The Sun.
London, England, 1868-06-15 00:00:00

MONEY AND BUSLVESS.

73. Et CO.

(From. the Springfidd Republican.)
NEW YORK, Friday Evening, ,fay 29.
The leading feature of the financial situation, this week,
he's been the steady increase iu the previously high prices
for the Government Securities, and tho immense, business
which the transactions have covered. The stimulus un-
doubtedly corrms peimerily from the ease -in the mousy
market, but other causes—the popularity qif the Gevern-
meat Loans, the favourable influence of the Chicago Con-
vention, and the investments of the proceeds of last year's
crops— also op .rate in Vie same directiou. The transac-
tions of last week were larger than of any since the close
of the war, and the dealings of a leading house at New
York, from Monday, May 18, to Saturday, 231, amounted
to nearly $21,090,000. Five-Twenties of 18G7 were sell-
ing at New York, Thursday, at 111 i, and the demand was
greater than the supply. Predictions are abundant that
the securities of this class will readily command 120 before
the middle of July. The latter issues of Five-Twenties
are preferred, from the fact that they have a longer time
to run absolutely, as no Five-T wenties can be paid within
five years after the date of their issue, and will command
gold interest until they are redeemed. Another fact which
causes the Government Loans to appreciate in price
and public favour, is that they are nearly exhausted.
The Ten-Forty Loan, it is said, is all closed out, and with
the conversion of the remaining Seven-Thirties the
issue of Five-twenties will cease. This process of exchange
is now going on with great rapidity, the transfers amount-
ing to several millions daily, and th ) amount, now out-
standing being not much over $100,000,000. The reduc-
tion in May will be over $600,000,00, and it is expected
that the whole loan will be exchanged by the first of July.
When this is done the Government debt, bearieg coin in-
terest, will have reached its maximum under the present
legislation, and instead of selling bonds the Government
will become a purchaser. The demand will thus be in-
creased, and the price also. The Act of February 2G re-
quires an amount equal to 1 per cent. of th 3 debt, made in
or since the year 1862, to be annually set aside in coin, and
the interest of this reserve to be app'ied to the payment or
purchase of the debt. The fund thus provided will accrue
at the start at the rate of twenty-one millions. With a:1
these influences working in the same direction to restore
and stimulate confidence in the security of the Govern-
ment loans, it is not strange that the price advances. Be-
sides the legitimate demand, there are also many specula-
tors in the market, and the prospect of a steady advance
and firmness in the market is almost cert tin to be realised.
The holders of Government bonds aro not anxious to part
with thorn while the price is rising, and speculators for the
same reason are anxious to procure them.
Financial legislation lags in Congress, and an early
adjournment now seems likely to defeat entirely what
impeachment delayed. Mr. Sherman's bill for the funding
of the entire debt into a long five per cent. loan, which ho
introduced almost at the beginning of the session, was re-
vived, Thursday, but there is great doubt if it passes the
Senate, and greater if it survives the House. The debt
can le3.liquidated within a reasonable time, and during the
present generation, if it is nadertaken in the right way,
and there are serious doubts as to the wisdom or expedi-
ency of the prop )sition of the Senator from Ohio. The
House has now before it Mr. Sehenck's Tax Bill, which
will occupy it all summer, if it gives it anything like the
consi leration and dismission it commands. The bill will
come up in committee of the whole as seen as the Indian
Appropriation Bill is disposed of, and Mr Schenck means
to keep the members at work on it until it is finished.
Even if this is done, there are still the tariff and other im-
portant measures affecting the revenue which will hardly
receive any ateentioa at the present session of Congress.
The changes in the present t:ta het are not very im-
portant, and Mr. Schenck has left the whele matter of the
whisky tax, the most important of all, for the decision of
the house itself. If the House, Mr. Schenck, or any body
else, could contrive any way in which the whisky tax,
as it is now levied, can be collected, the whole tax bill
could be deferred and the public interests suffer no less.
The revenue of which the Government is cheated on
whisky would pay many of the taxes now wrested from
other articles to make up the deficiency. Of course, all
the distillers and " whisky ringers" at Washington are
anxious for an early adjournment of Congress that they
may carry on their frauds and swindles for another year
without molestation.

There is no change in the money market contrary to
is general easy tendency for the last few weeks. At New
York few loans are made above 5 per cont., and some are
effected as low as 3. The market is burdened with more
money than can bo disposel of, and all loans are made on
short time. 'Where a good, permanent investment for
several myths can be. obtained, the rates rule higher, if
the security is satisfactory. The prospect is generally ad-
mitted to tend to lower rates as the summer advances, un-
less a revival of business should create a commercial de-
mand, of which there is now no indication. Should the
summer business which the late and cold spring Las
checked an I restrained revive and improve during the
few weeks to come the demand for mosey may also be
greater and the rates higher. The western markets are
dull and stainant, and all the men y that is required for
produce transactions can be obtained on favourable terms.
The gold market has been steady and firmer during the
week, with a slight upward tendency, closing on Thurs-
, day at 1.391. •ghe expert demand has been quite large,

