The New York herald., 1869-05-03

The Apprehension OF the state of things above re-
ferred to was reflected In greater nrmness in the
market for foreign exchanges. The bills drawn
against bonds in the earlier period OF the speculation
In governments have been gradually absorbed, and
the time Is approaching for the extinction Of cotton
bills. While the crop has been nearly sixty thou
sand bales less than last year exports Of cotton
have been seventy thousand less. The expansion Ui
our home manufactures and the increase in home
consumption are reducing the exports OF cotton
year by year and thus diminishing the supply Of
bills. At the close, while the market was duller,
owing to the higher price Of gold the prime bankers
were rigid in their demand for l09A for sixty days
ana 1O9zs for short sight sterling.
Until the receipt In England Of the mail report OF
Senator Summers speech on the Alabama claims
there was continued buoyancy In the market for
government bonds, and the '62s sold freely at the
remarkable price Of 122 The discussion of the
speech caused an uneasiness IN the foreign market
especially as the London bankers are already carry
ing large amounts, and on Friday there was de-
cided decline in the foreign quotation This was
followed by yielding in the New York market
particularly for the 'e7s which declined to 1lo,..
Late on Saturday there reaction in oil issues,
based upon the higher price for gold, and the more
widespread impression that Secretary Boutwell, Will
avail himself OF the authority OF the Sinking Fund
act to retire per centage OF the bonded debt
Southern securities felt the eject OF the specula-
ton which ran through the whole list OF the Stock
Exchange: but the demand was more pronounced
FOR the leading State bonds. The Alabama eghts
touched 104-a rather hopeful sign OF reconsruc-
tion-whe the Louisiana levee eights advanced to
90 The latter were doubtless started by speech OF
Lieutenant Governor Dunn, who was introduced ut
the stock Exchange during visit to this city, and
expressed very sanguine hopes OF the recuperation
bta idpra 10
buoyancy fell OF, but closed firm, while the North
Caroinas were very variable, owing TO conflicting re-
ports OF the State Treasurer In his effort TO negotiate
the payment of the January and May interest
The money market was easy at six and seven per
cent q favorable contrast to last year, when funds
were in good demand at seven per cent as late as
the 10th OF May. We are so much the earlier. there
FORE In recovering nom the spring stringency. After
two O'Clock on Saturday there was sharp inquiry
at the full legal rate owing to the temporary wants
OF moving day In the general community, and the
Withdrawals Of the City Chamberlain to pay the in
terest the city stocks This activity was aided by
parties supposed to be inaugurating bear' raid on
Stocks the extent OF which could not however, be de-
tected Commercial paper reflects the easier state Of
the money market and the disposition OF the country
banks to renew their inquiry for this class OF invest
ments Prime four months paper, double names IL
quoted at seven ana half TO nine per cent
Short paper Is not so much in demand, because buy
ers, on the advent OF the summer ease in money,
prefer to bridge the interval with long paper at
present rates. The weekly bank statement is quite
favorable The deposits unusuallylarge, owing to
.he payment OF the government interest. although
the actual specie increase is less than half million.
The excess above the legal reserve gains over mil
lion and half. The following the totals
pared with the previous week.
ADru ~. Maui
Loans 1851 45S073 $500, ,4351 100 In ct2 a77, ,Ose
Specie. s,S50360 9,26I,635 Inc. 4l7,275
Circulation. -. 34080,5s1 33972,05S Dec. ss,523
Deposits 177,24o0so 1s394s 5o5 Inc. 6,6os,4s5
Legal tenders. 536T7.s9s 56,495,722 Inc 281T,S24
EXCESS over legal reserve. eli, ,2s3. .2o2
The stock market was characterized by continued
active speculation with the railway shares as the
prominent features. Indeed, the steady upward
course Of values, islsussestve Of the wildly specu-
,atye days Of the middle o. the war, when fortunes
we're made and lost IN few weeks at the stock Ex-