The Sun.
London, England, 1868-09-26 00:00:00

10 to 12 in open market. The week closes, however, with Petroleum S
a decided increase in the employment of money, and I doing in Buchan
the banks are more disposed to confine themselves to their
customers, and to harden figures a little. At Chicago, the
market is neither better nor worse, though the flow of
currency to the interior is being checked—the crops have
been largely drawn upon, and a portion of the produce
now received being paid for in goods. The following,
then, are the general facts in the condition of the markets
throughout the country:-Tho East has a large surplus,
and is ready to be drawn on even more heavily than it is
likely to be, without experiencing a scarcity. At the West
the crops are very generally off the farms, and are being
forwarded with gi eat rapidity in hopes to anticipate a decline
in prices. Hence the larger half of the honest work of the
currency there isetlready done. In Wisconsin and Minnesota
but little grain has yet been moved, and the wants of those
States must be taken into account. The demand for money
from the South will be largo, and the cotton crop is being
pushed forward rapidly, both from a desire to secure pre-
sent prices, and on account of the general impecuniosity
of that section. Ou the other band, the movement of
goods West and South must begin very soon in earnest,
and will largely offset the indebtedness of the East. The
demands of the cotton and grain crops must not be dis-
paraged; but neither must the capabilities of exchange
and the abundant resources of New York be under-esti-
mated.
There has been nothing worth remarking in gold dur-
ing the week. It has kept mainly below 1.45, though
once touching that figure. The usual controversy has
been kept up by the New York papers as to the amount of
gold in the Treasury, the Tinies insisting that it is above
70 millions, while the World puts it at " $60,358,081, with-
out counting the accrued interest on overdue bonds." All
this quarrelling is supposed to be pertinent to the question,
What is the proper price of gold ? But we will suggest
that it will be well to remember that it is not the amount
of gold in the Treasury, principally, but the amount in the
country, that determines the premium. The Times will
hardly deny that the export has been unprecedentedly
large for the past eight months, and has considerably di-
minished the amount held in the United States. There
being less of it, why should it not bring a higher price ?
Where is the fallacy in this ? It ought not to be a hard
matter to figure out the amount of gold in the Treasury at
Now York; but some people seem to find it so. Perhaps
they had better try easier sums at first.
Governments, which within a fortnight had advanced
11 per cent. on the new Bonds, sustained a heavy attack
from the bulls as the week closed, and have given way
slightly under the pressure—the new issue, which had
been most appreciated, suffering most in the fall. At the
lowest prices reached, there is not much doing. Holders
strongly resist a further decline, and the market is indi-
rectly supported by the large amount of bonds now held
in Europe, on account of American consignors—the Ger-
man bankers being engaged to help prices here, in order
to keep their own market steady. The Bonds of 1867,
which we reported last week as growing rapidly in favour,
have still further advanced during the week, though yield-
ing somewhat at the close. The New York World congra
tulates itself, and desires tobe congratulated, upon having
caused the recent advance in the later issues by publish-
ing the discovery that the bonds of 1865, 7, and 8 are really
by law made payable, principal and interest, in coin, and
are thus placed beyond suspicion or attack. Fully as
easy, and fully as likely a reason might perhaps be found
in the fact that the later bonds have longer to run, the
five-twenties of 1862 being actually redeemable to-day.
As for the World's patent discovery, we still entertain the
opinion which we expressed at the time, 'namely, that the
rascally repudiators, with whom the world is so frater-
nally linked, will not be hindered by any such gossamer
distinctions. If they are knaves enough to confiscate a
part of the debt, they will have no scruples about confiscat-
ing the rest. The Five-twenties are a whole; and if the
bonds of 1868 stand, those of 1862 will be as good as gold.
Vermont spoke out for Grant, and Governments advanced
promptly within twenty-four hours. If Maine goes Re-
publican by 15 to 20,000 on Monday, the bonds will ad-
vance again on Tuesday. And if Grant and Colfax are
elected iu November, every bit of paper on which the
Government of the United States ever pledged its faith
will be worth par in gold the world over.
The September statement of the public debt unfortu-
nately shows an increase of indebtedness to the amount
of $12,078,833 —ten millions and a half, however, being
caused by the Alaska purchase and by loans to the Pacific
Railroad. As the latter expenditure, though in the name
of the United States, is really chargeable upon the com-
panies, it must in justice be deducted. The remaining de-
ficiency of a million and a half is due to the unusually
heavy demands of the War Department, and to the falling
off in receipts, occasioned by that most mischievous and
disgraceful dead-lock in the internal revenue. service.
Tho exhibit made by Mr. Atkinson in his speech at Wor-
cester on Wednesday will be good reading for any one who
feels gloomy over these successive deficiencies.
