New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-18

WEDNESDAY. Sept. l7--P. N.

There was a dreadful sweeping away of stock
margins to-day the depreciation covering the entire
hist and showing decline from the closing quota
tions of last night 10 the lowest points reached to-
day of from to per cent. and averaging about p
per cent The Vanderbilt shares were well supported
by their friends, but nothing could stem the down.
ward current. Central and Hudson declined l per
cent Lake Shore ! (; Western Union, 3; Harlem, -
Erie l.; Pacific Mail IL Ohio and Mississippi, II;
Rock island q st. Paul, 81 Hannibal and 81 10
seph. g.; Wabash. Sc; Northwest 7s, and fanaila
Railroad per cent. There were ABOUT @s,V
shares of stock changed hands to-day OF wmch
81 600 were Western Union. 81 700 Rock 1sanu o0'~
Pacific Mail. $1,000 Lake Shore, 10000 Toledo anu
Wabash. 1900 each of n. Y. Central and Union Ia
ci6e and about 10000 of all other shares Ahere
Wa rally toward the close and considerable Tt
oovery from the lowest prices as VIII be seen oy our
table of highest and lowest There will no doubt be
a general overhauling of brokers ledgers tonight,
and the mails will go freighted with letters call
ing for more margins. OfcouTse, many may be unable
or unwilling to respond in which case their stocks
will he forced upon the market and sold for what
,bev will fetch. the tendency of which win be to
still further depress prices. As was toreshadowed
in this column a month ago. numerous causes have
been operating in favor of the bears Every failure
of a moneyed institution, every defalcatiOn, every
protested note of magnitude gives additional i'm
petus 70 the downward course of prices. COnserya-
tive men stand aloof while so much danger sur
ronnds the centers of business The banks are hold
ingstheir money! fast for their own protection,
and next for that Of legitimate trade that the wnoie
business of the country may not be demoralzed for
the sake of a few wildcat railroads and wildcat
bankers who lend their name or their cash by the
million to companies that have immediate re-
sources. AS we have before stated il will require
the utmost caution the part of leading capt.
talists and heavy security owners to avert panic,
and perhaps crash like that of 1857. The mines of
capitalists and operators are surcharged with dstrust
and the air of Wall-st with rumors started gener-
ally in the bear interest of failures defacation and
of disasters dire witch renders it all the more
necessary that the cool and clear heads should
come 10 the front and take the direction
of affairs. The street. already in tremor
of excitement from bygone troubles found a new
source of anxiety to-day when it became known
that the New-York and OswegO Midland Railway
Company had come 10 grief its paper having been
dishOnOred more particular account of which VIII
be found in another column. This information
caused wild and eager desire to get rid of stocks,
and holders rushed their shares on to the market,
bound TO realize at whatever hazard of loss, con-
tented apparently, so long as they could see that
their securities represented something in the way of
value; and the result such a tumblng in prices
as we have already described Although better
feeling and higher prices were established toward
the close as some of the shorts began to cover yet
the general market left off feversh and demOralzed.
The opening highest lowest. and closing prices of
ac+tve stocLs aold to-dav were aS follows.