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

acsers (ana IN TINS other persons fully agreed.
Board do Of brokers' with the present Stock Ex
change Mr. Brownell was the Vice President OF the
~p'A INTERVIEW WITH MR.. BRowNELL.
At length Mr.. J. L. Brownen came IN. He IS z
tall. rather slim gentleman Win Dion ne snort
beard and humane, open expression OF counte-
known pictures Of Henry ~. Of France. At the
~ should nke,n said the reporter, ito obtain for
the HERALD an exact statement OF the facts Of
"And am quite willing to give them. y answered
Mr.. Brownen 81 simply found to-day that could
"But the causes OF the failure; what are theyr'
,Queried the reporter "Were they in any way at
Sss 70 sse pane o. 81 The move
ment yesterday was totally unexpected to me, and
i was not prepared for It,"
mo. no particular one; was generally loaded
did not specuate-but for the accounts OF others.
Last night had anticipated this, and
i ENDEAvoRED TO GET STRAIGHT,
but the men went to were pretty hardly pushed
You see, 1 have many customers who live at
great distance from here, and either had no
time mi with then Of aey or haa mot
These customers margins on investments were
not sufficient to cover the break During the past
1ewweeks, when the stringency in the money mar
ket was 80 great, had to pay heavy rates
every now and then to carry their stock through,
so that when the panic CAME many OF them had
but very small margins. Since the 1st OF March
have had to pay out $50 900 on interest for money
customers would remit me small sums to make up
for their interests on oans, but In the main they
were not sufficient. and when the panic came l
could not stand the impetus and had to sell Out.n
..What win be the extent OF your labilitiesgn
'sThey will not be very large. My own liabilities
$4,000 In fact am sure they won't. When l saw
what was coming ! would not hazard any more e IN
what could DO in making settlements. In this
way arranged all my Indebtedness In the street
see OF, outside there are aepcsitors they have
far shown me great courtesy ana nave not presseu
me hard. do not know as yet what my laDiiiI,ss
to them will be. But 1t Will be all right assure
AM WORTH HALF A MILLION
collars outside OF my business and can ultimately
meet all engagements The trouble was that
could not realize upon what own so suddenly
Had l been able TO OF course should not nave
;Iaed.n
.'Do you expect then, to sson resumes"
stCcrtainly II | am not too hard pressed / shall
probably resume inside OF Jour days. Just as soon
as can see how really stand II these gentlemen,
directly open my DOORS shall resume in four
days and all will be right. This is only temporary
embarrassment, but one for which deeply sorrow.
tell you that this morning telegraphed for money
to banker who lives at a distance Il need not say
to answer at once. have received no answer.
! suppose it's because the wires are down
who would come to my aid and answer
Immediately were he able. / don't know any other
an answer OF course everybody in my circum.
stances says something like this, and give
'cases, but assure you what say is perfectly
Several of the creditors whom the reporter saw
expressed entire confidence 10 Mr. Brownelrs
ability to make his contracts good.
$500 ANOTHER INTERVIEW WITH MR. BARTON.
The reporter subsequently called upon Mr.:
Barton. oil the firm of Barton II Allen, which failed
on the day previous to learn some further partCu-
lars Of the suspension. Mr.. Barton was quite COM
said that his liabilities would foot up to something
between $250,0oo and s3oo,o00 They would not be
under the one nor over the other.
slave you any prospects OF reSumingW asked
the reporter.
at all depends on how am treated in the
street. Brokers are not usually hard upon each
other In such circumstances as these. My
cresitors knew very well that did all could to
blow OF the kind that dent suppose they will
make matters very hard. II they allow me to re-
but II they force me out Of the street they know
that the chances are as nothing; that they Will
never have the money owe them, for man who
has been leng in this business is not likely to
coed In any other. | have been seven years
member OF the Stock Exchange, but my partner.
Mr. Allen, had only belonged to it for about three
1Have you applied to Commodore Vanderbilt for
s'He has not signined any willingness to come to
our support and he has not been asked to do so."
We're the stocks you specuiated on all on your
'No. The real cause Of the failure on our part to
meet our engagements that we were heavily
loaded with Union Pacific, and not on our own ac-
count. Pray, remember that it was not on our own
account. 1 don't want to say any thing further on
that point, however,"
chow late did you speculate for the Commo-
dore ~
up to within a few days we have had an &C.
count for HIM. The story or our mourning his dis
pleasure by reason OF specializing is not quite true
He knew we speculated on our own account-at
least he said sou
sThere is great deal of sympathy for you in the
street. said the reporter, about to 60.
'There ought to be, answered Mr.. Barton. "If
the inside history OF all this could be tOld-which