The New York herald., 1869-03-03
FINANCIAL AND COMMERCIAL.

TUESDAY, March 2-o p. M.
The feature OF Wall street to-day was the develop
ment OF remarkable activity In the money market
Indications OF approaching stringency were fur
nished last evening IN the sudden and sharp In
oulry exhibited for funds Just previous to the
close OF banking hours, and this hav
ing induced anncipatons Of greater
demand to-day had the effect or prompting bor-
rowers 10 go early the street to seek accommoda
tion. Thus the market opened with something OF a
hurry and money was In large request at the legal
rate. The same cause which produced this demand
operating upon those who had cash to put out
caused them to exercise some discrimination in
making loans. most houses, OF course, being IN
cined 10 accommodate their regular customers first.
In the delay consequent upon this condition OF
things and the greater appearance 1t produced OF
threatened stringency the rate on call leans ad-
vanced from seven per cent currency to Dust be-
fore the close or busness) seven per cent gold one
eighth per cent commission having in the mean
time been offered over and above the
legal rate. Exceptional transactions are re-
ported &C six on governments, but they
were very rare and TO favored parties.
There can be little doubt that this activity In money
is mainly artificial and part OF the tactics OF new
combination formed to 'bear" the stock list. Be-
tween the period Of comparative ease just previous
ncent cause for any such sudden change. In
addition the market is being nercely attacked by
the beas, and the attempt TO create disturbance
In the money market is well known piece
Of strategy in connection with such movement be-
ing always easy OF accomplishment on the peculiarly
sensitive nature OF the elements which make up the
street, The present activity exhibits all the appear
OF beng thus brought about and VIII probably
be merely temporary. Prime discounts have ranged
from seven TO nine per cent many OF the banks pre-
ferrng to put out funds in this way TO obge new
customers than on cali loans.
Following as q deduction from this monetary cos
uveness, as was no doubt designed all securities
were weak to-day and almost entirely in the hands
OF the bears Governments opened "oGr the closing
quotations OF last night and there being an unac-
countaeIe delay in the receipt OF dispatches from
Europe rs TO the state OF the bond market there,
which had depressing effect continued
during the morning weak and dull The
decline was further helped by dispatches
from Washington respecting the action OF the House
upon the Senate amendments to the Schenck BILL 1t
being reported that they would not be concurred IN.
AT the noon board further advices from Washington
bringing information OF the appointment OF con-
ference committee and assurances thar the bill
would likely pass the Senate without amend
ments, the market rallied and prices advanced,
remaining firm at the last board. Later
Doubtless owing to advices from London Of de-
cine In bonds TO SIX, the market was again "on,n
but rallied subsequently, the following being
the quotations at four p NJ. with q fair
tivity prevaihng:-United States skies, 1881, re-
gistered ia lis; do, coupon, ll5h ll5x; do,
5-20s, registered, 1l2 1l2K; do. coupon 1852, III
NIX; do, 1864, 1l3K 1l3sl; do. 1866, ll5
ll54; do, new, 1865, ll2l4 ll27s do, 1861, 1l2s
ll2ls; do, 1S0s, hex 1l2k; do, lo-40s,
registered, l04 1o41S; do, coupon, 1861 q
l05; currency bonds, lo2a a 102h. Subse.
quently "old bonds' still further improved and
sold on the street at 117Z. There can be no better
evidence OF the artificial character of the market for
governments IN Wall street than the very wide nuc-
tuatons produced by the various rumors predicated
upon the existence OF this ..Schenck bl.n The
measure really gives no greater value
Y the bonds than they possess without
It, and after all the pledges that have
been made by the party that has majority In the
present Congress- and the loud assumption OF supe.
ror morality in the copsqerat,on OF the bonded In
debtedness Of the Country and the denhnciation OF
those who raised the question Of doubtful interpre
tation in the language OF the promises to pay,
during the recent canvass, seems an exact
parallel OF the parturien mountain and Its ridiculous
result Even those who express the greatest
interest in Its passage only anticipate that 1t wiz
stimulate the foreign demand for our securities; but
IN this 1t IS more than likey they underestimate the
Judgment OF foreign investors. The recent heavy
demand Tor governments on European account Ia
simultaneous with the expression OF public fatn here
and hopeful anticipation Of great results In the way
national recuperatlon, following the accession OF
General Grant to ONCE, has been maintained upon
later satisfactory evidences OF the business OF such
expectation In the conduct and ndices OF character
presented by the President elect and Will be further
continued so long the same encouraging signs APP
pear OF a successful administration quite
Independent OF any barren resolutions-for
this bill amounts 10 nothing more-of
Congress- 1t is possible that Europeans, while only
correct in their Judgment OF tho qualifications OF
General Grant for the position OF Chief Executive
may overCstmate his power such; 1t thus remains
for Congress to materially strengthen the public
credit" by removing all obstacles 10 his unfettered
administration and independent discharge OF the
duties imposed on him by the constitution.
Cold opened this morning at ls2I, advanced TO
132s, fell OF again and closed In the board at 132
declining later to 1s1. at which figure IL stood at
the close OF business. The tone OF the market
throughout the day was feverisn and excited, the
absence OF reports from the London bond market In
the morning and the conflicting rumors from Wash
ington inducing the nrmness which then prevailed,
the market weakening under the influence OF correct
Information. Transactions were again peayy, the
gross clearings amounting to silo ooo the gold
bal noes to sl7ISss2 and the currency balances to
s204S 26o The loan market reflected the stringency
In the money market the rates for cargo ranging
from three TO seven per cent, with the bulk OF oans
however, at four ana ave per cent The following
table shows the range Of gold during the day and
the general course Of the MARKET
10 A. M........... lS21 l2:2l y. M......... lslT
Io:l1 A. M......... l5lX lac p. M.......... l3lA
.,.4S A la2X I.sS y. M lS2 y