The New York herald., 1868-05-03
FINANCIAL AND COMMERCIAL.


SATURDAY, May 2-6P. N.
rhe cold market was steady but dull up to the
Adjournment of the board. and the fluctuations were
nom 1907 to 1885, with the closing transactions at
haex. following which there was considerable
khammering" by the bears and the price declined to
hsox The supply Of coin was in excess Of the bor-
rowing demand, and loans were made at per
cent for carrying. The Sub-Treasury sold small
amount Of coin and disbursed nearly two
millions in payment of the May coupons.
The gross clearngs amounted to $ss, 900,
khe gold balances to 81 200. 223 and the currency
balances to 81, 3,319625. The steamer Pereire which
eailed to-day, took out $7l47s2 in specie the vir
knia, $4,000 the City OF Baltimore $685. and the
Missouri, for Havana, $52sa-making total for the
wreck OF 81, ,431, S9l.
The stock market has been throughout extremely
nun, and during the latter part Of the day it was
drooping. but at the close steady with an improving
tendency. The inactivity was naturally conducive
20 temporary depression, but In the present
highly cliqued condition Of railway stocks
1t Is very dangerous to sell them "shorn for when
they seem the weakest they are most liable to be-
oome suddenly strong, and the cques often give an
appearance of weakness to the market in order to
encourage the ''short' interest The clique system
by which prices the Stock Exchange are at present
controlled, makes 1t almost useless to reason about
probabilities based upon general principles for arti-
may ClIue De more powerful tnan
natural causes. New York Central and Erie are high
yet the programme OF the bull cliques is adhered to
they will soon be considerably higher without regard
TO their real value. The supply Of money at the dis
posal Of operators Is rapidly increasing through the
drain from the interior, and the indications are
chat the rate for call loans governments and other
drst class collaterals will soon be five per
cent The general rate at present is six per
cent? but to-day alike with yesterday, the
transactions at seven were more numerous
than OF late owing to the increased demand for
money to make the customary rent and dividend
payments on the 1st OF May well as to handle the
gold interest disbursed by the government. We
have now reached a point when continuous none
tary ease is assured and II the policy OF inaton to
which we have heretofore alluded, Is carried out
Cording to expectation the result will be that the
spectators for a rise will have it all their
own way until the inevitable reaction sets In.
Prominent politicians OF both parties argue that
q hundred millions more currency will be voted as
political measure, in view Of the Presidential elec-
ton Everything must be made smooth and pleas
ant for the people, they say and this can best be
done by imitation and the prosperity which for the
time being it stimulates. Some advocate the issue
of greenbacks and others of national bank notes,
out of the two the former are preferable.
The statement OF the associated banks Of this city
for the week ending to-day is unexpectedly favor
able, and calculated dssipate any lingering appre-
tensions OF monetary disturbance which may exist.
The legal tender notes have increased during the
week to the extent Of s399G $40 and the specie has
nsO increased S1,232, ,328 while the deposits have
been swelled to the extent Of S1O sos 646 and the
loans show an augmentation of s5,3l4,o55 The totals
OF the present and last previous statement are as
subjoned:-
Ap'fl 25 MuV2.