercantile
Fulton 153 Tenth National
First National 205 East River
New York County l4O Pacific l6O
Marine 144 Chatham 149
Grocers'

The following were the closing quotations for the
various Public Funds of the United States in Now York :-
Sixes, 1868, registered 142 to 142}
Sixes, 1868, coupon 142 to 142}
Sixes, 1881, coupon ll6/ to 116/
Five-twenties, 1862, coupon
Five-twenties, 1864, coupon
t
Five-twenties, 1865, coupon
Five-twenties, 1865 coupon, now
Five-twenties, 1867, coupon
Ten-forties, coupon lO6 to 106/
Seven-thirties, 2d series
Seven-thirties, 3d series
Express Stocks aro quoted as follows :
Adams
... ... ... ... ••• ... 571 to 58
American ... ... ... ••• ••• ... 53 to 53
United States ... ... ... ... 53/ to 56
Wells, Fargo, and Co. ... ... ... -... 25 to 26
Merchants' Union, 35 per cent.... ... ... 28 to 28
The following were the closing quotations this evening
for the Railroad and Miscellaneous Stocks :
N. Y. Central 1321
Erie
Hudson
Reading
Mich. South. &N. I B9
Illinois Central
Cleveland & Pittsbrg B7
North-West
North-West Preferred 81/
Canton..: 591
Rock Leland . lOll

Cleveland and Toledo 107:1
Fort Wayne
Pacific Mail 9Bl
Atlantic Mail 32
Quicksilver
W. U. Telegraph
Mariposa Preferred
Ohio and Mississippi 3Ol
Boston Water Power._ 19
Cumberland