The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-02-11
FINANCIAL AND COMMERCIAL.
Review Of the Week-SpeculatiOl
Intensely Dull.
THE GOLD AND MONEY MARKETS.
The Course of Investment SecuritieS-GOvern.
ment, Slate and Railroad Bonds.
WALL STREET,
SUNDAY, Feb. 10, 1878.

WALL STREET.
SUNDAY, Feb 10, 1873.
Tho stock market during the past we ek was almost
At stand still the often referred to ''midsummer
duiness' being the widest bilarity in comparison
Herewith This unreasonable idlenoss which 10 any
thing but of the dolce Jar niene sort in commission
brokers' estimation s attributed by tho street TO the
Silver bill, the doubts to war peace In Europe
and the pernioious working Of the commission law.
II matter OF history that whenever business ags
the brokers employ their leisure hours by relieving
their minds upon this latter subject, and In most
cases finish up by hnkering IL into shape that is
more Objectionable than the previous one. The worst
job Of all tho passage Of the present law and the
most destructive In its effects, as Is exemplihed
IN the establishment Of q score OF ''bucket
Shops" the exodus OF brokers and clients to tho Min
ing Board and the contraction OF business the Stock
Exchange. Plutarch says somewhere. ut is difficult
to speak to the belly because has ears" but tho
bographcr probably had reference to that organ In
state OF repls,os, aad not 10 the condiAon
which the lack Of work is daily increasing the abdo-
Of the average broker until It threatens to be-
come a gnawine and an "aching void" With ears
thus opened BY the pressure Of circumstances beg
10 borrow them from Board members while We descant
briefly upon this very Important matter OF stock
missions. The Board has suffered severely at
different times from It's foolish actions,
but never quite SO acuciy as during the
three months which have elapsed since the
establishment OF the existing high rates,
business having steadily diminished until SaruP.
day, sennignt the total number Of shares dealt In
amounted to under 25 Ooo average OF less than rs
per capita The time chosen for OF
The commission was one when every other business
interest the country sunering-when real
late unstable. whom rents were being reduced,
when tho prices OF living falling, when In short
economy was the order Of the day. instead of going
with the current and encouraging business by
liberal and openhanded policy, the Stock Elk.
change selected this epoch, OF all others,
for the imposition Of extra charges upon speculation.
The experiment has met with signal and morited fail.
ure and unless the present movement for reduction
Of the successful the dealings OF past
days afford tar criterion Of what NAV be expected
from It's operation tho future that large traders
stand aloof growing and small ones settled
themselves in the "bucket shops" at the ex-
pense the Stock Exchange OF from 10000
10 SO 900 shares OF stock daily. The Weather trims
which protested against the high commission law have
OF course endured The absence OF profits with COM
parave ease but It IL not In the pature Of capital 70
remain forever idle, and these houses have to
face the alternatives Of gradual Withdrawn OF their
valuable clients or OF combined effort to free them
selves from the letters which bind them there IL no
question az 70 the choice aud, unless the commission
Is reduced there Is little doubt TO the action which
will result from that choice. Ia 1868 the "free traue
movement started by yhe most mpecunious eie :
ment the street, and It's only made posi-.
Bile by the tidal wave OF speculation on which IL was
aoated In 1878 positions reversed, tho capitalists
the 'lreo traders" speculation Ia morbund and
rreos ollos OF the Exchange evincng agrarian
spirit which promises to consign the stock business
irretrisvabe desuetude. The ultimate result OF this
Of affairs Is net only manifest but nevtsbe the
prominent commission houses have every thing To gaia
and nothing TO lose by selling their memberships
IN the existing Stock Exchange and forming new
onenohng but tho ties OF habit and old association
bind them to the present institution, and It will be
prove strong enough resist the pressure Of CON-
mercia interests An association of twenty thirty
OF the richest and Influential firms the street
would itself amount OF trade and
ure OF membership that would create dangerous and
perhaps fatal antagonsm II Is to avoid this danger
well as 10 retain what business remains that It
would advisable to reduce ratios to such figures
US the pubic pay and are entitled to.
We return the borrowed ears with thanks, and wait
patiently 10 learn whether Piutaron was right or
wrong.
TRANSACTIONS WEEK.
and lowest Sales regular way Of the principal
during the past week, together with the number Of
shares dealt in:-