Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-04-21
NEW YORK.
A "Semi-Panic" i'm Wall Street.
One Railroad Stock Loses 33
Per Cent. of Its Market
Value.
The Whole List Seriously Af-
fected.
The Day Closes GIOOmiIy, with Eu.
1nOrs of Ranks I'm TrOuhle

The Day Closes GIOOmiIy, with Eu.
mOrs of Banks I'm Trouble.
NEW YORK, April 2O.-This has been
an eveutful day in Wall street. 1t opened
with ;he failure of Messrs Capron y Mer-
riam and the Columbus, Chicago and In
diana Central pool and this was followed
by events which pFecipitated panic on the
Stock Exchange. The failures above noticed
were followed by various rumors, all of
which tended To disturb confidence and
unsettle matters generally. At one time it
was currently reported that Philadelphia
railroad official was unable to meet his
notes, but on inquiry proper sources failed
to sabstantiate the rumor. This was fol
lowed by a report that President Grant
would Sigu the Senate currency bill, and
that Comptroller Knox would Immediately
issue instructions to National banks, re-
quiring them to call home their legal re-
serves now held in redemption cities in ez-
cess of the amount required under the new
law. Then came a report that a railroad
and steamship war was likely to result from
the inbility of the Pacific Mail, Panama
and Union Pacific To agree upon some am
icable freight arrangement, and that the
Central Pacific road was about eOnSummat-
ing an agreement with an English COmpa-
ny to put on an opposition line of steamers
between San Francisco, Japan and China.
All these facts and TumOrs, mentioned
above, caused an enormous pressure Of sales
at the Stock Exchange and prices declined
from Il TO Il per cent. Columbus, Chicago
and Indiana Cenirals led the downward
movement and declined from 30s to 20;
Pacific Mail was the next weakest stock
and fell from 43 to 3Sss; then came Panama
which dropped from l05 10 10l; Hannibal
and St. Joe was next and declined from 30s
to 265 for common and from 30 TO So for
preferred; Wabash was also very weak and
fell of from AZ to 4l.; Northwestern and
st. Paul common stocks were freely press
ed for sale in consequence Of the prospect Of
the new railroad legislation West being put
into operation, materially reducing the pre-
sent tariff of freight; the former declined
from 505 to 47s and the latter from 40s to
3Ss; Western Union dropped from "a. TO
T1i; Lake Shore from 7jt to 73t; New
York Central frem 9S to 96.; Erie from 37s
to 50; Rock Island from 90l to 97s; OhiOS
from 29s to 26i; and Union Pacific from
34s to 33. At one time during the after
noon there was rally Of tO "a per cent,
but at the final close the market was heavy
and lower on a sudden and sharp advance OF
money from per cent currency TO Z per
cent gold and some vague rImors that sew
eraI banks were in trouble, and the heavy
decline IN stocks to-day disturbed seriously
the margins of the weaker class of sIzecula-
tors and large sales for their account helped
to depress matters on the Stock Exchange.
Every since the September panic Capron *
Al lofr
of G., G. x |. c., it is stated as high as pa
OO9 shares. For day or two back rumOrs
have been in circulation TO the effect that
about 10000 shares had been hypOthecated
at the German American Bank and in con-
sequence of change Of management in
the said institution had been called and
that Capron and Merriam were not able to
respond. Under pressure OF heavy sales the
price declined from 305 to 20, and in less
than three hours fTom the commencement |
of business $1,000 shares changed ha2ds. |
A large number OF the creditors went to |
the office Of the firm seeking a settlement !
and after considerable talk rs 10 The man |
ner Of the same, prominent broker who |
had been carrying 4 large amount OF stock |
for the finn offered to either carry the stock |
for them at 20 or Capron x Merriam TO pay |
tho difference due. This proposition was /
acquiesed in by number Of the creditors |
present and paper was Immediately drawn
up and signed by most Of the parties in |
terested agreeing TO this mode Of settle |
nent, but some creditors who had carried |
margins down to 20 refused 20 sign and |
then commenced selling ont some stock I'M |
der rule; 10000 shares were thus disposed |
OF. Mr. Caprnn says this misfortune was |
brought about by treachery Of those hes sup |
posed friends, for whom he agreed to carry |
large amounts Of the stock for sixty ard I
ninety days, when the market begin TO /
break. The persons for whom he was car
rying this stock went into the market with |
out any notice TO him whatever and sold |
every share they held. Most creditors are |
willing to make a settlement on favorable
terms and the finn expect to no on their
feet again. AEessTs Capron 4 Merriam are
well known on the street and much SYM
pathy is expressed for them in their tenn
porary misfortune. The firm sent the fol-
lowing letter TO the Exchange:
NelC York, ApsH 20.-H. G. Chapman,
President: We regre. TO be obliged TO an