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

MONEY AND BUSINESS.

(From the Springfield Republican, July2s.)
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
aro made at New York at 3 per cent. At Boston a little
higher rates prevail witb considerable discrimination as to
borrowers. Foreign exchange is dull, and rates are steady
at about the figures for last steamer. London, 60 days,
commercial, 1091 to 110; London, GO days, bankers, 110
to 1101 ; London, short sight, bankers, 1101 to 1101 ;
Paris, GO days, 5.15 to 5.121 ; Paris, short sight, 5.114 to
5.10 ; Antwerp, 5.15 to 5.124; Swiss, 5.15 to 5.121 ; Ham-
urg, 364 to 361 ; Amsterdam, 404 to 411; Frankfort, 404
o 414 ; Bremen, 791 to 80 ; Berlin, 714 to 72.
The course of gold has been of unusual interest dur-
ng the week. On Saturday last it ran from 142 to
114. On Monday it opened at 1431, reached 1431, and
held at 1431 to 1434. On Tuesday it opened at 1431,
and closed at 1421. On Wednesday it opened at 1324,
and closed at 1431. Oa Thursday it was the same:
This rise is the more noticeable, as occurring in the
face of the large 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 hold 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 $3,532,000, 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 clos. 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 continuo till much
higher figures were reached. That such a consummation
is desirable wo 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. Tho curl ency 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 ono per cent. advance. Of late operations
in the Bands have been restricted by the apprehension
that Congress might do something to disparage the public
credit. Largo amounts- of available funds have been kept
idle awaiting such possible action, and ready to tape
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 good demand for investment has
sprung up. Those who havebeen holdingoff in anticipation
of possible legislation have got well tired of it, and Govern-
ments seem now to bo 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 due 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 1862 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 be upon the foreign
markets, as they become a closed loan, July 1, 1868. The
amount of these 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 tune 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 in 1862's and old 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-bearing 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 Cont. Ten-forties, outstanding ... 198,449,800
Six per Cent. Bonds of 1847-48, outstanding 6,878,442
Six per Cent. Bonds of 1831, outstanding ... 265,262,200
Six per 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. Fire-twenties, 1865, May and
November, outstanding ... 197,777,250
Six per Cent. Five-twenties, 1865, Consols,
outstanding ... 331,972,950
Six per Cent. Five-twenties, 1867, outstand-
ing 364,123,900
Six per Cent. Five-twenties„ 1868, outstand-
ing 17,648,950

Total

$2,060,833,392

The 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 get 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.
Tho advance of North-Western is merely a continua-
tion of the movement which has boon in progress for seve-
ral weeks and which has raised the common stock from
65, June 22, to not to mention the little matter of a
ten per cent. 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 weak ; it is ono of
the most marked features of the national industry at the
present time. The country is just beginning to realize
how much there is iu the Western railways, and what a
career, with honest and capa Ida allt,agement, they have
before them. Time is all on their sido and the future is
for them. Every change betters their condition, and the
national growth only imbeds them more deeply in the
wealth and industry of the country. There is at the present
time—at least iu railways—a reaction in favour of Western
investments; and while it is very likely to 1 etd to disap-
pointments, there is yet enough in it to justify sanguine
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 ono to go through with the whole experience of
an original shareholder, even in view of the present high
character of the stock. It seems tolerably certain, how-
ever, that the excess of Eastern capital will tend increas-
ingly in that directing, awl the prese_it 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
215,000 shares all but 10,000 are owned and hold abroad.

The six per cent. gold interest bonds of the Union Pacific
and the Central Pacific railway companies are in good
demand' at 102 for the Union and 103 per cent. for the
Central, and interest. The following are the comparative
earnings of the Michigan Central Railroad for the second
week in July : —1863, $62,280 ; 1867, $64,853 ; decrease,
$2,573 ; of the Marietta and Cincinnati-1868, 920,053 ;
1867, $21,563; increase, $2,490; of the Western Union-
-1868, $15,131 ; 1867, $14,438 ; increase, $593 ; of the
Chicago and Alton-1868, $97,503; 1867, $91,000 ; in-
crease, $6,508. New 7 per Cent. Gold Interest Bonds are
offered in the markets, this time by the Rockford, Rock
Island, and St. Louis Railway, for 95 per cent. in currency.

