The New York herald., 1869-03-05
FINANCIAL AND CONNER GAL.
THURSDAY, March 40 p. M.


The inaugural address OF President Grant was look
Cd for with great interest Wall street to-day, and
business was less aclye In certain branches through
desire to await It's delivery and ascertain its TENOR
The simple straightforward and honest character Of
the document when II did appear was as much sur
prsing as would have been lengthy sensational
grafton full Of woud-be erudite financial theories.
The portion Of the address canvassed by Wall street
Is very short, and proposes the honest payment OF
the national debt and the proper enforcement OF the
revenue laws to secure that object PresidentGrant
commits himself to the payment Of the bonds in
gold, but thinks specie payment will be readily re-
sumed II the leayen OF reputation be entirely
0xpunged from the policy and councils or the ma
tion His declaration this point to-day was stimuli
taneous with the pocketlng Of the Schenck bill by
the retiring President and the effect Of the one
remedied the effect OF the other upon government
securities In gold the effect was not 80 visible.
The market for governments was steady at the
opening and improved up to the noon session, when
there was sudden advance predicated upon large
orders from abroad and upon an Improvement IN the
London price, which at the afternoon board was
62h In the midst or This c0uleur de condition
OF things word received that the Schenck bill
had not received President Johnsons signature and,
therefore, would have 10 so over for re-enactment
by the Forty first Congress. The depression caused
by this announcement was more than the foreign
advance could sustain; it felt that sooner or
Later the latter would also give way under this news
the last advance to s215 being founded on the final
passage Of the bill on ednesday afternoon. The ad-
dress of President Grant was next received and had
"a reviving effect, the market recovering slightly
for the general list, but actively for
the $685. which are SO largely dealt
IN abroad and were subject therefore, to the restora-
Tive effects both OF the speech and OF the foreign ad
vance In price. The elements influencing the gov
eernment market were thus very curiousy assorted.
How they will operate in London and Frankfort re-
mains to be seen. The following were the closing
prices on the streat:-United States skies, 1881,
registered 1l41s 115; do, coupon 1157s 110; do,
2o's registered, 1121 113; do coupon. 1867, 1ls
1ls1s; do, 1864, 1i42a 1l4H; do, 1865 ll5H
a15s&; do, new, 1885, 1928 1l2 do, 1867 1l2az
1r2; do, 1885, 1l2el ll27S; do, 1o4os. registered,
lo4 1044; do, coupon. 1861 1o6; currency bonds,
.7O}X 102 "
From Washington comes the announcement that
the retiring President signed the Currency bill re-
quiring dve bank statements during the year, on
days to be fixed by the Comptroller OF the Currency
and prohibiting the cernlcation OF checks when
there are not sucient deposits to pay them to the
credit OF the drawers. 1t Is therefore law. The
eect OF the portion referring to the bank statement
win be likely to check the present contractile move
ments Of the banks in preparation for the April
aanks to 60 on as at present condnng the time by
selecting the first Monday in April after which he Will
choose his own times. Money to-day was not as ac-
tive at the opening yesterday, but per cent
on governments and seven per cent in coin on mis-
celaneous coaterals were the prevailing rates. with
exceptional additions Of o concession of one-six-
seenth. Nor late in the day was money so easy as
yesterday the rate being six and seven per cent
the close. Commercial paper was dull, but sales had
an upward tendency and were quoted about a half
per cent higher the course OF discounts following
dhe interest rate on cali loans
There was a frmness to the tone Of the gold mar
ket which was unaccountable In the face Of an i'm
nrovement in bonds abroad and the conservative
and hopeful character OF President Grants inaugural
address, The price, after opening at 1884, went up
TO 182 in the forenoon despite series Of very heavy
sales by foreign houses, who were supposed to base
Gheir action private dispatches from Washington.
The price frequently nuctuated between 1873 and
13lX, and finally went as low as 1917 when the
inaugural was read. 1t merely touched this figure.
however, rose again eighth to quarter per cent,
and maintained its steadness ut the advance. The
foreign bankers were either mistaken as to the
course the market would take. or. which Is more
probable, did not take into their calculation
the eject OF the causes which operated
adversely In the government bond market Doubt
less they were informed Of these important
Influences by their washington correspondents and
hence, when their heavy sales should have had the
effect Of breaking the price. their influence
than counterbaanced by the causes referred to in
she first paragraph, and the premium maintain ed an
equilibrium between the operation OF opposite ten
denotes. This is the best explanation OF which the
TACT Is susceptible. Cash gold was IN good demand,
but the activity Of the money market was reflected
In better rates for loans, which were made AT eight
at the Gold Exchange Bank amounted to ss6e4s, 900.
The gold balances Sl,1o0o57, and the currency
balances 1862, ,se2. The range In the price during
che day was as foll0ws,-