New-York tribune., 1876-10-19
SAILS afsr Call.
WEDNESDAY. OCT. 1s-P. "


To-day has been one Of unusual excitement on the
Gold and Stock Exchanges A strange anomaly was
presented bv simultaneous sharp rise IN the prices
of gold and of stocks for and the same reason
the threatening character Of the cables from Europe
IT, rs is assumed general European war is newt
able, the advance in the price Of gold seems to be
logical because we have but a small quantity with
which to meet the demands likely TO
be made upon us, but a rise IN fancy
stocks for the same reason seems to be equally
Illogical because the demand for gold can only be
made by a return of the American securities held
abroad including Government, State and railroad
bonds. 1t is orr misfortune that at this time our
indebtedness of this description exceeds any amount
II ever was before. Sucb Indebtedness is call
loan upon our resources, and as the first
act of every banker in times Of trouble Is TO
strengthen lis position il seems likely that We shall
be largely called upon, if the anticipated war actu-
ally occurs. Hence The first effect is a Withdrawal
of European funds which are now loaned here 10
great extent on miscellaneous Stock Exchange coli
laterals and q consequent disturbance of our local
money market Il is easy 60 forcsee in the present
condition Of the stock speculation, what such dis
turbance V0dlG Hsult lna state of affairs not pleas
ant to contemplate. That. after the bankers have
first been fed on our surplus gold, have withdrawn
all their l0anable capital, there may DE demand
for our wheat and provisions 20 feed the soldiers,
seems TO be a certainty; but unfortunately we are
not likely to have any surplus wheat sell, although
of provisions we shall be able 10 send forward
eoodly quantity. Nevertheless the stock market to-
day opened rampant, and advanced along the whole
huc. Lake Shore quickly sold at 60 and then.
after reaction to J95s, went a. COS,
subsequently hanging around 90, and finally closing
al 59ai. Michigan Central started az 4GI2, and
after selling at 4Gl 10 Is and finished 90 i7i.
Ncw-YoIl Central sold up TO 1882, and closed 10
1O3. ST. Paul common improved 90 81 ard closed
al 80 while the preferred dstoe sold az COLI 81 '4a
Glls. Northwestern common, after selling % 81
ass, retired at 375s hut tie preferred rose to
62ai, and held It's price to the close. Eycu Erie
took ON steam, and sailed away % 12li, but
found but few buyers at lis at Tie end.
Rock Island did not present very 1rm
front in sales at 1O2a102l201O2as. West
ern Union, after selling at 7ll5a72, closed Of
fcred at = l2, and Pacific Mail declined from 21a
25ls 10 2lIa2tl2. But il was reserved for the
coal carrying stocks 10 put the finishing toucL,. 90
as crazy n market as ever visited the stock TX
change. Delaware Lackawanna and Western. after
creeping up TO and exhibiting some hesitation
at 70, was suddenly ad ,anced tD so, auu
after a reaction, on actual sales Of 500
shares, TO 75li, it went 10 sos. From tins
point the decline was steady 10 IS, which
was ifs final price The character ~ the trading may
DE Judged from the fact that orders to sell on sellers
option could not be executed at any lsouable con-
cession from the market price Delaware and Hudson
even improved upon Delaware, Lac.awanu1 and
Western, and sold at G9lsQ7Ol2a70, and then at
75G74a732i6 u 7jG 7GU774 7sD794 SOa 51a o2l2
and then on the down tack there was no sale be-
tween II and 7i7s, winch was the last. The sharp
IN these two stocks caused the failure Of
the highly respected firm Of Hone & Nichola1, who
had been short of them, and were allowed no
opportunity TO protect themselves. We understand
that their liabilities are small aud that they
anticipate an early settlement. Ncw-Jcrscy Central
sympathized with the movements already described
50 far as to sell up 10 SSH but closed at 3G2i To
sum up, the "buils' have had gala day" and the
indications are that they have not been slow in i'm
proving it. After long and tedious campaign Of
five months, events, the folly Of operators gave
them a market on which they have been able 10 SELL
without being compelled 10 Tebuy more than they
had sold to prevent a break The changes from the
closing prices OF yesterday arc Adyance,-Mi7fouu
Pacific il Rock Island and Lake Shore, each D
Central and Hudson, Erie. Hannibal aud ST. joseph
preferred. Ohio and Mississippi Wcstern Union. and
Wells Fargo q Co.. each , st. Paul preferred, -
Northwest, 7s Ncw-Jcrscy Central, i T; Michigan
Central, 1ls ; Adams IL Northwest preferred,
1l2; c., c., G. and indianapolis and Illinois Cen
IA and Delaware and Hudson, 6's per cent. De-
clines-PacIfc Mail, l., and Wabash, 1 per cent.
RANGE OF TIE MAEKET