New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-04-01
gTOCKExCHANGEM
INTERESTING COMPARISONS AND PASSAGES
OF HISTORY.

Gibson, @. r Puinams sons. 1889. i2mo,
lbs PIP
IN this Hstle volume Mr.. Gibson has given sn In
trstiBg and instructive account of the great stoch
exchanges Of Europe and America. Hls point o.
REV ts that Of 90 intelligent end hgh-minded sreAer
who b not blind TO tho evils Of unrcsajncd specpls
ton but who sincerely believes that II nevctthe'sss
does vastly moro good than harm; that 1t stimulates
enterprise odep multiplied opportunities 70 industry,
and broadcns the Geld for investments Discussing
fhs srbieot ia that spirit mr. Gilson does not dwell
uron the evil ehects OF stock speculation, IN pro
noting excessive building Of railroads. creation o.
cefpsnies or issues Of securities In tempting NAH
aEers and officials 10 sacrifice the Interests OF stoohs
holders 10 their private gain, 10 undermining CONNER
clad soundness disturbing legitimate trade and IN
siustry. and seducing thousands nom the ways Of
integrity. His ressonines may be inferred from the
following forcble extracts:
The person who buys more shares than his capital
M permit % TO pay for = SsrssSy s Sep rom the
practices Of what BY common consent, called legtL
hats commercial uDdertakngsi The merchant DuySs
ihsm ana Of BIS capital me reales state pledges
hs property e procure money 70 improve h 70 r SaS
sss says the 70 stock spseSaOT p
far 70 sell what they DO not possess or IN stoek
c sss.s % build house before be
owns plank or brick nail; or who agrees 70 build
HOW ssSut fhe rnsnsiacturer who sells his sheetngs
fne ais steel rails before the COTTON grown or the ore
cal snfipoSss, seiis il products 70 Us ahead d their
yroducon The fact Is, that the eletneat OF specuia
Of the whole mercantile world
The value Of shares Is Distinctly enhanced by "llst
ing them, as Wall Street would say, or BY granting
IN the snsSae 81 Sap are s secure IS
&c personal possession. and when the shares become
publicly known IN an open market. The value which
the best intelligence concerning them: II there Is
6an II the property be merely held In private owner
sn Of HSs IN SrSsesv 'ns sa Niece ~ land ar
s = ,n5,,ised ~ III snash sna gacon,s r1ster
psgoashT on rs ntiSSucon 70 an sS9ange; sns
asnsr On n and mar, nsop,e viii hpy n n because
:ss = , siTsys rssay marDot In case they wish 70
1850 .' - -
no. IN fact raaect thu Indignant Of the hast ints
!. -. -. !, 49, "a 80 .,a,.
she most sorupuous- Spectator, or clique Of spec
nators But the chef value Of ME- oibson's book is
re h's'ey waicn y siyss o. .he %Or,as sros. ex
changes, and his comparison CT their modes OF OPP
srsfsp9 OF the London Stock Exchange he SAYS:
~. r.nors, ~ the Stock Exchange now in tts
archives DO not 60 back Of 17ss but appears from
outside sources that In Change Alley there was no
er&snaauon, 10 Oeae ossy S ',.t, t p,so
xbSmt 17s the scene shifted to fbe stock Exehanee
Coffee House. Thresdnsedle-st where sixgcnce was
set ASIDE TIE sotas Of the BANK for dealings in aaSos
ebcnf,1res and public funds where large traffic for
tina was carried on . During tSe latter part
81 the eighteenth and the early part of the nineeenh
Fan s,S ss and no snhsses naS 60
freely By Pitt 70 foreign states - Therefore Il
IS not surprising to earr thar under this stimulus
he Stock Exchare of London reached such state OF
prosperity and Importance ss 70 Justly q new build.
s4E. IN sy is is1l, Iae SoInes.one o. Us PTeseht
me E1Sn en- which men numbered ooo mem
SS--' sS.s's~- 10 "e" 1uaa t0i''
Tho description of the Stock Exchange building is
not calculated TO inspira an American broker with
Inc stook Excasnge Is not one o. ne noo o.
NEUTRALITY-SUSPICIOUS. from contiguous buiidines and its
nterior Is not open 20 public view Unlike the Bo,lrse
IN Paris, and the Stock Exchange In New-YorK there
rsSuf II 1851 and has szPsnSSd to meet he H.
cress,ng dePands upon 1t Put with 20 wendehned
ndns and Da 1Tos Closed ms
q orm sbo fes IN p0C
smeter. and with an Iron ana glass dome no feet
Y nsignt rom tne noe. 70 tne t9R o. .ne ceROia;
tsst they ought 70 tear down the entire structure
~ Stu.s vno ~ tbs ns Ms 9 H
.'. .'s .s.s.,,,us ..,a,p, : "r.u :, -, r,..,...
- ,.1..ts - d.rsncs astIssn snecs'
lativs operations there and in New-YOrk The selec-
zion Of msmbers Of the board and the admission Of
49, - A. h,snss. a.. s,ys,ny n.cuI,ay,tlex.
,1. acon,.,,,.. =, ,,.n.r., p,r,o..ss q N,
esoeR Exehanrs AZ London annually reject the
entire list Of members unless for good cause some
one or more should fan e pas This feature =
II Is power subject, Of course to abuse by member
OF the committee exercising ss innnenSe % sIiss
perieety worthy oan1aaeo, puL Happily Ais 'neH''
81 indsvlouas does not oieeh Prevail
qf,ers is a proytslon In the stock Exchange Of
rorasn shcb Il s,rfiay ta Ira Iourse in PARIS but
n1,te ss,plSa tbs ETchanees in New-York whereby
S,svsxs1 eiarFs AZ ~ sSrn,tfea Wifi poUeP to deal
9 pss,,Is ~. pn51Isca ~ ass,snT their emueyeys
N .sss NY ~ '-AVeS, = ~''''e 80
nosia :. :, Z
- =, =. ~.
e = ssss quosN'op' ~. 'e"A a-'- - -
sAa's nAs
One q the marked pscIlses o. tns STOCK s Tx; Tx
At ~ agents for the public and who are technically
sailed brokers" and those VINO 90 business on tneir
own account, and are described as dealers % Ioo-