The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-08-25
FINANCIAL AND CONNER CIAL.
TuurssAY, August 24-e NJ

nusd to-day and nj the nrst board there was geuera
Improvement OF prices as compared with Wednesdays
second board. Erie was per cent higher, New York
Central 2 Reading Ia, Fort Wayne q, Ohio and Missis
spm certificates 4 There a sale OF Park Bank
stock at $50 Government securities were steady, with
the exception of coupon hve-tweDties which were u
lower Seven thirty notes of the third series sold at
99k 09x
At the open board O'Clock prices were fraction
lower Az the second regular board the market dun
and barely steady New York Central closed the call
a lower than the G,si board, Erie Il, Reading ~
Hudson River q, Michigan southern 4, Northwestern
4 Fort Wayne "a, Ohio and Mississippi certificates a
Cumberland Coal advanced l. Government securities
were steady Coupon yc-twenties sold at 1861 seven
thirty OF the second series 9aE The great firm.
OF The latter indicates the monetary which pre-
walls the event of any real strngency they would
be likely feel the effect before any other form Of
national security.
AZ the second open board the market slightly de-
pressed and the volume of business insignificant
New York Central closed the call at 92 Erie, S5S
Hudson River, 1O9 Michigan Southern 62%; Cleve
land and piitsburg, COY; Fort Wayne Is. 81, 95H;
Northwestern preferred G21s Prairie Du CHEN Is. 81,
A. Afterwards ON The street, the market was duh and
thor was no material change in prices.
The petroleum stock market heavy at the first
bsaid this morning At the second board there
hole Creek 50 g. Webster 81 a. Oil Creek So 60, mex
h,Gsiibe 40c,, Empire City s5c, Tack 40c.
Tie gold market dull and steady The opening
price li3al, followed by decline of u, and an ad
vance of a, The closing quotation being 1883.
Foreign exchange dull at 109H 1925 for bank;
sky days bills, second hand Leading drawers,
however, asked 1898.
The money market very easy and loans at call
made freely at six per cent with exceptional trans
actions at five and This gives encouragement to
the bull clique of Broad street, who being heavily
saddled with stocks anxious buy to buoy up
the market to sell out With this view they talk
prices up and circulate false and aughable with
regard the Duke of salamanca and other percentages
being present prospective purchasers of the stock;
also that the great speculative director Of the road will
have t purchase twenty thousand shares of the stock
his reelection, which, the credit of the
pany he il SAID some Of his fellow directors intend to
contest at the next election which will not however,
take place till the end of October the LIST Of November
nexttho day not yet having been fixed Meanwhile it is
we'll known that it is mere clique movement which is
going forward tho Stock Exchange and that the
present railroad competition between this city and the
great highways of the West is runous to the stock
holders Tn Atlantic and Great Western Railway Com
laoy carrying freight from Cincinnati to New
York the Erie Railway distance Of nine hundred
miles, for thirty eight cents per hundred pounds, at
which rate 1t the Erie Company 81 so to earn ST.
But very few indeed OF the present buyers Of stocks in
Wall street care what their intrinsic value is
The argument in favor OF injunction restraining the
Internal Revenue Collector from collecting the tax
stock and gold brokers sales made their own account
will take place before Judge Nelson OF the United States
Circuit Court Judge Nelson WILL in all proba
blity sustain his decision by granting the ipjunc
ton; FOR, If he did not, he would fail to sustain the
dignity OF the court over which he Is one
OF The presiding members n he does so the
Internal Revenue Department will hardly dare to OPP
pose the injunction and II II does the present Commits
sioner ought TO be Immediately displaced. more cor
rpt and laundering Of instruments Of power than the
present internal officers of the United states
has never been known in this country, and
the whole system Of internal revenue collcc-
ton stands in urgent need OF revision. While
think Judge Nelson's decision was con-
trary to the law, acknowledge the onerousness
and inequality OF the law ITSELF and call upon the United
States Circuit Court by all means 10 sustain its own
decision, notwithstanding appeal which the Internal
Revenue Department may make to the Supreme Court
IN the of the United States Fisk Hatch and
Cutting. The principle Of law Is here involved, and
II ought to be and must be respected and until
the decision of the United States Circuit Court Is
ruled by the supreme Court 1t constitutes guiding re
Of action for the government. For the latter to put
itself in position antagonistc TO the Judiciary would be
as unwisc as it would be unsuccessful
Il is with extreme satisfaction that have TO an
the overthrow of that speculative pesthouse the
Evening Exchange the influence Of which has been de-
moralizng 20 thousands At the first session Of the
stock Exchange The board passed resolution 10 the
effect that any o ITS members who should attend send
orders to the Evening Exchange would thereby forfeit
such membership and at its second session the open
board followed the example OF the regular board and
passed the following similar resolution ~ vote of
ninety seven 10 seventeen
Resolved, That any member Of me opea board ri
s,ok brokers who shall be present at directly .d
recy send orders be executed what Is commonly
designated the Evening Exchange shall to be
member OF this board
This sudden and unexpected but sanitary action on the
part Of the Stock Exchange reflects great credit upon tho
whole body Of stock brokers' and will do much to raise
their social reputation The better portion OF their
Der we're from the beginning strongly opposed to tho
nightly orgies Of the Spectators Who in their greed OF
gain prostitutcd themselves at unanimous shrine. and
sacrificed health, comfort and in many morality,
under the excitement Of desperate ventures The Even
ing Exchange had it, origin in the congregation that
ihronged the Fifth Avenue Hotel every evening in the
early stages of the war; when the uncertainties attending
u stimulated the love OF gambling inherent in the human
heart and spread dcpravity among large multitude II
then that taiors and barbcs and grocers and bar
keepers and host Of ysgabonds and others who had
accumulated little money sailed forth into Wall street.
and under the leadership of the long since vanquished
Morse, aspred to fortune. Very the halls Of the
hotel became overcrowded and the poprctors cxposu
lated miserable cellar underneath then rented
by . person, who charged twenty-five cents each for
admission and this dcteslable dcn-which might we'll be
Iikened 10 'he black hole Of Calcutta actually frc
ouentcd bv the whole istrcct until they sckencd Of IT,
and large barn opened Broadway, the
corner Of Twcntythrd street. where greater rush set
In, attended by sbsurdy large nightly receipts. THIN
the lessee OF the baroom erected marble structure in
Twenty fourth street, and the nightly game was played
there in like manner Subscriptions were paid for
seats, and the proprietor was on the point
Of organizing ~ into joint stock company
whom the entire fabric happily crumblcd 10 destruction
To this denoucment the most respectable members Of the