The Sun.
London, England, 1870-01-10 00:00:00

MONEY AAD BUSINESS.

(From the Spring&2d Republican, Dec. 23.)
Lenders have almost forgotten the frauds that made
them so cautious in New York last week, and the money
market has quite regained its December dullness. At Bos-
ton those in favour with the banks obtain discounts at 7 to
71-, while outside parties are paying from 8 to 15, in order
to bridge over the perilous gap between now and the New-
year's business. The Western cities complain of snug
times, as they have a chronic habit of doing, even when bills
on the East are below par. Much of the mobile capital of
the West, however, has been converted into fixed capital
within a few years, and the loss of it is now felt in the loan
market. Manufacturing enterprises and real estate, in
which when money was cheap Western capital largely
ventured, are not so convenient and available for col-
lateral, as the railroad stocks and Government bonds so
largely held at the East. Hence, while in this section
the millions recently invested still preserve a certain
circulatory character and assist in a considerable degree
to facilitate credit, as well as to render it secure, the
West finds its funds locked up in enterprises whose sol-
vency cannot be quoted iu the market reports and borrowed
and loaned upon. Tho Chicago bankers complain that
their deposits are very low and have to go to New York
for the wherewithal to relieve their customers, while in
the open market the rates are 11 to 2 per cent. a month.
At New York, though the banks hold only about
$45,000,000 legal tenders, some $9,000,000 less than the
reserves last year at this time, the outlet for the winter is
regarded as very hopeful. Henry Clews and Co. remark
that the moneyed community of New York has become
accustomed to working on a much smaller basis of legal
tenders than formerly and anticipate no stringency, even
if there should be another loud call for currency to go
West, as there was about this tint,', last year. Golf has
eg.in been surrendered to its own gravitation by Secre-
tary Boutwell. On Friday ho ofh
red for sale a tnill:ou
in coin, and was met by bids for only $482,000, ranging
from 121 to 121 52, none of them coming up to the stan-
dard of 122, which he had fixed during Lite previous week.
Wall-street was in a f, rment to know whether the Secre-
tary would stick to his previous figure or sell out for what
he could get. Telegrams from WaNhing:on directed the
sub-treasurer to pursue the latter course; great was the
rage of the bulls thereat. The premium dropped to 1201 and
lets since been down tunong the 'teens. There are several
reasens why gold will go down in spite of Mr. Boutweli's
efforts, and that cfficial may as well leave it to the mercies
of its own law first as last. The premium till within a
few weeks of the September panic remained nearly sta-
tionary for 'some time, while causes were at work In trade
and in public opinion that would have lowered it if it had

Sixty Days. Three Days.
London Bankers
Lmdon, Prime Commercial lOB —lOBl
Paris, Bankers
Bremen, Bankers
Ffamburgh, Bankers 351-3“
Frankfort, O.M. 4og-40i
Berlin and Cologne
Antwerp 5.211-5.171
Amsterdam, Bankers
Swiss 5.211-5.171
Government Bonds aro generally strong and active.
Large orders continue to be received from Europa for
United States 5-20 Coupon Bonds, the major part of which
are already owned in Europe, whither the balance will no
doubt ultimately find their way.
Sixes, 1861, registered ll5 to 1151
Sixes, 1881, coupon
Sixes, 1868, coupon
- 1") .rifi c Rail, and _ _

U.S. 63. Po'citie Railroad
Five-twenties, 1862, registered ll4 to 111
4
Five-twenties, 1862, coupon
Five-twenties, 1864, coupon
Five-twenties, 1865, coupon : lll4 to 112
Five-twenties, 1835, coupon, new
Five-twenties, 1867, coupon .... 1144 t,, 1141
U.S. 5-20 Coupons, 1868 ll5 to 1151
Ton-forties, coupon .. lOB4 to 104
Ten-forties, registered
Oregon War Loan, Sixes. 1881

