, 1877-04-12
NOT PREFERRED.

Northwestern Stock Takes n Big 8hoot
Downward. ami Host OF speeuissors
Find Themselves with More Than Gem
&eel sufaol4ncy OF the unsatab1s Etun on
Thur Annda.
Epeesai Dfspdieh to 7n4 71sune
NEw YonK, April 11.-ln lh editorial on Walt
street, tho nnsts will aay o.morrou: ''ranlc b
rather too strong term 10 apply to yeaerday's ex-
pcriance On Wall strcet. Thero MAS exotic.
ment, and o marked fail In prtces
OF certaln stocks and bonds. That
WA ali. Tho persona excited mud
arc heard Ut nowadays In the vicinity Of The Stock
Exchange. Tho events Of the preceding day should
hare satlened oil but tbs uostobtusc amongst them
that mischief Hna in tie nlnd. One Of the ehas-
actetistfcs Of tho locsty, hownyer, IL tndiGer.
cnco 70 symptoms prolnonltoEy Of evil. and pues-
lie surrender To the powers OF evil when It actualy
comes. Anything like an honest appreciation Of
values appeared no longer 10 exist. Inventors
hAre been I'll but driven from tho Market and tho
gamblers carry everything their own way. Only upon
this hypothesis il It possible 10 realize the wreck
which occurred In some stockH and the damsgc
done to many others. Ths suspension OF singo
hrm Of brokers, Of, Hlots correctly, the announce
mcnt that two or three Of thclrrrinclpat customers
had refused to respond to the demand Tor
IN increase OF margins, produced tremendous
tumblu Ii tho Northwestern stock. Tho cohBost-
sected, and the stocks Of other companies which
known derive thelr strength from speculative
combinations suffered propottionAtely. Every.
body engaged ID tho margin busiaesa WAS frighten.
Cd. Il IL Atrcacheso1a An1 dangerous business tho
beat and when the ptops gtso way the fabric
topples over. That was tho case yesterday. For
reasons Of thclf Influential operators left the
Northwestern 10 itA fate and - this stock Is. and
htmsys has been. speculative, with no rall basis
OF value, there wks nothing to hinder its fall.
inventors could not bs tsu,pted to grasp 1t that
which Ia intangible, and tho spoculatofs, who are
slteEu1tely braggarts and towards, succumbed
to tho pressure. And tha Il what thu panlc Of
yesterday amounted 10. Its most obvious moral
hardly need to 10 thought afESnh. Tbs faith OF
prudent people In Wall sttest Il gone. They pre-.
fer IN Improbable rntentiou Of capital 10 it, en-.
ployment In transactions which p1aes them At shs
mercy OF uJssorlously. managed corporations, OF
Of specnlatots 10 whom conscience il equally IN.
known"
A large number of prominent brokers gathered
1t the Windsor Hotel this evening, and tho oycnta
Of the day wcro freely discussed. II was tbs gen.
eral Impression, especially among those supposed
to be most Intimately acquainted With thu recent
transactions Of tho onicoss Of ths Delaware lIud.
son and Delaware. Lackaranna d Western Com.
pantts, sha. Tho report regarding tbs
action Of tho Delaware d lIpdaon Of.
hcials was substantially true. and that
I II IN application for Receiver had not already
been Ia1 II w2s only becanae the oacess were mol
yss shors OF much stock ~ thoy desired to he
Ltfcra making the llAttrr known. 1t IL knUHn
that SONS OF the banks held large amounts Ut the
| stock Of tue Delaware uldton, Delaware, Lack.
| swanna i Western, and Northwestern and Rock
IslHnd Natlroa4s, and the 'bonas OF thu Morris
and other slmilaE SECURITIES cullAtoEal. and e1n
siderable appEehenslon ie expressed - to tho atil
ItY Of tho banks to bear the recent hcary drpEcca
lion III these securities. II being generally UNDER
stood that the companies and other hotf0wEls aFt
unabis 10 put 10 additional matgiun. AptoMIneu
banker says he hss no apprehension ot = genera
| panic Ut present, aud thought h!s Views
did not differ materially from thoee entestainse
By larsa maturity Of tho .ub.tankls
bankers Of tbs city. In most eases ths hanks hat
either n,atntatusda large margin on this claa. .
collateral. There might be cAses In which esreaI1
| banks and Other pt9ntuent financial anstt1utloal
would 4ufar acs!uaAly Oh account Of the very hesF
dtptec!At!on Ia tic securities mentioned. but thcl
| would prove tho exception u tAs rule, and meth
tuu like a panic wat consequently tu bc expected
| Regarding John Z. Tracy, 1t IL reported that b.
IL III With paralysis 1t thu UlIssy House. Anothr
repurt places hin, In Philadelphia with oFa!u dls
ease. liz has large nu,vuns OF n.onry lied up Y
ths Elevated Jsairoad. whlch IL one reason Tor hi
tnnbiily ~ meet tho decline IN tue stocks In whic
VI: l.. Scott dcnlts kenncd{'e charge that be !!
partly responsible fot kcnne1y's failure. and asy
The latter held no stocka OF any kind to h!s nc
count. lie calls Kennedy scouudfal, aud Az
heunedJ owet hlm 4l5, UOQ Ia cssh ana $5u, coo It
bonds, wlila ho owes Kennedy mol share OF st0e
or ccnt. ar. Trscy'a ti!ness IL stld to ha II
esnas Of h!s eabsrssstnenn.