New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-04-01
syeat sxcnanres IL Euroue asd sl this country

ON the great Exchanges Eurouc ard On this country
| Is worth notioing;
As previously said, dealings begin on the outer
Al IL 80 The sixss Agents de Change assemble and
continue dealing until O'clock whereas she Couis .;
pocturnai meetin1. In Berlin, the Boerse opens ~
closing = 80 O'clock 4 ysoas sas o spsrer
The day 90 ~ than any other 6ro 3snsns "a n
than any except the English
Mr. Gibson commences bis account Of the American
exchanges vita tho following Characteristic passage
Turning to America II must Be conceded tna'
Il was born OF speculative undertsnns ta.Sis
age OF Columbus, over q mysterious ano, uaohesA
ocean was the boidest experiment, and In its re,
suits the most colossal speculation IN mo snnaS
human enterprise In the language OF the Exchange
Ferdhand and IsabeIla put up as margins the cost
Of fitting out the expedition, and their profit Tss TIE
this, that Ike many spectators they finally io''
what they lad gained. ,,
His resentment at the public opinion which SUI.
regards speculative transactions as Injurious % puohc
interests Is often expressed and sometimes with more
warmth than logic:
Up 70 1856 the laws did not protect STOCK proksr
IN the right b. recover money due IRON ShenS v Sa
narrow prstudces and Anticipated preesdents ., thst
used to put the STOCK broker on par with sns a Ise
Of the Union differ Of course, IN their treatment OF
stock exchange transactions. but legislatures ana
he fact that buying and selling stocks and bonds on
Margin for long or short account is as legitimate
that . margin given TO broker on purchase Of
stock implies gambling in sense different from the
margin "a snssr Sho Ds upon his real
dawning Upon the Intelligence Of men who sensible
Of Jurisprudence which condemned witches
In methods and facilities the American exchanges
have greatly the advantage over those Of Europe
especially In the prompt communication Of quotations.
London, but the American plan Is far superior 10 the
English p furnishing first over these instruments and
later In the printed stock lists, the actual number OF
all shares and bonds dealt In, with their prices A
stock ticker In London gives such bidding and asking
prices as may be obtained by the representatives OF
the Exchange Telegraph Company on the floor, but since
the custom does not prevail there to make open bids
and Offers large part of the quiet business between
brokers and dealers escapes the observation of the per
sons engaged in collecting quotations, American
dealers hover over and fntently watch the tlcRsr
rs It rapidly unwinds the tangled web Of financial
fate They ara therefore amazed to think how II
be possible that immense speculatons are carried
case. Some years ago an attempt was made TO In
troduce the system there, but the electricians In
that it was finally abandoned. The Offices OF the
Agents de Change and Coulssiers are .I scattered
are the media through which fluctuations are msde
known.
The history Of the New-York Stock Exchange and
the Consolidated Exchange win be interesting to those
who not familiar with it, and is fully given. Mr.
Gibson also notices tho periods of expansion IN trad
ing, and Of panic or prolonged depression, and tho
departure from tho Of the great operators OF
former times, but he looks TO the NewYork Ex-
change expand It's operations indefinitely, dealing In
the securities OF other countries and In the industrial
stocks as well.
Money Is becoming redundant IN GewYork, and
frequently and for long periods our interest rate IS
lower than in European centres while the credit OF
Government is high that the net interest obtain
able United States bonds 10 now lower than on
. British Consuls French rentes
II win not be too much OF stretch Of the imagina
tion to conceive Of the New-York Stock Exchange
dealing in the bonds OF foreign governments before
many years. In another direction its scope should
expand namely IN the shares of the industrial enter
prlses Hitherto the shares et transporting companies
have occupied the field 10 the practical exclusion OF
those of manufacturing and producing companies
Here is q wide field for future growth. The American
who contompatss his country's capacity to produce
can hardly fall TO anticipate that lie triumphs In
material greatness viii eclipse the highest achieve
ments In England which is the workshop, the
banker and the clearing house for the world There
are more plums I'm the American than in the proyerbia
ly rich English pudding.
Mr. Gibson has favored the public with very inter.
estng and well-wrftten book which Wi be read
with much satisfaction even by those who do not
accept all It's opinions.