The Sun.
London, England, 1868-01-11 00:00:00

I`'F: IV YORK 31ARKETS.

(From the Correspondent of the Anglo-American Times.)
NEW YORK, D c. 28, 1868.

Money is in greater demand, as usual, at the clos,: of the
year, but the supply is still abundant at six per cent, on
call. Large stuns are necessary for the banks, railway
companies, and other joint sock concerns for the pay-
ment of dividends, and they will find no difficulty in pro-
curing accommodation. The Secretary of the Treasury
has announced that there will be no further contraction
of currency for at least two months, and the fears of a
stringent market have been dispelled. At B.)ston the
market is reviving, and New York bills are there more
readily taken. Money remains stringent in Chicago and
rates are high. Although business remains lamentably
dull, the general belief is that the worst of the
crisis is past. A banking house at St. Louis has sus
pended with -heavy liabilities—Teeson and Son. The
failures within a month have been 58, and it is calculated
that on the realisation of the estates the loss will exceed
three million and a half of dollars. The Secretary of the
Treasury addressed the following letter to Senator Sher-
man :

Treasury Department, Dec. 18, 1867.
Sir,—Your favour of this instant is received.
It is not my intention to retire and cancel any more
United States notes this month, nor will the condition of
the Treasury and of the country justify me in making the
usual contraction in the month of January.

It 'nay be propor further to say, that tivhile I entertain
the opinion that an early return to specie payments is in-
dispensable to the national prosperity, and that specie
payments cannot be restored without a curtailment of the
circulation of the country, I shall not continue to exercise
the power of reducing the circulation of United States
notes conferred upon me by the Act of April 12, 1866, unless
I have reason to suppose thit I shall be sustained in doing
so by Congress, nor until Congress shall have a full op-
portunity of determining the future financial policy of the
Government. You can, therefore, say to your Committee
that there will be no contraction of the currency by the
Secretary during the present month or the next.
HUGH 3.l‘CuLLocx, Secretary.

Hon. John Sherman, Chairman, ttc.
The Senator's Financial Bill has been much discussed
in Wall-street. Though it does not touch directly on the
currency it is opposed by the expansionists, who truly
believe it to embody the views of Secretary M'Culloch,
on whom they pour numerous letters of advice. The
Secretary is supported by our best financiers, and his theo-
ries are borne out by the experience of other countries. The
worst of our position is, that wild and reckless experimen-
tors make their voices heard, and endeavour to persuade
the people that there is something different in the political
economy of America from that which rules in the effete
nations of the Old World. Although the House favours
inflation, the Senate will act as a check, and it is believed
that in the end the opinion of such financiers as M'Culloch
will prevail. On the approach of the payment of the
Janeary dividends a larger business is transacted in Go-
vernment Securities. O❑ the Seven-thirties $700,000
were paid last week iu New York, and the Govern-
ment disbursed iu all, green-backs to the amount of
$1,200,000. The gold interest payment on the E'ivs-
twenties will commence next week, NI hie h
other securities will make up the large sum of
$30,000,000, when Government interest disbursements
will cease till that on the Ten-Forties becomes due in
March. Yesterday gold closed at 1331, there being little
change for the last day or two. While the receipts from
California increase, the shipments to Europe fall off ; that
is, a touch larger sum was believed to be requited for ex-
port to meet the large demands than has proven to be the
case. The Customs' receipts are small, and as long as busi-
ness remains so dull they are not likely to increase. Though
the transactions iu the railroads and miscellaneous market
have lessened during the holidays, the tone hits been fires
and vigotous. The Wester❑ Roads show, in their divi-
dends, a satisfactory state of affairs. Even the Atlantic
and Great Western has increased its receipts by $82,952
for this over last year. Tile lines controlled by Cormno-
dore Vanderbilt remain in good demand, and are supported.
at advanced prices. The chief event of the week 14 the

consolidation of the four rival Express Companies, which
has at last been accomplished as follows :—The net earn-
ings are to be massed, and the dividends thus apportioned,
—Adams, 29 per cent.; American, 261 per cent; Unite 1
States, 18 per cent.; Merchants' Union, 261 per
cent. The territory or lines of the four companies
are to be subdivided, so as each shall occupy the same in
proportion to their earnings. Except at principal points,
as New York, Boston, Philadelphia, Buffalo, Cincinnati,
Chicago, and St. Louis, and some others, offices of the
four companies are to be consolidated, and expenses gene-
rally reduced. The entire management of business is put
in the hands of a board of control, consisting of one mem-
ber from each board of directors, which four choose the
fifth, who acts as president. The same tariff in operation
previous to the time of Merchants' Union Express Co. going
into business, will be re-adopted with some few variations.
The companies will restore the tariff of prices to the good
old rates, before they We I'o brought down by competition
The effect has been a steady and rapid rise in the value of
their shares. The amalgamation will take effect on New
Year's Day, 1868. The Wells Fargo Company is not in-
cluded, as its business is with the Pacific Coast, but
it is not to be left undisturbed, as an Express will come
into operation in connection with the new line, the North
American Steamship Company; to San Francisco, via Pana-
ma. Mining Stocks remain very dull, and Petroleum
stocks continue in steady demand, with little change in
price.