The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-06-25
FINANCIAL AND cOMMERC iAL.
NospAY, June 2l-o p. N.

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NospAY June 2l-oP NJ
NE stock market has been variable eui on Inc whole
hh day, although the extreme advance vas mol sus
tanned at the close The volume OF business was ID ne
aggregate hight notwithstanding mat intervals Of ANNA
non a,eru..ed with those Of dulness. and that
SAssc are as vet no signs OF an approaching IN
rnx az outside orders The transactions confined
N the brokers and professional spectators and
nance every advance is likely To be succeeded by
nasry corresponding reaction The crop prospects
Nm very favorable although -four and other breadstus
rsse IN price morning because Of reports Of rsl
m she winter wheat and the bulls on the Stock En-
change base their hopes mainly upon abundant
harvest The prevailing feeling on the street
i rather bGihsh Than searish; but il is
sceabIe that the bulls are quick 70 realize
whenever q tnnng profit presented and that
shey show confidence in themselves each Othcr
y 10 neither less than brokers' market
bTsslng with bats 70 catch the public, and the public
- wise, which, however, seldom never rs, IL will
resist temptation leave
who 81 present making their living by preying upon
each other. process Of gradual determination would
be advantageous to the public, and many Of the
who arc now leading a worse than useless existence
nieht by aproper application Of their talent and
uy, DO much better for themselves and The
country than possible long shey rsmaa In alt
Investment 10 desrsbie because the the Of
leading railways witbArawn from The stock Ex-
change the sooner reforms in their management
skoy 70 take place, but demand from the pubic on
speculative account only fosters that element which s
the root Of all the evil in railway system, and the
outside buyers viii in the long IN nine cases out OF
Zen, have 10 sell their stocks back TO the brokers
and other professional spectators at loss
To permanent investors therefore, We offer encourage
ent but spectators none for whenever the obging
public specuates loses and stock brokers ride up and
down town in their carriages the strength Of their
pssnts thus acquired. The man who pay for his
stocks and therefore hold them regardless Of and
price, is beyond the reach Of all the viciseudes OF
Wall street
In the event OF the outside public coming into Wall
street q buyer OF stocks cliques VIII doubtless be
formed TO prices up, and then unload at the adj
the object being to saddle the unsuspecng out
with their load at the summit OF the rise; for
although Wall street has moral code Of own which
n srcty respected il has conscience The bears will
scruple ruin the bulls and vice versa but among
each other the fuhment OF their contracts the estab
hehed brokers the Stock Exchange honorable
OF as be found in the world, and
sary for without integrity there would be safety
the transaction OF their business II s there
occasional exceptions the rule, but these only go
70 prove 1t, for the delinquent 10 summary
PEELED from his seat at the board. and THE
applies equally at the regular and open boards
We except also many of the irresponsible crowd
Of 'three and. shilling brokers' who not men,
beB Of either organization, but who living
by buying and selling in the lower hall Of the Stock
Exchange building, where admission is secured by out
s,eers upon the payment Of q subscription Of a hum
Ord dollars year. Some OF these men make II their
business TO fail whenever they happen to become in
dtbted 70 any for few thousands, even . few
hundreds Of dollars and they have much 70 do with the
scredA which has been brought upon outside brokers
generally, regardless Of the honesy and integrity Of
nAn0 Of their number
~ money market continues easy, and the general
nse for call loans ID per cent railway and other
general oollsisFais, and Eve governmental There 10
very small amoont OF commercial PAPER Offering for dis
count and this generally passes per cent while
Me second grade, cassed good" IL quoted 81 from
70 two per cent higher AT Cincinnati the demand
Ter money reported 70 be fully equal TO the supply.
And the market works close At II per cent Al
Chicago the approach Of quarter day has tendency
degree Of mosstary activity. but there
sss no complaints OF stringency, and the bank rate
sseady at ten per cent
The statement Of the associated banks for the week
ending the 22d inst shows increase Of s. sos
- legal tenders and . decrease in every other
Aen-namely, in the loans, OF $2,6s7,9sS; in the
specie Of So 1856 sel In the deposits, Of $40 5s3
aad in the circulation Of $73,s3s. II we deduct
Abe decrease In the gross deposits from that In the
specie only find that the currency deposits In
creased 2462ll. The return shows the banks 10 be
osl stronger In legal tenders exclusive Of the do
crease circulation than they at the end OF the
previous week. and is therefore favoraby construed
ne totals Of the present and preceding statements stand