The New York herald., 1870-10-14
FINANCIAL ANB COMMERCIAL.
WALL sraErr.

I
t WALL STREEr. [
| N& THURSDAY. Oct l8--6 n ~.
The situation In Wall continues 70 grow into
resting Not only has the lsng dulnees Of the mar.
| kets given place to activity, bot the speculative
intrigues are becoming exciting.
THE "sQuEEzg IN GOLD"
In pursuance OF the programme, which the "bunsn
have made secret or they called several millions
OF gold this morning, and started the "bears' ON q
borrowing expedition In pursuit Of the requisite
allotments for the settlement Of their balances at
the Clearing House and for deliveries outside the
Cold Bank. The consequence was q scramble
In the gold loan market. where the rate for
one days use Of the precious metal advanced
from o-s2 equivalent to 90 per cont per annum to
3-l6 = and IN few instances Il per cent. The
rate ranged between these extremes until nearly
three O'Clock, when. by the mistnterpretation OF
news despatch from Washington announcing that
the government had authorized . private nrm In
this city 70 deposit $780, 600 gold In the SubTrcasury
for transfer to the account OF the Bank OF California
through the Sub-Treasury In San Francisco. there
was sudden pressure 70 lend gold, and some hold
paid per cent to have their balances carried
the mistake being reading OF the despatch to
infer that the gold was coming here from California
IN place Of going the other way. When the mistake
was corrected, end 1t was known. further, that the
government had sanctioned the transfer Of 5000
was return TO borrowing rates. but only In bust.
ness Tor tomorrow meantime the hour Tor deliv-
cries mad gone by. In the engagements made late
IN the DAY borrowers paid one-eighth to one-sourth
per cent for the OF gold In making their deye-
res tomorrow. Meantime the price had huctuated
between the extremes Of 1l3sS and 1l4,z. 1t went
OF 10 the former figure early in the morning on the
further weakness in exchange ana the operation OF
natural causes. But here the borrowing rate was
advanced, and many Of the "shorts,r finding
1t more profitable to cover than to Dor-
row, bought In their gold, until the
price rose TO l14,4. The Clique were
sellers at every point above ia, ana IN dispos.
ing OF their gold h3d the marker to themselves. for
tney have so intimidaled tile street that fresh
short interest Is forming. The 'bulls have displayed
rare pluck and skin In their movement To unload
their gold on the eve OF what wsuld be dangerous
crlss-v1z., the payment OF the November coin In
terest the public 0ebt--and the natural downward
tendency OF gold I'm the winter time, when our en-
commercial enterprise Is absorbed In the ship
ment OF cotton and produce to foreign countries.
That the rates OF to-day in the goid loan market
were entirely fictitious rs shown in the sudden
taxation about half past two O'Clock this afternoon,
wnen consideration was paid TO have gold
carried Moreover, the .'bulls', have been selling
their gold slowly, and their ability TO tignlcn the
market Is slowly disappearing. The actual amount
which they kept back out OF she Clearing House to-
dag only about ss5o,o0o, aud II was their anx-
ety have this taken Of lare III The day
that assisted IN the sudden relaxation which is
above noted. AS 10 Lie statement that The Canadian
banks are lending, and not selling their gold t Is
only delnson. The gold has been sold oy those 10
whom they lent IL. Moreover, they loaned il for
periods ranging from 20 90 10 days, and the
"squeezcr is not their work, FOR they cannot call
ufj1 ,llt no tern of fhp lean
up. The sales OF clique ana the
mistake 10 the Washington telegram above noted
produced decline 10 ll3ss In the afternoon, from
which there a final advance TO ia. the market
closing trm 10 ila1s ia. The foreign exchanges
market was paralyzed ana sterling offered freely at
1Os for sixty day and 1895 Tor sight bills. The ex-
ports OF the week We're the largest for many months
and are steadily increasing. our credit abroad IL
held In me highest estimation, shown by The ad-
yanced and hrn quotations ior nve-twenes IN Lon
don. The specie exports u'niDg. lne
| last two consiguments, amounting 10 only
| lew hundred thousand dollars, were mostly
! in silver, winch ls ar discount OF several
! per cenG compared with gold. The Clique
| nndng themselves with all the force OF cifcnm-
stances against thern, and with proxmate enor-
nous disbursement Of gold from the Treasury, have
operated the ieals OF the merchants who nave
borrowed god for customs payments, aud have dra-
pooned the ssnorisu into covering mot thai thefe Is
any sympathy for the latterl thus creating mar.
ket on whcn TO sell their gold and extI1caie them
selves IRON very dangerous Dredicamen. The
course of the market Is SHOWN the tablet
10 A. M.......... u35s 2P. M............ IL.
l0:30 A. M........ li3s. 2:os 7. NJ ......... 1883
ia u M'.... llt ~ * * MM.......-...- ,i3as ,iss
iP. M..........,.. n4s b.S0P. NJ. M....ll35s q ll4
i:lo A. NJ. ......... liza
In the gold loan market the rate ranged RON
b-32 to s.s per for the of gold unli