and will reach nearly $3,000,000. The arrivals from Cali-
fornia have been over $1,200,000, and the payments at the
Now York Custom-hous, have exceeded the disburse-
ments for coin interest. It is doubtful, however, if in the
ordinary course of events the premium can be maintained
at its present high rate during the summer months. The
Government and the Pacific Railroad will disburse, on the
Ist of July, $35,000,000 in gold, equal at the present
difference to $39,000,000 in currency, and the banks, in-
surance companies, and other corporations will also declare
their usual semi-annual divideitds, throwing in all pro-
bably not less than $70,000,000 in currency ou the market,
and all to be reinvested in some form or other. But little

of this last amount will go out of the country, and the dis-
posal of so large an amount will inevitably reduce the rates
of money and the premium on gold. The Customs at New
York for the first two days of this w.mik. were $92.6,601,
and thos3 at Boston ou W.xln saday (war $103,000, all
showing a steady activity in the foreign trade.

'rtio event of the week hi thf, miseallaneou3 stock m tr-
ket has Lion tha sharp and o.eci led rise in the ]fail
Steamship Conipany's stock at I that alinost immediately
following the annontiembnt it their dividend wenl,l be

passed, an-1 all the energis oC she corcent &voted to ex-
tinguishing the opposition limp.. The rise is the price was
started on the roprt that th .lividend would bo paid, but
le contrary truth rather Y le-1 than hindered the ad-
There is n) dou7.)t i at t the company is pursuing
lo correct c )urse, and that it will ultimately triumph if
adheres to it. The comp.tnyr.:lets almost uulimite.l mewls

:it its command, and with iz line of China awl Japin
steamers, already in succoss.lll operation, is in a position
to reap the full advantage of the current of Asiatic trade
which is expected to pour acr >ss this continent as soon as
the Pacific li. tilroad is completed. The advance in its
stock produces an activity earaugh the market, and the
railway and express shares Fave had an upward tendency.
The investments aro not largr, however, and the specula-
tion which ran mad at the, time the Erie war was at

i;s height has entirely subsided. The business in rail-
road shares will be lighter this season than usual, in
consequence of the absorption of funds in the Govern-
ment securities. Tho Illinois Central Railroad has just
watered its stock by a scrip dividend of eight per cent.,
and at the high premium at which stock now sells

the action may be justified, though it is questionable
as a general rule of peactice. Three companies,
which cannot pay a cash dividend, have, this spring,
added to their stock after this fashion of a stock dividend,
when the better policy would. have been to put their earn-
ings into improvement of their roads, and increased tho
value of the stock already exiating
The dry goods market has been dull and inactive the
past week, as all -through the spring, in consequence of the
cold, backward season, which has delayed the demand for
goods for summer wear, and e.cgning at this late day will
greatly restrict the sale. The abundance of money stimu-
lates collections, and cash payments are for the same rea-
son more frequent, so that th ire is greater convenience
and ease among the merchants and jobbers. The action at
Chicago had a favourable inflwarice upon the business men
of the country, and they will follow the lead of the great
New Ycrk house of A. T. Stewart and Co., who hung out
on the day of the nomination a great banner, which used
to do duty in the days of the war, and inscribed it with
the names of Grant and Colfax. Prices are generally well
maintained in spite of the dulltmes, and there is a feeling
of confidence which will produce a strong and active mar-
ket wherever business really begins in earnest. Cotton,
raw and manufactured, is not essentially changed, although
the tendency of the market is upward at Now York and
downvard at Liverpool. Foreign goods are firmly held at
New York ; and i:nporters are awaiting for better times.
The flour and provision markets at New York and Albany
have had a decline and a falling off in prices, and the cattle
markets at Cambridge and Brighton, being only scantily
supplied, have gone the other way.
(From the Wall-street Journal),
NEW YORK, Friday Evening, May 29.
On and after June 1, the Treasury Department will be
prepared to receive Seven-thirty Treasury Notes falling
due June 15 and July 15, 1868, for conversion into bonds
dated either July 1, 1867, or July 1, 1868, as parties may
desire. The terms of conversion will be as follows, viz.:
the interest on both series of notes will be allowed up to
July 1, and the bonds issued in exchange will bear inte-
rest from that date.
American Silver is in moderate demand at 6 to 7 cents
below the price of gold. Mexican dollars are quoted at
1031 to 1031 in gold.
Mining Stocks show some improvement, particularly
Consolidated Gregory, which has to-day been sold at
$5 45, against $3 yesterday, closing, however, at $5;
Little KanawhaCoal has been sold at par ($lOO per share),
the company doing well, and expecting to declare a divi-
dend of five per cent. in July next.
Petroleum Stocks are in good demand, particularly
United States, of which there are many buyers, and Union,
for which $5 are freely bid. Many stocks which have for
months not been spoken of are again inquired for, among
which wo note Highgate, which has been sold at 6 cents,
and Commonwealth, for which 20 cents are offered.

