The Sun.
London, England, 1869-04-19 00:00:00

• MONEY AND BUSINESS.

(From the Springfield Republican, April 3.)
The tightness in the money market shows few signs of
abatement as yet. In fact the stringency is greater and
more troublesome than it was a week ago, and it is causing
borrowers much inconvenience. At Boston the bank rate
is still 7 to 8 per cont. for liberal depositors, but outside
the very best double-name paper is cashed for nothing
short of 9 per cent., while for good notes, having three or
four months to run, as high as 10 to 12 per cent. is de-
manded and paid. Probably easier times will come before
long. Although the Ist April has lost its terrors as a bank
quarter day, it remains a settling time in the interior of
New York and many other States, and currency is there-
fore drawn away from the large cities. Besides, the banks
are still in a state of uncertainty as to the date when their
returns will be called for, and are keeping under
close sail until time shall have passed. It was expected
that the change of the requirements commencing bank
statements from regular ones quarterly to irregular ones
five Hines a year, would alleviate or prevent the usual
stringency at this time of the year, ha' the expectation has
not been realized. The uncertainty of the present ar-
rangement seems to operate disadvantavously to the
money market, at lea,t. The question of the redistri-
bution of currency is attracting a good deal of attention,
and it is very probable that a new deal will ho made,
whereby the eastern banks will lose thirty or forty mil-
lions, and the South and West g tie as much. Some of
the Boston banks, fearful that their profits will be dimi-
nished, have declared for an expansion of the currency to
meet the Southern demand, as if we had not already
enough paper afloat. Mr. Goo. Walker of this city, in a
sound aid Sensible letter,reminds them that as the national
bank bills are current almost all over the country, they
will find their way wherever exchanges carry them; and
he shows that the proposed redistribution, instead of cur-
tailing the banking facilities of this State, would in
reality increase them. The Boston banks seem to be
more alarmed about the matter .ilan they have any
occasion to,be. The plan of Mr. Amasa Walker for bring-
ing tho country gradually baek to specie payments has
been commented upon very generally in approval or dis-
approval by financiers. The old Journal of Commerce
frowns upon it, and the New York stockholder calls it a
plan to make people pay interest on their own money, and
thinks that the proposed funding of the legal tenders into
compound interest notes, and the notes into forty year
bonds wquld impose a burdensome and unnecessary tax
upon the people. The stockholder's plan would be to
have the Secretary of the Treasury hold on to his gold,
instead of buying up and cancelling bonds with it. Then,
starting with a hundred millions in coin free from pre
sent demands for interest on the public debt, it would
have the treasury offer to redeem all legal tender
notes which might be presented and thus make a paper
dollar perforce equal to a gold dollar. This might ba
very well so long as the gold lasted, but what then ? The
stockholder anticipates this objection by adding, "Not a
hundred millions, not fifty millions of legal tender notes
could be returned into the Treasury without creating a
scarcity which would render the remainder as valuable as
gold for all purposes, and for the special purpose of sus-
taining the banks, more valuable." And so much accom-
plished, the demand for coin in place of paper would cease.
This plan, it will be observed, does not diminish the
volume of currency beyond fifty millions (supposing that
it operates as predicted), and the special merit claimed for
it is that it does net, the stockholdtir asserting that there
is no more money afloat than the business of the country
demands, while it is not difficult to demonstrate that the
contraryis true. The scheme proposed is not,likeMrWalker's,
a new one, but neither, we apprehend, is likely to be
adopted by the administration, at least for some time to
come. The New York stock market has been dull and
heavy during most of the week, as might be expected
along with the present scarcity of money. There was a
curious exception to the rule on Wednesday, when, not-
withstanding money was as tight as ever, New York Cen-
tral and most of the other stocks became suddenly buoyant.
The cliques have obtained possession of most of the lead-
leg stocks, in the expectation that there will be a specula-
tive furore and higher prices as soon as money is easier,
when, of course, they will be ready to " unload." Govern.

went bonds have been weighed down heavily by the strin-
gency of the money market, and are a little lower than
they wore a week ago. Many weak holders of stocks have
been obliged to sell bonds, but few shrewd investors,
however, are doing so, except upon compulsion, as it is
very evident that money will shortly be easier and bonds
higher. It is estimated that foreign houses are now
holding $20,000,000 in bonds, at New York, waiting for
thelime when they can get better rates on their bills. The
foreign exchange market has been badly demoralized, and
is somewhat lower.—Gold is scarce and firm, but without

any marked advance in rrico. It has been reported that
$4,000,000 in specie is to be shipped at once from London
to New York, but the rumour is probably untrue, as such
an importation could not be made, at the present rates of
exchange without positive loss. It may be true, as
reported, that $1,000,000 in small coin has been shipped
from London for a New York house, in payment for
bonds, owing to the difficulty of settling bills against
the bonds, but this transaction must be regarded as
exceptional. The receipts of specie at New York, last
week, amounted to $1,999,945, but $809,060 of this
amount arrived from Hamburg one day and was shipped
for Havana the next. The exports from the same port for.
the week were $3,085,395 against $2,440,120 fur the week

