The New York herald., 1863-10-15
Total nine mos s., ,27e, ,s24 42,S4sl8e 81, ,S5s, ,4e

1t thus appears that our imp0rtations were
nearly three millions less in September, 1868,
than in the corresponding month of 1862, and less
also than those Of the month Of July of this year.
For the year to date they are two millions less
than they were during the corresponding period
of 1862, and only five millions more than those of
the corresponding period Of 1861. This is fact
to be borne in mind by those who argue that gold
must advance higher than ever in consequence of
the increase of our importations. The consump-
tion of foreign goods during the month of Septem-
Der was very large, nearly s7,oOo,0OO of goods
having been withdrawn from warehouse and placed
on the market against less than So 100000 in the
corresponding month of both 1862 ana 1861. Turn
ing to the exports, we find in September, a fall
ing off from last year Of some s3.5OO,oOo, but an
increase of IS 100000 over September, 1861 while
our exports of domestic produce for the year to
date show an increase of about SIS 800 900 over
the corresponding period of last year. and of nearly
s34 900 900 over the corresponding period of 1861
This, again, does not look as though the country
would be /" drained of its gold " to pay for the
excess of our importations over our exports. The
specie shipment In September was very slightly
In excess of the shipment of September, 1882 and
about the same as the shipmeat OF August Of this
$40 900 behind that Of last year. but 500 600 900
in excess of 1851
These tables, instructive and suggestive as they
are, fail, however. to convey perfectly reliable,
picture of our foreign commerce., because they
contain no record of the movement of securities,
which are at times one of the most active articles
of import and export. Within o fortnight one
steamer is understood to have taken out not less
than one million dolarsin in bondssand stocks. At
other times nearly as large amounts have come
here from Europe for sale. IT is evident that no
clear view Of the "balance of trade" can be OBJ
tanned until some estimate is formed of these
shipments to and fro. It is generally understood
that from the year 1858 to the year 1852. both in
elusive, the current of American securities was
from Europe to the United States. The crisis of
1857, and the railway troubles and city and coun-
try reputation which followed at the West dis
gusted Europeans with American investments, and
for five years almost every steamer which arrived
here brought some stocks or bonds to be sold
here, and proceeds remitted. At the outbreak
Of the dwar the influx of securities from Eu-
rope became SO rapid as to seriously affect
the exchange market, the principal buyers of bills
being bankers who had sold out stocks for Euro
pean holders. The problem now arises. how
peans sold? We know that they have some Erie
stock and bonds. some Illinois Central stock and
bonds some Pennsylvania bonds, and probably
some New York Central and Michigan Central
stock left. But how much How much had they
in 1857? These are questions which we confess We
see no means Of answering with any approach to
accuracy; and yet, until they answered, how
can any just idea be formed of the ''balance of
trader" Again. in 1852 and 1868 a European de-
mand arose afresh for American securities. based
partly on the depreciation Of the currency, which
enabled Europeans to buy our stocks cheap and
partly on the earnings Of our railroads. At times
this year the export of stocks, especially govern
ment stocks, has been very active. How much in
all have we exportedg Can any one form an
estimate that is worth a moments attention
One leading banker, deeply engaged in the
business, estimated within week that of
the $40 bonds alone the continent Of Europe
held $50 900 600; while another banker also in the
business, and equally we'll Informed, doubted If
all Europe contained sl5 900 900 Of the bonds.
Yet it plain that until get at some idea of
the amount of bonds exported il is perfectly idle
to figure upon an imaginary balance of trade from
the Custom House returns of the movement of
merchandise and produce.
Money IS easy, ranging oil the way from 8 to
per cent, well established houses being freely
supplied at a6. while spectators have to pay
the outside figure.
The gold market has been comparatively free
from the excitement attendant upon the specula-
tive operations Of yesterday. The opening price
was 1853, from which It receded to ls7H then fluc-
tuated between that figure and l5A till late in the
afternoon, when il was done as high as 1851. In
exchange moderate business was done. on the
basis of 1891 ITO for bankers signatures.
The feature of the stock market to-day was
further decline in Harlem, which, after opening at
1885, fell to ia at the close Of the FIRST board sold
at Ils in the afternoon. and closed at 100 at Eve
| p. M. No cause Ia assigned fos the decline. One
rumor is current to the effect that the Judgment in
the Broadway Railroad case 10 against the con-
| pany; another that Commodose Vanderbilt is SELL
ing out. But we esn trace neither to any reliable
source, and the probability is that the decline
A H. a;~ A.