The New York herald., 1871-12-20
FINANCIAL and COMMERCIAL.

WALL STREET,
TUESDAY. Dec 19-6P. M.
On Change to-day wheat was inactive and heavy.
The cotton market was quiet and steady.
THE EXPORTS OF THE WEEK.
The aggregate exports exclusive OF speciel from
the port ofNew York to foreign ports for the week
ending December 10. 1871. were $5.33s,5oo.
MONEY STRINGENT.
The money market was stringent, and the rate ON
call ranged from per celt per annum to s-16 per
cent per diem. The fear OF Q scarcity Of funds
today started borrowers out at an early hour,
with the result Of making the market active
and stringent from the very beginning. The chief
occupation OF the dealers In money was In "turn-
ing' stocks, for which l-16 % per cent was quite
readily paid, In addition, In many instances. TO
per cent. The 'squeezeu started q good deal OF
speculation In loans. and the market was to the
rechnical expression. ''over-borrowed." Hence
as three O'Clock app reached there was q
nervous anxiety on the part OF these
.'over-borrowers" to make q place for their
money and In their necessity to ind
. resting place they pressed balances down to as
low as seven per cent currency This rate lasted
for few minutes only, and was quickly succeeded
by transactions at l-s2 1.le per cent. The last
dealings were at earlier hour than usual for
nearly week, the brokers having, as above noted.
started early and made their engagements In good
season. The present scarcity OF money has forced
the larger holders Of stocks adopt the old plan OF
borrowing bills Of exchange. and hencea
DECLINE IN STERLING
OF about " per cent, resulting from sales out o
econd hands. the reduction at the counter by the
leading drawers being only per cent-viz., to
109N for prime sixty day sterling and 10oN for
light bills. The process by which the cllques
''carry" stocks with bills OF exchange amounts
vi fua ~ horro In Eur Tnrf
pose, and while somewhat too intricate for brief
PLANTATION is fully understood In financial circles. The
banks are steadily contracting their accommoda-
ti0ns to Wall street In order meet the demand for
money IN the interior, ana especially at Chicago,
whittier the insurance companies are transmitting
large amounts In settlemenI OF insurance losses
There was also further disturbance OF loans incl
dental to the transfer Of city moneys from the
Broadway to the Park Bank, which latter fnstitu-
tion will probably be the future depository Of the
Comptroller and Chamberlain.
THE OCEAN BANK
affair was brought into fresh notice today by the
failure OF the Fourth National Bank OF Philadelphia
q small concern, kept aaoat by what now appears
to be credit OF $50 900 In the ocean Bank OF New
York, which entire gratulty rar as the lat
ter was concerned, but an impecuni0us one SO far
as the former likely to benefit by it, except In
staving of the day or dissolution. 1t was
case OF Pig drawing on Pork, and
might DO btess have continued to Its purpose
many q day longer did not the "New York Cor
respondent 60 under and tumble the whole SUPER
structure OF credit
Washington dispatches state that the Comptroller
OF the Currency has called for a statement OF the
national banks they stood at the close OF business
on Saturday last. December 16. The Clearing House
Committee are acting as bank examiners for this
district until they agree on successor 10 Mr. Cal
lender. as- ses.E sss .
Prime paper was neglected, and quoted at 10
per cent discount
GOLD wEAK-109X 1857.
The gold market was weak with the decline In ex.
change, and fell on from looA to 100. Here it was
subjected to heavy sales BY tho stock cliques who
In utilizing the bills Of exchange borrowed by them
as above referred to- loaned the gold Tor to-day and
sold 1t for tomorrow, thus securing currency for
the carrying OF their stocks The determination to
sell In place OF lending tomorrow was doubtless
Influenced by tho terms OF cash gold to-day. The