The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-24
THE VETO IN WALL STREET.

Tumble I'm Stocks and = General cum
loading''-What II Thought OF the
Veto by the Bulls and Bears. tan
The Presidents veto OF the Four Hundred Million
BILL which threw the brokers OF the lnnation order
into such spasms OF agony on Wednesday evening.
had apparently an all-night effect upon the ma
jortty OF them judging from the sleepy looks they
wore yesterday morning and the early hour at
which they appeared on the street. There was no
DENYING the fact that almost every one Of the
operators was in feverish state Of excitement
those who had been loading up for weeks past in
anticipation OF the Presidents signing the BILL as
well ~ the shorts, who were anxious, In the GER
tainty that prices would open at q decline, TO
proft handsomely in the near future by the gen.
eral tumble OF the Gay.
Hours before the Board opened for business the
street was alive with the bulls and bears, who,
assembled here and there In groups, discussed
THE PROES AND C0Ns OF TIE SITUATION
and the probable erect on the market. When the
doors OF the Exchange were finally thrown open
there was tremendous rush to get In on the part
OF the crowd. every one maniGesting as much
eagerness to pnsh and crush each other into pulp
In order to be or the nrst In the room as though
failure In the attempt would forfeit hts life. 1t
would be quite impossible to describe the scene
that ensued when everybody who had the right to
get In the Board succeeded in securing standing
room. Everything was confusion. and the ex-
cited brokers made it worse confounded by their
discordant yells, their calls and shouts and the
Wild gesticulsttons they INDUCED In while en-
dcavoring to make themselves seen AZ we'll as
heard BY Others whom they desired to transact
business with. The general expectation that tho
market would open with lower prices than were
quoted Wednesday afternoon, and which was
made all the moro positive by the DEAL
ings had at the Fifth Avenue Hotel that
evening, was fully realized. A decline OF from u
to 81 along the entire list occurred. Wabash fell
nom llx to 49, and Northwest from l6k to ~
Central alone stood nrm. The dealings entered
into were really tremendous. those having long
lines Of stock a. wen as the bears apparently
vying with each other to create
tN BEARIsH FRRLING ALL ROUND M@
That they succeeded admirably the general fall in
stocks and the tumble gold took &C arst touching
as low at one time as ll2X. amply proved. This
effect upon gold, however, IL was asserted by some
was not SO much the eject OF the general feeling
caused BY the veto rs by the announcement that
the May interest due on government bonds. with
ont rebate. would be prepaid on Saturday next
At any rate 1t was quite plain during the day
that three or four parties who have been
! eading bears for long time past had .
great zeal to do with the pulling and hauling the
stock list received, and the bearish tenderness
created on all SIDES. Tho transactions, IS has al
ready been said. were really enormous during the
forenoon especially, over 10000 shares OF Western
Union being sold, 13,0O0 Lake shore, nearly 1900
Northwestern over 5000 Pacific Mall and ll,ooo
Union Pacific before twelve O'Clock. Later In the
day the feverish state OF excitement which
everybody was In gradually subsidized and . nrmer
tone prevailed.
1t was quite dinicult matter during the trans
actions az the board TO obtain any one OF the oper
THE PRoBABLE FUTURE EprEcrs on rusE VETO;
TOT eacn one was too bent upon his owl individual
business 20 give heed to anything but what re-
lerred 70 MS own unloading, or loading up. How.
tax with several operators wen known
on the street, and also with one o.
the ieaalng directors OF the Bank o.
be candid enough with you ~ say that Ut one
time did think that the President ought 10 sign
deliberauon and studying the matter seriously