Bonded State Bonds have been active during the week,
and close strong. An unofficial statement has been made
that the overdue interest on the Tennessee Bonds will be
paid in the first week of October ; and it has found suffi-
cient credit to raise the old Bonds (ex-coupon) to 691.
Governor Holden, of North Carolina, has announced that
the interest on the public debt of that State, whether con-
tracted prior to or since the rebellion, will be promptly
paid on and after October 1. The Railway Market has
done a large business in a large way during the week,
closing generally lower, except on Toledo and Wabash,
which has been forced up to 58 from 531, yielding 11,
however, at the latest sales. This not heretofore been
esteemed a valuable property, and the advance, like
John Allen's piety, needs confirmation. Reading sold
down to 891 from 91'4, on an immense business done,
under the report that the colliers have given notice that
they will stop work on the 19th unless rates for mining
are advanced. The St. Paul Stocks have passed the
North-westerns on the upward journey, and reached 90
for common and 91,1 for preferred. The scheme for con-
solidating the Atlantic and Great Western with the Erie
is being actively prosecuted, and the former company
have issued a pamphlet giving the proposals submitted to
the bond and debenture holders by the directors, with a
view to the reorganization of the company. The total
bond and share capital account of this wretched concern
will foot up $63,060,036. It may not be known that one
important cause of the decline of this property (aside from
wasteful and corrupt expenditure and management), is
that, being a broad gauge road, it has been shut off almost
completely from its western connection, by the fact that
the Ohio and Mississippi Railroad,under influences adverse
to the Great Western, has taken up its own rails and is re-
laying them for a 4 feet 81 inch gauge. And as the Great
Western runs neither east nor west, but south-west and
north-east,it receives very little tribute from the roads which
cross it. As it stands, its financial condition is deplorable,
and fast growing worse. Throwing it in with the Erie will
make neither of them less beggarly; but it will make a
grand subject for Wall-street speculation. The vagaries
and vicissitudes of old Erie will be nothing to the perfor-
mances and experiences of this new monster of insolvency.
Meanwhile Erie stands at 46 to 47, and it is said several
noble craft are taking in full cargoes at that price as a
minimum. Pacific Mail has had a varied fortune, rising
once to 1041. No adequate cause could be assigned for
the movement, and the stock fell back to 1021 at the close.
There have been stories afloat of new difficulties experi-
enced by the Webb opposition in transit across Nicaragua.
Express stocks rallied during the week, and made their
recent losses generally good, but closed heavy.
The aggregate imports of foreign merchandise at the
ports of New York, since Jan. 1, 1868, are $175,249,989
against $184,724,724 for the same period last year; the
exports of domestic produce and miscellaneous goods for
the same time have been $109,372,023 against $123,774,772;
the exports of specie of all descriptions for the same time
have been $65,022,527 against $42,177,026 ; the arrivals
of California gold and silver have been $29,168,180 against
$21,042,842. Included in the exports of the week are 1,804
bales of cotton. The market in this staple is greatly de-
moralized, and nobody seems to know its price. Tho
week closes with a decline, middling uplands selling down
to 271. The lowest grades are relatively higher, as the
lots of cotton now coming forward are chiefly of the better
qualities. For future delivery there is some inquiry ; new
sales were made at the close of the week at 25 cents for
October delivery and 23 cents for November.
American hay still continues to be highly appreciated
abroad. The English article has advanced £7 a ton, while
the American sells at £5 to £5 ss. The export for the
week has been 821 bales. Prices close strong at a slight
advance. The export of petroleum from January 1 to
September 4 has been 65,747,702 gallons, against 40,645,171
for the corresponding period of 1867, 38,849,674 in 1866
and 11,555,023 in 1865. An entirely new feature in our
Treasury movements is the shipment of gold bars by
Chinese merchants resident in San Francisco.
Trade is still very backward. New York is crowded
with buyers who will not buy ; and the general expecta
tion of a decline in prices prevents action. The elec-
tion unquestionably exerts an influence to delay business,
and the uncertainties of the political, social, and financial
situation are doing more harm than can well be appre-
ciated. With Grant, we shall have trade as well as peace.
In cottons, a concession of 1 cent. per yard has not per-
ceptibly quickened sales. Dealers are not supposed to
yield further, and there the matter stands for the present.
In woollens, trade is considerably more active, and may
be pronounced good for the season. Flannels particu-
larly are in earnest demand and large sales are made. Im-
ported goods are steady and prices are without marked
change. Breadetuffs still tend downward, and holders are
disposed to make some concessions, yet not enough to
effect large sales. Corn and oats are a trifle better. Hops
and tobacco are coming iu well. A decline must ieevit
ably take place in the former, though some relief is like'
to be afforded by an export mevement.

