New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-21
THURSDAY. Nov. 20-P. NJ.

In view Of the recent fears if not expectations Of
a financial crisis in England, perhaps the most I'M
portant event of the day has been tho reduction of
per cent in the minimum rate OF discount at the
Bank of England from per cent the point to which
il advanced the 9TH inst, TO per cent to-day
If anything moro needed to confirm the grow
ing belief of tho last few days that the public fears
of a panic in Europe had been unfounded, il is the
further report by cable to the effect that money in
the market at London is down TO 6, per cent
three months bills. The bank gained on balance
for the week Go3LOOO, and for the day G1O2,OOO
Consols and L. s. bonds are reported strong and
higher. The home situation generally is equally
promising with the foreign. Our national banks
are growing continually stronger in resources, now
holding S3 $4,000 legal tenders increase for the
past "a hours of 81, 905OC0 In fact the banks are
growing so strong that they seem to thnk they can
afford TO quarrel with each other. This was the day
for the consideration by the Clearing house Associa
ton of the report of the Committee OF Nine on the
subject Of reform IN the business OF banking or in
the management of National banks. The discussion
is said TO have been somewhat warm, and to have
developed in its early stages the fact that several
members OF the Association are opposed to the re-
forms proposed by the Committee, and after in
efectual attempts to table the Committees report
or postpone its consideration for co days, which
would probably have been equivalent 10 an in
definite postponement, Mr. Vail, the representa-
tive of the Bank of Commerce, formally withdrew
and retired from the meeting, and was followed by
the representatives of the Bank of the State of New
York, the Metropolitan Bank and the GrOcers'
Bank. 1t is mtiInated that the officers of these
banks uniting with others who do not favor the re-
forms contemplated. propose to organize a little
clearinghouse Of their own and 80 opposition
machine. The Association did not make very great
progress in the consideration of the report but went
far enough TO show their evident intention to adopt
with certain notifications, the report Of the Com
mittee Of Nine and is not impossible and perhaps
not improbable, that the strayed sheep may return
to the fold by and by, and that the National banks
Of the city may all be reunited in a Clearinghouse
association under materially improved organiza-
ton.
The stock market has been active to-day, especially
in Western Union Lake Shore, y. Y. Central, North
Western, Toledo and Wabash, Ohio and Mississippi,
St. Paul. and Union Pacific, and prices advanced
throughout the entire active list during the earlier
part Of the day, but met with occasional reactions.
Aided by rumors Of a deialcaton in one of the West
ern railway companies. and of serious embauass-
mcnt on the part Of prominent stock house, also
report that Minister Sickles had been po-
litely notified that he was at liberty to
leave Madrid the stock market broke severely near
the close of business in which the rise of the earlier
part of the day was in some cases entirely lost Ii
is quite likely that tho late decline, however, is
largely attributable to the sales of shares by those
who were anxious TO secure accrued profits upon
their ventures. The market closed weak. The
principal variations i'll prices for tho day VIII
be found in the following table Of the opening, high
est lowest and closing prices Of active stocks: