The Sun.
London, England, 1869-05-12 00:00:00

MONEY AND BUSINESS.

(From the Springfield Republican, April 24.)

The money market has shown a decided improvement
for the week past, both in the abundance of its supply and
the regularity of its demand. Seven per cent. in currency
his been the ruling rate at Now York, and there has at no
time been any marked or sudden variation from that figure.
The supply has been sufficient for all needs, and the stock
market., quickened by the facility with which capital could
bo procured, has steadily atsorbed all that offered. The
tendency of currency during the week has been from the
country, towards the New York banks, and this movement
though of usual annual occurrence, is fully a week earlier
than last year. The demand for shipment South still con-
tinues, but there is no difficulty i❑ meeting it, and no re-
lucts.nce to stimulate the rapidly increasing and important
trade with that section of the country. The banks are
generally in a strong position and will make a favourable
exhibit in response to Controller Hulburd's order for a re-
port of the condition of their business on the 17th instant.
This will be the first of the reports under the recent Act of
Congress, which are to be made when called for by the
Controller, and not quarterly, as under the old law. The
order relieves the banks from the partial contraction which
they have maintained for some time in its anticipation, and
many predict an easier market after it is over, though pro-
bably it will not have any material effect upon the situa-
tion. Th western money markets have experienced no
essential change ; they are easier than usual, especially at.
Chicago.

Au abundance of money and a short supply of coin have
caused an advance in the gold market of three per cent. in
less than a fortnight, and this too in the face of the most
favourable financial advices from Washington, consider-
able receipts of specie from Europe and California, and a
steady advance in the price of Government Bonds. The
increase has been mainly gained during the past week and
on Thursday the price closed at 1331. There are rumours
of a speculative "corner" in preparation for the disburse-
ment of the May interest on the Five-twenties, and the
short supply of cash gold now.available in the market
favours the success of this project. The sensation stories
of a possible war with Spain for the sake of Cuba, and our
delicate relations with England, on the subject of the Ala-
bama claimF, increase the sensitiveness and uncertainty of
the market, and speculators are never slow to improve the
advantages of such a situation. The prepayment of the
May coupons does not require any considerable amount of
gold, and so far those who have held on to their coupons
have been the gainers. The premium seems likely to bo
higher before it is lower. The receipts of gold from customs,
howe eer, continue quite heavy, and the aggregate accumu-
lation of gold in the New York Sub-Treasury for the last
fortnight is over $1,000,000. The European steamers
have landed $1,500,000 in gold at New York during the
week, and the Arizona, from Aspinwall brought $53-2,886
on Wednesday. Tho imports at New York for the week
ending April 17 were $7,558,167, gold value, and since
July 1, $223,016,462, an increase of nearly's33,ooo,ooo
over the corresponding time in the previous year. The
exports also show a corresponding but similar decrease.
For the week ending April 14, they amounted to $3,617,388,
currency value, and since July 1 to $124,714,134, against
$144,917,280 for the similar time in 1858. The specie ex-
ports of New York, since July 1, were $31,524,940 -
sla
', 550 245 less than in the same months of 1867-8, and
the specie receipts from California $16,798,313 —510,325,956
smaller than for the corresponding months of the year
previous. More than twice as much foreign specie has,
however, been brought to New York than during the first
nine months of the fiscal years, 1867-8. Foreign exchange
has been much firmer than usual at New York, and has
advanced 1 to la per cent., varying at 108 to 108 k for prime
banker's sixty-day bills.
Government Securities have been firm and prices Nava
generally advanced. The foreign demand is unsatiate 1
and German brokers aro picking up all the odd lots of the
earlier issues which they can find, and quietly laying them
aside for a further rise. The decline of our bonds iu Lon-
don has neither affected their price in New York nor at
Frankfort, and in spite of the dim possibility of trouble
with England, Spain, or anybody else who infringes() i Our
national rights or honour, our public funds seem to be a
favourite investment for capitalists of all countries. • The
earlier issues of the Five-Twenties have become scarce to
find in the market, and there is a good demand and steady
advance for the Pacific Railroad Sixes. The advance pay-
ment of the May and July interest on the Five-Twenties
amounted to very little, and would have amounted to still
less had not the advance in the premium on gold tempted
some holders who would not otherwise have presented
their claims. There is a probability that the Secretary of
the Treasury may order the closing of the transfer books
for the registered bonds on the 30th inst instead of May
31 as usual, in preparation for the payment of the July in-
terest, and should such an order be issued it would un-
doubtedly stimulate the anticipation of the interest on the
July coupons.
Railway shares have been generally appreciated in mar-
ket value during the week; owing in part doubtless to the
greater abundance of money. New York Central still
leads the advance, and though there is rumour of another
war between Vanderbilt and Jay Gould, Gould and Erie
will inevitably suffer, long before Vanderbilt and'his roads
can be affected. The report goes that the steady advance
in Central stock is proving disastrous to Gould, and that
he vainly implores Vanderbilt to put the prices down, that
lie may escape without loss. Vanderbilt isn't so teader-
hearted as all that by any means, although he has lately
sold out all his Staten Island property, worth over a mil-
lion, and given its titles to his eldest son, William, for $l.
The official report of the Fisk-Gould administration of
the Erie Railway for the ye.tr ending Sept. 30, 1868, has
lately made its appearance, and has many curious and in-
structive features. The total increase to the stock and
debt of the road during the year was $44,209,592, the
gross receipts of the r0ad,514,317,213, and the expenses
$10,311,217, of which $1,010,5e4 appears as net profits
"for dividends." The amount of .money paid in dividends
.was probably much less than a million. The administration
profess to he ve spent $7,238,136 on the road and its equip-
ment, yet their report shows only 14 miles of track added
to the road, and a reduction of the passenger cars from
190 to 187, and of the emigrant and baggage cars from 450
to 300. The New Fmk Times thus concludes its review
of the report :—" Tho reasonable conclusion would seem
to be that such a condition of affairs, must of necessity,
sooner or later, come to an end ; but the time will depend
upon the ability and assurance of Gould and Fisk to grab
,all the cash receipts of the road, and of the Atlantic and
Great Western leaee, and to run and buy supplies for both
lines on credit, including the $150,000 per mouth pro-
mised to the mortgage bond and debenture holders of the
Atlantic and Great Western, and now very couveniently
tied up in chancery." The Atlantic and great Western
road has lately lapsed into its normal state of receiver-
ship, though the matter has ben quietly brought about
with Jay Gould as one of the receivers. The Western
Roads all stand favourably in the market, and the Rock
Island is perceptibly enhanced in value by its prospective
speedy completion to Omaha, and connection with the
Pacific Road. The annual report of the Michigan Southern
and North Indiana Road, for the year ending February 28,
shows as a total of year's earnings, 85,024,108, of operat-
ing expenses, $2,028,028, and of net earnings, 82,846,029,
an increase in the three items, respectively of $276,889,
$111,691, and $165,198. The surplus remaining after pay-
ing all expenses, dividends and taxes, is $50,835.
An improvement in the dry goods market for a day or
two, last week, promised better times, but the season is
too far advanced and trade too nearly completed to expect
a permanent change in the situation. Cotton goods, par-
ticularly new styles of spring prints, are considerably
sought after, but woollens of all descriptions are heavy,
and there is little demand for them. Tho price of the raw
materials, both cotten and woollen, has declined, and the
cotton trade in the Southern ports is dull. Foreign goods,
though imported in smaller quantities, are not readily put
on the market, and a large portion on arriving are placed
in bond, while others aro sent to the auction rooms. A
heavy defalcation in the New York produce exchange un-
settled business for a day or two, and the subsequent price
of flour and wheat has been declining, and a continued in-
crease of the stock on hand. The Cambridge and Brighton
cattle markets, this week, presented the usual condition of
an over supply of heavy fat beeves and a scarcity of poor
animals, with a decline on the former and an advance on
the latter, until the extreme prices were within $1.50 per
hundred of each other. Sheep and swine are dull and
lower.

