New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-03
BuoYANCY SUCCEEDS DEPRESSION.

BuOYANCY SUCCEEDS DEPRESSION.
AN ADVANCE IN sTOCKs-AN INCREASE OF LEGAL
TKNDERs HELD BY TIE BANKs-INTEREsT DE-
FAULTs BY RAILROADS.
Business in Wall-st. was very much de-
pressed at the opening Saturday iii consequence OF
the reports circulated in relation TO the position OF H.
b. Clafn & Co. and other houses OF prominence in the
mercantile community and the raising Of the rate OF
discount 10 per by the Bank of England As the
clearinghouse Association was to meet at IL ~ TO con-
suit tile ACCESSIBILITY OF assisting Messrs. Claim Co.
by lending them sufficient on their collaeras 10
carry them safely through the present srngency, much
interest felt in the result Upon the meeting OF the
bank Presidents. however, "a message was received
from Messs Clanin q Co., to effect thar they did not
need any assistance from the Association as they could
obtain all they desired their immediate friends.
business associates and individual banks. This news
was received with satisfaction, the meeting adourning
almost Immediately. The message was quickly made
known and there was marked Improvement in the
tone of tho market. There an immediate advance
in prices ranging from to five per cent No bad
news was reported at the close, and dealers retired
from their accustomed haunts far more cheeru thah
they had been in the morning
In addition to the other improved features in the con
dion Of arars it discovered that there had been
increase Saturday of $0OO,OOO IN legal tenders
held by the banks. This accounted for on the
ground all the banks did not put their legal tend
the pool. but concealed tLcm nDuci tue gulse ol
special deposits and IN other in order not TO
place them in the pool; hence when the pooling was
discontinued on Friday, the following day was signal
lied by the production Of the extra legal tenders from
their hiding places. This also had great deal to do
with the buoyancy which marked operations on the
Stock Exchange at the close OF the day.
The Chesapeake ard OHIO, Kansas Pacific ST. Louis
and South Western, and Central Branch Of the Union
Pacific Railroads did not pay then semannual coupons
on Saturday.
In the United States District Court on Saturday in the
matter Of the bankruptcy Of the Union Trust Company
heretofore fully reported in TIE TRIBUNE,
wheeler II. Peckham. counsel for the Com
pany moved that the allegations OF bankruptcy
in the petition Of E. J.. SIney, except the first,
second and fourth be stricken out. Jddge Biatchford
decided in favor of the motion, and Mr. Peekha'n fled
on behalf Of the Company answer denying that II
had committed any acts Of bankruptcy and the matter
was referred to Commissioner Belts, who viii take tes-
timony in a few DAYS.
Careful comparative tables show decrease IN the re-
GENTS of foreign dry goods the single port OF New
Yors during the lasT months OF $40 O0O,OO0 The
total nearly $l3O0000 less than the corresponding
aggregate for 1s7l and the next two months are likely
10 widen the difference still The sales have real
lied fair profit especially during the earlier part OF
The season. II thought that only for re nuancla re-
WILSON, the trade would have been regarded on the
whole as prosperous ana satisfactory.