previous. The dry goods market has been much unsettled,
some styles of goods being scarce with an upward ten-
dency, while others have shown a marked inclination the
other way. But wholesalers are hopeful of a steadier
and better condition of the market very soon, as the
spring trade has fairly begun. Unbleached shootings
and shirtings are half a cent lower with a chance for still
lower figures ; bleached are generally firmer, although the
less marketable styles are weak. The recent decline of a
cent a yard in prints has made buyers plenty and trade
lively, but the market has not been buoyant enough to war-
rant higher prices, and quotations are more likely to go
down than up. Desirable styles of ginghams are in fair de-
mand at steady prices. In other domestic cotton fabrics
there is little noteworthy change. The importations of
foreign goods in March were very heavy, and the auction
rooms are crowded with them. The market, however,
is overloaded, and prices are inevitably going down. The
wool market is dull again, in sympathy with the goods
market, and while holders are very firm, manufacturers
are buying cautiously and only in such lots as their im-
mediate business demands. The cattle market is also
dull. Indeed dull is the word in all the markets this week
except the money market. The decline at Brighton and
Cambridge this week has been about half a cent a pound,
and trade was very backward, (hovers selling their stack
with difficulty even at the concession.

Messrs. Drexel and Co., Philadelphia, report that on
April 2, the latest sales in Pennsylvania Railroad
Shares were 58k 58k ; Sixes, Ist Mortgage, 994 991; 2d
Mortage, 911941.

(From the Wall-street Journal.)

Friday Evening, April 2d, 1869.
Money continues very stringent, and borrowers on call
are compelled to pay seven per cent. in gold, with a com-
mission of 3-16ths to -} per cent. on railroad and miscel-
celaneous collaterals, and seven per cent. in currency with
1-16th commission on Government bonds. We regret to
announce the failure of the old and well known firm
of •L. and B. Curtis, importers of British and Continental
goods. This was one of the oldest and most respected
houses in the trade, and it is to be hoped that their em-
barrassments may prove but temporary. It is understood
that their liabilities are chiefly in France. Discounts are
generally dull, with some sales of first-class acceptances
at 10 to 12 per cent. The gold market opened to-day at
132, and after some fluctuations closed at 1311. Foreign
exchange is dull and prime bills to-day are freely offering,
even below our quotations.

Sixty Days.
Londcn Bankers
Lot.c:. n, Prime Commercial lO6l-107
Paris, Bankers. , , 5.281 5.n1 5.231-5.211
Bremen, Bankers
Hamburgh, Bankers 341-351
Frankfort, 0.4 ' 391-401
Berlin and Cofdgne
..' 70_70; t
Antwerp 5.30 —5.25 ......
Amsterdam, Bankers
......
Swiss
......
Quotations for specie:—
Amer. silver... 95 to 951 I Eng. sow; ......486 to 489
Mex. d011ar5...103/ „ 104 j2O franc 5,....... 384 ~ 386
Eng. silver 480 ~ 485 J Thalers ......... 711 „ 72
Five francs 951 „ 961 I
Express Stocks are dull, but steady :
Adams ... ... ... ••
...
... 571. to 58
American Merchants' Union
... ... •.• 4(4 to 40/
Do. Old Stock ... ... ... ... 15
United States
... ... .., ... ... 56 .t056t0 15
Wells, Faxgo, and Co. ... •.•
"'
•.• 34 to 30
In Miscellaneous Stocks a good business is doing in
Canton, Mariposa, Pacific Mail, and Union Telegraph:—
EN. Y. Central ............ 1. 9* Fort Wayne
rie ........................ 33/ Pacific Mail B9i
Hudson .................. 1381 Atlantic Mail —
Reading ................. 91 Quicksilver
Mich. South. &N. 1.... 951 W. U. Telegraph
Illinois Central
Cleveland & Pit tsbrg 864 Ohio and Mississippi... 32
North-West
North-West Preferred 931 Cumberland
Canton 69 Bankers and Brokers... 108
Rock Nand
Cleveland and Toledo 106/ M & St. Paul Preferred 79f
Government Bonds are lower on the entire list, some of
the weaker holders, in consequence of the severe strin-
gency, having been forced to realize ; the market, how-
ever, shows great firmness :
Sixes, 1861, registered ll5 to 1151
1
Sixes, 1881, coupon ll5 to lloi
to Sixes, 1868, Fouen

Three Days.
108k--1091

...... t

U.S. 6s. Po'cific )lailioad lOl to 104/
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 ll2/ to 112
Ten-forties, coupon lO5 to 1054
Seven-thirties, 2d series — to
Seven-thirties, 3d series — to
Oregon War Loan, Sixes, 1881 — to
11alroad Stooks, considering the eat(' of tho Money