New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-04-18
LOCAL MISCELLANY.
USURY IN WALL-ST.

trTR GRAND JURY RECOMMEND THE REPEAL C.F TIRE
UsURY haw-THE RIAL CAUSE OF THEs sTRIN-
GENCY OF THE MONEY MARKET.
Not psurer-so called-nor the ghost of
enc appeared In the Grand Jury ROOM kerday. This
was not astonishing, it had become. quite evident
from tho dismissal OF those in waiting "Wednesday by
the foreman. With the intmation thaG<they would
ceive n notification II their presencnJ should be again
needed that che Investigation had practically failed,
and that the deliberations of tho>Jury would result
merely In presentment About hrifpast O'Clock
terday the Grand Jury entered the Court of General
Sessions and made tho following prcsentment;
THE PRRsEHrARNT
The Grand Inquest UNDER the special charge OF his
nonor Recorder the subject of usury and the
supposed locking up of 1oney in this Getty have carefully
cons engaged in 1nsSclal matters and have failed TO
the reason for te present stringency in the money
cause Had any farther proof been wanting Of the utter
npOSsibty of caforcIOg compliance with the usury
found IN prvceedirgs since called together.
The absurdilyof the law and its unpopuarty since
great that can be found who will aid the au-
hoItes In discovering the infractOns of it, Nothing
book Of the State laws which dsegarded by men OF
aRdouhtea integrity and standing in the community;
ssury laws the price OF money at monetary oenteIs
cannot hnt that the enormous rates when nave oeen
hong paid In this city due almost entirety 10 inc
existence of such laws. In other part OF the world
are e1 q, 1s ana on n0s tb Sud financial comu
my 90 stand S so 0s 9s un e seTer
sue as warehouse companies, &C., authorizing
them 90 take commissions over and above legal ntcfest
the vcrr thn- the Usuy law was intended to prevent
u Is perfectly well understood that the enormous
rates paid the stock spectators have had the erect OF
drawing the capital Of the city from its ordinary or legit
innate channels. thus shutting OIL the meIehant ana
trader rOm the possibility Of obtaining money nj mod
rates of interest," such as our ordinary business can
stand
mentioned touching Tire best interests Of this city and
She state this Grand Jury hereby recommends to the
Legislature Of the State the immediate repeal OF the
Usuty laws, such modification OF them, SO far as
permit money to come from other and
ties. Gnd be employed legally. equazng the rate OF
interest with other great monetary oepters.
WILLIAM HABIRsHAw, Foreman.
1. g. CoMsrocK, Secretary.
GT0Hd Jury Rooms, April II, 1878.
The following appointed a Committee TO proceed
20 Albany and present the report 10 the Governor and
request him send 10 the Legislatures Isaac H. Reed
Morris X. Jesup, and Licius S. CODstock.
WAIIosT. LESS FEVERIsH.
AT the opening of the Stock Exchange yes
terdsy the feeling of excitement and dstrust which
had characterized the transactions of the preceding
day renewed, but not intense. The floor Of
the Exchange crowded with brokers, and the
galleries with anxious spectators eager to note
the earlier transactions and to form idea
of the probable OF the market throughout the
day. The dstrust was heightened by the announcement
that leading capitalists calling in their loans and
refusing to lend except the most approved securities
ct great margins and exOrbitan rates. Money advanced
and per cent and prices huetuated from TO 2l
amid great excitement and the usual noisy
hchchsracterze transactions the Stock
Exchange at such time.
At p. failure Of ]. L. Brownen Bro. of
No. - Broadst announced, but it regarded
without significance, and consequently produced no
effect AS the day wore however and there were no
uher failures better feeling took possession Of the
street aud there decided tendency repurchase
some of the stocks which had been SO ruthessy sacr
eeed on tho previous day, resulting in a marked
advance in their prices. Money also be
came easier, and the rates gradually declined
until at p. IN. it loaned at per per
currency, fact which most cheering to all who
long" Of stocks. 1t lie believed that the intense
excitement is for the present and that for short
time at least matters will be somewhat easier Messrs
Brownell & Bros failure is attributed to the fact
shat they carrying large lines Of stock, and
they supposed to be largely interested In
Northwestern and Wabash, OF the latter
being closed for their account under the rule
lake Barton Allen, they favorably known, Mr..
Brownell being member Of the Governing Committee
Of the Stock Exchange, and like their unfortunate asso
eistes, viii probably business latter time For
both houses there is much sympathy expressed
Nothing like official trustworthy information can be
obtained IN relation 10 the position of leading opera
tors upon the market 1t is generally supposed how
that Commodore Vanderbilt and his friends are as
Rfua, "long" of NewYork Central, Lake Shore Union
Pacific Western Union, Rock Island and other leading
stocks, while Jay Could is popularity supposed TO be
-short Of the general list with perhaps the exception
Of Norh-west, Panama, and Pacific Mall AS those who
know most will tell least in stockjObbing matters this
disposition OF the great interests is not considered
strictly correct.