The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-07-19
TIE VAR NEWS IN WALL STREET
Great Excite N In the Gold Ex
chanSe-Severni Failures Announc
ed-nIorc Predicted.

/ Great e e m n In the Gold EI.
change-Severai Failures Announc.
ed-nIorc Predicted.
The New York Tribune says At an early
hour Friday morning Broad and New streets,
in the neighborhood Of the Boards, were lined
with crowds of speculative men discussing, In
eager and excited tones, the threatening news
from abroad. A little after 8 A. NJ. the Gold
Room was in full operation, and so continued
until half-past G, agitated and at times almost
frantic with the variety of intelligence that
reached it in the shape Of a few genuine dis
patches and multiplicity Of others concocted
in the offices of interested operators. Before
the Board sales were made at l3S, but, upon
the receipt OF intelligence that hostilities had
actually commenced, gold rose rapidly until it
had touched 14g, when another dispatch ar
rived proving the first one fictitious, and It de-
clfned again to l3a. An English telegram, de-
clarlng that Prussia was forwarding troops
and munitions of war to the frontier, and that
French fleets were on the way to blockade
prusslan ports, again elevated the price to
l4s, but shortly after 1t declined again to IA,
when it was known that news in favor of
peace had arrived. ltff cIi-
Dispatches were received from Washington
stating that Baron Gerolt had had an Interview
with the authorities at Washington, In which
the administration expressed Its Warmest
sympathles with the Prusslan Government
Dispatches were received. also from Berlin, de-
claring that the French Minister had made an
eytravagant demand upon King William, who
QHintQnt
inform the minister he would not receive him
again. Further rumors OF the same hostile
Character arriving, the prices advanced to l5i,
touching the latter figure when 1t was reported
that prices on the London Stock Exchange
were weak in the extreme. The price. .contin-
ned at that figure when the bull element made
itself visible this time In the heavy purchases
by native brokers, one OF whom nousnt rom rom
one-half to three-quarters of million OF GOLD
and forced the price to l62, but 1t reached to
I6S at 81, when the members vacated the room
to meet again at the Filth Avenue Hotel.
The transactions at the hotel were very linn
tied as compared with the business Of the day,
and many operators were disappointed at the
few fluctuations. The price, which opened at
l65, declined 10 l6t, and advanced again 10
l6S, closing at l63al65.
Thus the price was kept luctuating to suit
the speculative tendencies of clique who
hesitated not, when real dispatches were not
forthcoming, to fabrlcate news In the most un-
blushing manner. The purchases OF gold had
hitherto during the present excitement been
confined almost exclusively to the foreign
bankers, and If member OF the Exchange
was asked the feature Of the market, he would
reply, s.The German bankers are buying;;" but
not 80 Yesterday The whole room appeared
to be engaged in purchasing, many OF the
prominent importers having their representa-
lives In the room buying largely, while the
speculative element OF the room also found
vent in heavy purchases. One foreign mouse,
it was rumored, had bought from Sc, QUO, ,Ooo 70
s., ,00O, 900 of gold, and others of the same
nationality in proportion. The Germans, who
had been such heavy purchasers of gold, were
also sellers of government bonds, anu they
are generally credited with having very
large amount of gold on hand. -.
As yet there have been but three failures
announced since the commencement of the
present excitement: 3. Circle, Falroalrn
& Gatcnby and another operator who was
heavily sslong" Of Reading for Philadelphia
principal, who failed to meet his engagement.
Old and shrewd members of the Gold Ex-
change state that they will be surprised II
there are not several to-day.
Effect on the Produce Exchange.
The war news, according to the New York
World of Saturday, had very decided effect
in the markets for merchandise. Flour and
wheat met with large demand for Great Bri-
tain and speculation. Flour sold to the extent
OF about twenty-five thousand barrels, for for
ward delivery, mostly In August. at s5 75a6
for good shipping extra State. and these
grades we're Csc. per barrel higher, but In other
Qualities the advance was not more than lOal5c.
Holders of wheat experienced severe dis
! appointment Prime qualities were not more
| than Two cents higher, and soft samples would
| not readily bring any advance. The chief OBJ.
stac!es to the advance was the scarcity OF
ocean freight room. Nearly one-halr the ship
ping in our harbor Is under the German flag,
and this has been suddenly thrown out Of the
MARKET and consequently neutral steamers
obtained seven pence to Liverpool and nine
pence to London. with every prospect of an
advance to q shilling next week. This is
serious obstacle to the export movement In
wheat, and will preyentany advance In prices.
Pork and hog products became excited after
Change, and holders refused to name prices
protesting TO look for an advance of five dol:
lars per barrel for pork. Petroleum declined
nearly one cent per gallon, owing to the with
drawal of German orders. Tobacco was active
early In the week. but the war news has
brought business 10 q stand-still. Of metals,
lead and spelter are shade flrmer.
THE GENERALS OF THE ARMIES