The Sun.
London, England, 1868-09-19 00:00:00

MONEY AND BUSINESS.

(From the Springfield Republican, Sept. 5.)
Money continues in positive excess at the East, though
the West reports an increased demand and a gradual
tightening of the market, without, however, anything like
stringency as yet. Most of the public journals seem to
feel under obligation to warn their readers against trust-
ing . these appearances ; and money-articles, and even
editorial columns, aro full of predictions of a squeeze by
and by. That money will not be so easy, a month
from now, is a matter of course ; but we think that most
of these prophets are overdoing the thing in their extreme
conscientiousness. There appears to be no sufficient reason
to anticipate more than a fair degree of tension at the
worst. The currency of the country is in unmistakable
excess; and it is notorious that mercantile credits—that
great cause of periodical pressure and occasional panics
—are much less extended now than usual. Moreover the
facilities for transporting goods and remitting money
have been so greatly increased of late, as to distribute the
fall trade over a much longer period, and at the same time
to make currency more active, enabling a much smaller
amount to effect the same number of exchanges. Cur-
rency will of course set strongly to the West during the
next four weeks, and money in New York will unques-
tionably be brought up to legal rates and kept there
through the season ; but more than this there are no pre-
sent grounds for expecting. Theexisting ease of the mar-
ket has led to a large investment demand for Government
and other favourite stocks.

At Boston call loans aro made at 4 to 5 per cent. on
Governments, and the banks are able to employ the bulk
of their f ands at 6} to 7 per cent. At. New York money
continues easy on call at 3 to 4 per cent., awl ran as low
as 2 per cent. on Saturday ; discounts aro dull, the general
rate, for prime paper being 6 to 64 per cent. for short, and
6i to 7 per cent. for four months paper. The weekly
statement of tho associated banks shows an increase of
three and a half millions in loans, and of six millions in
deposits, the decrease in deposits in three weeks having
reached 21 millions. At Cincinnati the demand for loans
is bettor, but the market is easy at 8 to 9 par cent. for
first-class paper at bank, and 10 to 12 par cont. outside.
At Chicago the exigencies of the season are beginning
to be felt, and the market is working close. Grain con-
tinues to accumulate, and its movement eastward is
looked for to give ease to the market. At St. Louis,
money is in good supply at 8 to 10 per cent. by .the
banks, 12 to 15 per cent. being the outside rates. At Lou-

don the rates for short first-class paper are n to If, per
cent., with little offering. The movement of bullion to
Paris has ceased, and the amount drawn away in con-
sequence of the French loan is being replacdd from
Australia and the United States. At New York
the import entries for the week have been $6,198,507,
against $6,362,630 fJr the same week last year;
the export clearances of domestic produce amount
to $3,568,651, against $2,994,242; and the export of
specie and bullion has been $492,034, against $103,792.
The gold values of import entries of foreign mer-
chandise at New York since January Ist have been
$171,341,129 against $179,316,448 for the same period last
year, a decrease of $7,975,319; the currency value of the
exports of domestic produce and miscellaneous goods
for the same period amounts to $103,836,152 against
$123,790,485, a decrease of $17,931,333 ; the exports of
specie of all descriptions since January 1 has been
$64,403,113, against $11,163,077, an increase of $23,246,036.

The deliveries of California geld and silver for the same
period have been $23,892,121, against 819,933,520, an in-
crease of $8,862,901. Of course much gold reaches New
York which does not enter into the tables of receipts and
exports. Many millions come overland from Montana
in the form of dust or " bricks," and so escape the sta-
tistician. An analysis of the import entries for the
week, given above, shows a considerable improvement
in dry goods, but a falling off in general merchandise.
The exports for the week show a decided' improvement.
Cotton has moved more freely than for some weeks past,
the shipments reaching 2,700 bales, Hay has been in un-
usual request for shipment, but closed for the week less
active, though at full prices. The export of cheese has
almost entirely ceased, but not until considerable money
has been lost on it. Petroleum has been largely shipped,
though prices have given way under heavy accumulations
and less favourable foreign advises. Petroleum is an
article which has not'yet found its price.
A report has just been published by the Statistical
Bureau at Washington, which enables us to determine
exactly the balance of our foreign trade for the eleven
months ending June 30. The general facts are, that we
imported of dutiable merchandise $310,838,935, of free mer-
chandise $14,410,251, of specie $12,197,615 ; and exported
of domestic merchandise (in currency values) 8341,576,718,
of foreign merchandise 510,807,947, and of specie
$81,063,062, making the balance apparently 8101,000,891
in our favour—but reducing the exports of domestic
merchandise to gold values at the several monthly pre-
miums of gold, we shall have the excess of exports only
$8,401,857. But, as this was obtained by parting with
$71,849,339 of domestic coin and bullion, it cannot be re-
garded exactly as a triumph of American production. Of
that seventy-two millions, one half, possibly, we could
have afforded to send (provided we did not wish ever to
resume specie payments) as the proper product of the
year, and so a legitimate matter of export. All the rest
must be regarded as a clear loss of the capital of the
country, attributed to the ad vanteges of a depreciated cur-
rency.

