The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-12


whose business is diversified as far as one can Judge
BY more noise, joking and general amusement than
those IN other .S cam form any Idea Of the
counters the crowd on the west side OF Broad street
at certain times OF the day carries away general
say Business and that Tie people might as well Be
aG Mem g. not shout al long, six days
week. for the mere pleasure Of testing their lungs.
and the repulsive noises are found to arise simply
Hom the necessity OF making ones self heard THIS
tumultuous rabble is composed Of . mass Of people
interested In the price OF stocks-many as brokers
reach OF their brokers' in the event OF any turn In
the market fav0rfng their operations or making It
desirable to change them. And the manner Of the
Take gold frst, as the simplest, and employing the
constant attention Of large number Of brokers and
at the Custom House, study when to buy gold for
that purpose to the best advantage. Every dealer
In exchange has to buy or sell gold to an amount
equivalent to his exchange in order to know how
he stands; and most persons who collect gold fnte
rest on government bonds similar securities Will
sell their coin for the current money Of the country
These classes furnish basis Of legitimate dealings
for the Gold Room, and around them is grouped the
whole mass Of speculative transactions In the pre-
Government bonds may be classed next, as every
= Of IN o e ~ EN-
change to which bankers and others are admitted
for that purpose. Here are made the rates that
govern prices OF the public funds everywhere, and
above all in the great offices In the nelghborh0od
where the public usually buys or sells these bonds
small Item is done in the Stock Exchange, its
panion picture, the open board, and IN the Long
the business that makes the noise and attracts the at
tention OF the passerby. This Is Wall street OF
truth and with vengeance. Here rise and fall the
prices OF railroad property whether the roads them
selves are changed In value or not, and here are
made and lost the fortunes ana the names that stir
the envy OF fools and the ambition OF even steady
going men. This liz the market In which q man may
begin with hundred dollars and gain million or
ms Ds wa Rna rnS Ss
said to the contrary, Is the incest tombstone Of
financial morality. The freemasonry OF stock
step the correct limit without its being at once de-
tected and borne in mind by all his fellows.
The usual salutations may meet him. but the precau-
tions are there and none the less carefully Kept up
that they are not openly seen.
These three or four markets, then, make up what
is called or understood to be In financial nense,
Wall street, and the stranger may well ask why they
are not united into one great MARKET as elsewhere.
To answer this very natural inquiry we must 20 back
to the good old times before the war; and then per-
haps the reason will appear and the chances Of
working union can be better estimated. Before the
war, then, nothing had for q long time occurred to
disturb the sole supremacy OF the Stock Exchange.
Its numbers were not very large, and the admission
Of q new member was quite an event. Most Of those
who applied for membership had served a regular
apprenticeship to the business, and were known as
clerks 10 the great majority of those who were to
vote on them. The ambition OF getting into the
board was the natural aim for clerks who had es-
tablished their reputation for capacity and integrity
expected to be open to any who attended faith
fully to his business. The retrospect touching and
no the luck q % Re BORN esrs earer Ts
shows the hardship we all suffer in not receiving
formal invitations, instead OF an imperative sum-
This happy state OF peace was destined to be rude
iy shocked band OF men who operated continu-
ally In stocks and had not the membership OF the
Stock Exchange used to meet In room which Inn
mediately Adorned that institution. As the specu-
lative tendency OF the time increased so did their
rfarS and IN Qdd n hqtp Am
they found that like other people, they had friends
of their own. These friends did not care straw
got their prices and toerabe degree OF solvency In
the men they dealt with. Hereupon arose mighty
and sagacious man, who opened Of his , own risk
simple payment Of 80 much to the lessee. II may
well be supposed that many queer customers found
tanned from irresponsible parties But it gave the
outsiders knowledge OF their strength and in due
rules as stringent as those heretofore used in the
Stock Exchange. Many OF the principal men In
this outside board became applicants for admis-
sion at the stock Exchange, which somehow
failed to see the enormous increase that was
springlng up in the business and apparently had no
idea OF enlarging It's borders. Others OF the out
siders would under no. circumstances allow their
names to I've put uD for ballot AT the stock Exchanges
and between the conservatism OF the old board, the
temper OF the new, and the great increase OF bust
ness, the new board was a living being almost be-
fore It's apparton was fairly perceived. After this
board from most Of the prosperous houses in the
new; and, after varying fortune, admitted. Az
time on 1t became clear that the two organiza
lions must constantly come In contact, and that no
In active business could hope 10 cone his deal
ings exclusively to either OF the two. free and
neutral ground was fhen provided by private enter
prise, and here for long time met thc members OF
the two boards and such operators ~ chose TO pay
entrance fees. This gaze more satisfaction to Gus
toners than to brokers' and many attempts were
made to harmonic the two boards In work
Ing plan for dealings, and for long time with
out success Every step lad to bc discussed IN each
assembly before II could be submitted for joint
discussion. The old board was q democracy, in
times another. The new board was guided by COM
mttees, which possessed very considerable power
but were still subject to human Influences. temper
was at work In both associations and for long time
II seemed doubtful IL the plain interests OF business
were not to be sacrificed to some theory OF the
power Of legislation. At last II seems that oil parties
facility admitted that, while they could iegislate
their hands, and possibly they found out that BUSH
ness, like other human relations IL very apt 10 go
where 1t finds itself best suited taking everything
into account At any rate, the two rivals settled on
Joint occupation OF the Long Room oil the STOCK
Exchange building, and there they meet when their
own boards are not In session, and none but MEM
beers OF one of the organizations can bus and sell
there. SO far thea, their warfare Is over; ana so
much for the origin and progress OF the open
board.
The Gold Room was different affair. After the
suspension OF specie payment when gold began 70
bear small premium, transactions In the metai
were for a time frequent on the Stock Exchange
The point Of honor to sell gold, and against TINS
no one offered objections. 1t soon became clear,
however that to buy was the winning side, and buy
| ers made AeE appearance boldly. TnM was UNA