The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-05-29
The Subsidy Bill Signed by
the President.
The Decline in Eric Ascribed to MerCenary
Offer Of the London PrOtectiOnistS,
Stocks Lower ALI Around, with a
Rally at the Close.
Governments Firm : South Carolinas
Down-Foreign Exchange Up.
WALL STREET.

TUESDAY, May 2S-8P M.
On Change to-day -four was weak and heavy
Inc wheat market was also depressed in face OF a
fairly active demand for export. Cotton was
moderately steady, but exhibited considerable re-
action from Its recent strength.
THE EXPORTS OF THE WEEK.
The aggregate exports OF domestic merchandise
from the port OF New York to foreign ports for the
week ending May IS, 1872, were So, 7O2, CAT.
MONEY EASIER
7 The little spasm of activity noticed In money on
Monday was not repeated to-day, and the market
reverted to Its previous easy condtion-that is the
STOCK s~1Kers were accommodated readily at per
cent, and got good deal of their money late In the
day at as low as per cent, the latter ratio being
the general thing on government coaterals. After
accounts had been pretty well made up some
lenders appeared to employ balances, but were I'M
able to get better than per. cent from the govern
ment dealers, who took the chance Of relendng the
money more advantageously. Paper was as before
quoted. Prime bankers acceptances could be
done perhaps at per cent
ADVANCE IN FOREIGN EXCHANGE.
The raising Of rates for sterling by house late
Monday afternoon was copied by all the leading
and so-caled "prime" firms to-day, and quotations
now stand on the basis of 109% for sixty-day and
110H for sight bills. These are the desk rates. and
are not large fraction in advance OF real business
light The foreign bankers are considerably eXer-
cised as to the future Of the market and are quite
cautious about drawing until the upshot Of the
supplemental Treaty negotiations is more dis
cerniblc With the undoubted active necessity for
SOMETHING TO SHIP
to the other side, new arrangement OF these ne
gotatons would utterly check the manufacture of
exchange from remittances Of bonds and securities
and throw the importers upon the mercy and re-
sources Of the foreign bankers. Just at this mo-
mont London Is steadily selling Erie to New York,
so that we are poorer or in exchange to the ex-
tent of this reimportation OF stock Some one
shrewdy said, when the spectators of the United
States were selling Eric short at 40 so, that Lon
don would sell us back the stock at 10 80. Con-
siderlng the career Of Erie the past few weeks the
remark now sounds like prophecy 1t is hardly
necessary to say that very happy evangelist is to
be found in the vicinity Of Broadway and Seven
teenth street.
GOLD 113X ia.
The advance in sterling buoyed gold at the high
water mark OF Monday, and impaired strength
enough to the market to render it readily suscepti-
BILE Of q further advance of quarter per cent as
coon as little reaction In securities In London
gave rise to vague rumor that the supplemental
Treaty, as amended by the United States Senate
had been rejected by the British Cabinet Indeed,
the market was for a spell decidedly firm at ia
and as much as three millions was taken, buyer
three days, by parties supposed to be connected
with the pool and DESTROYS OF deferrng the trouble
OF taking care OF so much OF an addition TO
the pool supply. With the evening cable kilograms
from London came better assurances as to the fell
citous reception OF the amended article, which
gold reelected In reaction to 1137s, the final sales
occurring at 1l3 1916 The course Of the market is
t,o tabi