Year: 1876

As the chronicle OF Stock Exchange history the
money writer finds in the recurrence Of the weekly
holiday opportunity for wider view Of things hnan
cal than when he Is confined to the record OF each
passing day We doubt whether the regular recur-
OF Sunday appreciatively received by any
class Of the community than it is by the brain worked
toiers OF the street" 1t is the day in the
when 'he wicked from troubling and the weary
are at rest" Bulls become docile as the cow with
the crumpled horn, and bears from rampant brutes
subside into the recumbent of animals So in the
absence market these contestants Of the workaday
week indicate the pillennian disposition of lion and
lamb, and lie down amicaby together The turmoil of
the board room being hushed, and the voice Of the
''ticker no longer heard in the land, we propose to
notice one two points which, in abstract way de-
serve attention.


A morning journal, in referring to a decision Of
the Supreme Court of Illinois, which rules that "op-
ton contracts, such constitute the main business
of the Stock Exchange, contrary to public policy
takes occasion to remark that such decision would
amount TO very little here in New York The reasons
contemporary advances are in substance correct
but there stronger existing at present and
which will continue to exist long money rules
at six per cent or under, and which would cause
the law, If it were applied here, to fall fat 1t
is simply the fact that time options stock con-
tracts have become obsolete. 1t only necessary to
scan the list OF officially published each
day to ascertain the fact that operations based upon
buyers sellers options OF thirty or sixty days are
scarcely to be met with. During the
exciting days Of the war, when values
of stocks 1uctuated violently, success or
reverse characterized the progress OF the struggle,
and the price OF money in the loan market ruled at
seven per cent q minimum, there decided ad-
vantage in purchasing stocks on buyers option as
the contract only called for rate ofinterest which was


limited to six per cent For the last year two money
has probably been obtained at average rate of four
per cent and buyers have preferred to purchase for
cash. taking the chance of lending their shares to the
of hypohecating them in loans at the above
figure rather than pay six per cent for option
Sellers for O Decline on other hand, have been
able to put short time contracts which, by Stock
Exchange rules, must carry six per cent interest,
paid by the buyer to the seller, without marking
their selling price down much under the cash
price as TO deprive the of any particular ad
vantage in way of time Consequently both bulls and
bears except in the case where corner was appre.
hended have elected TO buy and sell for cash. and will
continue TO do so so long money rules at cheap
rates. or so long the Stock Exchange declines to
duce its stipulated contracts below six per
cent For these matters little at the present
time whether such law the Illinois one be passed
here or not II would have force against time OPP
tions for time options do not exist; and 1t would
simply prove TO be Quixotc tilt against windmills
that would neither benefit 'pubc policy' nor any
body else.


The events Of the past week, except those con-
nected with the movement In stocks, not
portan The latter will be generally understood
by reference the following table, which shows the
aft tha