The Sun.
London, England, 1868-09-05 00:00:00

MONEY AND BUSINESS.

(From the Springfield Republican, Aug. 22.)
Quietness and steadiness, with a fairly active demand,
have been the main characteristics of the money market
for the past week. At New York resp3nsible borrowers
have had their wants provided for quite promptly at 4 to 5,
generally at 4 per cent. on unexceptionable colt tterals,
such as public funds. to a few of the more extensive
dealers in national securities some advances have been made
as low as 3 per cent. Mercantile paper of short date has been
cashed at 6 to 7 per cent. per annum, geneially at the latter
figure: At Boston rates are hold pretty firmly, though
the supply of loanable funds is ample for the demand. The

banks aecommo'late their bast customers at 6 per cent.,
ethers at 6 to 7, and outside paper,though good, is rarely
discounted ea-lower figure than BPer cent. Only a few
call loins are made, the rate being generally at 5 per cent.
Reporta. frc m the West tell, sisusual, of a brisker demand
and higher rates. At Cincinnati; in the open market, 10
to 12 per cent. is charged, though the banks discount
to their depositors at Bto 9. The money market at Chi-
cago indicates an increase of business, the demands for
loans being better than for some-weeks past; but 10 per
cent., which seems to be the standard rate at the western
met opolis, is still the price at which prima piper: is dis-
count2d. Tha mirkeis at the West notice a strong ten-
dency of currency " hwards the interier;" and New York
is s msible of a similar, though less presitim.detnan,l front
the Weit2.. TEL 6 fact • is; di.) niir,ll-talk,%l-of dent Ind for
money "to move the erop3" IL is ntt yet been felt to any
appreciable extent.
The bears have been rampant all the week at the Now
York Stock board, and scarcely a stock which is sold there
but has suffered to a more or less degree. The general
decline may be attributed mainly to a great fall in Erie
a fall so marked as to bring down the whole share list
along with it. All the week it' has bean dropping like
lead, and has sold as low as 45, a fall of 12 per cent. in less
than-n. week; and 22 per 'cent in less than. a month. To
account for the decline some have sought special reasons.
It is stated,--with seeming simplicity, that Mr. Drove is
depressing Edo with a view to buying in the stock to
vote upon at the October election of directors. This may
Ibe ton. A more olniorte roma ie found, heTrover, iu

the facts that the deposits in the city backs declined

eight millions last week; that as deposits declined, so
must loans ; that the diminution of loans will first ba
felt in such heavy fancies as Erie ; that as loans are called
in, the stocks ou which they are based must to some ex-
tent go upon the market. It would seem, also, as if this

purely speculative stock, which has so long been beaten
back and forth by the bulls and bears, like a shuttlecock
between battledoors, was at last finding its true level.
With a capital, leases and bonds far aboie the value of the

road ; with its receipts absorbed by past litigious proceed-
ings; with a worn-out road bed, splintered rails and

_ .
necessary new equipments, which would involve the
further expenditure of eight or ten millions ; with a de-
pleted Treasury, and with no probability of a dividend
within the next dozen years, no wonder its stock declines.
Quito likely good roads will suffer with the bad, and sell
for less that their actual value until the market is fairly

settled again.
Some of the causes which have operated so disastrously

on Erie have helped to bring down Now York Central;
certainly sympathy with another stock would hardly have
depressed it so much. When Vanderbilt, after one or two
failures, at length got posses-ion of the Cintral, it w;11 be
remembaed that he tulllow it would b 3 run in tit) iota-

ra,t of the stoekhol lors, so as to make sure and fat divi-
dends. He clipped of every possible extra expenditure,
.ind made parsimonious reductions which disgusted the
public, however much they delighted the stockholders.
But he has acted 'upon this shallow policy of economy too
long. Expenditures have been reduced beautifully, b A
it does not require great talent in railroad management to
reduce the current expenses of any first-class equipped

road for a year, if th 3 repair shops are closed, and the dis-
abled engines and rolling stock sent to the general hospi-
tal, the road bed neglected, and the many minor details to
secure permanency ignored. This seems to be the

