The New York herald., 1876-02-21
FINANCIAL AND COMMERCIAL.
Events Of the Week Review Of the
Stock Market.
MONEY AND GOLD.
The Commercial Situation UnimprOvrd, but
Government and Railway Bonds Strong.
WALL STREET,

SUNDAY, rep. ~, 1870.
Stock Exchange members in the like other
people, but they have their diosyncrases One ofhese
when pause in business activity occursl is to growl
at the commission law. There are l, ,05O members
there occupation for 500 The growl is natural but
uncalled for There is plentude of brokers and
paucity Of business Voila tout The committee of forty
which constitutes the governing power, supposed TO
represent the wisdom OF 900 members and upward,
'bed down. Does it? question courteously
asked demands courteous reply. We propose TO give
it, but proposing to be somewhat duse, decline to do
so categohcally.
The Management of the Stock Exchange, the making
OF its awsand the defining of its rules rest with the
majority such committee in congress assembled.
The fat o. such majority is final unless three-fourths
OF the members at large against 1t. OF the
Der OF members we have mentioned not more than 400
daily pesent on the floor, and hence it becomes
almost mpesble to record vote sufficiently great to
overcome he ruling of the Governing Committee of
forty. We hence have the result of Star Chamber,
ring which sways the destncs of the Exchange. What
is more this same Star Chamber is influenced in its
transactions by few long headed intelligent men, who
have made money in times past and who are wise
enough keep OF business be it either in the way
of commission or speculation Having nothing to do,
they alternately pass the hours between liquor and
legislation. Delmonico has gained on the one hand;
the Board has lost the other To this leisure legis
lation owing great degree the existing obnoxious
commission Law.
Men of sense, in view Of the depression OF trade
stigmaze the strikes in manufacturing and mining
Interests as the acme of folly. The Stock Exchange
nnder the control OF its Governing Committee, has,
since February last been equally a strike for higher
prices Yet its governors elected because they
deemed to be of Still the strike
tnues and the existing result is such as is sure TO
Dccur when try to convert sow's ear into silk
purse. Small Dealers who made quick turns upon the
market which they contented to do under mod
crate commissions, have been driven away entirely
while than one large house is under suspicion of
having evaded the rules. So our sapent forty have
achieved three things-they have expunged ephemeral
traders they have offered premium to cheat the law,
and they have deprived conscientious brokers' who
living up to the mark, Of their livelihood.
We said at the commencement that there occurred
Ut dull moments aparoxysmal grow at the commission
aw. There is a grow now not simply that the law is
Is binding those of the Medes and Persans but be-
,ause wider scope has been given il by the ruling
If the committee. To believers in free trade in COM
missions bad enough to saddle with protec-
don but when the authorities far to forbid
my member from lending his capital at less than
per cent interest it smacked somewhat of assumption
Yet this the Governing Committee have ruled their
definition of the commission law, and have pulled up a
member OF prominent house charged with its nrac-
lion. With this progressive spirit it may shortly
,ccur that a member of the Stock Exchange will have
70 seek from these potent grave and reverend Segn-
prsr permission absorb their matutinal B. and S.
ind have to cat meat Friday
The Church OF England recommends ''homily' as
4 Sundays DISCOURSE and we provide ours founded
rpon an important text though the subject be OF the
Aarth earthly.
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