The Sun.
London, England, 1868-02-04 00:00:00

NEW YORK MARKETS.

(From the Correspondent of the Anglo-American Times.
Money is accumulating in our market owing to the de-
pression of business, and rates are growing easier. Six
per cent. on Stocks ; five per cent. on Governments ; and
bills are discounted from six to seven. Pending the de-
mand of the spring trade the superabundance is only
readily loaned on short dates. Tho "supply at Boston is
greater than known far many years. At Cincinnati the
rates grow easier in spite of the failures that have occur-
red ; but at Chicago loans continue at 10 per cent., only
first-class paper finding accommodation. On the Western
sea-board the story is the same as on our side ; money being
unusually plentiful at San Francisco. There is no State
of the Union so prosperous as California. The failures of
the wheat crop of previous years in the Atlantic and prairie
States have told favourably for the farm products of Cali-
fornia, where the yield had been unusually large.
The high price obtained and the enormous amount of the
wheat crop of the last two years have made farming more
remunerative than mining, and the export of cereals is far
in excess of the value of the gold product. The specula-
tors in gold have had quite a nice time. Never since the
war have the fluctuations been so great, or the transac-
tions in the Gold-room so enormous. Up to Wednesday
the tendency was to higher prices. On the opening of the
year the quotation was 1331, and on Tuesday it touched
1421. Sometimes the fluctuations have equalled 3 and 4
per cent. a day, and business has been done averaging more
than $100,000,000. The tendency is terribly demoraliz-
ing, large sums being lost within a few hours. It turns
the Gold-room into a " hell," filled with shouting gam-
blers, and the excitement spreads from Wall-Street, to S tate-
S treet, Boston, Third-Street, Philadelphia, to wherever large
monetary transactions are carried on. The accounts lately
given of the scene on the Paris Bourse during the panic
of war has been enacted at these centres for a week.
While General Grant is quietly smoking his cigar his
movements and his intentions are eagerly discussed, and
all sorts of absurd rumours circulated. So, with the Pre-
sident ; and all this, unsettles values which are influenced
by the price of gold, disturbs the small balance of trade
that remains, and turns transactions in foreign goods into
gambling. The last steamer from Aspinwall brought
$991,264. In the early part of the week the markets ad-
vanced in stocks and shares ; but on Wednesday and
Thursday there was a change, on rumours, that the rail-
roads of New York would be affected unfavourably by
some measures in the Legislature. This brought them
down, but it is allowed that Mr. Vanderbilt is managing
with great skill and effect, and cutting down the
New York Central expenditure. More combinations
are discussed, among which are the New York
and New Haven Railway, which the committee de-
sires to get into his hands, and an arrangement between
the New York Central and the Erie and the Pennsylvania
Central, by which the stockholders will benefit materially
at the expense of the public. All baggage on the New
York Central above 1001bs. should be paid for as first-class
freight, and passes will henceforth be refused to persons
sending freight over the lines. Government Securities
have advanced steadily with the rise in the price of gold.
The Associated Express Companies have elected as their
Board of Control—C. Spooner, of the Adams Company ;
James 0. Fargo, of the American ; A. H. Barney, of the
United States; and W. H. Seward, jun., Merchants' Union,
with A. Gaither, of Cincinnati, as the president, of the
board. Mr. Gaither has been for many years superinten-
dent of the western division of the Adams Express, and is
.7ir
admitted to be at the head of his business, and an able
railroad manager. The stocks of these companies were
yesterday quoted as follows :—Adams, 771 to 78 ; Ameri-
can, 741 to 75; United States, 771 to 78 ; Wells, Fargo,
and Co., 461 to 161; Merchants' Union ($35 paid)

0 37i.
It is officially announced that tho Bonds of the United
States, issued under act of Congress for the Uaion. Pacific,
are as follow :

Union Pacific It inroad 58,160,000
Union P..cific, Easter❑ division 4,880,000
Atchison and Pike's Pike branch 640,000
Western Pacific 320,000
Central branch, Union Pacific
Central Pacific

Aggregate 520,714,000

American silver sells at 51 to 61 cents below- gold, and
Mexican dollars are quoted at 102 to 103 in gold. Petro-
leum stocks have beon active, but United States and
Buchanan Farm have lately -declined in price. Mining
stocks are dull. The New York. Miuina Stock Board have