New-York tribune., 1874-01-15
FINANCIAL STABILITY.
FIRMNEss OF THE STOCK MARKET.

A "BKAR" MOVEMENT IN PACIFIC MArIs-A PROPOSE
TIoN FOR THE ESTABLISHMENT OF BANK AND
CLEARINGHOUSE.
The stock market was inactive early in the
day, owing TO the stormy weather. Securities were,
however. BrIDer than on tho previous day. and soon
prices began advance and this movement continued
without any notable reaction TO the close, when prices
highest points OF the day. and from to
per cent above opening quotations in the case OF
n~rly all tho stocks on the list The fayortes the
Vanderbilt stooks particularly NswYork Central West
srn Unisa and Lake Shore. There were also large
transactions in Rock Island, Union Pacific aud North
West Common
A marked exception to the advance was Pacific Mail.
which declined to 40 and then to 40l the closing
price. Tho "boar' movement in this stock continues,
based from Washington that an attack WAS to
be made Congress upon the first well - the second
Subsidy act The directors OF the Companr treat these
reports with indifference and maintain that the pros
pcrty Of tho line Is dependent upon these subsdes
the conditions which they are granted require the
Company to their vessels at loss. The bear
movement also aided by tho non-arrival of the CHINA
at San Francisco.
The general tone;of the market Indicated confidence
in tho future some OF tho stocks named above having
reached the highest prices the panic. New-York
Central and Rock Island nearly up 30 the average
for the last year or two. The gold market was quiet
closing IIl The Assistant Treasures paid out ss78
90 redemption Of bonds and s27O.0oo on interest
account
Tho loan certificates issned by the Clearing house
all been withdrawn the last t31Oo0O having been
redeemed yesterday by an uptown bank. These loan
certificates which issued during the panic at one
time amounted to o0 and their Withdrawal IL an
eyidenceif any were needed-of the generally sound
financial condition Of the banks.
"A CLEARINGHOUSE FOR sToCKiBROKERs.
The movement which has been agitatei since October
for the establishment Of bank and clearing house for
the Of stock and bond brokers has assumed definite
form The following orcular.was addressed yesterday
to the members OF the stock Exchange:
The following proposition for the establishment Of
bank and cearinghOus is respectfully submitted for
l. IL proposed to star: bank to Stock
Association of se SewYok Stoc. Erch'nsel With
cao 81 900 90, sith PRIVILEGE Of ron ins to tins
be established for the mutual bensis he
@ % , @ @ be Sga1so % m Of dss Iaaia@ to
oo very the pDienco banks for the crt
enable the Of tue exchange 20 participate
in the advantages and profits such an institution 3n 20 become ma'0
Interested oa 10 successful issue hi propooo
..a. ~ piS!O o g & t 1 I PS P 10 % zinc o. Of 81 Gj o t. bnr
the Bori of Directors Trustees thereof IN trust sub
ct and regulations OF the heSios stocs Exchange
3 Number Of Drccon 20 be 30
,%oa' @ @ % te s, 1 ~, ' DC StS sc ;b . ar t @ M BE-
elected y9j VI the mlnun number to constitute
l. Business Of The Bank sh,l ercusvey receiving deposits.
th NesYok STOCK Exchange subject charge
be ned from time 70 time By b,s also to Keep open secans, fS
sight Interest," also rrc i've e1osti from mems er Of
certac,,s Of post, 10, time deposits beag
per gnch other s- as rom time 50 time may be rd
az bans ieles at Isa.. 10 cent margin oer Gar;eot
a. i, s % per- cent. % 1I s b. h i5 % ., p n. s ss !os 1d
6 aI loan. 10 be made on cill demand.
T. All clearing accounts be Kept uumerca or N other words
Ledger and the question to he entirely
m a5gsa . ny a.g %ss to be- des y bylaw
oIraring perfected BY P any one day tbep on
eace to o.. returned 10 the immediately all settlements
be made erCeanngOle md u otherwise
Bosr AL active 'ocA' BE- cleared 90 separate state
s, % Of d & S " E,,se m .eoi ani ou, and no other
pliies sl 'e the privilege OF daily clearing thar Transactions
TO- clearing Differences shall be certified aud
certified checks on banks good IN TIE !" l. Clearing Lod
A';G,Ga 0, .n a,. Transaction. Of til. deposit.
2aaIS S -ya Sl . ga1D .so D tbc flosng tayi
10 Bnard Of Rraminr from among the member, OF the New
YORK bIchang "ho shat not be Of TIE board oreo
three tokhod with privilege and dgt 20 examine At
ur pg5io The assets the Bank 9G spo oa & & 's
loan to ,by his bank NOS
be e ni clear ani membranes o the surplus Of
IA ach membership Of t,e EIesnge shall he eatl to 'a1,c5G
tine, to be determined By the Board Of Directors
The bears rhe signature OF A. A. Drake of
the firm of Drake Brothers No G6 Broadway, bnt is
Understood to express the of large number Of
brokers who have been consulted in IFS preparation
Mr. Drake told TRIBUNE reporter that the advantages
OF such bank to the street manifest that he
had no doubt proposition would the approval
of large majority OF the members Of the Stock Ex.
change.
The Board of Directors OF the Mechanics National
Bank yesterday morning elected Benjamin B. Sherman
President 20 nl the vacancy caused by the res ;naon
OF shepherd knapp who has ned the Office for 80
The retiring president presented hy the directors
with service OF plate.
The report Of the Committee on National Finance OF
the Produce Exchange published in ul in Tues lays
TRIBlSEl was adopted Yesterday at a full meeting OF
the Exchange Several amendments were proposed and
advocated but prevailed The sixth clause OF the
fourth section excited the most debate. Ii provides
that National Banks shall be exempt from the usury
laws in any STATE" anl adOp,cd by large major
ty The report will he brought before the National
Board of Trade at Baltimore