New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-06-13
GLAD THE BCcKETSHoP BILL rs SIGNED
GENERAL sATTsrAc,r1oy ExrRFssED BY
BROKERS-PUTs AND CALLS FORBIDDEN
,>,pp's s-rrrr opr<

-ToDD's STILL OPEN.
Tho announcement that Governor iii had signed
the so-callcd BUckctshop bill caused lftle tAk I'D
Wall Street II seemed to DO the common opinion
that no other result possible under the clrcuHl'
stances and no surprise consequently was eNprrsse"
at tho publication Of The Governors action, George
w. Ely secretary Of the Stock Exchange was 70 htts
affected by II that he was not inclined 10 tak on the
subject lie said finally I'VE all hin men At
tho Stock Exchange to-day. There Is no difference
In the popular estimation bctwenn gambling In bucket
shops and our legitimate trading. The Stock Ex-
change complains not much that the bncketshops
havo reduced Ia business that thor operations have
sndcd to hvcr It's character. | hope that tho law
win stamp ont the bucket shops"
Tho common opinion on tho floor Of me Exchange
was expressed by the head OF q prominent finn in
uiis way: Il am glad that legislation has tahon tho
place Of absurd action by our Governing COMMITTEES.
THIS Is the only way to kill the bucketshops, aud II
s sure aud quick
Chairman A. W. Peters. Of the Con olIdatod EI-
change said al think II Is move In the right drec
ton. OF II will not affect our Exchange, and
as far as option trading Is concerned wl not alter
the present Systrm Of speculation the contract Is
made on the basis Of odays prices, not on the price
Of the product at the date which the option e1
plre,.'
The Committee on Grain Of the Produce Exchange
took prompt ction on tho newly enacted law. The
members drew up resolutions, which wcro announced
by Henry T. Knecland at tho first call, and they read
IN mart as follows: whereas, tho provision OF tho
act while not Interfering with legitimate speculation,
dors in,erict put and cali trading IS being bots on
the future price Of commodities. therefore Resolved,
That tho board Of Managers requested 10 enforce
tbs hOor rifle adopted February H. 1850, touching
these matters, which now under the statute not
only Illegal but would Involve ur Exchange ~ en-
barrssSment should such Illegal transactions be al.
lowed 10 continue
Tho rule referred ~ provides that any member who
shall sell privileges known rs puts and rails or
Who shall under tho rules governing the various trades
Of the Exchange deliver receive or margin any con.
tracts based upon such privileges, shall DO deemed
guilty Of nlsc0nduct and liable 10 discipline under
section 20 81 tho bylaws.
Tho Exchange, Judging from tho expressions Of
prominent members, welcomed the enactment OF tho
law. President G.. &. DurRe said: II "a proper
and wise law, and will tend 70 decrease this species
Of gambling
Henry I. Kneel.nd said at Il a step In the right
dlrvcuoo'
President J. II. Parker Of tho Cotton Exchange
said: We all approve OF the law
superintendent Power told the reporter that the
Exchange would not he affected In any way BY the
law, because there wero twenty put and CALI
Transactions at tho Cotton Exchange IN the Course Of
the year For Iiat reason the Exchange he'd not
taken any action Ia tho matter
superintendent H. q. Waller. OF tho Coffee En-.
change, said: This IS the best stop that has yut
been taken for the suppression OF bucketshoPs. But
don't believe that II VIII stop gambling
Bradford Rhodes, OF the second We,tohes'er dis
trict who introduced the bill at Albany, seen BY
Tribune reporter yesterday. Regarding the char
scter OF its influence, be said that the bill would
Ancct transactions Of a legitimate nature which
rvpressnted actual trausfers " IL will' DO added,
eradicate the spirit OF gambling among the people
who cannot afford to waste their money In that way
Already have been told that number OF the shops
which have robbed the people In This way have closed
their doors and viii doubt remain IN that con
dltion The clause keeping place for gambling or
betting tho future price OF stocks, bonds ana other
securities mAhes the Keepers of these shops liable TO
arrest az any time. The Attorney Is in thor
Ough sympathy with thu spirit Of the bill aud will en-
force IL 10 the letter The same can Do said OF tho
members Of the Suppme Court"
The larger bucket shops IN md around Newest vera
ia fu blast yesterday, however, and one Of the pro-
protors of Tho Open board OF Brokers" batter known
"a "Todd's" said that they were doing eslnmaio and
regular clearing house business, and that the
Boari" Is Incorporated under The State laws, the new
law viii not affect thom, The Smaller places were
open for the settlement Of outstanding contracts, but
IN most cases they declined to take now business.