The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-06-30
FINANCIAL AND COMMERCIAL.
THURSDAY, June 2o-6 P. N.

The stock market was dull at the first board but
steady with the exception Of Michigan Southern which
declined TX from the closing price at yesterdays second
board Eric was n higher, Reading r. Cleveland and
pttsburg " Illinois Central x, Northwestern " Rock
Island ~ Government securities were inactive Five
twenties were unchanged and tenforties advanced "
At tho open board O'Clock tho market steady
and at the second open board there was no material
change Rock Island Northwestern and Cleveland and
Pttsburg were without variation. New York Central
was higher, Erie Y, Reading u, Michigan Southern
Y. Government securities sold at the morning prices
AT the second open board there general advance Of
IA Dor cent New York Central sold at 93k, Erie
Tx, Rock Island e. 81 lOOX, Reading s8,S, Michigan
Southern o. Cleveland and Pittsburg 6SH Ohio and Mis-
sissipp certificates 24k.
The gold market unsettled under the persist cnt
hammerng of the bears and the weakness OF foreign ex
change The atter has been arcay depressed by parties
sshort' Of gold drawing "ktefying' bills on London,
selling them to the bankers here for whatever they
could get receiving in return the bankers bills for the
equivalent which they Immediately sold on the street TOT
gold and then threw 1t the market That the present
anomalous condition of the ign exchange market is
not the result of the operation Of Legitimate COM
merce il obvious when we reflect that our Imports,
for considerable number OF months, have largely
preponderatsd exports and that this feature oil
trade becoming still more conspicuous the exports
for the week ending June % being valued ct only
All in currency and the imports at &c. IN
gold For the moment however these foreign bills, re-
presenting nothing substantial than credits have
their effect, although leading bankers are now
refusing TO draw at current rates. Again,
the expected shipment OF cotton is proving
an exaggeration and bugbear No cotton worth men,
tionng s being shipped at this port and ct present
prices here and in Liverpool its shipment would not pay
Tho have borrowed all the available gold In and
of the MARKET and in this way the banks are repre-
sened good authority to have lent nearly all their
own and their dcpositors gold, which the borrowers If
called upon could return without seriously advancing
the premium; for there is not sufficient supply
floating Wall street to enable them to do IT, Tho pre-
carous condition OF the banks of this city Is illustrated
by the fact that institution which processes, in It's
weekly statement to have about nine hundred thousd
dollars of specie yesterday morning unable to ply
the gold check of a private special depositor
for S3450O The answer was 1--WE will certify,
this check for you but we have not that
much gold in our vaults. We shall have to
send and get for you The bank accordingly sent
out and bought the gold for grcenbacks, and not till
late in the afternoon the draft honored Yet the
doposor Of this gold had previously supposed II to be
lying quietly in tho bank vault and payable to his order
n minutes notice. Now, suppose that from one Of n
number OF events which might happen That tho
banks, on calling in their gold found their
customers unable to respond, and that conse-
quently they unable to return tho gold to their
special depostors would the banks concerned not be
considered guilty of breach of trust towards the latter?
Moreover there deception being practsed by
the banks upon the public with regard to their specie
average They stated in their last weekly return that
their aggregate Of specie S15,906314. OF this
sum some four millions more Is currently
reported be twice counted in the form of certh-
Gates issued by the Bank Of Now York, the
gold represented being counted by it and the certificates
also by the other banks holding them which reduces the
aggregate of specie to twelve millions or less Now
the important question is, of the gold officially stated
and generally supposed to be In the bank vaults how
much Is really there, and Of the deficit how much Is
really loaned and how much virtually sold.
In order to show at what rate have been losing
gold since tho suspension at tho close Of 1861 we
have obtained from tho Custom House authorities,
statements Of the imports and exports Of coin ana bull
lion from the beginning Of 1862 to the end OF last month";
the latter of which we published few days ago; and
the comparison shows that exports OF the precious
metals during that period from this port alone were
s1e4 TIA greater than the imports twenty five mil
lions more than all the gold and silver coin in circulation
in the loyal and border States excepting California after
the outbreak Of the rebellion From these statistics alone
the danger Of that specie bankruptcy which threatens us
at some future day apparent and hence banks which
hold specie special deposits should resist the induce
mcnts spectators TO lend at runousy high rates Of
interest and protect themselves and their customers
Exports Of spee from Ne~ Imports Of Specie into Ne't
York York