(Front the Wall-street Journal.)

FRIDAY EVENING, April 23.

There is an active demand for money on call which has
been promptly met at the legal rate. Discounts are mode-
rately active at 9to 12 per cent. for first-class names. Gold
is generally steady, the sales to day having been at 1331 to
1331, at which latter price the market closes. Government
Bonds are generally strong at an advance of 11- to 4 over
yesterday's rates.

Sixes, 1861, registered
Sixes, 1881, coupon ll7f to 1171
Sixes, 1868, coupon
U.S. 6s. Pacific Rani oad lo4} to loq
Five-twenties, 1862, coupon
Five-twenties, 1864, coupon
Five-twenties, 1865, coupon
Five-twenties, 1835, coupon, new
Five-twenties, 1867, coupon
U.S. 5-20 Coupons, 1868 ll3l to 1151
Ten-forties, coupon lO6 to 106 k
Seven-thirties, 2d series
Seven-thirties, 3d series
Oregon War Loan, Sixes. 1881

Tho Atlantic and Great Western Railway Company has
passed into the control of receivers—one of whom is Mr.
Jay (3ould. Payment of the coupons on the Atlantic
and Great Western Railroad Bonds was stopped on the
16th instant, and the published notice dated March 30 re-
specting coupons duo April 1 has been revoked.

It is statLd that it is the intention of the Panama Rai:-
road Company, on the opening of the Union Pacific Road,
immediately to reduce the present fare (52.5 in gold for 47
miles), so as to aid the Pacific Mail Steamship Company
in competing with the Union Pacific Raihoar. The
S.teamship Company will .doubtless likewise cut down its
own rates of fare so as to retain a considerable portion of
travel. Furthermore, the water route will, for some time
to come, retain the bulk of all but fast freights, owing to