penny-wise pound-foolish plan upon which Commo

;lore Vanderbilt has run the New York Central. There

was a similarly bravo reduction in expenses at the
Hoosac Tunnel for a while, as everybody will remember,
and it proved in the end the same costly experiment. No

ono will b 3 surprised to learn the fact, therefore, that Van•
derbilt is selling out his interest in the Central—a face

which has, of course, only aggravated the downward
tendency of the stock in the market. Wo note continued

improvement in Boston, Hartford, and Erie. The stock
is called for a good deal at Boston, and is struggling up
among the Twenties. The parties who foster this " groat
midland route" complain bitterly of coldness towards it at
the State House; which, being interpreted, means that the
commissioners are holding on to the three million loan,
and intend to do so, until they see their way clear to the

Hudson. Work commences this week near Turner's, on
the Erie road, in the direction of Newburg, on the line of
the Boston, Hartford, and Erie. A tunnel of some 5,000
feet is required to make a good grade between Turner's
and the Hudson River.

The export demand for gold has been comparatively
light this week, and the price has receded to 141 and a
fraction. The Now York stockholder says--" There is no
occasion for any advance in the premium on gold, except
such as rises from distrust in regard to political events,
and from this cause both the bonds, which are the fund-
ing debt, and the legal tender debt of the United States
Government are alike subject to be depreciated. Tho rise
in the gold premium simply marks the depreciation of
United States notes." This is as far from the truth as
possible. Gold has ceased to measure the valuableness
of the currency. There is no reason in the nature of
the case why it should, and it doesn't in fact. The
Legal Tender Act destroyed all necessary connection
between the two. The " general prices" of the country
mark the depreciation of the currency; the promuim
on gold simply
.obeys the law of supply and demand.
General prices are at 180 to 200 in advance ; gold at
only 145. The Stockholder, in saying that there is no
reason but a political one for an advance in gold, forgets the
fact that the United States have exported more than sixty

two millions' of specie and bullion since the first of
January, and that the Government will have to disburse
five millions in the payment of interest on the public debt
in September, twenty five millions in November, and
thirty-three millions in January. Even if it was the
function of gold at the present time to weaken the depre-
ciation of the currency, so groat a reduction of the supply
could not but cause an advance in the price ; but so long
as gold has no such function under a system of legal ten-
der, it is still more likely to feel the excessive export. It
seems impossible that any one should deny that the
amount of gold in the country is less than ever before, and
that, as a necessary consequence, it should rise as an ar-
ticle of merchandise.
The market for Government Bonds has been dull and
heavy, though with an occasional rally, and a decline of
more than 1 per cant. has taken place within a short time:
There seems to be no especial reason for this state of
things, except an almost total absence of demand. Jay
Cooke and Co. say :—" The movement is artificial and in.
advance of the regular September decline, in which the
supply of the bonds from the country and the sales of
banks and saving institutions, whose money is required
by their borrowers, weigh down prices. The large
dealers have been out of stock, and some of them short,'
and therefore to make lower prices has been common in-
terest." There is also a decline in express stocks, attri-
butable in part to rumours of forthcoming assessments,
and in part to the numerous and extensive robberies
which have recently occurred, and which, if carried on
many monthi, will peril the stability of the companies
whose financial condition is now none of the stout-
est. The New England Express Company, which has
just begun operations in Now England and Canada, is
mainly a down-east concern, with Ezra Carter, of Port-
land, for president. Its capital is $2,500,000 in $lOO shares,
of which no one person can take more than 10J. Five per
cent. is payable on subscription, and future calls will not
exceed five per cent. each. It is announced that a large
part of the stock has already been taken. The company
is organised under the laws of New York, and, like other
new comers in the business, will make a reduction of rates.
The railroads ought to bring about a still further reduc-
tion, and they can do it if they will make a trial of the
system of " parcels deliveries." They ought, at least, to
try the experiment.
The export specie from Now York, last week, was
$653,493 ; export for the year (since. Jan. 1) $63,268,156
against $40,720,461; receipts from California in the
same time $27,455,723 against $18,995,126. The total
exports from New York since January 1, not including
specie, are $99,514,835 (currency values), a decrease of
$18,318,897 as compared with last year; imports,
$157,498,332, a falling off of $9,605,683. The earnings of
the Chicago and North-western Railway from Juno 1 to
August 14 (two months and two weeks) wore $2,781,816,
an increase of $646,425 over last year. The Atlantic and
Great Western Railway earned $1,103,092 in the three
mouths ending with June, a decrease of $152,422. An
exhibit of the business of the Pacific Mail Steamship Com-
pany for the past year gives the receipts at $7,639,708, and
the net profits at $2,643,514, which latter is a little more
than 13 per cent. on the company's capital of twenty mil-
lions. The capitalists of Franco seem to have a good opi-
nion of the prospective stability of the empire. The new
loan, amounting to nearlys9o,ooo,ooo, has been subscribed
for many times over, though the rate of interest is only 4;

