The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-18

much out of sorts and doubtful that matters would
resume their proper appearance, and that stocks
would rebound from their sudden depression.
It was hardly questionable that the panic OF the
day previous had created very insecure feeling.
The market on the night before had closed
FEvERIsH AND EXCITED, 1
and men had left their ofices and gone to their
homes in state which poorer people could not
envy 1t was net pleasant for these gentlemen to
look upon the state of affairs and feel that at any
moment they might come to the same pass as the
house Of their more unfortunate brethren the day
before-that Is to say. utter ruin.
This was no doubt why the brokers came downs
to their daily labor yesterday morning in anything
but an easy frame Of mind, and once at work set
themselves busily to guard against disaster. After
the experience OF The day previous could tell
at what moment blow would come that might
PROSTATE them. There was but one word in every-,
bodys mouth and but wish In everbOdy'a
heart-money, ready money. Those who could
realize realized, and sat by their money In theirs
Golfers, ready for the danger which might Gomez
AS to those who could not "raise" on the spur OF
the moment, their feelings must have been any
thing but pleasant
WHEN THE STOCK EXCHANGE OPENED
there was rush to the arena. The excitement-S
while not nearly OF so intense a character as on the
day before, when unexpectedly the failure Of Barton
& Allen was announced, and stocks tumbled down
with a totally unforeseen rDsh-was very great. The
greatest nervousness was felt as to how the mar
ket would open. The more insecure Of the COM
pany ran around nom one group to another ques-'
tioning, guessing hazarding opinions and feeling
the individual pulses OF that assemblage which
goes to make up the money centre Of the Conti-
nent. The usual oracles stood round giving their
opinions while the smaller fry listened, but even
the dispositions OF these financial wlseacres were
towards the sensational and were rather directed
towards unsettng matters than otherwise. But
individual suTmise went really for nothing and il
was enly when the call began to be made that the
temper OF the Stock Room could be gagged. 1t was
then found that the market was great deal frmer
than had been generally expected and that is tenn
per was towards tie Use which afterwards took
place.
THE MONEY MARKET.
1t was only however, when the deliveries had
been safely made that the nervous ones were en-
tirey satisfied. Money began at Il to x, but de-
clined to iper cent. In the stock Exchange stocks
took decided upward tendency, and continued ia
be taken freely right along. The brokers began
locking to matters at home, making their settle-
ments and guarding against any untoward disas-
ter; for in spite OF the firm tone OF the market and
the looking up stocks generally it was not Alto
gether sure IN the minds OF operators that another
panic might not happen The market had made such
surprising soAersault the day before that it was
thought safe 10 guard against the most ualookes
Tor accidents. Fortunately the day passed without
any relapse into dependency and kept up bravely
in spite of the fears which were expressed among
some that the day was going to be a more disc
astrous one than that which preceded it. Had tae
market broken there is no telling the scene and
the results which would have followed. Ne doubt
the pancky feeling would have again taken possess
sion OF operations and have brought on calamity
! ia comparison with which the panic OF the day
hafn tunn
WHY MONEY WAS EASIER.
Both on the stock Exchange and on the money
OF money went dowa stocks went up. This was
due to very simple fact. The panic OF the day
the extent of about twenty-five millions OF dol
lars, ana very naturally the demand for money on
higher basis, which was demanded when stocks
were some per cent higher The money being less
mnch oreaIer rlt1 than has been tae case
In at least fortnight. This TACT, added TO the one
Wall street nom the country, where farmers have
needed 1t to make settlements, which are nov
over, are making 1t plentiful, and no doubt from
tins day forth there will be none Of the waillng
and gnashing OF teeth which have been so charac-
teristic OF the market when money has been high.
well known Wall street operator said yesterday
| TO the HERALD reporter:--l have not been Wiling
| to say anything while all this trouble has been
going on I; but now that II Is over must complain
/ or the ldiotic government which has Its headquar-
tiers in Washington. During time when the strin-
! gency In money has been not simply terrible or
deal to Wall street, but more or less to all mer-
! chants the Secretary Of the Treasury, who might
have renewed everybody by simply putting forth
| which have been addressed TO him. Following up
this same insane policy by the withdrawal OF the
three per cents, has been the cause that financial
men have been through one OF the most Trying
times have known. had tnere oeem , any heees1
could at least bow TO somebody else's opinions;
but the government has not even thought y worth
| while to have an opinion. There are sl00o0,000
in greenbacks now lying Idle In the sub Treasury
here, which would have brought relief; but, no,
. hn,t xhrcn nm IN
| that the country has not enough currency. 1t
wants more money. There are plenty OF values,
| but there IS not a hand TO hand equivalent To
represent these values. IL is at least time that
the new secretary OF the Treasury gave this matter
This opinion is not single one, but seems to be
shared by great many persons III tne stroes Us
Wen as out OF H. ANOTHER FAILURE.
During the afternoon the well-known banking
and brokerage house OF o. c.usnd n small eSce
! ment among the men on the street tnougn IL Was
nugatory in Its influences upon .ne T., nss, ra-
| spectacle and avoraby known. Mr. :. L. BroWneli
has always been known as man OF means ana and
tune outside OF his business as banker and
broker. lie was iavorite among his brother Sta s,1
| sympathy was expressed at his misfortune Mr.:
Browneif is generally understood TO have invested
n great deal OF money In real estate OF late, ana
! very probably the fact That he could not imme-
diately realize upon this was the cause OF his
HERALD reporter called upon Mr.. Brownell
during the afternoon to learn the cause OF the
| failure OF his house. Mr. J. l.. Brownell was not
| i'm at the time, and his brother received the re-
, porter, telling him that some person had
| called during the afternoon, representing HIM
sell as HERALD reporter, and that some Informal
ton mad been given him. This person was then
| pronounced to be an impsstor. The reporter then
| waited for some time the arrival OF Mr.. J. l..
| Brownell. The ONCE was quiet and no one could
i1 IN IT, An things we're in their paces
and what appeared to be customers were walking
about, discussing matters These certainly had been
| ri ~ tbpyW mr.
in low tone about their own altered fortunes and
about the altered fortunes of the house. They dd
| not appear to be greatly excited over the matter.
| Behind the screens the clerks were busy drivlng
their qulls full OF business and apparently As COM
L lnlo rr0r nv ntana Lane InA md