New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-13
"WEDNESDAY. Nov. i2--P. N.

The condition OF affairs on the London Stock Ex-
change continues favorable, the Bank OF England
rate standing at nine, and it seems probable from
the present look that il will be sufficient for the pur-
pose designed. if the gain to-day of Ell7OOO bulioh
may be taken as evidence Of that superstition.
There is no reason to believe that any higher rate
of discount prevails outside for Consos and United
States securities have been strong and higher winnie
Erie advanced to ST.. The foreign exchange market
here feels this in stronger tone to 60 days DIS
and an easier one in demand. the latter depending
now in great measure upon this foreign accessory.
We may add encouraging signs in the general STU
alton, the reports from commercial circles being
favorable as it is thought that the distribution OF
the goods sold by some of heaviest dry goods
houses at "panic prices will result in
bringing in money from the interior,
which will serve to set the machine
again in motion. This is in part, evidenced by the
gain at the Clearing this morning of 81 POO
600, which makes a total held by the Associated
Banks of $2G 100000. Money has once again sunk to
its normal condti0n-that is, fair seven per cent
market, which has conduced to the activity III
stocks when prices have been strong about all day.
under more freedom of buying than might, perhaps
be thought possible when 1t is considered that the
banks, according to yesterdays report of the Com
mttee of Nine already published in The TRIBUNE
propose to plant themselves firmly on the rock of
no certifcation when the money is not in hand"
This sounds we and it is to be hoped both for the
ultimate welfare Of the banks and the safety of
their depositOrs that il will be strictly adhered TO-
But after all, the recommendation Of the Committee
amounts to nothing more than advising the banks
that it would be the proper thing for them TO COM
ply with the law which brought them into exist
ence for it is well known to all who have taken the
trouble to examine the statutes that the certifying
of checks on the part of a national bank in excess
of the actual deposits of the drawer works a for
fixture of the chartered rights of such bank in
the head of the Banking Department take the
action authorized by law, which is the APP
pointment of a receiver for the Offend
ing institution 1t is to be presumed that
for awhile at least such banks prefer to belong
to the Clearing house Association or To take other
than brokers' accounts will agree to this wholesome
rule and comply with its requirements. But how it
may be when Wall-st business returns TO it's former
easy-working ways remains to be SEEM There are
many modes of evading this rule when a bank is so
inclined one of the favOrite articles being to lend
without security, or discount the note of the book
keeper or errand boy Of the party requiring tempo
rary ccommodations-anything to get a credit upon
the books OF the bank. A large business has been
driven to-day in the leading shares, the three Van
derbilt specialties and Rock Island being the con-
epicuous cards. The investments are, however, be-
ing more freely taken at better prices, and lively
dealing has been reported all around. Tho market
closed strong generally at the highest prices of the
day, the advance ranging from (! to q per cent.
The opening, highest lowest, and closing prices
If stocks were * follows