The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-05-29

oun.ereit one dollar notes on the Farmers Bank
Annapolis have put in circulation in that city The
signature OF the Cashier is executed in cramped style,
and the bees are bunch the left side Of the hive
On genuine note the bees scattered over the entire
top of the hive.
The committee interpretations in the lower house OF
the Connecticut Legislature the petition Of the Hoasa-
tonic Railroad Company for leave to sell its surplus and
forfeited stock have reported avoraby with resolution
which passed.
There is very little doubt hut that are just the
of long period Of speculation Every element appears
to be the proper state to encourage and lead
We certainly have greater facilities for carrying on stock
operations than had before During the pecula
tons of 1884, IS and '36, there but one regularly
organized board of brokers in the country. We now
have fve When the first movements of the bubbles in
1873. commenced there small clique Of brokers in
Wall street. who used to meet daily for the purpose OF
arranging their stock operations and settling differences
This system answered all the purposes Of the day. but
after stocks began to accumulate in quantity and
number State stocks brought into the Market and
oil kinds of securities both real and fictitious were large
" operated in This created necessity for regularly
organized board of brokers' which formed by most
the largest operators in the street The war carried on
shortly after between the State banks and the United
States Bank nsgaed increased specuations OF only in
stocks but every species Of property The old
board of brokers the only beard in existence through
the whole of the years of great bank expansion and
speculation Towards the latter part OF those times
small clique of brokers in Philadelphia formed them
regularboard coming in at the eleventh hour
their operations as body were very limited Since the
explosion of 1887 the boards of New York and Phila
delpha have operated with each other but not to any
very great extent About since things to
favorable shape for business, the money
market became easier and the future looked very encour
| Nh: oil iisrOs n
operations. Wall street was filed with those who had
passed through the bankrupt law who were ready and
anxious for something up. holding slightest
prospect gain In consequence OF this spirit prevailing
many applications made to become members OF the
board brokers' many Of these applicants were refused
admission account of their having passed through the
bankrupt law. The consequence of this move on the
part the old board the establishment Of the new
Of brokers' which has been the direct cause OF more
speculation in this market than any thing else the
United States Bank always excepted The old board Of
have for sometime past been very careful as to
what members admitted, and as check to ap.
have lately advanced the price Of membership
The board formed by and composed Of specu'
ators. The public manner in which they conduct ths
business of the board is Of itself great promoter
| of speculation Purchasers hang about during the
of the board and give orders to their brokers on
the impulse OF the moment II is precisely similar to
betting political question agitated III any chque
that may get up an excitement Since the establishment
of this board brokers this city, boards have been
| organized in Baltimore and Boston This is new lea
ture the stock market The sales Of stocks in Boston
have heretofore been made auction, once week. To
the absence Of board Of brokers in that city, we at
tribute the very limited specuations carried there,
compared with other cities The great number Of rail-
road manufacturing insurance and other stocks that
have within few years sprung up In Boston, crea'
ted the of regular board of brokers' We have
in four cnies closely connected by railroads, &c. Eve
Of brokers' all of which operate together for the
adv ancement Of stocks. Out Of their operations grow
great specuations Their ocation-n the four principal
cities of the Unonsves them the control of the market
and the command Of prices The object of every member
Of these boards to draw into stock specuatons every
individual Of capital they find, for the purpose Of
advancing and keeping up prices. There is an i'm
mense amount Of stock the market. The guam.
ity never greater, AMI the course adopted by
the banks affords the greatest facilities for carrying on
the spccula;ions. We have five boards OF brokers
instead Of one. and they find employment for full two
Of the capitals Of the banks In the vicinity OF their
locations With these forces in the field, we cannot con
otherwise than certain that we have before us
long period Of specuations Our only hope that may
be confined to the most worthless fancy stocks and we
are led TO believe that such will be the all events
for some time to account of the immense amount
of stocks in the market and the vast Of money