The Sun.
London, England, 1868-08-11 00:00:00

MONEY AND BUSINESS.

(From the Springfield Republican, July 25.)
The money market continues easy all over the country.
Indeed the process of relaxing may be said to be still going
on. The banks exhibit a marked anxiety to dispose of
balances at any rate. The causes which we were threat-
ened with a month ago, as certain to send up the price of
money, have not been found operative. The rates are even
lower than belong to the season, and indicate a decided
excess of currency. Call loans on Government securities
are made at Now York at 3 per cent. At Boston a little
higher rates prevail with considerable discrimination as to
borrowers. Foreign exchange is dull, and rates aro steady
at about the figures for last steamer. London, 60 days,
commercial, 1091 to 110 ; London, 60 days, bankers, 110
to 1101; London, short sight, bankers, 1101 to 1101 ;
Paris, 60 days, M 5 to 5.121; Paris, short sight, 5.111 to
5.10 ; Antwerp, 5.15 to 5.121; Swiss, 5.15 to 5.121 ; Ham-
urg, 361 to 361; Amsterdam, 401 to 411; Frankfort, 401
o 411 ; Bremen, 791 to 80 ; Berlin, 711 to 72.
The course of gold has been of unusual interest dur-
ng the week. On Saturday last it ran from 142 to
144. On Monday it opened at 1431, reached 1431, and
held at 1431 to 1431. On Tuesday it opened at 1431,
and closed at 1421. On Wednesday it opened at 1321,
and closed at 1431. On Thursday it was the same.
This rise is the more noticeable, as occurring in the
face of the largo disbursements of the Treasury for the
July interest, which so far are nearly thirteen millions
above the customs receipts, and also for the payment of
the principal of the Mexican loans of 1847-8. It will
be remembered that the Treasury first announced that
these bonds might be held over till January next,
drawing interest, but afterwards announced that the
interest would cease July Ist of this year. This• action
has brought the bonds in rapidly, and they are sub-
stantially redeemed. On the first of Juno they
amounted to $8,532,000, and on the first of July to
$6,500,000, of which amount the New York Times
estimates that at least $5,500,000 will have been
presented and paid by the close of this month. The
total gold payments out of the Treasury in June and July
will be about $37,500,000, while the Customs receipts will
probably have amounted to $27,000,000. That gold should
rise at such a time would have been inexplicable but for
the heavy and constant demand for export. From the
close of May to the present time, the excess of gold ship-
ments over receipts has been nearly fifteen millions.
Gold has no longer any general uses in this country, and
being demonetized it ceases to control or bo controlled
by the fluctuations of prices. But it still has special
uses, in the arts, in the payment of customs, &c. Its
export, therefore, below a certain point must bring its
price sharply up. It is a question whether the present
advance indicates that such a condition has been reached,
or is due solely to the manipulations of large holders. We
have been inclined to believe that the rise was owing to
excessive export, and that it might continue till much
higher figures were reached. That such a consummation
is desirable we have often endeavoured to show.

The import entries for the week amount to $4,616,842,
against $3,229,456 same week last year. The export
clearances of domestic produce $2,317,411, against
$3,325,599. The export of specie $2,094,138, against
$4,076,857. The customs of the week are $2,250,000.
The gold values of the import entries of foreign mer-
chandise at New York, since the Ist of January, 1868,
amount to $135,606,082, against $147,643,021, decrease
$12,036,989. The currency value of the exports of
domestic produce and miscellaneous goods from New York
since January 1, 1868, $91,114,749, against $104,679,711,
decrease $13,491,962. The exports of specie from New
York since Jan. 1, 1868, $57,519,290, against $35,041,426
increase $22,477,864. The deliveries of Californian gold
and silver at New York since Jan. 1, 1868, $23,818,475,
against $14,793,540, increase $9,021,935.
Governments have risen handsomely during the week,
averaging fully one per cent. advance. Of late operations
in the Bends have boon restricted by the apprehension
that Congress might do something to disparage the public
credit. Large amounts of available funds have been kept
idle awaiting such possible action, and ready to take
advantage of it. The banks, even, have been sellers of
Governments to a certain extent. So that, while the
fear of repudiation or of an endless issue of greenbacks
has not been strong enough to beat down the price of
the Bonds, it has checked the dealing in them to a con-
siderable extent. Within the present week, however,
greater confidence has been manifested; the banks have
entered the market as buyers; very heavy foreign orders
have been received, and a geed demand for investment has

sprung up. Those who have been holding off in anticipation
of possible legislation have got well tired of it, and Govern-
ments seem now to be rather the best thing to buy. The
New York Stockholder gives the following explanation
of the difference in ruling between the different issues
of Five-twenty Bonds. Of course, in addition to this
is the fact that the interest on some falls duo January

and July, and on others April and November, so that the
-

price varies as the time of drawing the semi-annual three
per cent. approaches or recedes :—" The Five-Twenties
of 180 and those of 1864 and the old issue of 1865
are dealt in the markets of London and the continent of
Europe. Presently, however, it is soon expected that the
_ .

