Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-07-20
NO WIRES, NO TRADE.
Stockholders Lose Millions by the
Western Union Blaze.
BUYING A CAR SEAT AT AUCTION.
Investigating Serious Charges Against an
Almshouse.
A NEwSBOY WHO WAS POOR BUT HONEST

The fire in the Western Union telegraph
Office in New York has had very depress-
ing effect on the stock brokerage business
and the bucket shop trade in this and other
cities. The su spension of business during
the few days that they have been deprived
of stock quotation wires will cause loss
which is beyond estimate, but rough cal
culation made by broker puts the amount
involved in the millions. This has not
been directly lost, but the brokers have
been unable to do any business here on ac-
count Of the fire, which they consider loss.
The shutting off Of stock quotations
caused shutdown Of the markets, as with
out the quotations the brokers and bucket
shops cannot do any business, and they
count this Just the same as money lost.
They could not close out their contracts on
account of teIegraphic facilities being cut
off directly from the New York Stock Ex-
change, and speculators have been in total
ignorance of which way the market was
going until the day after, when the quota
tions were "a hours old, and the market
might have advanced or declined materially
against the spectators, so much that In
many eases losses would be very large.
BROKERS THE WORST SUFFERERS.
Night Manager F. J. Bender, OF the
Western Union Office, said that business was
not delayed very badly, as the company had
three wires in working order with Jersey
CITY shortly after communication was cut
off with New York direct. He said that the
brokers would be the worst sufferers by the
fire in this city, as it prevented them from
doing any business. He could not make
even a probable estimate of how much would
be lost by them, but thought it would be
very large.
Stock spectators have ordered their
brokers to place stop orders on their deals.
That is, to put in orders to close contracts at
certain price. This has made very per-
ceptible change in the course of the market.
'sThat an i'll wind etc., was again
proven; the Postal Telegraph and Cable
Company have been reaping quite harvest
since the fire Thursday morning In New
York. Assistant Manager Hughes said:
1--WE have had ten wires working direct
with New York which have been crowded
to more than their capacity. We have no
wires to the New York Stock Exchange
over which quotatlons are sent, anu SouAu
do nothing for the stock brokers here.
SUBJECT TO DELAY.
Itis said that the Western Union Com
panv sent out notices Thursday to the effect
that all kilograms would be taken for trans
mission subject to delay. They are sending
all New York kilograms to Jersey City,
where they are received and sent by messen-
ger across the;ferry to New York City. The
local business would not be DELAYED to any
great extent were it not for the fact that the
Western Union Office here has to relay all
business for Chicago, Cleveland, Cincin-
natl, indianapolis, Milwaukee, st: Paul
and all points West and Southwest of Pitts
burg.
Manager Bender stated that he expected
to have a wire direct to New York to-mor-
row. This will be. given to the stockholders
to enable them to get the markets.