(From the Wall-street Journal)
FRIDAY EVENING, Sept. 11

The cheapness of Railroad Gold Bonds uis influencing
considerable purchases, particularly of Union Pacific,
Central Pacific and Rockford, Rock Island, and St. Louis.
Mining Stocks continua very dull, and the transactions
are mostly confined to New York (of Colorado), Quartz
Hill and Smith and Parmelee. We also note several pur-
chases of Grass Valley (of Colorado), at 39 cents. Ma-
riposa has taken a start, and considerable business done
in Goraßal gftoolg at $4, 414 roferrod titoels up to $ll.

tocks are steady, with a good business
and United States

NEW YORK R INES OF EXCHANGE,
Sept. 11, 1868.
Sixty Days.
London Bankers
London, Prime Commercial lOBl-108/
Paris, Bankers
Bremen, Bankers
Hamburgh, Bankers 351-351
Frankfort, 0.1. 4Ol-40s
Berlin and Cologne
Antwerp 5.24-5.17/
Amsterdam, Bankers ... . :
Swiss

Three Days.
1091-109}

CLOSING PRICES.
PUBLIC FUNDS.
Sixes, 1868, registered — to
Sixes, 1868, coupon
Sixes, 1881, coupon lll- to 1141
U.S. 6s. Pacific Railroad — to
Five-twenties, 1862, coupon
Five-twenties, 1864, coupon
Five-twenties, 1865, coupon
Five-twenties, 1865, coupon, new
Five-twenties, 1867, coupon ..
Ten-forties, coupon lOBl to 109
Seven-thirties, 2d series
Seven-thirties, 3d series
Oregon War Loan, Sixes. 1881
U.S. 5-20 Coupons, 1868
RAILROAD AND MISCELLANEOUS STOCKS.
N. Y. Central l2li Fort Wayne
Erie
Hudson
Reading
Mich. South. &N. 1.... 83k W. U. Telegraph
Illinois Central
Cleveland & Pittsbrg Bsi Ohio and Mississippi... 281
North-West
North-West Preferred 87 Cumberland
Canton 461 Bankers and Brokers... 100
Rock Island
Cleveland and Toledo 1001 I St. Paul Preferred
Express Stocks are unsettled. We quote :
Adams ... ... ... ... ... ... 481 to 49
American ... ... ... ... ~. ... 43f to 43
Merchants' Union, 35 per cent.... ... ... '22 to 221;
United States ... ... .., ... ... 441- to 44/
Wells, Fargo, and Co. ... ... ... ... 251- to 251
The Union Pacific Railroad Company, at a re-
gular meeting of the Board of Directors, last week,
voted $3,000,000 of the First Mortgage Bonds W
be laid aside in trust, as pledged to spend upon
culverts, bridges, &c., of the already accepted parts
of the road. This pledge puts the road in a very
strong position, showing the determination of the
directors to make and keep a first class road. The
irectors have agreed upon a contract with 11r.
Boomer, of Chicago, for the superstructure and
substructure of an iron bridge over the Missouri
River, between Omaha and Council Bluffs. This
bridge is to cost a million and a half of dollars
probably two millions with the approaches on the
Council Bluffs side. All the roads centreing At
Council Bluffs are to pass over it—the Rock Island,
Cedar Rapids, and other roads.

