The New York herald., 1876-10-19
been made, causing great uneasiness General Que
sada Is to be sent to Bilboa4
Errxcr OF TIN srws IN THIS CITY.

Europeans Powers the absorbing theme OF
conversation in the street during the day. and rumors
were a. varied and many the fluctuations OF the
market In tho Gold Room the excitement began with
the opening Of the DOORS and the sight then
recalled vvdly the days OF the rebellion, when the
news Of battle or lost furnished OF NOV
ing the market. Tho gold market opened at 1l05s,
strong advance the closing price of the day before
bat with the first OF their horns the bulls sent It
up by eighths over per cent The shorts became
alarmed and rushed in to cover, evi-
IDENTIFY believing the old days had come
back and that the bulls were masters OF
the neld. From Ill the price sprang TO ll2, amid
greater excitement For the next few moments every
movement OF the indicator anxiously watched
Tho eye could scarcely keep tme with its changes
by degrees marked the price up to 13h, the highest
point reached during the day. Tho fever had reached
It's height and the reaction had already set In Tho
price began 20 fall when another onslaught made
on the bulls Tho fight became fierce one and the
uproar that was made by the animals in this financial
menagerie was fearful to hear. For q whlo tho
chances were about even but the tide Of victory turned
slowly In favor OF the bears. and the smoke OF
battle cleared away they had succeeded In dragging
down the figures to ll114 Tho strength OF the bulls
was evidently exhausted, TOR their efforts to regain
their lost ground werc unavailing
MARKET
partook also Of tho excitement the prospect OF
general European and advanced in sympathy with
the gold market general buoyancy prevailed and
the coal stocks far ahead Of all others The large
advance In these stocks considered partly due to
the excitement in the gold market, but mainly to the
report tnat new combination was on foot This ru-
caused panic among the shorts and their efforts
TO buy In tho stocks resulted In great rise.
THx WAR NEws ON THE STREET.
The discussion OF national and local politics. and in
iact every other subject gave way the a-absor
topic Of foreign On the curbstone and In
brokers' Offices where anxious faces eagerly sought
the latest changes Of the market, 1t tho sub
ject talked upon. One gentleman, who dropped the
tape from an instrument, evidently pleased with
the course of the market, discourscd on the
subject as follows:-"Gold OF course" he
said, twill go up, in response 30 such rumor.
but only for while When the Bank OF England is In
fear OF 1t will advance Its rate Of discount and
money will become tight English bondholders the
lookout for themselves will naturally send homo
securities and take away much gold In their stead
But that will not last long, for the
war begins there will be great demand upon
products and manufactures, and they will take the
place OF gold leaving country, and create be-
sidos, influx OF the precious metal. general
European would bring to standstil the products
OI m6nuI0Cture IN tnOSo CountTeS ana
America would become the merchant OF the world
Here they must come for their supplies, and the
products OF the great West would bring advanced
prices Already Of railroads discounting
the prospect OF increased carrying trade TO the
board and in tho event Of such industries Of
all kinds would DO developed Gold may 60 up for
while and the return OF SO great q quantity of our
securities from the foreign market aid keeping
up, but II will be only for short tme The tide will
turn and the result bc greatly to our advantage"
FAILURES REPORTED.
Howe, Nicholas & Co, reputed to be one Of the
strongest OF the sbear Arms of tho Stock Exchange
failed yesterday afternoon. Their liabilities were
largely the coal stocks Mr. Nicholas does think
the liabilities amount to more than $40, 900.
J. J. McKewen, member Of the Gold aud Stock ex
changes announced his suspension at noon yesterday.
Mr. McKewen short OF gold Stocks and was un-
able 70 pay up the differences in his contracts.
Henry Dater. member Of the Gold Room, also an
nouuced his suspension The amount involved In these
failures is believed to be small.
The suspension Of s. A. Josephs was also reported.
xf THE HOTELS.
The exciting news frsm the East was the general
topic of conversation at the hotels last evening" and
really relief to listen to the different views
pressed instead OF the everlasting politics with which
every one has been surfeited during the past week
The very warke dispatches in the afternoon papers
eagerly scanned and the hnancers began to cal
culate among themselves what effect European war
would have upon the Now York money market. The
excitement in tho Gold Board discussed and some
people expressed astonlshment that gold should
60 up with the prospect OF European
war which should be beneficial TO tho
interests OF the United States. sswhyn SAID one
dapper little gentleman with small black moustache
"a general European would give us q market for
$780, 600 900 Of breadsuIs and would be one
ofsthe most fortunate things that could happen to
tho country. Russia is the great grain producing
country OF Europe, and with nor men at war she
would not bo able to keep the supply and then there
would be call upon the granaries OF the United States
His audience were perfectly satisfied with the truth
OF the speakers remarks but s facts were stronger
than theory. and gold had certainly jumped from
109K to 1lSh in a very few minuses Anxious to
obtain further Information on tho matter
HERALD reporter paid visit to a we'll known Broad
street hnancier and requested his views He said -
agree with You that in the present condition the
country, overloaded as we are with brcadstufs and
produce Of every kind, European would cor
tainly be Of material benefit, IL would furnish an
immediate market; and, knowing that our produce
would bring their value in the gold Of foreign coun-
tries il is hard to understand how such contingency
should the price Of gold in this Market in fact,
] should have thought il would have lad a contrary
effect In my opinion tho sudden rise OF gold this
Ing occasioned by the sudden covering OF short
interest There has been heavy short interest in
gold for some weeks past and in the excitement this
morning, mot knowing to what extent the war news
would affect the market, there wash rush OF the
shorts to buy and cover and, aided by such power,
gold flew up. One gentleman of my acquaintance was
short OF S. 600 gold lo9K and covered il yester
day at 112h. Another point that should tend TO
the value Of gold would be the demand the
foreign markets for bonds and other good secur-
ties. European capitalists would be anxious to
change their gold Tor sound American securities, as
there would be fear Of this country getting mixed
up In the disturbance think you Will nnd that gold
will 90 down tomorrow very noarIy 10 tho point at
which II started yesterday morning"
ANOTHER VIEW OF Tmg SUBJECT