per cent.
The breadstuffs market for the past week has been
drooping, so far as flour and wheat are concerned. The
former has been pressed for sale in excess of the regular
wants of the market, and lower prices have inevitably re-
sulted. Wheat has dropped to about export figures, the
milling demand being crippled by the downward course of
flour. The reports as to the quality of the new wheat now
coming into the market are quite favourable ; it is said to
make excellent flour, of better colour and strength than
last year's wheat. Corn and oats have been speculated in
considerably, and with reduced receipts and an increasing
demand have ruled rather firmer. Reports from England
show that while the wheat crop in that country will be
excellent, oats, barley, hay, potatoes, and other small crops
are almost universally a failure. The drought has done a
great deal of damage, and the United States, whose crops
will generally be so abundant, will undoubtedly be called
upon to make up England's deficiency. Already we aro
sending over considerable quantities of hay, and the ex-
port demand in this country for butter, cheese, and various
farm products is likely to be quite large.—Cotton is ad-
vancing somewhat, and the demand for export has re-
vived.—The cattle markets are still well nigh paralysed
by the fright over the cattle disease, which has broken out
in various quarters near home. Trade is very stagnant ;
and there is, of course, a decline in prices, though hardly
so great a one as would have been expected.—There is
nothing to note about dry goods, except continued and
excessive dullness, awl that report has become stale by
reiteration. Prices are generally unchanged.

(From the Wall-street Journal)
FRIDAY EVENING, Aug. 21,

Paper is more plentiful for discount, and prime names
pass current at 6to 7 per cent. Government Stocks con-
tinue heavy, the decline in price not only not having
brought in investors, but has increased the quantity
offering and stimulated the desire to sell. The Treasury
Department now estimates that $3,508,000 of the Seven
Thirties are still outstanding, and that of these enough
will never be presented for redemption, to more than cover
the entiroexpense of their issue. lathe Border State Bonds
there:is very little doing—scarcely enough, in fact, to fix
quotations. Railroad Stocks have been very dull all the
week, but to-day, with the exception of Erie, prices have
:generally advanced. Erie has been greatly excited, hav-
ing opened to-day at 44k, advancing to 471-, and again
falling back. It is instructive, in view of the gradual
tightening of the money market, and the prospects for
Railroad Stocks, to compare present prices with thole that
ruled in the spring of 1867. To make the comparison
faithful, wo add to the present prices the dividends just
declared. The table is suggestive:— . _

Low-‘-vater Present

Advance

Stocks. mark, 1867. price. per share
Now York Central
Reading
Michigan Southern 64
Pittsburg - ..... ~.. 32 50
Rock Island - 109
Fort Waynno 894 107
St. Paul
_ .