Gold has fluctuated less violently this week than for
some weeks past. It has kept chiefly between 144 and 145,
although touching 146 for a moment on Tuesday and
Wednesday. The demand for customs has been large,
while the export has fallen a to less than half a million.
The Java, from Liverpool, on the other hand, brought
back half a million of dollars in American small coin (half
eagles) which had been sent out as a part of the Alaska
remittances, but could not be disposed of to advantage by
weight in London. From the way this remittance was
managed, it would seem that " some one had blun-
dered." Freight and insurance for specie across the At-
lantic twice, for nothing, are "no joke." We shall pro-
_ __

bably hear no more of the return of specie from Europe.
The September interest ($5,000,000) on the Ten-Forties
(Five per Cents.) has been paid out this week. This has
had an influence, unquestionably, in reducing tempo-

rarily the premium. The victory of the party of peace,

and order, and national faith in Vermont was instantly
followed by an advance of one per cent. in Governments,
which had before bean slightly depressed. The opera-

Lens in the Five-Twenties of 1867 alone amounted to

several millions of dollars, and the investment demand
for the whole list was heavier than it had been for months.

The tendency to equalize the prices of the different issues
has become very marked. Even in Europa this is be-
coming quite perceptible, although the preference is still
given to the Bonds of 1862 at the London and Frankfort
boards. 10-40's and the later 5-20's are being sent abroad
very largely. Particularly at Frankfort the dealings in
American Securities have been greatly stimulated by the
rise in the premium on gold. Coupon Ten-Forties and
the old Bonds of 1865 are in especial request at home.
In the railway market attention has been confined mainly

.A::* two or three properties. Milwaukee and St. Paul has

more than recovered from the effects of the injunction
and stands higher than before. An injunction from Judge
Barnard is getting to be considered a certificate of re-
spectability and good character. Not discouraged at all
by this move of their enemies, the directors have accom-
plished the purchase of the Prairie du Chien Road, with
which they had previously consolidated earnings. Erie
still continues the football of the market. On Monday the
stock fell several per cent. under the report that the in-
terest on the 2d and 31 mortgage bonds duo September 1

—amounting to s3so,ooo—was to be passed. The report
probably originat:d in the fact that no advertisement of
the payment had appeared. The effect of course was'to
depress the stock, though the report was absurd on its
face, as if the rascals who have the direction of the road
would allow the mortgages to be foreclosed and the road
to be put into the hands of a receiver l They know too
much. As long as they can steal $350,000, the interest
will be paid on the day. On Tuesday, again, the stock
want up to 49k. under a rumour that the road was to be
consolidated with the Atlantic and Great Western, but
went back to 46 the same day. The directors of the
Great Western are actually on their way over to try
to do something with their beggarly concern. They
will try to sell their road to the Erie—if not, to lease
it. The consolidation of the two concerns would bo
painfully like a wedding in the poor house. The
earnings of the Great Western for the third week in
August were only $91,107 against $120,226 last year, a
loss of $26,092. North-western has advanced to $B5. Its
earnings for August were $1,265,830 against $1,063,236
the same month last year, showing the handsome gain of
$202,594. The payment of the 10 per cent. stock divi-
dend on the Rock island Stock commenced on the Ist inst.
The New York World says that the stockholders, before
receiving payment of the dividends, are forced to sign
an agreement ratifying the sale of 49,000 shares, issued
in accordance with the resolution of the execution
committee on September 13, 1867. Central Stock has
advanced during the week, and it is in better request.
Pacific Mail went up several per cent. on a rumour
that a settlement had been made with the opposition, but
fell off the same day. In Express Stocks Adams and
Merchants' Union remain about as last week. Adams
indeed slightly stronger. The others have declined, Wells
Fargo $3 per share, American V; per share, and United
States nearly $2 per share. The Boston and Albany Rail-
road has completed its double track, the last rail having
been laid between Chester and Middlefield. The Reading
and other coal-carrying roads advanced their freights on
the Ist instant, and this, as well as the increased demands
of the mining companies, promises to make coal higher
very speedily.
The new National Life Insurance Company, chartered
by act of Congress at its last session, has organized with a
"swinging" board of officers, and is now in full operation.
A company, called the East India Telegraph Company
has been organized in New York, with Governer Curtin,
of Pennsylvania, as president ; which proposes to lay
down nine hundred miles of telegraph at once, between
ten enumerated Chinese ports, having obtained the pri-
vilege through Minister Burlingame. The company ad-
vertises for subscriptions to its stock.
In provisions the only marked feature is the increasing
steadiness of pork. The supply is reported scant, Land the
stock on hand is firmly held at an advance. Dairy products
show a downward tendency, butte rand cheese being both
considerably" off." Breadstuffs still tend downward, except
the better grades of flour. Unless the export demand quickens
more than to be expected a still further decline is inevit-
able. The subject of the crops, we believe, has been ex-
hausted for the present. Wool is in better demand, at
full and buoyant figures. Cotton closes for the week a
trifle lower. There has been a noteworthy improvement
at New York in the dry goods trade. The town is filling
up with merchants, but there is still a groat disposition
to hold off, and a general feeling that prices must give
way. In domestics there has been soma movement,
but prices are unsettled. In printing cloths there is little
doing, with a declining market. In brown sheetings of
standard makes there has been a decline of about one cent
a yard, while in light weights the fall has averaged about
half a cent. In bleached shirtings and sheetings prices
rule lower by half a cent to* a cent per yard. Foreign
dress fabrics are freely taken. Shawls and carpetings aro
in good demand. Woollens show a marked improvement.
Fine cashmeres and fine overcoatiugs are considerably
higher, and likely to be.