The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-05-12

nowsAv, Nay HAP. n.

The sosd nsraet hes hen more Nan usually &C.
tive and excited to-day under The conflicting views
OF spectators with respecs 70 the result Of the I'm
peachment tai ana 10 erect upsn ne ocu-e Of the
PREMIUM the private 1cspstcAes received nom
washington on this subject were Of very contrsdc-
tory character and ~ operations we're made
accordingly the transactions on both the
bull and the bear account were large.
The fluctuations were nom isss 20 lSoY mp
TO the adjournment Of the board. with the opening
sales at l4o and the closing transactions Of 1907;
but late in the afternoon the street the price de-
clined to 1897, ana at sx O'Clock there was no i'm
provement from this figure The private dispatches
at that time were TO the eject that the Presidents
aoquttal was considered certain. The gross clear
ings amounted to s4o,42eooo, the gold balances to
81, 522 1856 and the currency balances 70 s2l4 asa
There was moderately brisk borrowing demand
for coin and loans were made at rates
varying from four to six and half per cent per an
mum. The Treasury sold about hundred thousand
dollars OF coin during the day, and bought three
quarters Of million Of seven-thirty notes The dis
bursements in payment Of the May interest NJ the
Sub-Treasury up to the close of business on Satur-
day aggregated SlOs5i 900. The imports OF specie AZ
this port from foreign ports last week amounted 10
$l47O4, making $685. 800 since the LIST Of January.
For the time being the approaching conclusion OF
ing theme Of public interest, but tomorrow WIZ ter
inmate the suspense with which the vote Of the SEN
ate is awaited, and sense OF relief wiz be expert
enced from Maine to Texas when 1t becomes known.
After brief interval Congress will turn Its attention
to the financial question. ana particularly
the currency, the tariff and the Internal
Revenue law, upon each OF which
wide division OF opinion exists, both In
and out OF Congress. There win be powerful
force brought to bear in favor Of initiating the cur
rency to the extent OF q hundred millions, more or
ess and another powerful party brought to bear
against 1t, and whether the innati0nists will carry
their point or not remains to be seen but 1t would
obviously be bad financial policy to depreciate the
value Of our currency by adding to its volume Tenn
porarily 1t would stimulate trade speculation and
the general prosperity Of the country, but 1t would
expose to the danger Of increasing 1t
from time to time still more until the whole mass
threatened with the fate which overlook the old
continental money Of our own country and the
assignats and mandats Of France. Nevertheless the
innationists of the West win fight hard for more
greenbacks, but 1t is to be hoped that their efforts
win be frutess. There will be struggle to abolish
the income tax, and the sooner the country is in
position to this inquistoral impost the better
but the government cannot afford to reduce taxation
largely without making equal provision for the
duction Of Its expenditures The burdens Of taxation
are, it is true, enormous but each part Of the fiscal
machinery Of the government must be adjusted 70
every other part 80 that the credit of the nation may
not only be maintained, but improved and the cur
rency gradually appreciated in value.
/ The stock market was dull and unsettled all day,
and until late In the afternoon prices had q
dropping tendency. Among the miscellaneous
shares Pacific Mail was heavy and declined
about two per cent while Fort Wayne was the
weakest Of the railway shares, sales having been
made at 1861 In other stocks there was no material
change and just before the close there was an I'M
proved demand for New York Central and Erie at
a slight advance. The decline In Fort Wayne was
due to sales to realize by parties who had pro-
badly bought it under the impression that it
was q sound ten per cent stock, whereas the Fort
Wayne Company in, its last and previous reports
shows that 1t could not pay dividends ct all
II it ceased to sell new stock. The report for the
year ending December 81, 1857 informs the stock
holders that the company sold 81, 21e0oo Of new
stock during the year and paid 81, 0s4, 376 in divi
dends so that 1t actually sold nearly $500 900 more
stock than declared dividends and In this way its
capital stock had to that date been increased to
$11, 900. The fact that its train mileage In 1867
was A72a, eos miles and that its gross receipts from
all sources were only $7,242,l25, or at the rate
OF 81 80 per mile, shows that the company
was hardly paying expenses, and to declare divi
dends under such circumstances merely to bolster
up the price Of the stock in Wall street is fraud
upon stockholders and fragrant Encouragement of
the companys finances. The supply Of money con-
tinues abundant at per cent, with the majority
Of transactions at six to first class borrowers. The
return now Of currency from the interior s gradually
increasing the lOanable resources OF the banks and
monetary ease for protracted period u assured.
The totals Of each Of the last two statements Of
the banks Of this city are az subjoined:-- s..