The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-19

III soHc respects, was as trying one TO the nnan-
cial mind as the two days which preceded it.
Things were unsettled to q great extent, and
much distrust was felt all the street. on the
WHOLE however, it might be termed an improved
feeling were it not that every man distrusted his
neighbor more or less and sought security In @
prompt adjustment OF accounts
THE MONEY MARKET
on opening, was tight again, and many loans were
erected at such interest as 316 to q, under the
fear OF the settlements to be made In the afternoon
The anxiety to get money was as strong as ever.
and this accounted Of itself for the tghtness which
was felt. AS the day wore on, however, the mar
ket declined, till towards evening some loans are
said TO have been effected below the legal rate.
THE STOCK EXCHANGE
was also the scene Of great activity, and at the
beginning Of the call 1t was found that the market
had become less feverish than the evening before,
and there was continued upward tendency.
At an early hour, however, 1t was announced
that the firm OF Lockwood h Co. had suspended.
At the time the announcement caused a decline
generally, but as soon as it was reported to be
bear and not bull failure q reaction set in and
the higher prices resumed their sway. 1t might
have been supposed that some little excitement
reigned in the street at the announcement of the
failure Of house once so famous as that OF Lock
wood Il Co., but strange to say, the announce
ment was received with considerable Indifference,
and men when they met simply mentioned the fact
to each other in passive sort Of a way as bit OF
stale news which possibly subjected the man who
gave it to the mputaton OF beng bore. The
failure. therefore, was devoid OF all sensational
bearing as well as ofany influence on Change 1t
perhaps, however, made men look after their own
concerns little more closely than they had done
before and for the moment made business matter
OF little more vital Importance than IL Is to men
in Wall street at all times but there was great
talk about the matter, and q very small amount OF
sympathy shown. Perhaps this was owing to the
times, for when times try mems souls they have
but little spare feeling to sympathzc with others.
The house OF
LEGRAND LOCKWOOD co.
is one OF the Oldest in the street and one of the
most respectable. 1t was established IN 1912 and
was managed for many years by the late Legrand
Lockwood and Henry Keek. 1t prospered and
those two names were amongst the most wealthy
In the street. When the schism OF the open Board
of Brokers crept into the street, and OLD George
Henriques went around from one to another
soliciting them to secede from the regular Board,
Lockwood a. Co. was one Of the first, by its
presence, to lend strength to the movement. The
house went on in this manner prospecting, and
when the coalition was formed 1t went in again to
the Stock Exchange.
Then came the dire, dark day known so well in
financial history .'Black Friday" and here after
battling against the terrible movement, the fine
old man, who had borne such an unsullied reputa-
ton for q quarter of a century, had to give in to
the pressure and announce his suspension
Legrand Lockwood, however, endeavored to re-
habilitate himself, and succeeded far that he
made q settlement to his ere editors and resumed
business and was rapidly recovering from the
blow which had struck him when came a sudden
attack of pneumonia, from which he died. but
many said 1t was broken heart more than any
thing else which killed Legrand Lockwood. Since
that time the house has been managed by the sons
|, OF the deceased gentleman and on the basis OF
settlement which he had made. 1t Is true the
firm never assumed the same Importance in Wall
street affairs as IT had done, but was doing wen
until the sudden suspension yesterday which was
quite unexpected.
INTERVIEW WITH MIR. LOCKWOOD.
A HERALD reporter called upon Mr.. Lcgrand
Lockwood the son OF the founder OF the house and
the principal partner shortly after the failure had
been announced, and had an interview with him.
Mr.. Lockwood was very willing to state the causes
which led to the disaster, and SAID he had nothing
to conceal.
Mr.. Lockwood" said the reporter. (Which gained
great credence, and which gave 1t to be under
stood that your unfortunate speculations during
the past few days led to the suspension"
II know what you mean," rejoined Mr.. Lock
wood. ~ have heard the report and read 1T in one
OF the evening papers, that was long OF stocks
aud when the decline came l sold out and went
short Of them, thus losing doubIy by the sub
sequent rise. This can state Is totally I'M
true. The recent panic and operations in stocks
have had nothing to do with my suspen-
sion. The two causes which have led to the
failure on our part to meet our engagements have
been the stringency In the money market during
the past few months and the excessive stringency
ments on the former failure alter Black Friday.
We have been clogged In our movements by these
se ana oa nsa 70 pay out money constantly
you how hard money has been to get. As Tor my
self found 1t perfectly impossible to get 1t inside
was no use my continuing TO pay ons-half per cent
day, at the rate OF $50 per cent per annum, for
money. have done 1t until found 1t was only
MAKING MATTERS WORSE
for me. ! have values which are worth money,
but on which 1t was impossible to raise cash"
IL understand you to say, then, tnat you needed
money all the time to pay or old calls OF Indebted
ness, ana that you could not get this money'n
accounts was all the trouble, not In the new.
These were all right and very prosperous, II the
bus Of the old debts upon it we might have ac-
cessfu."
'Did the fall m stocks and subsequent rise not
hurt YOU at ali ~
mo, not to great extent Only to a trivial de.
gree and mainly with eur customers who have had
margins with us. with these the constant paying
out Of interest for money has been most severe"
What hope have you OF resuming :"
ave have not the slightest idea how matters
will turn out. You see we must FIRST see eur
creditors and find what arrangement they are
''liave you many depositors ~
"Oh yes, g0odly Dumber.n
ado you know how much you had on deposit ?"
81 really cannot tell, not even approximately.
Their loss VIII not be severe, for we hope TO be able
to settle up on good basis.n
'Have you seen any OF your creditorsS"
"Yes good many, and they have treated us
with the greatest kindness and consideration.
They have shown us, indeed, great sympathy. But
what arrangement we shall be able to make with
them cannot as yet tell. But please bear In mind
the one fact that 1t Is not our speculations which
have caused our faurc.r
ANOTHER INTERVIEW WITH MIR. j. l.. BR0wNELL.
The reporter called upon Mr. J. l.. Brownell dur
ing the afternoon to hear any further news he
might nave to tell as to his failure. Mr.. Brownell
was In much better humor than the day BEFORE and
was smiling very pleasantly when the reporter en-
tered
'.You seem to have improved prospects to-daysr
said the reporter
'.oh, yes; think matters look very favorable for
me. had thought, for one thing, yesterday, that
my failure was worse than IL is. In the hurry OF