The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-05-19
FINANCIAL AND CONNER GAL.

MONDAY, May 1876 p. M.
The gold market has been quiet to-day, and the
auctu4lions were from 1891 TO 1884, with the CLOS
ing Transactions az 139k. There was mooerate
borrowing demand for coin and loans were maoe NJ
AZ a per cent for carrying. The gross ctearsngs
amounted 10 $4,216c00 the gold balances to
a. se4 and the currency balances TO $2S0S 749.
The imports OF specie this port from foregn ports
last week were only $alss making a to-
tai of S2975,5S0 since the LIST Of jan
uary The Assistant Treasurer sold about
$500 900 in coin and purchased a more than equal
amount of seven-thiry notes. The undert0ne OF the
uod market Is very frm and its unyieldng tendency
M strengthened by the drain OF specie to Europe but
the speculative transactions are on limited SCALE
and there is very little disposition shown TO base
operations either for rise or fall, the present
or prospective political situation either as regards
impeachment or otherwise The general opinion
Is that the Senate will take no further
action upon the impeachment articles; but not few
suppose that the war against the President will be
carried into the Chicago Convention, and that I'M
parchment will be made q part Of the republican
platform. The teeth OF the monster have, however,
been drawn, and apprehensons are no longer enter
tanned with regard to the consequences Of any
which the radicals may commit. II is mistake to
suppose that Wall street would have been disturbed
by the conviction of the President on Saturday
any than it by his acquittal of the charges
preferred in Article XI for the relief from the
previous suspense would have been 1elt in either
event. twin be impossible to again arouse ar equal
degree of public interest in the question OF impeach
ment for the people tired Of 1t, and 1t threatens
death 10 the party that has the temerity
TO proceed 10 extremities after the defeat OF
Saturday; but however this may be trade
and speculation will be carried on without in
terrupuon and the public mind will be left
undisturbed. The next engrossing question Of the
day will be that Of the finances, particularly
the currency, the tariff and the internal revenue.
Already the attention Of Congress is turning IN this
direction, as ia shown by the tax bill reported
to the House of Representatives by the Committee OF
Ways and Means well as the speech OF Mr.
Garfield on his premature scheme for the
gradual resumption OF specie payments. The
tari6 and the tax bill should be so
amended as to produce the largest amount
or revenue with the least suffering and nconve.
nience TO the people, and the expenditures hould he
carefully adjusted to the and cce rersa,
that the country may not be unnecessarily burdened
with taxation and that the public credit may be pro-
tected AMI improved. As both houses have ad-
journed until the Goth inst, however we have a
blank week before at Washington.
The stock market opened this morning with an APP
pearance Of flrInness which proved deceptive; for
not only was the Improvement of a y per cent
upon the latest prices Of saturday soon lost but at
the close quotations were a q = lower than at the
commencement Of business. Among the misceane-
Gus shares Pacific NAH fell or about one per cent
and IL said to be the intention OF those manipu-
lating ii 10 force decline of three four per cent:
but al about ninety the stock was freely bid for
There was no material change IN the quotations for
railway shares, and the dealings in them were very
limited, the cliques beng apparently inactive not
withstandng the increased abundance OF money
which caused loans to be made mainly at five per
cent, although the rate generally asked was six per
cent Owing TO the absence OF outside orders buy
stocks and the languor OF speculation in the street
the demand for money from the Stock En-
change, excepting the dealers in govern.
ment securities is light, and the supply OF
loanable funds is considerably in excess OF the de-
mand. The monetary case is. however, In combina.
tion with other causes, beginning to impart great
activity and buoyancy to the market for United
States stocks and this feature Of business in Wall
street is likely to become more marked as the season
advances, and ultimately speculation in the funds
VIII probably become as active as it is the Lon
don Stock Exchange or the Paris Bourse The con-
versions OF seyenthirty notes at the Sub-Treasury
during the day aggregated 81, $40 0oo making So
900 since the lst inst
We have already published the statement OF the as
sociated banks Of this city for the week ending on
Saturday last; and we now compare 1t with the
returns for the corresponding week in each Of the
laaf hrQp wit fhn folio, p.v,