The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-31
WALL STREET,

Wall street reflected in a small way -day-it
has not yet got fairly started-she character OF the
business We likely TO enter upon If the present
financial purpose Of Congress is to pass into law.
There was a ieverishness in the dealings through
out the day, an alternate strength and weakness
In the development OF values, vita an uneasy, IN
settled feeling through almost the entire list,
Union Pacific being a notable exception because OF
purchases for Amsterdam account, doubtless in
consequence OF the arrangement recently entered
TITO Tor the conversion OF the income bonds into a
new twenty-year eight per cent bond
RUMOR IN THE AFTERNOON OF PANIC on THE
LONDON STOCK EXCHANGE,
which, although it lacked confirmation from pr-
vate sources, was readily believed, owing to the
grave possibilities in respect to American
ties held abroad likely TO grow out OF pending
financial legislation The first effect was fresh
interval Of depression here, rom which there
came quickly reaction again in the absence OF
any evidence OF special weakness in the foreign
quotations. which was still further stimulated on
1t being learned that this was ticket day on the
London stock Exchange, preceding the regular
fortnghtly settlement. The prompt influence OF
rumor OF this character upon our markets. gold
advancing TO 1884, indicates upon what an uncer-
tain sea In respect 70 values we are about being
launched when even report that is not rehect ted
In the prices received or supported by private ad
turnn in the market
CONGRESS DOES nor APPEAR TO HAVE ADVANCED
very much further to-day in she matter OF deter
mining the remaining issues involved in the COM
plete disposal OF the financial question; but
seems determined TO devote itself earnestly this
week to a consideration OF the subject OF free
banking. As was said here yesterday, neither the
Senate nor the House has before 1t at the present
time wholesome measure OF free BANKING, as
that measure OF relief is understood by its friends.
The first necessity s to provide centres OF redemp
ton, with proper provisions for redemption in the
different trade sections around which the cur.
rency of that section would revolve
under the operation OF an automatic law
which would, II the issues were redun dant operate
against their value when they receded from that
redemption centre. THIS would not be iicHcult TO
devise and would furnish the best secured relief
that the complaining sections call for. Bank notes
thus redeemaole in greenbacks would lie as good
as greenbacks, but, being only redeemable at spe-
clal redemption centres for certain extent OF ter
ritory they would be conlned by 3 la OF gravlta-
ton TO circula ton around that centre. In this
way local currency would be created, which,
while local for this reason would also, IN being
cured by govern bonds be national as well.
The four per cent bond would do as such Sc
curity, and this would be a quite high enough
figure OF insurance for the nation to pay for the
protection OF its currency against the chances OF
any possible future bank panic.
GOLD ADVANCED TO 113I.
after opening at 1l24. being Influenced by the
causes mentioned above, and closed at 1134. The
reaction arrested bY the statement made, on
the authority OF Secretary Richardson that he had
determined not to sell any more gold after next
month. Perhaps he will not-it is not the wisest
policy to sell-and then again perhaps he may.
One month is long period for Mr.. Richardson to
anticipate his policy" and on recent notable
occasion he failed In the ability to anticipate IL
very much shorter period The carry ing rates to-
day were to AZ per cent; borrowing dat The
Sub-Treasurer paid out $4,000 on account Of
called bonds and s27 900 Tor interest. The customs
receipts were s55S,0oo
FOREIGN EXCHANGE
was dull and weak, the present unsettled condi-
tlon OF the financial question in Washington not
fav oring remittances. For sterling prime nominal
rates ASK and 4.S5H, selling rates ass and
ass Continental quiet and steady; reichmarSs,
e5s 967S cables, 96}{ 967S prime Paris, 5.193a
and 5.134. The following is the list OF quota
tions:--
.yirtD Ddls. Three D1Us,