The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-05-22
FINANCIAL AND CONNER GAL.
WEDNESDAY, May 21-6 P.

There is no change in the money market to re-
port, except that call loans at 3 per cent are
becoming more frequent than they were. Three
bids fair soon to become the standard rate for
money in Wall street. There is no change in bills
The brokers are hoping for an increased supply of
produce bills.
The stock market opened this morning with al
weak feeling, and for some time an impression pre-
vailed that there was bad news in town. Sub
sequent developments led to the belief that the
decline of the morning was mainly due to q COM
bined effort of the bear operators, who seem to
have received some aid from the bulls. Nothing
is more feared by the latter than general closing
out of the short interest: nothing more desired
than large, healthy short interest we'll distributed
throughout the speculative shares. Hence it is
suspected, when the bears showed tendency to in
crease their line this morning some of the shrewd
est bulls threw over few hundred shares of stock
to increase the decline, and so tempt the operators
for . fall to move boldly. The decline of
the morning was equal to ~ in Erie preferred
and guaranteed, l in Pacific Mail Illinois Central
and Michigan Central, q in Rock Island, "a in
Erie, "a in Hudson River and Toledo, and "a in
Central. Government skies were a lower, and
State stocks about a. Bonds were no lower. On
the contrary, the inquiry seemed active ever,
especially for the cheaper classes Of bonds, which
have been to extent lost sight of the Stock
Exchange for some time past. After the beard
the market rallied, and stocks were in demand
at slight advance from the morning prices;
but at the second board the bears renewed
their attack upon the malkst with vigor, and
q further decline Of 20 per cent en-
sued. At the close the market was steady at
the decline, the following being the last
quotations:-United States 6's, registered, 1881,
1O3 1903; do. 6's, coupon, 1881, lO35s l04: do.
SIS, 1874, 921 "a; Indiana SIS, 50 SO; Tennessee
SIS, $50 q; Virginia SIS, So So; North Caro-
lima 6's, II 49, Missouri 6's, 514 So; Pacific
Mail, 1l314 "a; New York Central, $50 "a;
Erie, 80 n; do. preferred, $50 a n; Hudson
River, 4214 "a; Harlem, li14 "a; do. preferred,
IS q ~ Reading, asa 4o14; Michigan Central,
81 q "a; Michigan Southern and Northern Indiana,
251l "a; do. guaranteed, Sc q; Panama, 13l
132; Illinois Central, COZ e; Gaena and Chicago.
IL q a: Cleveland and Toledo, 1874 "a; Chicago
and Rock Island 621I 63; Chicago, Burlington
and Quincy, 72L 20; Milwaukee and Prairie du
Chen, 29A "a; Illinois Central rs, "a o a.
gold, 1885 u.
II is hoped that the bill reported to Congress
by Mr.. Ward, from the Committee on Commerce
establishing branch mint at the Assay Office in
this city, will become law without further delay
In no other country in the world would people be
guilty of the absurdty Of requiring all the gold and
silver to be sent half days journey by rail to be
coined. when the coinage might just as well take
place at the place where the bullion is received
New York is the focus of business this continent
nearly all the bullion first comes here; it is here
refined and cast into bars but to be cast into coins
it has to 90 to Philadelphia. Since 1854 we have
sent from here to the Mint at Philadelphia 81 49,,
972 lis Of gold and silver to be coined at cost OF
1929, 905 for express freight. 1t takes from TWEEN
ty-two to twenty-eght days for the Mint at Phila-
dclphia to coin bars into pieces and return the lat
ter to the here; the depositor loses the in.
tersst meanwhile. Common sense and sound busi-
ness principles long ago dictated the expediency Of
removing the Mint bodily, with all its machinery and
workmen to this city; but, il Philadelphia considers
that this would be fatal to her prosperity surely
there can be no objection to our having branch
mint connected with the Assay Office, where citi.
Gems Of New York can have their bullion coined
without needless expense or delay. The following
table shows the shipments of gold and silver from
New York to the Mint at Philadelphia for he pas