The New York herald., 1870-04-27

Bsdset.
LONDON, April II, 1870.
There isino Improvement OF any substantial kind In
the enterprise OF England since my last communica
hon, though in the interval most of our railway
tranlcs have been increasing and we have hatN a
favorable revenue return. There Is so much morbid
caution about tha, though protesting their readi-
20 do business, capitalists OF a certain class
VIII not do 1t unless it be as safe as changing
a small bank note; and the feeling permeltes
downward, that the humbest section OF the
class are proving the most insoleut as well as the
most exacung The effect is that nearly all large
undertakings OF a foreign character are taken TO
France or Germany, and that capital Is accumulat-
ing here simply through the fear Of venturing It
upon guarantees readily accepted in Paris, Frank
fort and Vienna. A reaction will speedily follow
tins condition Meanwhile we have had tempest
in teapot in the shape OF panic In the mining
share market The whole capital Involved In this
anair, If represented PAID up, under f2o0 600,
anu If rep esented by the premium additions II was
under fl 0o0, 900. This was denounced as '1nnl-
lion" and down the shares tumbel 10 the extent OF
about f7oo,Oo0; so fnat though many have suffered,
the few now possess sort Of inner Consciousness
that things have righted themselves This mu ddle
occurred in the Welsh lead mining schemes, and in
olly about hair dozen OF them; but the effect
has been TO discourage mining undertakings
generally, even those from California, so
tnar several intended to be brought out have
to wait q little longer. Tue only undertaking which
has met for the last six with speedy and abso
luIe success for Its primary emission has been a
Netherlands steamship company Intended 10 trade
wlh our Eastern ports; and This succeeded because
success had been assured beforehand. The wary
Duschmen o, Amsterdam and Rotterdam knew our
iInpene raole Reserve, so they subscribed the
qaired nall million sterling themselves; but they
wanted quo auon OF tneT shares ia the lists OF our
Sock Exchange so they pominay set the enter
puss before in one or two advertisements and
Immediately Afterwards announced that the sub
scripliols hal been filed. Thus they have secured
an otclal quo lon In this market, but not dollar
of the capral is owned here; and the Duchmen,
with true Ba avian thrift have at one AMI the
same stroke secured their own ends and made
US assist in spite Of ourselves And so we
have been going on. Meanwhile Ii appears as II
our domestic trade Was Ealing oil. Tor he Clearing
House returns show substantial lie ens on In these
days when home nl.is &-s oe8red t@rsGza tAe mer-
chanaise Era.tcs s2s EElwIrs o. 1ai sa i.e SAM
tile, R0r % AZ. ranaZius rsIrn. Tls rxfzr-s rs
u Vsrsrz snaEIh Al 4nntlnI. nni rlis gar1i1ris
&c c-a&i ntiuserfs % IrOL wgd. rpTsUI o9r ihA
sn,sisinc woYss, s.g psler mas.ms r-nAe HIg q
Ripye o Dtnsrs Ths explanation g. hnwsppsr ssn;is
eD,lsiE Tlle dssrrps OF capitalists nurIne zne llsi
tour yels5 ma ulnIrast yast nunseT matters ~
rrS4se less aai tsss unnn aarroYss fiau uuOr ssig
ofEel captl3!, ccHsapaeuiiy tue rOlIntTy Uulnn
btiee tla ia l[rssllts 81 Accessible 1llalI.l
Ses ECCnn aEpea u proe.
II y QUal o. tlss Sue e % dkstrIis tllETT several
ElODrrlE1t AZ.Er9al- np}se-Es iIst IuIp
nee nr pGoeei les successful tlln iilan nsrts us-
ssrreed Sine o1r Asst Ue nave mao FIVE VI sunn
lnerr1kE1ags Sm1 lt fcl.uwilnis ta nrtiai III rllsf
I0rr01npB1o9, BEt1 tlEe csiltta as.lfl Ins.--
efSs--S,l0o100J AZ per cen n0ntif u tnt Eag
tennessee fiE1Llia lIiu iSeort,ia AailroaG, H. s.s
laell ee-3i.
Seo2ssss ooo.o oao saven la- ,sn buts nj rhs H.
