The New York herald., 1869-03-08
FINANCIAL AND coMMERc ciAL.

SUNDAY, March Z, 1909.
wall street. during the week which has just closed,
w0 prompt In Its responses to the changes which
took place at Washington, the effect OF the outgoing
a. the old and the incoming Of the new admnistra-
pp being Ut once reflected In the prices OF gold and
United States securities The finances Of the country
are on the eve OF very important modification a.
consequence Of the new order Of things. Tho In
tegr1ty Of General Grant personally II outspoken In
the President when he demands OF the legislative
branch Of the government full faith in the matter
Of the payment OF the national debt and stigma
szes anything like reputation. The announcement
Of the Cabinet selection Of Mr.. Stewart produced
profound sensation and the occasion Of second
psriod agitation and nuctuation the friends OF that
gentleman-and their name In Wall street Is Legion
predicting policy which would be fatal to the high
premium on gold. Mr.. Stewart ID favorite on all
sides in Wall street. although It is impossible
to conceal the fact that his selection s viewed with
, great deal OF fear and apprehension by members
or the mercantile community who are his rivals In
business. The bankers and the brokers' the strictly
moneyed men, are his advocates and hall his choice
an omen Of the success which awaits the finances
Of the country under proper management AZ to the
venerable law which disqualides him, they suggest
that there is precedent for suspending iss pro-
visions given in the case OF Albert Gallatin who was
merchant and shipowner The very fact that Mr..
Stewart has not rusned into print every week or
20 with some new financial theory ana mass Of
statistics Is rather in his favor than otherwise. OF
his financial abilities his success is proof In
this practical age and particularly in this practical
country, the time for fine spun theories has gone by
lift be objected that Mr.. Stewart Is selection from
private life when there are dozens or well known
professional nnanciers from whom the President
might have taken his pick, 1t should be remembered
that after william Pitt as Chancellor Of the
Exchequer (and full nedged professor OF
1nance), had muddled the finances OF his
country for thirteen years in the attempt to
induce resumption, he was succeeded by
gentleman from private life, Mr.. vansittart sort
OF brieess lawyer but very rich, who brought order
out OF chaos In few years, dspelled the national
embarrassment and was created Lord Bexley In
gratitude for his services the unforeseen obstacle
of an almost obsolete law should not be suffered to
prevent the administration OF General Grant from
receiving the support OF man so acceptable TO the
bankers and capitalists of the great financial centre
OF the country So far as the jealousy Of him which
is entertained by some Of our merchants Is con-
cerned 1t is causeless apprehension on their part,
for the President viii doubtless require guarantees Of
tmpartalIty even IL the Secretary elect should not
AFFORD them voluntarily.
Government bonds on Saturday last touched the
extreme figure OF 11oH for the Of 1882, but as
the market is sympathetic with prices at London
there falling or at the close Of the day in con-
sequence of Q decline abroad, based upon very
unavorabe Interpretation OF the defeat OF the Public
Credit BILL which failed through the refusal OF the
retiring President to sign It, and must therefore 60
through all the stages OF legislation once more.
On the same day gold was freely sold at 100, the
lowest point which it has declined to since 1885, The
"drop" commenced the day before with the
nouncement Of Mr. Stewards selection for Secretary
OF the Treasury, but there reaction from this
dgurc when IL was discovered that a serious obsta-
Gle existed to his administration OF the once. The
doubt and the uncertainty as to the settlement OF
the question were rejected In very unsettled mar
ket up to the close OF business Saturday evening.
Cash gold became less abundant as the week ad-
vanced and in the heavily oversod condition OF the
market caused by the decline In the premium, the
activity in loans was quite noticeable, the carry
ting rate ranging down as low as one per cent just
before Clearing House time on the last day. On Sat
urday the transactions In gold reached the enormous
sum OF sl32, 100000 The range In the price during
the week was as foows:-