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

triotic and drew forth the anger OF influential men.
When people cannot deal where they would they deal
where they can Knowing quite well that foreign
accounts had to be settled IN g0ld that foreign bank
ers had put most OF their capital into gold and tS
slant Market those who wished to deal In gold lost
little time In joining with the men engaged In foreign
business bust and 80 had gold market OF their own.
Here they could buy or SELL a. they pleased, withOuS
comment unless 1t might be on the amounts they dealt
In Here 1t was well understood that every speculative
seller OF necessity buyer These little facts had e.
capped the Judgment OF the patriotic men who called
Were ~ ne o1ogn. gC1 s
Deail0n was to be crushed on Wall street. and that
the premium on gold could be reduced regardless 0f
The business In government stocks was, OF course.
largely Withdrawn from the Stock Exchange by the
ed with mans easrs als Glasses &
government securities sprang up TO meet the public
the counter. Unheard OF innovation. The board
was being robbed and everything horrible would
follow: somehow u did not follow. Those men,
bers OF the board who wished TO share In this class
Of business actually went to work. and 1t Is = posi-
tive fact that 1t paid them to do 80 In due time,
when the business had reached an importance thai
could not be denied, the board invited all persons
Of good standing In business as bankers to join .
business. The invitation was generally accepted,
and the business among dealers Ii satisfactorily
transacted under the auspices Of the venerable old
The Mining and Petroleum Board has not been
mentioned IN this Sketch and IN the absence OF any
continued success 1t need not be.
After stating what Wall street is and attempting to
give some idea Of how 1t reached the present state
OF affairs, speculation as to the future Is not out o.
place. And here the government branch OF tho
Stock Exchange may be left out OF sight, since those
who belong only to 1t had no further object In JOIN
ing It, The question simply concerns the two stock
boards and the gold board, and mainly the stock
boards
1t was supposed by many last spring that an ANAL
gamati0n would speedily follow the working agree
Inent upon which they then entered. There are no
Cifpna nj 1lnh q n III a QnaV
to be on their dignity even either really desires IT.
the new is too proud OF Its demonstrated success,
and the old Is too proud OF its long continued exist
ence Who is to mediate, between themS Nobody,
save the same stress OF circumstances that has abaed
all their quarrels hitherto Bad blood win have an
that comes repose reflection and sensible ar
rangements for mutual beneft. 1t is now I'M
understood and conceded that there Is no suoh
thing as divine right to the stock business, and
while all are aware and some quite painfully that
there are too many brokers in the street, all are
willing to let each try his best and sink or swim a.
he can with brotherly tmpartallty. The principle
Of natural selection win send many back to cailings
which they deserted for the excitements as they
thought OF Wall street, ana exhaustion will send
many an imprudent man back to desk in the once
of some one who remembers his capacity as book
keeper before he was ful-blown broker. Failures
will continue to occur and time will come whom
y w BE- a MSre rese
for admission are constantly before the two boards
and all the outward signs indicate perpetual con
vergence without any actual union.
Beyond all this it must boldly be asserted that Is
is better the two boards should continue they arc
They have the benefits Of their separate organizations
in the nrst place, then they have ali the benefits
OF union In their joint occupation OF the
long room; they can do business for each
other and for customers ct any rate OF commission
they please, and to all they have the nestma
bic privilege Of paying more than two rents and Of
maintaining two entire sets OF officers ana TWO
printing offices. II this win not reconcile men to
existing circumstances what WIFI
OF an amalgamation Of these two with the gold
board there Is no present prospect The last argu-
ment alone has cumulative force enough to forbid
this.
But suppose Q man of experience should dream
that he saw organized here q stock exchange which
fulfilled its promise and gave all facilities for dealings
In stocks government bonds, gold. and even foreign
exchange, should he be allowed to parade his dream
in Wall street, And II he further dreamed that
three-quarters OF the 0flcers were suppressed TO-
gether with their salaries and that men found 1t pos
sible to deal without president, what thens KNOCK
him on the head for mailman.