The New York herald., 1868-05-14
FINANCIAL AND cOMMERc clAL.


with respect to the action Of the Senate concerning
Mr. Johnson having combined to make speculation
unusually languld. That whted sepulchre of buried
fortunes, the Stock Exchange building, contrasted
| I'm its stiffness with the din which accompanies an
active Market and the brokers moved about lisess-
y, like so many Othclos with their occupation gone
shades of Micawber waiting for something to turn
| up. Nothing turned up, however, from the
opening to the close OF business and the only thing
that came down handsomely was the rain. Stocks,
| unlike Captain Scotts 'cOon refused to come down.
notwithstanding the absence Of outside buyers and
| the bears glOwered at them in vain. There they
STOOD from hour to hour, without variation literally
stock still Neither the bulls the bears appeared
to be Ia any mood for warfare both being willing to
preserve, for the time being mastery inactivity
In the gold room and among the dealers
In government securities and foreign ex-
change the same sluggish feature was presented
andGew OF all the heterogeneous army of brokers and
other professional speculators who wend their way
to Wall street daily succeeded in making enough to
pay their expenses. How soon this stagnation will
give place to activity depends upon the cliques; but
1t is not probable that there viii be any material
change In the aspect OF affairs until Saturday, and
then much will hinge upon the proceedings in the
Senate. There are some who argue that conviction
and removal will be the Presidents fate, and
that thereupon stocks viii rise in view of
a policy OF imitation under the administration OF
Ben Wade, while there are others who believe that
his deposition by unsettling confidence will produce
temporary depression. still greater number how
ever, contend that his acqutta, by restoring con-
1dence in the stability and harmony OF things will
stimulate speculation for rise, and that gurativey
speaking, The bulls Will pile Peon on Ossa before
breakdown occurs. Prices are already high, but
where prices afford no guide to values it is
hard TO say how much higher the cques
may temporarily put them IL fortune favOrs their
operations; but at present quotations there Is clearly
no inducement to buy anything but government Sc.
curites for investment and these are likely to conf
mand higher prices in the future than they have ever
yet done, providing Congress does its duty to the
country in legislating upon the financial
question: which will doubtless be taken up
soon alter the termination of this great
State trial, which already verges Oh a
farce. The currency internal taxation, the
tariff and the public expenditures are the sub
jects with which 1t will have to deal; and upon these
the debates promise to be very spirited. 1t should
be the aim Of Congress throughout to reduce tax
alton and expenditure in equal degrees, and while
relieving the burdens of the people, strengthen the
public credit, in which connection all disturbing and
unnecessary funding schemes should be rejected.
SO far as the hve-twenty bonds are concerned the
debt is already funded, and it would be penny wise
and pound foolish to disturb it; but the subjects
before referred to will afford Congress ample scope
for reform.
The money market Is gradually growing easier,
and loans are now made almost exclusively at
six per cent, although seven per cent is asked
in most instances for small amounts on miscellil-
neous stocks. There is less rigid scrutiny OF col
lateras than was noticeable few weeks ago, but
the highly inflated stocks Fort Wayne among them,
are treated with great caution The reports of the
latter company show that its ten per cent divl-
dends have been paid out Of the proceeds OF
sales Of new STOCK, and that II thus 'wateringr
process had not been resoted TO the company could
not have paid dividends TO its stockholders. Such
railway management as this Is certain to be ulti-
mately disastrous To the stockholders, however
much 1t may for the time being subserve specula-
tive purposes in Wall street. 1t Is still fresh In the
public mind that Atlantic Mail was ten per cent
stock at the time 1t fell more than sixty per in
q single day and nearly involved the Third Avenue
Savings Bank In its ruins There is a steady n0w OF
currency rom the interior and the oanable resources
OF the banks are increasing, while the demand con-
tnues light both for loans and discounts, owing to
the dulness OF trade and speculation. First class
commercial paper passes the street at seven per
cent, and the banks take their customers paper at
the same rate.
Government securities were dull but steady during
the day, and the orders for small lots from investors
showed no falling or Speculation was, however,
langud, owing mainly to the suspense with which
the result OF the impeachment trial is awaited. The
Assistant Treasurer bought more than half million
of seven-thirty notes during the morning, making
about two millions and fourth thus far in the week.
The voluntary conversions of seven-thirties into
bonds are going forward actively, these having
amounted TO $S16450 yesterday and $685. 600 on Mon-
day. making total Of s3,4i3 700 since the Ist inst.
The demand for bonds for the renvestment OF the
May interest has not yet been fully felt as there still
remain undrawn about eight millions of the amount
payable ut this centre. The growing monetary ease
is favorable TO the upward tendency Of prices and
with the settlement Of the Impeachment question,
whether IL involve the acGuittal or the removal OF
the President, general Improvement in the demand
for United States stocks will doubtless be witnessed
At the close the market dun and steady at the
following quotatons:-Registered 1881, 1l3R l13a.;
coupon, 1881, 1l394 1137s; 5-2os, registered 1862
1861 1895; 52os, coupon 1862, lossi 100; do,
1854, 1868 1916 do, 1866, 1o7f 1917; do. 1865
January and July. 1895 lO9M; do, 1867, 1895 q
109al; lo-40s, registered 1887 1885 1O4Os. cou-
pom, 1855 1o3A: June 1905, 1915 q 1O.X; July
7.3Os, 1879 aSl07X; May compounds, 1884, lIek;
August do, lis; September do, 11,l.; October do
III.
The gold market was extremely dull all day. and
the fluctuations were from 1898 to 13o5s, with the
closing transactions, before the adjournment Of the
board and Afterwards, at l39A. There was mode.
rate borrowing demand for coin, and loans were
made AT a per cent per annum for carrying and
without interest. The gross clearngs amounted
to S2i,077,7l3, the gold balances to sse4 e45s,0O0,
and the currency balances TO $685. 9oo The Treas.
ury has been selling less than ts customs receipts at
this port for several days past and its present policy
is TO reduce s currency balance by the purchase of
scven-thrty notes In excess OF its gold sales. The
disbursements In payment OF the May interest on the
public debt at the rate OF about $500 per day.
and the payments up to the close Of business last
evening aggregated 900. The export Of specie
by to-day's steamer was si5o,oOO. Opinions in the
gold room are about equally divided with reference
10 the Presidents before the Senate: but no dis
nasian Il shown in discnuni Tho axai .oa..ia