The Sun.
London, England, 1869-01-06 00:00:00

MONEY AND BUSINESS.

(From the Springfield Republican, Dec. 19.)

NEW Youx, Doc. 19.
The money market exhibits increased activity, with a
more general demand for loans upon call. At New York
seven per cent. is the uniform rate on all classes of colla-
terals, both with banks and private lenders. Discount for
first class paper at short date ranges from 71 to 9 per
cent. The supply of pork paper is large, and helps to
keep up the rates on all classes of !discounts. The move-
ment of currency South and West continues. There is
no stringency, however, and good commercial houses have
no difficulty in getting all the money they need. The
present rates are likely to hold steady until after the
January statement. Cincinnati and Chicago report a very
active market, money flowing in freely from New York,
and going out at once to pay for the hog product.
Country collections, which have been very tardy this
year, are beginning to improve, and help to relieve the
market somewhat. Sterling exchange has been high,
and firm during the week in the deficiency of cotton
bills. The approach of quarter day" has started again
the question of abolishing the present system of mak-
ing bank returns on a fixed date. The business comtnu-
nity is almost unanimous in the opinion that the present
plan works only mischief ; that it fails wholly of its pur-
pose as a check on the operations of the banks, and has
its whole effect in producing a painful stringency four
times a year, by which the commercial public is greatly
incommoded. Congress ought to take a tion before the
recess, and thus save the community from the otherwise
inevitable squeeze as the Ist of January approaches. If
anybody pretended to show how the quarterly statements
as at present managed, serve to keep the banks within
bounds, there might be some excuse for continuing the
system, even to the annoyance of the business public.
During the early part of the week gold tended downward,
and accomplished its full fall from the rise of the week be-
fore. Senator Morton's bill was regarded as looking to a
rise in the premium by forbidding further Government
sales, and a slight advance took place, limited, however,
by the general scepticism as to the success of the bill. It
does not seem to be the feeling in mercantile circles that
any important measure will be adopted at the present ses-
sion. As the Treasury receives for duties $40,000,000 a
year in gold more than it disburses for interest, and as the
New York banks have only nineteen millions on hand, it is
evident that a bill to forbid sales must have the immediate
effect to raise the price of gold. This in itself is no ob-
jection to the bill, for Secretary M'Culloch's persistent po-
licy of " bearing" gold has had only a mischievous effect
upon the market. The approaching January disbursements
for interest (mostly on new bonds held at home) bass ten-
dency to keep down the price, nor has the premium been
appreciably affected, except for a few hours at most, by the
rumours in regard to the action of the Supreme Court on the
Legal-Tenderquestion. There is almost a certainty that no
decision at all will be reached at the present term of the
Court, nor is there any good reason to assume that, if such
a decision were made, it would be adverse to the con-
stitutionality of the Act of 1862. The week closes with
gold still lower, the effect of the Morto❑ Bill proving to
bo of the most temporary character. Governments show
rather more firmness. A sharp contest is going on between
the bulls and the bears, and the bulls seem at the present
to " have it." Prices are generally higher, with large
amounts bid for buyers' options. There is also a heavy
investment demand, and large amounts are being taken
on country orders. A rise is generally anticipated after
the January interest is paid. The Five-twenties of 1865-66,
January and July interest, are being purchased more largely
for the German market, in preference to the bonds of 1862.
The resolution to declare the bonds payable in gold is to
come up in the Senate to-day, and should it pass may hay
some slight effect upon prices ; though the practical re-
sult has been pretty nearly anticipated before this time.
State Bonds are again attracting attention. The de-
feat of the "Omnibus Bill" (railroad) in the Tennes-
see State Legislature sent the bonds of that State up
nearly five per cent. in one morning. This measure de-
feated,t he creditors feel reasonably confident of the January
interest. The North Carolina interest has also been in
doubt, but the State Treasurer telegraphs that it will surely ,
be met. The debt of Pennsylvania has been reduced by
$2,000,000 this year, and Michigan announces a surplus
for the year of snore than half a million. Her debt is now
reduced to three millions and a half. The market for rail-
ways and miscellaneous stocks at New York has been
unusually calm during the week ; but preparations are
going on actively for another grand attack by the bears.
This time the Erie combination are the parties interested
to hold up the market, while the bear clique contains
many of the strongest operators. A new lock-up of
greenbacks is intimated in connection with the ap-
proaching quarterly statement, which regularly fur-
nishes occasion and active assistance for some rascality
or other. Thus far only Pacific Mail and Rock Island
have suffered—the latter severely—but the plans of the
clique are laid to embrace many of the leading stock. Of
railways, the Western stocks are favourites, in the cer-
tainty of a heavy business during the winter and spring.
Judge Nelson has set aside the order of Judge Blatchford
appointing Jay Gould receiver of the Erie Railroad. The
opposition to the present direction of the Cleveland and
Pittsburg Road has apparently ceased. Cumberland coal
stock is advancing, and arrangements are contem-
plated for consolidating it with several of the coal com-
panies of that region, for the purpose of preventing
competition.— The report of a dividend, both of cash
and scrip, in Milwaukee and St. Paul, is revived The
stock is at present considered a little too solid for specula-
tive purposes, and, it is thought, will bear watering.
—Work on the Iron Mountain Railway is progressing
rapidly, and cars will run through to Belmont by June.
Rumour makes Vanderbilt make an offer for a ten years'
lease of the Great Western Railroad of Canada, with pri-
vilege of purchasing.—A tunnel under the Hudson River,
as a joint enterprise of the Erie and Jersey Central Roads,
is among the latest sensations.—The Leavenworth and
Des Moines Railroad is shortly to be completed to Chicago.
—Ohio and Mississippi Railroad certificates have improved
in consequence of the lease of the Atlantic and Great Wes-
tern to the Erie Road.

