Carson daily appeal. [volume] (Carson City, Nev.) 1873-1877, 1874-04-22
ANOTHER BLACK FRIDAY.

One iy one the arguments, hard
earned and hard wrought. and charged
up agains: the dreary account OF diSas-
.rous experiences, give IS an insight
into tie enormous. wearis0rCe fo!i!es Of
o fictitious financial SYSTEM theory
and = proxy in place Of the actual. tan
eibie thing which We know hy the name
ot money. We don't believe. with Sen
.tor Jones. that this government could
have SUSTAINED: itself and won It's ul'i-
mate and crowning victories OF var ana
peace without that hasty-mafie suhSti-
tat. for money, the greenback note; but
we do believe that the eziscncy should
not be fallaeiously and spociousiy pTo-
,oDced, even to the driving of gold ana
silver on. OF the markets of the East
and cat Of sight and mind. HGcksteTs
lave no business with the terms ard i'm
,.ements of loyalty and honest patriot
.sr.,; and the small inanciers who have
cone to head in the no. altogether wise
and iudicious person of Oliver P. Nor
ton ily in the face of o safe and sound
political philosophy when they demand
Al enlargement of the bounds OF our
war script. IS ger,naue to this question
US quote IS follows from the dispatches:
NEW YORK, April 90.
Tbi; has been au eyentiul day IN Wall
street. The day opened with the failure
of Caprcn l. Merriam ard the Columbus.
Chicago and Indiana Central Railroad
pool. and vas followed by an event
which precipita:ed panic or the Stock
Exchange. The failures above noticed
we're followed By various rumors. all of
which tended to disturb confidence and
unsettled matters generally. There was
a report that a railroad and steamship
var was likely to result from the inabii-
ity of the Pacific Mail, Panama and
Union Pacific TO agree upon some AMIGA
hle freight arrangement, and that the
Central Pacific was about concentrating
an agreement with an English company
to nut on an opposition line of steamers
between San Francisco, Japan and
China. All these facts and rumors
caused an enormous pressure on sales
on the street and in the Exchange, and
prices declined from one to ten and Ave
eichts Der cent, the Columbus. Chicago
and Indiana Central leading the down
ward movement At one time during
the afternoon there was a rally Of from
one-haH to two and half per cent, but
=, the close the market was heavy and
lover again. Money was held at from
four per cent. for currency to seven per
cent. for gold, and some vague runners
that several banks were in trouble caused
= define in stocks and disturbed seriously
the margins of the weaker class Of spec
ulators. and large sales for their account
belped to depress matters. Ever since
the September panic Capron Il Merriam
have been carrying large amounts OF
Columbus. Chicago and Indiana Central.
stated as high as $4,000 shares. For
6ay or two back rumors have been in
circulation to the effect that about 20 600
Of these shares had been hypothecated
at the German American BANK and In
consequence of change of manage
nent in said institution the loan had
been called. and that Capron and Mer-
RAM were not able to respond. Under
pressure of heavy sales the price declined
from 500 to 90 and in rhree hours from
the commencement of business $4,000
shares changed hands. MIR. Capron
saws the misfortune was brought about
by the treachery of those he supposed
friends, for whom he had agreed to carry
large amounts of stock for sixty and
ninety DAYS. and when the market began
to break this morning the persons fer
whom he va carryin. the stock went
into the market without any notice to
him whatever and sold every share they
held. Most of their creditors are will
ing to make q settlement on favorable
terms and the firm expect to he on Their
feet again sooD. CaprCn Merriam are
well known on the street and much svru-
patty is expressed for them in their
Temporary misfortune. Money was ac-
tive late in the day and rose TO 2 per
cent for gold. Foreign exchange was
advanced this afternoon by leaking
bankers to 4 Sc for 60 days and 4 80 for
demand, but So to IS are still ahont
the rates for actual business. Customs
receipts were 1896. 900. Gold closed at
IA after selling at 1879 "a Az: carrying
rates 2 q So. The Assistant Treasurer
iishursed $34. 600; the clearings were
SIS, goo; State bonds dull; Governments
firm.