Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-04-02
WILL TICK NO MORE.
Stock Quotations Shut Off
From Bucket Shops.
ALL THE WIRES CUT OUT.
Only One Firm in the City Will Get
the Figures To-Day.
ALL THE WIRES CUT OUT
THE SERVICE COSTS 1T $4,000.

There was sorrow in the ranks of the stock
brokers throughout the city yesterday. Early
in the day The Western Union Telegraph
Company cut out all their wires running
into the 'bucket Shops" and, with one ex-
ception, the brokers' Offices. As result
there will be no quotations from Chicago to-
day, except in this one particular office. The
latter does not get the markets" by ticker,
but by special wire, for which they pay a
rental of $4,000 per year. Unless some
method of securing the quotations is appar-
ent TODAY, the brokers will have to go out
of business.
The cause of the trouble is the old fight of
the Chicago Board of Trade against the
bucket shops throughout the country. At
a meeting of the directors OF the board, on
Monday afternoon, they decided to refuse
to furnish any more quotations, not even to
members. and served notice on the Western
Union Telegraph Company to that effect
The officers of the company in this city re-
ceived notice to cut out the wires, which
they did yesterday.
JUST ONE OF 'EM LEFT.
In this city the only firm that will get the
"
Co. They have been getting their 'mar-
kets" on private wire and are not depend
ent on the tickers. They had ticker in
their Office, too. but it was also cut out with
the others. The other brokers and "bucket
shop" men nave been getting their quota
tions on tickers through other sources. A
great many were served by Camp
bell & Co., who had the suit
against the Western Union and Chicago
board some time ago. When an attempt
was made to cut -out the tickers before, the
firm secured an injunction against the tele-
graph company and compelled them to fur
nlsh the quotations. They in turn sent
them BY loop wires to the other brokers, and
the latter got them almost as soon as Oakley
& Co. The ''bucket shops" paid Campbell
& Co. from SIS to S25 per week for the ser
vice, and as long as Campbell & Co. got it
from Chicago the ''bucket shop" men were
satisfied. 1t will be impossible to get it
now, as the ticker wire is cut out of Camp
BELLS Office.
FIRED OFF THE FLOOR
In Chicago the Western Union Company
was compelled to get off the floor on
Change. 1t hassits Office right under the
Exchange and has been getting the quota
tions from above by messengers. The board
decided to stop this and any messenger
found carrying quotations will be put off
the floor. The board is determined to stop
the business of selling quotations despite
what the telegraph company wishes to do.
The latter backs up the claim of the Pitts
burg members of the board that they had a
right to the quotations. The directors
argued that if they furnished the quotations
10 their members they would also have to
give them to the bucket shops" A num-
Der OF the directors jumped in and upheld
the local members in their claim, but the
majority against them.
superintendent Charles Q. Rowe was seen
yesterday by DISPATCH reporter, and wheh
asked if the company had cut out the wires
and would discontinue the quotations he said:
''Nes, we served notice on all our customers
that we could not furnish any more quotations
from Chicago. The Board of Trade shut them
oil from us and will not allow US to send them
out. AS we cannot get them on Change we
could not furnish them to the brokers' On ac-
count OF the election in Chicago to-day business
on Change has been suspended, and there were
no quotations
EXPENSIVE TO THE COMPANY.
what will be done with the matter to-mor-
row, l don know. The action will cause a loss
Of thousands of dollars to the company, do
not know what the actual loss will be-"
When the proprietors of the bucket shops"
were seen they were "in the Dumps" so to
speak. They stated that they had no idea
where they would get their quotations TO-DAY.
They said they would depend on Campbell &
Co., and if the latter could not get them they
would have to cease doing business. They all
expressed a hope that some way would be
found to get out of the difficulty but from their
looks il was forlorn hope.
The wire over which Oakley & Co. will get
their quotations runs from Chicago to New
York, and "d.Ops' the markets at Pittsburc
Lancaster and PHILADELPHIA The cost of the
wire as stated is S25 COO per year. exclusive of
salaries of the operators. Mr.. Oakley stated |
yesterday that his firm would be the only one |
in the city getting quotations today.
Other brokers seen said the only way to get |
the quotations would be to have the Western |
Union Company buy them from the Board of |
Trade and then sell them to subscribers. They |
said the board might consent to this arrange
ment for about $4,000, but the probabilities |
were very slight.