The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-03
A CORNER IN COFFEE.
Affairs in the United States Treasury-The
Geneva Award in the Hands of
the British Consul.
SECRETARY RICHARDSON'S PLANS.
The Work Of the Philadel-
phia Mint.
THE STOCK MARKET.
WALL STREET.
WALL STREET,
TUESDAY. Sept. 2-6 p. M.
THE FOREIGN MARKET.

TUESDAY. Sept. 2-6P. M.
THE FOREIGN MARKET.
The advces from London to-day were devoid OF
general interest. Consols were weak and lower,
and United States securities quiet and steady,
without material change. Erie declined at the
close to 461. The quotations are as follows:-
COnsOls for money, 92A 923s consols for account
e235 921S; five twenty bonds OF 1865 (old), 954 a
95S; dve-twenty bonds Of 1867, 951 9514; ten
forty bonds, 90T 9Ok; new fives, 81 91h; Erie
Railway shares 461S; Illinois Central shares, "a a
SO; New French loan, TX per cent premium. The
rate OF discount in the open market for three
months bills was 3-l6 per cent. The demand for
discounts in the open market was heavy. The de-
mand for discounts at the Bank OF England
was light. French rentes in Paris declined from
$500 to 81 at the close.
EXPORTS.
The total exports OF produce for the week end
ing to-day amounted to $5,420,644 mixed values
which Is an increase over last week OF $139, 1885,
The exports for the corresponding period OF last
year were 4,695,445, and for 1871 $3,955,742 The
total exports since January this year are
$3.50, 229 Z27 against $147 1855 last year, and
$153, 900, 760 in 1871.
MONEY FIRM.
In the early part Of the day call loans were
quoted at o 6 per cent on stock collateral and a
on government bonds Later, however, the
at the close Of the market. Discounts of prime
paper at short date are quoted at per cent and
acceptances of four and six months at o 10 per
cent. Foreign exchange was dull and lower,
as sequence OF the loaning value Of gold
and its use in other channels than the
purchase OF foreign bills. Rates were twice re-
duced 90 day, an eighth each time, u good many
bills being apparently sold to obtain gold in an
tcipati0n OF the possible movements OF the latter
We quote prime sixty day bills at 1917 to lo7s and
sight at 1857 to 1884, with concessions on bills in
second hands of u per cent. There is an active
demand for currency for the West; but it is a
favorable feature that the new five per cent bonds
are largely bought ny Western banks the purchases
being for the purpose Of making a basis whereon
they may enlarge their circulation in accordance
with the act providing for the issue OF $54,oOo000
additional national bank notes. The right Of the
West exclusively to this new issue expires about
the middle ofthis month, after which it may also
be enjoyed bv the East
GOLD STRONGER -115Z 116H.
Each succeeding day demonstrates the power that
has been concentrated In gold, and the ability OF
those who hold this power to use it according to
their discretion. As has been before intmatcd, the
keynote OF the situation is undoubtedly with the
master spirits who have been bold enough to do
what ought to have been done by the govern
ment-accumulate; and In this accumulation they
are practically in position to dictate terms
Thus far especial harm has been done to either
she merchant or the importer. In fact, the latter
have rather invited
SPECULATION IN GOLD
by borrowing against the probability Of advance
In the premium, and thus have absolutely created
short interest that has become one of the object
i've points Of the present combination. What may
be the upshot few tell but thing is certain
the whole moral force Of the community is opposed
to repetition of the events OF the famous Black
Friday Nor is the street" in that mental condition
which will yield agaiu as 1t did then to the wild,
magnetic influences OF an hour. The price may
ascend gradually. 1t cannot be forced unrea-
sonably
LARGE INTEREST
may be demanded for the use of gold, and much
good fortune pour into the co1crs OF those who
may own the same; but beyond this we confess
inability to discover any for the exciting and
sensational articles that have recently appeared in
tnc newspapers OF the day. Public sentiment is
powerful check, and Secretary Richardson can add
to its weight the cOgent force OF twenty millions OF
sphantomn golden dollars with the scratch OF his
pen. In this connection it may not be uninterest-
ing to moralists on the subject OF corners"
present and prospective, to know that even at
this moment one exists which is making Its
influence felt, not on spectators alone, but on
broad land. Conee, in q little more than two
weeks has been forced from IL to % and "a cents
per pound In gold-a higher price, We are told,
than ever was paid for it in this country, even
during the stormiest times Of war, when the pre-
MUM on gold was at Its most magnificent figure.
This "household blessing' is under the control we
are informed, Of one man, who may advance its
commercial value to any figure he peases as
limit But Of course he Is only dealing with "mer-
chandise," and will not therefore, be blamed for
advancing its price even seven per cent in 'gold"
The rates paid for borrowing to-day were
1-6 per cent to nat, and for carrying to 5 per
cent. Gold loans on time were firm at u to per
cent for use for thirty days, Ia TO IL for sixty
days IL to 1ys for ninety days, 1s to IL for four
months and all the year. and Ia to * for six
months. The prices OF gold to-day were:-
10A. M 49,. ...... 118K 1927 p. M........ 11bI
10 :0l A. M......... 116 LES p. Mo-. 1l6
l0:03 A. M.........- 115X 146P NJ, ....... 1l6h
lO:W A. M.......... u5M ZIP. Nj. ZIG
Al "a N. M.......... ll5X 2:12 y. No.. l16
~ M. '::..'......' 1lo 2:0l r. M.......... llbH
1902 p. M.......... 115X 3P. M. ll6L
1906 p. M......... ll8
The operations Of the Gold Exchange Bank
were as Eollows:-