New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-11
THE T1CKERr HAS COME TO STAY.
BROKERS SAY r. Is NOW A NECESSITY.

THE LEGAL FIGHT GOES ON BETWEEN THE RIVAL
sroCK ExcHANGEs
The leading actors in the ticker" war between
the New-York Stock Exchange and the Consoh-
dated Stock and Petroleum Exchange. which was
continued In the Special Term OF The Supreme
Court before Judge Brown In Brooklyn, yester-
day. were General benjamin F. Tracy for the
paintiff in tine suit, and James G. Carter, for the
principal efendant Colonel Robert g. Ingersoll,
for the Commercial Telegram Company, kept him
self in reserve.
Lewis f. Ransom. Edward King president of
the Union Trust Company; Spencer Trask. Charles
Il. Orvis Edward +. Strong. George w. lloagand,
and X L. White, oil brokers' were called by the
defence and explained that the quotations from
the New-York Stock Exchange governed the mar
ket values of the securities dealt in on the ex-
change and said that the quotations were &C
cepted as q standard both in this country and
abroad. The crOss-eXaminatiOn conducted Dy
Mr.. Carter, was to show that the value oil
stock or bond was fixed at the place where deal
ings in it were the largest, and not always at
the New-York Stock Exchange. But the wit
nesses told how the ticker now brought them
the news Of the quotations, and upon the values
fixed by these quotations loans were made and
stocks bought and sold X. L.. White said that
If the tickers' were stopped for day, chaos
would result. the wheels of finance would be
stopped Colonel Ingersoll ventured the remark
that the removal Of the ticllcrs' now would
administer q stroke of paralysis TO the hnanclai
world and the large amount of evidence set up
bv the plaintiffs was in support of the assump,
ton that the tlekes We're hi ne ontrol anu
George w. Casper, secretary of the COmmerciai
Telegram Company; William b. rreen, r' a Gun
scription az Mt Of the company ana JOIN .,iGd
ot v,
to the details of the arrangements madc WIN uno
New-York Stock Exchange Tor geItlhg .n' - q tho
tations. George l.. Ilutchngs the cashlcr W VI.
Third National Bank. supplemented the o lohoio
who said that tickers were essential 10 ,' ~
as it is transacted now. George WI iy' DO de
secretary of the New-York Stock Exchange, de
scribed how the quotations are given out by tne
clerks of the Exchange. Francis u fltcn' eAeo u.
tive officer of a printing company, Cese ntat;ous
the way his company coieG hroe .ne Of NewYork
and Boston, was called by the defence 10 proNko
that stock values were not regulated NY 'i'
New-York Stock Exchange alone. a., A
William r. Smith, General Manager OF the AS
sociated Press. told how the Associated Tres,
gathered the quotations from the new t I.A n"rId
EXCHANGE and sent them out all over Ihe woiil'
and declared that the quolatIIC9nlso w VS. Stokes
everywhere as standard Edwaru q comnanv
nresident of the Commercial Telegram Nonpaiyy'
sad that l.. A. Drake the chairman Oh Cn &c oo i IL
zoo ~ ARRANGEMENTS OF the New-iork STOCK Elk
change, did not act in good falth wiIn a,nd
when he was trying TO get rid OF the S Ittr
.p~o
institution set my men TO drag OUT tne ticter5 "a
and we were heavily fined Tor IT,, nc saIo' anu
had to put them back .o a,d tho suit
General Tracy rested his Case anu 'A'
will go on next Tuesday.
THE BUSINESS OUTLOOK NOT HOPbFoL'
The business failures throughout the country 4" wv
last week as reported by r. &. Dun & Co.. OF 'ne ie
camille Agency numbered 237 for the Uhlted s'aV ~
10 for Canada total Of 259 against 279 last week. anu
oe7 in the corresponding week last year Tho failures
in Canada were nearly double the usual average Inc
rootlv review OF trade by Messrs Dun & GO. is re-
arkable chiefly for It's lack of hopeulness Inc ouS'
ness conditions are summarized In this way
Io the general course OF business there mas oeen h'
ro,,an,,b,e change Railroad tonnage IL enlarged oy
- =, a,.s and the ratio of expenses earnings grows
ass .,,,actory At nearly all Interior points reporens
tr,ds is duh or ina tive, though perc'ploe inlros
within the past days is noted at ST. fsui anu ~
But the collections are slow at b. faul """
Detoit and Cleveland and the number OF failures III Tue
Northwest beyond Mississippi seems larger than usual
Tho cold weather evidently has retarding influence IN
many quarters The failure OF a bank at CINCINNATI
with arrest OF officers account OF specuauohs III ca
estate and and the failure OF Behsiey poI"ois
at Chicago an old grain with large credit call AZ
enton 10 the chief cause Of hesitation In busnesa
vast amount OF capital has been locked up ana V"'
body Of indebtedness created In connection with the rea
estate grain other specuauons OF the past year IN
debtedness based fictitious valuations OF property Ut
commodities not few cases viii nave W DC iuud'eu
NJ a loss The wars Of rates between Western roads
have now gone far the charged are sad TO
be on the whole than half those charged before
the trouble beg H. but gn OF settlement Is seen III
ANY quarter. Those who have put money into many
new lines where lines were not needed nave no
reason expect until the business Of the country
has largely incressld Meanwhile the In erslsts law
makes any settlement difficult and places United
States roads disadvantage in competition with Cana
dian"