The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-05-13
NEW YORK HERALD TUESDAY MAY Is, l8s2-TR1PLH SHEET

alton and decline in the rate Of interest. The
Increase in the bank loans is larger than was ex-
pected. 1t arises, Of course, from their purchases
OF seven-thirty Treasury notes and governments
bonds. The decrease in the bank specie arises, IN
the same manner, from their exchange of gold for
Treasury notes. The actual amount of gold in
bank to-days is considerably less than is shown
above, though the is far larger than is re-
quired in the present state of things.
The money market Is extremely dull. Money
is offered everywhere at per cent; one house had
over three millions offered at this rate to-day. On
gold and exchange money is offered at per cent.
There is no paper at ALL 30 to speak, in the market.
Certificates of indebtedness are selling at 1-16
n premium, and 7.30 notes at LOG. If we do not
have an era of wild speculation here this summer
it will not be for want Of the right materials.
Foreign exchange is firm at ia for bankers
bills on London. and 500 4.95 for francs. There
is very little demand for bills; many importers
are waiting to see when Southern produce will
begin to go forward. Gold was in fair demand to-
day at 1887 ". closing 1887 bid. Some of the
short sellers of gold have been closing up their in
terest. 1t is not so easy to make contracts as Il
was; people prefer to buy the gold out and out.
and borrow on it at 8 per cent.
The stock market was busyant and excited to-
day, partly ON the strength of the capture of Nor
folk and the destruction Of the Merrimac. and
partly in consequence of the steady Increase in
the supply of money. At the start, before the
first board prices were l q TX per cent higher
than at the close ON Saturday. when the first
board met depressing influence was exerted by
heavy cash sales of Pacific Mail, and by the
slaughter by . leading operator Of some 5000
Erie old. This checked the tendency of the mar
ket, and for an hour or so it looked as though it
would not readily rally. About noon. however,
fresh orders came into the board, and start en-
| sued, everything rising considerably. The board
did not adjourn till about two p. NJ, and nothing
was done between then and the second board. At
the latter the whole market was excited
and strong. Governments rose this morning to
1851. closing that bid for the coupons while the
7.3O notes sold at LOG. ,Tennessees and virginas
each advanced l per cent; Missouris H. Pacific
Mail was very mcrcurial. as usual. After closing
at ll5H on Saturday, 1t opened this morning at
ll6, fell off rapidly to liz, on sales of about 600
shares, then rallied to ll2H ll3, sll4, lis, and
OF last could not be bought under ll5H. It is just
| as likely as not to be l25 within week. Panama
was without change. Central and Erie, old and
preIerrcO were I'll ABOUT one per cent OetteT tils
evening. The Western shares were generally
| active and excited. Rock Island rose per cent,
guaranteed 2. Toledo and Michigan Central TX
Illinois Central and Galena n, Southern old per
| cent. The market looks an extremely healthy one
the most active stocks and those most likely to ad-
| vance being, as last week. Caiena, Erie, Illinois
Central, Toledo and Hudson River. The market
closed very strong, the following being the last
quotations. States 8's. registered, 1881
1857 1851; do. 6s, coupon. 1881, 1851 l055ss;
o.l5's. 1874. 9594 sS5s; Tennessee 6's, 6O1s a
6Osx; virgnia6's, 60 so; North Carolina 6's, 721
rs; Missouri 6's, 531s 53H; Pacific Mail, ll4s4
lis; New York Central. ssH = 90; Erie. 4Oh a
AO1I1; do. preferred. 677< sS; Hudson River. A .
A; Harlem, l4Z . l4A; do. preferred. 81 371l
Reading, 4s11l 4s1ls; Michigan Central. 6lT a
So; Michigan Southern and Northern Indiana, Is a
26A; do guaranteed. 50 521< Panama. 129 1897
Illinois Central, 6s1s 6s1H: Galena and Chicago.
| 70 q 70; Cleveland and Toledo, 4714 AK; Chi
cago and Rock Island. 60 COZ; Chicago, Bur-
lngton and Quincy. 90 70; Milwaukee and
Prairie du ChicR, 1914 q 3oi gold. 1887 lO3%.
The public continue to send in their legal tender
currency to be exchanged into funded stock. To-
day Mr.. Cisco received several applications; among
others, one for slOOOO0. The business of the Sub
Treasury was as follows