The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-06-23
!. FINANCIAL and COMMERCIAL.
EVENTS OF THE PAST WEEK.
4
WHY GOLD is LOWER.
The Possibilities in the
Future.
How Much Coin Is There in
the Treasury?
OUR IMPORTS AND EXPORTS.
|"
THE FOREIGN SITUATION.
THE WORLD BARE OF SPECIE.
Tho Alabama Payments Will Tighten the
THE FOREIGN SITUATION.
THE WORLD BARE OF SPECIE.
Tho Alabama Payments Will Tighten the
English Money Market.
SOUTHERN SECURITIES.
GOVERNMENT BONDS.
WALL STREET,
SUNDAY, June %, 1873.

WALL STREET, !
SUNDAY, June %, 1878. {
The most pronounced event of the week just
closed was the yielding OF gold to sundry direct
Influences at hon1e and abroad Chief among
these may be noted the reduction from to per
cent in the rate OF discount of the Bank OF Eng
land the sales by the Treasury Department during
Che month and the anticipation OF the large dis
bursements to be made on the LIST of July. But for
this fortuitous combination of circumstances it Is
an open question whether the price would have
materially receded. 1t may also be questioned
whether Secretary Richardson has not exhausted
his opportunities in achieving this object, and
would find 1t to be the correct policy at once
to commence outstanding his resources and to
'Accummulate as much gold as possible. 1t has
been repeatedly asserted. and not a few have
sought to demonstrate, that were the Treasury
suddenly called upon by the exigency OF a gold
'corner" or panic in this market to throw upon
it, for the purpose OF relief five eight millions of
dollars, 1t could not be done without embarrass-
ment to the government. financial correspond
emit during the week goes so far as to gravely
charge that a fraud is being perpetrated upon the
people OF the United States in the publication Of
3he daily statement OF the Treasury balances at
washington, because. as he alleges, there are
nothing like seventy-1ye millions OF coin in the
Treasury with which to pay its interest and re-
1t is well known fact that the Treasury at Wash
ingtOn Is but little more than the office OF the Sec.
Rotary. where he receives tho reports of the
transactions OF the SubTreasurers and of the nan.
cial agents of the government throughout the
country, but that, as rule, no amount OF gold
os the d ID out kept on d
try. The largest amount OF coin has always been
held BY the Sub-Treasury in tins CITY, and recent
report showed 1t 10 be about 1orty-one millions
eight hundred thousand dollars. The real gold bal
-ance. however Is only s37, 500 600 the remainder
duties but not marked of cancelled. lift be true
that the government holds seventyseven millions
Show so only about tna ns Million Goaas
where, then, is the remaining 100000, and in
what Sub-Treasuries is it held on deposits The
San Francisco office at time held large
amount Of gold, but it was so reduced by exports
4 to China that within the last two years gold has
been shipped there by rail from this CITY, IN order
. that 1t might meet its disbursements.
The writer adds
1t is reported In Wall street that large amount
OF the so-called coin in the Treasury consists Of
checks OF the Syndicate and that gold certificates
have been issued against them for the redemption
OF the so-caed bonds, while the new fives have not
been delivered as yet to the subscribers, this
operation having the tendency to make gold
J, heavy in the market and depress the premium for
1.-THE benefit OF the Syndicate who are short OF 1t.
These are serious charges, and if they are only
PARTIALLY proved the effect upon the market both
here and abroad would be damaging in the ex-
IRENE. The opening and closing price Of gold on
Saturday was 115h. The highest price was 1151s
A considerable number Of prophets predict that
The figures will be much lower in the course Of
thirty days, and that we shall witness lively ex
Sportation to supply the wants OF England. While
the TACT has been already discounted by the street
it must not be overlooked that millions of dollars
will be taken from the country by the multitude Of
tourists now thronging the European steamers or
preparing for departure. California is likewise
shipping heavily OF bullion, two OF her mines
alone turning out So, 100000 per month. China
and japan have been absorbing our precious metals
from the Pacific coast years. and what is worse,
they never return to our circulation. Indeed the
: figures indicate less gold in America to-day with
which to meet our promises to pay than there has
been for many years.
THE MONEY MARKET AND BANK STATEMENT.
The healthy condition OF our money market Is
illustrated by the weekly bank statement. The sum
or ,375 and above the legal reserve is
ported, showing a percentage OF reserve as COM
!. pared with liabilities Of 3o.34 in favor of the
national banks, and OF 26.ss in favor of he State
banks. The figures show increase of 1,1s9, 400
in loans OF $780, 700 in specie, OF 400 in de-
posits, and OF $S07,0 900 in legal tenders. The de-
Is shown In the circulation-to wit, $50, 700
The total liabilities amount to $247 744 500, the
legal reserve on which Is ssl 1896, 1875. The
is stated above, and indicates increase over the
statement OF last week or sl95,225 The usual
statement. with its predecessor OF the past week,
sSa given below -