The Miscellaneous Share list has been greatly neglected,
Western Union Telegraph is better, and promises well ;
Pacific Mail is off half a cent. Express Stocks are lower
through the list, and dull. Border State Bonds are dull
and drooping. The holders of Tennessees particularly
are tired of waiting, and anxious to realise. The prospects
of a satisfactory adjustment of the interest claims do not
improve with time ; and, strange as it may seem, there
is a largo party in Tennessee who are rejoiced to see the
credit of the State so low-, and its bonds at an increasing
discount. They flatter themselves that after a few more
such shocks they will be able to buy up the bonds of the
State for a song. Such is the idea some men have of na-
tional honour and of ne value of character! Tennessee
is a great deal more likely to borrow ten millions in the next
generation than she is to buy up one million of her past obli-
gations; and whenever she does go into the market to borrow'
she will have to pay dearly for this act of partial repudiation.
ft will cost her a great deal more than honesty ever did,
or rather ever would. What would these astute Tonnes-
seeans do if their State unfortunately had the credit of
Massachusetts, and could borrow at five per cent. at
premium sufficient to sink the whole principal when due ?
They never would be able to buy up their own obligations
at a discount—that's flat, but perhaps on the whole, it
might be a groat deal more comfortable and quite as pro-
fitable.

(From the Wall-street Journal)
NEW Yonx, Friday Evening, July 24.
Money continues in abundant supply, and is readily ob-
tained on call at 3 to 4 For cent on Governments, and
at 4 to 5 par cent. on railroad and miscellaneous col-
laterals.—ln discounts there is a continued demand
for first class, sixty to ninety days, at five and a-half to six
per cent., and four months, same class, at 6 to GI per cent.—
American silver is in moderate request at G to 7 cents
below the price of gold.—Moxican dollars are quoted at
1634 to 104 in gold.—Foreign Exchange is weak, the
German Bankers continuing to be free sellers. —Mining
Stocks are very much neglected, the only excitement
being in New York (of Colorado), the price of which has
been advanced to 93 cents.—Petroleum Stocks show a fair
business, particularly in Buchanan Farm, which had ad-
vanced to 65 cents, closing a shade lower.

The following were the cloy
for the Railroad and Miscellan

N. Y. Central 1331
Erie
Hudson
Reading
Mich. South. & N. I 9ll
Illinois Central
Cleveland & Pittsbrg B7l
North-West
North-West Preferred 82
Canton..
Rock Island -
Cleveland 'and Toledo 103 -
The following were the
various Public Funds of the 1
Sixes,.lB6B, registered ,
Sixes, 1868, coupoa ,
Sixes, 1881, coupon
U.S. Gs. Pacific ltaihoad

)sing quotations this evening
aeons Stocks :

Fort Wayne
Pacific Mail 991
Atlantic Mail 2B
Quicksilver
W. 11. Telegraph
Mariposa Preferred 9
Ohio and Mississippi BO
Boston Water Power --
Cumberland
Bankers and Brokers 9l
St. Paul
I St. Paul Preferred 791
Closing quotations for the
United States in New York : -7-
- to
to
113 to 1151

to ---

,Fivo-twenties, 1862, coupon
Five-twenties, 1864, coupon
Five-twenties, 1865, coupon
Five-twenties, 1865, coupon, new
Five-twenties, 1867, coupon
Ten-forties; coupon lO4 to 108 k
Seven-thirties, 2d series — to -7
- .. . - _

Seven-thirties, 3d series
Oregon War Loan, Sixes, 1881
Express Stocks are quoted as follows :
Adams 521 to 5201
American 45} to 4'
Merchants' Union, 35 percent... 231 to 24
United States .„ 46 to 46}
Wells, Faigo, and Co. 251 to 26
The circular of Messrs. Dupee, Beck, and Sayles, of
Boston, gives the following as the operating expenses 01
leading railroads in 1867 : Per cent-
Now York Central ... 76
Pennsylvania Central
Michigan Central...
Michigan Southern ...
Pittsburgh, Fort Wayne, and Chicago
Pittsburgh, Cincinnati, and St. Louis...
Lake Shore (C. P. and A. R. R.)
Ohio and Mississippi
Indiana and Terre Haute ...
Indiana and St. Louis (1866) ...
Evansville and Crawfordsville
Jeffersonville
Illinois Central
Chicago and Alton
Little Miami (1866)

... 74
... 65
... 60
... 67
... 93

7G
~ 7L,

(From Messrs. Scaterthwaite's Cireu'ar.)

We have to note a decline of ouo per cent. in the quote
Lions for United States 5-20 Bonds in the London market
since this day week, owing to the advance of the premium
on gold, as reported by telegraph, which has been as much
as 21 per cent. Illinois Central Shares have been affected
by the same cause, and at 92 to 93, the closing price, they
show a depreciation of 2 per cent. Erie Shares on a continued
heavy decline in New York have been pressed for sale; at one
time to-day they wore freely offered at 37; but they leave
off buyers at 374, with an appearance of firmness. Atlan-
tic and Great Western securities at one time improved
and looked strong at the higher quotations, but they
have relapsed, and are about the same price as this del
week, Consolidated Mortgage Bonds being last quota
40-1 to 411, and the Debentures 391 to 4q. The transaC-
tions in the Divisional Bonds are very limited.

