The New York herald., 1871-03-05
FINANCIAL AND COMMERCIAL.
WALL. STREET,
SATURDAY, March 4 % p. M.


SATURDAY, March 4 q p. NJ.
On 'Change to-day wheat was higher ana fairly
active The cotton market was heavy and lower
during most OF the day but closed at slight reac.
ton.
THE COTTON MOVEMENT.
There is further falling Off In the receipts or
cotton tor the week at the ports. which IL not un-
reasonable however, as the climax has doubtless
been passed, and the receipts Tor the future will
maintain declining average. The receipts
at all the ports were l26.s35 bales. against
13s,eol bales the previous week. The
total receipts since September l, 1870,
are 29l7,6l8 bales against 2,1ss,5l3 bales for the
corresponding period last year, showing an increase
OF 72e l03 bales In the present crop. The exports
from oil porls for the week were 141,s72 bales
against oi.5 bales the same week last year. The
total exports for the expired portion Of the cotton
year l,s4s, 800 bales against l22sOI4 bales for
the same time last year.
AN 'IRREGULARlTY'' IN WALL STREET
Much discussion took place IN Wall street over the
failure OF the lrm OF Messrs Alberl Frank Bro to
make good their Indebtedness in connection with
tt nsaction ia Lake Shore stock. 1t seems
that on Friday they gave their check In
payment for 600 shares of che Stock the
amount being $4,000 the delivery OF the certificates
being made TO them by the firm OF Messrs. Closson
& Ha es. The check was deposited by the latter.
who accepted 1t uncertfed. There beng funns
to meet IL, the bank which 1t drawn threw 1t
out this morning, and IL came back to Messrs.
Closson Hayes, who demanded tnat Messrs.
Albert Frank & Brother should make 1t good
or return the stock. The latter said they
could do neither, and that they had failed.
The question under discussion now ID
the character Of the transaction on the part OF
Messrs. Frank h Brother. The rules OF the Stock
Exchange require that when member finds him.
self about to fa,l his contracts he shall immefi
ately notify the board. 1t Is urged that the firm
must have known their real situation when they
exchanged their uucertfed check for the stock, but
the latter claim that with the shifting tide OF values
a. the stock Exchange they could not know POSI-
lively VIII they were the position requiring notice
TO the ooard It will be seen that very delicate Is
sue Is thus raised as to the point to which a
losing firm may go without informing livestock EX-
change OF failure TO meet contracts IL said that
the Union Bank. In which the firm kept portion OF
their account have lost nearly 1000 by the cer-
ti1cati0n Of check which was no fortified In time.
AS may have been inferred already rom what mas
been said, Messrs. Frank & Bro. we're, II IS alleged.
speculatlng tor a decline IN stocks. The enormous
away their margins and left them unable to return
the stocks borrowed for delivery.
Tux BANK STATEMENT.
The weekly statement OF the associated banks Is
by strict and close analysis unfavorabe, the gain
in specie and legal tenders, which amount to over
$3.50, Co., not being equivalent to twenty-five per
cent OF the increase OF liabilities The deposits have
been swelled TO the extent OF over S7,4O0OOO. The
surplus reserve tails on only $23l 900, and the
banks still hold over $1s,O0O,0 900. The statement
compares VITA its predecessor as foll0ws:--