The New York herald., 1870-10-21
FINANCIAL and COMMERCIAL.
WALL srRREr.

"
THURSDAY. Oct. 20-6 Pm.
There Was less activity In commercial circles
owing to the severe storm, which kept dealers from
Change. The Liverpool advlces show nrmer mar
kets today for cotton and wheat but exports are
still embarrassed by the lack OF sufficient reighting
facilities. Tho engagements for wheat are for
week to come. Az consequence the stock on hand
was heavy and prices yielded about 10. on export
able grades. the market closing firm but dull at the
decline.
sw1 ANOTHER "sQUEEzs'' IN GOLD.
The continued defermeDt OF the order OF the Sec
retary Of the Treasury permitt,ng the prepayment
without rebate. or the November coin interest on
the public debt mas tempted the holders Of gold
to give the loan market another squeeze"
II win be remembered that they dessted from their
recent efforts In this direction through an mtima-
ton that Mr.. Boutwell, would be induced to permit
this prepayment, while meantime they had man
aged to force the shorts to their sales, and
placed great deal OF their gold the market. 1t
has been usual for the Treasury TO pay the Eovenl-
Der coupons about week before they become due.
Last year the prepayment began october &C. so that
II Mr.. boutwell, adhsres to this precedent there re-
main only few days TO the time when the "bulr,
movement In gold must give up the ghost. Some
stress laid upon the fact thar the leading
of1cias OF Canadian bank was In town to-day, and
the "bulls' used the point dexterously In mantpu-
atng the loan market. II is evident. from the very
nature OF the speculation OF foreigners in our
market that they wish 70 gold decline. In other
words they are naturally desirous or getting their
gold back Tor fewer greenbacks than they sold il
for. Every foreigner who brings gold into the
United States and turns II into greenbacks is
through self-inferest, .bear" in the gold market
The real relation the Canadian banks hold 10 the
market Is not at all clear. II the truth were known
1t would be found that they are using part OF their
gold in the loan market and are speculating for
decline with the rest The holders OF gold, who are
doubtless agents specializing for the Canadian banKs
effected tie '.squeczer to-day only by Withdrawing
about 81. SOC, 900 cash gold. which they locked up
without interest, while they forced considerations
ranging from 1-32 to Lilo aud !, per cent for the
balance Of their store. 1t may be wise policy to
reduce ones capital nry per cent and double the
interest, but there is just much money in getting
the ordinary interest on the lull capital The only
object of the "sqneezcn Is 10 enable the "bulls' to
unload. Hence, when by their efforts In the loan
market they had frightened the shorts INTO buy
ing up TO llsA, they began to SELL and
the market declined to and closed weak
ut ll3. the reaction being assisted by cable tee-
grams more promising TO the chances OF
peace IN Europe. Again the nigh rates for borrow
ing parayzed foreign exchange the leoding bankers
reducing their rates for prime TO i9s for sixty day
bills apd to loes tor sight. a. which reduction the
market was du and weak at the close The lowest
rate for borrowing to-day l-32 aud the highest
for the Clearing House u. For gold ex Clearing
House the sh0rts'' subsequently paid rs high "a
per cent. Even after the business Of the day had
been settled The uneasy operators for decline were
determined to guard against any contingency and
this evening paid 4 and 3-6 for the OF gold
morrow. The course OF the market IL shown in the