The New York herald., 1876-10-19
The Stock Market Firm---A War Excite
nant---A Furry and Reaction
The Gold Market Firmer
and FeVerish.
A Sharp Advance and Decline
from ll3 IA to Ill IA.
Government and Railway Bonds Strong
Money On Call and , Per Cent.
WALL STREET,

WALL STREET,
WEDNESDAY, Oct. 1876 Y. M.
The portentous growl OF the 'rugged Russian bear"
wired markets produced this morning spasm
OF fright among both gold and stock operators for the
short account
Shrewd SPECTATORS 10 are ever the wait TO shoot
folly ics found unexpected covey Of terrified
IDIOTS the Gold Room at the opening hercely beating
their wings in desperate attempts to escape from the
snort contracts in which they had entangled them
selves There were fifteen minutes Of positive panic
In which the price OF the precious metal bounded from
1l0h 1l3ts, then hesitaed fell back to l111s
which 1t remained for the greater part Of the day. and
ultimately closed at 1llta.
There were plenty raw heads and bloody bones in
the early kilograms. and there mitigation In
lhe sangunary nature of those later the day; but
the squall in the gold speculation had blown over and
subsequent dispatches failed TO renew it.
Though SO sharp advance Is novelty nowadays
tho moral TO be adduced is old as the hills and the
gst OF It lies in the fact mot compl mentary
tho soft money peopel that at the threatened out
break OF public disturbance capital escaews paper
md flies to gold. II tisa question: though, whether,
under the peculiar position which we are
likely TO hold toward foreign bolligerents
there arc any substantial reasons for per-
manent risc the value of gold in markets.
1t is argued, in support of this opinion, that
government stock hold abroad will be sent home and
tho country depleted of the precious metal in process
OF payment II is clear that such would be the
result The invariabe experience is to the effect that
condition OF tends to impair the crcdit of the
State which on, lessen security and
stroy confidence
With these facts In view 1t would seem highly i'm
probable that foreign holders OF bonds should seek
70 transfer tho Obligations OF government IN first
class credit into the doubtiui securities OF state at
nharn india In fhn tndn anna of
higher rate of with the attendant greater
r,sk) the response the calls OF patriotism the
removed contingency OF forced loans; but it is not
imagined that either ali OF these possibilities
would be considerable enough to send our funded debt
flying homeward Tor redemption.
Even II the worst should the worst there is
IN enormous t-off the shape of export trade.
Europe at means Europe to be fed aud America
Is the only capable of assuming the contract
With breadsiufIs shipped and sold at our own prices
and with line of imports narrowed down to the
present limits, and the balance of trade, which must
be settled in coin, largely favor, not easy
10 see how of gold greatly depleted,
the great interests of he country to be other ihan
benefited by the prevalence OF general European
The stock market has been in a tanglc as regards
frequency and violence OF fuctuations.
To the bulls the front Of grim visaged war;
wrcathed with smiles; TO the bears II black
Erebus. The great trunk lines and the Granger
properties prominently lighted up by the warike
glare which it is anticipated viii umine the way to
enormous traffic and remuncrativc tolls. Trans
actions to the amount Of shares Lake Shore
will suggest the ACTIVITY the market and convey
some idea OF the OF excitement which prevailed.
Nor was il confined railroads or the coal stock
were even jublant though Their activity not
be traced to the breaking out OF eud but rather to
the patching up OF peace. The extreme rise in
these iancics points in Jersey Centras
~ in Delaware and Lackawanna and 13a in
Delaware and Hudson and was due 10 the
very undoubed efforts OF badly alarmed bears to cover
and to the very Improbable rumor OF re-estabsh-
meut of the old cousolidasan The report and the ad
vance together had the rsat OF cxtrpatng the short
interest root and eranoh, aud effectively that the
demand tor laokawsns, for borrowing reduced to
q nuliiiy and holders even forced TO pay TO
per cent for having it carried The Twenly-th'rd
party tree buyers right through the list
and betrayed no more stomach for the advance than
did the small fry who follow them.
The day was not without its disasters to imprudent
shorts The suspensions of Messrs. Hone Nicholas,
a prominent and highly estcc ned house; OF 5. A.
Joseph l. Co, and ]. L. Mex wan announced
from the rosrum, with, however. little or effect
upon prices
Money on call at one time worked up to per cent,
duo partly to the unpopularity of Delaware and Lack
awanua as a collateral, which to-day seeking ad-
vances instead OF being sought for at premium,
has boon the for back. At the close
loans were offered at la per cent
sALEs
The transactions at the stock Exchange to-day ag-
rregated 26s 700 shares.-Nes York Central and I'd
sou RIVER 1885; Eric, Is, 600; Lake Shore, 90 l30
Northwestern, 300; Northwestern preferred, $780,
Roc< Island $780, Pacific Mail, 200; ST Paul, s6oo
ean.
Union L. $50; Wabash, 2.450; Delaware, Lackawanna
and Western 1910; New Jersey Central, 1900;
Michigan Central u, 76o; Delaware and Hudson Canal
$3.50
OPENING, HIGHEST LOWEST.
The following table shows the opening, highest and
lowest prices OF the day
Opening Highest Lorcst
New York Central. ....... l05 1O3ls 1922
Erie. -. ................. l0s l2A 10R
lake shore Se,s eos Sss,s