New-York tribune., 1892-01-06
TJCKERS DO NOT TICK FOR ALL
THE STOCK EXCHANGES LEGAL NlCloRf'
uvpGE ElscHorr DECIDES AGAISsr THE GOLD
AND STOCK PEOPLE.

JUpGE BIscHorF DECIDES AGAIS:r THE GOLD
AND STOCK PEOPLE.
rudc. nischof in the Court Of Common Pieas'
vcsterIay denied the motion OF the Western 'n'oa
Telegraph Company and the Go!d ana S''oN & ~
graph Company for an niuncuon 70 res''''i'. ''D
Yor, stock Exchange from removing the piai''' 'o"
nones, ticlers- from the Exchange. In his opih'"
Judge Bischof among other things says: no ',"-
tinual or statutory Obligation on the part o' u"
Exchange is urged but the sole contention upon winch
the plantifs claim relief is that the trinsacuo' VI
the members OF tie Exchange are affected VII"
public interest and that because OF 'ts uHPo'''''
TO the commercial community the EXCHANGE iIiS oo-
come a public market to which every memoP' " wv
nubic may apply and from which he Is entl'icn I"
receive information Of the happenings "it" i'' van,
without discrimination against hli OF in INV" " my
other member OF the public
This contention is not mnde for the hfst t'"e, "'.
has received tho consideration OF our supreme '''''
I'm former actions. 10 which the 'bcK hA'L'"e7 '
hecn party and the essential facts. a. they app"
I'm those actiOus. substantially the ~ihe n "".
No additional feature is presented. Brehy s'ase"
f,css f,cts are As follows: The New-fork STOCK EA
chang. IS an poIaed and voluntary a'so'a''on
O, more than 1000 members, each "l ""''
f. engaged In business on MS own no'"'"
rs a broker or dealer IN stocks, Douus s""
other securities acting for those members Of the pubic
whose individual employment he chooses 10 %'ep'
Tho main object OF the organization Oi the EAcahso
xas to afford It's members a suitable place where uey
might congega,e daily. between prescripen ho"Is' -
bold convenient Intercourse and secure greater Ca
pediency in the interchange of offers ara @'ep'ae'
In The sale and purchase OF the commo'lN ps ue"'
respectively dealt in or desired For such purposes
the association transgTesses no law OF ana has no
special privileges franchise from the STATE iAo
members pursue individually "a calling at common
meeting place which each may lawfully exercise e1'e
where and their transactions. 80 far a. the sale ana
pure hase of securities concerned. are among 'o
members themselves and rot between them ana inc
association. II may terminate its existence Aln us
solve at WILL change It's location whenever the Hehi-
bers so direct annu It's constitution and bylaws ato
eether. or make any addition thereto.
occupies premises constituting its private property ana
confines the exercise Of the privileges Of membership IN
the association to those premises II has existed lor
inward II twenty wears. at all times re>erving To se
the right 10 select ,S headquarters. to exclude rom
access thereto all non members. to control the admission
Of applicants for membership and the Integrity OF us
members and the management a Us AFFAIRS have secured
for II the and confidence OF the pubic TO that
extent that the prices at which its members sell ana
purchase securities its premises ard under It's super
vision are readily accepted by te rest OF the com
mercisl community as safe standard by when theh
values may he measured. Bat these facts do not
divst the business transactions Of its members "nh
,s walls OF their private character or render the In
change public market
After citing a number ~ authorities tn support He
view which he took of the case Judge Blschoh says
that the motion to continue the injunction is denied
with SlO costs.
As soon as the news OF the dissolution Of the In
junction was received by the Officers OF the stock Ex'
change steps taken 10 sever the wires o the od
and stock Company bv which that company i able 10
serve the public Tie Gold and Stock made a pre-,
teure Of supplying the stock Exchange quotations bus
tho service was irregular and defective. special
meeting Of the Governing Committee OF the Stock Ex-
change WAS held late In tit. afternoon. but after 1t ad-
oured George w. Ety. the secretary. said that nothing
nod hcen done respecting the ticker" service question.
No nroposltton had been received from the Gold and
stock COMPANY but as TO future negotiations Mr. Ely
vould not speak.