The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-06-03


1864 ACKNOWLEDGEMENTS. lol1 2SO
There speculation outside of the street 30 disturb
the monotony which prevails on the Stock Exchange
and therefore, it difficult task for tho bulls
gneer any material and permanent RISE but ncverthe-
less recovery probable within the next few
days. The market is completely under tho control OF
brokers, and as such 1t s very reacherous for out
sider excepting the few that make business of specu-
lation, and who being always tho spot able and
willing to make short turns We therefore advise all tho
tailos, thinkers and in who have been in
the habit Of deposting margins with brokers and opera
ing in stocks TO leave the market in undsturbcd posses
sion Of the bulls and bears among the Board Of Bro
kers to their legitimate fighting ground Just tho
Stock Exchange in New York is the refuse ground Of the
floating stocks Of the United States and whatsoever likes
may buy them at whatsoever price any Spectator likes
TO sell them This playing the game Of hazard with the
railway property Of the country in which
yupts its management and exposes the travelling public
to the risk q their lives and permanent investors
TO the risk II thor property = Thai the
directors and managers OF nearly all, II not
sn,irciy all, the railroad stocks bought aud
sold in Wall street less corrupted by WEn
street Influences and therefore unfahful to their trust
certainty in the minds of those best acquainted with
their secret or internal arrangement When all the rail-
way stocks Of the country are therefore, bought up for
investment the reputation Of Wall will be likely
70 improve rs its gains diminish AT present most Of
those who worship its shrine lead useless and idle
existence and the refuge of what in classical Ian
glage may be termed the tscallywags OF tho United
States and the world Mn from all sections Of tho
country with opinions diverse the religions Of the
earth congregate together and Operate y and In pur-
suit OF gain they INSCRIPTIONS sin and
rowmlndcd and untrustwohy as the bgots Of the six
tecn,h aud seventeenth centuries In other words,
lying wholesale and retail, 10 fashionable accomplish
ment In Wall street.
This includes the Cold Room, which is, however, re
duced TO comparative nsgnihcance II we contrast it
with the period antecedent to the close OF the war
Tho horde of secessonss and wandering cosnopolitans
who made it den composed chiefly Of disloyd
rapscallons have found their vocation Improbable ca
undesirable and quietly passed away Those who retsin
arc brokers' for Others Spectators w'so sal
with the wind and whose Influence amounts TO littlc
value Of their opinions Speculation is no longer
rampant and terrible thing in the Gold Room. Ii is
monster whose dimensions have been curtaiied
into insignificant proportions, and whose influence
ID nil Tho recent rise in the premium has
been compelled by tho legitimate demand, in
spite OF speculation TO the contrary, FOR tho
spectators iD gold ignorant enough for the most
part believe that gold would sink to par immediately
now thai ,ae Is ended They still standing and
round The railing Gold Room but their predictions
have not been realized and therefore
they are whstlng fer fresh wind
The opening quotation for gold to-day WAS 1854 after
which advanced 4, and then steadily rc'apsed 70
lss5, al31H which the closing price al haifpasi
pye r. H. Tho demand for shipment today has not
been heavy, tho foreign bankers are borrowing
gold ard dcfcrring their remittanccs. Merchants
are doing hkewse extent The short Interest Is
IN fat large that the bears cannot Afford TO buy in TO
fuln their s without n struggle for the mastery
which, IN OF the present condition of our foreign
exchanges and the extreme scarcity Of gold in
the country, they by likely to attain i'm
Inodiascly
Foreign exchange was not very active, End bankers'
bills sixty days easly parchasable at 1922 no.
ari 1i0a. three days Merchants bills remain scarce
aaa thoy are quoted at 100 1904
The money market quiet the basis o, six per cent
Tor cA loans The demand is light and there Is pros
pee, q Sngcncy Tho supply OF oanable funds Is In
croadnr The discount line is unchanged and the best
trade of commercial paper rates ut per cent. and'9
= 10 for the second grade
The Judges Of the Supreme Court or Pennsylvania have
delivered an opinion Affirming constrtonality OF the
Legal Tender at the ground that the clause Of the
constitution authorizing Congress TO "coin money and
aass the vsiae thereof Of foreign money!
nseas Of cor The Court held that the words OF tho
con should not b. construed literally but accord
ING - rplr AMI cited The authority gwen Con
rr.ss 90 declare wnr In tho same instrument not
beag Sufficiently comprehensive to authorize TO mako
and carry q. " interpreted literally. Tho decision,
however mach IN accord with the political sprit Of
ss tines all hardly b. accepted by lurss good cou-
suoaA Law fsr Mother letter nor In spirit does the
Consultation Authorize tho ssuo Of an rredeemable cur
l rsncy. 40 courts 90 the contrary notwithstanding.
Assw financial and commercial weekly Is announced
" male appearance during the present month. II Ia
70 BE- cnttod the COMMERCIAL ans Financial Chronicle
sna ~ the shape and plan Of the London BrnouT
u viii se ei,ea Ivy Mr. W D. Dana Of Hunts Merchant
gasarsa1
~ A Barsso~, lately with Henry Cews Co., has
scrrnsa a eopartneruhip with Mr. A. n Edcy under the
arn " Bastow Edsy stockholders and deal
4 sr Ia government securities, at 20 Broad street
TIE lmpori4tons VI dry goods this port during the
vesA ending Nay 81 compare follows with those Of
the previous week.
we>l ending WEEK ending
Il Ma