The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-04-21
COMMERCIAL and FINANCIAL,
MARKETS BY TELEGRAPH.
New York Money and stock Mor,,

new OK money and Stock Market,
New York, April 20-Thfs has been
an eventful day in Wall street. Itopened
with the failure Of Messrs. Capran & Mar
RAM and the Cleveland, Columbus 6 In
diana Central pool, and this was followed
by events which precipitated panic on
tho Stock Exchange The failures above
noticed were followed by various rumors,
all OF which tended 10 disturb confidence
and unaettle, matters generally. At one
time 1t was currently reported that Phil.
adelphia railroad official was unable to
meet his notes. Inquiry at the proper
source failed TO substantiate tho rumor
This was followed by report that Presi.
dent Grant would sign the Senate cur
rency bill, and that Comptroller Knox
would Immediately issue instructions to
National Banks, requiring them to cali
home their legal reserves now held in
cities in excess OF the amount required
under the new law. Then came the re-
port that railroad and steamship
war was likely 10 result from the
inability of Pacific Mail, Panama
and Union Pacific 10 agree on
some amicablO freight arrangement
and that the Central Pacific road was
about concentrating an agreement with
an English company to put on an opposi.
ton line, Of steamers between San Fran
cisco, Japan and China. All the facts and
rumors mentioned above caused an enor.
nous pressure of sales on the Stock Ex-
change, and prices declined from Ito lOA
per cent. Cleveland, Columbus s. Indiana
Central led the downward movement and
declined from 30s TOGO. Pacific Mail was
the next weakest stock, and fell from 48
to SS!; then came Panama, which Drop
ped from 105 10 10l. Hannibal 6 81. Joe
was next and declined from 800 to 26t for
common, and from IS to SO for preferred.
Wabash was also very weak, and fell off
from 44t to4l9; Northwestern and St. Paul
Common stocks were freely pressed for
sale in consequence Of a prospect Of new
railroad legislation in the west being nut
into operation, materially reducing The
present rates Of freight. The former de.
clmed from 50E to 479 aud the latter rom
4Oi to SSS. Western Union dropped from
1T to ut, Lake Shore from 75l TO 784
New York Central from OS to 06l Erie
from 37f to 80, Rock Island from 0Ol to
OF, 0hios from GOT to 2Gt and Union Pa.
ciGc from 34t to SO. At one time during
the morning there was rally OF I TO- 81
per cent, but at the final close the market
was heavy and lower again on sudden
and sharp advance in money from 4 per
cent currency to z per cent gold, and
some vague rumors that several banks
were In trouble. Heavy declines in stocks
today disturbed seriously tho margin Of
the weaker class Of spectators, and large
sales for their account helped to depress
the market on stock exchange. Ever
since tho September panic, Capron 8
Merriam have been carrying large
amounts Of Columbus, Chicago and Indi.
ana Central. 1t Is stated as high as "a
600 shares, For day or two back ri.
mors have been In circulation to the ei-
feet that about 10000 Of these shares
have been hypothetical at the German
American Bank, and in consequence of
the change Of management in said Ins,i-
tuition, a loan had been called. and that