The Sun.
London, England, 1870-05-09 00:00:00

MONEY AND BUSINESS.

(From the Springfield Republican, April 22.)

The state of business is improving. The manifest
failure of the attempt to unsettle gold and the further
opening of the spring season have occasioned consider-
able activity during the past week, though the interven-
tion of Good Friday partially suspended business for one
day. The eastern cities report this the best week of the
season, in spite of a damaging rain storm. Chicago has
been crowded with an unusual influx of country mer-
chants. The universal characteristic of trade at the

present time, however, is an unwillingness to invest
largely. The buyers are numerous, but their purchases
The Funding Bill is still crowded out of Con-

are small.-

gress by the tariff, and any action upon it seems quite a
distance in the future. Meantime the howling is kept up
in certain quarters against it as the efficient cause of the
present business stagnation. The only way in which the
F undingßill unfavourablyaffects business is by the slowness
of its passage through Congress, and not by any radical error
in its provisions. In the present transition state of our
finances, brought on by the natural course of events, and
not immediately by legislation, business could not have
been otherwise than cautious and timid, even if the Fund-
ing Bill had never been suggested. But in reality the pre-
sent financial condition of the country at large is rather a
matter for congratulation than for condolence. The trad-
ing community is probably the least prosperous, but failures
are very rare. The stagnation of tIM present time is one
that induces care in business and reduces profits, without
absoltitely destroying any man's livelihood or sweeping
away the results of past labour. Manufactures now include
such a variety of interests that it is difficult to determine
their condition in the aggregate. Industries involving so
much fixed capital, invested in a great measure when gold
and prices were high, stand in danger, upon a return to
specie payments, of being compelled to sell their products
at prices corresponding to the depreciation of the raw
material. The price of a yard of cotton cloth at pre-
sent, for instance, is made up of the cost of the cotton,
with gold at 112, and of the interest on the. machinery
employed in weaving it, which was or might have
been purchased when gold was at 280. A comparison of
present prices with those of 1861 shows that the former
are from 50 to 100 per cent. above the latter; enough
higher to cover the premium in gold, the higher price of
raw material, and the interest of the new fixed capital.
The recent failure of an attempt to bear the dry goods
market shows that present prices will not at present suffer
a decline. Failures also are rare among manufacturers,
and suspensions not frequent enough to excite comment.
The remaining class, the farmers and planters, were fa-
voured with an extraordinary bountiful crop, and have
hugely profited by it. The price of cotton, even with the
heavy crop and oriental competition, is scarcely one cent
lower in gold on a pound than it was last year at this
time, and has boon largely marketed at even a better rate.
The wheat growers had the largest crop, and have found
the lowest market of all the agriculturists, but in gold No.
2 spring wheat at Chicago now brings 73 cents, only six
cents below the price last year this time. On the other
hand, corn at Chicago is worth in gold quite double
what it was one year ago, and mess pork is 1 dollar
higher per barrel. These facts indicate the real
condition of affairs. The principal industries, and
especially the growers of rsw material, are thriv-
ing, though on small profits The only real commercial
grievance of the hour is the reasonable timidity of men
to shift stock at a time of inevitable financial mutation.
-The disappointed speculators who have failed to raise a
breeze by locking up money or by bulling gold are in a
large measure responsible for the present hue and cry
about the prostration of the country. Money is undoubtedly
easy, and lacks in some degree legitimate employment, but
we apprehend it languishes more from the absence of that
tremendous speculation which since the War has so greedily
sucked up the too abundant currency of the country. The
failure of the clique, last week, to create any excitement
itt the gold market has been succeeded by the previous
almost holiday dullness, the premium fluctuating slightly
about 113 k. Foreign exchange is firmer, and very likely
will not return to the ease that has marked it for so many
weeks, though the continued excessive exportation of cot-
ton and breadstuffs will probably prevent its having any
effect on . gold. There is quite a demand for bills arising
front.the wants of American travellers who are preparing
to invade Europe in as great and even greater numbers than
last Summer. Government bonds have been quiet, with a
slight rise in 18625, 18645, and new 18655. This is due par-
tially to the arrival of many coupons from Europe with
orders to reinvest the proceeds of their sale in more bonds.
The London and Frankfort markets are again firm, and we
may be upon the eve of another large export of securities.
The variation in State stocks is not noticeable. The
stock market has been firmer during the week, with the
average business, and slight fluctuations. The New York
Heraldsays that all the principal stocks are controlled by
cliques, which have " made arrangements against an
active money market before summer," when the screws
will be put on, stocks " run up," the carriers will "un-
load"• and stand from under. This programme has the
true Herald smack. The railroad earnings are now made
up for the first quarter of this year. In January they
were beliir.d those of last year ; iu February they
recover-(l, and in March they have run behind again.
Taking ten of the principal roads of the West the total
earning thus far for 1870 are $15,295,132, against
$15,437,063 in 1869. The most notable decrease was in
the Chicago and North-western, which fell off nearly half
a million, more than halt of it in March. It must be re-
membered that in the West, March was a stormy and
snowy month. Cotton is steady and wool active. Bread-
stuffs are irregular, groceries and provisions a trifle higher,
and tobacco firm. Dry goods have been moderately active,
and jobbers especially have been busy. Country dealers in
New England are baldly in the market yet on account of
the spring travelling, but their stores are quite bare of
goods. The western trade is already coining into the
market. Advices from the lakes indicate that navigation
was resumed this week front Ogdensburg clear around
to Chicago. The opening of spring transportation has
:been celebrated by a reduction of rates on the three great
competing lines—the New York Central, Erie, and Penn-
sylvania Central. The following are the first class rates
for dry goods and general merchandise from New York to
the West: —Price per hundredweight, partly by steam
:and partly by lake propellers, to Cleveland 90 cents, to
Detroit 90 cents, to Toledo 90 cents, to Chicago $1 06, to
Milwaukee $1 06, to St Paul $2 50. The following are
-the new rates entirely by rail:—To Columbus $1 24,
Cleveland, 91 91, St Paul $2 60, Indianapolis $1 48,
Chicago $1 50, Louisville $1 73, Nashville $1 87, St Louis
.$1 91. The Great Southern mail route e.nuounces the
-fol'owing changes in prices: --For first-class passage to
Savannah $3O, a reduction of $5 ; to Macon, Ga., $35, a
reduction of $5 ; to Atlanta, G.a, $33, a reduction of $4.
The amount of real estate sales at San Francisco during
March, 1870, was only $1,383,806, against $4,721,273 for
the same month last year. The activity of a year ago, in
view of the op,ning of the Pacific Railroad, was excessive,
being nearly double that of the same month of 1868. The
disappointment at the result of the Pacific Railroad is
bitter, but on the whole business is improving. The sales
for March were an increase over those for February, and
the market is now very healthy.

