New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-06-01
TAKING OUT THE TICKERs.
BOLD STEP OF THE STOCK EXCHANGE.
BLOW AT THE BUCKET sHops-coNsonIpArEs

BROKERS' NOT AT ALL DISPIEASED!
A great shout was raised In the Stock Ex.
chang just after the close of business yesterday
when Vice-President Horace J. Morse announced
the decision Of the Governing Committee that the
contracts for ticker" service would not be res
newed. The cheering became stronger as the
members gathered around the rostrum and realized
the importance of the action. There has been
earnest effort in this direction for several years,
and the advocates of the measure were in full force
1t has been the theory Of many brokers that an
exclusive control Of quotations would bring back
its pristine glory to the Stock Exchange. Buckets
shops Of every description would be deprived Of
support, according to this philosophy, If ths
ticker" and the endless tape' could be removed.
The Governing Committee OF the Stock Exchange
at special meeting yesterday adopted this vieN
by vote Of "a to 2.
The names of the minority could not be learned
at once on account Of the Chinese wall that the
Stock Exchange is building between itself and the
world from which IL draws nourishment As soon
as the decision was announced the door was
cleared, and after the iron shutters had been
lowered the work of disconnecting the wires wss
begun For the first time in great many yeara
some Of the oldest members Of the Board were
kept outside, and they regained possession Of over
coats and umbrellas, left behind, only from the
sidewalk. One or two ex-presidents of the Elk.
change were forced TO submit to the apparent in.
dignity.
THE CAUSE OF THE CHANGE.
The occasion for this action by the Governing
Committee was the recent decision by Judge Ans
drews, of the Supreme Court. which prevented tho
Stock Exchange from treating the ticker cons
panies on different terms Attempts TO resume the
formerly exclusive relations with the Gold and
Stock Company have been resisted by the rival
Commercial Telegram Company, which is a part Of
the Mackay- Bennett opposition to the Western
Union Telegraph The younger company secured
a footing on the floor because 1t promised sharp
competition, and the Exchange proited for year
or two by the change. When it was discovered
that the opposition company was supplying quota4
tions TO the Consolidated Exchange there was an
immediate appeal TO the courts. The decisions
have been favorable to the new Exchange and
the recent decision of Judge Andrews was accepted
as final As the Stock Exchange could not Throw
one company, as it had hoped to do, it decided to
end the contract with both, and the Gold and Stocs
and the Commercial Tele gram companies will have
to-day no facilities for reporting quotations.
Brokers will be Obliged TO depend on telephones
and messenger boys for news from the hoor ana
the cutting of pneumatic tube ieW days aeo
may be followed by other separations lhere arc
some members Of the Exchange who do not hesltaH
10 inquire how the means OF communication snali
be regulated few are inclined TO ask II tns
members Of the Governing Committee are Interested
in the messenger telephone services IL was sug-
Rcsted Yesterday that the committee ought 10 ar
range brokers offices at an equal distance rom rom
the centre of the board-roOm, and, If other com.
municatOn was cut of, to engage sprlnters OF
equal heetness TO carry messages. The defenders
of the action insisted that qHotatl2ns a. men "a
real estate were the property OF the Exohange ann
should be controlled in the same way. lney saw
In imaOination their offices filed with anxious Gus,
from al arS What St sne the soc
Exchange thought about the value OIL corpofa~
securities.
DIFFERENT OPINIONS.
Opinions about the practical effect were divided
however and while many brokers derived en-
cOuragement, Others were inclined 70 be despond-
ent. IL was admitted that il was useless 70 az
tempt TO conceal quotations and at the same time
that the action OF the committee had no other
object. There was common suspicion in wall
Street that the officers Of the Exchange had q
definite plan for q ticker service that hsd nos
president in the absence Of Mr.. Bull, said thas
there was no ground for the rumors. He added:
This is the first opportunity IN four years when
the Stock Exchange could throw of unbearabla
conditions. IniunctiOns and suits have hampered
US, and the recent decision was relief. We
could not discriminate between the two companies
but we could terminate both contracts. IL Is noe
surprising that the Governors were quick TO seize
the chance. We have cut one Gordian knot and
we shall probably serve the next one IN the same
",
r. H. Thomas chairman of the Committee OF
Arrangements, declined 10 discuss the affair, bus
he declared that the Governors had no scheme
for q ticker service. James Seligman defended
the action of the committee, saving that out ot
thirty.six members present. only two had voted
against the resolution.
Amons brokers who do not belong 10 the Cow
ernng Committee there was great diversity
OF opinion, Commodore Smith, an ex;presidens
OF the Exchange, was loath to condemn the action,
while Mr. Jameson, the senior partner OF tho
6rm, promptly defended IL. John g. Moore said
that the present Governing Committee was an so-
solute body and that committee OF not more
than ten men who were Stu alive was whap
the Exchange most needed.
THE CONSOLIDATED SATISFIED.
Only one opinion was reached by the members
of the Consolidated Stock and Petroleum Exchangs
after a brief reflection of the consequences Oh tho
action Of the Stock Exchange Governors IL was
that the isolation proposed would benefit tho
little board" meeting Of the directors OF
the Consolidated Exchange was hastily called, but
it did not last long, and after its sdjoqrnmens
il WIS said that nothing definite was done on
the subject. Ii was limited that news might be
expected before twenty-four hours were over:
The situation was eagerly dfseISeu KHoss Ssr os
time after the closing OF regular business hoursI
Many of the leading brokers were kept busy for
u time in arranging for securing quotations rom
the Stock Exchange as speedily as they are likely
TO be- obtained by most members themselves 10
was confidently asserted by prominent Com
solidated men that the figures made IN the StocG
Exchange would be promptly posted IN the former
board and furnished 10 customers. AT the sama
time the ticker service controlled by the Con|
solidated Exchange will as ususl print the transI
actions made In that market
The view generally taken OF the outlook was
summarized by prominent member OF the Con"
solidated board, as follows: The logical OUT
come OF the action Of the Stock Exchange musu
be to increase the dealings at the Consolidated
Exchange. IL will be impossible TO prevent our
receiving the Stock Exchange quotations about
as early as they will reach the offices Of mosb
OF its members There is no law that can pre-
vent a member OF the Stock Exchange from send,
ing out TO q customer by messenger any quota
tiGn that is made, and II that customer Is Con-
solidated member he is as much entitled 10 the
figures as any other. Nor can the Stock Exchange
blacklist any particular building, and say thas
it's members shall not furnish this information
e. hn ~