The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-09-10
FINANCIAL and COMMERCIAL.
A Brisker Movement in the
Gold Market.
English Aversion to the Award
at Geneva.
The Gold Pool Twisting the Opera
tors for a Decline.
Advance in Gold and Fall of the
Foreign Exchanges.
Sixty-Day Sterling Selling
at los.
MONEY EASY AT FIVE PER CENT.
Stocks Unsettled and Lower, with a
Rally at the Close.
Daniel Drew Reported Gone Into the "COffee,
Cakes and Ice Cream" Trade.
The Question of the Dividend on
New York Central.
MONEY EASY AT FIVE PER CENT.
Stocks Unsettled and Lower, with a
Rally at the Close.
Daniel Drew Reported Gone Into the "Coffee,
Cakes and Ice Cream" Trade.
The Question of the Dividend on
New York Central.

WALL STREET,
MONDAY, September Sep.
On Change to-day wheat was strong and nour
steady, but heavy. The cotton market was weak
and shade lower.
MONEY FIVE PER CENT.
The average rate for money on call loans was five
per cent During portion Of the afternoon there
was little furry in the inquiry and some trans
actions at six per cent, all Of which were fully
offset finally by dealings at four per cent. Prime
paper ia rather easier but quotations are without
material change.
DECLINE IN FOREIGN EXCHANGE
Foreign exchanges were utterly demoralized by
the scarcity OF cash gold. At least that was the
reason assigned around the street. but the severity
OF the inquiry for cash gold has been hardly sum.
Cient to cause 80 extreme depression in rates.
1t would not be surprising If the immediate future
should reveal the fact that heavy sales OF exchange
had been made against further negotiations Of
American loans in Europe. Prime sixty-day ster
ling sold at as low as l0s and sight bills at 1OsZ
1851.
ADVANCE IN GoLD-113 A 113H.
The gold market opened firm on London advices
Of an unsettled and lower market there for consols
and American securities, the depression being as
cribed to so remote an influence as the award Of
damages In the Alabama claims case. The dds
counting" OF such distant influence the award not
being payable for at least twelvemonth after ad-
Judgment ID, to say the least, quite remarkable,
and Indicates, we think, o moral rather than ma
teria reason for the "natness' OF the English mar
ket to-day,
being likely to grieve and grumble at the award, as
matter deffu dfg., and 60 into passion de-
cision which he fondy hoped would not be against
him. The loss Of three millions sterling q year
hence could hardly produce marked change
In the tone Of the London Stock Exchange.
Hence the explanation that our English cousins
have received the premature reports Of the action
OF the Geneva Commission with great ilfeeling
their pique at the result OF the arbitration being
expressed In o lower range OF prices for our own,
and alphabetically their own, securities Again,
the scarcity Of
became matter Of more serious import than here
tofore this season because OF the manipuatOns Of
the clique, who taking advantage OF the news rom
London, put on the screws and compelled the
'shOrts" to pay as high 3-32 for the use Of the
gold In making deliveries this afternoon. Now, 1882
per day Is equivalent to about "a per cent per
annum-a rate OF interest," which naturally
frightens those who have to pay it, Under these
circumstances the clique easily advanced the gold
quotation to 1lS7I-the concurrent weakness of
foreign exchange having for the time being, little
adverse influence
THE suB-TREAsURY
paid out $4,000 account OF interest and 500
on account OF redeemed fve-twentes The course