The New York herald., 1868-05-13
FINANCIAL AND CONNER CIAL.


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TUESDAY, May l2-eP M.
The gold market was heavy on the street before
the opening of the board this morning. and sales
were made at 1897; but the earliest transactions In
the room were at 1898, following which there was
decline to l39aS and subsequent advance to 1891,
with the closing transactions ct 1903. The an
nouncement that the "High Court Of Impeachment''
had adjourned until Saturday without taking vote
exered no perceptble effect upon, the premium or
the current OF speculation, although the adjournment
was generally regarded as favorable to the Presidens
acquittal. Had the premium been previously run up in
anticipation OF his removal sharp relapse would
probably have been the result but this not being
the case there was little no margin for a fall
beyond that which took place last evening. Various
rumors were in circulation during the afternoon
with regard to the final result Of the trial. One of
these to the effect that Saturday the Senate
would further adjourn without voting on impeach-
ment, in order to enable its members to attend the
Chicago Republican Convention; and another that
new radical Senators would probably be admitted II
necessary In order that their votes might be TAKEN
This, however, would be admitting jurors VINO nave
not heard the trial of the case 10 decide
upon Its merits. But whatever course the Senate
may see fit to pursue it be hoped that 1t VIII be
OF decisive character, for nothing couid DE worse
than the prevailing suspense in restricting business
of all kinda There was moderately active borrow
ing demand for coin and loans were MADE without
Interest and at Ia per cent per annum for carry
Ing The gross clearings amounted TO $55, 000
the gold balances TO sI.s90,565 and the currency
balances to 81 ILL., The steamer Allemannia for
Hamburg, took out 1884, $40 In specie.
Money was in abundant supply to the Stock En-
change at per cent, first class borrowers being
generally accommodated at the lower rate. The de-
mand was not large, owing to the dulness Of specu
lative business, and the wants Of the mercantile
community are limited a scale that CONNER
sia paper affords employment to no considerable
portion OF the loanable funds pressing upon the
market. Balances were In some instances left with
the leading dealers In government securities at 1--WE
per cent; but this rate entirely exceptional. 1t
Is probable, however, that within a few days II will
become general on pledges OF United States stocks,
the national banks giving these o decided prefer
over all other collaterals.
The stock market was dull, but on the whole firm,
during the day, with few exceptions, Fort Wayne
among the number. This stock was heavy
under sales to realize by parties who have
only just made themselves acquainted with
its real value, and who were previously
laboring under the deluson that 1t was sound ten
per cent stock The fact that the company sold ff-
teen thousand shares OF new stock last year for
S1,26,000 shows where the dividends came FROM and
It will be perceived that this stock was disposed Of at
aprice under ninety that selling of above
eighteen per cent more than the company was will
ing to accept for it. The only visible signs Of ap-
preaching activity at present are in Erie and New
York Central, which have had an upward tendency
all day. The adjournment OF the Senate
source OF disappointment to the bulls as they rely
npon the termination of the trial 10 i'm part ANNA
Gon TO the speculative movement In railway shares.
Following this settlement the financial question will
engroes the attention OF Congress, and the Western
fnfatonists and the Eastern hard money men, the
protectionsts and the free traders will struggle des
perately for the mastery. The end which should be
kept in view In the midst Of the attendant excite
ment embraces the Improvement Of the public credit
the appreciation Of the value Of the currency the
duction Of taxation and the corresponding reduction
of the public expenditures and TO fail to adjust any
part OF the financial machinery Of the country to all
the remaining parts win be to invite disaster.
Government securities were lightly dealt in on
speculative account during the day, but the home
investment demand was about as large as usual,
although there was only limited inquiry for the ex-
portable bonds from the German bankers. The
Assistant Treasurer was buyer OF seven-thiry
notes to the amount OF million. The present dul-
ness Is merely temporary ull In the upward course
OF the market and with the final settlement OF the
Impeachment question a fresh impetus viii doubt
less be impaired to prices. Those having compound
interest notes maturing on the 10th inst. which they
wish to have redeemed in currency must forward
them to the Treasurer OF the United States at Wash
ngton for that purpose and those holders who desire
their conversion into three per cent certificates must
present them to the Assistant Treasurer in this city.
At the close the quotations were subjoined, the
market being then firm Registered, 1881, 13a ll34;
coupon, 1881, ll3A 1137s 5-2os, registered, 1852,
look 1885 6-2o's, coupon, 1862, 10s7S 10e1s; do,
1854, 1863 1O7S do, 1865 1917, lO71S; do, 1865,
January and July, 1895 109A; do, 1867 1O9X a
1907; lo4os registered 1895 1903 NJ 10-40s, coupon,
1o3H 103l June 1905, 1079f a 107h; July 1905,
Io75s 107l; May compounds 1854, 1lek; August
do, lis; September do ll7H; October do, III.
At the commencement OF business the stock market
was dull and steady and at the early session OF the
open board New York Central sold at 1914 q 1919
and Erie at 90 ooS. At the first regular board there
was no material change in prices and the volume Of
business was light. Erie closed 4 higher than at the
same time yesterday, Michigan Southern x, Cleve-
land and Pttsburg X, Rock Island u, North
western a. and Western Union Telegraph Z, while
Reading was Il lower, Northwestern preferred y,
Fort Wayne y, and Pacific Mall e. Government
securities were dull at fractional decline In some
instances. AT the open board at one O'Clock prices
were slightly higher for Erie and New York Central,
the former selling at CO., and the latter 127k but
Fort Wayne declined TO 1864 and speculation was
tangud, At the second regular board Erie and New
York Central were strong, but other stocks were
barely steady and Port Wayne was dropping with
sales at lo5h New York Central closed 8. higher
than at the nrstreguar board, Erie * Northwestern
u, 90. preferred and Milwaukee and 81. Paul pre-
ferred ", while Michigan Southern was 4 lower Fort
Wayne y and Ohio and Mississippi y. Government
securities were dull but steady. AtShe open board
at half-past three the market was steady and Erie
sold at eeA, New York Central i2s and Reading eo1s
During the remainder Of the afternoon there was
very little business transacted, but prices were wen
supported and at the close at hapast Eve the follow
ing quotations were current:-Pacinc Mail, 92; Ohio
and Mississippi 81 a a1S; Cumberland preferred, "a