H. H. • Bush, R. E. Noble, and W. 0. Fletcher,
of Westfield, Massachusetts, and the Hon. L. Hull, of
Charlestown, members of the American Whip Comply
at Westfield, owning six-tenths of the capital, have put'
chased of the other stockholders, at 35 per cent.. premium,
the remaining SIO,COO ; and with the Van Deusen Bro-
thers, also whip manufacturers, are taking measures to
unite in one firm with the combined capital of $200,000 •
The latter have employed 80 hands hitherto, and the
mer GO, besides 75 convicts in the Charlestown State Pri-
son. The contract for prison labour expires October lf
and they do not propose to renew it, but will add 100
hands to their present force, and in preparation for them
a shop 45 feet wide and 125 feet long in the basement of
their building on Main-street, is being fitted up.
The following bill has been prepared by the lion.
William D. Kelley, chairman of the Committee on Coinage,
Weights, and Measures, in the United States :—Wheree°
certain nations of Europe have adopted and hav,e
proposed to the rest of the world a coinage wide('
was originally based upon that system of weights
known as the metrical, but which under the in";
ence of circumstances has departed from its intended
character ; and whereas there is an assured expectation
that this character ofsimple relationship to metrical weights
will be ultimately returned to ; and, whereas the coinage
of the United States can be brought into exact conformity
with metrical weights by a change in its value amounting
to less than one-third of one per cent. in the case of geld
coins: Therefore, be it enacted, that the gold hen?'
after coined by the United States shall contall
for each dollar of denominational value one and
one-half grammes of pure gold, and shall weigh for
each dollar one and two-thirds grammes, the proper"
tion of alloy being thus kept as one. And be it further
enacted, that such coins shall be legal tenders in payment!
arising from contracts made at any time after the first do/
of January, 1869, and that in the case of all other psY:
meats, including those from the United States to its credi-
tors, one thousand and three dollars of this new coinage
shall be the equal equivalent of one thousand dollars of the
..
old coinage of the United States, such being their actual Niel
tivevalues. And be it further enacted, that such coins shat
have stamped upon them, in addition to other devie.
their weight in grammes, and the inscription "15_,.
tenths fine." And be it further enacted, That the On
half dollars, and all small silver pieces hereafter to
coined, shall consist of standard silver 9-10 fine, and 01117
be of the weight of 25 grammes for each dollar of denool..
0
national value, and shall have their weight and fineness
legibly stamped upon them, and shall be legal tenders "
the payment of all sums not exceeding $lO.

Births.
DUFFETUN—On the Gth inst., Lady Dufferin, prenu'llrOlf
of a son. Wife
GRENFELL—On the 9th inst., at 8, Prince's-gate, the
of Charles Seymour Gronfell, Esq., of a daughter.
SAVAGE—On the 7th inst., at Rochester, the wife a v
Savage (late 91st Highlanders), of a son.
Marriages.
inity
DERVILLE—ROBINSON— On tho 10th inst ab beA
Church, Euston-road, Pcu-t Lieut.-General A. Dorvi"e' o.ost
Majesty's Indian Forces, to Augusta Letitia, ,orelc-
daughter of Richard and Mary Robinson, late of
- -

port.
SCOTT—Bunn—On the 6th inst., at Hove, Benjamin d 11130:
son of Benjamin Scott, Esq., of Heath House, WeYbILS4.,
to Mary Florence, only daughter of Charles Burt,
of hossmoro Lodgo, Cliftonville, Brighton.
Deaths. nzow
BOWLEY - On the 10th inst., at 53, Charing-cross, P.--
Thomas Bowley, aged 30 A the
DUFFERIN —On the 6th inst., lan Temple Blackw°°'
infant son of Lord Dufferin. f
GRANT On the Bth inst. at Ness Bank, Inveruesgf de
Murray Grant, Eq., of Glen A bite'
GonnoN—On the Bth inst., at Newton, Aberaens
Alexander Gordon, Esq., of Newton, aged 65. kW*
MorrAT—On the 7th Bust., at 5, Kiug's-road, Fee--
Thomas Moffat, Esq., aged 63.

-
London : Printed and Published by WiLLIAII A-L.4v: 112 f
of N 0.12 Stand, Priter, at Tile Sint 0:110, tv, of
coa
Strand, l
ing they Precinct of the Se voy, in the
Bliddlescx.—Tuesday, August 11, 1.368.