The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-12-13
FINANCIAL And COMMERCIAL.
WALL STREET, l
TUESDAY, Dec. 1916 p. M. |


TUESDAY, Dec. 1915 p M
On 'Change to-day wheat was inactive and I'M
changed. The cotton market was excited and
strong. Three failures In the cotton trade were re.
ported, particulars Of which will be found in our
general news columns The parties involved were
on the 'shor side OF the market and operating for
decline.
THE EXPORTS OF THE WEEK.
The aggregate exports, exclusive OF specie, from
the port OF New York for the week ending Decem-
Der H. 1871, were $4,17o,15S.
SUSPENSION OF THE OCEAN BANK.
The Ocean Bank. which for some time past had
been debtor ct the Clearing House, was thrown out
OF the Clearing House this morning by resolution
OF the special Committee on Suspensions, winch
action was subsequently ratified at meeting OF the
Clearing House Association. Mr.. Hurlburd, the
Comptroller OF tho Currency, happening to be in
town and hearing OF the action OF the Clearing
House, ordered the bank to suspend business as
matter OF justice to all Its various depositors
The particulars Of the whole affair will be found
Civ at length elsewhere IN columns inclusive
OF the statement OF member Of the Committee Of
Investigation that among the papers Of the nstitu
ton were found checks for $4,000 drawn by MIR.
Collender. the National Bank Examiner Of this dis
trict. In view Of the position held by this official
and his relations TO the national banks as super
visory agent watching the interests OF the public,
no little surprise was manifested In Wall street at
the fact OF his Indebtedness to the institution.
Doubtless Mr.. Collender can explain the matter
satisfactorily; but TINS afternoon the feeling was
strong that he should, under the circumstances,
resign the ONCE Of Bank examiner.
MONEY STRINGENT
The money market was stringent, and the lowest
rate was per cent to some OF the more favored gov
eminent dealers. The stock brokers were In some
instances accommodated at I, CON- but the bulk OF
business In stocks was at 7 per cent plus CON-
mission OF 1872 1-l8 per cent Bank accounts were
again late, many not being made up until near four
O'Clock, and borrowers who were out In quest OF
funds aftor three O'Clock paid lie q Il per cent
unli about haf.past three o'clock, when there was
rather better supply at 1872 and interest," at which
rate the market finally closed.
Prime paper was quoted at q 10 per cent dis.
count for actual business, which was limited.
The decline in gold and reduced supply Of com.
merclal bills induced frmer tone to the foreign
exchanges, and the leading bankers advanced their
rates for sterling 10 1o9h for sixty day and 109X
for sight bills.
GOLD wEAK-1o9H 1O0K.
The gold market was weak unaer the influence Of
the difficulty had In carrying gold, and the decline
thus stimulated was assisted by The quotations Of
our bonds IN London, where the '67's were very
buoyant and rose Il per cent-something extraor-
binary for 30 sober o market as London. es.
peclalIy at this time, when the Prince OF
Wales' illness ought ordinarily to be adverse
to Grmness in anything. The decline to 1904
brought In buyers, particularly at late hour in the
day, when 1t was reported that the ciques who had
locked up money had abandoned the project and
that money would consequently be easy tomorrow.
Tho course OF tho rket ia shown in the table,