The Portland daily press., 1874-04-21

0OstOu StOCk List
lSaes at the Brokers' Board. April 2Ol
Boston u Maine Railroad. ...............-@1 1904
New York Stock and Money Market.
NEW YORK. April -.Mornino.-Money at per
cent: Gnld at ia Sterling Exchange, long, 4s5};
do short, at 4.SSA.
New YORK. April 2O-Erenino.- This has been an
eventful day in Wal! street. 1t opened with the
failure OF Capron q Merriam, and the G G. and In
diana Central Pool; and this was followed by an
event which precipitated panic on the Stock Ex-
change. The failures above mentioned were fol-
lowed by various rumOrs all OF which teuded to dis
turb confidence and unsette matters generally. At
one time it was currently reported that Phiadel-
phia Railroad official wBs unable to meet his notes.
This was followed by report that President Grant
would sign the Senate currency bill and that Comp
troller Knox would Immediately issue instructions to
the national banks requiring them to call home their
legal reserves held in the redemption cities in
excess of the amount required under the new law
There came report that railroad and steamboat
war was likely to result from the inability of the
Pacific Mail, Panama and Union Pacific to agree up
on some amicable freight arrangement, and that the
Central Pacific road was about consumating an
sition line of steamers between San Francisco Japan
a. China. All the facts and rumors caused an enOr
nous pressure Of sales on the Stock Exchange and
prices declined from to 10s per cent At one time
during the afternoon thereawas rally of "a 81 per
cent, but at the final close the market was heavy
and lower. and again a sudden and sharp advance
in Money from per cent. currency to per cent.
Gold, and vague rumors that several banks were in
trouble the heavy decline in stocks disturbed seri
large sales for their account helped to depress
tiers on the Stock Exchange. The day opened with
sempanic resulting from the disruption of the pool
manipulating the Columbus, Chicago and Indiana
Central shares. This school located in the office
of Capron q Merriam who made speciality of the
the stock and were reported to hold 900 shares 1t
appears that of this stock was ''turned at 3d.
and rumor was put in circulation that about 20 :
900 of these shares hypothecated at the German
American bank, and that in consequence of a change
in the management in said institution the loan had
been called and that Capron ~ Merrimam were not
able to respond. The rumor is explicitly contradict
ed but it had its natural effect the market and
under pressure of the actual sales at the board this
morning the shares suddenly deprecated from 305 to
the vicinity of o. In three hours fir m the time
business commenced upwards of 10000 shares
changed hands, and the whole transactions of the
day exceeded 10000 shares, the price falling to %
when the price fell below % the parties carrying the
stock demanded more Margin and failing to receive
it were forced to sell their shares. During the day
one prominent broker who had been carrying large
amount of stock for the firm offered either to carry
the stock for them at 20 or buy the st ck at 25Ca
prom & Merriam to pay the difference. This propo-
stion was acquesced in by number of the creditors
present and contract was drawn up, but a question
then arose as 20 when settlement of the differences
would be made. The creditors agreed to allow twen-
ty-four hours and Mr. Capron was nterrogated as to
his ability abide by the contract He stated that
stock; that he had effected loans the bonds at 75c
on the dollar which if sold in the market would
alize 90, and that he would then nave surplus OF
This was not deemed sufficiently definite and the
firm sent the following letter to the Exchange
NEW YORK. April 20, 1874.
To H. G.. Chapman, President
We regret to be obliged to announce that we are
unable to meet our contracts
Very respectfully,
(Signed) CAPRoN s. MERRIAM
Only 1900 shares of stock were sold out under the
rule for their account. Mr. Capron says the misfor-
tune brought about by the treachery of supposed
amounts of the stock for 60 and 80 days. When the
market began to break this morning persons for
whom he was carrying large amounts went into the
market without any notice to him whatever. Capron
Is well known on the street and much sympathy was
expressed for him in his temporary misfortunes.
Money opened at per cent. but advanced to 8, 8
a Z per cent gold under an active demand, and
closed at per cent. bid. The rise was occasoned
by the rumor about the Comptroller of the Currency
above noted. Foreign Exchange advanced to 4S6 for
prime 60 days and 4s9 for demanG, though 4s5 and
488 are about the rates for actual business. The
scarcity of commercial bills occasOned the advance
Gold opened and closed at ia after selling at 1l q
1881. The rates paid for carrying were from e 81
per cent and fat for borrowing. The Customs re-
urer paid to-day $13 900 account Of interest and
| $4,000 in redemption of $50 bonds. Governments
| dull and strong.
The stock market weak and feverish at the
opening land prices declined to u per cent. The
market continued heavy till after the settling hour
| when there was general recovery of to n pei
| cent Towards the close the leading speculative
shares of again to to II per cent stingent
money. The total transactions Of the day were $685.
OQO shares Including 800 Western Union at 1884, raj
"a ia; a. 5000 Union Pacific at 34s 321 49, 500 Pa
ciic Mail at 49,, $751; 40s; %, 500 New York Contra
| at 90, s6a, 97a. 97s; 500 Erie at 37i So, 1884,
The following were the qrotatlons OI Governmen