The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-04-21

of sales On the Stock Exchange and price
declined from to 10sE per cent. c., c. & ]
G. led the downward movement and de
clined from 305s to 20; Pacific Mail was tn
next weakest stock, and fell from 43 to 3s1S
then came Panama, which dropped from
los to 10I; Hannibal & ST. Joseph was next
and declined from sO7< to 261< for common
and from IS to 80 for preferred; Wabash wa
also very weak, and fell of from 44sI to Az
Northwest and st. Paul common stocks
were freely pressed for sale il Consequence,
of the prospect ofthe new railroad legisla
ton West being put into operation, ma
terially reducing the present rates offreight
The former declined from 505S to AK, anc
the latter from 401 to 3s5s; Western Unier
dropped from 74H ~; Lake Shore from
| 7514 to 49, New York Central from 90 tc
963l Erie from 373l to SO; Rock Island from
9914 to 979<; Ohios from 291s to 26Z, and
Union Pacific from 345s to 33. At one time
during the afternoon there was rally OF
X632z per cent, but at the final close the
market was heavy and lower again. A
sudden and sharp advance in money from
from per cent currency to per cent gold.
and a vague rumor that some banks were in
trouble, caused heavy decline in stocks to-
day and disturbed seriously the margins of
the weaker classes of speculation and large
sales for their account helped to depress
matters on the Stock Exchange.
Ever since the September panic Capron &
Merriam have been carrying large amounts
of c.. G. & /. c., it is stated as high as "a 200
shares. For day or two back rumors have
been in circulation to the effect that about
10000 of these shares have been hypothe.
Gated at the German-American bank and
that in consequence of the change OF man.
agement in the said institution the loan had
been called and that Capron Il Merriam were
not able to respond. Under the pressure of
heavy sales the prices declined from 30% to
20, and in three hours from the commence
ment of business $4,000 shares changed
hands. A large number of creditors went
to the Office ofthe firm seeking a settlement,
and, after considerable talk as to the manner
of the same, a prominent broker, who had
been carrying large amount of stock for
the firm, offered to either carry stock for
them at 20 or buy stock at %, Capron d Mer-
RAM to pay the difference due. This propo
sition was acquiesced in by number OF
other creditors present and paper was i'm
mediately drawn up and signed by most OF
the interested parties present, agreeing to
this mode of settlement; but some
of the creditors who had carried margins
down to 90 refused TO sign, and then COM
menced selling out of some stock under
rule; 500 shares were thus disposed of. Mr..
Capron saws misfortune was brought about
by treachery of those he supposed to be
friends, for whom he had agreed to carry
large amounts of the stock for 60@90 days.
When the market began to break this morn
ing the persons for whom he was carrying
the stock went into the market without any
notice to him whatever, and sold every
share they held. Most creditors are willing
10 make settlements on favorable terms, and
the firm expect to be on their feet again
soon. Messrs. Capron x Merriam are well
known on the street, and much sympathy is |
expressed for them In their temporary mis- |
fortune.
Sales of stock for to-day: 365, 900 shares, of
which 81, 900 were c. c. IL 1. c.; $4,000 West |
ern Union "a, 900 Union Pacific; 81, 900 Pacific
Mail, 25, 900; New York Central, 43, 900; Lake
Shore, "a, 900; Northwest, 900; st. Paul, |
Island.
The firm sent the following letter to the
Exchanges:
NEW YORK, April 20.
II. @. Chapman, President;
We regret to be obliged to announce that
we are unable to meet our contracts.
Very respectfully,
CAPRoN d MERRIAM.
Money was active late in the day, and rose
TO per cent, gold.
Foreign exchange was advanced this af-
.erneon by leading bankers to 81 Sc for sixty |
Jays sterling, and "a So for demand, but 81 IS |
and 81 SO are still about the rates for actual
business.
Customs receipts. S39900O.
Gold closed al 81 IA, after selling at 81 l41s |
md 81 1877.
Carrying rates, 1854.
Assistant treasurer disbursed $4,000.
Clearings, S25,000,000.
State bonds dull,
Governments firm.