The New York herald., 1871-09-19
FINANCIAL and COMMERCIAL.
WALL STREET,

was stimulated by The easier terms for freights.
The cotton market was shade lower, but steady.
:. nf6pESiNG 81 Tns srocK sx6HANGn
The Stock Exchange was reopened for business
this morning The enlargement decorations and
new accommodations were most favorably COM
mented upon. The building having been in charge
OF the special committee during the progress or the
improvements the restoration OF IL to the Board was
made formally by the chairman of the committee,
Mr. John T. Denny who at the opening Of busi'
ness addressed the brokers as fOllows:-
The repairs and alterations OF the room have been
nnavoidaby delayed three or four weeks by the
irregular shape of the windows and doors, anu also
through some failures OF the IRON work contractors.
Ventilation had been the main object o! the Building
Committee, who have succeeded In securing plan
by which 1SOOO cubic feet OF fresh air minute can
t, be thrown rt INTO the hall Yhe total expenses Of
was an appropriation Of $60,0OO
MIR. W. B. Clerke President Of the Stock Ex-
change In accepting the building from the hands OF
the committee, then spoke as fOllows:-
The chairman OF the Building Committee has sur.
| rendered The trust committed to the committee.
| after finishing tue super1ntendence OF the aera-
tions OF the New York Stock Exchange building by
transferring the control OF the building to the
authorities Of the Exchange. The committee cor
sists of Mr. }. I. Denny, chairman; Messrs. George
i. Broadhead. s. 7. RUSSELL a. b. Williams and J.
| and the Governing Committee, hereby thank these
/ gentlemen for the able manner In which they have
performed their duties, and suggest, before | close
my remarks, that a resolution be moved ana
carried expressive Of the opinion of the En-
nave been e SO ably and satsacoy af per
| formed. The Stock Exchange was founded In l703
and reorganized in 1917, and It was the first time In
its history that on the purchase Of this property Of
the New York Stock Excnange Building Association
the last year, It became It's own "landord," ana
ceased 10 be. as heretofore, mere tenant tossed to
and fro from place to place. ! regard the present
improved accommodations Of the Board as marking
new era IN It's history, and 1t may not be uninter-
estlng In this connection to refer to some OF the
places IN the past where the business Of the Ex-
1882 that the Stock Exchange occupied small
room to hold Its meetings In what is known as Jaun
TO the MerchanIs' Exchange occupying a room in
1853 It again moved 10 the Corn Exchange Bank. an
While there the Schuyler frauds In Harlem and
Board moved to what was called the Lord building
| In Beaver street, from which 1t removed to the
ciation. You are ali familiar with the particulars
of the purchase of this property for $55000O about
viii s e coss sa to E%
change tribe over 100000. The entire struc-
ture, including the vaults cost the Building Asso
ciatiOn 5000, 600, and am OF the opinion that the
recent alterations are worth to the Exchange for
It's purposes more, over and above the original
London Stock Exchange that 1t became as
essential to the Of England as the
nous loans that were found necessary to carry on
the great war to its close In 1915 were principally
effected through It's instrumentality We find in the
example OF the AID 1t gave the federal government
carry on the late war We leei sure the s Exchange
Will be IN the future, as In the past, distinguished
es ne s eaf az its pS aa s The sH aea
eral public. Allow me to congratulate you, fellow
IN ai on the completion Of the
moted, and also, trust TO facilitate the uansac.
| ton Of business.
TN motion, vote OF thanks was unanimously
awarded the Building Committee for the able and
ofa actn~
their duty.
The Inauguration Of the Stock Exchange was wit
messed by large crowd in the gallery and In the
| subscribers lobby. few minor details yet remain
| to bo adjusted. The exits and entrances require
some modification, 30 as to permit more facility Of
communication between the brokers and their Gus.
toners. 1t is also proposed to devote small por-
ton of the northeast corner Of the room to ON en-
closure with desks, for the representatives OF the
| press, after the manner OF legislative bodies At
the close OF the ceremonies of inauguration the
rare foSeasiands aud bouquets Of tube roses and
removed and conveyed to Bellevue -l4osrneSeuDX
present to the SICK In that institution.
| MONEY 2 A 8 FER CENT.
The money market was more active ana the banks
| having generally started an advance in the interest
rate to per cent, spirited inquiry at that figure
| ensued among the stock houses ana resulted In the
| payment or even per cent by some borrowers.
| The rates on governments ranged from to per
cent but some of the larger dealers in this line OF
securities had loans standing over undsturbed at 2
per cent.
Prime commercial paper was steady, hardly feel
| ing as yet the change In the rates On call.
| Foreign exchange was unsettled and lower under
| the renewal of high rates for cash gold Bankers
sterling sixty days, ranged from 1885 to losk and
sight bills from 1OS% to l09. Continental bills were
steady.
GOLD sTRoNG-l14K 114X.
The gold market was strong and advanced TO 114S.
Early IN the day the holders OF gold trusting doubt
less to the homer OF borrowers not to betray them
exacted as high as 3-32 per cent, equivalent to 30
per cent per annum for the use Of gold over night
still later however tue rate for the day was allowed
70 drop to "natr but the lenders hit upon the novel
! expedent OF selling the gold "cash" and buying It
| back at q discount Of 1S regular" AS this trans
action Is IN every way legitimate the gold clique
| have completely crcumvented the Grand Jury and
| can dictate such terms as they please for
| the use OF their gold from day to day.
| The idea was borrowed from the stock market,
| where II was employed year or so ago to avoid the
operation OF the Usury law. Ii allows Of the
tion OF very wide margin between ''cashn and
regular and leaves the gold just as much IN the
possession OF the clique as under the usual system
OF loans. We have often alluded to the many curl.
GUS features III the present struggle between the two
great cQues in the gold market. but few OF them
possess the interest OF this one When the "bear"
clique induced Mr.. Boutwell, TO sell tour millions OF
gold and then stirred up the Grand Jury Oh tile
usury question it thought by tile street that the
'bulls' had been dealt most damaging blow But
the genius and generalshlp shown In this latest
strategy OF the "bullsn are uanscendanr. The
course Of the market Is shown in the table,
10 A. NJ. ..... ll41 2P. M..."......... 1143s
1880 a: M......".. iiiS 3P. n. ........... iii}s
IL }. M........... Ii4H AZ. M.............. 1I4Ji
IL 2M.............. Il4A 8 p. M............. i1l5s
1880 7. M...,..... 1l4is $3.50 T. M....114h 49,
=. M..,.......... llj4
In the gold loan market the rates ranged from
nat 20 $50 for borrowing. The operations Of the
Gold Exchange Bank were as follows:
Gold balances. 1857 2s9
Currency bQ ances Observation-Disclosures. I,9S3,0iS