The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-05
Secretary Richardson and Legal
Tenders.
The Geneva Award The MOdus Operandi
Of Its SettIement-The Last
Payment Tomorrow.
A SICK STOCK MARKET.
Prices Tending Downward and
= Holders Unloading.
WALL STREET,
THURSDAY, Sept. 4-6 p. 4

THURSDAY, Sept. 4-6 p. NJ.
On 'Change to-day cotton continued in fair de-
mand both for "spot" and cultures" and the
market was frmer. Flour was in good request at
in some instances--advanced prices. Wheat and
corn continued active, and were again higher, the
market closing buoyant.
THE FOREIGN MARKET.
Our London advices by cable report that the
Bank OF England has lost flS.Ooo of bullion during
The week and fl00,000 to-day. The latter move
ment, it is surmised, results from shipments to
Amerca-the rate Of foreign exchange being now
about the importing point. The weekly meeting
Of the Governor and Board Of Directors took
place to-day, but it was decided not to advance
the rate OF discount for the present. 1t therefore
stands at three per cent. Should the outflow OF
gold continue, We may look for change in the
above figure next Thursday. The Bank OF
France has also lost 100000 francs during
the week. The rates for money are as here
tofore quoted. Erie was strong and active
IN London in consequencesof the recent report OF
the directors, which, reing cabled was doubtless
published this morning. 1t is said, in this connec-
tion, that the programme Of Mr.. McHenry, on the
other side, Is TO advance the price OF Erie pending
the arrival OF President watson, who sailed yeser
day. in order to facilitate the efforts OF the latter
in ef1ecting new loan. The price opened at AK,
went rapidly to 4SA, but at the close fell OF to Az
As. The Paris Bourse was quiet American Sc
curties steady The following the late London
quotations. Hafpast four p. M.-C0nsos for
money. 1914 92R; do. for account, 92a 92s. (;
nve-twenty bonds, OF 1866, 954 953s d. OF 1867,
95h s6'l; ten-forty bonds, eO7i; new fves, slh q
S1h; Erie Railway shares, AK As; new French
loan, TX per cent premium.
THE MONEY MARKET.
At the opening OF business to-day money was
easier on demand loans and, until about noon,
ranged from to per cent Subsequently the
rate was advanced TO per cent sharp with
several transactions at per cent gold; but at
the close OF the day it fell or to and per cent,
though with but few offerings at these figures.
currency time loans are quoted at per cent gold
for thirty days, per cent gold and 4 commission
FOR sixty days, and 9h 10 per cent for the
balance OF the year. Time loans in gold were
easier to day, being quoted at q a per cent for
use for so days, Ia a IL per cent for 60 days,
AZ * for 90 days, IL a1h per cent for the
balance of the year and Ia ~ per cent for six
months Foreign exchange was dull and lower,
prime co days sterling having sold at 1867 and
sight at 1o7ss, the nominal rates being 1918 1914.
Good sterling sold as low as 1861 1863 and
1919 1917 with commercial bills at LOG 1861
GOLD ll5% A 1151I.
The interest which attaches to the present and
prospective value OF gold continues undated, and
che various changes reported are anxiously
Bcrutinized IN the hope that they may afford some
Clew as to the future course OF the market. 1t Is
generally conceded that merchants have been
large borrowers, and thus created an extensive
short interest which gives an opportuni ty
TO the party who control the bulk OF
gold practically TO make their own terms.
1t Is a noteworthy fact that every Wednesday
and Thursday the price is materially lower than at
Dthsx periods during the week. when no disturbing
eemNnt exists in the shape Of sale OF government
gold. To-day the figures ranged from 1l57s TO
1855, the latter fraction being barely touched late
In the day, with a prompt rally to 115a 1867.
The fluctuations were as follows