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From St. Louis we have the following of the 3d inst : The present stringency of the money market is greater than has been known in the city for several years. Matters were exceedingly tight this morning, but eased up a little after dinner. The embarrassment and failures in the East, though they have entailed no direct losses here, have produced a very unusual contraction in our money lending institutions, and great sacrifices have been made by those in pressing need, to the exorbitant demands of sharpers on the street. We learn that quantities of first class paper have been negotiated at 2½@3 per cent. per month. The demand is not confined to any one class, but exists in all departments of business. The usual accommodations from the regular houses to their customers, have been cut off to a great degree, the institutions holding in their horns very cautionsly, and some think very properly too. It may be, how ever, that the banks while strengthening themselves will unnecessarily weaken and embarrass their customers. It is well that the former should fortify themselves; but we do not think there is any good reason for an undue contraction. The effect of the numerous failures in this city has not been very serious, but has caused much inconvenience by interrupting the regular routine of business, and causing the banks and private bankers, through prudential motives, to curtail their discount line, and suspend their usual facilities to their customers, which has occasioned an extremely tight money market, that is likely to be felt for some days to come. Money has been in active demand. and a large amount of good and first class paper has been offered on the street, and the rates have ranged from 2@3 per cent. per month discount. The usual business is being done in sight exchange on the Eastern cities at previous rates, but time bills are not saleable. Sight exchange on New Orleans is purchased at 3/4 per cent. discount. Currency, especially Ilfinois and Wisconsin, is in large supply and difficult to dispose of, as the private bankers will only receive or purchase it from their regular customers. The Merchants' Bank of this city went into operation last Monday. Our market for all kinds of produce is considerably affected by the searcity of money, and prices of hemp, tobacco, breadstuffs, etc., are more or less depressed thereby, but the present stringency in the market, it is hoped, will soon give place to an easier state of things. Sight drafts on New York. bought at par, sold at 1½ prem. ; on New Orleans bought at 3/4 discount, sold at ½ discount. Time paper thus New Orleans 30 days, 3/4 discount and interest New Orleans 60 days, 14 discount and interest New Orleans 90 days, 13/4 discount and interest. Currency in large supply-Ohio, Kentucky and Indiana being received at % discount, and Wisconsin and Tennessee at 2@2/1/2 discount.
