The New York herald., 1868-05-04

The mercantile demand for money is very light
ana the banks are prepared to discount their GUS
toners paper at the sai rate while the best grade
or commercial paper passes the street at s per
cent Notwithstanding the payment OF nearly eight
millions OF the May interest by the SubTreasury its
balance last evening slo, 2os 22l, and Its cur
rency balance Is sufficiently large to enable 1t to con-
nue Its purchases OF seventhirty notes. that its
operations viii contribute to increase the fioating
supply OF money in Wall street rather than the re-
verse. We have now reached point when con-
tinuous monetary ease Is assured, and the indica-
tons arc that call loans will be made Ut five per
cent.
The rates OF foreign exchange were kept up to the
specie shipping poiat during the week, but the
demand for bills for remittance by Saturdays
steamers fell short OF the expectations OF those who
mad been previously large buyers on speculation for
an advance. II Is estimated that fully one-half OF
the May interest on the public debt drawn on &C.
count OF bondholders residing abroad will be rein
vested In fve-twentes. so that the remttances of
cash will probably not aggregate more than six mil.
lions. The supply OF cotton bills Is light, and the
receipts OF oil the ports for the week less than
1900 bales, making 2055, bales since the lst OF
September last The total shipments TO foreign ports
during the same time were 400 600 bales, and the
stocks at oil the ports are 800 bales against
o,3Oo bales at the corresponding date last
year. The stock or cotton OF all countries
at Liverpool on the 18th ult was 400 $40 bales and
at London $500 bales, against 7o5, $50 bales and
424 bales respectively at the time last year.
At the close bankers bills on England at sixty days
were quoted at llo q iloh; at three days, l109.
Ii0k; commercial blls looH. Bills on Paris at
sixty days, SIS 5.l2x; at three days. 5.12H $40.
On Berlin-Bankers'. ~; commercial, tx a 7iI.
On Bremen-Bankers', 79I seJS; commercial, 7sh
7sx. On FrankGort-Bankers', IL Az; CONNER
cial, 4o,t 4o's. on Amsterdam--Bankcrs', AZ a
AK; commercial. 4oI o 81. On Hamburg Bankers,
S6k se,s; commercial, 30 a 395.. On Antwerp
Bankers, 5.15 5.ls,l; commercial, 617is aa15.
The stock market was, the whole, firm during
the week. especially for New York Central and the
indications are that the party manipulating this
stock and Erie purpose moving them simultaneously
against the "shorts.n II Ia understood that Mr.
Drew bought q short time ago seventy-nye thousand
shares Of Erie from ar. Vanderbilt at price agreed
upon, and he Ia now "iong' OF this stock, while the
latter holds still larger amount OF It. The two, II is
reported, have made agreement TO act together
and cooperate with the ''pool' In "bung- this and
the other stocks mentlonei and the result remains
to be seen. The market towards the close was ex-
tremely dull but II Is highly cqued that there h
telling how soon 1t may become active, the artificial
influences controlling 1t setting ut defiance all or9i.
nary calculations respecting its course. The high
prices now current and the recent violent nuctua-
tlons have made the street tmld about either buying
or selling, and hence the inactivity referred to- but
It is noticeable that the market II extremely sens,.
tive, and therefore liable to sudden changes The
temper Of the street Is bulsh, and the
returning ease In monetary channels gives
courage to operators for q rise, while the
combinations controlling railway shares have
enormous resources at their command. Under such
circumstances real values afford guide to the course
Of prices, and 1t Is to he presumed that the latter
WILL In the absence OF disturbing causes, continue In
the ascendant 80 long the cllques wish them TO
rise, and are willing and able to buy the stocks of
fered. The process Of "nilking the street, prac.
sised by the cques is, however, calculated to dam
sge the ordinary business Of livestock Exchange
and narrow the operations OF outsiders At the close
the market was dull but steady at the following
quotations:-pacinc Mail, s1ss Ok; Ohio and Mis-.
sssippL 81 s1k; Canton Company, 5o1 81; Quick
silver, 27h rs; Western Union Telegraph, 81 a 35X;
New York Central, 1882. a 12sX; Erie 7oX 7oX;
Reading, soa a 90; Michigan Southern, s2N s2sS;
Cleveland ana Pittsburg, sax s3H; Rock Island
AasiA; Northwestern preferred, 75,s 75X; Fort
Wayne, 1oi 1Oi4
Government securi es were active and strong
throughout, but yesterday there .vas a lun IN the
speculative movement anu prices reacted n fraction
rom the previous advance OF about one per cent.
rhe Investment demand. was auickcned by the d.s.