(From Messrs. L. P. Morton and Co.'s Circular.)
NEW YORK, Sept. 11.
The money market exhibits an ease beyond what has
been anticipated for the period when the crop mov,m'lltS
usually induce a heavy drain of deposits to the interior.
Within the last four weeks the deposits of the banks have
been reduced $24,000,000, and the legal tender;
$8,000,000, while the loans and discounts have been cur-
tailed only $8,000,000. This heavy outflow of funds
has exhausted the banks of national bank curienci
and has produced an extreme scarcity of small legal ten-
ders; but the rate of interest, nevertheless, remains stead/
at 4 per cent. on demand loans, and 61 to 7 per cent. 00
discounts of prime piper. It remains to be seen how ist
this condition of the market may be affected by a furtheC
demand for currency from the West, for moving the cropt
s,
of the more northern sections ; by possible withdrawals
currency into the Treasury, its currency balance hei°s
now only $15,000,000, or $32,000,000 less than at the
same period of 1867 ; or by the preparations for the gliati
terly Bank statement, to be made up on the 501 °
October.
The following is the text of the Funding Act passed DI
Congress at the close of the last session :
An Act providing for the payment of the National Debt,
and for the reduction of the rate of interest thereon.
Be it enacted, &c.—That the Secretary of the Trease
is hereby authorised to issue Coupons or Registered Bon
of the United States in such form as he may prescribe,
and of denominations of $lOO, or any multiple of that
redeemable in coin at the pleasure of the United SONS'
after 30 or 40 years respectively, and bearing the folios!"
ing rates of yearly interest, payable semi-annually in.,c°„itllvi
that is to say : The issue of bonds falling due in L'-'"
years shall bear interest at four and a half per coattail'
and bonds falling due in forty years shall bear interest a
four per centum, which said bonds, and the interest there;
on, should be exempt from the payment of all taxes
duties to the United States other than such income ta%af
may be assessed on the owners, as well as from taxs,thoo,P
in any form, by or under State, municipal, or local alit
110
rity, and the said bonds shall be exclusively used for t f
redemption of, or be exchanged for, an equal amounto.o
any of the present outstanding bonds of the United Stsitt%
known as the Five-twenty Bonds, and may be issueuci..
an amount in the aggregate sufficient to cover the local
pal of all such Five-twenty Bonds, and no more.
er
as ebf
Sec. 2. And be it further enacted, That there is h
appropriated out of the duties derived from imported ge°.cb
the sum of $135,000,000 annually, which sum during 5u,„,..
fiscal year should be applied to the payment of the iTSO
rest, and to the reduction of the principal of the Pe,'
debt, in such a manner as may be determined by the 0,e,„;
retar3 of the Treasury, or as Congress may heree',:g
direct, and such reduction shall be in lieu of the sinl“"d
fund, contemplated by the fifth section of the Act entitleo,
" An Act to authorise the issue of United States 14(4%.
and fcr the resumption or funding thereof, and for fultea
ing the floating debt of the United States," ePPr°Nr-
February 23, 1862. A niter
See. 3. And be it further enacted, That from and after
the passage of this act, no percentage, deduction,
all be
mission, or compensation of any amount or kind OA'
allowed to any person, for the sale, negotiation, redeL.;a
tion, or exchange of any bonds or securities of the Tres-
States, or of any coin or bullion disposed of at the ....lea
sury Department or elsewhere on the account of the 1D3,..el "r.
States. And all acts and parts of acts authorising Ohomilting,
miffing, by construction or otherwise, the Secretary roper
Treasury to appoint any agent other than some Ptiee,
officer of his department to make such sale,
redemption or exchange of bonds and securities, sober
repealed. negotra

