The Sun.
London, England, 1868-01-11 00:00:00

NEW YORK MARKETS.

(From the Correspondent of the Anglo-American Times.)
NEW YORK, Dec. 28, 1868.

Money is in greater demand, as usual, at the close of the
year, but the supply is still abundant at six per cent. on
call. Large sums are necessary for the banks, railway
companies, and other joint stock concerns for the pay-
ment of dividends, and they will find no difficulty in pro-
curing accommodation. The Secretary of the Treasury
has announced that there will be no further contraction
of currency for at least two months, and the fears of a
stringent market have been dispelled. At Boston the
market is reviving, and New York bills are there more
readily taken. Money remains stringent in Chicago and
ratos are high. Although business remains lamentably
dull, the general belief is that the worst of the
crisis is past. A banking house at St. Louis has sus
pended with •heavy liabilities—Teeson and Son. The
failures within a mouth have been 58, and it is calculated
that on the realisation of the estates the loss will exceed
three million and a half of dollars. The Secretary of the
Treasury addressed the following letter to Senator Sher-
man :

Treasury Department, Doe. 18, 1867.
Sir,—Your favour of this instant is received.
It is not my intention to retire and cancel any more
United States notes this month, nor will the condition of
the Treasury and of the country justify me in making the
usual contraction in the month of January.
It may be proper further to say, that while I entertain
the opinion that an early return to specie payments is in-
dispensable to the national prosperity, and that specie
payments cannot be restored without a curtailment of the
circulation of the country, I shall not continue to exercise
the power of reducing the circulation of United States
notes conferred upon me by the Act of April 12, 1866, unless
I have reason to suppose that I shall be sustained in doing
so by Congress, nor until Congress shall have a full op-
portunity of determining the future financial policy of the
Government. You can, therefore, say Lo your Committee
that there will be no contraction of the currency by the
Secretary during the present month or the next.
HUGH M'CuLLocH, Secretary.

Hon. John Sherman, Chairman, &c.
The Senator's Financial Bill has been much discussed
in Wall-street. Though it does not touch directly on the
currency it is opposed by the expansionists, who truly
believe it to embody the views of Secretary M'Culloch,
on whom they pour numerous letters of advice. The
Secretary is supported by our best financiers, and his theo-
ries are borne out by the experience of other countries. The
worst of our position is, that wild and reckless experimen-
tors make their voices heard, and endeavour to persuade
the people that there is something different in the political
economy of America from that which rules in the effete
nations of the Old World. Although the House favours
inflation, the Senate will Pict as a check, and it is believed
that in the end the opinion of such financiers as M'Culloch
will prevail. On the approach of the payment of the
January dividends a larger business is transacted in Go-
vernment Securities. On the Seven-thirties $700,000
were paid last week in New York, and the Govern-
ment disbursed in all, green-backs to the amount of
$4,200,000. The gold interest payment on the Five-
twenties will commence next week, a hich with
other securities will make up the large sum of
$30,000,000, when Government interest disbursements
will cease till that on the Ten-Forties becomes due in
March. Yesterday gold closed at 1331, there being little
change for the last day or two. While the receipts from
California increase, the shipments to Europe fall off ; that
is, a much larger sum was believed to be required for ex-
port to meet the large demands than has proves to be the
case. The Customs' receipts are small, and as long as busi-
ness remains so dull they are not likely to increase. 'though
the transactions in the railroads and miscellaneous market
have lessened during the holidays, the tone has been firm
and vigorous. The Western Roads show, in their divi-
dends, a satisfactory state of affairs. Even the Atlantic
and Great Western has increased its receipts by $82,952
for this over last year. The lines controlled by Commo-
dore Vanderbilt remain in good demand, and are buppurted
at advanced prices. The chief event of the week is the

consolidation of the four rival Express Companies, which
has at last been accomplished as follows :—The net earn-
ings are to be massed, and the dividends thus apportioned,
—Adams, 29 per cent.; American, 261 per cent; United
States, 18 per cent.; Merchants' Union, 261 per
cent. The territory or lines of the four companies
are to be subdivided, so as each shall occupy the same in
proportion to their earnings. Except at principal points,
as New York, Boston, Philadelphia, Buffalo, Cincinnati,
Chicago, and St. Louis, and some others, offices of the
four companies are to be consolidated, and expenses gene-
rally reduced. The entire management of business is put
in the hands of a board of control, consisting of ono mem-
ber from each board of directors, which four choose the
fifth, who acts as president. The same tariff in operation
previous to the time of Merchants' Union Express Co. going
into business, will be re-adopted with some few variations.
The companies wi►l restore the tariff of prices to the good
old rates, before they were brought down by competition
The effect has been a steady and rapid rise in the value of
their shares. The amalgamation will take effect on Nosy
Year's Day, 1868. The Wells Fargo Company is not in-
cluded, as its business is with the Pacific Coast, but
it is not to be loft undisturbed, as an Express will come
into operation in connection with the new line, the North
American Steamship Company, to San Francisco, via Pana-
ma. Mining Stocks remain very dull, and Petroleum
stocks continue in steady demand, with little change in
price.

