The New York herald., 1870-11-17
FINANCIAL and COMMERCIAL.
WALL STREET.
WEDNESDAY. Nov. 1876 r. NJ

WEDNESDAY. Nov. 1876 r. M.
on ,Change to-day the wheat market was active
and strong at an advance In sympathy with an Inn
provement in Liverpool. The cotton market was
dull and steady.
GOLD srRoNa-111 X A 1l2h.
The new complications In Europe have proved
lucky inerpostion on behalf Of the spectators In
the Gold Room. where the activity and exctement
to-day were paraleled onlyIby the scenes that at
tended the declaration Of war and beginning OF
hostities between France and Prussia last summer,
the difference being that the "bullsn Of that
period, who were entced to buying gold at
120 ana that vicinity, are less sanguine
about joining In the movement at present
unless for o trining advance. The great
rise OF last summer when gold rose to 1888, was
due to the fact that the season was one when our
capacity for exporting merchandise Is nghtest. IN
midsummer we are between the end Of one crop
and the beginning OF another. The present re-
vival OF the fever In Europe finds US with tcem-
Ing granaries at Oswego, Chicago and Milwaukee,
ana with our seapers stored with cotton. The Gold
Room is just now the debating ground Of two great
classes OF men holding different and opposite views
OF the situation. The one set believe uhat general
European war will bring us to the verge OF specie
payments, II not actually to specie payments. the
other hold To the conviction that the arrangement
and prostration Of the money markets OF one great
portion or the world must affect the rest OF tho
world In similar way, though not
necessarily to the same extent. II was the clash OF
these different opinions which prevented greater
rise In gold to-day than would have been anticdated
frem the innammatory intelligence from London,
where consols and nve-twentles both underwent
heavy fall the latter declining to 87x on the street
this evening In q depressed and gloomy market. the
Gold Room was oil the more excited for the ener-
Qetic manner In which both sides disputed Tor ther
relative position; and when the "bulls" exultingly
proclaimed the news that . concentration OF the
Bri tish Navy at Portsmouth had been ordered, and
that the English arsenals and docRyards were oil
alive with warlike preparations, tho "bears" Kept
their ground, or yielded 1t only inch by lnch Tno
price Of gold swayed backward and forward
with o frequency that came near dereating
the recording powers OF the ofl1cial registrar. IL
opened at l1l7I, and hcsltatng for few moments
declined to 1l1. From this point 1t ran up to 112,
and again fell back to 1l2 but took fresh start and
brought up at 112L, but backslided to ll2N, and
finally, on a rumor that the Bank OF England would
probably advance the rate OF discount tomorrow,
closed at 1125s 1121k. Considering the agitation In
London, reported to us by tho cable, and as mani
tested In the decline OF '62's from sS% to SIX,
the advance in gold has been less than what would
be consistent with the circumstances were
tho real situation OF our finances and the
normal tendency OF gold other than opposed to
depreciation OF our credit. Ii Is aproof OF what
have already stated above-viz., that the specu.
lation for higher gold is one more cautiously entered
upon now that we have the lesson OF last summer
for guide Gold then wildly advanced to 1855. In
the midst OF the heaviest fighting in France 1t fell
to l12 113. Then We had no resource but to send
gold in return for the resnipment of 1ve-twen-
ties. Now we have millions Of bushels Of grain and
thousands OF bales Of cotton reader market for
which VIII DO supplied with every point that gold
advances. The Franco-Prussian war produced
only a temporary depression in our bonds
abroad. When the owners found we were
ready to take them (as we did to I'll Q
extent Of about ten miions), they became less
anxious to sell, and their price bounded back to
higher figures than prevailed before the war broke
out. Their merit was thus severely tested, and viii
not be ignored now that fresh crisis is at hand
The war In Franco drove capital to England. II
England joins the belliRerents that capital will seek
refuge IN New York, which is steadily gravitatng 10
the position Of financial centre OF the world. The