(From the Wall-street Journal)
NEW YORK, Friday Evening, Dec. 18.
Petroleum stocks are quiet, with, however, a fair busi-
ness doing. Express stocks are in better demand, being
looked on more favourably. The consolidation of the
American and Merchants' Union will reduce the expenses
of the new company fully $1,000,000 per year. The con-
version of Merchants' Union into consolidated stock is
going on rapidly, and the heaviest stockholders have
already made the payment of the $5 assessment. We
quote :
Adams ••• ••• ••• ••• •.. •.. 451 to 451
American ... 441 to 451
Merchants' Union 154 to 151
United States 46 to 461
Wells, Fargo, and Co. ...
... 241 to 25
Foreign Exchange is slightly easier, the demand being
legs urgent. Theyare quoted as follows :
Sixty Days. Three Days.
1091-1091 1101-1108
1084-109;
5.20 5.161 5.131 —5.121
781-79
351 361
401-411
71'-72
5.20-5.16 f
401 —4ll
5.20-5.161
'ELLANEOUS STOCKS.
Fort Wayne
Pacific Mail llll
Atlantic Mail
Quicksilver
W. U. Telegraph
Mariposa Preferred
Ohio and Mississippi 291
Boston Water Power l4
Cumberland
Bankers and Brokers lO7
M & St. Paul
M & St. Paul Preferred 831
FOR SPECIE.
Eng. sovs 489 to 493
20 francs 385 „ 386
Thalors

Londcn Bankers
Lou:, n, Prime Commercial ,
Paris, Bankers
Bremen, Bankers
Hamburgb, Bankers
Frankfort, OM
Berlin and Cologne
Antwerp
Amsterdam, Bankers
Swiss

RAILROAD AND MIS
N.Y. Central l3Ol

Erie
Hudson
Reading
Mich. South. &N. I B6l
Illinois Central
Cleveland & Pittsbrg B2l
North-West
North-West Preferred 774
Canton..
Rock Island
Cleveland and Toledo 1011

QUOTATIONS
Amer. silver_ 95 to 96;
Mex. dollars 103 „ 104/
Eng. silver 480 , 485
Five francs 96 „ 97