New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-04-17
WEDNESDAY, April 16-P. NJ.

WEDNESDAY, April l6-P. NJ.
At length after weeks of faltering, and feverish-
ness and nervousness over the extraordinary and
persistently extravagant rates for money under
which stock securities have stood up well as to
challenge the admiration Of the most inveterate
bear on the Exchange, the final day of reckoning
came and the air, which for so long q time has
been filled with forebOdings, to-day shows most
indubitable signs of clearing away. For several
DAYS or since the opening of proceedings before the
Grand Jury on the matters of usury law violations
there has been feeling of dependency in stock cir
sles and each day holders have paid the exorbitant
charges for carrying over their ventures with
les cheerfulness though hoping for relief
either from Treasury intervention or from
such large receipts of currency as would
compel the manipulators of money to fOrego their
tOrtUres of borrowers, from sheer accumulation Of
funds. There were some also who looked to the
GrandtJury for relief and who hoped that the moral
inf1ueIs Of the action now being taken by certain
parties Ain the street would restore money to a
fair lev eel. Consequently, :. the high rates
-xere n nd under an expectation that
after so rI ch darkness daylight could not be far off
EyerythlnQ, however, was unayailing, so far as
mitigating he money stnngency was concerned,
and so at last the break came to-day, and in this
Wise. Until a bout II o'clock matters at the Ex-
change had IN owed along much in tho usual rut.
Here IL becau o kIOWu thab q ldlEo biOhtI uIu
hessrs. Barton. g. Allen, who, it may be mentioned
in nassinQ. are loosely allied by relationship to Com
,nodore Vanderbl IT, were compelled, by tho scarcity
Of nancy TO defa lit on their contracts on Western
1Inion Union Paci fc as well some other shares
tbrougb their she er inability 60 respond to the
calling in of heavy loans from certain OF tie Ger
,nar borters their wn, as we'll their customers
resources being use up. The solvency OF this
s,,ong bouse had ne yer for a moment been eques-
toned and the annoL ncement al Inc E1chai4ge ol
it's suspension fen like thnhderbolt upon
The street, forcing heavy blocks OF Stock
rnon the market, \ as each holder -f1ed
with his neighbor in thro wing overheard MS ven
4ures at whatever price they would fetch until Ia
Fe,v minutes the market wast thrown into panic
and az rule the lowest prces of the day were mere
made and which are shown i'm the comparative table
below. The failure of an ordinary bank4ISconcern
xould have scarcely caused a f.the OF the ulsmay
accustomed by the suspension of 1is house. even I'D
these disastrous times from the fact that the senior
partner of this firm is nephew, nd Mr. Alien
Grandson. of the great veteran" who from the
fact that he failed TO support THESE scions
90 the noble house of Vande. Dill, seem
inolv "lags supeThuous on the "ai-stJ
ctsoeD We hear of no other lahufes
- ,nomeut. which is somewhat TO be wo. 1dered at
considering the scope of the decline thoul 70 MANY
bauses are doubtless severely crippled. AS s'ocAs
decline Of course loans on them are called IN 'u'
,hs eventnation Of the whole matter must be gh"-
nal restoration of ease for no other reason than INA
s<ssiOasd BY the heavy sbTiniase OF values % 'H'