The New York herald., 1875-12-06
FINANCIAL AND COMMERCIAL.
The Past and Present of Wall
Street Speculations.
Review Of the Week---A Deadlock in
Commercial Affairs.
DANGER In THE STOCK MARKET.
Gold, Money and Investment Sc
curities-The Course of Trade
as Illustrated by Figures.
WALL STREET.

peculiar the Board of Brokers' with hint at their
mode of doing business and reasons for the
markabe state of inactivity which rests like incubus
the street. Nor have We exhausted the subject
The operating surgeon dissects cadaver discover
the maady which has killed the patient and 1t is the
province Of the hnancier ferret out the causes
have killed his occupation.
! II won't to stuff drugs into body VIC know
nothing Of Its anatomy first be studied and
knowledge of the peculiar effects OF disease upon its
tissues acquired before exhibit the remedy
i will cure.
We have heretofore pointed out some Of the Ills which
affecting the ''slck man" of the Stock Exchange
but there others equally worthy of study and
propose to devote a few lines to this object
In the good old times Of the war, when all men were
rich and greenbacks as s'thick as leaves in valam-
brosa, the stock business exceedingly lucra-
tive one Almost everybody had a plum or two
| to drop into the pie of speculation, and
| though, in nine cases out of ten, the dish
proved indgcstibe to the contributors yet to
the numerous Jack Horners who successfully put in
their thumbs it was satisfaction which they vainly
imagined was to be 'joy forevern Now the goose is
nobler bird than the pigeon for despite the of
mankind at It's stupidity, it once saved Rome, and
armed with plume from its pnion the statesman has
often made that ancient city howl, while the poor
pigeon is good for little else than to be shot at from
traps and form the basis of very succulent pie
1t the shape of these two birds that venture
/ some spectators appeared in the market They came
like geesegeese that they to come-and they left
like pigeons plucked to their pin feathers OF course
their plumage fashioned into garments for the bro
kers and in those flush times every of the fraternity
I sported cloak that would rival the feathery coat of
King Kaakaua. But pumage does not itself in
day, and these poor birds stripped of all that made
them attractive in the Wall street aviary smartng
under the severe treatment they had received, have
carefully Stunned the of their modification even
the present day. Nay the matter is even worse
than this, for other geese and other pigeons full
fedged and feathcred with eyes cooked speculation
ward frightened back to their sight of
the sad bedraggled procession of their friends and
| relatives
II is an axiom in Wall street that outsiders always
lose money. If there exceptions their ex-
| istence simply proves the rule
/ Men with little money into Wall street i'm
pressed with the hope and belief that they could
fortune by one grand coup. They left 1t generally
minus their money and not unfrequenty in debt II
positive losses made transactions the
brokers commission that gnawed
easily their substance With this unsatisfactory re-
suit is needed that their should prove awul
example, to and be received by the great body
of woud-be gamblers who hatng the edge Of
speculation.
And so we have shown another maady that affects
our sick Of the Stock Exchange. There being
! then no 'pubc'' of any moment in the market the
manipulation Of stocks is left to the members of the
board themselves and II will not be exaggeraton TO
affirm that of the sales published in the daily printed
record not than one fifth of out
side customers pay commission.
The traders the market, being thus left to their
own devices, helpless children when un-
directed, and simple sheep when they play FOL
low my leader"
There not more than four prominent leaders, or
'ebg Injuns" wearing paint at the present time
and is absolutely necessary that of them
be on the warpath every day If plentiful crop Of
| scalps is expected.
When these chieftains remain In their lodges there Is
/ dull day in the street, when two the
trail things lively but when all four get the
| together then stand from under.
! So the market IS forced artificial and unhealthy II
becomes weak strong not affected by political
commercial necessities but because capitalists
win that it shall be weak strong There is
tauty then in operating unless you have the powers Of
the devil on two sticks and remove the roof off
their intentions and look the laboratory Of their
minds And this is another thing that's the matter
| with the ssick man. of the Stock Exchange.
Having thus in the present ard sundry past articles
cndeavored sketch the state OF patients ndrm-
ty and schedule it we-e the ills that Stock Exchange
flesh is heir to, it is with pain that hear that the
"sick man" has had a turn for the worse
He has had sudden and violent attack OF Jay Gould;
the miasmatc poison supposed have originated in
the courts and the sufferer prosraed under the fell
influence Of appeal to the Gambling act. Mr. Gould
is seller of puts and calls, a trader in privi-
leges either receive deliver stocks at a
named price and at named time. Not
! hain mhor nf he Dson
his contracts controlled by Stock Exchange
rules. but accepted simply the basis OF honor
and integrity SO long his rule of speculation
controlled by strict adherence to the text of his
tracts people willing to trust him, but TO the
amazement OF both friend and foe In a moment Of
pressure Mr. Gould flies TO the Court and pleads the
Gambling a Of discharge from honorable
compact. Does he to commit financial suicide
deliberately is he simply compos mentis and de-
serving Of a stratjacketS For, of all disastrous
mistakes that could be committed by in Mr..
| Gould's position, he has made the worst
And so another Ill is added to 'sick mani Of the
! Stock Exchange-a malady engendered Of shaken
1dence and broken faith
/ on several occasions during the past few weeks the
HERALD has placed before its readers certain facts
cerning the commercial situation which bear directly
upon the prospects Of the winters trade II the per-
fomance Of this duty has ntcrfered with Of the
schemes Of Wall street which had for their object
rise stocks enable of spectators TO bleed
another or the public the fault is in the facts Dis
guise the truth as may the year 1875, drawing
80 close has been Of commercial disappointment
and disaster. Scarcely article Of manuac.
ture commands iS cost in any Of our markets The
mercantile failures Of the country have exceeded in
numbers and amounts those of 1873 Nevertheless
since that period We have been blessed with two
unusually good crops Of nearly every article which is
produced by our diversified soil. Another winter is
upon US after summer during which the rates for
transportation from the West the seaboard have been
not only unprecedently but unreasonably low Every
thing has favored large and early movement of the
crops the point OF export Great Britain has required
and received large supplies Of wheat other produc
tions from countries foreign TO own until the de-
cline in Liverpool Of the prices Of beef pork bacon