The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-05-02
FINANCIAL and COMMERCIAL.

Decred6e Vi ueDt Since may !, loov.... iO4 Io4,4Io
The balances in the Treasury are as foows:-
Currency, $127se,ooo; coin. $780, 100000. The out
standing coin certificates amount to $4,000 900.
THE TREASURY PROGRAMME FOR NAY.
The Treasury programme for May is substantially
the same as that OF last month. There will be
purchase OF two millions OF fve-twenties on each
Wednesday and Q sale OF two millions OF gold on
each Thursday. AS there are five Wednesdays aud
four Thursdays this month the purchases OF bonds
will amount to ten millions and the sales Of gold to
eight millions, provided the programme 10 not
altered, as It may be on special occasions
THE NEW LOAN.
The additional subscriptions TO the new loan re-
ported at the Treasury Department to-day amount to
$637 900. making the total subscriptions and CONVEX
sions to date SOL so4 400 One million and quarter
three per cents were ordered called In to-day.
THE LEGAL TENDER DECISION.
There was little or no discussion Of the decision Of
the Supreme Court reversing the former ruling and
declaring the Legal Tender act constitutional, the
matter having been generally anticipated. The par
ties gaining by the decision are chiefly the savings
ana trust companies, who nave had money on de.
post with them since before 1861 and railway cor.
borations whose mortgages were made prior to the
Legal Tender law. -. e>.-'ff. '13Hs.'fs s-s~.
MONEY FOUR TO SIX PER CENT.
The money market was very easyl on CALL with
pledge of government colaterals and while four per
cent was the general rate on this class OF securities
five was paid, but SO infrequently as to be almost
exceptional. There was also far supply at five
per cent to the stronger stock houses until late In
the day, when the inquiry became active and money
readily commanded six per cent. The better de.
mand at the close is attributed to the fact that
great deal Of money was called In to be kept on
hand for the payment Of dividends and coupons OF
various descriptions, fully due to-day, but which
will come in for collection only gradually and ire.
gularly
Prime commercial paper was quoted or per cent
discount
Foreign exchange was quiet and steady for prime
bankers sixty-day bills OF 10 1905, and firm for
sight sterling at l1oss 1904.
GOLD sTRoNa-l11H 1l1H.
The speculation for rise In gold took courage
from the conservative programme Of the Treasury
Department for the month Of May, which promises
hardly as much coin for disbursement as will be
required for customs duties and induced an advance
from ll1,s to1l1; but the latter figure brought out
heavy Sales which, In turn, occaslOned a reaction
to 1llk. The general tone Of the market was quiet
except during the brief interval when the sales at
HOY occurred.
GOVERNMENTS FIRM AND HIGHER.
The tendency of the government list to nuctuate
with gold has steadily grown ever since the public
credit bill passed. and has been still pre-
nounced since the passage Of the funding BILL
which Is o virtual promise OF the redemption in
gold Of the whole con-bearing debt. The market
was very strong to-day and at y Il per cent In ad-
vance Of the best n0ures Of last week-an improve
ment which It kept even when gold showed Q con-
siderable reaction.
STOCKS DULL, IRREGULAR AND LOWER.
The leading operators In the more active specula-
tive stocks took the early trains this morning for the
West, whittier they are bound for the purpose OF
attending the annual meeting Of the stockholders
Of the Lake Shore and Michigan Southern Railroad,
which will be held in Cleveland, the headquarters
Of the company. on wednesday next This election
Is for the purpose Of choosing . board Of d.
rectors, but the choice viii doubtless fall upon
the present incumbents, who control majority Of
the stock. It is not improbable that the question OF
consolidation with the New York Central Railroad
Will come up for disc ussion ~ at this meeting, and
the cut and dried programme scented to by the
Formally Of VOTE Pending the result the street Is
inclined do little In the stock Market and to day
was unusually dull. In the morning the lack
Of support from the clique operators was
observable In q general decline In prices
following q decline in Lake Shore from 11lA to
1924. In 1869 Lake Shore began Its famous "break"
just as the present directors were swinging around
the circle" their way 70 Cleveland, the progress
the 6peclal u0ln anu 0XCuTblOn parry Delu8 tele-
graphed back to the street to make market on
which to unload. II the strategy was intended to be
repeated to-day 1t met with little success, for the
street stood from under and let the market take its
course II 1t was the shear" cliques who took
advantage OF the occasion to lower the
market they found 1t very pliabe. The weakness
next to Lake Shore was most manifest in Ohio and
Mississippi, which went or TO bOH. The rest OF the
railways were disposed to be strong, and In the
miscellaneous shares western Union Telegraph and
Pacific Mail were decidedly In fact, the lul In the
market is only Indicative OF preparation for sharp
upward movement in prices this summer, when
the money market promises to afford the
cliques complete facilities for accomplishing
their purposes of unloading ct much higher prices
The disbursements OF money for the LIST OF May rea ch
fully fifty millions OF dollars and this enormous adj
ditfou to the already abundant resources Of the
street can have bat one result when the future OF
the monetary situation is SO uncouded as 1t Is at
present.
HIGHEST AND LOWEST PRICES.
The following table shows the highest and lowest
urices of the principal stocks during the day.