Wabash
. _

North Western
stew Preferred iumm 07 1111 l m 81umm, 24 00

Railroad Bonds aro in good demand, and are selling
steadily. Advices were received in this city yesterday
that the seven hundred and sixtieth mile of the Union
Pacific Railroad had been completed and placed in thorough
working order. The rapid westward progress by this
road gives increased assurance to investors to the first
Mortgage Bonds of the company of the reliability and
profitableness of the investment. The sales of the bonds
are fully up to the requirements of the company, at 102
per cent. and interest, the latter being calculated at
.the
rate of 6 per cent. per annum in currency from July 1.
Mining Stocks continue to be much depressed, and the
business is on a very limited scale, excepting in Grass
Valley (of Colorado), of which several purchases have
I been male at 40 cents. Petroleum stocks aro firm, very
few of the desirable stock being on the market. Express
stocks have reacted to-day to the extent of 2 per cent.
from the lowest quotations, but the demand appears to be
principally to cover short sales. We quote :
Adams 50 to 501
American ... 411 to 42
Merchants' Union, 35 par cent—. 211- to 22
United States ... 414 to 42}
Wells, Fargo, and Co. 26 to 27
The continued decline in prices of Express Stocks has
elicited from the New York Tribune the following very

encourliging remarks :
" The decline in Express Stocks, which seems strange

to some outside holders, is susceptible of easy explanation.
Buford the war the entire capital of the express companies
was about five millions, and dividends of 10 to 15 per cent.
were came I. Since then tha stacks have been watered,
and rival companies have been admitted to a share of the
business, so that the present capital is $35,000,000 much
more than seven times the actual cash invested. Before
the war railway managers were identified with the ex-
press companies, and the latter enjoyed special advantages
for the carriage of goods and parcels. Now the railroads
are almost all at war with the expresses, and the
rates charged for transportation leave no margin for
profit. Most of tho leading roads aim to do their own
express business. Of late, too, the robbing of express
messengers seems to have become a regular business, so
much so that no month passes without some express safa
being robbed of heavy amounts of currency, and it would
seem to be the interest of the Express Companies to aban-
don the transportation of money—hitherto the most lucra-
tive branch of their business. These, reasons seem to
have led nearly all the old Express men to sell out their
stocks. Nine-tenths of the certificates of Express stock
afloat in Wall-street aro in the name of office boys ; hol-
ders of Express Stocks aro liable for losses to double the
amount of their holdings, and no ono can tell when an
assessment of 10 or 20 per cent. may be levied on Adons
or Merchants' Union."

NEW YORK RATES OF EXCHANGE,
Aug. 21, 1868.
Sixty Days. Three Dols
London Bankers -
109 —llOl 109-1104
London, Prime Commercial lOBl-109 ......
Paris, Bankers
5.221-5.164 5.1 e, •
Bremen, Bankers
Hamburgh, Bankers 351-361 ......
Frankfort, O.M. 4Ol-41 ......
Berlin and Cologne
Antwerp 5.221-5.164 ......
Amsterdam, Bankers
Swiss • 5.221-5.164 ......
The following were the closing quotations for tb°
various Public Funds of the United States in New York :-.-
Sixes, 1868, registered — to ---•
Sixes, 1868, coupon — to --:
Sixes, 1881, coupon ll3l to 1101
U.S. 6s. Pacific Railroad — to
Five-twenties, 1862, coupon
Five-twenties, 1864, coupon mei to.i 081
Five-twenties, 1865, coupon
Five-twenties, 1865, coupon, new
Five-twenties, 1867, coupon
Ten-forties, coupon 1074 to 107 i
Seven-thirties, 2d series
Seven-thirties, 3d series — to •••••
Oregon War Loan, Sixes, 1881 — to
U.S. 5-20 Coupons, 1868 llO to 110}
The following were the closing quotations this evening
for the Railroad and Miscellaneous Stocks : 1051
N. Y. Central 1254 Fort Wayne ............ „n
Erie
...-
Hudson
Reading
Mich. South. &N. I B3l W. U. Telegraph ...... °.;
Illinois Central
Cleveland & Pittsbrg B5 Ohio and Mississippi... 161
North-West
North-West Preferred 804 Cumberland ............. 00
Canton.. 46 Bankers and Brokers... 71,1
Rock Island
Cleveland and Toledo 991 i St. Paul Preferred ••• 6$
Bytelegram from San Francisco, dated Aug. 20, 1,10:
we have the following quotations of Silver Mining sto .
Gould and Curry
Savage ''' "' ... ••• ... 3,109 11
0 hollar-Potosi
Ophir ••• • • ... ••• ••• 19 0
Hale and Narcross
Crown Point 2,085 71
Yellow Jacket
Belcher 113 ~
Alpha ... ... ... ..• • - ... 50 "
Kentucky ... ~. ... .„ ... 400 n
Bullion ••• ••• ••• ••• ••• 15 ~
Overman ... ... ~. ... ... 82 It
Empire Mill ... ... ... ... ... 155 ,!5 are.
Imperial ..• ... ... ... ... 227 pr b
Confidence ... ... ... ... ... 35 "
Aniader ••• ••• ••• ••• ••• 220 ,I
Exchequer ...
Quartz Hill •••
Lady Byron ...
Sierra Nevada,..

