The New York herald., 1868-05-16
FINANCIAL AND CONNER ciAt.
FRIDAY, May l5-6P. !

1ng transactions at 1876 but late In the afternoon
|the quotation declined TO lSeH 1895 under sales
10y speculasors operating on the belief that the Pres
dent will not be deposed and that the effect OF dec
sion In his favor win be to depress the premium
|siightly. There was moderately active borrowing
demand for coin, and loans were made at from three
TO i've per cent per annum for carrying The gross
eearngs amounted to s42 SS7 0OO the gold balances
20 81 47s and the currency balances to $2035 1852
The Assistant Treasurer was neither seller Of gold
nor buyer OF seven-thirty notes during the day.
lnose VINO look for any material change in the pre-
nium growing out OF the result Of the impeachment
trial are likely to be disappointed, but to limited
fxtent Its tendency may be downward for few days
the event Of acquittal, while it may be
Flighty upward should an opposite decision
pc arrived at. The future financial legislation
Congress is now beginning to attract attention,
IND as soon as the impeachment trial has passed
nto history this will doubtless be the engrossing
opio OF public interest The Committee of Ways
md Means have already introduced q new internal
evenue Dill into the House OF Representatives,
which was ordered to be printed and recommitted.
his bill provides that the Internal Revenue Bureau
nail be separate and independent department,
nder the control OF commissioner instead OF be-
ng, as at present. branch of the Treasury Depart
pent. II makes special provision for the eii-
lent collection Of the whiskey tax, and among other
hings requires that dstilers shall own the fee SIM
lie Ct their dstiilery property. The bill is designed
, entirely supersede the existing Internal Revenue
ws, and In some important respects 1t is superior
them; but it Is still, as whole, defective. In
le course Of the debates upon 1t in both houses,
Pwever there will be ample opportunity for revision
hd Improvement. The fact of making the bureau
dependent Of the Treasury Department will throw
q Ufh0 OF
pom the commissioner, and great care must be
ken In his selection; but in the hands OF honest
en- the new bill promises to be more productive
an the acts now in force.
The money market is gradually working easier
the banks are free lenders stock collateras at
per cent while they discount their customers
per at seven. The amount of this Offering is how
err 80 small that they have to rely upon Wall street
the employment OF their funds. There is no
ange to note in the condition Of domestic eX-
anges, the 1Ow Of Currelcy being towards this
ntre. The May compound interest notes ma
red to-day, and of these there were a short time
$23, ,927, 900 outstanding About twelve millions
been presented by the banks al the Sub-Treasury
the principal and interest paid in three per cent
Ftifcates up to three O'Clock. 1t Is the policy Of
Treasury to pay out the three per cent certif-
es in redemption OF these notes held by the banks,
iuding the accrued interest as rapidly as possi-
and nearly twenty-five millions Of the former
NAMED unissued on the 1st inst.
he monetary ease seems to exert no influence in
nulating speculation on the Stock Exchange, and
railway share market is still in "the doldrums,"
mariners say OF the calm latitudes. There is an
usual absence Of orders either to buy or sell
Dugh the commission houses, and they accord
" complain Of the dulness and their inability to
ke their current expenses During the morning
ces were dropping. but in the afternoon their
rse was reversed. although there was anima-
In the dealings. Speculation is held in check
ne suspense with which the final result of the
(eachment trial is awaited The cliques in some
he Western shares are, however, ''washng" them
Fard little; but as the most deeply watered
ks are precisely those which are the most
ly inflated there is no chance Of investors buying
n, and the cliques will therefore have to depend
heir market upon the ''shorts' and the brokers
other professional spectators OF the street. At
eeting Of tie directors OF the Chicago and North
ern Railway Company, held to-day, it was
ed to 'water" its common and preferred shares
Ae amount OF one-tenth Of the capital stock, with
View, apparently, Of advancing its market value,
present directors being large holders Of the
k How company which cannot pay cash
lends, however, can be benefited by declaring
lends in stock 1t is hard to see, and in order to
bver the motive which underlies 1t we must turn
Vall street and stockjobbing. The real interests
FOckhoders are being sacrificed by the wanton
management Of railway directors and time will
Fe the fact in a manner anything but pleasant to
ormer.
ere was strong but quiet market for govern
securities all day, and prices experienced frac-
improvement IN some instances. The demand
mainly for investment, the transactions between
1ealers being light The conversions Of seven
notes into fve-twenty bonds are going forward
ely, those at the Sub-Treasury yesterday having
egated $S4S, 200. The disbursements in this city
hyment Of the May interest on the public debt
gated 81, 64l, 900 up to the close of business
rday the drain from this source having slightly
pded 100000 per day. The balance to be dis
ID here is little more than s7,OOo,Ooo. At the
the market was dull at the subjOined quota
e-Registered, 1881, 113,s 1137s; coupon, 1881,
Q la; 5-2os, registered, 1892 1907 a 1O0K;
coupon 1852, 1857 q 1O9H; do, 1854, 1o7 a
do, 1885, 1o7k 1O7,s; do, 1885, January and
1o9ss 1o9,<; do, 1857, 1O9k q 109%; 10-4o's,
cred. 1857 103T; l0-4O's, coupon, 103k a
June 7.3o's 107'S 107ls; July 1905, 107X q
August compounds, 1886, lis; September do,
October do, III.
he commencement Of business the stock mar.
vas dull and barely steady, and at the early
m Of the open board prices were q fraction
than at the close last evening, Erie selling at
nd Michigan southern at s5ss s55s. At the
egular board the volume Of business was light,
eculative feeling being very tame, and prices
,d only fractional. changes. New York Central
lower than at the same time yesterday,
y. Michigan Southern 4, Cleveland and Pitts
x, Fort Wayne u, Ohio and Mississippi ~,
Mail 1N and Quicksilver q, while Milwaukee
|. Paul was u higher Government securities
strong ut an ADVANCE Of a y per cent. AT the
board at one O'Clock the market was firm at
INT advance and New York Central sold at
} 1881, and Erie at co. At the second regular
the improvement was sustained, but the trans
IS were on very limited SCALE and Erie closed
her than at the first regular board Michigan
ern 4, Cleveland and Pittsburg a. Northwest
Fort Wayne 81 Ohio and Mississippi u and
J Mail u Cavernuont eacuritias u-aro ary,