(From the Wall-street Journal.)
FRIDAY EVENING, April 22.

Business is excessively dull, and money on call is so
easy that lenders have difficulty in finding enip!oyment
for their balance at over 5 per cent. Discounts are very
easy, and first-class paper is eagerly inquired for at 6 to
7-L- per cent., and single names at 7to 12 per cent. Gold is
heavy, and the speculation for the moment is certainly

against a rise.

The following aro the quoi
Amer. silver 94 to 95
Mex. dollars 1031 „ 101
Eng. silver 475 , 480
Five francs 94} „ 95
State Stocks are firm, ef
Carolinas, and Alabamas.
Tennessee 6s, ex coup.. 61
Do. • new bonds 56
Virginia 6s, ex coupons 69i
Virginia 6s, new bonds 69
Georgia 6s
Georgia 7s, new bonds 931
North Carolina 6s
Do. new bonds 221
South Carolina, 6s BB
S. Carolina, new bonds 811
Do. Aprl and Oct —
Dlissouri 6s 921
Do. 11. and St Jo Ise 921
Louisiana new bonds 721
Do. Gs, Levee bonds 76
Connecticut Gs -1001
Rhode Island Gs lOOl
Alabama 55... .......
Alabama 85... ...... 991.7
Illinois Canal bonds
1870 .. 100
Express Stocks are dull, be

rations for specio :
Eng. sovs 4BG lo 488
20 francs 385 „ 387
Thalers

;pecially Tennessees, South

Illinois coupon 6s, 1877.100
Do. 1879 100
Illinois War Loan lOO
Ohio G per cent. 1875 102
Do. 1881 102
Do. 1886 104
Michigan 6 p cent. 1873 95
Do. 1878 961
Do. 1883 95
Michigan 7 p cent. 1878 98
Michigan 7 p cent War
Loan 102
k reg'd Pounty loanlo9-14
N.Yk coup. B'nty loan 109 i
N.Yk 7s, Canal In. 1870.101
N.Yk Gs, Canal In. 1877.104
Do. 1874.102
Do. 1875.102
Do. 1877.102
Do. 1878.102
N.Yk ss, Canal In. 1875.101
,t steady. We quote :

Adams
American Merchants' Un
Merchants' Union, old St,
United States
Wells, Fargo, and Co

61 to 611
li01:1 3B to 38i
took — to ...
43i to 44
19i to 19f