The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-12-05
MnIl Strcct.

The brokers aud operators Of Wall street
are anxiously engaged in trying TO find out
what they can do to make things moro
lively on the stock Exchange. Though
hundreds and thousands of them have left
the street during the last few years the
greater part of those who remain there
cannot get business enough TO support
them and pay their Office rent. The dull
ness is abiding, aud there is no prospect Of
better times. The outsiders, OH whom the
street If so much dependent, cannot be iu-
duccd 10 try their luck, with their little
plies or their big piles, as they used to do
in happier days. There Is occasionally n
little squirt OF activity in some stock, or in
some Inc Of stocks; but even then the
business Is mainly among the brokers
themselves on their own account, or on
account Of the few stationary operators.
1t is proposed to reduce the brokers
commissions on transactions, so that tho
outsider can make his little turn more
chraply. II is also proposed that the board
shall be kept open Gu hour longer every
day, SO that those who cannot get down
there til after o'clock may be nhlc to do
something before 4. 1t is proposed that
the board shall procure quarterly sworn
statements Of the financial condition OF all
the corporations whose stocks or bonds
are quoted on the list. So that people will
he able TO operate with some assurance
that they will not be deceived about the
matter. This last proposition has already
been asscnted TO by some corporations,
and we think ii should be enforced upon
them all by the stock Exchange We
fancy that the proposition IN reference 70
the reduction Of brokers commissions
should also be favorably acted upon; but
we do not believe that the proposition 10
lcngthcn the hours OF business would be
advantageous. 1t would involve n change
of banking hours, aud other changes that
are impracticahlc.
Tho brokers of Wall street need not en-
terrain the notion, however, that anything
they can do viii bring back the activity
that prevailed before the panic. Those
times of loose speculation. easy confidence.
big schemes, qmckt turns, ard heavy profits,
have pa 'scd away. There is n legitimate
business for the street in stocks and bonds
In looming and investing money, in mer-
camille paper, in exchange, ana in gold;
but IL must be kent within It's pror cr mits
ii ii is TO be sound ana advantageous for
all concerned. There are yet far too
many brokers in the street for this bust
ness aud ut least half of them should
take to some more profitable and useful
pursuit.
Wall street, ns such. has won for itself
bad name. 1t has, in great measure de-
stroyed public confidence in its methods.
There has been much bold and bald swind-
ling, rs well rs much tr1ckery and decep-
ton, carried on in il. Its business is CON
stantly spoken OF IA gambling. Faudu-
lent misrepresentation about stocks have
been made without regard TO the conse-
quencos. Knaves have been tolerated.
and liars have been permitted TO profit
by their fasehoods. Look just now at
JAY GoULp. The Stock Exchange is an
honorable body; but it has not done its
duty in resrcct TO these things. There are
honest business houscs in Wall street, In:
few OF them have been careful enough
about their ways.
Some OF the Wall street people are apt
TO forget one thing, which they would flud
IT advantag Gus TO keep in mind. They
should remember that outsiders who have
some money, moro or less, that they would
like to operate with, do not desire to go
down there to lose il, or TO be bamboozled
about Its investment or TO assist the bro
kcrago business, or to sacrifice themselves
to stock jobhlng corporations. They go
there TO make more money with their
money. II the broker cannot assist them
in this, If their investment do not result in
this, they viii not continue TO go there In
multitudes for any great length OF time.
They will keep away from the ,treet, as
they have been keeping away fro'h il.
The great duty OF the ordinary class OF
professional Wall street people is to i'm
prove the reputation of the street, 20 give
occasion for the return Of the public conf
dcnce IN it which has been so badly de-
stroycd, TO be just in their representations,
fair in their dealings, ana make business
profitable to their customers. If thcy will
thus dcmean and conduct themselves, their
prospects will brighten, bat not otherwise.