New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-04-17
WALL-ST. UNDER SCREWS.

THE PRESSURE BEGINNING TO JEiI~
PROMINENT BANKING FIRM GIVES VhY-SAILURE
OF ITS ALLIES TO RALLY TO los suPPokr-
RAPID DECLINE IN sTocKs-A PANIC APPRE-
HENDED.
With each succeeding day the situation in
wall-st. aud in business circles genefaly Incomes
more critical in consequence OF the withdrawal
of 80 large a quantity OF currency from tho
usual channels OF trade by the instgators OF
the "lock up" The market opened yesterday
morning with feeling Of considerable depression on
the part OF operators who long Of stocks and
there indications Of relaxation OF the remark
able stringency in money. The first transactions at
Poverty Corner" confirmed the fears Of
the "bullsv for they we're "a st'n M
on previous days. ranging between one-quarter and
threeeghths per cent commission with the usna rate
per annum Failures and heavy decline OF the STOCK
market. which have been predicted for several days.
were looked for with heavy forebodlng OF gern
evil, and something like small panic was preclpsed
by the announcement that Barton g. Allen OF NO 70
Broad st. and several other houses, had failed Inquiries
confirmed the report OF the failure OF Barton Aeh'
and the gaining general circulation spread dlsay
throughout "the street." and there was rush to sell
stocks proceeding which fattened the pr'ees on
the general list from to per cent.
The failure OF Barton & Allen was regarded az
especially significant Samuel Barton Is a nephew and
Mr.. Allen grandson Of Commodore Vanderbilt, who at
one time popularity supposed TO have special
interest in the firm. They known 70 be Of the
active houses operating for the Vanderbilt interest,"
in wall-st, and to be fortified with heavy capital They
were known to be largely "ong" of stocks presumably
for that interest and it believed to be sign OF
weakness on the part of large class Of dealers that
they did not rally 10 their support Indeed,
the fact that Commodore Vanderbilt had faied
their relief the theme OF general discus
sion the street, As they were supposed TO DO car
ryng large lines OF Union Pacific, NewYork Central.
10 Ghnra Roek
Pacific Mall and Wabash the result immediate
and marked decline in those stocks accelerated by tho
advance in money to and per cent per diem ana H.
terest. Mr. Allen, who applied 10 for Information
concerning the Of the failure Of hs firm,
stated that the house largely "long" OF
stocks, and had been obliged 10 succumO 10 tho
usurous rates which had prevailed upon the street. ana
the refusal or inability OF their customers TO deposis
additional margins They had expected ASSISTANCE but
il had not come He believed that the tghness in tho
money market caused by the operations OF banking
firms VINO had been thrown out OF the Syndicate. IL
unprecedented pressure and they were unable
resist it, As yet the house had not been able To- dis
cover how Stood extent of its labli
ties They expected arrive at basis Of understand
ing very soon.
In wellnformed circles il reported that Commo-
dore Vanderbilt the ally upon whom they had RE-
lied for assistance, aud who had failed them.
Some discussion created by the discovery that
several checks given by Barton & Allen 10 Fearing 4
Delnger William U. Parks & Co., both of Broadst,
had been deposited by those firms IN their respective
banks Tuesday for collection through the Clearing
house. II is stated that after the announcement OF the
failure, and just prior TO p yesterday. the cheeks
were returned unpaid by Barton Aens bank.
Should these checks not be paid, it is likely that tho
matter will tested in the courts the recipients elam
ing the checks should have been returned, az ALL
before IL N. Several other failures reported in
the street." but as they were announced at the Stock
Exchange, and the in instance proved IN
true, mention il here male Of the names. TIE effect
OF the failure OF Barton Allen and the injurious
SO freely circulated may be inferred from hf fact that
the depreciation in the leading stocks was rs foows
Seven and three-fourhs per cent in Union Pacific CT
per in Western Union and Wabash, 81 cent
NewYork Central and Rock Island. 81 per cent IN Har
lem II per cent in Ohios per cent IN c. C. and c. q
per cent in Lake Shore q in 81. Paul Common q Pa
clfc Mail, per cent in Panama and Il per cent
the balance OF the list
subsequently there vas reaction 81 from To per
cent but there is still uneasy feoing with regard 10
the probable events Of to-day. This manifested at
the Fifth Avenue Hotel last evening. where many deal
assembled to discuss matters.
After the dispatch Of ordinary criminal business yes
terday the Grand Jury took up the investigation into
the alleged usurous practices in Wallst, and the
spracy to lock up money. In addition 10 those who
present Tuesday and not under exaInina-
ton L. T. HOyt and E De Jonges responded 10 the sub
penas yesterday After an hour OF waiting, which
evidently very distastefu 10 the Wast men, the fore
man Of the Grand Jury announced that all but Mr.. De
JOnges would be relieved from further attendance, but
would be expected TO appear upon subsequent
notification AS the closest secrecy observed 10 tho
actual line OF examination adopted it is Idle speak of
the failure Of the Grand InqusitOrs ther
efforts elicit positive information; yet from the
mark dropped by Mr.. De Jonges as he eaYing tho
courthouse, that the questions put to him Of
general character is safe TO conjecture that adj
vance has been made. Opinion gains ground that the
investigation will not be productive Of than pre-.
sentiment from the Grand Jury.