New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-12-13
18th St.
THE WAR OF THE TICKERS
1T BEGINS AGAIN AT THE STOCK EXCHANGE
PREVIOUS ARRANGEMENTS WITH THE WESTERN
UNION AND THE GOLD AND STOCK CON-

UNION AND THE GOLD AND STOCK CON-
PANIEs DISCONTINUED.
The OF the "tickersD has been resumed in Wall
Street after long period Of quiet 1t was announced
yesterday that the Stock Exchange had sent notice
to the Gold and Stock Telegraph Company and the
Western Union Telegraph Company, terminating the
present arrangement by which these companies secure
and send out quotations Of the Stock Exchange The
Stock Exchange offers temporary arrangement by
which the Gold and Stock Company on payment OF
800 day may secure the quotations. The action OF
the Exchange and the causes that led up to 1t were
stated by Secretary George w. Ely. Of the stock Ex-
change, yesterday follows:
"FOr years before May I, 1859, the God and stock
Telegraph Company and the Commercial Telegram
Company received quotations from the Exchange
payment to the Exchange at the rate Of 81 500 per
month EACH and onohllf OF the cost OF collecting
quotations. amounting to over 5000 each. This ar
rangement made from month to month, to be
terminated at the option OF either party We acertained
that the Commercial Telegram Company furnished
keepers OF bucket shops and Others nnical to the En-
change with quotations before the time they appeared
on the tape of the tlcker. This protested against
vehemently and endeavOIed to stop It, but were
unsuccessful. We determined TO exclude the Com
mercial Telegram Company from the floor
They obtained an injunction restraining us
from excluding them, and we fought 1t for
several years. This litigation resulted In decision
by the supreme Court that could not turn out the
Commercial Telegram Company without also turning
out the Gold and Stock. They here on equal
terms and under the same conditions the Gold and
Stock Company having testified that they were here
only from month to month the contract to be termi
mated by either party. The decision seemed to be
illogical and unjust inasmuc under the decision
could turn out the Gold and Stock Company without
turning out the Commercial, but could not turn out
the Commercial without turning ont the Gold and
Stock which, In reality gave the Commercial better
terms than were enjoyed by the Gold and Stock
alt also came TO our notice that the two companies
were considering the formation Of a combination
whereby they intended to dictate terms TO the Eek
change, namely, payment only at the rate OF $4,000
per annum, instead Of 900, and to raise the price
of tickers members of the Exchange to $50 month
instead of $40, which would have cost the members
nearly 100000 more for the rental of tckers We
therefore decided 10 avail ourselves OF our
rights, under the decision Of the Supreme Court TO
exclude both companies from the Exchange. We did
exclude them on May 81, 1885, In order to prevent
confusion, pending negotiations, and to provide
service to the members of the Exchange, We on June
s. 1885, agreed to give the que tation TO the Gold and
Stock Company and to the Commercial Company
through the Western Union and Postal Telegraph
Companies free OF charge and without prejudice to
the existing situation. This arrangement was to he
from day TO day, and to be terminable mt any time
by the Committee of Arrangements, without notice
This offer was accepted by both companies.
into financial difficulties and wa sold out. new
corporation was formed, called the New-iork Quota
ton Company the majority Of the stock OF which was
purchased by the NewYork Stock Exchange, In order
to provide service of quotations to members oil the
Exchange. All the members OF the Exchange VINO
use the ticker service are now provided with quota
tions with the exception OF six or eight members.
since June s. 1889, we have made repeated efforts
to make satisfactory arrangements with the Gold
and stock Telegraph Company for the service OF :hc
quotations of the Exchange to persons not members
uI,on terms that are fair and just to the
Exchange Our efforts have been frutlesS. The
Gold and Stock Company since June B, 1882 has
received quotations OF the Exchange not only without
charge but at a cost of about $4,000 per annum TO
the Exchange. The Governing Committee were I'M
willing TO prolong this situation. and they at meeting
held on Friday adopted a resolution terminating all
existing arrangements with the Gold and Stock and
Western Union Telegraph Companies at noon yester-
day. and instructed the Committee of Arrangements to
carry the resolution into effect which has been done
The Governing Committee also adopted all additional
resolution In order not TO embariass the Cod ana stocK
Telegraph Company in disseminating quotations 10
persons not members of the Exchange, TO the erect
that they would permit the Gold and stock Company
to receive such quotations through such medium as
the Committee Of Arrangements should direct. at the
rate of 800 day. payable daily at the close of busi-
ness provided. however, that such quotations should
be disseminated only 10 persons not members OF the
Exchange and that such arrangement Hlglt De teTI
mated by the Committee OF Arrangements "i'hou'
notice." A. ,,,
Dr. Norvin Green, president Of both the Western
Union and the Gold and stock Telegraph Companies,
YESTERDAY said that he did not know enough about
The situation TO warrant him In making statement
From other sources II learned that the western
Union seemed inclined to make contest, instead OF
accepting the terms offered by the Stock Exchange
IL is said that the terms regarded As eXoifHiant
and that while the Western Union Company receives
n benefit from the messages that 90 over Its wires
because Of the dissemination Of Stock Exchange quota
lions the benefit Is shared by the Exchange In the
commissions that result from the orders given 10 buy
or sell stocks. The profit on the rent OF tlckers at
$40 a month Is asserted 10 be almost lnnnlteslnlal
President Charles George Wilson, of the Consolidated
stock and Petroleum Exchange declined 10 discuss
the situation. There general impression among
wellinformed members that the usual quotations would
he found on the Consolidated blackboard when trading
was resumed tomorrow. The stock Exchange has
sought often TO crush the board across the way but
rho methods so far have failed. A profound mystery
surrounds the machinery which gives the Consolidated
Exchange its quotations. some of which are s;ld Dy
enthusiastic men to appear upon the blackboard.
before they come ont the Gold and stock ticker
instruments In the Consolidated Exchange. IL Is be-
Icved that this mystery VIII be as effective a. hSeio
fore In preventing cutting on OF The usual iacliues
NJ the Consolidated Exchange.