Evening journal., 1889-06-01
G00D-BY BUCKET SHOPS.
The Stock Exchange Cuts OFF
the Ticker Service. -. -.
CURSES BOTH LOUD AND DEEP.

1t May BE the Death Knen 10 the Gem
.4' sclidated Exchange Also-what the Ef-
feet win Be-A Big Gambling Field
Oosed Up.
NEw YoRK, June 1.-The governing com
20 nistee Of the Stock Exchange rang what
: hey believe will be the death knell Of the
bucket shops and the opposition exchange by
ordering the 'tickersn out Of the building.
rs The action caused much excitement on the
~ "street For years the exchange has en-
,ss de1yored to control the quotations Of stocks
and bonds made on its aoor, and to prevent
= fthe bucket shops and the Consolidated Ex-
y change from using them as a basis on which
tostrade. Two companies, the Gold and
stock and the Commercial, have supplied
the quotations tt
~ Thousands of dollars have been spent in
Y litigation, the cases being fought step by
step from one court to another
Their Opportunity at Last.
~. Rscently the Stock Exchange tried to shut
ont the Commercial company, which supplied
the Consolidated Exchange, but the courts
(. decided that this would be discrimination,
1. and held that If they furnished one company
" with quotations they were equally bound,
under existing contracts 10 supply the other
But Judge Andrews in a decision handed
down two weeks since, held that there was
! F, no law TO compel the exchange 10 furnish any
telegraph company with quotations. This
was an opportunity the Stock Exchange
members had long sought for
Intense Excitement.
A meeting OF the governing committee OF
the Stock Exchange was called TO meet yes
terdayg at 1880 p m. Every member present
IN the city was in attendance. II was do
cided not TO renew the contracts with either
of the ticker companies This was simple
&C. hut eiiectual way Of shutting both the ticker
companies out Of the exchange. At o'clock
Vice Chairman Morse rend the brief an
nouncement that the governing committee
had decided not TO renew the ticker com
panies contracts and that provision had been
made TO supply members with quotations
For five minutes the excitement was intense.
Itwas victory after years Of defeat, and the
cheering vociferous In less than two
hours every ticker, and every wire connect
ing Herewith was taken down.
What the Eject WIN Bo.
Today the only telegInphic communication
from the exchange was by the regular tele-
graph companies, and parties outside New
York had 10 depend upon regular messages
from their New York brokers for prices II
is a blow at the bucket shops, and will also
=" cripple the consolidated stock
II IA conference was held between the presi-
a. sitient OF the Commercial Telegraph COM
pany, Mr. John Anderson, and President
Wilson Of The Consolidated Exchange At
its conclusion Mr.. Wilson said:
"We have decided upon no plan Of action
ns yet IL is too early / think this action
of the exchange is hasty, and that the brok-
ers themselves will soon see that fact No,
4 we havsNnot decided TO apply for AN injuno-
II tiona
Hisunderstood Chat on Monday a new cor
poration viii take Charge Of the distribution
of the quotations by ticker service, but
bound by iron clad contract TO furnish only
members Of the stock exchange
'Dfuttered Curses Loud and Deep.
The effect OF the action Of the regular ex-
shange the members OF the Consolidated
Vas striking. Thsy could find no words
Trong enough In which TO condemn the
5lder organization, and the language they
1sed vigorous and sulphuric They
gathered in groups on New street and Ex-
lhange place, and gazing up at their mag
.lihcent new building muttered curses loud
and deep The business OF the Consolidated
of late has fallen of greatly and the price OF
serts in that exchange has declined very
much Today seat was offered for $780, but
after o'clock, when the decision TO take
away the tickers was known, a gentleman
was heard to remark that they would be dear
at any price All the big bucket shop people
got away from the street as Quickly as posi-
-bI6, Gnd their views were not ascertaineo.
They are always expecting blow from some
quarter, so it is presumed they were not sur
prised There are, at a low estimate, l5O
bucket shops in New York and Brooklyn,
and placing the average business of each at
y 900 shares day, taking the big and little,
it will be seen big gambling field has been
closed up