Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-04-29
CHICAGO is OUT OF IT.
Stock Brokers to Get Their Graln
Quotations From New York.
CAMP AND COMPANY ARRESTED.
A McKeespOrt Spectator Who Dropped
S2,5OO Wants 1t Back.
THE MARKET CATCHES J. r. JOHNSTON

The stock brokers and ''bucket shop"
men of this city have made an agreement
not to handle any more Chicago grain quo
tations after May 1. Beginning on Thurs
dav the Pittsburg men will get all their
grain quotations from New York. To cir
cumvent the Chicago Board of Trade, and
IN order to supply the brokers and bucket
shops" with quotations, the Western Union
Telegraph Company tried the experiment of
sending out the quotations from the New
York Stock Exchange. For the past week
or more the quotations have been coming
into this city regularly by ticker from the
metropolis. Since shutting down on the
brokers and others outside the Chicago
Board of Trade floor, the directors of the
latter say they have secured more business
than they could otherwise do.
PITTsBURG MEN DENY IT.
They saw that on account of the bucket
shops not getting the quotations, the curb
stone'' buyers have been unable to do
business with the "shop" men and neces-
sarily had to go to the members of the Board
of Trade, doing business on the floor. The
Pittsburg brokers say this is untrue. The
''curbstone" buyers do not patronize the
regular brokers, for the reason that they
would be compelled to put up too
much margin. In a "bucket shop"
they would not have to put up more
than per cent, while with regular broker
they would be compelled to lay down 10 per
cent on all orders. The people doing busi-
ness with the bucket shop" men, they
claim, cannot put up this amount 1t re-
quires large capital to trade on the Board
of Trade, while SO is sufficient capital to
buck the game In a SHOP" A serious loss
to the Chicago men, their customers in this
CITY and all parts in Ohio. The latter can
not get the quotations regularly and have
been making arrangements to get them
from New York.
A PICNIC IN PORK.
The local pork agents have been having a
regular picnic since the Chicago quotations
were cut of. They now have to rely on
messages received from the houses they rep
resent By the time the messages are de-
livered, the market may jump several points
either way, and thousands of dollars may be
made or lost in q few minutes. A firm in
the city might get a message from their
broker to the effect that pork was selling at
such figure. If the firm wanted to buy,
they might reply promptly to the broker,
and when the latter would receive the an
swer, pig might have jumped up several
points.
The only difference between trading in
New York and Chicago is in the freight
rates. 1t is said there is almost as much
speculation in grain in New York as in
Chicago.
CAMP THE PLUNGER SUED.
An information was made before Judge
Gripp yesterday against Frank L. Camp,
Charles 7. Hewitt and Victor C. Place, |
representing the Pittsburg Commission |
Company, by one of the men caught by the |
failure of that firm on Saturday. The prose- |
cutor is C.. II. Black. a resident of McKees- |
port, who did business with the firm at their |
branch house in that town. He alleges they /
set up black board, on which they pub
lished quotations of the rise and fall of |
grain and oil, and allowed an assemblage
there for the purpose of betting and stalking |
money on the issue. The charge alleged is |
gambling. Camp and Place were both ar
rested and gave pail for hearing on Sat
urday, but Hewitt was not apprehended. |
The prosecutor, it is said, dropped s.. 500
Another failure in stock circles occurred |
yesterday. j. r. Johnston, one of the best |
known brokers in the citv, and who is well |
known on account of being the Prohibition |
candidate for State Treasurer, announced to |
the Exchange that he was unable to meet |
his obligations and had to close out The |
following statement was found posted on his |
door yesterday morning:
sEvENTY-FIvE ON THE DOLLAR.
lowing to recent heavy losses am COM
pelled to temporarily suspend business. L
will as soon as possible submit statement
and arrange a settlement with my creditors %
Mr.. Johnston has been doing a regular
stock business in this city for the past eight
or nine years. The cause nf his failure as told
by himself is as follows. Mr.. Johnston said:
lowing to recent heavy losses, caused BY
trade running against me, and joint loss
of considerable amount involved in the
failure of the Pittsburg Commission Com
pany, thought best, for the interest of nv
customers and myself to suspend operations
to-day, until 1 could have time to look
clusion as 10 what was best
to do. / am satisfied now that
under forced settlement can paw IS cents
on the dollar on Saturdays liabilities, and
hope to do even better. l have carried on a
legitimate business, being prepared through
my connections with all the markets, to de-
liver any goods sold through my Office the
moment they were demanded. and it is only
through one of the unfavorable turns of
trade that 1 am forced into my present po-
sition.s