New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-14
FINANCIAL TOPICS.
AN ADVANCE IN sTOcKs--A RUMoI OF A DEFALcA-
TON TRACED.

AN ADVANCE IN STOCKS-A RUMOR OF A DEFALCA-
TON TRACED.
A "buur movement made itself manifest IN
the stock and gold markets and on the street yesterday
Prices advanced from to 49, and firm belief that the
panic was practically ended freely expressed !by
those operating for rise. Much or the advance
however was to be attributed TO other causes.
Exchange was rmer and higher, and as the result gold
was flowing into the Bank OF England indicating that
the rate OF discount would probably 60 lower In add
top tho Clearing house reported increase OF ssOO0O0
in the lega-tendcrs. The prospect OF hoslhties
with Spain WAS construed to another issue of
paper by the Government with an imitation IN prices
Later In tho afternoon however there was reaction OF
from 70 II per cent consequence OF reazatons and
several unfavOrable rum0rs.
One OF these rumors was to the erect tnat inc
treasurer of a Western railroad deficient IN his
cash account TO the amount OF 100000 OF which s2OOoo
had been returned Yesterday This rurnor reached THE
TRIBUNE some time and was duly investigated III
WA alleged that tho treasurer was defaulser TO
the amount or 100000 Tho officers Of the railroad com
many however. denied that there was anything wrong
IN tbor company. II was subsequently, ascertained
however that the trouble lay in construction company
which bad built the road and was now liquid
atinp Tho officers OF the company however,
would not admit that there was any deiacaton' OUT
claimed that the originated in dispute over Ger
tain operations OF tho treasurer the authority for
vas reported 20 be between $4,000 ana
s2ooOgo. On tho day following the inquiries OF THE
TRIBsE reporter several persons Interested elected
a aettIement. Il was claimed that tho deficit was
not in consequence Of criminal msappropriation
OF funds Or securities. but a matter Tor abrltra-
ton in the counsrs OF the corporations Interested THE
TRIBUNE whnOds the names NJ tho request OF al C0u
cerned as 10 was represented that publication AT ths
uncture would do great and unnecessary injury 10
reputable men aud worthy enterprises. .
The report OF the Clearinghouse Committee on Dank
Reforms continues excite considerable attention ana
discns;ion The JOINT Committee OF the Stock Eychange
have given the their attention and IL UNDERSTOOD
that while they consider establishment OF STOCK
Exchange Clearing neXpedient at present, they
favor tho project OF q Stock Exchange bank rms BANK.
10 is proposed shall DO Incorporated Tor the benefit OF
the Stock Exchange ana controlled exclusively Oy ts
members, VINO shaiI own tho stock .
The directors of the Pacific Mail Steamship Company
held meeting Yesterday for she purpose or considering
the CONDITION OF the Company and its future prospects,
Tire Company been earning at the rate OF per
annunl and spending at tho same rate. mo directors
are DESTROYS OF learning where the money goes ana Tor
that purpose instituted system or investigation
and rctrenchment. -.
CAPT bradbury President Of the Company who has
cone or tour Or Inspection OF the Companys property
ia now IN California whore he hopes 70 obtain loan Oh
400 0O upon The Company .eae In san Fran 500
The Panama Railroad directors heli fneethy yesIer
day bat adjourned without tran5lctS 0uer thaL ior
a..l lanai