The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-10-19
LIVELY TIMES nv VAR STREET
War News Causing n Rise in Gold, stocks.
Brcudstuns mud Provisions.

The prospect of war in Europe had an
effect yesterday on business in the New YORK.
Gold Room, the Stock Exchange. anu the Pro-
duco Exchange. and at times the excitement
among the brokers and dealers was very great.
There had not been such AN exciting day IN
I'm nch aud commercial cieclos In long
time, and spectators imprOved their op-
portunites. The first signal for furry was the
announcement that in the London Stock Ex-
cnange Russian securities had declined seven
per cent, m king fall OF nearly twenty per
cent. within n week. Some OF the brokers pre-
dicted that there would be great demand for
gold " there should be war between Russia
and Turkey. The effect Of this prediction was
an advance In the or MUM on gold, which
opened at ll0X and went up within half an hour
20 HIS. TO odd to the pandemonium in the
Gold Room, thero was gre Il stress put upon the
news OF panic In London and fall Of Que and
n half per cent In British consols, making de-
cline Of two and one-half within a week. At II
o'clock there was a slight reaction IN gold. IL
fell one quarter OF a point, and lilh was the
price unti | o'clock. wneD 1llA was reached,
The excitement In the stock Excnange was In
tense, but not so great ne In the Gold Room
Stocks OF I'll kinds advanced all the more owing
to tue eageiness OF purchasers, who counted
upon increased dividends from more active rail-
road business and general trade In the event Of
q great war In Europe.
The crowd " men in the Produce Exchange
were wild with excitement One despatch from
CbicaR said " The people arc ctazy over the
sudden rise In tho price OF wheat" Wheat sd
yanced from 10aS to lis. Every despatch from
Chicago added fuel TO the fame among the
grain specul tors, and there seemed to be gen
eral determination to buy large quantities Of
wheat and corn to mold for a further rise conse.
quent upon an anticipated demand In Europe.
Que prominent menoe Of the Produce Ex-
change satdi Too much reliance snould not
be placed on reports from Chicago. Manv "
the reported tr nsactions In gram were fictitious.
One IN IN would pretend To buy IRON another
man, when IN reality no money would ever
change hands IL any money did change hands
IL would Oe siyly handed back from the bogus
buyer TO the bogus seller. Whatever was ma,
by the transaction would he divided between
the parties his little gam ~ now being played
more than ever before. The shrewd fellows
take advantage Of the impending European war
cloud and iis expected effect ON the demanI for
la tue New York markets yesterday -four
opened very strong on 'he war news. Some q
cents ADVANCE. Few wished 60 purcnase at such
prices, aud as a result business was greatly
were nrmly held. he most activity and strength
were developed In strsiRht Minnesota. About
b.UO barrels were sold at the advanced price.
Corn was steady at two to three cents higher.
Outside OF grain the provision markets were not
so much affected by the European war cloud.
Pork was stronger, but not especially active.
Beef was unsettled In price. Il Is stated that
the wheat crop IN Russia Was not good TINS year
much below the average. on tue other hand
the wheat crop OF the United States Is more
tnan ordinarily good Immense crops have been
raised Ia California: In case OF a l,rge demand
States gram spectators viii h We to com pete
with Chill, India, and Australia, where large
breadstun crops nave also been raised tins year.
Tue cotton market was not much Affected. In
fact, there was declne rather than an Increase.
One result Of the hurry In financial aud business
circles, brokers think, will be an increased de-
mand Tor United states securities. One broker
said AS II Ia not probable. or even possible
That the United States can he drawn into the
war. Il Is quite natural that European capitalists
SHOULD seek to put their fluids in Uncle Sans
bonds" Some OF the railroad men claim that
toe Impending war will 40 far toward settling
toe controversy between the great railroad lines
IN the United States, as tue Increased demand
| for transportation Of grain from tue I'M. ta
states to seapOrts VIII do away with the qlar-
relliug aud cutting down prices to secure Ousi
ness, which has been going on for nearly year.
Tner was an advance IN the coal stocks Vcster-
day, duc mainly 10 the plrcnases OF the hears.
no Spectator desiring TO be short Of any stock
Whatever, IN View of tue executing war news from
Europe.
In the midst OF the furry there were three
failures reuorted to the stock ana Gold Ex-
cnange yesterd y. First. the failure OF the Old
hnd htht rto reliable mouse Of Hone, Nicholas &
Co. was aLnounced. lhIs was followed Uy those
OF J r. McKewan and =. A. Jos, pms. ~ q SIN ller
brokers' AZ the close OF ye. teruay's business
IN W all anu Broad reefs matters were IA a
more quiet condition, but II was a.p rent that a
reii wal Of stern war runors would create an-
DINER dty OF excitement among the brokers' to-
morrow.