Yel°
(From the Monthly Circular of Henry Clews and Co.,
York, Sept. 9.)
The strong upward tendency of the gold Pre'. DO
based upon considerations stated in our last circular, ate
been checked by causes which could hardly have beet', tio
ticipated. Certain of the foreign bankers, confident (Nola
nomination of Chief Justice Chase for the PresidencLOO
expecting as the result a renewed demand for our P.vcier.
abroad and a decline in gold, early in July made coostutits
able shipments of Five-Twenties and sold large allgola
of gold " short." Mr. Chase was not nominated, an sr'
advanced 6 to 8 pointsabove the figures at which thcev of
ties had sold it. In order to check the upward tend° 7
cie,
gold, based upon the prospect of a foreign drain a sSoetto.
these operators made further immense shipments ring'l ply
The total amount of securities thus exported, duooo to
and August, is variously estimated at from s3o,ooo,bsee
$45,0007000. The consequent large supply of exe
not only enabled the agents of Baring Brothers to
bridge
over $5,000,000 of the Alaska money in bills, but bri."9,Fill
over the adverse trade balance, and averted, teroPel ova'
at least, a large outflow of specie. This unexpected nAurel
ment has checked the rising tendency of the preOlboi
unless, however, Germany, contrary to ordinary Pr°„if of
lity, should take permanently this extraordinary soPc
bonds, this change in the course of the market 11354
ultimately reversed.

---
(Prom Messrs. Satterthwaite's Circular.) s,
London, Sept'
ea
On the London market there has since our last be.,:t
little more activity, and quotations generally eo,i'it re
advance on the week, still relatively with prices I°'sl, pef
ported by telegraph. 5-20's of 1865 and 10-40'S sr°
f a°
cent. lower in London than in New York, while bid
other band Erie shares are from 2 to 24 per cent.
here than there. t 131
To-day the old issue of 5-20 Bonds wore 01011,i! an
but at that price they close sellers ; the 1862 Bonu'v
the 10-40's being 71i- to I-, and 661 to 671 resPotljnii
The improvement to 911 to 921 in Illinois has be he'..9o
caused by the fall in gold, but for Erie there 1299 cur
good demand, and they leave off 32 to . First classt
faR
reccy and Sterling Bonds have been inquired for, 1)4
are offering.

"----"m—""""'--------- 01"
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Bi rt hs. {
wife '
BOWLES—On the Ist ult., at Fyzabad, Oudh, the orf -
~f
-)it`i
Captain Edward Bowles, 60th Rifles, Brigado tile
twin daughters.
DENBIGH—On the 21th inst., at Downing, Fillitsiiite' i
0,
Countess of Denbigh, of a daughter. ,I,A TEO
Fli,E—On the 25th inst., at 150, Harley-street, ',
Col. Fife, Royal Engineers, of a daughter.
Marriages. ell,
bto:i ,
GAIN—BURTON—On the 24th inst., at St. Johni° Cr o"'"niii
Brixton, Margaret Elizabeth, only daughter of 'tool "
Esq., of Crowhurst-road, Brixton, to TheniaS But
Redhill. orr
1 i):TASTING—LYNCH— On the 24th inst., at 10,1100,:f
'ustace, county Kildare, Jamey E. Hasting, °I btev
bury,j Middlesex, Esq., to Elizabeth, eldost dila
M. Lynch, of Wilhelm, Esq.
Deaths. ii lia'
oil
DURNIIAM—On the 20th inst., at Bremen, 1". ''' ,deili
Esq., of Havannab, aged 25. cm,itv
CORFE—On the 25th inst, at CJurtney Lodge' "" 08
James Corfe, aged 83. . 5e9,
GORE—On the 21st inst., at St. Leonard's-0"n
~,,,C
Lady Elizabeth Gore, sster to the Earl of Arrsali ls' '
HARGoon—On the 21st inst., at Brighton, Ire°„.l-(1 113',.0if
good, Esq., of 7, Highbury-place. Islington, ab" As'o.
MILNIAN—On the 24th inst., at Queen's-hill I' of
the Very Rev. Henry Hart Miltnan, DX., dean
Paul's, aged 78.

461
-----
London : Printed and Published by WELLIAS ---L3' I{Pro
of No. 112, Strand, Printer, at Tas SUN 011°000
Strand, in the Precinct, of the Savoy, in tbo
Iliddlelex,--Satarciay, September 26, 1868.