The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-05-03
FINANCIAL AND COMMERCIAL.

FRIDAY May 2-6 p. NJ.
This has been another very active and exciting
day. Money has been offered to tue brokers to-
day at per cent in very large amounts. Banks
and capitalists, in many instances, are buying
government stocks and Treasury notes in order to
keep their means employed. We hear that some
Of the banks want Mr.. Chase to take advantage Of
the present state Of things to negotiate a new
loan. Thisis one word for the department and tw 0
for the banks. If our arms continue successful
Mr.. Chase viii be able to sell five per cents, in
sixty days, as well as he could sell skies to-day.
The result being certain TO general apprehension
here, the question is who is to make the profit on
the inevitable advance in public stocks-the d.
partment or the banks, The banks are not 10 be
blamed for trying 10 secure it for themselves; but
they cannot expect the department to be utterly
neglectful of the public interest BY obtaining
from Congress authority to issue slOO 900 900 more
legal tender notes, convertible into bonds, and by
extending the limit Of the deposits to 800 900 600
Mr. Chase will obtain all the money required 10
Sssng the war to close without submitting to any
shave. At the close Of the war government bonds
will inevitably rule so high that the holders Of the
legal tender currency will fund it for the sake of
the profit. Thus Fir. Chase will have paid the ex
penses Of the war with five year bonds, nego
tiated, practically, at par, and only commencinc
TO bear interest u the close Of the war Historv
contains no example Of such Gnancia! trumnh.
Exchange advanced to-day to lis Z. some
bankers holding AZ II. The imports Of dry good.
FOR the week amount TO 1898 ,j9s besides which
some 500, 900 o. goods previously imported were
withdrawn from warehouse and thrown on tba
market. Our markets are very bare Of goods
throughout the country. Gold rose to-day t.
l021s and looks Is though 1t going still higher
This has been another very buoyant day on the
stock Exchange. Tie campaign has been most
brilliant ono for the bulls; they are carrying every.
hing before them, and are reaping a most hand
some reward for their foresight. Common report
figures the profits al the leading bulls az amounts
which nave rare been won or lost on our stock
Exchange within the past four or five years Tho
amount 81 outside orders this morning was worry
considerable, the favoritc securities being cavern
ments Of all descriptions, Pacific Mail Central a,d
Erie. The Western shares, though moving ~
ward steadily aro not as yet es active a. sor,o 4,
the higher priced securities; by and BY the 49,
Of speculation will strike them with more yivs
Between the boards the market was firm. At,ho
second board there was for some time spirited
contest between the bulls and bears; but victory
finally remained with the former and the market
closed firm. Governments advanced ~ 10 day
Pacific Mail rose 20 III between the boards and
finally closed az nc bid-an advance Of ~ nor
cent. Panama rose 2 4 per cent, New Yorl, Cen
trail "a, Erie "a, Hudson u Harlem. old and
preferred, each Il; Reading II, Michigan Central
~. Southern old n guaranteed Il. Galena i
Toledo -, Rock Island ~, CHICAGO.
Burlington and Quincy !, and Prairie du Cbicn
/. AT the close there was an artiva in,,,,;,, .
stocks. The closing quotations were Tinted
States So, registered, ISL, os7s q %: 10. s,s
coupon 1851, % II DO. IS, 1874, go; Ten.
nessee Sc, 577s 5s; Virginia C's 81 a co
North Carolina 81, e5% 2 or Missouri e's. sIiI
Pacific Mail, JIG Z; New York Central.
500 q; Eric, 81 a 4 do preferred, q a e2 .
Hudson River 3eHa = Harlem, 1872. !. 10
preferred "a q; Reading, 4j% A.; Michigan
Central, 57'4 Fl Miohigtn southern and Northern
Indnne pa y. ~ guaranteed isait. pl13n,