Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-21
FINANCIAL.
Another Disturbed Day in Wall
Street.
The Progress of Clearinghouse
Reform.
Bank of England Reduces Dis
counts to 8 Per Cent.

New YORK, Nov. 19.-The associated
banks hold $31 $4,000 legal tenders, an in
crease since yesterday of 81 ZOE, goo. Fifty
five thousand pounds in specie were re-
ceived at the assay Office to-day.
A story that one Rowan, a member OF
the It'll regiment of the New York Militia,
has been arrested at Havana and shot was
enough to send gold up and stocks down.
Matters quoted soon afterwards.
Commodore Vanderbilt: declined to re-
eeive a delegation of railroad engineers, al
leging that he cannot control the wages OF
employees.
Lively Debate ON Clearing House
Reform.
The Clearing House meeting to-day
lasted three hours and the discussion was
quite warm. A motion was made to lay
the report of the COMMITTEES of Nine on
the table, which was voted down by .,
nays to ayes. Then it was moved tn
the report be postponed 60 days, which We
rejected by vete of 40 to IS. Mr.. Vail,
of the Bank of Commerce, then formally
withdrew from the meeting. He was fol-
lowed byIepresentativ ofthe Metropolitan,
Grocers, and State of New York banks.
The above banks are opposed to the reform
measures. Afterwards the Fourth Ma
tional, the Mercantile and New York left
the meeting in consequence of business at
their respective banking houses. Then
each bank was called upon for an express
sion of opinion and vote taken on the re-
port as a whole. The vote on this stood,
II nayssto 43 ayes.
The amendments to the articles of asso-
citation were then taken up separately for
amendment, but from numbers to 10 in
clmsiye. were passed over. Article 20 was
amended so as to read as follows:
'tNO member of the Clearing House As
ISOLATION shall be allowed to redeem the
checks of any association, corporation, firm
or individual, excepting on the regular in
corporated banks located i'll the cities of
New York, BroOklin, Jersey City and HO-
boken, which banks shall be subject to eX-
animation of their condition by commit
tee of the Clearing House whenever DEEM
ed necessary"
Section 3 of article % was amended so
as to read: ''That it will not receive upon
deposit as cash from dealers, checks drawn
otherwise than upon banks which are mem
bers of this association, or upon such regu-
larly incorporated banks as heretofore pro-
vided in article 90"
A motion was made to allow per cent.
interest on deposits which was voted down
by large majority. Article No. % was
stricken out as the national bank law pro
yideS for the necessary reserve.
The feeling was very strong against the
cerification of checks and paying interest
on deposits. The banks will meet again
Tuesday next to finally dispose Of the re-
port.
Night Report.
Affairs were unsettled in financial circles
this evening in consequence OF untayoraDle
rumOrs. 1t was reported that the cash ac-
count of a Western railroad was short, and
the directors were in session; also that
stock brokerage firm was in trouble.
A Hopeful sign.
PATTERSON, \. j., Nov. 1.-two large
locomotive works here have offered to
resume work if their late employees consent
to a reduction of wages.
Contraction.
WASHINGTON, Nov. 19.-The otltstand-
ing legal tenders are 1852, 72S,O91.
No Panic Likely at London.
LONDON, Nov. 19.-The Directors of the
Bank of England to-day fixed the mini
mum rate of discount at per cent.