The New York herald., 1869-03-07
FINANCIAL AND CONNER GAL.


SATURDAY, March o-5P. N.
Wall street was greatly agltated to-day over the
varying features Of the news from Washington and
London. both OF which points are Just now the foc
OF Influences bearing upon the operations OF the
street. The alternating probabilities OF Mr.. Stew
arts accession to the Treasury Secrefaryship were
Immediately reflected In the price Of gold which
went up and down according as the obstacle to his
appointment loomed up, great or small. From Lon
don came discouragng reports OF the result OF the
failure OF the Public Credit bill, and the market for
government bonds was very sensiby affected. The
market was in very unsettled condition. although
stocks seemed to be eliminated from this general
condition OF things for reasons which win appear
further on.
The market for governments opened with great
activity and nrmness, the issues OF 1862 selling at
lle9s. From this point, however there was reac-
tionary turn In prices, produced by heavy sales on
the part Of the foreign bankers who were In receipt
OF private news from Europe to the effect that the
"pocketing" and defeat OF the Schenck bill In Wash
ington had been productive OF weak feeling
abroad, the refusal Of the retiring President
TO sign the bill being very unfavoraby inter-
preted, especially as the measure win have
to 60 through the process OF legislation de
noro The first despatches In the morning put
the London price at S3al-an advance OF only one
quarter OF one per cent as result OF GRANTS inaugu
raj and Cabinet selections and later kilograms an
nounced decline to SO and then to S2zs. The pres
to sell spent itself at the second board ana the
market became dull through Discrimination on the
part OF holders to realize higher prices in their opn
ion, being likely to rule In London and Frankfort
when the real situation OF affairs is known and when
1t Is understood there that the reenactment Of the
bill win probably be one Of the first measures
of Congress In pursuance OF tho suggestion OF the
inaugural to pay the bonds in gold. The market
closed with the following quotations, showing only
slight falling or In the "homer issues as compared
with $685. indicating the faith which Ii felt In the gold
promises OF President Grant, despite the failure Of
the Schenck bill:-Unted States skies, 1884, regis
tered, 1l4h 115; do, coupon, 11eH 1le}S; do.
52O's registered 1l3x l13s<; do, coupon, 1862,
1lsH 11sA; do, 1854 1l4x 1l41; do. 1866, 1l61
1l6sl; do new, 1885, 1l2I 1l3; do, 1867, 1127s
ll3; do.,. 1868, 112X o 1l3; do. 10-40's, regis
tered 1o4K a 1o4,4; do, coupon, 1861 1o5al; cur
rency bonds 102 q 10si iS.
Gold was very excited and nuctuatcd very often
between the extremes OF 1904 and l3lh. Sales on
the street before the opening OF the board were
made at 100. But from this point there was steady
rise amid great CONSERVATION to l3l u at quarter
to eleven O'clock OF the influences at work 1t Is
diaicult to speak in anything like terms OF exact
Characterization. The first rise was doubtless
founded upon the weaker feeling In bonds abroad,
and the ascent OF the premium was assisted by the
Washington kilograms narrating the difficulties en-
countered the effort TO confer the portfolio OF the
Treasury upon MIR. Stewart. With the message OF
President Grant there was a yielding in the premi-
um but the price closed up trm again when 1t was
known that the Senate had made no progress to-
ward qualifying him, or rather toward excepting his
dsqualilcatons. The frmness of the market was
also stimulated by those who are .bullish" in their
tendency and are inclined TO moot the opinion
that Secretary Stewart, as free trade man,
would pursue policy likely to reduce the customs
receipts OF the government aud circumscribe
very materially the gold balance In the Treasury.
These were the prominent influences stimulating
the rise; but the market Is sensitive just now, after
the agitation OF the past few days. that it Is easily sus
cepuble OF movement In such times operators be-
come confused and oftentimes contradictory In their
own views Thus those who were using the free
trade policy OF Mr. Stewart as an argu-
ment IN favor OF o higher price for gold
were forgetful Of what was SAID yesterday
with regard to his theories contractionist. The
price also reacted from its highest point under heavy
sales by the "bears,, who thought 1t good oppor-
tuny for the operation OF their tactics andby those
who were ongn at the low prices OF yesterday. The
transactions OF the day were Of most extensive
character, the cearings at the Gold Bank exceeding
the enormous sum OF $3.50, 600. The fluctuations
during the hour between ten and eleven O'Clock and
the range OF prices for the day are shown in the fol-