Railroad Stocks are far from active, the principal busi-
ness being in the Chicago stocks:
Miscellaneous Stocks do not show much activity, the
principal transactions continue to be in Pacific Mail, which
closed 481.
N. Y. Cent. & Hud. Re: 861 Fort Wayne
Erie
Hudson
Reading
Mich. Central ll7 W. U. Telegraph
llinois Central
Cleveland & Pittsbrg B2 Ohio and Mississippi... 25
North-West
North-West Preferred 82f, Cumberland
Canton... 49 N Y and N Haven l3ll
Rock Island
Cleveland and Toledo M & St. Paul Preferred 851

Railroad Gold Bonds aro active, and large investments
are making by trustees, executors of estates, capitalists,
and others seeking first-class investments.
N. Y. Central 6s, 1883 85
N. Y. Central Gs, 1887 84
N. Y. Central 6s, R Est
N. Y. Central 6s, Sub'n
N. Y. Central 7s, 1876
N. Y. Con. 7s, con. 76 98
Erie Ist Mort, Ex
Erie 7s, 2d Mort, 1879 BB
Erie 7s, 3,1 Mort, 1883 B3
Eri, 7s, 4th Mort, 1880._ 74i
Erie 7s, sth Mort, 1888 6B
Long Dock Bonds
Buff. N.Y. &E. Ist M,'77 —
Hud. R. 7s, Ist M,
Hod. R. 7s, 2d M, 'B5 99
Harlem Ist M, '6B '72 97
Mich. C. Ist M. 69'72 ll6
Mich. new Ist M 85,'82 —
Mich. So., d. p. c 231 9O
N. Ind. Goshen Line '6B
Mich.S.&N.l.S.F'd7p.c. 97
111. Cen. 7 p. c, '7O 116
Alton & T. H. let M 92
Alton &T.H. 2d pfd
Alton & T. H. 2d M.luc 7l
Han.& St.J.LandWrnts
Han. & St. J. Con
Chi. B. & Q., Ist M 111
Chi. t N. West, S. 96
Chi. & N. W. Con Cony. 88
Chi. & N. W. Int B B4
Chi. & N. W. Ist M 9ll
Quincy & Tol, Ist M, '75 70
& So. lowa Ist M 7O
GLWest. Ist M, 'BB —
Gt. Western 2d M '93 B2
Tol. & Wab. Ist M Ex B7i
Express Stocks are dull.
Adams.
American Merchants' Unim
Merchants' Union, old Sto
United States
Wells, Fargo, and Co

• & Wab. Equip 74
Mil. & Pr. du Ch. Ist M —
Gal. & Chic. Ext 101
• & Chic. 2d M 9O
Chi. & R. I. Ist 31 101
Chi. R. I. & Pacific 7's 971
Clevo. & Tol. S. Fund 96
N. J. Central Ist M 99
N J. Central 2d 31
Pitts. F t.W., & Cb . Ist M 100/
Pitts. Ft. W., & Ch.2d M —
Pitts. Ft. W., & Oh.3d M —
Cleve. & Pitts., 4th M 73
Chic. & Alton, S. F. Inc —
Chic. &Alton, S. F. lstM 102
Mil. & St. Paul Ist M 92
Mil. & St. Paul 2d EL
Marietta & t in. let M —
' Morris & Essex let M —
Morris & Essex 2d M 921
Joilet & Chic. let R —
Chi. & Gt. East'n Ist 31 75
N. Y. & N. H. 6s 95
Dubuque &S.City,lst M 93
Peninsula Ist M B5
Ohio & Miss. Ist M 93
Ohio & Miss. Con Bl
Tol. P. W. Ist M. E. D 7B
Atlantic & G. W. 2d M —
Del., Lack., & W., 2tl M 92
Lake Shore Div. Bonds
Cleve, P. & 9 sh. N.B —

Do. 0.8...
Union Pacific Gold 8... 831:
Central P.RR. Gold 8... 92
Pacific ItR. guar. by Mo. 93}

61 to 62
)n 3B to 39
9i to 10
”
201 to 21

Messrs. Drexel and Co., the Philadelphia bankers, report
as follows on Dec. 24:—Pennsylvania Railroad Shares,
53i 54; Sixes, Ist Mortgage, 99i 100 ; Sixes, 2d Mort-
gage, 95 95i. W. Jersey Railroad, 6s, 90f 91.

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