(From the Wall-Street Journal, Dec. 28.)
The following were the closing quotations this evening
for the various public funds of the United States :—Sixes,
1868, coupon, 130 to 1301; Sixes, 1881, coupon, 1121 to
1121; Five-twenties, 1862, coupon, 1084 to 108; ; Five-
tw6uties, 1864, coupon, 105 f to 1051 ; Five-twenties,
1865, coupon, 1051 to 1051; Five-twenties, 1865,
coupon, new, 108; to 1081, Five-twenties, 1867, coupon,
1084 to 1081; Ten-forties, coupon, 1011 to 1011; Seven-
thirties, 2d series, 1041 to 1041 ; Seven-thirties, 3d series,
1041 to 1041.
The following aro the Railroad and Miscellaneous
Stocks :—N. Y. Central 1174; Erie, 731; Hudson, 132;
Reading, 961 ; Mich. Southern and N. I. 851 ; Illinois
Central, 129 ; Cleveland and Pittsburg, 864 ; North-west,
57/ ; North-west Preferred, 711 ; Canton, 501 ; Rock
Island, 994 ; Cleveland and Toledo, 981 ; Fort Wayne,
100 ; Pacific M,,il, 110+; Atlantic Mail, 1194 ; Quick-
silver, 214; W. U. Telegraph, 371; Ohio and Miss. Cer-
tificates, 291 ; Cumberland, 29.

The following for the Railroad Mortgages :-N. Y. Cen-
tral, 68, 1883, 911 ; do. do. 6s, 1887, 89 ; do. do. 6s, R Est,
83; do. do. 6s, Sub'n, 85; do. do, 7s, 1876, 102; do. do.
7s, ;,.on 76, 117 ; do. do. 7s, '65-'76, 117 ; Erie Ist mort.,
1867, 101; do. 7s, 2d do., 1879, 102 ; do. 7s, 3d do., 1883,
971; do. 7s, 4th do., 1880, 901; do. 78, sth do., 188, 891 ;
Long Dock Bond, 961 ; Buff. N.Y. and E Ist M, '77 89 ;
Rud. R. 7s, Ist M., 1869, 102; ; Bud. R. 7s, cony,
1867, 1011; Harlem 3d mort., '6B, 100 ; Mich. C. 8 p ct.
'69-'72, 1074 ; Mich. new Ist M, Bs, 'B2, 109 ; Mich. So., I
p ct, 2d M, 91i ; N. Ind. Goshen Line, '6B, 961 ; Mich. S.
and N. I. S. pet, 96 ; 111. Cen. 7 p et, 1870, 118 ;
Alton and T. H. Ist M, 97; Alton and T. IL
2d pfd, 81; Alton and T. H. 2d M. Inc. 75i;
Chi. and N. West, S. F, 98 ; do. In't B, 87 ; do. Ex'n 15,
821 ; do. Ist M, 83 ; Del. Lack. and West'n Bds, 95 ; Tol.
and Wab. Ist M, 90 ; Gt. Western 2d M. '93, 69 ; Mil. and
Pr. du Ch. Ist M, 95 ; Gal. and Chic. Ext., 100 ; do. and
2d M, 97 ; Chi. and R. I. Ist M, 101 ; Cleve. and Tol.
S. Fund, 103 ; N. J. Central 2d mort., 103 ; Pitts., Ft, W.,
and Ch. Ist M, 1051-; do. do. 2d M, 98k; do. do. M, 88;
Cleve. and Pitis. 2d M, 98 ; Chic. and Alton, S. F. Inc., 90;
do. do. S. F, Ist M, 102}; Mil. and St. Paul 2d M, 78 ;
Marietta and Gin. Ist M, 85; Joi!et and Chic. Ist M, 104;
Chi. and Gt. East'n Ist M, C 4 ; N. Y. and N. 11. 65., 96 ;
Dubuque and S. City Ist M, 821.
And the following for the New Yo;k City Bank Stocks:
-Merchants 117, America 140, C.: y 200/, New York 137,
Manhattan 133, Mechan'es 112, Union 11J, Phoenix 104,
Tradesmen's 135, National 106, Merchants Exchange 110,
Seventh Wa d 110, State of New York 1051, Commerce
1171, Ocean 103, American Exchange 1131, Bank of the
Republic 110, Bank of No-th America 103, Eleventh Ward
110, Me! cautile 118, Mechanics' Association 110, Broadwai
235, Hanover 106, Irving 106, Metropolitan 131, Peoples
135, Market 110, Nassau 105, Shoe and Leather 107, Corn
E change 122, Continental 105, St. Nicholas 105, Cone
niouweatth 1071, Importers and Traders 116, Central Na-
tional 101, Fourth Natfonal 101, Ninth National 104, Pail
144, Oriental Bank 135.