The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-05-02
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL.
FRIDAY, May 1-eP.M.
The gold market has been strong all day and the
0uctuations were from 1917 to 1917, with the closing
transactions prior to the adjournment of the board
ut 1907, following which this price was bid This
rising tendency the face of the disbursement Of i've
millions of interest by the Treasury yesterday
Ind three millions more to-day, is an unpromising
eign for the bears although there is no immediate
Prospect OF any material advance In the premium.
THE spectators are still apathetc with respect to
She result OF the impeachment trial. although 1t Is
probable that the Presidents removal would
strengthen the market while his acquttal would
eend to weaken 1t in some degree. The operation Of
the new Tax law however, is likely result in such
reduction OF the internal revenue as to influence
tne premium rather In favor Of the bulls than the
pears' apart from political causes. The floating
supply OF coin was In excess Of the borrow
ang demand and loans were made at 4 a6 per
cent for carrying. The gross clearings amounted
70 $a9,S64,OoO, the gold balances to s2,468,474,
ana the currency balances to $39, $4,000. The
treasury is understood to have sold gold
TO limited amount. The Bank of England held on
the 10Th OF April in both departments f2O $50 In
bullion, while the amount of its notes In circulation
was f24, 464, 0o5. The Bank OF France on the 10th
nit. held in coin and bullion the large sum Of
"a 9a5, 900. The former has been losing coin
sderaby of Late while the drain from the latter has
been light.
The money market was somewhat more active
than yesterday in the afternoon owing to the Treas
1ry disbursements Of gold and the large de-
mand for money from the general public usual
on the LIST Of May, which is to some
extent q settling as well as rent paying day.
Many Of the small bondholders, after drawing their
interest at the SubTreasury convert their gold into
considerable amount may be Withdrawn from the
ordinary channels Of circulation. The drain OF cur
rency from the interior Is going forward steadily
and at Chicago aud other local centres in the West
money is accommodating and the volume of loa nable
funds IL larger now than it has been at any time
within the past month. The demand from the
Stock Exchange IL mod crate and fully supplied at
o per cent, the transactions on governments
being exclusively at the lower rate. The applca-
tions for discounts at the banks are very limited,
and the latter accommodate their customers at the
legal rate while the best grade Of commercial paper
passes on the street at a 8 per cent.
The stock market has combined firmness with ex-
IRENE languor to an unusual extent all day, and
while it remains as hghly cliqued as it is at present
the bears are likely to act with caution. If
aeft to itself it would undoubtedly de-
cline heavily, prices being largely above the
range Of real values but is supported by combna
fions welding enormous amounts Of money and with
great interests at stake, and when money is abundant
and there Is nothing unusual to disturb public conf
pence they do almost what they like with prices,
provided they are willing to buy stocks enough Not
unfrequenty no yever, they unload upon the street.
after which it is to their interest that prices should
decline preparatory to a fresh upward move
ment and this 'see-saw process Is called "mlk-
Ang the street." II enables the cliques to sell
ION every rise and buy every fall, and the cques,
10y their control Of the market may be said to play
with loaded dice against all outsiders Yet the latter
never wholly tire of betting against them by buying
and selling according 10 their own judgment, which
rs generally wrong. The market is far artificial
that 1t Is useless to argue according to general prin
cipes respecting it, The temper of the street is for
Fhe time being, bulsh yet conservatives; but the
outside public is hardly represented in Wall
street, and the leading commission houses
report that there never was q greater dearth of
orders from the country than there Is at present.
Nevertheiess 1t is dangerous to shear" stocks
70 "bul" them, and for the day the tendency OF
prices Is upward. Unforeseen events are, however,
always liable to occur which may overthrow the CAL
cuatons and parayze the efforts of even the strongest
Of the cliques. The bulls sanguine that the Pres
hden will be convicted, and that this will pave the
May to fresh Issue OF national bank currency,
by means improbable cOntin yency provided the
present radical programme Is adhered to, while the
bears are disposed to believe that the evidence
against the President win be held as insufficient to
convict him by the Chief Justice, and that sutfi
cient number will be found in the Senate to favor
his acquittal, f hitch in the trial does not
take place which will defeat the object the radicals
have in vew In the event of his acquita the pros
pect of further issue Of currency would be con-
sidered doubtful although there is no telling what
s,av ha Inv hath firpl rtias atcrv
20 the next Presidential election.
) There has been large business transacted in gov.
eminent securities during the day, the speculative
activity being undated, while the investment de-
mand is increasing, In consequence Of the dsbursc-
ment OF the May interest on the public debt, which
FELL due to-day. The domestic demand is mainly for
dvetwenties OF the recent issues, while the for
eign inquiry is confined to those of 1862 and 1885,
These together with those of 1854, quoted ex-
coupon, which accounts for the apparent decline in
the price OF the bonds in question. For month or
two to come the investment demand Is likely to con-
kinue good and meanwhile the growing abundance
bnd cheapness OF money will be likely to stimulate
speculation; and hence the upward movement Of
prices can hardly fail to make further considerable
progress, although temporary lull ana fractional
reaction may occur at any time. The same class Of
investors that Is buying governments Is also absorb
ny the first mortgage bonds OF the Union Pacific and
he Central Pacific Railway Companies which are
selling at par. At the close the market
was strong, ut the following quo.aions:-
Registered. $751; 1855 1885 coupon, 1881, 1l3IS
1881; 5-2O's, registered 1862, 1861 log; 5-2O's,
coupon, 1867 1855 loSi; do, 1864 lo61i 1862;
Io 1865 1867 1915; do, 1865, January ana July,
OsS a l00H do, 1857, 1928 1905; 1O-lO's regis
cred, 1922 o 1903: loi0s, coupon, 1885, q 1881;
unc 1905 1919 a 107 (; July s30s 1873 a l0T 4;
Nay compounds, 1884 1i9; August DO, l1s; Septem-
Der do. 1lih; October do, III.
At the commencement OF business the stock mar
ret was strong but dull AMI at the early session Of
ne open board Erie sold at ~ q ~. ana New YORK
yentya at l2s3S q 129i. Al the first regular board
he volume of business was very light, while prices
bowed only fractional changes. New York Central
losed az higher than al the same time yesterday,