NEW YORK RITES OP EXOILINGE,
May 29th, 1868.
~
Sixty Days.
London Bankers
London, Prime Commercial lO9 t -109 k ..... -.
atria, Bank. o - 5.121 5.11i-5.10
Barmen, Bankers
Iramburgb, liankere 36 -661
Frankfurt, O.M. 4Ol-41+
Berlin and Cologne
Antwerp . . 5.16t -5.1.2,1-
Amsterdam, Bankers ...... - 414
Swiss

Throe Days.
114-110

A

The following were the closing quotations this evening
:or the Railroad and Miscellaneous Stocks :
N. Y. Central 1334 Cleveland and Toledo 1091
Erie 72 Fort Wayne
Hudson
Reading
Mich. South. &N. 1.... 88 Quicksilver
Illinois Central
Cleveland & Pittsbrg. 88} Mariposa Preferred
North-West
North-West Preferred 80j Boston Water Power... 21
Canton... 514 Cumberland
Rock Island
The following for the Nev
Merchants'
America
Butchers and Drovers 135
City
New York
Manhattan
Mechanics' 1294
Union
Phenix 1074
Tradesmen's
Gallatin National
Merchants' Exchange 115
Seventh Ward
State of New York
Commerce
Ocean
American Exchange ll9}
Bank of the Republic ll9
Bank of North America 110
Eleventh Ward
Mercafitile
Fulton 153
First National 205
New York County l4O
Marine 144
Grocers'

w York City Bank Stocks:
Manufac. and Merchts' 1031
Dilecha.nics' Association 118
Broadway
Hanover
Irving
Metropolitan
People's
Market.. ll4
Nassau lO4
Shoe and Leather ill
Corn Exchange l2B
Continental lO3
St. Nicholas
Commonwealth .. ll3l
Importers and Traders' 128
Central National
; Fourth National .. 103
Ninth National
Park lslt
Leather Manufacturers' 170
Oriental Bank- 1951
Tenth National
East River
Pacific l6O
Chatham 149
North River

Express Stocks are quoted as follows:
Adams ... ... 56} to
American ... 524 to ?:"
United States ... 55} to
Wells, Fargo, and Co. ••• ••• •.• ••• 26 to 20u
Merchants' Union, 35 per cent.... ... 281 to 21
By telegram from San Francisco, dated May 20, 18681
we have the following quotations :
Gould and Curry ...
Savage ••• ..•
Ciaollar-Potosi
Ophir ••• •••
Hale and Narcross
Crown Point
Yellow Jacket
Belcher ••••
Alpha
Kentucky ...
Bullion •••
Overman
Empire Mill
Imperial ...
Confidence ...
Amader •.•
Exchequer ...
Quartz Hill
LaJy Byron

..; 13440 per foot
... 3,145 al
214 ~

... 165
2,103 ,1
... '2,110
... 1,105
.. 300
68
... 410

... ... „

...
... 205 pr stir"

• .. ... rl

• ... 71

... ... ++
... ... ~

Births.
BENNETT —On the 12th inst.., at 20, Palace-gardens-terrt'e6
Mrs. John Bennett, of a son. tbo
HARE—On th 3 12th inst., at 62, St. George's-squarel
Hon. MrF. Hugh Hare, of a son.
WIGAN—On the 13th inst., at Eversley, Winchmore—
the wife of Henry Wigan, Esq., of a son.
Marriages. „iso
NELSON—BAYLDON —On the 11th inst., at the Pgg',4,,
church, Hackney, James Nelson, of Sunderland, cter
only son of R. A. Nelson, Esq., of Gray's-inn, barrijior
at-law and of Chester-le-street, in the county of 'ivf•
ham, Frances Emma, eldest daughter of the late.'
John Bayldon,of Penrith. 01'1
STEPHENS —LOY 11 the 11th inst., at St. Peter's u.-1,0.
Croydon, Wm. R. Stephens, of Throgmorton-stree"„dt
Lee-road, Blackheath, to Mary Loy, of Dingveall-r"
Croydon.

Den the.
101f1
LOF.DER —On the 10th ingt., at 5, Nurtharnptotr.,
Canonbury, Wm. C. Loader, Eel. so`j‘
NELTLIORPE—On the 10th inst., at Nuthurst Lodge:, 35.
Horsham, Sussex, James T. Nelthorpe, Esq., ageuifole
POULDEN—On the 12th inst., at Sta,uhope-plaeo, ,'l.lr
park, George Puuldon, Esq., of the Inner Temple,
corder of Portsmouth.
ROBINSON—On the 10th inst., at 9, Chesil:tin-street,
R
grave-square, Henry Rubinson, Esq., aged 75. lace,
STEPIIENS -On the 11th inst., at 10, Montarle!pr
liuss3ll-square, the Wm. W. Stephens, I‘l°''
merly of Southfield, Tunbridge Wells, aged 77. hitt/
SOUNDY—On the 7th inst., at Lower-road, Railer6l6'
London, Chas. Soundy, late of H.M.'sCuston
London : Printed and Published by WILLIAM go
of No. 112, Strand, Printer, at Tint SUN 011''°'„2 ti
Strand, in the Precinct of the Se voy, in the vv-
Jaae 15, UN..