... 1/

... ►,

•.• 7,
3i 17

the
The Thirty-first Annual Convention a
Diocese of Western New York was opened in S. r 3`lo,
Church, Buffalo, at 9 o'clock in the morning, Auglit-
Right Rev. Bishop Cox presiding. There were one
dred and ninety-four clergymen present; among thou' „f
Fuller, Arch-missionary to Greece, Judge Comstorl",
Seymour was in
Utica, Judge Niles, and others. Horatio Seyln

attendance during tho convention. aOll
It announced in America that Miss Bra- pr
is going to pay that continent a visit. The Bel'

-
Bellows has reached home from Europe. the
In the studio of Mr. B. F. Reinhart, in
130 a.
Library Building, Lexington, there is now on view - tocl
some picture of Gen. John H. Morgan by that tale°
portrait painter. 1101'
A Washington correspondent is not conlP;ma bet
Lary to Miss Vinnie Ream as a sculptor. He vis-g-d
studio to see her statue of Lincoln, and pronone- bov
face, alone uncovered for his inspection, key
11'
a hideous mockery of art, without life, 111110
ghastly representation of the martyred President• orclef'
on amusingly to tell how the young lady got thlod thet
When the Senator was asked how he could hend,
Chamber to make such a choice of artists, he 20 0'"
was he to do ?—the girl was crying outside. P°
were voted for this result. PllB baste
LADVERTISEMENT. I—Holloway's Ointment and • / a 030-
repeatedly effected cures which the utmost skill. 011;
city had previously signally failed to acomnPlg
worth of these noble remedies will never bo neuett who,'
by those whose sufferings they have relieved tte vs ife';
soundness they have renewed after constituti9littitio,
thoroughly broken down by the continuance of t cool;
ulcerations, the discharge from which bad 911°°st,rifyi.N
pletely drained away the strength. HollownY'evil,1011:,
and soothing treatment reaches the root of the tid satioi
it extirpates, the necessary step to a permanent ii„oritf 4
factory cure. In bad legs, ulcerations, and the 07,411,
cutaneous complaints, it is not enough simply Wat orst
the surface, poisonous and effete matters reeta
counteracted and expelled. ag "ut,
[ADVERTISEMENT.]—Avoid Medicines: they alvisYs stoll -
Itll-re 011
chronic complaints: but Du Barry's delicious bee,„, oollA;e5,
Revalenta Arabica Food, which yields three ernes ": rerael'oci
ment of the best meat, saves 50 times its cost in otheico, 00001
and invariably restores perfect digestion, strong tie Noce we
lungs, healthy liver, pure blood, refreshing srlaetbDlereds•tiosreit..
regularity, a& energy to the most disordered o
extract a few oat of 68,000 cures ;—" Pope's ",-„--15, 21,
by Du Barry's Food. Cure No. 68,413. he" Rollie,
t 19
—The health of the Holy Father is excellent, esloe',,if eIPIO,OI
abandoning all other remedies, he has confined "re 0001;e0ei
to Du Barry's Revalenta, Arabica Food. of which he sO"
a plateful at every meal. It has produced a surPo.., this e,-,00
ficial effect on his health, and his Holiness cannot Intl,- 25 , lifer
lent food too highly." From the "Gazette du gidii"-yeao 010
No. 58,216, of the Marchioness de Brehan, of sevellth s nor 01
complaint, wasting away, debility, nervousness, Ntoness,l,oo,
palpitation all over, bad digestion, constant 51e,e1(71,771;
the most intolerable nervous agitation.." Cure .°4,',:astlY 30.00
Stu trt de Decies, Lord Lieutenant of Waterford, le ,govi,ocy.
dyspepsia. No. 49,832: " Fifty years' indescrib?.l%, tiatt So;
dyspepsia, nervousness, asthma, cough, constips;l°,...-Cilry,„cars,
spasms, sickness, and vomiting.—Maria .10'5% „f 30 01'1
46,270: Mr. James Roberts, of Fernley, SurreY,_ineol,,ol.
diseased lungs, spitting of blood, liver are
thovi;011S:
partial deafness. Important Caution.—Bea
aore
ttai
unsavoury and more than sloppy imitations t ils•
authority, Baron Liebig's name is most audanyl". obs,viel
In tins, at Is. lid.; 1 lb., 2s. 9d.; 2 lbs., 4s. 6d..TAM Mos
,s RuvAL c 003,
12 lbs , 225.; 241bs , 40s —Also Du BA.RHY For ', 0„00
CHOCOLATE POWDER is packed in tin cauleter!,,./s ops
25., for 24 cups at 3s. 6d., for 48 cups at 65., fore--c up Trecoi
for 576 cups at 555. Being about one pennYon ~40. I
and 555. tins are sent free of carriage in Co,
of Post Office Orden—BAßßY DU BARRI' uiwts.
Regent-street, London ; and all Grocers and Coe