loans of 1865 (now) and of 1867 will bo upon the foreign
markets, as they become a closed loan, July 1, 1868. The
amount of theso is about 900 millions. The latter issues
of Five-Twenties, to wit—the 64's, 65's and the 67's are
more appreciated from the fact that they have a

longer time to run absolutely, no Five-Twenty Bonds
being payable till five years after their issue, with" interest
in gold by law stipulated to be paid as long as the bonds
are outstanding."
At the present time there is a heavy uncovered short

interest at New York iu 1862's and4eld 1865'5, of the bonds
available for shipment, as also of the " domestics" in 1867'5.
A letter from Secretary M'Culloch to Henry Clews and
Co., of New York, shows that the amounts of the several
issues of gold-hearing bonds outstanding July 1, 1868,
were as follows :
Five per Cent. Bonds due 1871, outstanding $7,022,000
Five per Cent. Bonds due 1874, outstanding 20,000,000
FiVe per Cent. Ten-forties, outstanding ... 198,449,800
Six per Cent. Bonds of 1847-48, outstanding 6,878,442
Six per Cent. Bonds of 1881, outstanding ... 265,262,200
Six par Cent. Five-twenties, Feb. 25, 1862,
outstanding ... ... 514,771,600
Six per Cent. Five-twenties, June 30, 1864,
outstanding ... 125,561,300
Six per Cent. Five-twenties, 1865, May and
November, outstanding
Six per Cent. Five-twenties, 1865, Consols,
outstanding ... 331,972,950
Six per Cent. Five-twenties, 1867, outstand-
Six per Cent. Five-twenties, 1868, outstand-
ing

197,777,250

3G4,123,900

... 17,648,950

Total

$2,060,833,392

Tho Consols of 1865 and the Five-twenties of 1867-8
are being constantly increased by the conversion of Seven-
thirties.

In the railways the most marked feature has been
the rapid appreciation of Wabash and of North West-
ern. That in Wabash is ' attributed to an effort, by
parties already interested in the road, to got command
of it, for the purpose of carrying out negotiations
already begun, for extending and completing its con-
nections, without involving any outlay of money or
involving any liability on the part of the company.
The advance of North-Western is merely a continua-
tion of the movement which has been in progress for seve-
ral weeks and which has raised the common stock from
65, June 22, to 811, not to mention the little matter of a
ton par cont. dividend in scrip. It is the result of a larger
and juster sense of the intrinsic advantages of the road,
notwithstanding all mismanagement and wastefulness
in the past. Indeed, this is not merely the most
marked feature of the stock market this week ; it is one of
the most marked features of tho national industry at the
present time. The country is just beginning to realize
how much there is in the Western railways, and what a
career, with honest and capably mi.,.agement, they have
before them. Time is all on their side and the future is
for them. Every change betters their condition, and the
national growth only ilibeds them more deeply in the
wealth and industry of the country. There is at the present
time—at least in railways—a reaction in favour of Western
investments; and while it is very likely to had to disap-
pointments, there is yet enough in it to justify s inguine
expectations. The recent splendid success of the Illinois
Central, after its long depression, has done a great deal to
add to the feeling; yet it is doubtful whether it would
pay any one to go through with the whole experience of
an original shareholder, even in view of tho present high
character of the stock. It seems tolerably certain, how-
ever, that the excess of Eastern capital will tend increas-
ingly in that direction, and the present advance in Chicago
aLd North Western is more the result of general than of
special causes: Speaking of the Iliinois Central, we find
in the New York Tribune the statement that of the
• 245,000 shares all but 10,000 are owned and hold abroad.

---- S,
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London : Printed and Published by WITALIA'^ '-of
Strand,
of No. linl2,
the Snd, inteofr,
the Savoy, at 'rue So
in the 04100 U
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Middlosex.—Tuesday, August 11, le6B.