Year: 1873

WALL STREET,


THURSDAY, Nov. 20-6 p. M.
meeting of the Clearing House ASSOCIATION
,ook place to-day, for the purpose OF considering
Various questions OF reform which had been prev-
pusiy submitted by committee of nine and en-
bodied in a lengthy report. The meeting cannot
be described as strictly harmonious. Several gen.
slemen and among them representatives OF the
Bank OF the State OF New York, the Bank of Com
merce, the Metropolitan Grocers', Fourth National
Mercantile and New York banks withdrew, sign-
Tying by this action kind OF mutiny in camp.
Subsequently vote was taken on the report as o
whole, and, as mere report, it was accepted with
amendments by vote OF 43 yeas and II nays. The
proceedings will be found fully described
elsewhere. They, however, mean nothing definite,
and, from the temper evnced, there is little proba-
bility that the resolutions OF the committee will
find general favor. In fact, there are a few per-
sons who are so inconsiderate as to regard the
Clearing House Association as


MONSTROUs FRAUD


on the public, sort OF close corporation, whose
chief object is to conceal the weakness OF its ind-
vidual members and stand by each other like pile
OF bricks while publishing to the world with
wonderful alacrity its daily gain in greenbacks.
We are told to-day, Tor instance, that the banks
hold $31 6s0,00o. But why do not these institutions
tell the people the amount OF existing liabilities in





amount to $22ooo,oOo9 Are they not composed Of
stocks at inflated prices and mercantile paper on
which extensions have been granted and must be
renewed next month Dare the banks as a body,
make known their exact condition Is there not
one which at the present moment owes the Clear
ing House SO, 800 900, and has pledged securities
some that are not worth more than IS cents on the
dOarf Are not other banks in similar situa-
tions II several Of the banks were left
to themselves and unsustaned by the general
credit or the Clearing House Association would
they not tumble into rum and carry with them
hundreds or innocent depositors, who are daily
wheedled and befooled by the semi-truthful state
Ments daily made. or statements just enough true
to secure official sanction We should like to hear
these and other questions answered, and in the
answer we should perhaps read the cause OF


THE SECESSION


that has taken place to-day. Fraud is like q cork.
1t will work its way to the surface somehow and
sometime; and Ii is not subject for wonder that
several Of our stronger institutions decline to lend
the weight OF their ballast to hold it down. The
true remedy for the existing evil is not in the
aut0cracy OF an association Of banks which may
gloss over situation in order to protect ITSELF
but in the performance Of his duty by Bank
Examiner, who, rising above personal considera-
sions enforces law. This is all that the public re-





agent and intermediary for the transaction OF the
ordinary fiscal business OF the day the Clearing
House undoubtedly fulfls its mission. AS an in
dividuality that assumes irresponsible control
2ing and directive force 1t is contrary the genius
OF our institutions.


THE STOCK MARKET.


It Ii immaterial to the public outside or W all
street that certain gentlemen who were lately
s'bears" in stocks are now ''bulls" an advance
OF 10 per cent. So long there is nothing in the
position OF affairs to warrant a change stocks may
60 even higher, and probably will do SO If these
gentlemen have not already exhausted their pur
chasing power. The result, however, will be the
same. Real values must have their weight Tor
long time hence, and those who are bold enough
to ignore these values in their speculations will
come to grief, however successful they may appear
for the moment. The history OF all preceding
commercial panics proves that recovery even
when commenced, is slow and unsteady, and that
railroads, express companies and teegraphs all
have to bear their proportion of the burden OF


A DEPRESSED TRADE.


Now, to admit that the work or recovery had ac-
tually begun would not be to admit the probability
that any of these different collaterals of trade are
able to earn a dividend on their immensely
watered capitals within the next twelve or
eighteen months. But what the facts2 Have
u
suspended mill begun even to think Of setting its
wheels in motion9 Are tiers in our Western
cities, from Buffalo and Pttsburg to Chicago and
st. Louis yet at their worst9 On the contrary,
does not every mail bring us additional tidings OF
the stoppage in part or wholly OF machinery, and
OF new and unexpected complications Of banks
and bankers, South as well as West9 Is 1t not,
therefore, prudent for these Wall street gentle
men to pause IN their reckless disregard OF well
established financial laws before again producing
condition OF affairs that may precipltate another
panic while we are yet trembling from the effects
OF the first


THE RANGE OF PRICES


was irregular, and somewhat obedent to various
reports which we're industriousy circulated.
Among others it was stated that prominent ofll-
cial OF large Western railroad had been found de-
linquent, though steps would be taken to compel
him TO make good his default. Undue speculation
and the necessity for pledgng some OF the securi-
ties OF his company said TO be among the causes
OF the frreligious departure. A prominent stock
hrm was also reported to be embarrassed in conse-
quencc OF It's inability to obtain certincatons on It's
checks. The rumor could not be definitely traced.
The advance In prices ranged from u to per cent,
especially in the fancy stocks, which OF late have
been the subject OF so much speculation. Towards
the close, however, there was a break, and the ad-
vantage was lost. 1t is understood that the mar
kct Is now under the control OF q single party,
into whose hands the recent clique salts
fed, perhaps, with their handsome profits
have generously unloaded. Doubtless the
rest OF the street win be glad to follow their
pie, and patiently await the time when the alore
said Atlas has bought enough. Western Union
rose from 6l to 0a and reacted to 611s, New YORK
Central advanced from ssss to sola and Lake shore
from 6sS to 7oA, with late dealings at ss and q
respectively Northwest common rose from 40s. ts
43%, later touched Az and closed at 42l q 42sf
The other changes are noted below. The marke
wound up barely steady in tone.


THE MONEY MARKET


Money was steady at 0 a per cent with ex
ceptiona transactions at 1-32 per cent. CONNER
cial rates are unchanged. Tne foreign exchanges
Here artnnr to-day nsneclalY for sixty dnysi sfer