The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-12-10
FINANCIAL AND COMMERCIAL.

cost OF ABOUT SOU, UUO hf JUN ~S'Nb ''-~
tect This structure for elegance compactnes and dura
b,y far surpasses the London any other European
stock Exchange or Bourse and decided ornament to
che commercial or rather the financial part Of the city
The board room is the second floor OF the new build
ing with the windows looking New street. and II can
conveniently accommodate q thousand persons
seated Above Offices intended for the use
Of the board, and below, on the nrss noor'
is spacious hail. extending from Lroad street
10 New street. with tessea,ed pasemcn in which Is
proposed TO allow public Exchange, Gu h member OF
which will be required TO pay an annual subscription OF
probably hundred dollars election being necessary
for admission. In the basement are extensive vaults
and huge reproof safe full OF small safes with
gar- proof locks which ARE intended to be let at City
dollars and one hundred dollars year. according size
At three O'Clock the board had champagne collation.
served, which was attended by nearly all the members
and few-less than dozen--of their friends including
the financial editors Of the daily ouinas-ho President
Mr. R. L. Cutting, and the Secretary, Mr. Geo. W. Brod-
head, doing the honors This passed off most agreeably
and the new Stock Exchange fairly baptized under
circumstances as suspicious rs could be desired
This removal naturally suggests similar previous
changes in the history of the Stock Exchange respecting
which We have CLEANED from the only original member
of the board sitting, Mr William Lawton the follow
ing particulars In the rst instance the Stock Exchange
held under the trees in Wall street. but Indictment
weather suggested indoor accommodations, and in the
year 1917 informal meeting was held to organize
Stock Exchange Association in the back Of
Samuel l.. Beebee's office, in Wall street, near
Pearl and here the sessions we're held till
the association formed. Thon il removed
its quarters to a in building which stood
on the ground occupied By the Custom House. Tho
annual dues that time twenty-iv dollars; now
they arc three thousand except for those who have.
served two years in the street clerks in which
the admission fee is one thousand five hundred dollars
The business OF the board was then almost confined TO
transactions in United States bank stocks United States
skies and foreign exchange, and this journal the
only one in the United States that Published
money article The association afterwards removed to
in building opposite the Exchange, (now the Gus
tom House) on the site OF Nos so and 50 Wall
street. and then into room In the Mer-
chants Exchange, when that was built The
removal thence the recently vacated made
about ten years ago. The opening OF the building
to-day has inaugurated in the history of the
Stock Exchange, and it promises to be powerful
and popular in the future than II has been in the past
As usual "moving day. things did not move very
smoothly first and IL matter Of remark that
like removal had taken place without being at
tended by decline in stocks. II so this morning.
but the afternoon the market decidedly in the
cendant
At the first regular board the volume OF business
limited Erie closed higher than at the second board
yesterday Michigan Southern y, Northwestern X, Mari
posa r. Cumberland Il. Hudson River Fort Wayne
and Prairie du Chen were steady New York Central
u lower, Reading u, Pittsburg ~ Northwestern
preferred u, Rock Island Il. Government securities
dull seventhirty notes Of the second series were
4 lower, third series =.
Ale 49, l,n troA
improving tendency New York Central sold at $751;
Erie s2K Hudson 1857 (ss) Michigan southcrn 74'S,
Pittsburg s3I, Rock Island 1851, Northwestern
s5h, preferred 63E, Fort Wayne 105L, McCregor
Western 81 Ohio and Mississippi certificates 2T7s, Cum
oerand a, Canton 45h, Marposa la1s, preferred 20,
Schuyikili Coal 1914
At the open board three O'Clock Erie sold at o2
New York Central s6A Hudson River 1854, Reading 1l6,
Michigan Southern a. Pttsburg 027s Rock Island 1o6,
Fort Wayne 1885, Ohio and Mississippi certificates 27s,
Schuylkiil Coal Company 12as.
Afterward on the street the market acquired fresh
strength and at five T. NJ Reading quoted at 1l7s
u, Cleveland and Pttsburg 90 u, Northwestern 35j4
y, preferred s. u Michigan Southern TAX 4, Ere
92ka
The gold market has been somewhat unsettled under
the coct OF the Of about four millions We'd
nesday morning The opening price 14as<, followed
noon After this there was a gradual recovery to
I44H. Cash gold became as the day advanced,
and loans were made fat large sshortr interest has
accumulated which promises to produce speedy re-
action The export OF specie to-day aggregated $3.50 000
Of which the Aemania tsck out $i37 600 the City Of
Baltimore $50 900 and the Pennsylvania S13 000 max
ing for the week s490, 93s.
Money was in rather active demand early in the day
owing to the heavy sales of gold hy the subTrcasury,
but the wants OF houses in fair credit promptly
per cent and towards the close of business
the supply was in OF the demand Petroleum
stocks were dull AT the first board Pthole Creek closed
30c higher than at the time yesterday, selling at
$l3 %; Kentucky National Petroleum and Mining Com
pany sold at 81 TO- berty soc, Bradley 6oc Empire
City eoc Oceanic &c. oil Creek 81 65 Rynd Farm &c.
United States s24 I5 New York Philadelphia and Bat
more 9oc, Webster 81 a. Central s2s SO, Consolidated
Gregory Gold ell so.
The constu.cnalty OF the Legal Tender act has been
often questioned aud Mr. McCulioch in his report con-
fcsses himself one OF those whose opinions adverse
TO H. The authority OF Congress to issue paper money
only be found tho unwrten law which sanctions
whatever the Of the people may consider
10 great emergency necessary TO be done; and while
the Secretary does not recommend the repeal or
the Legal Tender act he considers that its provisions
should remain In force day longer than may be
necessary he very properly contends that the paper
circulation Of the country should be flexible increasing
and decreasing according 70 the requirements OF egt
mats business; whereas when II Ia furnished By
the government IL Is governed by the necessities
OF tho Treasury or the interests Of parties
rather than tho demands Of commerce and
trade Tho power which such currency gives to the
party In possession OF the Is also used
argumen. against It's psrmanence, IL might be used
other than for the public good--nameiy, for political
purposes Our governments 10 ono Of limited and do
ancd powers he explains, and the authority to Issue
notes ~ money Ia neither expressly given 70 Congress
by the consultation nor fairly 70 be inferred save under
extraordinary circumstances All this IL Of oonrsc a
direct protest against the government OF the United
States performing the functions OF bankers any longer
than can be helped. But Mr. Mccucch admits that the
issue of paper money BY tho government was necessity
the time OF its ISSUE and that tho immediate repeal Of
the Legal Tender act would DO unwise and njuroua He