The New York herald., 1869-03-06
FINANCIAL AND COMMERCIAL.
FRIDAY. March So r.. M.

FRIDAY, March 5-6P M.
Affairs In Wall street arc revolutionary the first
eject OF the changes the administration ut wash
ington. Few public changes have wrought 80 i'm
portant results within brief time the inaugu-
ration Of President Grant. There was q period OF
suspense following the act OF Inauguration itself.
owing TO the public anxley TO the character OF
the Cabinet destined forward the plans OF the new
President. or these pans and OF his policy the
public at large were already assured, but there was
very natural impatiencc TO learn more OF the
means which he was to employ in carrying out MS
views. Hence the vicinity OF Wall and Broad streets
this afternoon, upon the announcement OF the
selections was q scene or the greatest ANNA
ton. The absence ol political materials In the
new Cabinet and the choice In particular, OF Mr..
Stewart, were regarded IN the most favorable man.
ner. Gold at once went down. closing finally at
1904. while government bonds went up to 119A for
the issues Of 1862. The scene tine Gold Room, as
will appear further on, one Of great excitement
The transactions in governments were likewise very
animated, and the foreign bankers were purchasers
to the extent OF many millions. The European con-
dence in these securities Is likely to be increased
by the honest declaration OF President Grant-more
honest than the platform OF the party which nomi-
mated him-that "the bonds should be paid In gold
unless otherwise stipulated" or the gene
raj effect in Wall street and upon the
country ut large 1t Is possible to calcu-
late from the effect produced to-day. The ex-
pectat.ons Of highly prosperous state Of AFFAIRS
under President Grant are likely to be fully borne
out. To-day these changes were enough to indicate
that we are upon the eve OF important financial re-
suits, and that the trade and business OF the nation
have been only waiting that full assurance which It
has received Of honesty and capacity ut Washington
and which encourage our merchants In making their
engagements.
Business had two epochs to-day-before and after
the announcement OF the Cabinet. The government
market opened with decided improvement. based
upon the inaugural and upon the advance Of FIVE
twenties In London to sax. From this
point there was sudden upward move
menr which carried '6-'s to 119k, and '67's
TO 11314, the kilograms by the cable Of q rise
to s3k IN London stimulating the market. The prices
Tor the list closed as foows:-United States skies,
1881. registered, 1l5 ll5; do, coupon 118k l1eA;
do. 5-ao's, registered, ll3t4 llsh; do, coupon.
lS62, 1lsa 1l91s; do, 1864 1l5H 1876 do 1866,
al6H III; do, new, 1895, l13K 1134; d0 1857,
1lsI 1885; do, 1868, 113k 113H; do 10-a0's,
registered 104 10ia; do, coupon 1856. 1857;
currency bonds, 102 l02H. The f1rmness and buoy
anoy Of the marked all the more remarkable from
the fact that money was In good demand and active
at the full legal rate Indeed gold interest was freely
paid In many instances by stock houses, but
she rate Is hardly the quotabe of the day. Seven
per cent was the prevailing figure on both govern.
ments and stocks although many transactions took
place ut six where the houses were favored or In
prime standing. The the present activity is
not understood unless as is charged 1t is due 70 the
bears both in governments and IN stocks, VINO have
combined to produce reac ion from the present
quotations. In this connection rumor prevailed
the street late In the afternoon that Mr Stewards
policy" would be such as TO '.make money tght',-
which means that he VIII be Q contractionst,
and in the present sensitive state of all
the markets stocks were easily depressed by it.
TIE new currency bill which was signed by Presi-
dent Johnson, ana Is therefore law, does away
with the old system Of quarterly statements by the
banks, ana substitutes plan by which the Comp
troler Is authorized to call for slch statements-not
less than five times in the year days past to be
designated by him. The provision contained in the
last words-"days past"-will prevent the periodi-
Cal spasms to which the money market has been
subjected by the system OF quarterly statements
il was an excited and busy day In the Gold Room,
particularly upon the announcement OF President
Grants selection for the Cabinet position OF Secre-
tary of the Treasury. The news was received soon
after three O'Clock, and gold at began to fall,
touching In its decline the lowest point since 1866.
The scene which ensled might be called q tumult.
and formed an impcnetrable mass around the GEN.
tral fountain, making their transactions with wild
gestures and loud cries. It will remain memoir
able day in the history OF the Gold Board. The price
was 1917 just before the news reached the street.
IT opened in the morning at 1919. 1t rapidly
ell to 1904, but here the ''shorts" were
% glad to cover that they stayed the de-
cline BY their active bids at that figure.
The ''buls," In consequence. maintained their price
point higher, and rather desperate struggle en-
sued. But the 'bearsn we're eventually victorious
and gold again yielded hating at each step In con-
sequence Of the covering" by the shorts, until 1t
touched 1904, about i've O'Clock. The glee OF the
''bears" was boisterous They had so heavily over
sold the market aud the ''bus" had perslstently
kept up the premium, that they would have thanked
President Grant In person, II the opportunity had
been Afforded for his timely interference In behalf Of
their side Of the prolonged contest The range in
prices during the day is shown as follows:-
10 A. M........... 1917 $40 p. M.......... 131
1880 A. M.......... 131K 3P. M............. 13lx
1884 A. M......... 1919 1915 r. M..... 131
IL A. M............ 1919 $3.50 p. M......... 1907
AZ "a. .............. 1914 $50 4. M......... l3Ux