New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-14
THURSDAY, Nov. l3-p. NJ.

The fact that the stock market has maintained for
three consecutive days an almost unbroken advance
in prices. more marked perhaps, in the moro sub
stantial stocks, in connection with the other facts
that the banks are growing stronger in resources
every day, and therefore the better able to
modate the business community that the foreign
news is of such hopeful character 40 to Justify the
belief that the danger of crisis in London has
passed; that the market for foreign exchange has
reached more satisfactory positiOn-One that
viii probably prevent the further drain of gold
from the Bank of England, and that the money
market here is easier both for call loans
and for discounts, induces the general belief that
we have already passed the worst of the panic
which set in some eight weeks ago. Whether this be-
efis well i'll founded will be determined in few
days. One thing is certain. that the advance in Sc
cuities will materially help, in case advantage is
taken of the comparatively high prices TO sell, to
hquidate unsettled balances. and thus, far it
goes to relieve us from the direful effects of the
panic. One danger to be apprehended is that, by
artificial means, railway shares and other securities
may be forced up too rapidly for healthy reaction
To-day the cable brings further favorable reports
from London and the regular day of meeting OF the
managers of the Bank of England has passed with
out any attention in the minimum rate for discount
which stands at nine per cent, the Bank gaming
f92OOO on balance. ConsOls and United States
bonds have been buoyant and advancing as will be
seen by reference to foreign quotations elsewhere
and the feeling is pretty generally entertained
among foreign bankers that further change IN the
rate-at least upwards not probable, and That
the crisis is over. Relieved of this incubus
the foreign exchanges have been quick to respond
and the prime drawers advanced their rate full
half per cent to 1Oi for 60 days and 100 for sight
Wit "A uqrfp Of these
figures. 1t was noticeable that there was also more
buying by the importers, and it now seems pretty
certain that the wheels Of commerce. long
clogged are getting IN motion again. Con
sequently there is much more cheer and
joyousness noted in financial and mercantile
circles than have yet seen, and likely to increase
as the distribution of dry goods goes on, bringing
money from all sections Of the country wnefe 1t has
been so long kept in idle hoard. The banks gained
SslOOOO in legal tenders, and hold total of
S27 100000 which we are glad TO learn they are Ju-
diciously using in carrying the merchants through
the pressure under which they are likely TO labor
for the rest of the year. Money Keeps to
the level Of seven per cent on CALL and
CAPITALISTS are in the markets again as
buyers of frst-class paper which moves
very freely y TO Is and IS per cent the very first
class going at T. With matters in so cheerful
day to buy with renewed vigOr, and prices again
made further ascent 10 a point ovort0pp.ng yester
DAVIS figures. the Vanderbilt trplets leading the
van. The market to-day has shown much less
closing UP of short contracts than earlier III the
week. and there good reasons for supposing that
the purchases to-day were for bull account
good lot of stocks bought ut lower figures
being also taken off the market "for keeps"
There has been, too, good deal OF real
ling among those who could not resist the
temptation of baRgng such handsome profits which
had the effect of checking the upward movement
and of producing a decline The street goSsips
affirm that pool had been organized to put up the
Vanderbilt stocks, and that di5lOyal member OF
the clique turned his attention TO selling while the
other members were buying, and thus produced
break in the market Whether there is any founda-
ton for this story either to the existence of the
pool or the foul play Of of its members in case it
did exist, we are unable to say. After the decline
tbe market rallied slightly and closed barely steady
At decline from the highest prices of the day. The
opening highest lowest and closing prices OF active
Soil Iowa