The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-04-10
THE WALL STREET LOOKUP
THE MONEY MARKET STILL TIGHT.
A Card from the Ursa Major,
Dan Drew.
Something About the Usury
Laws.
~~~~~-~->-~<>>~-~~-
General Sentiment on the Cues
tions Involved.
INTERESTING PROCEEDINGS IN THE COURTS
INTERESTING PROCEEDINGS IN THE COURTS
The Charge Against the Bank
Dism Used.

The failure the proceedings IN Court against the
parties accused or withdrawing for unjustlnable
purposes, several millions from the ordinary chan
nels OF trade and speculation the great feature
OF the Wall street lookup sensation yesterday. or
course every one SAID that this was exactly the re.
suit which they had individually expected and pre-
dcted and, 1t must be confessed, that In the vast
majority OF cases the claim was a just one. Even
on Saturday, when Indignation was loudest ana
most camorOus, and when the bulls were still
smarting under the sense or loss there were
but doubtful hopes expressed by any one that
the Courts would successfully grasp the guilty oper
aors. Indeed, the entire matter fell clearly beyond
the pale OF legal crime, though perhaps there were
many who regarded 1t Us involving great moral
wrong.
But whatever may be the status OF the action of
Messrs. Gould, one gentleman, VINO has been vehe-
| mently accused of completely with them, was pro-
voked yesterday into issuing card to clear him
self from the reproaches and abuse with which he
had been overwhelmed. This was no less notorious
bear than Mr. Daniel Drew. and his letter is as
follows:-
NEW YORK. April 8, 1872
The persistent attempts Of designing parties to my
with the withdrawal of money from the legitimate channels
as as 10 nee 10 the
rule Of my business life and TO answer over my own sigma
stSe public
state that have not directly nor indirectly drawn dollar
life have charged received than cent
Upon the contrary am myself largely interested in stocks
spectfal i p-' N'N''' '''SA '''' '' b. DREW.
This shows pretty conclusively that the drlft OF
popular sentiment Is against the morality OF lock-
ups, and, this established, The ingenuity OF the
lawyers or OF the United States authorities can
doubtless discover some means OF preventing such
operations.
H. was noticeable yesterday that there was o
great deal or quiet discussion in regard TO the usury
laws. These restrictive measures were very freely
handled and were generally denounced as unwor-
the very object for which they were originally
framed-that is to say the protection or traders and
SPECTATORS from the greed and avarice OF unscru-
ut was ali very wen in the Middle Ages" was
said BY more than one gentleman waO figures Oc-
casiOnalty as borrower, "when there was no sucn
thug known political economy, Tor legislators to
suppose that by limiting the rate OF interest they
know that money Is just as subject TO the laws OF
supply and demand as any other article OF general
viii compete for capital aud can afford to pay high
rates because they get nigh profits. !. As
make It an Illicit and punishable trans.
action to get The full value OF accumulated
tain a very low ngure~seven per cent. Consequently
respectable men have 10 retire from the field and
ae Business o 70 M
teenths and eightns and sometimes even rises to
nearly two hundred per cent per anuum-a price
altogether and absurdlv unnaturaLu
However the problem OF futute lock-ups may
be solved. the men who nave started the
present one show no signs OF relinquishlng
| the policy which they have adopted. Their
money still languishes IN frutless idleness at the
bottom OF their pockets, or in the recesses or their
safes, and the wnoie commercial world OF New YORK
gr0ans with distress. Yesterday the market was
Still tight. ana 1t must be uphill work for the bulls
TO stagger along with their stocks the Interest eat
ing up their prospective profits before they are
earned. It IS confidently predicted. however that
n
existing trouble and restore to the street the luxury
OF cheap money.
Close Of the Case in COmrt-A United States
District Attorney ut FauIt-The Charge
Dismissed.
The investigation into the charge against the
Tenth National Bank OF this city OF blocking up"
United States and national bank notes was resumed
yesterday. before Commissioner Davenport In the
Grand Jury room OF the United States Courts, the
little sanctum OF the Commissioner on the second
floor being found too small TO accommodate the
large number OF legal gentlemen engaged in the
case, and the immense array OF journalists VINO
attended TO report proceedings tor the evening and
morning papers. Mr.. Jay Gould was among the
spectators Mr.. David Dudley Field. Judge
Edmonds and Mr.. W. Ii. Fields appeared as coun
sci for the bank, and Mr.. A. II. Purdy for the gov.
eminent.
LEGAL CONTROVERSY
Mr.. David Dudley Field--Let me see the affidavit
on which this complaint IS based.
Mr.. Purdv-It is up stairs.
Mr.. w. Ii. Fieds-We have q copy OF It.
MI. David Dudley Feld-This Is an aii davit made
by MIR. Purdy. We ask that Mr.. Purdy be put on
the stand as the first witness.
Mr. Purdy-An affidavit IS proper when pro-
ceedng or this Kind Is instituted, and know or no
rule authorizing that the party making 1t shall
examined.
Mr.: David Dudley Fleid-r desire to cross,examine
Mr.. Purdy.
The commissioned decline to allow Mr.. Purdy's
examination now. He may perhaps DE examined
alter ne has closed his case.
Judge Edm0nds desired to know I'm what position
they st0od-whether the proceedings were u
warrant issued for the arrest OF the bank, on
proceedings before arrest.
Mr.. Purdy-While the law provides that the bank
itself NAV be proceeded against as for misde-
meanor, know OF no way Of arrestng the bank;
we can proceed against 1t as against any other OIL
fender.
Judge Edmonds-The bank is tho only party CON-
planned OF In this AFFIDAVIT; Is the only defendant;
whether this Is an examination preliminary 10 Is
suing warrant, or whether II Is an examination
after arrest were they to regard the bank as ap-
pea ring there2
Mr.. Purdy-Yes; understand the counsel as ap.
pearing In the case yesterday, otherwise should
20 on as by proceeding before issuing the warrant.
derstand you Will have TO examine the person by
whom the complaint Is made
Mr. Purdy-rhat IL not the practice in this Court.
Mr.. Fled-lf the person who makes the AFFIDAVIT
goes away there would oe difficulty about ex-
amin1ng him. but the person who made the
affidavit In this case Is present. and we desire TO
cannot be examined, why, then, we Will take such
course as we may deem proper; the statute is ex-
plict that person who makes affidavit on
which complaint IS issued may be examined.
Mr.. Purdy-There Is no such rule Of proceeding.
Mr.. ID. ID. Fied-Crimnal proceedings here are
regulated by proceedings IN the State Courts.