New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-02-04
AFTER THE BUCKET-SHOP
THE STOCK EXCHANGE PLANNING FOR
THEIR DIFFERENTIATION
SEEKING TO DEVISE MEANS OF KEEPING FROM
THEM THE EXCHANGE QUOTATToNs-sOME
SCHEMES WORKED BY ALLEGED
BANKERS AND BROKERS'

WORKED BY ALLEGED
BANKERS AND BROKERS
The Stock Exchange is planning for the exter-
mnatiOn Of the bucket-shops These shops exist
because they have access TO the Stock Exchange
quotations. The Exchange is seeking to devise
an efectual means Of keeping the quotations
from them. The subject was before the Govern
ing Committee at a special meeting yesterday
afternoon, but no definite conclusion was
reached. The understanding is that the pro-
grammc or method which the Governing Com
mitee may adopt will be submitted to n vote OF
the members Of the Exchange at the annual
election on Monday. May 10 The subject is the
most important one for the Exchange that has
come up In years.
The quotations now are collected by reporters
employed by the Exchange and distributed
by two ticker" companies the New-York Quo
tatlon Company and the Gold and Stock Tele-
graph Company. The latter is owned by the
Western Union Telegraph Company. a majori-
ty of the stock OF the New-York Quotation Com
pany is owned by the Stock Exchange. Most Of
the remainder is owned by John w. Maclay, the
president and chief owner Of the Postal Tele-
graph Company. which is a competitor of the
Western Union Company. The New-York Quo
tation Company supplies quotations to members
OF the Stock Exchange The Gold and Stock
Company supplies outsiders" Each company
pays the Exchange $4,000 year for the quota
lions. Their contracts, for five years, with the
Exchange expire June 30 next. one proposition
Is to cut off quotations entirely 20 all except
members Of the Exchange. Another proposition
is to supply members with the quotations as the
transactions made and to hold back the quo
tations supplied TO outsiders for fifteen or thirty
minutes The Exchange could well afford TO lose
the revenue derived from one Of the ticker
companies If it could close up the brcket-shops.
They get business which would 60 to the EX-
change IL they were closed up.
Besides, if the Exchange can find way OF
closing the bucket-shOps, as II appears bound to
do, IL Will suppress a great evil. Many Of the
shops hold back and otherwise manipulate the
quotations to defraud their customers. There Is
a new style of speculation on the ket-shop
order which should be stamped out as II is, as
conducted for the most part, stealing and moth
ing else. 1t is the discretionary order bust
ness People send their money to so-called
bankers and brokers'" who use their "discre-
ton I'm investing it. In many cases the
brokers" make up bogus statements showing
that the money has been lost. when in reality it
has gone into the brokers pockets. If the
bankers ana brokers' do not steal the money in
this way they may buy and sell the same stock
at the same time through regular brokers.
Whichever transaction shows profit the bank
ers and brokers' will take to themselves. The
one that shows loss will he placed in the name
of the person who sent money 10 them.
Thousa nds Of dollars are daily sent 20 irrespon
sbe brokers In Wall Street from all parts Of
the country.