The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-05-06
NEW YORK HERALD, TUESDAY MAY g. lse2-YRlP1E SHEET

Of indebtedness at eoT 100. Others are lending
money to their customers for purchases Of stocks.
There is SO little mercantile paper in market that
none Of the banks will be able to earn dividend
without dealing, directly or indirectly in stocks.
The announcement in this mornings HERALD that
the President will shortly reopen the ports Of New
Orleans, &C., created some stir in commercial
circles; but parties are preparing to move eau
tiously. There will be, some day, Q stampede In
cotton and sugar, and tremendous excitement in
coffee, salt, pork, &C.; but merchants do not seem
inclined 10 anticipate events.
The exchange and gold markets were very
buoyant to-day at an advance. At the close
bankers bills on London were held at ia, and
commercial bills at lls11 n; on Paris, 4.92H a
s5 for bankers, and 500 5.o211 for commercial
bills. At the top rates the business done was
small. Gold advanced to 1887. typographical
error made us say this morning that during the
bank suspension in England gold rose to per
cent premium. The fact was it rose to II per
cent at one time, and averaged during long pc
riod Of time 10 to 20 premium. The present in
crease Of the currency win probably carry gold
up to 10 per cent before long. a
This has been another day Of intense excite
lnent on the Stock Exchange. The amount Of
business ut the first board was so large that the
deliveries were not effected till long after the
usual hour. At the first board United States skies
led of with an advance Of TX per cent, selling
freely at 1921 for the coupon stock. At this ad-
vance the supply was in excess Of the demand,
and the price fell Off to 102, 1917, and finally
closed at l0fa bid. State stocks sympathized
Tennessees rose per cent, virginias a, and
Thoro octiva demand ELa.
wise, for Georgias, Michigan and Illinois bonds,
which have not been much dealt in on our market
Of late. All good railway bonds were wanted at
an advance. Michigan Southern sinking funds,
which sold few days ago at 80, were wanted at
90 ex-interest, equal to 1914. All the railway
shares were active and higher. Central rose ~,
Erie old !, Erie preferred 2, Hudson River 3Ll,
Michigan Central "a, Michigan Southern ], guaran-
teed ~, Illinois ~, Galena ~, Toledo l, Rock
Island ~, Panama a. Pacific Mail rose per
cent at the morning board, then fell off to yester-
days price. Between the boards the brokers
were so busy about their deliveries that
they had no time for fresh operations. At
the second board there was a tendency
to realize profits, which checked the up
ward movement, and prices closed firm, at
half-past three, at about the following quota
tions:- United States SIS, registered, 1881, 1915
q u; do. 'G's, coupon, 1881, 1902 Il; do.
SIS, 1874, 941a a 34 Indiana SIS, &c. Ten
nessee 6's, COZ q GlA Virginia 6s, 50 q -; North
Carolina SIS, 70 a Tx Missouri 6's, 53L a "a;
Pacific Mail, 1T a a; New York Central, sS%
a 5.; Erie, 391a % do. preferred, 66M n; Hud-
son River, 39% a 40; Harlem, 14ss III do. pre-
ferred, SO a "a; Reading, M a As; Michigan
Central, 59N ~; Michigan Southern and Northern
Indiana, Is a 25: do. guaranteed, 1914 so; Pana-
ma, l291a 1870; Illinois Central, 63s4 a64; Gaena
and Chicago. 721s a 20; Cleveland and Toledo 45
a "a; Chicago and Rock Island, 611a q 81; Chi
cago, Burlington and Quincy, 661a 81; Milwaukee
and Prairie du Chen, 2oll o 80; gold, 1887 "a.
Mr.. Chase may wen be congratulated on the vim
dication Of his financial policy by the present
diton Of government securities We understand
that he is determined to issue no more Treasury
notes at present and not to extend the limit for de-
posts at the Sub Treasures. His certificates Of
indebtedness, having one year to run, are now
selling at par; and, as he ia authorized to issue any
amount of these, he may consider the financial
problem Of the war completely solved. The working
of the money market is likewise going to assist him
in another way Many people believe that the five
year bonds, of which Mr.. Chase is authorized to
lsbuc SoVV,OVV,uVV, dAu utu " HCN iCSuA tCuucI
currency is convertible will in reality, prove ten,
fifteen or twenty year bonds, as they are only re-
deemable, '.at the pleasure Of government, after
five years. and it seems unlikely that the govern
ment will be able in 1867 to pay of so large debt
as 5000 600 900. Hence the advance Of the other
skies to premium is leading many individuals to
think about converting them into these five year
bonds. Mr.. Cisco had several inquiries on the
subject to-day. BY way Of completing the
triumph Of Mr.. Chase's financial policy, the
advance in 7.30 notes is enabling him to
provide the gold for the payment of this
interest on the public debt without paying q
premium. Last week Mr.. Cisco exchanged 49,,
100 COO Of 7.30 notes for gold at par. To-day he
made further exchange of 81 $50 900. So that
already large proportion of the gold required for
the payment of the July interest is on hand in the
Sub-Treasury.
The business Of the Sub Treasury to-day was as
follows
Rcc, III 5s53lS -
Tor customs ............,'..,.....ss 49, VIZ w
Payments. 170l,lbo %
Balance. ~
The last Bank Of England statement shows the
following variations, as compared with the pre-
vious week.
Public deposits. ..s..t...,....,,s ta00ioZ
Other deposits .................. 625, 900
Notes In circulation. 9226,353 =
r. st....................... $500 -
On the other side of the account -
Government securities ...,..... 10000 -
Other securities. fro5 9o5
Coin and bullion. ............... t33 500
Notes unemployed ............. AL ,l4l
The earnings Of the Galena and Chicago Rail
road for the month OF April were =
Tvs 4.
1869 Observation-Disclosures. 66.653 "a
Decrease ST. 140 81
Corrected earnings for previous month. - S4e 10
The Albany Eoening Journal recently published
the annexed summary Of the statement Of tho
banks, az made to the Superintendent Of the De.