1ilif IIi l.pnES lriint lDmpunE No sJer Us.t
TflF,t4--&l,1L.lgb mrs mnrtEuce seven psr re.1
lnlit VI f fniiiaInpule tiipDns.nrloa ana WeSasga
.-nYrl ~ antinIia Ena 1llcss- 2asaes al 11,s per
FD4yzs- g2rg.9ag exai peg ees gosd bonds of
the stale = AszasaaAz- assss1 al - per cent.
FJn--s ,DDo 90 egnt per cent mortgage bonds of
ihe Des aDiBes Valley Raiiroa1, Issued at % per
cent.
The total capital, nominal, OF these undertakings
is therefore sl6,9o00o0, or In round numbers
f34oo,ooO sterling. No great amount Tor a country
sterling in gold lying idle, and which cannot
employ Its nOatng capital at two and three quarters
per cent. Moreover, it might have been Thought,
aad probably was thought, that as these undertak
ings are designed more or less 10 accommodate the
reyyng ta1e of the Southern STATES the sympathies
winch hled the subscription lists OF the Confederate
loan would at least have been sm,flaie1 by one or
more of these purposes. But it Is fact thai with
one exception the SUBSCRIPTIONS nave proved exec ID
lngy meagre, though they cannot be pronounced to
have decidedly ialled. The exception is the scheme
Tor the ST. Louis bridge. The capital required for
within week, and 1t Is as firmly held consols,
while subjected to fewer fluctuations from circun-
by Junlus Morgan Il Co., Peabody's success
sors. That OF Itself was strong re-
commentator nI TO In fact, It secured the
stanlent Is payable until July, 1t Is believed that
nearly all the subscribers have avaed themselves Of
The gain or the discount OF five per by paving
up IN full Moreover, the nature OF the undertaking
commended Itself 10 the reason Of our principal capt
aliss, logged though it be by an exaggerated sense
~ lpS fnru
nate. The East Tennessee has succeeded the best
as being perhaps one Of The most needed lines
pete the communication between the Northern and
The Southern States.
II may be of certain sort OF interest TO mention
that the negotiation Of these bonds (Which stil
on sale was conhded 10 two well known establish
ments The agent OF the loan Is one of the s'pio-
mOers'' OF the period when finance companies were
running their wild career: but he was one OF the
wisest ana most respectable Of the class and not
breath has been uttered against his actions
acter. the brokers are among the oldest and for
merly they were the largest IN the Stock
Exchange. The senior partner, who has re-
tired, was lately high sheriff OF Glouces-
IN spirtualisIn for the sake OF which he has made
financial and even social sacrifices. Certainly he has
had TO bear good deal OF T1dlcue, which he dsre-
CARDS from amid the fine but miniature
scenery OF the country OF the Severn. AS TO
made OF its value to lie West have not gone
Tor much. The bonds are only partially subscribed.
II perhaps initiated something against the success OF
tie operation that 1t was introduced by perfectly new
house IN London, who are establishing themselves
here and evidently mean business though the bro
kers are among the first on the Stock Exchange
There Is always in an old community like this. more
or less reluctance TO accept the proposals OF new
comers: and MISUNDERSTANDING the excellence of fher
intfoductions Turner Brothers have had to contend
against tins leeing. II w however, gradually wear
ilsel away Messrs Turner have opened their Offices
exactly opposite TO the chief entrance to Merchant
Iaiors' Hall, in Threadneedle street. These
offices wee previously occupied by firm Of stock
brokers who supposed 20 have '.pottedu a lot OF
money by good business In money lending t0 their
fellows IN Care court. The building Is mean, very
different from those in which the Morgans and
Bowns administer their affairs; but It suitable Tor
BEGINNING and the otices are being well furnished.
The Alabama loan T. appropriately introduced 10y the
AnglC-Ge1lnan ntm, who negotiated the Confederate
bonds. Ihe Objections In this case are two. First,
the price, g4L, Is considered too nigh and, next
The bond pfescribes the Obligation tnat the railway
ompany shall purchase all the materias for the con-
sruciion and equ lpment OF the road rom residents
IN the sale. THIS is SAID 10 he lepugnant 10 free
trade and Injurious 20 the road because Alabama
cannot yet make steel raj and forth. tls how
ever, overlooked that this condition Is only imposed
whenever the purchase can be made as low In he
NJ rtxSfn mn ,1a Tu,a,a