, 1874-04-21
An Exciting Day Yesterday
Among tho Stock
Spectators.
L Pool in G., G. g. I. G. Results Very
Disastr0usly.
4 Decline During the Day Of Over
10 Per Cont.
Failure Of the Firm Of Capron & Mer"
riam, Brokers Of the Pool.

Special Di.patch to Tie Chicago Tribune.
New YonK, April 2o.-Wall street was moro
u8itasod to-day than ut any timo Hinco tho panic.
Tho stock market has boon declining for days at
ratio that has lismayod tho bulls mud olatel tho
hears. The only reason TINT could DO found for
the decline was that tho bulls, being without a
lcador, were domoralizod. At the opening Of
business today, thero wore vigorous and owl
d,ntly aystomatic attnoks upon the market by
tho bears, but their efforts would havo boen ouly
partially successful had IT not boon for Tie full
Of the Columbus, Chicago d lndlann Central
Railroad. For months, they havo boon working
desperately to sustain its price, but llave boom
forced to witness Its decline. III order to carry
OBLIGED TO ponnOw MONEY,
and somo Of the lon1.s having boon callod to-day
they woro unablo to respond. Tho result was
that tho loanors thrpw thor collateral security,
market, and decline Immediately followed.
Tho firm Of Capron i Merriam, tho brokers Of
tho combination, who had been carrying their
stock aud making loans, wore, OF course, woak-
stock to tho firm, sent tl,e stock iii without delay
for payment but mot with no RESPONSE. It wns
soon reported TINT they had failod. at first this
was denied, but finally it wnB confirmed. G., q.
4 l. C. 0p0n'' at ps9Sfo ao'4 % oR e. to s0 'n0
Merriam has boen formed sinoo tho panic. Whom
tho Columbus, Chicago d Indiana Central
tn,,kors. They pur0baaed tho stock till tl1oy lind
about "a, ,00D alaros. The lond became very op-
prcssivo, but to avoid diaostor thoy had to up
hold it. They found temporary relief by turning
for cash, and bought back at d stipulated nd
vance, tic delivery to be maao thirty or sixty
days from the dato Of the transaction. BY tho
terina Of tho agreement, either party had tho
right to demand deposit Of 10 per cant to meet
the fluctuations OF tho market, When tho stock
dropped to-day, therefore,
HEAVY DEMANDS WE'RE MADE
on them, few Of Which tt1oy could nnswor, and
shortly before o'clock sent notice tu tho preBi-
dent Of the Stock Exchange tint thoy could not
meot their contracts.
WHO FORMED TUE pooL
is matter Of conjecture OIL the street, but 1t ia
strongly suspected that tho Directors Of the
Company arc parties in interest. The road is a
trail and Chicago l. Groat EASTERN RoadB. It
was leased Feb. /, 1869, to tho Pittsburgh, Gin
cinnati l. st. Louis Railway Company, and by
them to tho Pennsylvania Company The cap-
s2s,55o. ia floating debt. o.574, and cost Of
road, S37 OH, 717.O .O2. Tho bonds Of tho Company
arc egardod fairly, but tho ntocis hns always
boon looked upon us fancy, and without basis
THE USUAL TROOP OF nuaIons
followed tlo broak in. Three bauks were named
Us seyoro sufferers through having loaned hcnvi-
story was TINT Col Tom Scott, Of Philadelphia,
was understood US being. in tho pool, aud that
his notoH had gono to protest. Another had it
that tho Central Pacific Railroad was endeayor-
ing to effect IN arrangement independent of the
Pacific A1nil line whereby 1t could get tho ovor~
land freight by tho now English line Which
is to ply botwoon sen francisco and
China. Still another was to tho effect
that tue combination botween tho Pacific
Companies would not be conannmntod Inquiry
proved the atory about tho banks without foun-
dation, as WINS that to tho effect that Tom scotts
notes had gone to protest. Tho combined cHect
of tho break in G.. G. i I. c., and these ru1nors
waa to CAUSE decline Of from 70 per cent
throughout tie general list.