The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-02-17
WALL STREET NOTES.

ANOTHER SHARP ADVANCE IN ooLD-cox-
oREssIoNAL FENCING WITH THE SITUATION
AND WHAT THE STREET THINKS OF IT.
THE TARIFF BnL-A NEW STOCK BOARD
Observation-Disclosures AND PACIFIC.
The street was relieved OF its recent customary
dulness by a sharp movement In gold yesterday.
which carried the premium up 10 ll5x THIS was
the result OF course. or some pretty quick cover
ing the part OF the shorts. whose faith in TINS
great and glorious country leads them to peren-
NAL erervescence OF patriotism IN the shape OF
selling gold. Another reason for the advance,
however. and for the backsllding OF the patriotio
gentlemen above referred to, was iouno later IN
the day in the large receipts for customs at tho
Sub-Treasury. which reached an aggregate Of
$685., 200. which. taken in connection with over
500. 900 PAID In on the same account on Monday.
makes total OF over $l500,O 600 gold taken out az
the street this week. which rejects the recenB
buying purpose and explains
WHY GOLD WENT UP.
The stock Of available cash gold is said TO DO
very low, and this opinion found expression in
the gold loan market yesterday, where l-64 OF
per cent per day and exceptionally, I-32 was paid
for Its use. VIII not some member OF Congress
urge that q count be had OF the visible coin re-
serve OF the country, actual hard metal in tho
Treasury and bank vaults, that We may be re-
neved OF these constantly recurring exctements
In the gold room, which disturb the whole bust
ness OF the country, ana learn before we enter
upon new speculative era the exact basis we
have TO start from. Foreign exchange was de-
moralized by this advance in gold. and went on
BY successive stages during the day until at tho
close
SALES OF STERLING
were made at 4so1s for prime bankers and 4.s3x
for sight. These are the lowest figures OF whicn
sterling has SOLD since January 7. 1874 And yet Is
does not induce purchasers. Business was ex-
ceedlngly dull yesterday, the importers having
their hands full taking goods out OF bond in the
fear OF tariff changes that may increase duties, 50
that they had no time to attend to remittances.
There is apparently conflict between the ex-
change and gold markets winch IL will be interest
ing to watch. Sterling Is now nearly at the polns
that permits shipments OF specie hirher. The street
was surprised by the advices rom Washington re-
speeding
THE ACTION OF TIE HoUsR ON THE NEW TARIFF
BILL
such advices contributing their share to advance
the GOLD premium. Mr.. Dawes 1t was stated had
moved to take up the bill. urging as reason for
prompt action upon It that If not passed the Treas
ury would be unable to meet current demands
upon II, and an extra session OF Congress would
be necessary to raise revenue. The House, there
upon, by over thirty majority, refused to take up
the bill. The significance OF this action py the
House was largely commented upon. its most prom
inenr feature the paln admission OF the Chairman
OF the Committee OF Ways and Means, that without
additional taxation the government would lapse
INTO bankruptcy, being rst In the discussion. WHAT
point, however, was regarded as more curious.
Why did the threat OF extra session (wltn Q
cause me present republican House would prefer
to leave democratic Congress behind 1t to pre-
serve the liberties OF the nation rather than
q nj
dent Grant Even those who considered the sub
ject didn't seem TO reach fixed conclusion. but IL
Ing" 1t was suggested that as the easiest way
OF checkmating any Interior designs the Presi-
conflict Win him. the present House may de-
termlne to delay the Appropriation bills so thar
the democrats behind IN charge so that The re-
publican party may be held Tree Of any vagaries
iets Without Keeper These ostinS IDEAS are al
operating TO advance the gold premium. as 1t Is
natural that ANY sxaosOn Of WEAKNESS in IN:
NEW STOCK BOARD THREATENED.
meeting has been called to convene at tho
Fifth avenue Hotel, ON Thursday evening next. to
to the, new. commission rates, which,
It is claimed. bear harshly upon IN:
lew. "reminiscences, too. OF the days OF the
Open Board, when there was almost constants
correspondingly animated help forward the new
purpose. This Open Board was started in just the
same way 1t Is proposed to start new board now,
but there we're giants In those days' In Wall
street. But who are the leaders nowf A new
board, there can be little doubt II lairy started
under good auspices, would stimulate business.
THE DECLINE IN ATLANTIC AND PACIFIC.
A sharp decline IN TINS stock yesterday was ex.
planned by the announcement OF 2 further reduc-
ton III telegraph tolls The rivalry between this
company and Western Union Is certainly Q sharp
one. Ii remains yet to be seen how successful Il
win be. The pubic, however, viii have reason to
congratulate themselves should It result In secur~
ing Tor them that great boon, cheap telegraphy.
THE CURRENCY PROBLEM.
The folio wing reached the street from Washing
ton Yesterday. IL Will be observed the Secretary
OF the treasury has the privilege OF reviewing
these opinions =
snstains the opinion OF MS deputy and decides
tnat the retirement Of eighty per cent OF green
backs Tor each dol ar OF natl nal bank currency
issued under the new Currency bill commences AZ
once without regard to the amount OF circulation
Out,Iandlpq.u