The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1890-04-04
THE BATTLE WITH THE BUCKET SHOPS.
So Far the Board Of Trade Has the
Worst OF u.
members inconyenIenced While the
Shops Get Quotations.
The New WAY OF Doing Business on
Change In Chicago.

CHICAGO, April 3.--The second dav ~ tho
latest effort Of the Chicago Board Of Trada
to suppress the bucket shops, by abolishIpg
its quotation department, ends in distinct
victory for the shops. Ihe latter obtained
their quotations without apparent difficulty,
and the members Of the board were put TO
endless trouble in obtaining quotations and
transmitting them to their customers.
1t is true that In some instances the quota
tions posted In the bucket shops did not
agree with those made on the floor Of the
board, but they were substantially correct,
were obtained and bulletiued in less than
half minute from the time they were made
on the floor, and furnished basis for the
biggest days business the shops have done
In months. The bucket shop proprietors
said they obtained their quotations from the
runners between the big board and the open
board, and they probably did. At all events,
they had them and seemed TO be satisfied
with the situation.
Many members of the board were any
thing but satisfied. For the first time In
over a quarter Of century Chicago mer-
chant or broker was unable to send tele-
gram from the floor of the board. 1t had TO
be transacted through a messenger, who
would take q message 10 a customer or a
quotation on the market from the floor Of the
board to telegraph Office down stairs. The
big space allotted heretofore TO the telegraph
companies was empty, and the different
trading pits were dotted here and there by
small boys employed by the telegraph COM
panles to collect quotations The officers Of
the board OF trade soon ordered the boys to
stop this, however, and members who wanted
quotations were compelled to gather them
themselves and hand them 10 messenger
boys, who thereupOn rushed frantically
down the stars and left them In the various
offces. The quotations were then put on
the blackboards as usual. the only difference
from the old order being that they were
posted less frequently.
The indicator dials, so long the arbIters Of
the nervous wheat pitt were still and value
less, and the fluctuations Of the market
could only be gauged through groups Of
traders or from little crowds In corners. IL
had been openly given out that clubs or as
sociations OF members would be organized
and, by employing reporters, keep outsiders
fully Informed on the market changes. This
was frustrated by posting in conspicuous
places In the board room the following
notice: mo club, pool, or association OF
members will be permitted, directly or in
directly, to collect market quotations on the
floor Of the Exchange" The notice was a
literal copy Of resolution passed by the
board of directors. This upset the plans Of
the houses which had clubbed together for
the collection OF figures for their own use,
and 1t demoralized for time the schemes Of
the outsiders.
Ex-Congressman r. w. Dunbam expressed
about the average sentiment when he said:
81 was very much inclined to doubt the ad-
visibility Of the action. III all the leading
exchanges of the country were to join with
us In the fight we could soon beat the bucket
shops, but while New York and other large
markets stand prepared TO furnish their quo
tations, outsiders will trade on them, in my
judgment Nevertheless, since the position
has been taken am willing 1t should have a
tion definitely"