Births.
RoviL,LifEeS ox,-On the 3d inst., at Park Grange' ()2rj°r t °
ofT Professor Rolleston , of a son.
males,'
STEW ART—On the 3d inst., at 12, Prince of rt Ste° 01
Kensington Palace, W., the wife of Major it,`"t;ixteral
Deputy Assist.-Adjutant-General, at flead et,
a son.
the wife of Wm. Wilkin," Esq. ofl a SOU*
WILKIN—On the 3d inst at 9, Upper IlYde-r3r
030,
Marriages.
II
daughter
uul
gnNeht7Tt
BaDol NTBf
Lit-i
oeßOuv
vrtnno. the 3d inst., at Walcot C l'ur f!iia '9l
:wGnCe,nap.totwaiAni rles-
- c-
at-law, to Matilda Hare,
LITTLE—GRIGG—On the 3d inst , at the Chore,. 000.i5te
of Plymouth.
the-Martyr, Plymouth, Georgeu-EGysad.tlaeL::::trtrlieec,lcEersV:::::c:llol3:
Esq., widow of the late ~''

BARYON—On the 2d it pton-road, 11SiIlia° IP
IsDt.e, aa
ttrr
0. m
Foolltittrton, formerly of Bishopsgato-street Witlon.,r A ijer,
- On the 3d inst., at Acorn House, RocheEt, ti 'city 0,
man John Foord, J.P.or the county of hen
and
Rochester, aged 72, •trah /1.
neer
HiGos—On the 2d inst., at Haines-hill, boa
Higgs, Esq., aged 83. P, ftiC-4AO
MAulucE— On the 28th ult , suddenly, at Peng-, solo --
S. Maurice son of the late Li S. Ma'llriCe, SCl''
killed at the fall of the Bruu.stvic doheatre. riocl
TAYLOR- On the 30th ult., at Ears, Northlltabe
Hugh Taylor, Esq., aged 79.

NDB~ 113,
London : Printed 5
and
published
by jaawml
oSttr No.
112, strand, Printer, at THE SUN 050N,',:07 01
in the Precinct of the Savoy, the ‘l3'
OfiPteMbfir 0, 1860,