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AND COMMERCIAL. WALL STREET, THURSDAY. Dec. 14-6 P:M. On 'Change to-day wheat was dull and firm. The cotton market was higher and strong. FOREIGN EXCHANGE HIGHER The scarcity of commercial bilts, arising out of the lighter shipments of cot on, has enabled the leading bankers to advance the rates of bills on London, which were higher, to the extent of 1/2 per cent, although apparently unchanged in the case of sight bills, which, owing to THE BANK OF ENGLAND rate of discount being reduced to 8 per cent, are now only % higher than sixty-day bills. The 101lowing were the quotations of the market at the close of business this evening:-Sterling sixty days commercial, 108 1/2 a 108%; do., good to prime bankers', 109 a 10914; short sight, 109 % a 1097 Paris, sixty days, 5.383/4 a 5.34% short sight, 5.80 a 5.29%: Prussian thalers, 71% a 72 1/2; Antwerp. 5.28% 5.23% Switzerland, 5.27 1/6 a 5.221; Hamburg, 3534 a 86% Amsterdam, 401/2 a 40%; Fraukfort, 40% a 41); Bremen, 783/2 79. MONEY STRINGENT. The money market was active at seven per cent, which rate was paid alternately in currency and coin during the usual hours for making engagements. Toward three o'clock the demand increased, and borrowers began paying a small commission in addition to legal interest. Still later there was a rush for funds to settle bank accounts, which were then half an hour late, and the last comers had to pay as high as one-eighth per cent for the desired accommodation. The stringency was all the more remarkable for the fact that about two and a half millions or currency, supposed to have been withheld designedly from circulation, was restored through the BANK OF NORTH AMERICA. which was debtor at the Clearing House this morning for a good part of that sum. The explanation lies. doubtless, in the continued withdrawal of loans by the Broadway Bank to meet the payment of city revenue bonds falling due to-morrow. There was, furthermore. a general movement towards conservatism on the parc of the banks in view of the ap. Dointment of another bank examiner in place of Mr. Callendar, whose resignation has probably been accepted by Mr. Hurlbura, the Comptroller of the Currency. The Impression exists that a good many banks are lenders on such valuable collaterals as Portage Canal bonds, and that a closer inspection of these Institutions will reveal, possibly. the presence of even more of Mr. Callendar's favorite investment. Under these circumstances, with A NEW BANK EXAMINER ready to stit their condition thoroughly, the banks are beginning to set their houses in order anent his coming, and as a preliminary thereto they are curtailing their loans, hoarding greenbacks and fortifying their reserve as much as possible. It will be remembered that we called attention to the flagrant violation last October of the 25 per cent law, and demanded the enforcement of the penalty incurred by the guilty banks. Who shall say that the freedom then granted the banks to break this salutary and necessary law, so far as permission to do 80 was conveyed in the INACTION OF SECRETARY BOUTWELL and the head of the financial bureau of the government, has not been the cause of the demoralization which has produced the many failures this week? The banks ran below their reserve in plain violation of the most important section of the Na. tional Banking law; but Mr. Boutwell and Mr. Hurlburd and Mr. Caliendar said nothing. The banks not being reproved in this instance have, many of them, been indifferent About observing the law strictly since; hence such results as the Ocean Bank and other failures. The HERALD also drew attention to the EXPANDED CONDITION OF THE BANKS last summer, a weakness on their part which aggra. vated the effects on the Stock Exchange of the panic produced by the Chicago fire. Forgetful of the lesso.r thou taught them they are now nearly back to the enormous line of loans prevailing at that time, with this disadvantage, that their surplus reserve is now only five millions and money scarce, while then their surplus averaged about ten millions and money was abundant. Last Saturday the bank loans amounted to nearly two hundred and ninety-five millions. If our warning of last summer was a timely one, how much more does it behoove the banks now to prepare themselves against contingencies ! The agitation was intensified to-day by what seemed a purely speculative scheme to cause a run on the banks, and certain brokers commenced by refusing to receive checks on the BANK OF THE COMMONWEALTH even when certified. This compelled other brokers to ask greenbacks from the bank. which enjoyed the honor of a mall "run," but paid every demand as fast as pres ented and without the least hesitation. its ability to do 20 being procured, according to certain uncharitable rumors, by the aid of other banks and by forcing borrowers to take up collaterals on which the bank bad made demand loans. Comptroller Hulburd. who was to leave for Washington to-night, stated in conversation to-day with the representatives of the press that he was satisfied the remaining banks were all right-an opinion on his part which will do much to allay the uneasy feeling in the public mind. THE "LOCKING UP" CONSPIRACY. This afternoon subpoenas were served on a number of brokers citing them to appear before the Grand Jury and District Attorney to give testimony as to the charges of a conspiracy to lock up greenbacks. The matter is a farce. The proceedings are instituted by the "bulls," who are fighting the "bears." simply for their private benefit and without reference to the public. The "bears" intend to retory by preferring charges against the "bulls" of trying to make money easy and swindling the community by selling tnem infated stocks. One line of action is just as virtuous as the other. Doubtless the District Attorney will see the matter in its true light and let the speculators fight it out, as ne did last summer, when invited to help the "bears" in the Gold Room. Prime paper was quoted 8 a 10 per cent discount. THE GOVERNMENT GOLD SALE. The Assistant Treasurer received bids for $4,540,000 gold, at 108.50 109.38. The million sawarded at 109.28 1/6 109.38. The Sub-Treasury paid out $650,000 gold for redeemed bonds of '62, making a total disbursement on this account to date of $19,230,000. GOLD STEADY-109)4 A 1091/4. The gold market was steady, and, on the whole, firmer, considering that the Prince of Wales was better, and that the Bank of England reduced the rate of discount to 3 per cent: but the speculative feeling was not active, and is in doubt as to the policy to pursue, gold being low to sell and dear to buy If specie payment is coming. The course of the market is shown in the table:10A. M 109% 109/ 1 P.M. 109 X 1:41 P. M 10:05 A. M 1091/ 11 1093/ 2 P.M. 109% 10934 10936 12:26 109 M. 109 4 P. 1
